Financial Performance - Total revenue for the six months ended September 30, 2023, was HKD 6,846.0 million, a 0.9% increase from HKD 6,785.2 million in the same period last year[3] - The segment profit for the drinking water supply business increased significantly to HKD 335.3 million, compared to HKD 121.9 million, reflecting a growth of 175.1%[3] - The company reported a net profit attributable to shareholders of HKD 825.9 million, down 14.9% from HKD 970.4 million in the previous year[3] - Basic earnings per share decreased to HKD 50.60 cents from HKD 59.45 cents, representing a decline of 14.9%[3] - The gross profit for the period was HKD 2,523.9 million, slightly up from HKD 2,508.3 million, indicating a stable gross margin[7] - Operating profit for the business was HKD 2,126.9 million, a slight decrease from HKD 2,150.9 million year-on-year[7] - The company experienced a decrease in other income, which fell to HKD 192.3 million from HKD 247.8 million[7] - The total comprehensive loss for the period amounted to HKD 346.5 million, compared to a loss of HKD 215.4 million in the previous year[9] - The company reported a net profit of HKD 1,510,416 for the period, compared to HKD 1,377,784 in the previous year, reflecting an increase of 9.59%[19] - The total income tax expense decreased from HKD 496,122,000 in 2022 to HKD 414,345,000 in 2023, reflecting a reduction of approximately 16.4%[24] Revenue Breakdown - Revenue from urban water supply operations was HKD 1,614,677, down from HKD 1,688,473, a decrease of 4.37%[15] - Revenue from pipeline drinking water supply operations increased to HKD 124,662, up from HKD 87,307, a growth of 42.73%[15] - The segment profit for urban water supply was HKD 1,413,025, while the total segment profit for all divisions was HKD 2,205,328[19] - The "Pipeline Drinking Water Supply" segment revenue surged from HKD 394,300,000 to HKD 1,027,400,000, marking a significant increase of 160.6%[33] - The "Urban Water Supply" segment revenue slightly decreased from HKD 4,260,700,000 to HKD 4,210,000,000, a decline of 1.2%[32] - The profit for the "Urban Water Supply" segment fell from HKD 1,413,000,000 to HKD 1,204,800,000, a decrease of 14.7%[32] - The environmental segment reported revenue of HKD 637,400,000, a significant increase of 19.9% compared to HKD 531,800,000 in the previous year, with profit rising by 35.1% to HKD 250,800,000 from HKD 185,600,000[34] - The general contracting construction segment experienced a revenue decline of 25.5%, totaling HKD 517,500,000, down from HKD 695,100,000, with profit decreasing by 19.1% to HKD 359,800,000 from HKD 444,500,000[35] - The property segment's revenue fell sharply by 72.7% to HKD 85,900,000 from HKD 373,400,000, with total profit dropping to HKD 15,300,000 from HKD 56,200,000[36] Financial Position - As of September 30, 2023, total assets amounted to HKD 43,112,139,000, a slight decrease from HKD 43,278,018,000 as of March 31, 2023[10] - Current liabilities exceeded current assets by HKD 3,749,146,000 as of September 30, 2023, compared to HKD 3,292,135,000 as of March 31, 2023[13] - The company's cash and cash equivalents decreased to HKD 5,433,180,000 from HKD 6,984,821,000[10] - Non-current liabilities increased to HKD 19,018,614,000 from HKD 18,813,749,000[11] - The net asset value as of September 30, 2023, was HKD 20,344,379,000, down from HKD 21,172,134,000[11] - The company reported a decrease in goodwill to HKD 1,368,934,000 from HKD 1,419,442,000[10] - The total liabilities as of September 30, 2023, were HKD 20,914,623,000, compared to HKD 21,178,405,000 as of March 31, 2023[11] - The company had undrawn loan facilities and offers amounting to approximately HKD 8,254,000,000 as of September 30, 2023[13] - The company’s total outstanding borrowings amounted to HKD 22,929,100,000, a decrease from HKD 23,627,800,000, primarily due to debt repayments[39] Dividends and Shareholder Returns - The board has proposed an interim dividend of HKD 0.13 per share for the six months ended September 30, 2023[5] - Basic earnings per share for the period were HKD 0.51, down from HKD 0.59 in the previous year, indicating a decrease of 13.6%[25] - Interim dividend declared is HKD 0.13 per share, compared to HKD 0.16 per share in the previous year, representing a decrease of 18.8%[29] Debt and Financing - The company has drawn approximately USD 358 million under a syndicated loan facility, which will be used for repayment and refinancing of certain bank borrowings[5] - The total borrowing costs increased to HKD 376,570,000 in 2023 from HKD 270,684,000 in 2022, reflecting an increase of 39.1%[6] - The company is continuously seeking new debt financing and bank loans to manage its financial resources[13] - The company has adopted a conservative treasury policy, regularly reviewing liquidity and financing needs[41] Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance shareholder value[42] - The company has complied with all applicable provisions of the Corporate Governance Code as per the Listing Rules, except for deviations from rules A.2.1, A.4.2, and A.6.7[43] - The board believes that the current structure, where the roles of Chairman and CEO are separated, does not impair the balance of power between the board and management, and supports effective decision-making[43] - The company has confirmed that all directors have fully complied with the standards set out in the Securities Trading Code during the six months ending September 30, 2023[44] - The audit committee, composed of four independent non-executive directors, reviewed the accounting principles and practices adopted by the group and discussed internal controls and financial reporting matters[46] - The interim results announcement has been published on the company's and the Stock Exchange's websites, with the interim report to be sent to shareholders at an appropriate time[47] Employment and Workforce - The company employed approximately 11,600 staff as of September 30, 2023, with compensation based on various factors including experience and performance[40]
中国水务(00855) - 2024 - 中期业绩