Financial Performance - Total revenue for the year ended March 31, 2024, was HKD 12,858.5 million, a decrease of 9.4% compared to HKD 14,195.0 million in 2023[2] - Basic earnings per share for the year was HKD 0.94, down 17.5% from HKD 1.14 in the previous year[6] - The net profit for the year was HKD 2,591.4 million, a decline of 16.1% from HKD 3,088.3 million in 2023[7] - The company reported a decrease in gross profit margin from 37.6% in 2023 to 37.2% in 2024[5] - Gross profit for the year was HKD 4,776,000,000, down 10.7% from HKD 5,346,300,000 year-on-year[35] - Net profit attributable to shareholders was HKD 1,533,500,000, a decline of 17.4% compared to HKD 1,856,800,000 in the previous year[35] Dividends - The company proposed a final dividend of HKD 0.15 per share, representing a payout ratio of approximately 30%, consistent with previous years[3] - The company plans to distribute an interim dividend of HKD 0.13 per share, down from HKD 0.16 in the previous year[27] - The company proposed a final dividend of HKD 0.15 per share, down from HKD 0.18 in the previous year[36] Segment Performance - The segment profit for the drinking water supply increased by 17.3% to HKD 591.7 million, while the urban water segment profit decreased by 12.2% to HKD 2,490.2 million[2] - Revenue from urban water supply operations was HKD 3,310,678, down 1.3% from HKD 3,353,844 in the previous year[16] - Revenue from pipeline drinking water supply operations increased significantly to HKD 293,426, up 72.5% from HKD 170,061[16] - The segment profit for urban water supply was HKD 2,490,175, while the total segment profit across all divisions was HKD 4,098,246[20] - The company reported a significant decrease in the profit from wastewater treatment and environmental management construction services, down 44.9% to HKD 654.5 million[2] - Revenue from the "urban water supply" segment decreased by 5.2% to HKD 8,276,400,000, with profit down 12.2% to HKD 2,490,200,000[40] - The environmental protection segment's revenue fell by 24.0% to HKD 1,071,500,000, with profit decreasing by 24.4% to HKD 354,200,000[42] - The total contracting construction segment's revenue dropped by 31.0% to HKD 826,800,000, with profit down 23.4% to HKD 610,500,000[43] - The property business segment recorded revenue of HKD 207,500,000, a significant decrease of 62.0% compared to HKD 544,900,000 in the previous year, with total profit dropping by 53.9% to HKD 41,100,000 from HKD 89,100,000[44] Assets and Liabilities - The total assets increased to HKD 46,366.4 million in 2024 from HKD 43,278.0 million in 2023[8] - Total assets decreased from HKD 17,886,270,000 to HKD 16,875,662,000, a decline of approximately 5.6% year-over-year[10] - Trade receivables increased from HKD 1,954,038,000 to HKD 2,135,973,000, representing an increase of about 9.3%[10] - Cash and cash equivalents decreased significantly from HKD 6,984,821,000 to HKD 4,804,799,000, a drop of approximately 31.3%[10] - Current liabilities decreased from HKD 21,178,405,000 to HKD 20,747,409,000, a reduction of about 2.0%[11] - Non-current liabilities increased from HKD 18,813,749,000 to HKD 21,042,119,000, an increase of approximately 11.8%[11] - The company's net assets increased from HKD 21,172,134,000 to HKD 21,452,542,000, a growth of about 1.3%[12] - Trade payables increased from HKD 5,403,857,000 to HKD 6,849,362,000, an increase of approximately 26.8%[11] - The total liabilities were reported at HKD 39,992,154, with deferred tax liabilities contributing significantly to this figure[23] - As of March 31, 2024, the total outstanding borrowings amounted to HKD 24,850,300,000, an increase from HKD 23,627,800,000, primarily due to capital expenditures and operational funding needs[48] Financial Strategy and Management - The company extracted approximately USD 358 million under a syndicated loan agreement to improve liquidity and repay certain bank financing[3] - The company is actively negotiating with banks to increase existing loan facilities and secure new financing[14] - New loan financing of HKD 1,504,300,000 has been secured post-March 31, 2024, indicating ongoing financial support[13] - The group aims to enhance its operational cash flow and financial resources through refinancing short-term loans into long-term debt to improve liquidity[49] - The company has adopted a conservative treasury policy, regularly reviewing liquidity and financing needs to mitigate foreign exchange risks associated with its operations in China[51] Corporate Governance - The company is committed to maintaining high corporate governance standards to enhance shareholder value and has complied with all applicable provisions of the Listing Rules[52] - The board believes that the current structure, where the roles of chairman and CEO are separated, supports effective leadership and decision-making[52] - The audit committee, composed of four independent non-executive directors, reviewed the group's annual performance for the year ending March 31, 2024[55] - The company's auditor, PwC, confirmed that the figures published in the consolidated performance announcement align with the audited financial statements for the year ending March 31, 2024[55] Workforce - As of March 31, 2024, the company employed approximately 11,600 staff, primarily located in China and Hong Kong[53] - The company has adopted a share option scheme to incentivize its directors, senior management, and employees, but no options were granted under this scheme for the year ending March 31, 2024[53]
中国水务(00855) - 2024 - 年度业绩