Financial Performance - Revenue for the year ended December 31, 2024, was HKD 6,976,892,000, a decrease of 6% compared to HKD 7,416,973,000 in 2023[4] - EBITDA for the year was HKD 994,147,000, down 32% from HKD 1,453,509,000 in the previous year[4] - Loss attributable to equity shareholders was HKD 415,382,000, an increase of 38% from HKD 301,711,000 in 2023[4] - No final dividend was declared, and the total dividend per share for the year was HKD 0.014, a decrease of 44% from HKD 0.025 in 2023[4] - Total comprehensive loss for the year amounted to HKD 1,724,831,000, compared to HKD 1,067,423,000 in 2023[6] - Basic and diluted loss per share was HKD 20.10, compared to HKD 14.60 in the previous year[5] - The company reported a significant loss of HKD 679,179,000 before tax in 2024, compared to a loss of HKD 339,288,000 in 2023[21] - The company reported a pre-tax loss of HKD 415,382,000 for the year, compared to a loss of HKD 301,711,000 in 2023[39] Assets and Liabilities - Non-current assets decreased to HKD 23,414,866,000 from HKD 25,274,027,000 in the previous year[8] - Current assets decreased to HKD 12,916,735,000 from HKD 14,483,397,000 in 2023[8] - Total liabilities decreased to HKD 14,371,273,000 from HKD 14,457,396,000 in the previous year[9] - The net assets attributable to equity shareholders decreased to HKD 9,609,839,000 from HKD 11,271,227,000 in 2023[9] - The total assets for the group decreased from HKD 39,757,424,000 in 2023 to HKD 36,331,601,000 in 2024, reflecting a decline of approximately 6.1%[23] - The total liabilities for the group decreased from HKD 27,401,085,000 in 2023 to HKD 24,669,301,000 in 2024, indicating a reduction of about 9.0%[23] - The net assets were approximately HKD 11,662,300,000, down 10.6% from HKD 12,356,339,000 at the end of 2023, with the net asset value per share decreasing by 15% to HKD 4.65[105] - The debt-to-asset ratio improved to 67.90%, a decrease of 1.02 percentage points from 68.92% at the end of 2023[105] Revenue Breakdown - The total revenue from external customers for the biomass comprehensive utilization project was HKD 5,482,377,000 in 2024, a decrease of 5.2% from HKD 5,783,557,000 in 2023[21] - Revenue from mainland China was HKD 6,960,082,000 in 2024, down from HKD 7,402,205,000 in 2023, representing a decline of 6.0%[25] - The total revenue from the photovoltaic power generation project was HKD 203,182,000 in 2024, slightly down from HKD 209,946,000 in 2023[21] - Operating service revenue from biomass comprehensive utilization projects was HKD 4,926,861,000, up 2.1% from HKD 4,826,455,000 in 2023[28] - Revenue from hazardous waste and solid waste disposal project operations was HKD 1,136,263,000, slightly increasing from HKD 1,132,949,000 in 2023[28] - Total revenue from biomass comprehensive utilization, hazardous waste and solid waste disposal, environmental restoration, and photovoltaic and wind power segments reached approximately HKD 6,976,892,000, with construction service revenue decreasing by 65% to HKD 230,749,000[77] Expenses and Financial Management - The company’s financial expenses decreased from HKD 824,825,000 in 2023 to HKD 769,793,000 in 2024, a reduction of approximately 6.7%[21] - The company’s total unallocated corporate and enterprise expenses decreased significantly from HKD 215,573,000 in 2023 to HKD 26,108,000 in 2024[21] - The company recorded impairment losses on intangible assets, property, plant and equipment, goodwill, and right-of-use assets totaling HKD 1,175,000,000, compared to HKD 656,000,000 in the previous year[68] - The company has a cash and bank balance of approximately HKD 1,673,716,000, with unused bank loan facilities amounting to HKD 6,831,718,000, totaling available cash and unused bank loan facilities of approximately HKD 8,505,434,000[67] Corporate Governance and Risk Management - The company emphasizes the importance of effective risk management in achieving strategic goals and sustainable growth, continuously refining its risk management system[116] - Major risks identified include accounts receivable, strategic transformation, market competition, policy changes, and environmental compliance, with a focus on climate change and cybersecurity risks[118] - The company has integrated ESG risks into its risk management framework, addressing climate change and compliance with national carbon reduction policies[118] - The board emphasizes the importance of maintaining robust corporate governance to enhance shareholder value and accountability, integrating governance, risk management, and sustainability into operations[130] - The board has adopted the Corporate Governance Code and has complied with all applicable provisions, except for the absence of the chairman at the annual general meeting due to business commitments[130] Environmental and Operational Initiatives - The group has implemented 144 environmental projects with a total investment of approximately RMB 31.014 billion and has undertaken 67 environmental restoration projects with a total contract value of approximately RMB 1.727 billion[57] - The group achieved a new photovoltaic installed capacity of 56.46 MW and a new energy storage capacity of 12.2 MW/24.4 MWh, along with a new design steam supply capacity of approximately 450,000 tons per year[57] - The group completed 17 projects during the reviewed year and currently has 23 projects under construction or execution, including 1 biomass comprehensive utilization project and 17 environmental restoration projects[60] - The group is focusing on "clean energy" and "zero-carbon park" directions, continuously analyzing and planning according to policy guidance[58] - The group plans to strengthen its existing projects in hazardous waste management and explore low-risk resource transformation projects[103] - The group is committed to accelerating green power trading and environmental restoration projects as part of its light asset business strategy[104] Employee and Operational Metrics - As of December 31, 2024, the company employed approximately 3,400 staff in Hong Kong and mainland China, with total employee costs amounting to HKD 691,749,000, an increase from HKD 664,774,000 in the previous year[115] - The company processed approximately 7,686,013 tons of biomass raw materials and 4,155,530 tons of municipal waste, with the latter increasing by 8% compared to 2023[83] - The steam supply volume increased by 32% to approximately 3,180,613 tons compared to 2023[84] - The hazardous waste and solid waste disposal projects processed approximately 453,748 tons of waste, a 26% increase from 360,922 tons in 2023[89]
中国光大绿色环保(01257) - 2024 - 年度业绩