Financial Performance - Total revenue from continuing operations decreased to HKD 349,416,000 in 2024 from HKD 405,612,000 in 2023, representing a decline of approximately 13.8%[2] - Adjusted EBITDA for 2024 was HKD 72,783,000, down from HKD 82,450,000 in 2023, a decrease of about 11.7%[2] - The loss attributable to shareholders improved to HKD 26,335,000 in 2024 from HKD 33,118,000 in 2023, reflecting a reduction of approximately 20.7%[5] - Basic and diluted loss per share improved to HKD 0.87 in 2024 from HKD 1.09 in 2023[5] - The net loss for the year was HKD 31,605,000, an improvement of 11.6% compared to a loss of HKD 35,767,000 in 2023[66] Revenue Breakdown - Revenue from hazardous waste incineration and landfill services was HKD 224,254,000, down 17.7% from HKD 272,671,000 in the previous year[24] - Revenue from industrial wastewater treatment and related management services was HKD 95,865,000, a decrease of 4.1% compared to HKD 100,481,000 in 2023[24] - Revenue from industrial and medical waste treatment services decreased by 17.8% to HKD 224,254,000 from HKD 272,671,000[66] Assets and Liabilities - Total assets decreased to HKD 1,247,615,000 in 2024 from HKD 1,301,424,000 in 2023, a decline of approximately 4.1%[8] - Total liabilities decreased to HKD 283,165,000 in 2024 from HKD 288,065,000 in 2023, a reduction of about 1.3%[9] - The total reportable segment assets decreased to HKD 1,220,984,000 in 2024 from HKD 1,278,479,000 in 2023, reflecting a reduction of approximately 4.5%[30] Cash Flow and Equities - Cash and cash equivalents increased to HKD 220,823,000 in 2024 from HKD 186,365,000 in 2023, an increase of about 18.4%[2] - The group’s equity attributable to shareholders was approximately HKD 869,053,000, a decrease from HKD 908,251,000 in the previous year[83] Expenses and Costs - Total employee costs decreased to HKD 71,574,000 in 2024, down 19.8% from HKD 89,272,000 in 2023[35] - Sales costs for 2024 were HKD 294,585,000, a reduction of 13.4% compared to HKD 340,195,000 in 2023[35] - Administrative expenses decreased by 12.2% to HKD 43,699,000 from HKD 49,771,000, primarily due to a reduction in workforce[66] Impairment and Recovery - The company reported a net impairment reversal of accounts receivable amounting to HKD 5,009,000 in 2024, compared to a net impairment loss of HKD 15,672,000 in 2023[30] - The company experienced a significant reduction in impairment losses on receivables, which decreased by 68.0% to HKD 5,009,000 from HKD 15,672,000[66] Market Conditions and Risks - The company faces a decline in operating revenue due to intense competition and oversupply in the hazardous waste incineration market, prompting a temporary suspension of some loss-making business units[63] - Increased competition in the hazardous waste disposal market has led to a significant rise in bargaining power for intermediaries, affecting profitability[104] - The economic conditions in mainland China may influence the volume of hazardous waste generated and the pricing for specific waste management services[106] Future Outlook and Strategy - The company plans to focus on improving operational efficiency and exploring new market opportunities to enhance revenue growth in the upcoming year[71] - The company aims to enhance its marketing capabilities and strengthen contracts with existing clients to stabilize operations during market transitions[104] - The company remains optimistic about the future despite uncertainties and challenges, focusing on improving operational conditions and restoring profitability[64] Corporate Governance - The board has proposed a final dividend of HKD 0.0016 per share from retained earnings for the year ending December 31, 2024, subject to shareholder approval[140] - The audit committee, composed of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2024[137] - The company has confirmed compliance with the corporate governance code, except for the separation of the roles of chairman and CEO, which is currently held by the same individual[133]
新宇环保(00436) - 2024 - 年度业绩