Financial Performance - Natural gas sales volume for the year reached 602.71 million cubic meters, an increase of 4.65% compared to the year ended December 31, 2023[3]. - Revenue for the year was RMB 2,372.64 million, a decrease of 2.58% compared to the year ended December 31, 2023[3]. - Profit attributable to owners of the company was RMB 117.79 million, an increase of 6.27% compared to the year ended December 31, 2023[3]. - Total comprehensive income for the year was RMB 169.17 million, compared to RMB 164.41 million for the previous year[6]. - The group’s total revenue for 2024 was RMB 2,372,643, a decrease of 2.6% from RMB 2,435,567 in 2023[22]. - Revenue from the sale of pipeline natural gas was RMB 2,063,361 in 2024, down 3.8% from RMB 2,144,987 in 2023[23]. - Other income totaled RMB 30,650 in 2024, a decrease of 37.4% from RMB 48,952 in 2023[28]. - The group reported a gross profit of RMB 278.19 million, an increase from RMB 266.93 million in the previous year[4]. - The pre-tax profit for 2024 was RMB 206,017,000, a decrease from RMB 216,311,000 in 2023, representing a decline of approximately 4.5%[34]. - The income tax expense for 2024 was RMB 36,871,000, compared to RMB 52,013,000 in 2023, showing a decrease of around 29.1%[34]. - Profit attributable to equity holders for 2024 is RMB 117,792,000, compared to RMB 110,837,000 in 2023, representing an increase of approximately 6.4%[37]. Dividends and Shareholder Information - The board proposed a final dividend of RMB 0.30 per share (tax included), unchanged from the final dividend for the year ended December 31, 2023[3]. - The company plans to propose a final dividend of RMB 0.30 per share for the year ending December 31, 2024, totaling RMB 60,814,350[34]. - The annual general meeting is scheduled for June 6, 2025, to approve the proposed dividend[67]. - The company will withhold personal income tax at a rate of 10% for H-share individual shareholders who are residents of Hong Kong or Macau, as well as those from countries with a tax agreement with China at a 10% rate[70]. - The company will suspend the transfer of H-share stock registration from June 3, 2025, to June 6, 2025, to determine the eligibility of shareholders to attend the annual general meeting and receive the final dividend for the fiscal year 2024[74]. - The last deadline for submitting share transfer documents for voting rights at the annual general meeting is June 11, 2025, at 4:30 PM[74]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 1,602.64 million, compared to RMB 1,550.90 million in the previous year[7]. - Non-current liabilities totaled RMB 267.42 million, a decrease from RMB 273.11 million in the previous year[8]. - The company's cash and cash equivalents were RMB 828.52 million, down from RMB 857.58 million in the previous year[7]. - As of December 31, 2024, the company's current assets amounted to RMB 967.99 million, with cash and cash equivalents of RMB 828.52 million[54]. - The current ratio was 1.59 and the debt-to-asset ratio was 39.58% as of December 31, 2024, indicating improved liquidity and financial stability[55]. - The capital debt ratio was approximately 2.97% as of December 31, 2024, reflecting the company's maintained cash net position[56]. - As of December 31, 2024, the group had no significant contingent liabilities[58]. - As of December 31, 2024, the group had no significant financial guarantee obligations[59]. - As of December 31, 2024, the group had no asset pledges[60]. Operational Highlights - The group sells pipeline natural gas and liquefied natural gas in Huzhou City, providing construction and installation services for real estate developers[13]. - The company served 314,635 residential users and 3,897 industrial users, with a total gas sales volume of approximately 602.71 million cubic meters, representing a year-on-year increase of about 4.65%[47]. - The group’s revenue from construction and installation services was RMB 181,560 in 2024, down from RMB 208,241 in 2023[22]. - The total rental income from investment properties was RMB 362 in 2024, up from RMB 271 in 2023[22]. - The group generated RMB 205,897,000 in revenue from a major customer, representing a slight increase from RMB 198,624,000 in 2023[21]. Compliance and Governance - The financial statements are prepared based on International Financial Reporting Standards (IFRS) and presented in Renminbi, with values rounded to the nearest thousand[11]. - The company has adopted the Corporate Governance Code as a basis for its corporate governance practices and has complied with all relevant provisions during the reporting period[76]. - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and policies adopted by the group for the fiscal year[78]. - The annual report for 2024 will be published on the company's website and the stock exchange's website in accordance with listing rules[79]. Changes in Accounting Standards - The group has adopted revised IFRS accounting standards for the current financial year, impacting the classification of liabilities as current or non-current[16]. - The revised IFRS 16 clarifies the measurement of lease liabilities arising from sale and leaseback transactions, with no impact on the group's financial position[17]. - The 2020 amendment clarifies the classification of liabilities and the implications of delayed repayment rights, ensuring accurate reporting[17]. - The 2022 amendment further clarifies that only contracts that must be complied with by the reporting date will affect the classification of liabilities[17]. Employee and Operational Costs - The total employee benefits expenses (excluding directors and highest-paid executives) rose to RMB 101,589,000 in 2024 from RMB 86,407,000 in 2023, marking an increase of approximately 17.6%[29]. - The total employee cost for the group during the reporting period was approximately RMB 111.20 million[62]. - The depreciation of property, plant, and equipment in 2024 was RMB 64,037,000, an increase from RMB 59,306,000 in 2023, representing an increase of about 7.3%[29]. Credit and Receivables - Trade receivables decreased from RMB 44,268,000 in 2023 to RMB 43,833,000 in 2024, a decline of about 1.0%[38]. - The net impairment loss for trade receivables increased significantly from RMB 2,972,000 in 2023 to RMB 6,188,000 in 2024, marking a rise of approximately 108.5%[39]. - The expected credit loss rate for trade receivables is 14.12% in 2024, compared to 6.71% in 2023, indicating a notable increase in credit risk[40]. - The average credit period for trade receivables is maintained between 30 to 90 days, with strict monitoring of overdue balances to minimize credit risk[37]. Climate and Energy Strategy - The company is actively responding to climate change and is positioned as a key player in the transition to a low-carbon energy system, focusing on natural gas and renewable energy integration[44]. - The company is committed to optimizing energy structure and enhancing energy supply and demand coordination in line with national carbon reduction strategies[44].
湖州燃气(06661) - 2024 - 年度业绩