Financial Performance - The group's revenue from continuing operations for the year was RMB 1.664 billion, an increase of 3.2% compared to RMB 1.612 billion last year[2]. - EBITDA for the year was RMB 710 million, up 7.3% from RMB 662 million in the previous year[2]. - Net profit attributable to shareholders for the year was RMB 286 million, a significant increase of 50% from RMB 191 million last year[2]. - Earnings per share for the year were RMB 19.1 cents, compared to RMB 12.7 cents in 2023[2]. - The company reported a total comprehensive income of RMB 299.6 million for the year, compared to RMB 213.1 million in the previous year[5]. - Operating profit for the year was RMB 488 million, an increase from RMB 417 million in the previous year[3]. - The company reported a net profit of RMB 326.37 million for the year, a 30.7% increase from RMB 249.79 million last year[68]. - Basic earnings per share from continuing operations increased to RMB 0.194 from RMB 0.126 in 2023, marking a growth of approximately 54%[39]. Assets and Liabilities - As of December 31, 2024, net assets attributable to shareholders were RMB 3.613 billion, an increase of 8.5% from RMB 3.329 billion a year earlier[2]. - The total assets as of December 31, 2024, were RMB 10.009 billion, compared to RMB 9.897 billion in 2023[6]. - The company’s total liabilities decreased to RMB 6.093 billion from RMB 6.241 billion in the previous year[7]. - The group reported current liabilities exceeding current assets by RMB 742,430,000 as of December 31, 2024, indicating a need for careful consideration of future liquidity[16]. - The net current liabilities decreased to RMB 742,430,000 in 2024 from RMB 1,077,908,000 in 2023, while total assets less current liabilities increased to RMB 6,326,842,000[51]. Revenue Segments - The revenue from solid waste treatment services was RMB 1,664,124,000, with a gross profit of RMB 603,059,000, resulting in a gross margin of approximately 36.2%[25]. - Revenue from the production and operation segment reached RMB 1.276 billion, reflecting a year-on-year growth of 12.4%, with a gross profit of RMB 555 million, up 8.5%[56]. - Solid waste treatment and electricity and steam sales generated revenue of RMB 1.27586 billion, up 12.4% from RMB 1.13542 billion last year[60]. - The engineering construction, equipment sales, and related services segment recorded revenue of RMB 388 million, a decrease of 18.5% year-on-year, with a gross profit of RMB 48 million, down 16.5%[57]. Costs and Expenses - The cost of waste treatment services increased to RMB 452,632,000 in 2024 from RMB 369,651,000 in 2023, an increase of about 22.4%[32]. - Total financial costs decreased to RMB 111,112,000 in 2024 from RMB 163,271,000 in 2023, a reduction of about 32%[33]. - Income tax expense for the year was RMB 68,545,000, down from RMB 103,532,000 in 2023, representing a decrease of approximately 33.8%[35]. - Administrative expenses were reduced by 11.6% to RMB 173.12 million due to effective cost control measures[64]. Capital Expenditure and Investments - The capital expenditure for the year was RMB 337,580,000, which includes investments in property, plant, and equipment[27]. - The total capital expenditure for the year amounted to RMB 338 million, primarily for the construction and renovation of waste incineration power plants[89]. Dividends and Shareholder Returns - The company did not recommend any dividend distribution for the year, consistent with the previous year[2]. - The company has no issued potential diluted ordinary shares as of the reporting date[44]. Accounting and Compliance - The group applied the revised Hong Kong Financial Reporting Standards (HKFRS) for the first time, effective from January 1, 2024, with no significant impact on financial position or performance[9][10]. - The group’s auditors issued an unqualified opinion on the consolidated financial statements for the two years, confirming compliance with relevant regulations[17]. - The audit committee reviewed and approved the financial performance and condition for the year ending December 31, 2024[97]. Operational Highlights - The company achieved a total waste processed of 4.37 million tons (approximately 12,000 tons/day) in 2024, representing a year-on-year increase of 3.8%[56]. - The electricity generated was 1.728 billion kWh in 2024, up 7.8% from the previous year, while the on-grid electricity volume increased by 7.4% to 1.449 billion kWh[56]. - The company successfully applied for 733,235 green certificates and traded over 18,800 tons of carbon emission allowances during the year[56]. Strategic Changes - The company has terminated the operations of the ecological construction services segment, which is not included in the reported figures[23]. - The company completed the sale of a 51% stake in Beijing Beikong Ecological Construction Group for RMB 41,488,000 in June 2024, marking a strategic divestment[36]. - The company aims to enhance capacity utilization of existing projects and expand into light asset businesses such as entrusted operations and equipment contracting[59].
北京控股环境集团(00154) - 2024 - 年度业绩