Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 13,472,199, a decrease of 1.3% compared to HKD 13,643,682 in 2023[5]. - The profit before tax for 2024 was HKD 448,697, down 23.3% from HKD 585,300 in 2023[5]. - The non-HKFRS EBITDA for 2024 was HKD 1,721,595, representing an 8.7% decline from HKD 1,885,251 in 2023[5]. - The profit attributable to the company's owners decreased by 40.7% to HKD 146,384,000, compared to HKD 246,720,000 in the previous year[59]. - The net profit margin for the year ended December 31, 2024, was 1.1%, compared to 1.8% in 2023[88]. - The basic and diluted earnings per share for 2024 were both HKD 0.0525, down from HKD 0.0874 in 2023[89]. - The overall gross margin decreased to 13.1% from 14.0% in 2023, primarily due to lower margins in gas sales and smart energy[77]. Revenue Breakdown - The gas sales business contributed HKD 10,734,109,000 to the group's revenue in 2024, making it the largest contributor[31]. - Gas sales revenue reached HKD 2,920,367,000, a year-on-year increase of 5.5% from HKD 2,768,340,000, with gas trading volume growing by 20.9% to 951,387,000 cubic meters[33]. - Smart energy business sales amounted to HKD 1,154,291,000, up 22.2% from HKD 944,669,000, accounting for 8.6% of total revenue compared to 6.9% last year[34]. - The revenue from the smart energy segment grew by 22.2% to HKD 1,154,291,000, compared to HKD 944,669,000 in the previous year[60]. - Value-added services revenue decreased by 10.3% to HKD 368,462,000, representing 2.7% of total revenue, down from 3.0% in 2023[75]. Operational Highlights - Natural gas sales volume increased by 5.2% to 3,196,174 thousand cubic meters in 2024, compared to 3,037,347 in 2023[5]. - The company achieved a significant increase in comprehensive energy sales volume, which rose by 55.9% to 2,441 million kWh in 2024[5]. - The group operated 283 comprehensive energy projects by the end of 2024, an increase of 23 projects compared to the previous year[29]. - The total number of new pipeline gas connection users reached 258,092, while the total length of existing pipelines increased by 1.6% from 27,754 kilometers to 28,201 kilometers[33]. Strategic Initiatives - The company plans to enhance its smart energy business while ensuring stable development in urban gas operations[17]. - The company aims to deepen cooperation with major oil companies to secure sufficient upstream supply and reduce gas purchase costs[17]. - The group aims to focus on biomass business as the main line for zero-carbon coupling business development[20]. - The group plans to enhance the integration of smart energy and city gas operations to support its dual-driven strategy[20]. - The group will continue to implement ESG principles to accelerate the development of green energy business and achieve carbon neutrality goals[20]. Debt and Financial Management - The group is actively optimizing its debt structure to reduce high-cost debt ratios, contributing to overall high-quality development[17]. - The total borrowings and lease liabilities increased by HKD 699,850,000 or 5.7% to HKD 12,924,276,000 as of December 31, 2024[93]. - The net debt to equity ratio increased to approximately 1.35 as of December 31, 2024, compared to 1.23 in 2023[93]. - The company has established a strong funding base and will continue to seek cost-effective financing options to provide financial flexibility for operations and growth plans[91]. Corporate Governance - The company has fully complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2024[117]. - The board consists of nine directors, including six executive directors and three independent non-executive directors as of December 31, 2024[120]. - The company has established a training program for directors, with all directors receiving training on governance and responsibilities[131]. - The company encourages continuous professional development for all directors to enhance their skills and knowledge[131]. Shareholder Engagement - The company has a dedicated investor relations policy to maintain dialogue with shareholders and investors[152]. - The company maintains a dividend policy that considers financial performance, cash flow, and future growth needs[145][147]. - The company proposed a final dividend of HKD 0.02 per ordinary share, expected to be paid around July 15, 2025, pending shareholder approval[159]. Environmental and Social Responsibility - The company strictly adheres to environmental laws and regulations in its operating regions, emphasizing sustainable development and clean energy[186]. - The company has implemented measures to reduce greenhouse gas emissions and improve water efficiency, resulting in a slight decrease in per capita greenhouse gas emissions compared to the previous year[187]. - The company is committed to providing equal opportunities and fostering a diverse and inclusive work environment[156]. Market Presence and Expansion - The company is actively developing smart energy solutions alongside its traditional gas distribution services[47]. - The company has a strong focus on expanding its market presence through the development of new gas projects and infrastructure[47]. - The cumulative number of residential users connected across various locations is approximately 7,283,500, with a total population that can be connected of about 25,539,874[44].
中裕能源(03633) - 2024 - 年度财报