Financial Performance - Total revenue for the six months ended June 30, 2023, was HKD 2,981,021 thousand, a decrease of 27.5% compared to HKD 4,111,537 thousand for the same period in 2022[10]. - Gross profit for the same period was HKD 1,133,203 thousand, down 9.1% from HKD 1,247,329 thousand year-over-year[10]. - EBITDA for the six months ended June 30, 2023, was HKD 1,446,680 thousand, reflecting a decline of 10.1% from HKD 1,608,867 thousand in the prior year[10]. - Net profit attributable to equity holders for the period was HKD 610,271 thousand, a decrease of 21.2% compared to HKD 774,002 thousand in the previous year[10]. - Basic earnings per share for the six months ended June 30, 2023, was 25.1 HK cents, down 21.3% from 31.9 HK cents in 2022[10]. - The operating profit was HKD 945.9 million, down from HKD 1,083.9 million year-on-year, with an EBITDA margin of 48.5%, compared to 39.1% in 2022[38]. - The total comprehensive income for the period was HKD 405,820, a decrease of 44.8% from HKD 735,708 in 2022[106]. - The company reported a net profit of HKD 774,002 thousand for the period, with total comprehensive income amounting to HKD 737,340 thousand after accounting for currency translation differences[112]. Assets and Liabilities - Total assets as of June 30, 2023, increased by 2.9% to HKD 26,557,512 thousand from HKD 25,820,181 thousand at the end of 2022[13]. - Total liabilities rose by 2.5% to HKD 17,242,465 thousand from HKD 16,816,275 thousand at the end of 2022[13]. - Total bank borrowings increased by 1.2% to HKD 13,745,457 thousand from HKD 13,582,329 thousand at the end of 2022[13]. - The debt-to-asset ratio slightly improved to 64.9% as of June 30, 2023, from 65.1% at the end of 2022, a change of 0.2 percentage points[13]. - The company's equity attributable to shareholders rose to HKD 9,315,047 thousand, up from HKD 9,003,906 thousand, reflecting a growth of 3.46%[109]. - Cash and cash equivalents stood at HKD 1,816,444 thousand, slightly up from HKD 1,809,883 thousand[107]. - The company reported a net current asset value of HKD 748,692 thousand, compared to HKD 642,745 thousand, indicating an increase of 16.46%[109]. Dividends - Interim dividend per share was 4.9 HK cents, down 21.0% from 6.2 HK cents in the previous year[10]. - The company plans to distribute an interim dividend of HKD 0.049 per share, down from HKD 0.062 in the same period last year[29]. - The company declared an interim dividend of HKD 119,538 thousand for the first half of 2023[110]. - The interim dividend declared for the six months ended June 30, 2023, is HKD 0.049 per share, a decrease from HKD 0.062 per share for the same period in 2022, totaling HKD 119,538,000 compared to HKD 151,252,000 in the previous year[145]. Waste-to-Energy Operations - The company operates multiple waste-to-energy plants with a total daily waste processing capacity of approximately 30,000 tons across various locations[16]. - The installed power generation capacity of the plants ranges from 12 MW to 126 MW, with the highest capacity located at the Baoshan plant in Shanghai[16]. - The company has several projects in different stages, with 12 plants currently operational and others in planning or construction phases[16]. - Future expansions include the construction of new plants in Huizhou and planning for additional phases in existing locations[18]. - The company is focused on enhancing its waste processing capabilities and increasing energy output through ongoing projects[18]. - The operational status of the plants indicates a strong commitment to maintaining and expanding waste-to-energy services in the regions served[16]. - The group processed 8,082,573 tons of waste, an increase of 18.3% year-on-year, and generated 3,079,463,000 kWh of green energy, up 19.4%[30]. - The total daily processing capacity of signed waste-to-energy projects reached 54,540 tons, with 32 projects operational, processing 42,690 tons daily[30]. Financial Risks and Management - The company continues to face various financial risks, including market risk, credit risk, and liquidity risk, with no changes to risk management policies since the year-end[122]. - The company’s capital management aims to ensure ongoing viability and optimal capital structure, with adjustments based on economic conditions[127]. - The net profit sensitivity analysis indicates that a 100 basis point increase or decrease in bank borrowing rates would affect after-tax profit by approximately HKD 66,123,000[126]. - The company has no interest rate hedging policy but monitors interest rate risks and may consider hedging significant risks when necessary[126]. Corporate Governance - The company has complied with the corporate governance code, except for certain violations disclosed in the report[87]. - The company aims to comply with the listing rules and corporate governance requirements following the recent changes in its board composition[98]. - The company has established a formal and transparent process for determining the compensation policies for directors and senior management, ensuring alignment with corporate goals[92]. - The company is committed to identifying, assessing, and managing significant ESG and sustainability-related issues, with ongoing evaluations and recommendations to the board[96]. Shareholder Information - Major shareholders include HSBC International Trustee Limited, holding 1,335,615,837 shares, which accounts for 54.7% of the total issued share capital[187]. - Vista Co directly and indirectly holds 55% of the issued share capital of the company, while Cheng Long holds 45%[188]. - The company has a total of 2,439,541,169 shares issued and fully paid as of June 30, 2023, consistent with the previous reporting period[158]. - The public float of the company remains at a minimum of 25% of the total issued share capital as of June 30, 2023[193].
粤丰环保(01381) - 2023 - 中期财报