Financial Performance - The net profit attributable to the parent company was RMB 271 million, representing a year-on-year increase of 5.09%[6]. - The net profit attributable to shareholders for the period was approximately RMB 270.51 million, an increase of about 5.09% compared to RMB 257.41 million in the same period last year[19]. - Revenue from waste treatment and waste-to-energy operations was approximately RMB 2.45 billion, a decrease of about 10.52% from RMB 2.74 billion in the previous year due to the completion of several domestic projects[20]. - The profit from continuing operations before tax was RMB 236,791,000, a decrease of 49.6% compared to RMB 468,466,000 in the prior year[43]. - The net profit from continuing operations for the period was RMB 192,512,000, down from RMB 311,589,000 in the previous year[43]. - The total profit attributable to equity holders for the six months ended June 30, 2022, was RMB 270,512 thousand, an increase from RMB 257,409 thousand in the same period of 2021[94]. Assets and Liabilities - Total assets of Capital Environment Holdings reached RMB 30.628 billion, an increase of 17.02% year-on-year[6]. - Net assets amounted to RMB 7.829 billion, reflecting a growth of 1.46% compared to the previous year[6]. - The company's total liabilities amounted to RMB 12,463,061,000, up from RMB 7,122,928,000 in the previous year, reflecting increased borrowing[49]. - The total interest-bearing bank and other borrowings reached RMB 12,828,341,000 as of June 30, 2022, up from RMB 11,730,624,000 as of December 31, 2021, representing a growth of approximately 9.4%[108]. - The company's total liabilities increased by 1.5% compared to the previous period, reflecting ongoing operational and financial commitments[134]. Cash Flow and Financing - Cash and bank balances amounted to approximately RMB 1.93 billion, an increase of about RMB 207.53 million from RMB 1.72 billion at the end of 2021, mainly due to tax refunds and new borrowings received during the period[27]. - The operating cash flow for the six months ended June 30, 2022, was RMB 27,901 thousand, a significant improvement from a cash outflow of RMB 354,062 thousand in the same period of 2021[56]. - The financing activities generated a net cash inflow of RMB 716,490 thousand, a substantial increase from RMB 171,291 thousand in the prior year[58]. - The company incurred interest expenses of RMB 302,873 thousand, slightly down from RMB 305,167 thousand in the previous year[58]. Project Development and Operations - The company has a total of 64 projects in reserve, with a total investment of approximately RMB 18.250 billion, of which RMB 15.603 billion has been invested by June 30, 2022[7]. - The operational projects reached 51, processing 3.9798 million tons of municipal waste and 25,500 tons of hazardous waste during the period[9]. - The company signed new contracts for waste management projects, adding 1,480 tons per day of waste processing capacity[10]. - The construction progress of key projects such as the Jishou incineration project and Nanchang Phase II incineration project reached 100% completion[10]. Market Strategy and Expansion - The company is actively expanding its market presence through the establishment of four city companies to enhance operational synergy[10]. - Future strategies include strengthening investment team capabilities and resource integration to capitalize on market opportunities[10]. - The group plans to sell its entire business segment in New Zealand, viewing it as an opportunity to convert overseas investments into cash and refocus its strategic center in China[16]. Shareholder and Governance - Major shareholders include Capital Environment Holdings Limited, holding 6,449,026,736 shares (45.11%), and Beijing Capital Eco-Environment Protection Group Co., Ltd., holding 9,565,793,808 shares (66.92%) as of June 30, 2022[144]. - The company’s board approved the mid-term financial statements on August 22, 2022, indicating a commitment to transparency and governance[141]. - The audit committee, comprising three independent non-executive directors, has reviewed the accounting principles and internal controls, confirming no significant issues in the interim financial data[150]. Foreign Exchange and Discontinued Operations - The company experienced a significant foreign exchange loss of RMB 428,129,000 related to overseas operations, compared to a loss of RMB 27,180,000 in the prior year[46]. - The group has classified its New Zealand operations as discontinued, focusing solely on waste treatment and energy conversion in China[72]. - The net cash flow from discontinued operations for the six months ended June 30, 2022, was RMB 2,569 thousand, compared to a net cash outflow of RMB 65,416 thousand for the same period in 2021[90].
首创环境(03989) - 2022 - 中期财报