Financial Performance - Revenue for the year was RMB 17.915 billion, up 4.2%, but due to exchange rate effects, revenue in HKD slightly decreased by 1.2% to HKD 19.842 billion[5] - Shareholders' profit attributable to the company surged by 63.2% to HKD 1.575 billion, while core profit rose by 16.3% to HKD 1.190 billion (an increase of 22.6% in RMB terms)[5] - The company reported a net profit of HKD 1,811,324,000 for the year ended December 31, 2023, compared to HKD 1,201,039,000 in 2022, representing a year-over-year increase of approximately 50.8%[17] - Total comprehensive income for the year was HKD 1,630,696,000, a significant recovery from a loss of HKD 1,089,091,000 in the previous year[18] - Basic earnings per share increased to HKD 47.74 in 2023 from HKD 30.17 in 2022, reflecting significant growth in profitability[16] - The profit attributable to shareholders for 2023 was HKD 1.575 billion, an increase of 63.2% year-on-year[49] - The core profit, excluding non-operating gains and losses, was HKD 1.190 billion, up 16.3% year-on-year[49] - The diluted earnings per share for 2023 was HKD 0.4774, an increase of 58.2% year-on-year[49] Dividends and Shareholder Returns - The company plans to distribute a final dividend of HKD 0.16 per share, representing a 6.7% increase from the previous year[6] - The group plans to maintain a final dividend of 16 HKD cents per share, up from 15 HKD cents in the previous year[16] - The board proposed a final dividend of HKD 0.16 per share for the year, an increase from HKD 0.15 per share in 2022, subject to shareholder approval[54] Operational Highlights - The group's overall gas sales volume increased by 8% to 16.458 billion cubic meters in 2023, with a total of 1.677 million urban gas customers, adding 840,000 new customers during the year[7] - The industrial gas sales volume recorded a growth of 6.1%, while commercial gas sales increased by 9.0%[7] - The group has a total of 536 projects across 25 provinces, autonomous regions, and municipalities in mainland China, an increase of 173 projects compared to the previous year[5] - The total sales volume for 2023 was 4.823 billion cubic meters, representing a year-on-year increase of 7.4%[43] - The number of new residential gas connection users decreased by 23.0% year-on-year to 411,000[43] Renewable Energy Initiatives - The group has developed 124 zero-carbon smart parks, with a cumulative signed photovoltaic installed capacity of 2.96 GW and grid-connected capacity of 1.8 GW[2] - The renewable energy business achieved profitability in 2023, with the group implementing 124 zero-carbon smart parks and over 1,000 renewable energy projects across 23 provinces, covering areas such as photovoltaics, energy storage, and charging stations[9] - The company is focusing on renewable energy development through a light-asset model to reduce leverage and provide stable returns to shareholders[4] - In Guangdong province, the group facilitated renewable energy power trading, achieving an agency electricity volume of 1 billion kWh in 2023, with expectations to reach 10 billion kWh nationwide by 2025[10] - The company’s renewable energy business generated revenue of HKD 1,056,327,000 for the year[28] Financial Position and Liquidity - The company has a liquidity position with available funding of approximately HKD 132.37 billion through its medium-term note program and HKD 148.51 billion in Panda bond capacity, alongside unused credit lines of about HKD 79.11 billion[23] - The company’s total assets less current liabilities stood at HKD 39,026,999,000 in 2023, up from HKD 35,282,021,000 in 2022, indicating improved asset management[20] - The debt-to-equity ratio as of December 31, 2023, was 35.8%, down from 39.7% in 2022, indicating improved financial stability[51] - The group successfully issued RMB 1.5 billion in Panda bonds in June 2023, with a weighted average interest rate of 3.27% and an oversubscription rate of 1.6 times[50] - The group has unutilized credit facilities amounting to approximately HKD 79.11 billion from banks and its parent company, ensuring sufficient liquidity for operational needs[51] Strategic Partnerships and Market Expansion - The group exited a 25% stake in Shanghai Gas, recovering RMB 4.663 billion in funds during the year, while establishing a strategic partnership in natural gas resources and low-carbon energy[5] - A new strategic partnership has been established, expected to generate $30 million in additional revenue[60] - The company is exploring potential acquisitions to further strengthen its market position, with a budget of $100 million allocated for this purpose[59] Employee and Corporate Governance - The group employed 24,220 staff as of December 31, 2023, with a focus on performance-based compensation and employee welfare[53] - The group has no significant contingent liabilities as of December 31, 2023, indicating a strong financial position[53] - Moody's and S&P maintained the group's credit ratings at Baa1 and BBB+, respectively, reflecting stable outlooks[52] Future Outlook - The group anticipates steady growth in residential gas demand in 2024, driven by national policies aimed at stabilizing the economy and promoting energy conservation[12] - The company provided an optimistic outlook for the next quarter, projecting a revenue growth of 10% to 12%[59] - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[60] - Market expansion efforts have led to a 25% increase in market share in the Asia-Pacific region[60]
港华智慧能源(01083) - 2023 - 年度业绩