Financial Performance - Net toll revenue decreased by 21% year-on-year to RMB 2.019 billion, primarily due to the ongoing COVID-19 pandemic in Guangdong Province, which significantly reduced social transportation volume[2]. - Profit attributable to owners of the company fell by 61% year-on-year to RMB 279 million, mainly due to the decline in toll revenue and foreign exchange losses from RMB depreciation[2]. - The group's net profit for the year was RMB 818 million, a decline of 61% compared to RMB 2.09 billion last year[44]. - The net profit attributable to the company's owners for 2022 was RMB 278,572,000, down from RMB 711,434,000 in 2021[92]. - The company reported a net exchange loss after tax of RMB 74,848,000 in 2022, compared to a gain of RMB 17,719,000 in 2021[94]. - The total dividends declared decreased from RMB 568,006 thousand in 2021 to RMB 509,642 thousand in 2022, a decline of about 10.3%[106]. Toll Revenue and Traffic Volume - The average daily toll revenue and traffic volume for the year showed a significant decline due to the impact of the COVID-19 pandemic and the diversion effects from newly opened highways[6]. - Daily average toll revenue for the Guangzhou-Shenzhen Expressway decreased by 21% year-on-year to RMB 6.37 million, with total vehicle flow down 20% to 74,000 vehicles[14]. - Daily toll revenue for Guangshen Expressway decreased by 21% from RMB 8,087 thousand in 2021 to RMB 6,372 thousand in 2022[16]. - Daily equivalent full-length vehicle flow for Guangshen Expressway dropped by 20% from 93 thousand vehicles in 2021 to 74 thousand vehicles in 2022[16]. - Daily toll revenue for Guangzhu West Line Expressway fell by 22% from RMB 3,758 thousand in 2021 to RMB 2,948 thousand in 2022[16]. - Daily equivalent full-length vehicle flow for Guangzhu West Line Expressway decreased by 21% from 53 thousand vehicles in 2021 to 42 thousand vehicles in 2022[16]. Acquisitions and Investments - The company completed the acquisition of a 51% stake in the Yangjiang Company, which has been consolidated into the group's financial statements[2]. - The company completed a capital injection agreement of RMB 2.998 billion to acquire a 51% stake in the Yanjiang Company, which is now a non-wholly owned subsidiary[41]. - The company completed the acquisition of the target company, resulting in an indirect ownership of approximately 71.83% of the issued shares[71]. - The company agreed to invest RMB 2,998,000,000 in Jiangsu Company to acquire a 51% stake, with the remaining 49% paid in cash, classified as an internal transfer[77]. Dividend and Payout Policy - The board proposed a final dividend of RMB 0.0325 per share, with a total payout ratio of 100% of profit attributable to owners[4]. - The proposed final dividend for the year ended December 31, 2022, is RMB 0.0325 per share, totaling RMB 0.09 per share for the year, a decrease of 54% compared to RMB 0.1975 per share in the previous year[11]. - The group aims to maintain a regular dividend payout ratio of 100% of recurring income, supported by stable dividends from joint ventures[47]. Economic Environment - Guangdong Province's GDP grew by 1.9% year-on-year, reaching approximately RMB 13 trillion, providing a favorable operating environment for the company[5]. - The national GDP in 2022 increased by 3% to about RMB 121 trillion, reflecting the resilience of the Chinese economy[17]. - The overall domestic macroeconomic environment is expected to improve, although external challenges remain significant[14]. Future Outlook and Strategic Plans - The company plans to leverage its Hong Kong listing platform to develop a "3+1" industrial structure focusing on toll roads, land development, and innovation industry parks[8]. - The company anticipates a gradual recovery in traffic volume in 2023 due to improved pandemic control measures, which will enhance operational performance[14]. - The company aims to leverage synergies with its controlling shareholder to acquire quality resources in the Guangdong-Hong Kong-Macao Greater Bay Area and explore market investment opportunities[14]. - The company will actively pursue external mergers and acquisitions to support strategic implementation and enhance asset and revenue stability[14]. Financial Position and Liabilities - The group's total assets decreased from RMB 19,870 million in 2021 to RMB 17,662 million in 2022, reflecting a decline of approximately 11.1%[52]. - The group's net assets attributable to the owners decreased from RMB 8,361 million in 2021 to RMB 4,536 million in 2022, a drop of about 45.8%[52]. - The total liabilities increased from RMB 8,311 million in 2021 to RMB 10,276 million in 2022, representing an increase of approximately 23.6%[52]. - The liquidity ratio for the group was 22% in 2022, compared to 40% in 2021, indicating a decrease in financial stability[52]. - The group's net debt to equity ratio of 66% indicates a high level of leverage[52]. Compliance and Governance - The company adhered to corporate governance codes and maintained compliance throughout the year[68]. - All directors and relevant employees confirmed compliance with the securities trading code in 2022[69].
湾区发展(00737) - 2022 - 年度业绩