Financial Performance - Total revenue from continuing operations for the year ended December 31, 2023, was HKD 405,612, a decrease of 21.5% from HKD 516,141 in 2022[3] - Adjusted EBITDA for 2023 was HKD 82,450, down 28.3% from HKD 114,899 in 2022[3] - The company reported a loss attributable to shareholders of HKD 33,118 for 2023, compared to a profit of HKD 7,273 in 2022[3] - Basic and diluted loss per share for 2023 was HKD 1.09, compared to earnings of HKD 0.24 per share in 2022[3] - The company experienced a net loss of HKD 35,767 for the year, compared to a profit of HKD 4,564 in 2022[8] - The reported segment loss for the year was HKD (1,264,000), compared to a profit of HKD 54,736,000 in the previous year, indicating a significant decline in performance[28] - The company reported a revenue of HKD 1,803,000 in 2023, a significant decrease from HKD 72,810,000 in 2022, reflecting a decline of approximately 97.5%[32] - The net loss after tax for 2023 was HKD 9,481,000, an improvement from a loss of HKD 12,673,000 in 2022, representing a decrease in loss of approximately 25.5%[32] - The net loss from continuing operations was HKD 31,231,000 in 2023, compared to a profit of HKD 17,237,000 in 2022[57] - The attributable loss to equity holders was HKD 33,118,000 in 2023, down from a profit of HKD 7,273,000 in 2022[57] Revenue Breakdown - Revenue from hazardous waste incineration and landfill services was HKD 272,671,000, down 27% from HKD 373,494,000 in the previous year[23] - Revenue from industrial wastewater treatment and related management services was HKD 100,481,000, a decrease of 7.7% compared to HKD 108,323,000 in 2022[23] - Total revenue for the year was HKD 405,612,000, reflecting a decline of 21.4% from HKD 516,141,000 in the previous year[77] - The company's revenue from industrial and medical waste treatment services decreased by 27.0% to HKD 272,671,000 for the year ended December 31, 2023, compared to HKD 373,494,000 in 2022[77] Assets and Liabilities - Cash and cash equivalents as of December 31, 2023, were HKD 186,365, down 30.9% from HKD 270,279 in 2022[3] - Total assets decreased to HKD 1,301,424 in 2023 from HKD 1,514,046 in 2022, reflecting a decline of 14.0%[9] - Total liabilities decreased to HKD 288,065 in 2023 from HKD 438,539 in 2022, a reduction of 34.3%[10] - The total reportable segment assets decreased to HKD 1,278,479,000 from HKD 1,406,098,000, reflecting a reduction of approximately 9.1%[28] - The reportable segment liabilities also decreased to HKD 285,434,000 from HKD 347,466,000, a decline of about 17.9%[28] Dividends - The company declared a final dividend of HKD 0.16 per share for 2023, down from HKD 0.38 in 2022[3] - The company proposed a final dividend of HKD 0.0016 per share for 2023, down from HKD 0.0038 per share in 2022, reflecting a decrease of approximately 57.9%[42] Employee Costs - The total employee costs for 2023 were HKD 89,272,000, a decrease from HKD 101,329,000 in 2022, indicating a reduction of about 11.9%[36] - The group employs 482 full-time employees as of December 31, 2023, down from 614 in 2022, with employee costs totaling HKD 89.27 million, a decrease from HKD 101.33 million in 2022[120] Financing and Investments - The company’s financing income was HKD 5,469,000, while financing costs totaled HKD 3,780,000, resulting in a net financing income of HKD 1,689,000[28] - Total financing income for 2023 was HKD 5,469,000, slightly up from HKD 5,420,000 in 2022, marking an increase of approximately 0.9%[34] - The group has committed capital expenditures of HKD 44,084,000 for property, plant, and equipment, an increase of 96.3% from HKD 22,464,000 in 2022[86] - The group plans to invest an additional USD 15,000,000 in the expansion of its subsidiary in Zhenjiang, which includes the construction of a new hazardous waste incinerator[86] Market Conditions and Risks - The group faces increasing competition in the hazardous waste disposal industry, with more licensed companies entering the market while the volume of hazardous waste generated by upstream manufacturers has not increased proportionately[116] - The economic conditions in mainland China may impact the volume of hazardous waste and pricing for specific waste treatment services offered by the group[116] - The group is addressing credit risk from underperforming accounts receivable due to economic uncertainty, with assessments based on the location of clients in Jiangsu Province[118] - The company relies on the continuous renewal of hazardous waste operating permits from the Chinese government, which poses a risk of temporary suspension or revocation of these permits[112] Corporate Governance - The board of directors believes that having the same person serve as both chairman and CEO is beneficial for executing the company's business strategy[145] - The independent non-executive directors have confirmed their independence in accordance with listing rules[148] - The audit committee, composed of three independent non-executive directors, has reviewed the consolidated financial statements for the year ended December 31, 2023[149] - The company has confirmed compliance with the standards set forth in the listing rules regarding securities transactions by directors[152] Future Outlook - The company remains optimistic about future operations and aims to improve profitability while continuing to prioritize environmental protection and waste management[75] - The company aims to reallocate resources to develop environmental treatment services for hazardous industrial waste and medical waste in Jiangsu Province following the divestment of the loss-making business[71]
新宇环保(00436) - 2023 - 年度业绩