CIMC ENRIC(HK:03899)2024-03-25 14:16Financial Performance - Total revenue for the year ended December 31, 2023, reached RMB 23,626,279 thousand, representing a 20.5% increase from RMB 19,601,761 thousand in 2022[2] - Net profit for the year was RMB 1,163,561 thousand, up 7.2% from RMB 1,084,938 thousand in the previous year[3] - Earnings attributable to equity holders increased by 5.6% to RMB 1,113,972 thousand, compared to RMB 1,055,062 thousand in 2022[3] - Core profit, excluding share-based payment expenses and convertible bond-related interest, rose by 4.4% to RMB 1,281,381 thousand from RMB 1,227,963 thousand[2] - Basic earnings per share increased by 4.9% to RMB 0.554, compared to RMB 0.528 in 2022[3] - The proposed final dividend per ordinary share is HKD 0.30, a 25.0% increase from HKD 0.24 in the previous year[2] - The company reported a total comprehensive income of RMB 1,164,305,000 for the year ended December 31, 2023, compared to RMB 1,113,972,000 in the previous year, representing a growth of approximately 4.5%[8] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 27,587,424 thousand, compared to RMB 22,214,474 thousand in 2022[5] - Cash and cash equivalents increased to RMB 6,998,191 thousand from RMB 5,223,453 thousand in the previous year[5] - Non-current liabilities decreased significantly to RMB 1,196,519 thousand from RMB 2,151,231 thousand in 2022[5] - Total current liabilities increased to RMB 14,017,261 thousand in 2023, up from RMB 10,535,736 thousand in 2022, representing a growth of 32.3%[6] - Total liabilities rose to RMB 15,213,780 thousand in 2023, compared to RMB 12,686,967 thousand in 2022, marking an increase of 19.9%[6] - Net assets increased significantly to RMB 12,373,644 thousand in 2023, up from RMB 9,527,507 thousand in 2022, reflecting a growth of 30.7%[6] - The company's equity attributable to shareholders reached RMB 11,232,252 thousand in 2023, compared to RMB 9,141,767 thousand in 2022, indicating a rise of 23.0%[6] Revenue Breakdown - Total revenue from external customers for the clean energy segment reached RMB 14,907,121 thousand in 2023, up from RMB 10,591,120 thousand in 2022, marking an increase of 40.5%[31] - Sales of goods contributed RMB 14,752,277 thousand, up from RMB 12,832,262 thousand, reflecting a growth of 14.9%[14] - Engineering project contract revenue increased to RMB 8,874,002 thousand, compared to RMB 6,769,499 thousand, marking a growth of 31.1%[14] - The clean energy segment's revenue rose by 40.8% to RMB 14,907,121,000, accounting for 63.1% of total revenue, up from 54.0% in 2022[50] - The chemical environment segment's revenue decreased by 15.8% to RMB 4,414,336,000, representing 18.7% of total revenue, down from 26.7% in 2022[51] - The liquid food segment's revenue increased by 18.6% to RMB 4,292,702,000, making up 18.2% of total revenue, slightly down from 18.5% in 2022[51] Expenses and Costs - Employee costs rose to RMB 2,168,545 thousand, up from RMB 2,051,266 thousand, representing a 5.7% increase[17] - Research and development expenses increased to RMB 690,440 thousand from RMB 557,968 thousand, a rise of 23.6%[18] - Financing costs increased by 16.2% to RMB 93,536,000 in 2023, up from RMB 80,470,000 in 2022, mainly due to an increase in loan amounts[54] - The company’s annual depreciation and amortization expenses were RMB 375,322 thousand in 2023, compared to RMB 349,601 thousand in 2022, an increase of 7.3%[31] Shareholder Information - The board recommends increasing the dividend payout ratio to approximately 50% for the year ending December 31, 2023, up from 40% in 2022[90] - The proposed final dividend for 2023 is HKD 0.30 per share, compared to HKD 0.24 per share in 2022, subject to shareholder approval at the annual general meeting[90] - A 10% corporate income tax will be withheld for non-resident corporate shareholders receiving the 2023 final dividend[93] Corporate Governance - The company has adhered to all corporate governance codes as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2023[95] - The audit committee reviewed the group's annual performance and consolidated financial statements for the year ending December 31, 2023[96] - The independent auditor confirmed that the figures listed in the performance announcement for the year ending December 31, 2023, are consistent with the audited consolidated financial statements[97] - The company is committed to transparency and timely communication with shareholders regarding financial performance and governance matters[106] Strategic Initiatives - The company plans to adopt several revised accounting standards effective January 1, 2024, which are not expected to have a significant impact on the financial statements[10] - The company is focusing on geographic expansion opportunities through both organic growth and acquisitions[89] - The group aims to enhance capabilities in clean energy equipment manufacturing, engineering services, and integrated solutions related to hydrogen, green methanol, and green ammonia[85] - The group plans to actively expand projects for clean alternative fuel production, including hydrogen, LNG, and green methanol[86]