Financial Performance - The company's revenue for the year was RMB 2,956 million, a decrease of 14.70% compared to the previous year[35] - The profit attributable to the owners of the company was RMB 239.0 million, an increase of 244.88% year-on-year[35] - Total natural gas sales volume reached 704 million cubic meters, representing a growth of 0.43% compared to the previous year[35] - The group's revenue from continuing operations was approximately RMB 369,729,000, an increase from RMB 311,533,000 in 2022, indicating a growth of about 18.7%[66] - Total revenue generated from contracts with customers was RMB 2,950,268,000 in 2023, down from RMB 3,460,687,000 in 2022, representing a decrease of approximately 14.7%[68] - Revenue from the sale of natural gas and liquefied natural gas was RMB 1,827,052,000 and RMB 661,415,000 respectively in 2023, compared to RMB 2,025,701,000 and RMB 957,739,000 in 2022, showing a decline of 9.8% and 30.9% respectively[68] - The revenue from construction services provided was RMB 160,005,000 in 2023, an increase from RMB 142,143,000 in 2022, reflecting a growth of approximately 12.6%[68] - The group recorded a total comprehensive income of RMB 250,525,000 for the year, compared to RMB 76,295,000 in the previous year, indicating a significant increase[52] - The net profit attributable to equity holders of the parent company was RMB 239,004,000, up from RMB 69,344,000 year-on-year[52] - The group's gross profit for the year was RMB 265.6 million, an increase of 60.19% compared to RMB 165.8 million in the previous year, primarily due to diversified gas sources and reduced procurement costs[144] Assets and Liabilities - The company's total assets increased to RMB 1,068,416 million from RMB 877,509 million in the previous year[39] - Non-current liabilities totaled RMB 641,840 million, down from RMB 673,782 million in the previous year[39] - The group reported a net current liability of RMB 60,845,000, a decrease from RMB 106,454,000 in the previous year, indicating improved liquidity[59] - The company's total trade receivables and notes receivable amounted to RMB 217,316 thousand at year-end, with expected credit loss of RMB 9,857 thousand[98] - Trade payables increased to RMB 494,138 thousand in 2023 from RMB 305,536 thousand in 2022, reflecting a growth of approximately 62%[98] - The group's total liabilities increased to RMB 944,484,000 from RMB 525,536,000, reflecting a rise of approximately 79.6%[53] - The group maintained a capital debt ratio of approximately 5.17% as of December 31, 2023, down from 15.17% in the previous year, showing a decrease of 66.14%[130] - The group has pledged several assets to secure bank financing, as mentioned in previous announcements[5] Taxation - The group's income tax expense increased from RMB 26.0 million to RMB 31.8 million, with an effective tax rate of 24.85%[1] - The current tax expense for the year included RMB 28,659 thousand for China income tax, up from RMB 19,349 thousand in 2022, representing an increase of approximately 48%[110] - The company's deferred tax expense was RMB 2,501 thousand in 2023, compared to RMB 6,643 thousand in 2022, showing a decrease of about 62%[110] Dividends - The board proposed a final dividend of RMB 0.40 per share, totaling RMB 55.1378 million, subject to shareholder approval at the annual general meeting[27] - The company has not adopted a formal dividend policy due to its developmental stage and the influence of industry and economic conditions[14] - Basic earnings per share for the first half of 2023 were RMB 0.2, up from zero in 2022, with a proposed final dividend of RMB 0.4 per share[93] Financial Risks - The group faces foreign exchange risks primarily due to transactions in USD for liquefied natural gas, which may impact profits and losses[3] - The group will closely monitor market interest and exchange rates and take appropriate measures as necessary[3] - The expected credit loss rates for overdue receivables were 1.80% for less than 6 months, 8.36% for 6 to 12 months, and 55.97% for over 1 year[98] - The expected credit loss rate for trade receivables was 11.36% for amounts overdue over one year, indicating a significant risk in the receivables portfolio[134] Operational Highlights - The company operates primarily in the sale of gas, construction and installation services, and other activities including natural gas transportation services in mainland China[55] - The group provided gas services to approximately 458,000 residential users and 2,447 industrial and commercial users as of the reporting period[122] - The total length of the natural gas pipeline network operated by the group was 1,157.06 kilometers, including 777.85 kilometers of self-built pipelines and 379.21 kilometers of leased urban pipelines[124] - The group has completed the renovation of two integrated energy stations, including hydrogen energy, and plans to further explore new energy projects to achieve sustainable development[125] Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors, in compliance with corporate governance codes[158] - The company will continue to review and consider the separation of the roles of Chairman and Chief Executive Officer as appropriate[157] - The company emphasizes the importance of maintaining high levels of corporate governance as a foundation for effective management and successful business growth[175] - The audit committee, along with management, has reviewed the accounting principles and policies adopted by the group for the current fiscal year[179] Employee and Compensation - The total employee cost for the group during the year was approximately RMB 79.2 million, with a total of 408 employees as of December 31, 2023, compared to 367 employees in 2022[167] - The group is committed to providing competitive compensation to employees based on their qualifications and performance to enhance service quality[167]
嘉兴燃气(09908) - 2023 - 年度业绩