Financial Performance - The company's revenue for the year ended December 31, 2022, increased by 21.4% to HKD 8,246.6 million compared to HKD 6,794.6 million in 2021[2] - The profit attributable to equity holders of the company rose by 0.8% to HKD 1,332.8 million, up from HKD 1,322.0 million in the previous year[2] - The EBITDA for the year was HKD 3,086.2 million, reflecting an 18.0% increase from HKD 2,616.4 million in 2021[2] - The operating profit for 2022 was HKD 2,056,723 thousand, up 10.4% from HKD 1,862,520 thousand in 2021[12] - The net profit for the year was HKD 1,359,463 thousand, compared to HKD 1,319,167 thousand in 2021, reflecting a growth of 3.1%[12] - Total revenue for the year ended December 31, 2022, was HKD 1,359,463,000, an increase from HKD 1,319,167,000 in 2021, representing a growth of approximately 3.0%[13] - The gross profit for the year was HKD 2,529.0 million, a 19.8% increase from HKD 2,110.3 million in 2021[56] - The overall gross margin slightly decreased to 30.7% from 31.1% in 2021, attributed to a higher proportion of lower-margin construction revenue[56] Waste Processing and Environmental Impact - The company processed 13,993,553 tons of waste in 2022 and generated 5,249,545,000 kWh of green energy, saving 1,381,000 tons of standard coal and reducing CO2 equivalent emissions by 6,769,000 tons[4] - The total daily processing capacity increased from 35,240 tons to 41,890 tons due to the commencement of trial operations at several waste-to-energy plants[4] - The group processed 13,993,553 tons of waste during the year and generated 5,249,545,000 kWh of green energy, saving 1,381,000 tons of standard coal and reducing CO2 equivalent emissions by 6,769,000 tons[42] - The group’s electricity sales increased to 4,532,048 MWh in 2022, compared to 3,796,725 MWh in 2021, reflecting a significant growth in operational efficiency[45] Strategic Initiatives and Future Plans - The company aims to leverage digitalization and refined management to improve operational performance and optimize project management in the context of the "waste-free city" and "dual carbon" goals[7] - The group aims to expand its "burning+" business model and enhance integration of waste-to-energy and sanitation services in response to new opportunities in the market[11] - The group is strategically expanding its business model to include "incineration+" services, integrating waste-to-energy with environmental sanitation[42] - The group has conditional approvals for new waste-to-energy projects in Guangdong and Guangxi, with a total daily processing capacity of 2,700 tons currently in the planning stage[46][47] Financial Position and Liabilities - The company's total assets as of December 31, 2022, amounted to HKD 25,820,181,000, up from HKD 24,439,670,000 in 2021, reflecting an increase of approximately 5.6%[14] - The total liabilities increased to HKD 16,816,275,000 in 2022 from HKD 15,553,735,000 in 2021, marking a rise of about 8.1%[15] - The debt-to-asset ratio as of December 31, 2022, was 65.1%, up from 63.6% in 2021[71] - The total current liabilities of HKD 2,014,727,000 in 2022, compared to HKD 1,699,144,000 in 2021, representing an increase of about 18.5%[35] Cash Flow and Financing - Cash generated from operating activities was HKD 2,206.8 million in 2022, up from HKD 1,755.3 million in 2021[65] - As of December 31, 2022, total cash and cash equivalents amounted to HKD 1,809.9 million, compared to HKD 1,704.0 million on December 31, 2021[65] - Bank borrowings increased to HKD 13,582.3 million as of December 31, 2022, from HKD 12,703.9 million in 2021[66] - The total borrowing cost for the year ended December 31, 2022, was HKD 628.0 million, an increase of HKD 136.3 million compared to HKD 491.7 million in 2021[73] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.047 per share for the year, totaling HKD 0.109 per share for 2022, compared to HKD 0.108 per share in 2021[8] - The proposed final dividend for the year ended December 31, 2022, is HKD 0.047 per share, totaling HKD 114,658,000, down from HKD 141,493,000 in 2021[40] - The company plans to distribute an interim dividend of HKD 0.062 per share and has proposed a final dividend of HKD 0.047 per share, compared to HKD 0.058 in the previous year[87] Operational Efficiency and Cost Management - Maintenance costs increased to 226,962 thousand HKD in 2022 from 201,231 thousand HKD in 2021, while employee benefits expenses rose significantly to 615,353 thousand HKD from 488,983 thousand HKD[21] - The company reported a net interest expense of 599,784 thousand HKD in 2022, up from 411,608 thousand HKD in 2021, primarily due to increased bank loan interest expenses[25] - General and administrative expenses rose by 12.0% to HKD 580.0 million from HKD 518.0 million in 2021, mainly due to the increase in operational power projects[59] Governance and Compliance - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2022, ensuring compliance with accounting principles and practices[91] - The company has complied with the corporate governance code as of December 31, 2022[93] - The board of directors consists of 4 executive directors and 5 independent non-executive directors as of the announcement date[95]
粤丰环保(01381) - 2022 - 年度业绩