Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 37,321,229,000, a decrease of 25% compared to HKD 49,895,384,000 in 2021[2] - EBITDA for the year was HKD 12,841,787,000, down 15% from HKD 15,027,003,000 in the previous year[2] - Profit attributable to equity holders was HKD 4,601,939,000, representing a 32% decline from HKD 6,804,099,000 in 2021[2] - Gross profit for the year was HKD 14,364,599,000, down from HKD 16,463,382,000 in 2021[3] - Operating profit for the year was HKD 10,599,939,000, a decrease from HKD 13,226,825,000 in the previous year[3] - Total comprehensive income for the year was HKD (3,061,903,000), compared to HKD 10,606,183,000 in 2021[5] - The adjusted EBITDA for the reporting segments was HKD 9,056,301 thousand in 2022, compared to HKD 10,225,664 thousand in 2021, reflecting a decrease of about 11.4%[20] - The company reported a net loss of HKD 1,626,964 thousand in the current year, compared to a loss of HKD 1,353,568 thousand in the previous year, indicating a worsening of approximately 20.2%[22] - The company’s financial expenses increased to HKD 3,488,268 thousand in 2022 from HKD 3,079,448 thousand in 2021, representing an increase of approximately 13.3%[22] - The company achieved a net profit attributable to shareholders of HKD 5,065,735,000, a decrease of 15% from 2021, primarily due to reduced construction project numbers and a one-time goodwill impairment[77] Dividends - The final dividend per share was 9.0 HKD cents, down from 15.0 HKD cents in the previous year, with total annual dividends per share at 24.0 HKD cents compared to 34.0 HKD cents in 2021[2] - The company declared an interim dividend of HKD 0.15 per share for 2022, down from HKD 0.19 in 2021, totaling HKD 921,446,000 compared to HKD 1,167,165,000 in the previous year[39] - The proposed final dividend for 2022 is HKD 0.09 per share, a decrease from HKD 0.15 in 2021, amounting to HKD 552,868,000 compared to HKD 921,446,000 in the prior year[39] - The board proposed a final dividend of HKD 0.09 per share for the year, down from HKD 0.15 per share in 2021, resulting in a total annual dividend of HKD 0.24 per share[58] Assets and Liabilities - Total assets as of December 31, 2022, were HKD 62,598,893,000, down from HKD 64,342,222,000 in 2021[7] - Current liabilities totaled HKD 42,813,049,000, an increase from HKD 39,768,402,000 in the previous year[7] - Net cash and cash equivalents decreased to HKD 10,591,242,000 from HKD 15,046,943,000 in 2021[6] - Total assets as of December 31, 2022, amounted to HKD 190,597,798 thousand, down from HKD 200,235,628 thousand in 2021, indicating a reduction of approximately 4.3%[27] - The total liabilities for the company were HKD 127,998,905 thousand in 2022, compared to HKD 135,893,406 thousand in 2021, showing a decrease of around 5.5%[27] - The total contract assets as of December 31, 2022, were HKD 109,430,350,000, a decrease from HKD 113,878,855,000 in 2021[41] - The total amount of accounts receivable, other receivables, deposits, and prepayments was HKD 23,582,144,000 in 2022, compared to HKD 24,215,103,000 in 2021[44] - The overdue amount of accounts receivable increased to HKD 10,433,438,000 in 2022 from HKD 7,286,684,000 in 2021[48] - The total amount of accounts payable related to construction projects under BOT, BOO, and TOT arrangements was HKD 11,096,878,000 in 2022, down from HKD 14,354,194,000 in 2021, a decrease of about 23%[52] Business Segments and Operations - The group has redefined its business segments to better manage strategic direction, with some financial data previously classified under "Other" now categorized under "Environmental Energy Projects Construction and Operation"[13] - The group reported multiple operating segments, including Environmental Energy Projects, Environmental Water Projects, and Green Environmental Projects, generating revenue from construction and operational services[11][12] - The group is engaged in various environmental projects, including waste-to-energy plants and water treatment facilities, contributing to its revenue streams[11][12] - Revenue from environmental energy project construction and operation services amounted to HKD 9,193,065,000 and HKD 8,898,332,000 respectively, showing a decline from HKD 21,932,588,000 and HKD 7,827,908,000 in the previous year[31] - Total revenue from environmental projects (energy, water, and green) was HKD 32,672,072,000, down 28.7% from HKD 45,853,797,000 in 2021[31] Environmental Impact and Initiatives - The group processed 48,968,000 tons of municipal solid waste, generating 24,762,121,000 kWh of green electricity, sufficient to power 20,635,000 households[63] - The group treated 1,770,260,000 cubic meters of wastewater, significantly reducing chemical oxygen demand (COD) emissions[63] - The group has made significant progress in environmental contributions, including a reduction of 20,463,000 tons of carbon dioxide emissions through waste treatment and recycling efforts[63] - Cumulative waste treatment volume reached 217,925,000 tons, providing green electricity equivalent to 105,486,150,000 kWh, enough to supply 87,905,000 households for a year, saving 42,195,000 tons of standard coal and reducing CO2 emissions by 99,067,000 tons[64] - The company processed 1,771,000 tons of hazardous waste and 34,789,000 tons of agricultural waste, along with 14,732,562,000 cubic meters of wastewater, reducing COD emissions by 5,776,000 tons[64] Corporate Governance and Compliance - The board of directors has adopted the Corporate Governance Code as its standard for corporate governance practices[113] - The company emphasizes high-level corporate governance as essential for sustainable development and stakeholder interests[113] - The company continuously reviews and enhances its corporate governance practices to align with business operations and growth[113] - The company actively discloses project emission data and environmental management information on its website, connecting to the national ecological environment department's monitoring platform[111] Future Outlook and Strategy - The company continues to explore opportunities for market expansion and new project developments in environmental services[31] - The group plans to strengthen market expansion and enhance development efficiency while focusing on high-quality development in 2023[98] - The group aims to transition from high-speed growth to high-quality development, emphasizing operational revenue over construction service revenue[98]
光大环境(00257) - 2022 - 年度业绩