Financial Performance - Revenue for the year ended December 31, 2023, was HKD 13,643,682 thousand, representing a 5.0% increase from HKD 12,997,322 thousand in 2022[2] - Profit before tax increased by 13.7% to HKD 585,300 thousand, up from HKD 514,649 thousand in the previous year[2] - Net profit for the year was HKD 300,456 thousand, a 23.7% increase compared to HKD 242,917 thousand in 2022[2] - Profit attributable to owners of the company rose by 41.7% to HKD 246,720 thousand from HKD 174,077 thousand[2] - Basic earnings per share increased by 42.3% to HKD 8.74, compared to HKD 6.14 in the previous year[2] - The gross profit for 2023 was HKD 1,911,961 thousand, slightly down from HKD 1,966,607 thousand in 2022, indicating a decrease of about 2.8%[15] - The company reported a financing cost of HKD 656,065 thousand in 2023, which is significantly higher than HKD 329,382 thousand in 2022, indicating an increase of approximately 99%[15] - The effective tax rate for the company remained at 25% for both years, with current tax expenses of HKD 305,394 thousand in 2023[36] - The company’s tax expense for 2023 was HKD 284,844,000, compared to HKD 271,732,000 in 2022[77] Sales and Revenue Breakdown - The gas sales business contributed HKD 10,997,172,000, approximately RMB 9,897,455,000, with a year-on-year growth of 1.7% in RMB terms[10] - The smart energy business achieved significant growth with sales reaching HKD 944,669,000, a year-on-year increase of 1,220.4%[10] - The segment revenue breakdown includes: Gas sales at HKD 10,997,172,000, Gas pipeline construction at HKD 1,056,548,000, Smart energy at HKD 944,669,000, Value-added services at HKD 410,574,000, and Compressed natural gas/Liquefied natural gas sales at HKD 234,719,000[25] - Gas sales revenue decreased by 2.9% to HKD 10,997,172,000, accounting for 80.6% of total revenue, down from 87.2% in the previous year[59] - Industrial customer gas sales fell by 9.9% to HKD 5,574,599,000, representing 50.7% of total gas sales, down from 54.6%[61] - Residential customer gas sales decreased by 5.9% to HKD 2,206,843,000, accounting for 20.1% of total gas sales, down from 20.7%[62] - Commercial customer gas sales increased by 11.3% to HKD 682,109,000, representing 6.2% of total gas sales, up from 5.4%[63] - Wholesale customer gas sales rose by 15.8% to HKD 2,533,621,000, accounting for 23.0% of total gas sales, up from 19.3%[64] Operational Developments - The company aims to enhance operational efficiency and business quality while expanding its smart energy and urban gas sectors[4] - The company plans to deepen collaboration between urban gas and smart energy sectors to explore new energy types and project models[5] - The company has launched 260 integrated energy projects, an increase of 162 projects compared to the previous year[8] - The company plans to accelerate the development of its smart energy business and enhance the integration of gas and smart energy market resources[12] - The company plans to explore international LNG business opportunities and aims to become one of the top ten LNG traders in China[6] - The company aims to enhance its energy trade strategy by collaborating with coastal receiving stations and international LNG suppliers[6] Market and Strategic Focus - The company is focused on developing clean energy and contributing to national "dual carbon" goals, enhancing its ESG disclosures and market competitiveness[4] - For 2024, the company anticipates stable growth driven by domestic energy transition and economic recovery, despite ongoing geopolitical challenges[5] - The company is committed to ESG principles and aims to enhance its green transformation and energy security in 2024[6] - The company will focus on strategic cooperation opportunities with upstream resource providers to enhance market competitiveness and create value-added services[13] - The company is committed to expanding green finance cooperation and optimizing ESG-related information disclosure as part of its strategic initiatives[13] Financial Position and Liabilities - The company reported a net current liability of HKD (5,273,877,000) as of December 31, 2023, compared to HKD (4,233,143,000) in 2022[21] - The total assets less current liabilities amounted to HKD 14,643,765,000, down from HKD 15,805,069,000 in the previous year[21] - The company expects to secure new bank loans totaling approximately HKD 940 million in January and February 2024, which will support its financial obligations[21] - The company’s total equity decreased to HKD 8,693,427,000 from HKD 9,135,242,000 in 2022[18] - Net current liabilities increased to HKD 5,273,877,000 from HKD 4,233,143,000 in 2022, primarily due to an increase in borrowings due within one year[47] - Total borrowings and lease liabilities increased by HKD 682,620,000 or 5.9% to HKD 12,224,426,000 as of December 31, 2023[47] - Net debt increased to HKD 10,701,742,000 from HKD 10,204,830,000 in 2022, resulting in a net debt to equity ratio of approximately 1.23[47] Governance and Shareholder Returns - The board did not recommend a final dividend for the year ended December 31, 2023[80] - The company repurchased a total of 35,554,000 shares at a total cost of HKD 198,012,400 during the year[83] - The board of directors includes executive directors such as Mr. Wang Wenliang (Chairman) and Mr. Lv Xiaoqiang (CEO) among others[88] - The announcement was made on March 27, 2024, indicating the company's ongoing governance structure[89]
中裕能源(03633) - 2023 - 年度业绩