Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 5,206,366 thousand, an increase of 29.2% compared to RMB 4,029,476 thousand in 2021[2] - Operating profit for the same period was RMB 2,194,606 thousand, down 7.4% from RMB 2,371,088 thousand in 2021[2] - Net profit attributable to the owners of the company was RMB 1,445,457 thousand, a decrease of 4.4% from RMB 1,511,965 thousand in 2021[2] - Basic and diluted earnings per share for 2022 were RMB 0.8715, compared to RMB 0.9116 in 2021[2] - Total revenue for the year ended December 31, 2022, was RMB 5,206,366, an increase from RMB 4,029,476 in 2021, representing a growth of approximately 29.2%[13] - Toll revenue decreased to RMB 3,676,379 in 2022 from RMB 3,831,092 in 2021, reflecting a decline of about 4.0%[13] - Revenue from construction and renovation services under franchise arrangements surged to RMB 1,417,554 in 2022, up from RMB 108,518 in 2021, marking a significant increase of approximately 1205.5%[13] - The total profit for the year was RMB 1,976,932 thousand, a decrease of 6.71% from RMB 2,119,127 thousand in the previous year[35] - Net profit attributable to shareholders was RMB 1,445,017 thousand, down 4.57% from RMB 1,514,168 thousand in 2021[35] - Basic earnings per share for 2022 was RMB 0.8715, down from RMB 0.9116 in 2021, indicating a decrease of about 4.9%[22] Assets and Liabilities - Total assets as of December 31, 2022, amounted to RMB 21,345,566 thousand, an increase of 6.9% from RMB 19,965,469 thousand in 2021[6] - Non-current assets, including toll road operating rights, were RMB 13,497,875 thousand, up from RMB 13,207,681 thousand in 2021[5] - Cash and cash equivalents decreased to RMB 2,903,848 thousand from RMB 3,359,918 thousand in 2021[5] - Total liabilities as of December 31, 2022, were RMB 7,808,394 thousand, a slight decrease from RMB 7,985,646 thousand in 2021[7] - The company’s total liabilities decreased to RMB 1,977,818 million in 2022 from RMB 2,116,190 million in 2021, indicating a reduction of approximately 6.6%[20] Tax and Expenses - Total tax expenses for the year were RMB 562,194 million, slightly lower than RMB 573,077 million in the previous year, reflecting a decrease of approximately 1.5%[17] - The company reported a deferred tax expense of RMB 23,220 million for 2022, compared to a deferred tax benefit of RMB 17,833 million in 2021[17] - Interest expenses for the year increased to RMB 214,432 in 2022 from RMB 143,159 in 2021, representing a rise of about 49.8%[15] - Employee benefits expenses, including salaries and social security, increased to RMB 430,281 million in 2022 from RMB 401,274 million in 2021, marking an increase of approximately 7.2%[22] Dividends and Retained Earnings - The proposed final dividend for 2022 is RMB 0.55 per share, totaling RMB 912,236 million, consistent with the previous year's dividend[23][24] - The company’s retained earnings increased to RMB 9,611,890 thousand from RMB 9,078,629 thousand in 2021[6] Operational Performance - The company recorded a loss of RMB 8,286 million from the sale of toll road concessions in 2022, compared to a gain of RMB 4,173 million in 2021[20] - The company noted that the operational performance of toll roads was affected by competitive road network changes and parallel road expansions[40] - The company anticipates continued impacts from various policy exemptions and external factors on toll revenue in the upcoming periods[43] - The company reported a significant impact on toll revenue due to construction on the Anhui section of the G4221 highway, leading to a shift of some vehicles to national roads[51] Investments and Projects - The company successfully implemented the PPP project for the expansion of the Xuanguang Highway, enhancing its asset scale and overall competitiveness[57] - The company’s investment in Ningxuanhang Company improved its financing capacity and reduced credit risk, benefiting the overall strategic development[57] - The company’s investment in the Anhui Expressway REITs project further strengthened its competitive edge and profitability[57] - The company completed a significant investment of RMB 1.41755 billion in the PPP project during the reporting period[59] - The company agreed to subscribe up to RMB 500 million for the Anhui Expressway REITs, acquiring 3.89% of the total fund shares, with a final subscription amount of RMB 423.232 million confirmed[59] Governance and Compliance - The audit committee held five meetings in 2022, reviewing the company's financial reports and internal control evaluations[67] - The company’s governance structure was improved by revising 12 internal regulations to enhance operational efficiency and compliance with legal standards[66] Market and Economic Conditions - The toll road industry faces challenges such as slowing economic growth limiting toll revenue, rising construction and operational costs, and increasing management costs due to various policy exemptions[79][80] - The company anticipates continued growth in highway infrastructure investment, driven by the integration of the Yangtze River Delta and the construction strategy for a strong transportation nation, indicating significant investment opportunities in Anhui province[78] Future Outlook - The company emphasizes the integration of information technology, artificial intelligence, new materials, and new energy into the transportation industry[82] - The focus for the next phase of highway information development is on smart leadership and the integration of infrastructure networks, transportation service networks, and information networks[82] - The aim is to expand resource sharing, enhance user experience, and improve organizational efficiency[82] - The company is committed to transitioning from traditional factor-driven development to innovation-driven development[82]
安徽皖通高速公路(00995) - 2022 - 年度业绩