Financial Performance - For the year ended December 31, 2023, revenue was approximately RMB 606.3 million, an increase of about 11.7% compared to RMB 542.7 million for the year ended December 31, 2022[1]. - The loss for the year ended December 31, 2023, was approximately RMB 110.5 million, compared to a profit of RMB 57.8 million for the year ended December 31, 2022[1]. - The loss attributable to equity holders of the parent company for the year ended December 31, 2023, was approximately RMB 84.0 million, compared to a profit of RMB 55.9 million for the year ended December 31, 2022[1]. - The basic loss per share for the year ended December 31, 2023, was approximately RMB 0.42[1]. - The company reported a pre-tax loss of RMB (78,438,000) for 2023, compared to a profit of RMB 92,596,000 in 2022[51]. - The group reported a total comprehensive income of RMB (84,000) in 2023 compared to RMB 55,925,000 in 2022, indicating a significant loss[148]. - Gross profit for the year was RMB 144.77 million, down from RMB 211.28 million in 2022, indicating a decline in profitability[118]. - The group’s net asset value decreased to RMB 1,077,867,000 in 2023 from RMB 1,166,571,000 in 2022, a decline of about 7.6%[151]. Revenue Sources - Revenue from customer contracts for 2023 reached RMB 606,347,000, an increase of 11.7% from RMB 542,659,000 in 2022[44]. - Water sales accounted for RMB 585,540,000 in 2023, up from RMB 524,051,000 in 2022, representing a growth of 11.7%[44]. - Revenue from installation services recognized during the reporting period was RMB 4,675 thousand, up from RMB 4,562 thousand in the previous year[132]. - Revenue from installation services reached RMB 20.8 million in 2023, an increase of approximately 11.8% from RMB 18.6 million in 2022[179]. - Revenue from municipal water sales increased by RMB 60.4 million or 17.8% to approximately RMB 398.8 million[199]. Expenses and Liabilities - The total tax expense for the year ended December 31, 2023, was RMB 32.0 million, compared to RMB 34.8 million for the year ended December 31, 2022[19]. - Administrative expenses increased to RMB 87.29 million from RMB 66.92 million, reflecting higher operational costs[118]. - The total non-current liabilities increased to RMB 3,465,607,000 in 2023 from RMB 3,237,206,000 in 2022, reflecting an increase of about 7.1%[151]. - Financial costs surged by RMB 83.2 million or 170.8% to approximately RMB 131.9 million, mainly due to interest from project loans after the completion of construction projects[184]. - The cost of goods sold for the year was RMB 236,404 thousand, significantly higher than RMB 124,945 thousand in the previous year[135]. - The group's sales cost increased by RMB 130.2 million or 39.3% to approximately RMB 461.6 million during the reporting period, primarily due to increased raw water procurement costs and depreciation from the construction projects of Binhai Water and Nanwan Water[183]. Assets and Financing - As of December 31, 2023, the total available bank financing for the group was RMB 3,517.5 million, which can be utilized within the next 12 months[8]. - The total borrowings as of December 31, 2023, amounted to approximately RMB 3,558.2 million, an increase from RMB 3,189.6 million as of December 31, 2022[82]. - The cash and bank balances as of December 31, 2023, were approximately RMB 447.8 million, up from RMB 269.8 million as of December 31, 2022[90]. - The company holds long-term investments in joint ventures, including Taizhou Zhuqi Reservoir Development Co., Ltd.[66]. - The company established a joint venture, Zhejiang Xianzhichuan Water Industry Co., Ltd., with Zhejiang Yong'an, holding 51% ownership, to capitalize on the natural mineral water reserves in Tian City, providing significant opportunities in the Yangtze River Delta region[91]. Operational Capacity and Projects - The company’s operating capacity for water supply is approximately 1,220,000 tons per day, with municipal supply capacity at 750,000 tons per day[61]. - The design municipal water supply capacity for the Taizhou Water Plant (Phase II) is 366,000 tons per day, while the capacity for the Eastern Water Plant (Phase III) is 284,000 tons per day[62]. - The construction of the Taizhou South Water Resource Optimization Project commenced in October 2023, following the completion of preliminary work[64]. - The group is involved in ongoing construction projects for the Taizhou water supply system, which includes phases three and four, and related pipeline installations[196]. - The group anticipates favorable policy support for upgrading and renovating old pipelines and facilities in line with national initiatives[191]. Shareholder Returns and Dividends - The board of directors does not recommend the payment of a final dividend for the year ended December 31, 2023[1]. - The company did not recommend a final dividend for the year ending December 31, 2023, compared to RMB 0.075 per share in 2022[138]. - The average number of ordinary shares in issue remained stable at 200,000,000 shares for both 2023 and 2022[139]. Credit and Receivables - Trade receivables as of December 31, 2023, totaled RMB 146.8 million, an increase from RMB 122.4 million as of December 31, 2022[26]. - The impairment loss on trade receivables at the end of 2023 was RMB 53.8 million, slightly up from RMB 53.6 million at the end of 2022[26]. - The total expected credit loss for 2023 was RMB 200,596,000, with a credit loss rate of 26.82%[57]. - The trade receivables increased to RMB 200.6 million in 2023 from RMB 176.0 million in 2022[70]. - Trade payables at the end of the reporting period decreased to RMB 75,310,000 in 2023 from RMB 79,893,000 in 2022, representing a decline of approximately 5.5%[145].
台州水务(01542) - 2023 - 年度业绩