Financial Performance - Revenue for the year ended December 31, 2022, was RMB 311,947,000, a decrease of 31.6% compared to RMB 456,128,000 in 2021[2] - The company reported an operating loss of RMB (83,984,000) for 2022, compared to an operating profit of RMB 37,366,000 in 2021[6] - Adjusted EBITDA for the year was RMB (34,672,000), down from RMB 109,330,000 in the previous year[2] - The net loss attributable to shareholders for the year was RMB (102,466,000), compared to a profit of RMB 46,954,000 in 2021[6] - Basic and diluted loss per share was RMB (3.69) for 2022, compared to earnings of RMB 1.84 in 2021[6] - The company reported a total comprehensive loss of RMB (138,978,000) for the year, compared to a comprehensive income of RMB 72,381,000 in 2021[9] - The total financial expenses for the year were RMB 37,641,000, an increase from RMB 35,655,000 in the previous year[44] - The company reported a net loss of RMB 102,466,000 for the year, with a loss of RMB 111,744,000 from the water segment and a profit of RMB 61,591,000 from the beer segment[36] - The group reported a net loss of RMB 102 million for 2022, compared to a net profit of RMB 47 million in 2021[86] Revenue Breakdown - Total revenue for the water segment was RMB 147,571,000, while the beer segment generated RMB 308,557,000, leading to a total revenue of RMB 456,128,000[37] - The company recognized revenue from water product sales of RMB 58,761,000 and beer product sales of RMB 245,982,000 for the year ended December 31, 2022[41] - The water business segment generated revenue of RMB 66 million, down 55.6% year-on-year, primarily due to significant sales declines caused by the COVID-19 pandemic[75] - The beer business segment's sales volume was 364,717 hectoliters, a decrease of 13.6% from 422,217 hectoliters in 2021, with revenue falling by 20.1% to RMB 246.44 million[76] Assets and Liabilities - Total assets as of December 31, 2022, were RMB 4,140,133,000, slightly down from RMB 4,148,946,000 in 2021[2] - Total assets for the water segment were RMB 4,260,928,000, while the beer segment had total assets of RMB 2,415,426,000, resulting in total assets of RMB 6,676,354,000[34] - Total liabilities for the water segment were RMB 1,593,782,000, and for the beer segment, they were RMB 399,806,000, leading to total liabilities of RMB 1,993,588,000[34] - As of December 31, 2022, the company's debt ratio was 21.12%, a slight decrease from 21.29% on December 31, 2021[99] Cash Flow and Financial Position - Cash and cash equivalents at the end of 2022 were RMB 58,147,000, compared to RMB 53,818,000 at the end of 2021[11] - The company’s receivables from third-party trade decreased to RMB 190,499,000 in 2022 from RMB 254,657,000 in 2021[53] - The company reported a financial asset expected credit loss provision of RMB 88,617,000 across all segments[36] - The company’s financial assets expected credit loss provision for trade receivables was RMB 86,643,000, significantly higher than RMB 31,488,000 in 2021[48] Operational Highlights - The company faced significant challenges in 2022 due to the COVID-19 pandemic, particularly in the Tibet region, impacting sales of packaged drinking water and beer products[72] - The company successfully completed two equity financing rounds in 2022 and early 2023, providing strong support for business operations amid pandemic-related financial pressures[73] - The company aims to enhance customer experience and optimize channel construction to reach more consumers with its quality products in Tibet[72] - The company plans to enhance the "5100" premium mineral water brand and strengthen partnerships with domestic and international hotel brands, airlines, and cinema chains[112] Corporate Governance and Compliance - The external auditor, Guowei CPA, has been reappointed as the company's auditor effective from the conclusion of the 2022 Annual General Meeting until the conclusion of the next Annual General Meeting[117] - The financial figures in the performance announcement for the year ended December 31, 2022, have been verified to be consistent with the audited consolidated financial statements[119] - The company has complied with the corporate governance code, with some deviations noted regarding the attendance of independent non-executive directors at shareholder meetings[120] - The Audit Committee has reviewed the annual performance for the year ended December 31, 2022[121]
西藏水资源(01115) - 2022 - 年度业绩