CONTENTS
Financial Review
Operating Highlights
Development Path
Financial Review
Financial Review
(HK$ million) | For six months ended 30 June | Change | |
2024 | 2023 | ||
Revenue | 15,612 | 16,297 | -4% |
Gross Profit | 6,046 | 7,193 | -16% |
EBITDA | 6,550 | 7,376 | -11% |
Profit Attributable to Equity Holders | 2,454 | 2,785 | -12% |
of the Company | |||
Return on Shareholders' Equity (%) | 5.00# | 5.82# | -0.82ppt* |
Basic Earnings per Share (HK cents) | 39.95 | 45.34 | -12% |
Interim Dividend per Share (HK cents) | 14.0 | 14.0 | - |
Dividend Payout Radio (%) | 35 | 31 | 4ppt* |
- calculated based on half-year actual results * ppt: percentage point
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Financial Review
(HK$ million) | As at | As at | Change |
30/06/2024 | 31/12/2023 | ||
Total Assets | 189,453 | 189,183 | - |
Total Liabilities | 121,767 | 123,660 | -2% |
Equity Attributable to Equity Holders | 50,008 | 48,141 | 4% |
of the Company | |||
Cash and Bank Balance | 8,274 | 8,633 | -4% |
Gearing Ratio (%) (total liabilities/total assets) | 64 | 65 | -1ppt* |
* ppt: percentage point
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Financial Review
Trend in Revenue Structure and Revenue Analysis by Categories
(HK$ 100 million)
300.0
265.0
250.0
214.5
200.0 183.8
156.7 (59%) | 163.0 | 156.1 | ||||||||||
91 (42%) | ||||||||||||
150.0 | ||||||||||||
41.2 (25%) | 35.8 (23%) | |||||||||||
104.1 (57%) | ||||||||||||
100.0 | ||||||||||||
95.4 (45%) | 94.9 (58%) | 94.6 (61%) | ||||||||||
83.4 (32%) | ||||||||||||
50.0 60.9 (33%)
- | 18.8 (10%) | 24.9 (9%) | 28.1 (13%) | 26.9 (17%) | 25.7 (16%) | |||||
1H2020 | 1H2021 | 1H2022 | 1H2023 | 1H2024 | ||||||
Construction service revenue | Operation service revenue | Finance income | ||||||||
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Operating Highlights
Consistent Growth
in Business Indicators
Effective Enhancement
of Management Efficiency
Empowering Development
Through Technological Innovation
Innovative Advances
in Market Expansion
Strengthening
Our Industry-leading Position
Consistent Growth in Business Indicators
Household Waste
Treatment Volume*
Household waste treatment volume was approx. 28 million tonnes, an increase of 9% as compared with the first half of 2023 ("1H2023").
The integrated power consumption ratio was approx. 15%, which remained consistent with 1H2023.
The average electricity generated per tonne of waste incinerated at waste-to-energy projects was approx. 446 kWh.
Agricultural and Forestry Waste Treatment Volume*
Agricultural and forestry waste treatment volume was approx.
3.9 million tonnes, an increase of 4% as compared with 1H2023.
Waste Water and Leachate Treatment Volume*
Treatment volume of waste water and leachate from waste-to-energy projects was approx. 840 million m3, which
remained largely consistent
with 1H2023.
Reusable water supply volume was approx. 22 million m3, an increase of 4% as compared with 1H2023.
Sales of Environmental Protection Equipment*
Contract value of external sales of environmental protection equipment increased by 9% as compared with 1H2023.
Total electricity generated* was approx. 13.6 billion kWh, an increase of 5% as compared with 1H2023.
Heat and steam supply volume * increased by over 60% | |
as compared with 1H2023. | * for the first half of 2024 |
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Effective Enhancement of Management Efficiency
In the first half of 2024 ("1H2024"), Everbright Environment further enhanced its efforts in management and control, leading to noticeable enhancement in quality and effectiveness.
Operation
The environmental energy sector continued the implementation of the Twelve Measures to Boost Waste Volume, and expanded synergistic businesses relating to
waste-to-energy, such as enhancement of slag management efficiencyandbiogasutilisation.
The environmental water sector carried out cleaning work on key operating equipment across its waste water treatment projects, searched for carbon source alternatives, implemented precise dosing and precise aeration control systems in multiple projects, and continuously promoted its "In- plantSolar Power"project.
The greentech sector refined management of its hazardous and solid waste treatment business, which increased the treatment volumeandheatsupplyvolume.
Multiple waste-to-energy and waste water treatment projects of the Group received regulatory approvalfortariffhikes.
Finance
The Group closely monitored market conditions and made steady progress in issuing in due course different types of bonds, including medium-term notes and asset-backed securities, through the Company and its listed subsidiaries, with a total issuing size of RMB8.5 billion, keeping the comprehensive capital cost at a comparatively low level.
The Group also replaced high- interest loans abroad and adopted other means to save interest expenses.
Tendering and Procurement
The Group further moderately promoted the centralised management of tendering and procurement, to leverage
centralised procurement advantages. As a result, the procurement costs decreased constantly. In 1H2024, the Group completed more than 15,000
online tendering and procurement projects.
The Group strengthened the management of its supplier and expert pools to further standardised tendering and procurement practices.
Accounts
Receivable
The Group strictly implemented its long-term management and control mechanism for accounts receivable, which includes dedicated working team(s), ledger lists, assessments and incentive measures. It also prepared two ledger lists for the recovery of the government debts and the confirmation of the government subsidies.
The amount of accounts receivable collected by the environmental energy and environmental water sectors in 1H2024 increased by 11% and 21%, respectively, as compared with 1H2023, while the greentech sector received an one-off government subsidies of RMB1.534 billion.
Safety and
Environment
The Group enhanced the enforcement of safety and environmental management responsibilities, advanced intrinsic safety levels, and maintained overall stability in safety and environmental conditions.
It conducted researches relating to project operation like the ash- cleaning robots for reaction towers and systematically carried out pilot trials to manage operational risks and boost work efficiency.
In alignment with the theme of China's 23rd "Safe Production Month" initiative, the Group implemented the Three-Year Action Plan for Fundamental Safety Production Improvement, which led to the anticipated
improvements in safe production practices.
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