China Everbright Greentech (01257) announced its 2023 results, with revenue of approximately HK$7.417 billion, down from the previous year...
According to the Zhitong Finance App, China Everbright Green & Environmental Protection (01257) announced its 2023 results, with revenue of approximately HK$7.417 billion, a year-on-year decrease of 8%; loss attributable to the company's equity shareholders was approximately HK$302 million, profit due in 2022 was approximately HK$340 million; and loss per share was 14.6 HK cents.
According to the announcement, the group's main business includes comprehensive biomass utilization, hazardous waste and solid waste disposal, environmental restoration, photovoltaic power generation and wind power. As of December 31, 2023, the group has implemented 139 environmental protection projects, with a total investment of about RMB 30.713 billion. It has undertaken a total of 59 environmental restoration projects, involving a total contract amount of approximately RMB 1,608 billion.
During the year under review, the domestic hazardous waste and solid waste disposal market volume and price continued to decline, leading to a decrease in revenue. In addition, continued losses in the operation of several projects of the company led to wear and tear losses on intangible assets, property, plant and equipment, and usage rights assets, leading to an increase in losses attributable to equity shareholders. In addition, accounts receivable and contract asset wear and loss are mainly due to failure to collect government subsidy for online renewable energy electricity in a timely manner.
In terms of market expansion, during the year under review, the group obtained a total of 20 new projects and signed a supplementary agreement for biomass heating, involving a total additional investment of about RMB 532 million and a total contract amount of approximately RMB 236 million for environmental restoration projects. The new projects include 1 biomass comprehensive utilization project, 9 photovoltaic power generation projects, and 10 environmental restoration projects. In terms of project scale, 100 megawatts of photovoltaic power generation were added, and the new design steam supply capacity was about 657,000 tons per year.