Vaillant Group (01608) announced that it is expected that the company will obtain public service for the year ending December 31, 2023...
According to the Zhitong Finance App, Vaillant Group (01608) issued an announcement. It is expected that the company will obtain a consolidated loss of about HK$2.8 billion attributable to the owners of the company in the year ended December 31, 2023, and a consolidated loss attributable to the owners of the Company of about HK$316.9 million for the year ended 31 December 2022.
According to the announcement, the expected increase in consolidated losses during the reporting period is mainly due to a significant drop in gross profit of about HK$600 million, due to a decrease in total revenue and losses in the system integration business sector; impairment of about HK$1.2 billion in trade receivables, property, plant and equipment, and intangible assets; and losses due to joint ventures investing in three power generation projects in Myanmar of about HK$700 million.
During the reporting period, the Group focused its operational strategy on formulating power generation asset allocation plans and strengthening inventory management and cost control. Since China Technology Import and Export Group Co., Ltd. (China Technology Corporation) became the controlling shareholder of the company in September 2023, the Group has made good use of its business network to exert synergy effects, and has made impressive progress in developing and implementing new projects totaling more than 700 megawatts in Central Asian countries and Indonesia. At the same time, the Group relies on the financial support of China Technology Company and its parent company to gradually broaden financing channels, continuously optimize the capital structure, and establish a sustainable operating foundation.