Investors, good afternoon. Welcome to Canvest Environmental Protection Group Company Limited 2021 annual results presentation, telephone conference and online streaming. Allow me to introduce to you members of the management. We have the Chairlady and Executive Director, Miss Lee Wing Yee Loretta, CEO and Executive Director, Mr. Yuan Guozhen, CEO and Company Secretary, Miss Wong Ling Fong Lisa. The content and the PPT slides have already been sent to you via email in advance. They will be shown during the live streaming as well. We will receive telephone questions, as well as questions in written form over the online platform. If you would like to ask questions, you can use the dial-in platform or use the interactive window on the streaming platform. I will now hand over the time to Miss Lee. Dear investors, analysts, good afternoon. Thank you very much for your attendance today. Because of the pandemic, we are going to continue to use the online platform and telephone platform for hosting our events. If that causes any inconvenience to you, our sincere apologies. Mr. Yuan is going to report to you our performance and operations for 2021. Then our CFO will take you through a review of our performance in 2021. Finally, we will take your questions. First, I'm happy to report to you that in 2021, the Group has achieved outstanding performance. Compared to last year, our revenue has gone up by 36.2% to about HKD 6.8 billion. Gross profit increased by 36.6% to HKD 2.1 billion. Net profit increased by 24.8% to HKD 1.32 billion. Profit attributable to interest holders of the company increased by 25.5% to HKD 1.32 billion. At the moment, our company has 35 incinerator generation projects. We have a daily handling capacity of municipal solid waste at 51,990 tons. We have completed nine projects and total number has increased to 27. The remaining ones are being constructed or planned according to our timetable. For those being operated, the daily handling capacity increased from 23,140 tons to 35,240 tons. In 2021, our group has three new projects and one expansion project. The total daily handling capacity reaches 5,050 tons. Our market share has expanded to 13 provinces across the nation. We have deepened our strategic layout. On top of that, we have further strengthened our collaboration with SIIC. We acquired 30% of Sichuan SIIC shares. We participate in the development opportunities of municipal waste handling in Sichuan Province. At the same time, we will continue to work with SIIC in terms of production management contract, expand our business, and deepen further our strategic collaboration. In 2021, we have handled innocuous treated garbage at 11,074 tons, and we have used green energy to generate 4,375,000,000 kWh, reduction of 5,690,000 tons of carbon dioxide, and saved 1,140,000 tons of standard coal. With the setting up of a commission that focuses on sustainable development and strategies, we'll continue to launch more green initiatives and encourage our staff to participate in community events. Because of the pandemic, we have adopted various measures so that we uphold principles of safety and quality at the same time. We also provided a lot of assistance to local government to fight the pandemic, helping a safer and better eco environment for local residents. We are happy to announce that our hard work has been given very positive recognition by the market. We've been selected to be one of the top 50 green enterprises. We also received the platinum award for ESG. For four consecutive years, we've been graded A level under the MSCI ESG rating. We have received very positive recognition in terms of corporate management and ESG work, creating a lot of incentive and encouragement to our staff and management. Looking into the future, against the backdrop of dual carbon missions and targets, new energies and green enterprises have created new opportunities. As an enterprise that attaches great importance to the highest level of operations and greening work, we will continue to work with green suppliers so that when we face challenges, we are also making use of the opportunities to deepen our operations in terms of refined management, and we will continue to expand our value upstream and downstream, speed up our work of a number of initiatives surrounding smart city management, promote the development of light asset business, and continue to collaborate with our strategic partners to achieve better synergy. Looking into the future, our group will continue to strive for the highest quality of development and enhance our overall ESG level so that we can promote comprehensive development in terms of commercial value, social value, and environmental value, so that we can achieve sustainable growth. Thank you very much. I will now hand over to Mr. Yuan for business review. Thank you, Chairlady. I'm going to take you through the business development in 2021 for the Group. At the moment, we have 35 projects across the nation. Our total capacity is 51,990 tons in terms of daily handling of municipal w aste. 27 projects already commissioned and in operation. The rest are being planned and constructed according to the original time schedule. In 2021, with our concerted effort, we have achieved early completion and commissioning of some newly established projects. New projects for the year, nine in total. Total scale per day, 12,100 tons, including those in Yingkou, Ruili, Baoding, Machong [Yuan Qi], [Huanshan], Phase Two, Xiangyun, and Liping projects have already started operation, creating good contribution to the Group. For new ones, we have obtained three projects and one expansion project, including Changning, Huizhou, Yixian, and Phase Two of Zhongshan. Newly added projects, daily capacity is 5,050 tons, expanding our portfolio further. That includes the handling of municipal waste. We have a project under construction and planning, we believe that in the next few years, all of them will be completed and commissioned in the next few years. During the review period, our total power generation, 4,375,000 kWh, an increase of 56.5%. Innocuous treatment of garbage, 11,740,000 tons, up 54.4%. Sold power, 3,796,000 kWh, up 55.1%. Per ton generation level, 395 kWh, which is very outstanding among our peers. Concerning the operations of our plants, as shown on page 11 -page 13 of our PPT, our efficiency level continues to improve with good productivity and efficiency. The average power sold and generated is 86.8%, stating that our self-use ratio is low with high efficiency. Average utilization of our plants is 110.6%, showing our very high level of operating efficiency. Among 35 projects that we have, 16 of them are in Guangdong Province, which is 48.6%. You can see that Guangdong Province will continue to be our major market. At the moment, Canvest Environmental Protection Group Company Limited is the biggest non-state-owned enterprise that focuses on incineration. Looking into the future with the 14th Five-Year Plan, by 2025, we need to reach a specific target for handling capacity municipal solid waste. towards the end of that year, we need to reach utilization rate of 60%. Whole nation capability needs to reach 800,000 tons / day and municipal solid waste incineration capacity 65%. We will continue to enter this phase of refined management. We continue to stay very close to our partners to expand our project and resources and extend our influence upstream and downstream to realize asset-light operations. We'll also work on revenue from developing carbon assets. We will continue to grasp opportunities to realize healthy growth and create better return for the Group, our shareholders, and all stakeholders. Now, I will pass the time to my colleague, Ms. Lisa Wong. Thank you, Mr. Yuan. Good afternoon. I will now take you through the performance highlights of 2021 for the Group. We sustained a growing trend and achieved outstanding results in 2021. We realized some new peaks. Our revenue realized in the year was HKD 6.795 billion, up 36.2%, mainly because of the growth in terms of our operations, in terms of power generation, sales, and garbage handling. Gross profit grew by 36.6% to HKD 2.11 billion. Attributable profit, HKD 1.322 billion in 2021, up 25.5%. Profit margin, 19.5%. Earnings per share, HKD 0.544, up 25.4%. Our different segments. You can see that power sales and waste management revenue increased by 45.3% to HKD 2.997 billion, taking up 44.1% of total revenue, mainly because of the enhancement of our operational capability and also newly added capacity, 12,100 tons. We achieve more than 50% growth in terms of whole year handling capacity and power generation volume. For the environmental, hygiene, and other services, we reached HKD 167 million, up by 37.3%. Our project construction services, up by 29.9% to HKD 3.51 billion, realizing our whole year target. Our financial income increased by 16.3% to HKD 114 million, which is 1.7% of the total number. You can see our segment analysis. Our gross profit increased by 36.6% to HKD 2.11 billion. Consolidated ratio 31%, especially power of sales and also waste management fees. We realized HKD 1.496 billion, up 50%. As for the power sales and waste management fee revenue, it contributes 70% of our profit. We've done a lot of technological advancement, more R&D investment, and reducing our cost, higher level of efficiency, realizing such outstanding performance. As for the construction services segment, there's a slight drop compared to last year by 13.2% because Zhongshan phase two extension project has higher level of difficulty of construction. As for the environmental hygiene segment, it's up by 22.2% compared to the previous year, which was 19.7%. I'm certain that you are concerned about the asset ratio. The asset debt ratio increased by 6.1% last year to 63.6%, and the net debt to equity ratio, 123.8%. With 11 projects being constructed and commissioned, our total asset has grown to HKD 24.4 billion. With those already being operated, we continue to record increase in terms of capital inflow, up by 35.5% to HKD 1.755 billion. Overall speaking, we believe that the debt level is well within the range of expectation and control. We reached the commissioning peak in 2021, and afterwards, we will sustain stable inflow of cash. We have already set up a number of monitoring measures in terms of our debt level. We will continue to be prudent and consider diversification of sources of capital to reduce our financing cost. While we have more debt, our interest cost from the bank is actually decreasing. In 2021, the average is 4.4%, which is lower than 4.65% in 2020. Our operating cash flow continues to climb. The interest multiplier is 4.4 x, reflected very good operational levels of the Group. Within 2022, we believe that the debt ratio will bottom out, after which we will see stable cash inflow and overall debt ratio will decrease. CapEx for the year, HKD 3.4 billion, up 46.8%. 2021 was the year representing the peak of our construction, with 14 projects being constructed at the same time. Some completed well in advance. The equity return ratio increased to 16.9%. Considering our overall development plan, our payout ratio will maintain at 20%. Year-end dividend, HKD 0.058 / share. That's my presentation. Thank you very much.
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