RA SILK ROAD(00274)

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复兴亚洲(00274) - 2024 - 中期业绩
2024-12-01 22:30
Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 336,582,000, an increase from HKD 327,202,000 in the same period last year, representing a growth of approximately 0.4%[2] - The gross profit for the same period was HKD 9,380,000, down from HKD 15,665,000, indicating a decline of about 40.5%[2] - Operating loss increased to HKD 23,438,000 compared to HKD 10,830,000 in the previous year, reflecting a deterioration of approximately 116.5%[2] - The company reported a pre-tax loss of HKD 41,737,000, compared to a loss of HKD 36,492,000 in the prior period, marking an increase of about 14.3%[2] - The net loss attributable to the company's owners was HKD 40,872,000, compared to HKD 36,492,000, representing an increase of approximately 12.9%[3] - The total segment loss for the six months ended September 30, 2024, was HKD (28,402,000), an improvement compared to a loss of HKD (37,866,000) in the same period last year[16] - The company incurred a loss from continuing and discontinued operations of approximately HKD 40,900,000, an increase of about 12.1% from HKD 36,500,000 year-on-year[52] Revenue Breakdown - Total revenue for the six months ended September 30, 2024, was HKD 336,582,000, a significant increase from HKD 82,106,000 for the same period in 2023, representing a growth of 309%[16] - The mining products segment generated revenue of HKD 56,581,000, while the trading and wholesale segment contributed HKD 280,001,000, indicating a strong performance in trading activities[14] - The mining segment contributed revenue of approximately HKD 56,600,000, a slight increase of about 1.4% from HKD 55,800,000 year-on-year[51] - The coal trading and frozen meat and soybean oil wholesale segments generated revenue of approximately HKD 280,000,000, a significant increase of about 964.6% from HKD 26,300,000 in the previous year[51] Assets and Liabilities - The company’s total assets as of September 30, 2024, were HKD 189,758,000, slightly down from HKD 191,190,000 as of March 31, 2024[5] - Current liabilities decreased to HKD 179,429,000 from HKD 351,491,000, indicating a reduction of approximately 49.1%[5] - The net asset value of the company was HKD 114,158,000, up from HKD 40,519,000, showing an increase of approximately 181.5%[5] - Trade receivables (net of provisions) decreased from HKD 186,484,000 as of March 31, 2024, to HKD 102,736,000 as of September 30, 2024, representing a decline of approximately 45%[27] - Trade payables decreased significantly from HKD 94,065,000 as of March 31, 2024, to HKD 57,973,000 as of September 30, 2024, a reduction of about 38%[32] - Short-term borrowings totaled HKD 106,911,000 as of September 30, 2024, down from HKD 186,889,000 as of March 31, 2024, indicating a decrease of approximately 43%[34] - The company’s total liabilities decreased from HKD 94,065,000 as of March 31, 2024, to HKD 57,973,000 as of September 30, 2024, reflecting a strategic reduction in debt[32] Future Prospects - The company is expected to contribute future cash flows from its newly acquired subsidiary, which holds mining rights in Jilin, projected to commence production in April 2025[8] - The company expects to significantly improve operational results after the gold mine project acquired on July 1, 2023, begins production in April 2025[53] Corporate Governance and Compliance - The company has not adopted new accounting standards that may impact its financial reporting, indicating a cautious approach to regulatory changes[11] - The board has reviewed corporate governance practices and confirmed compliance with the corporate governance code, except for minor delays in monthly updates to the board[60] - The company is committed to improving corporate governance as a key factor in enhancing shareholder value[60] Legal Matters - The company has a pending lawsuit regarding a secured loan, with claims for unpaid principal and interest included in the financial statements for the period ending September 30, 2024[42] - The company is actively defending against a lawsuit involving a claim for unpaid principal and interest, which has been accounted for in the financial statements[67] - The company has engaged legal advisors to seek legal opinions and take appropriate actions regarding the ongoing litigation[67] Employee and Operational Matters - As of September 30, 2024, the company employed 522 staff members, maintaining the same number as in 2023[58] - The company plans to invest resources in training, talent retention, and recruitment initiatives to enhance employee skills[58] Shareholder Information - The company did not declare an interim dividend for the reporting period ending September 30, 2024[59] - The interim report for the six months ending September 30, 2024, will be distributed to shareholders and made available on the stock exchange and the company's website[68] Financial Instruments and Risk Management - The company has not adopted any financial instruments for hedging purposes due to minimal foreign exchange risk exposure[58]
复兴亚洲(00274) - 2024 - 年度财报
2024-07-30 08:35
Business Operations and Performance - The Group's main business production, particularly at Hunan Gold Mine, continued to operate normally with improved production and storage conditions, while effectively controlling operating and administrative costs[12]. - The acquisition of Jilin Xinya Mining was actively promoted to strengthen the main business and enhance operational efficiency[17]. - The Group's overall stability was maintained despite facing multiple unexpected economic pressures, demonstrating resilience in operations[11]. - The production scale increased without a significant rise in costs, indicating effective cost management strategies[14]. - The Group's initiatives included stabilizing the main business, promoting growth, and expanding trade volume, contributing to a robust operational momentum[12]. - The concerted efforts of the entire Group led to effective expansion in production and operations at the Gold Mine[12]. - The Group's focus on high-quality development has resulted in a positive performance in development outcomes[11]. - The Group's agricultural products trading amounted to nearly RMB 20 million, with two newly registered subsidiaries participating in forestry deep processing and agricultural product trade[19]. - The Group recorded a revenue of approximately HK$374.1 million, representing an increase of approximately 80.4% compared to HK$207.4 million for the Corresponding Period[34]. - Revenue from the mining products business segment was approximately HK$142.5 million, an increase of approximately 19.3% from HK$119.5 million for the Corresponding Period[35]. - Revenue from trading of non-ferrous metal and wholesale and trading of frozen meat and agriculture products was approximately HK$231.6 million, reflecting an increase of approximately 163.4% compared to HK$88.0 million for the Corresponding Period[36]. Financial Position and Strategy - The Group plans to enhance its financial foundation by reducing the gearing ratio and improving asset quality, leading to a significant enhancement of financing capacity[19]. - The Group incurred a loss attributable to the owners of the Company of approximately HK$53.0 million for the fifteen months ended March 31, 2024, with net current liabilities of approximately HK$140.8 million[53]. - The Group's borrowings amounted to approximately HK$186.9 million and convertible bonds were approximately HK$2.4 million as of March 31, 2024, compared to HK$315.8 million and HK$Nil respectively as of December 31, 2022[79]. - The Group reported net current liabilities of approximately HK$140.8 million as of March 31, 2024, a decrease from approximately HK$323.5 million as of December 31, 2022[79]. - The Group aims to improve resilience through strategic management and expansion of its two core businesses to address supply chain shortages and rising costs[71]. - The Group plans to raise funds through various means, including the issuance of convertible bonds and new shares, subject to market conditions[76]. Governance and Management - The corporate governance mechanism has been effectively strengthened, with adjustments made to the Board and its committees to clarify responsibilities and optimize management processes[17]. - The Group emphasized careful construction and lean management to enhance corporate governance and operational efficiency[17]. - The Group's management emphasizes the importance of responding effectively to internal constraints and enhancing corporate vitality[21]. - The Management is committed to continuous growth and enhancing future financial performance by identifying investment opportunities and expanding mineral resources[75]. - The Group's management is actively seeking investment opportunities and potential partnerships to enhance revenue sources and shareholder value[81]. Environmental, Social, and Governance (ESG) Initiatives - The Group conducted a materiality assessment identifying 24 ESG-related topics, engaging both internal and external stakeholders for prioritization[123]. - The materiality assessment results will guide the Group in formulating future ESG work plans and goals to create sustainable value for stakeholders[124]. - The Board is responsible for evaluating the Group's ESG risks and ensuring effective implementation of risk management and internal control systems[114]. - The Group emphasizes corporate transparency and sound risk control, aiming to optimize risk management and internal controls[117]. - The Group aims to enhance environmental protection and community support while delivering quality products and services through prudent business management[113]. - The Group's ESG materiality matrix indicates high priority topics that are crucial for both stakeholders and business development[127]. Environmental Impact and Sustainability - For the fifteen months ended March 31, 2024, total greenhouse gas emissions amounted to 6,790,435 kg of carbon dioxide equivalent, an increase from 5,144,608 kg in 2022[133]. - Greenhouse gas emissions intensity per employee rose to 14,117 kg of carbon dioxide equivalent, compared to 10,696 kg in 2022, indicating a 31.5% increase[133]. - The Group aims to reduce exhaust gas and greenhouse gas emission intensity by 3% by 2026 based on the 2021 baseline[139]. - Hunan Westralian has established an "Environmental Protection Management System" to mitigate pollution risks in its production processes[136]. - The company has implemented green office measures to minimize energy consumption and paper waste[135]. - Hunan Westralian has set a five-year target to maintain no hazardous waste and only a very small amount of non-hazardous waste[142]. Employee Management and Safety - The Group employed 522 staff members as of March 31, 2024, an increase from 486 employees as of December 31, 2022[88]. - Hunan Westralian adheres to a non-discriminatory employment policy, providing equal opportunities across various demographics[167]. - The company has established a promotion mechanism based on job performance, allowing department managers to adjust salaries and promotions accordingly[180]. - Hunan Westralian has implemented a "Safety Management System for Dumping Operation" to regulate safety in waste material storage[191]. - The company provides specialized safety training tailored to working conditions to enhance safety awareness among employees[186]. - Hunan Westralian has developed multiple safety management systems to mitigate fire and explosion hazards, including the "Use of Fire Product Management System" and "Explosives Storage Safety System" to ensure safe handling of explosives[198].
复兴亚洲(00274) - 2024 - 年度业绩
2024-07-29 04:01
Financial Performance - The company reported a total revenue of HKD 374,146,000 for the fifteen months ending March 31, 2024, compared to HKD 207,435,000 for the previous year, representing an increase of 80.4%[2] - The gross profit for the same period was HKD 30,896,000, down from HKD 70,092,000, indicating a decline of 56.0%[2] - The operating loss increased to HKD 51,824,000 from HKD 9,321,000, reflecting a significant deterioration in operational performance[2] - The company recorded a pre-tax loss of HKD 93,059,000, compared to a loss of HKD 60,542,000 in the previous year, marking a 53.8% increase in losses[3] - The net loss attributable to owners of the company was HKD 53,018,000, compared to HKD 38,831,000, representing a 36.5% increase in losses[4] - The total loss for the reportable segments was HKD (68,667,000), compared to a loss of HKD (49,812,000) in the previous year, representing an increase in losses of about 37.8%[20] - The company reported a loss of approximately HKD 91,400,000, an increase of about 47.7% from a loss of HKD 61,900,000 in the same period last year[67] Revenue Segmentation - The mining products segment generated revenue of HKD 142,499,000, up from HKD 119,474,000, reflecting an increase of about 19.2%[21] - The trading and wholesale segment reported revenue of HKD 231,647,000, compared to HKD 87,961,000, indicating a substantial growth of approximately 163.5%[21] - The mining segment reported revenue of approximately HKD 142,500,000 and a loss of about HKD 61,400,000 for the fifteen months ending March 31, 2024, due to high mining costs and limited mineral reserves[61] - The revenue from the non-ferrous metal trading and frozen meat and agricultural products wholesale and trading segments was approximately HKD 231,600,000, a significant increase of about 163.4% from HKD 88,000,000 in the previous year[66] Assets and Liabilities - The total assets less current liabilities amounted to HKD 50,382,000, a recovery from a negative position of HKD 101,781,000 in the previous year[6] - The current net current liabilities stand at HKD 140,808,000, indicating a significant liquidity challenge[8] - Reportable segment assets totaled HKD 351,332,000 as of March 31, 2024, compared to HKD 240,381,000 as of December 31, 2022, marking an increase of approximately 46.2%[20] - Total liabilities for reportable segments decreased to HKD 262,374,000 from HKD 342,983,000, a reduction of about 23.5%[20] - Trade receivables increased to HKD 17,760,000 as of March 31, 2024, from HKD 14,578,000 as of December 31, 2022[40] - Total trade and other payables amounted to HKD 105,591,000 as of March 31, 2024, compared to HKD 94,065,000 as of December 31, 2022[43] - The total borrowings as of March 31, 2024, were HKD 186,889,000, a decrease from HKD 315,763,000 as of December 31, 2022[44] Financial Strategies and Support - The company raised approximately HKD 22,200,000 by issuing 800,000,000 shares at a subscription price of HKD 0.028 per share on April 19, 2024[9] - The company is actively seeking additional financial support, including the issuance of convertible bonds or loans, to improve its financial situation[9] - The company plans to raise funds through various means, including issuing convertible bonds and new shares, depending on market conditions[82] - The company is actively seeking investment opportunities and potential partnerships to improve and expand its revenue sources[82] Operational Challenges and Future Outlook - The company anticipates challenges in future performance due to high mining costs and limited exploration investment, impacting profitability[61] - The company aims to enhance its risk resilience amid uncertain economic conditions, focusing on strategic management and business expansion[81] - The company has taken measures to improve its operating capital and cash flow situation to alleviate liquidity pressure during the fifteen months ending March 31, 2024[98] - The company remains cautiously optimistic about its mining and trading business outlook for the coming years[81] Compliance and Governance - The company emphasizes compliance with the Hong Kong Listing Rules and relevant financial reporting standards[112] - The board and audit committee confirmed their responsibility for monitoring the group's risk management and internal control systems, which are reviewed at least annually[100] - An independent review of the internal control system was conducted, and the board believes that the risk management and internal control systems were effective during the reporting period[103] Employee and Management Acknowledgment - The company expresses gratitude to employees for their unwavering efforts and to shareholders and business partners for their continued support[113] - The company acknowledges the contributions of its management team in the report[113] - The company employed 522 staff as of March 31, 2024, an increase from 486 employees on December 31, 2022[88]
复兴亚洲(00274) - 2024 - 年度业绩
2024-07-26 08:31
Financial Performance - For the fifteen months ending March 31, 2024, the company reported a loss from continuing operations of approximately HKD 91,436,000, compared to a loss of HKD 62,151,000 for the previous period [3]. - Revenue from continuing operations was HKD 374,146,000, a significant increase from HKD 207,435,000 in the previous year, representing an increase of approximately 80.4% [13]. - The gross profit for the period was HKD 30,896,000, down from HKD 70,092,000, indicating a decline of approximately 56% [13]. - The company recorded a total comprehensive expense of HKD 93,939,000 for the year, compared to HKD 85,296,000 in the previous year, reflecting an increase of approximately 10.3% [18]. - The basic loss per share from continuing and discontinued operations was HKD 14.29, compared to HKD 12.75 in the previous year, indicating a deterioration in performance [27]. - The group reported a loss for the year after deducting approximately HKD 57,231,000 in prepaid expenses related to the purchase of non-ferrous metals and HKD 54,073,000 for agricultural products, which were confirmed as cost of sales [38]. - The group reported a loss of approximately HKD 91,400,000, an increase of about 47.7% compared to a loss of approximately HKD 61,900,000 in the same period last year [116]. Assets and Liabilities - The net current liabilities as of March 31, 2024, were approximately HKD 140,808,000, showing an improvement from HKD 323,519,000 in the previous year [30]. - The group's total liabilities decreased from HKD 315,763,000 as of December 31, 2022, to HKD 186,889,000 as of March 31, 2024 [52]. - As of March 31, 2024, the company's mining revenue was approximately HKD 142,500,000, with a loss of about HKD 61,400,000 due to high mining costs and limited mineral reserves [87]. - Trade receivables as of March 31, 2024, amounted to HKD 17,760,000, with a provision for losses of HKD 4,537,000, compared to HKD 14,578,000 and HKD 6,113,000 respectively as of December 31, 2022 [70]. - The group’s borrowings and convertible bonds amounted to approximately HKD 186,900,000 and HKD 2,400,000, respectively, compared to HKD 315,800,000 and zero as of December 31, 2022 [152]. - The net current liabilities recorded as of March 31, 2024, were approximately HKD 140,800,000, a decrease from HKD 323,500,000 as of December 31, 2022 [152]. Share Issuance and Capital Structure - The company completed a share issuance of 800,000,000 shares at a subscription price of HKD 0.028 per share, raising approximately HKD 22,200,000 in net proceeds [33]. - The group issued 236,716,397 new shares at a net issue price of approximately HKD 0.105 per share, completed on July 6, 2023 [54]. - The company plans to issue 294,318,174 shares at a subscription price of HKD 0.109 per share, completed on August 31, 2023 [78]. - The company’s non-controlling interest in a subsidiary was diluted from 51.0% to approximately 41.0% due to a capital increase from USD 29,700,000 to about USD 36,900,000 [79]. Operational Developments - The company completed the acquisition of a target company on July 1, 2023, which primarily engages in the exploration, mining, and sale of gold, silver, aluminum, and zinc [58]. - The acquisition was aimed at leveraging the group's past mining experience in China to achieve synergies [59]. - The group has suspended its coal trading business and has commenced agricultural product trading in China since Q1 2023, anticipating continuous revenue growth from this segment [90][91]. - The acquisition of a 51% stake in Huafeng Mining Co., Ltd. is expected to enhance the group's mineral portfolio and is projected to start production in 2025 [113]. - The company is currently focusing on integrating its gold mining operations to enhance production and sales, while implementing cost-saving measures to improve cash flow and financial condition [195]. Employee and Operational Costs - Employee costs increased to HKD 19,950,000 from HKD 14,575,000, with retirement benefit contributions rising to HKD 2,223,000 from HKD 1,470,000 [40]. - The group employed 522 employees as of March 31, 2024, an increase from 486 employees as of December 31, 2022 [135]. Future Outlook and Strategic Initiatives - The group is optimistic about the future prospects of its mining and trading business, expecting stable growth in the coming years [104]. - The company anticipates poor future performance if high mining costs persist, impacting overall profitability [87]. - The group is actively seeking new business investment opportunities to expand revenue sources and create greater value for shareholders [122]. - The economic outlook for 2024 remains uncertain, with multiple macroeconomic pressures including geopolitical uncertainty and inflation expected to persist [127]. - The group aims to enhance its operational efficiency and expand mineral resources to broaden its revenue base and improve future financial performance [150]. Risk Management and Compliance - The board and audit committee confirmed their responsibility for monitoring the group's risk management and internal control systems, conducting annual reviews of their effectiveness [176]. - The group adopted a three lines of defense model to identify, assess, and manage various types of risks associated with its business activities [177]. - The internal control review report has been submitted to and approved by the board and audit committee, with measures taken to address identified weaknesses [164]. - The group has faced operational risks due to various human and natural disaster factors, which are being assessed by an independent safety evaluation company [123]. Legal and Regulatory Matters - The company is seeking legal advice regarding a lawsuit and aims to negotiate a resolution with the plaintiff [65]. - The company announced a delay in the release of its annual results for the fifteen months ending March 31, 2024, and a potential suspension of trading [181]. - Trading of the company's shares was suspended on July 2, 2024, at 9:00 AM [182]. - The company has applied to the Stock Exchange for the resumption of trading of its shares effective July 29, 2024 [167]. Environmental and Social Responsibility - The group has implemented measures to promote environmental sustainability and reduce operational impacts on the environment [125]. - The group recognizes employees as valuable assets and aims to attract and retain suitable candidates through competitive compensation and training programs [126].
复兴亚洲(00274) - 2023 - 中期财报
2024-03-20 10:05
Financial Performance - Hunan Westralian's revenue for 2023 was approximately HK$123.1 million, with a loss of approximately HK$37.0 million[13]. - The company recorded total revenue of approximately HK$347.3 million, representing a 67.5% increase compared to approximately HK$207.4 million for the corresponding period[29]. - Revenue from the mining products business segment was approximately HK$123.1 million, an increase of 3.0% from approximately HK$119.5 million for the corresponding period[30]. - The trading of coal and non-ferrous metal, along with wholesale and trading of frozen meat and agriculture products, contributed approximately HK$224.2 million in revenue, a significant increase of 154.8% compared to approximately HK$88.0 million for the corresponding period[36]. - The gross profit for the reporting period was approximately HK$23.6 million, a decrease of 66.3% compared to approximately HK$70.1 million for the corresponding period[37]. - The loss from continuing and discontinuing operations was approximately HK$54.5 million, a decrease of 12.0% compared to approximately HK$61.9 million for the corresponding period[38]. - Total comprehensive loss for the period was HK$99,478,000, compared to HK$85,296,000 in the prior year, marking an increase of 16.5%[140]. - The company reported a loss attributable to owners of the company from continuing operations of HK$33,929,000, compared to HK$38,831,000 in the previous year[140]. - The Company reported a net cash outflow from operating activities of HK$75,945,000 for the twelve months ended December 31, 2023, compared to a net cash inflow of HK$75,192,000 in 2022[149]. Mining Operations - The company has identified a potential gold mine project in Jilin Province, China, and acquired a 51% equity interest in New Asia Mining Co., Ltd. on July 1, 2023[19]. - The remaining reserves and resources at the gold mine are estimated to support over 14 years of operation at full capacity[18]. - Hunan Westralian plans to increase exploration efforts to enhance mineral reserves available for mining[12]. - The acquisition of New Asia Mining is expected to facilitate the expansion of the company's mineral portfolio[19]. - The company is focusing on the development of green mines and related projects[11]. Business Operations - The trading of coal business has been temporarily suspended, while trading of non-ferrous metals has commenced during the reporting period[21]. - The money lending business has been temporarily suspended to reallocate resources to other development projects[20]. - The company has established a long-term supply agreement with a Belarusian factory for frozen products, ensuring a stable monthly supply[27]. Financial Position - As of December 31, 2023, the company had unpledged cash and bank balances of approximately HK$13.6 million, down from approximately HK$52.4 million as of December 31, 2022[44]. - The company recorded net current liabilities of approximately HK$158.4 million as of December 31, 2023, a decrease from approximately HK$323.5 million as of December 31, 2022[44]. - The Group's borrowings were approximately HKD 162.6 million as of December 31, 2023, down from HKD 315.8 million as of December 31, 2022[50]. - The Group is actively negotiating with financial institutions for additional financing to improve its financial position, with some financing already obtained from individuals[71]. - The Group has received letters of undertakings from substantial shareholders confirming continued financial support to meet present and future obligations[71]. Shareholder and Capital Structure - The Board does not recommend the payment of an interim dividend for the Reporting Period, consistent with 2022[61]. - The Subscription Shares represent approximately 37.9% of the issued share capital as of the reporting date and 27.5% of the enlarged issued share capital, pending shareholder approval[80]. - A loan extension agreement was made with a major creditor, extending the repayment date to March 31, 2023, and reducing the interest rate to 10% per annum[76]. - The Group plans to make an additional capital contribution of RMB81.9 million through a debt-to-equity swap, increasing Hunan Westralian's registered capital from approximately US$36.9 million to US$48.3 million[78]. Legal and Governance - The company is currently involved in a legal proceeding regarding claims from a former shareholder, which the board is assessing for potential impact[92]. - The company has sufficient resources to respond to the lawsuit, ensuring that normal operations will not be affected[93]. - Changes in the board include the resignation of Mr. Zhu Shengsheng as an executive director and CEO effective May 29, 2023, and the appointment of Mr. Yang Jingang and Mr. Zhang Zhen as independent non-executive directors effective February 5, 2024[98]. - The company secretary position saw a transition with Ms. Sun Shui resigning on May 3, 2023, and Mr. Yuen Kwok Kuen appointed as the new company secretary[99]. Accounting and Reporting - The financial statements have been prepared on a going concern basis, relying on the financial support of shareholders[158]. - The adoption of new and revised HKFRSs has no material impact on the financial statements[161]. - The Group has not early applied certain new or revised HKFRSs that are not yet effective, which may affect future financial reporting[167]. - The carrying amounts of the Group's financial assets and liabilities approximate their respective fair values[171]. - Total revenue from continuing operations for the twelve months ended December 31, 2023, was HK$347,267,000, an increase from HK$207,435,000 in 2022, representing a growth of approximately 67.5%[190].
复兴亚洲(00274) - 2023 - 中期业绩
2024-02-29 10:53
Financial Performance - The company reported operating revenue of HKD 347,267,000 for the twelve months ending December 31, 2023, a significant increase of 67.5% compared to HKD 207,435,000 for the same period in 2022[3]. - Gross profit decreased to HKD 23,585,000, down 66.4% from HKD 70,092,000 year-over-year[3]. - The company incurred a loss before tax of HKD 54,470,000, an improvement from a loss of HKD 60,542,000 in the previous year[3]. - Total comprehensive loss for the year was HKD 99,478,000, compared to HKD 85,296,000 in the prior year, indicating a 16.6% increase in losses[4]. - The total loss for the reporting period was HKD 54,470,000, a reduction from a loss of HKD 62,151,000 in the previous year, showing an improvement in financial performance[22]. - The company reported a loss of approximately HKD 54,500,000 from continuing and discontinued operations, a reduction of about 12.0% from HKD 61,900,000 in the previous year[61]. Assets and Liabilities - The company’s net current liabilities improved to HKD 158,441,000 from HKD 323,519,000, reflecting a positive change in liquidity[8]. - Non-current assets decreased to HKD 214,408,000 from HKD 221,738,000, primarily due to changes in property and equipment values[8]. - The total assets of the company as of December 31, 2023, amounted to HKD 348,912,000, an increase from HKD 291,888,000 in the previous year[21]. - The total liabilities as of December 31, 2023, were HKD 211,989,000, compared to HKD 342,983,000 in 2022, reflecting a decrease in financial obligations[21]. - Trade payables rose to HKD 49,948,000 in 2023 from HKD 9,269,000 in 2022, reflecting increased liabilities[36]. - Short-term borrowings decreased to HKD 154,464,000 in 2023 from HKD 301,434,000 in 2022, showing a reduction in short-term debt[38]. Equity and Shareholder Actions - The company’s total equity improved to HKD 36,570,000 from a deficit of HKD 125,139,000, indicating a recovery in financial position[9]. - The basic loss per share from continuing operations was HKD (1.89), an improvement from HKD (2.57) in the previous year[6]. - The company issued 66,334,814 shares at a subscription price of HKD 0.27 per share to settle debts, resulting in a premium of approximately HKD 14,711,000[45]. - The company intends to issue 800,000,000 shares at a subscription price of HKD 0.028 per share, pending completion of the subscription agreement[47]. - The subscription price for new shares represents a discount of approximately 39.1% compared to the closing price on the subscription agreement date[84]. Operational Focus and Future Plans - The company plans to continue focusing on gold mining and trading, as well as coal and non-ferrous metal trading in China[11]. - The company expects to improve mining operations and reduce costs after enhancing exploration efforts, which have been limited in the past[52]. - The company anticipates that remaining reserves and resources will support over 14 years of operations if existing and new processing plants operate at full capacity[53]. - The company announced the acquisition of a 51% stake in a gold mining project in Jilin, China, which is expected to enhance its mineral portfolio and support future growth[55]. - The company has actively expanded its frozen meat supply channels, including establishing direct supply from Belarus, and expects stable revenue from this business following the easing of import policies in China[58]. Debt Management and Restructuring - The company has entered into a debt waiver agreement, reducing the debt amount from RMB 132,186,390 to RMB 45,147,060, indicating a restructuring of financial obligations[40]. - The company reduced the debt amount from RMB 18,858,513 to RMB 6,440,954 as per the debt waiver agreement signed on December 6, 2023[41]. - The company has completed a debt restructuring on January 30, 2023, improving its debt situation by issuing new shares to repay debts, with net proceeds from the issuance expected to be approximately HKD 24.7 million[77]. - The company is actively seeking additional financing and new loans with lower interest rates and longer terms to improve its financial situation[75]. - The company has obtained commitments from major shareholders to continue providing financial support for current and future financial obligations[76]. Legal and Compliance Matters - The company is currently facing a lawsuit filed on July 19, 2023, by a former shareholder, claiming improper sale of shares and conspiracy to transfer shares at a price significantly below the original acquisition cost[88]. - The board is actively seeking legal advice and intends to vigorously defend against the claims, asserting that the lawsuit will not impact the company's normal operations[90]. - The company has adopted a standard code of conduct for securities trading, with all current directors confirming compliance during the reporting period[91]. - The audit committee has reviewed the accounting principles and policies adopted by the company during the reporting period[93]. Financial Reporting and Standards - The financial statements were prepared on a going concern basis, with shareholders agreeing to provide sufficient funding to meet operational needs[12]. - The company has not adopted new or revised Hong Kong Financial Reporting Standards that may significantly impact the financial statements as of January 1, 2023[15]. - The company is currently assessing the impact of new and revised Hong Kong Financial Reporting Standards that may lead to changes in accounting policies and disclosures[16]. - The second interim report for the twelve months ending December 31, 2023, will be sent to shareholders and made available on the stock exchange and the company's website[94].
复兴亚洲(00274)拟折让约39.1%配发合共8亿股 净筹约2220万港元
Zhi Tong Cai Jing· 2024-01-30 12:43
智通财经APP讯,复兴亚洲(00274)发布公告,于2024年1月31日(交易时段后),公司与认购方订立认购协议,据此,公司已有条件同意配发及发行,而认购方已有条件同意认购股份合共8亿股。认购价每股认购股份0.028港元较股份于2024年1月30日(即认购协议日期)于联交所所报收市价每股0.046港元折让约39.1%。 认购股份占公司于本公告日期已发行股本的约37.9%;及公司经认购股份扩大的已发行股本的约27.5%。 公告称,认购事项的所得款项净额(扣除相关开支后)将约为2220万港元。 ...
复兴亚洲(00274) - 2023 - 中期财报
2023-09-15 08:41
Financial Performance - Hunan Westralian's revenue for the first half of 2023 was approximately HK$55.8 million, with a loss of approximately HK$24.6 million[11]. - The Group recorded total revenue of approximately HK$82.1 million, representing an increase of approximately 58.9% compared to approximately HK$51.7 million for the corresponding period[24]. - Revenue from the mining products business segment was approximately HK$55.8 million, an increase of approximately 14.3% compared to approximately HK$48.8 million for the corresponding period[25]. - The trading of coal and wholesale and trading of frozen meat and soya bean oil business segment generated approximately HK$26.3 million, a significant increase of approximately 808.1% compared to approximately HK$2.9 million for the corresponding period[31]. - The gross profit for the reporting period was approximately HK$15.7 million, representing an increase of approximately 36.5% compared to approximately HK$11.5 million for the corresponding period[32]. - The loss from continuing and discontinuing operations was approximately HK$36.5 million, a decrease of approximately 12.7% compared to approximately HK$41.8 million for the corresponding period[33]. - The Group incurred a loss attributable to owners of approximately HK$24,451,000 for the six months ended June 30, 2023[140]. - The company reported a total comprehensive loss of HK$ (35,937,000) for the six months ended June 30, 2023, compared to a loss of HK$ (16,757,000) for the same period in 2022[129]. Cash Flow and Liabilities - As of June 30, 2023, the Group had unpledged cash and bank balances of approximately HK$48.5 million, down from approximately HK$52.4 million as of December 31, 2022[39]. - The Group's borrowings were approximately HK$321.4 million as of June 30, 2023, compared to approximately HK$315.8 million as of December 31, 2022[39]. - The Group's net current liabilities were approximately HK$283.4 million as of June 30, 2023, an improvement from approximately HK$323.5 million as of December 31, 2022[39]. - The net cash used in operating activities for the six months ended June 30, 2023, was HK$ (8,481,000), compared to HK$ (3,174,000) for the same period in 2022, reflecting increased cash outflows[131]. - The company experienced a net decrease in cash and cash equivalents of HK$ (30,584,000) for the six months ended June 30, 2023, compared to HK$ (4,713,000) in the prior year[131]. - The Group reported net current liabilities of HK$ (283,439,000) as of June 30, 2023, an improvement from HK$ (323,519,000) at the end of 2022[127]. Operational Developments - The company is increasing exploration efforts within its mining rights to enhance mineral reserves due to previously low known reserves[10]. - Hunan Westralian estimates that remaining reserves and resources will support just over 14 years of operation at full capacity based on current processing capabilities[16]. - The acquisition of a 51% equity interest in New Asia Mining, which owns a gold mine project in Jilin, China, was completed on May 24, 2023, to expand the mineral portfolio[17]. - The Group plans to update the technical report to enhance the gold mine's reserves and resources in the future[19]. - Hunan Westralian has been selling gold products based on the weighted average trading price published by the Shanghai Gold Exchange[12]. Compliance and Environmental Standards - Hunan Westralian is committed to improving business compliance and is in the process of environmental impact assessments for mining operations[9]. - The construction of related green mines is ongoing as part of the company's commitment to environmental standards[9]. - The company plans to reapply for approval of mining projects after completing necessary improvements based on environmental assessments[9]. Shareholder and Management Changes - Mr. Zhu Shengsheng resigned as an executive director and CEO effective from May 29, 2023[90]. - Ms. Sun Shui resigned as company secretary on May 3, 2023, and Mr. Yuen Kwok Kuen was appointed to fill the vacancy on May 10, 2023[91]. - The Board does not recommend the payment of an interim dividend for the Reporting Period, consistent with the previous year[57][61]. Financing and Debt Management - The Group is actively negotiating with financial institutions for additional financing to improve its financial position, with ongoing monitoring of funding needs[68]. - The Group has obtained letters of undertakings from substantial shareholders confirming continued financial support to meet present and future obligations[68]. - The Group completed a debt restructuring on January 30, 2023, improving its debt position by issuing new shares to creditors for full settlement of indebtedness[70]. - A loan extension agreement was successfully entered into with a major creditor, extending the repayment date to March 31, 2023, and reducing the interest rate to 10% per annum[73]. - The Group will continue to negotiate with creditors to extend repayment terms and explore debt restructuring activities[73]. Employee and Remuneration Policies - The Group employed 498 staff as of June 30, 2023, maintaining the same number as in 2022, with employee remuneration packages regularly reviewed to align with market trends[55][59]. - The remuneration policy is designed to attract, retain, and motivate employees, with key components including basic salary, allowances, and incentive bonuses[49][52]. - Directors' remuneration decreased slightly to HK$930,000 in 2023 from HK$942,000 in 2022[183]. Legal Proceedings - The Company is currently involved in a legal proceeding initiated by a former shareholder, alleging wrongful disposal of a 29% equity interest in Hunan Westralian Mining Co., Limited[85]. - The Board is assessing the potential impact of the lawsuit, but has confirmed that it possesses sufficient resources to respond without affecting normal operations[86]. - The Company will provide further announcements regarding any significant developments in the lawsuit to inform shareholders and potential investors[86].
复兴亚洲(00274) - 2022 - 年度财报
2023-04-28 04:07
Financial Performance - The company reported a revenue of approximately HKD 119.5 million for 2022, with a loss of about HKD 47.6 million, significantly narrowing the loss compared to the previous year[13]. - The company recorded a revenue of approximately HKD 207,400,000 during the reporting period, representing an increase of about 77.6% compared to approximately HKD 116,800,000 in the same period last year[21]. - The mining products segment contributed approximately HKD 119,500,000 to the group's revenue, an increase of about 39.1% from approximately HKD 85,900,000 year-on-year, primarily due to the resumption of normal operations since August 2020[21]. - The gross profit from continuing operations was approximately HKD 70,100,000, up about 39.4% from approximately HKD 50,300,000 in the previous year[25]. - The company’s losses from continuing and non-continuing operations were approximately HKD 61,900,000, a reduction of about 38.7% compared to approximately HKD 101,000,000 in the previous year[25]. Business Operations and Strategy - The mining operations in Hunan have completed technical rectifications, obtaining environmental approvals for a gold mining project with an annual output of 100,000 tons[12]. - The company is actively pursuing potential acquisitions of gold mines to strengthen its core business and increase operational quality and efficiency[5]. - New subsidiaries have been registered to engage in forestry deep processing and agricultural product trade, indicating a diversification of business opportunities[6]. - The company plans to enhance its mining rights exploration efforts to increase the known mineral reserves, which have been limited in the past[12]. - The company aims to expand its trade channels and increase the variety of trade products, focusing on green development partnerships[9]. Financial Management and Funding - The company is actively negotiating with financial institutions to secure additional financing at lower interest rates and longer terms to improve its financial situation[28]. - As of the report date, the company has obtained several personal financing arrangements to alleviate cash flow pressure[28]. - The company has successfully signed loan extension agreements with major creditors, extending repayment terms to March 31, 2023, and reducing the annual interest rate to 10%[31]. - The company raised approximately HKD 59 million by issuing 252,542,676 shares to partially repay high-interest loans used for mining operations in China[28]. - The company is exploring various business investment opportunities to diversify revenue sources and create greater shareholder value[36]. Corporate Governance - The company has adopted a corporate governance code to enhance shareholder value and has complied with the code's provisions during the reporting period, with minor deviations noted[78]. - The board of directors includes members with extensive experience in investment, finance, and corporate governance, which supports strategic decision-making[71][72]. - The company has established a standard code to regulate securities trading by directors, ensuring compliance with established standards[80]. - The board consists of both executive and independent non-executive directors, ensuring a diverse range of expertise and oversight[84]. - The company has committed to improving its corporate governance practices in line with regulatory requirements and best practices[78]. Risk Management - The company emphasizes the importance of a robust risk management and internal control system to mitigate exposure to major risks[135]. - The company has established an internal control system covering key financial, operational, and compliance monitoring to safeguard assets from unauthorized use[136]. - The board and audit committee conduct annual reviews of the internal audit function, assessing resources, qualifications, training, and budget adequacy[136]. - The management is closely monitoring financial risks and liquidity, with plans in place for accounts receivable and payable to mitigate risks[40]. - The company is committed to ensuring that all necessary control procedures are in place to safeguard against potential operational risks[39]. Employee and Workforce Management - The group employed 486 staff, a decrease from 512 in 2021[60]. - Employee compensation is aligned with market trends and linked to individual performance reviews[60]. - The company has maintained a stable workforce despite the reduction in employee numbers[60]. - The company is committed to investing resources in training, talent retention, and recruitment plans to encourage employee self-development[112]. - The company has a high male employee ratio of approximately 96%, with female employees making up about 4% of the workforce[105]. Environmental and Social Responsibility - The company has implemented environmental measures to minimize the impact of its operations on the environment[41]. - The company has not reported any major new product launches or technological developments in the current period[62]. - The company has not faced significant foreign exchange risks during the reporting period, indicating a stable financial environment[61]. - The company has not entered into any significant management or administrative contracts during the reporting period[181]. - There were no charitable donations made by the group during the reporting period, similar to 2021[161].
复兴亚洲(00274) - 2022 - 年度业绩
2023-03-31 13:10
香港交易及結算所有限公司及聯交所對本公告之內容概不負責,對其準確性或完整 性亦不發表任何聲明,並明確表示,概不就因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 (於開曼群島註冊成立之有限公司) 274 (股份代號: ) 2022 12 31 截至 年 月 日止年度的全年業績公告 2022 12 31 董事會謹此宣佈本集團截至 年 月 日止財政年度的經審核綜合全年業績,連 2021 12 31 同過往截至 年 月 日止財政年度的比較數字如下: 綜合損益及其他全面收益表 2022 12 31 截至 年 月 日止年度 2022 2021 年 年 附註 千港元 千港元 (重列) 持續經營業務 5 207,435 116,810 營業收益 ...