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首钢资源(00639) - 2023 - 年度业绩
2024-03-27 12:04
Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 5,891 million, a decrease of 28% from HKD 8,215 million in 2022[2] - Gross profit for the same period was HKD 3,466 million, down 34% from HKD 5,290 million, resulting in a gross margin of 59% compared to 64% in the previous year[2] - Net profit attributable to owners for 2023 was HKD 1,889 million, a decline of 30% from HKD 2,715 million in 2022[2] - EBITDA per share decreased to HKD 37.66 from HKD 53.75, reflecting a drop of 30%[2] - Total comprehensive income for the year was HKD 1,883 million, down from HKD 2,300 million in 2022[5] - Profit before tax for 2023 was HKD 1,889,247,000, a decrease of 30.5% from HKD 2,715,374,000 in 2022[24] - The basic earnings per share for 2023 was HKD 0.3766, down from HKD 0.5375 in 2022, representing a decrease of 30%[24] - Net profit for the fiscal year was approximately HKD 2.301 billion, a decline of about 30% year-on-year, with earnings per share dropping to HKD 0.3766 from HKD 0.5375[39] Revenue Sources - The company's revenue from coking coal sales for the year 2023 was HKD 5,891,068,000, a decrease of 28.4% compared to HKD 8,214,719,000 in 2022[15] - The total external customer revenue from the China market was HKD 5,891,068,000 in 2023, down from HKD 8,214,719,000 in 2022, representing a decline of 28.4%[16] - Revenue from the sale of by-products decreased to HKD 95,462,000 in 2023 from HKD 123,039,000 in 2022, a decline of 22.4%[18] - The contribution of the top five customers to total revenue was approximately 67%, down from 74% in the previous year, with the largest customer accounting for 43% of total revenue[38] Assets and Liabilities - The company's net asset value as of December 31, 2023, was HKD 18,471 million, a slight decrease of 1% from HKD 18,677 million in 2022[2] - The total assets as of December 31, 2023, were HKD 22,491 million, compared to HKD 23,463 million in 2022[6] - Current liabilities decreased to HKD 2,522 million from HKD 3,234 million, indicating improved liquidity[7] - The company reported a decrease in trade receivables to HKD 714,894,000 in 2023 from HKD 1,504,189,000 in 2022, a decline of 52.5%[25] - As of December 31, 2023, accounts payable amounted to HKD 303,096,000, an increase from HKD 236,931,000 in 2022[29] - The total accounts payable and notes payable reached HKD 621,467,000, slightly up from HKD 614,737,000 in the previous year[29] Dividends - The board proposed a final dividend of HKD 0.18 per share for the year 2023[2] - The total dividend declared for 2023 was HKD 1,907,199,000, compared to HKD 2,374,364,000 in 2022, a decrease of 19.7%[22] - The proposed final dividend for the year ending December 31, 2023, is HKD 0.18 per share, compared to HKD 0.28 per share for the previous year[33] Expenses and Costs - The total sales cost for the fiscal year was approximately HKD 2.425 billion, a decrease of about 17% from HKD 2.925 billion in the previous year[40] - The company’s employee costs, including directors' remuneration, decreased to HKD 808,778,000 in 2023 from HKD 834,779,000 in 2022, a decline of 3.1%[20] - Sales and distribution expenses for the review year were approximately HKD 215 million, a decrease of about HKD 134 million or 38% compared to the previous year[47] - General and administrative expenses were approximately HKD 201 million, down by about HKD 7 million or 3% year-on-year[48] - Other operating expenses were approximately HKD 10 million, a significant decrease of about HKD 108 million or 92% compared to the previous year[49] Financial Position - The current ratio improved by 23%, increasing to 3.97 from 3.23 in the previous year[2] - The company maintained a strong financial position with cash and bank balances of approximately HKD 7.945 billion, up from HKD 6.014 billion in the previous year[39] - The company had no borrowings, resulting in a capital debt ratio of 0%[54] - The current ratio was approximately 3.97 times, with total cash and bank deposits of about HKD 8.887 billion[56] Market and Economic Context - In 2023, China's GDP growth was recorded at 5.2%, achieving the set target despite a complex domestic and international environment[61] - Fixed asset investment, excluding price factors, grew by 6.4% in 2023, while infrastructure investment increased by 5.9%[61] - Real estate development investment decreased by 9.6% in 2023, with a gradual narrowing of the decline in new construction area in the second half of the year[61] Strategic Initiatives - The group plans to invest RMB 70 billion in major projects in 2024, focusing on manufacturing and infrastructure[62] - The group will continue to invest in technological innovation and improve production efficiency to align with national carbon neutrality goals by 2060[62] - The group has sufficient cash flow and will adjust operational strategies in response to environmental changes and economic developments[62] Shareholder Actions - The company repurchased and canceled 125 million shares, representing approximately 2.47% of the total shares issued prior to the offer[59] - The company repurchased and canceled a total of 125 million shares at HKD 2.40 per share, totaling HKD 300 million[64] Compliance and Governance - The company has complied with the corporate governance code as per the listing rules for the fiscal year ending December 31, 2023[65]
首钢资源(00639) - 2023 - 中期财报
2023-09-14 08:36
Financial Performance - Revenue for the six months ended June 30, 2023, was HK$3,442,305,000, a decrease of 26% compared to HK$4,662,983,000 in 2022[10]. - Gross profit for the same period was HK$2,232,651,000, also down by 26% from HK$3,006,836,000 in 2022, with a gross profit margin of 65%[10]. - Profit for the period was HK$1,519,093,000, reflecting a 22% decline from HK$1,936,269,000 in the previous year[10]. - Profit attributable to owners of the Company decreased by 23% to HK$1,232,644,000 from HK$1,606,697,000[10]. - EBITDA for the period was HK$2,372,560,000, down 27% from HK$3,267,024,000 in 2022[10]. - Basic earnings per share decreased to 24.40 HK cents, a 23% drop from 31.80 HK cents in 2022[10]. - Total comprehensive income for the period was HK$1,323,564,000, down from HK$1,646,154,000, representing a decline of 19.6%[23]. - Profit before income tax was HK$2,121,154,000, compared to HK$2,749,626,000 in the previous year, indicating a decline of 22.8%[21]. Assets and Liabilities - Total assets as of June 30, 2023, increased by 3% to HK$24,178,695,000 from HK$23,463,484,000 at the end of 2022[12]. - Total liabilities rose by 17% to HK$5,592,427,000 from HK$4,786,265,000[12]. - Total current assets rose to HK$11,424,003, compared to HK$10,442,805, reflecting an increase of about 9.4%[25]. - Net current assets improved to HK$7,386,949, up from HK$7,208,171, indicating a growth of around 2.5%[28]. - Net assets decreased slightly to HK$18,586,268 from HK$18,677,219, a decline of about 0.5%[30]. - Total equity attributable to owners of the Company decreased to HK$16,411,027 from HK$16,768,677, a decline of about 2.1%[32]. Cash Flow - Net cash inflow from operating activities for the first half of 2023 was HK$2,720,518, compared to HK$1,879,534 in the same period of 2022, representing a 44.9% increase[41]. - Cash generated from operations was HK$3,416,045, with income tax paid amounting to HK$695,527[41]. - The company reported a net cash outflow from investing activities of HK$1,329,616 for the six months ended June 30, 2023, compared to HK$142,546 in the same period of 2022[43]. - The net increase in cash and cash equivalents for the same period was HK$1,265,841,000, down from HK$1,630,619,000 in 2022, indicating a decrease of about 22.4%[45]. - Cash and cash equivalents at June 30, 2023, totaled HK$5,027,222,000, a decrease from HK$5,865,117,000 at the end of June 2022, reflecting a decline of approximately 14.3%[45]. Dividends - Interim dividend per share was reduced to 10.00 HK cents, a decrease of 33% from 15.00 HK cents in 2022[10]. - The total interim dividend declared for the six months ended June 30, 2023, is HK$505,184,000, based on 5,051,837,842 ordinary shares[81]. - The interim dividend per ordinary share for 2023 is HK$0.10, down from HK$0.15 in 2022[79]. Production and Sales - The Group produced approximately 2.66 million tonnes of raw coking coal, a slight decrease of 1% YoY, while clean coking coal production increased by 7% YoY to approximately 1.86 million tonnes[161]. - The sales volume of clean coking coal increased by 3% YoY, with both sales accounting for 100% of the Group's revenue during the period[164]. - The average realised selling price of clean coking coal decreased by 22% YoY to RMB 1,973/tonne, down from RMB 2,521/tonne in the previous year[165]. - The Group sold clean coking coal amounting to HK$1,437,157,000 for the six months ended 30 June 2023, a decrease of 28.2% compared to HK$2,001,941,000 for the same period in 2022[145]. Cost Management - Cost of sales for the Period Under Review was approximately HK$1,210 million, representing a decrease of approximately HK$446 million or 27% YoY[176]. - The unit production cost of raw coking coal decreased by 4% YoY to RMB400 per tonne, while cash production cost decreased by 5% YoY to RMB326 per tonne[180]. - The Group faced rising cost pressures but implemented stringent cost controls, resulting in a reduction of RMB4 per tonne YoY in material and electricity costs[183]. Other Income and Expenses - Other income and gains, net, rose to approximately HK$32 million, an increase of approximately HK$29 million YoY, despite a net foreign exchange loss of approximately HK$42 million[186]. - Selling and distribution expenses decreased by approximately HK$36 million or 21% YoY to approximately HK$132 million, primarily due to a drop in sales by train[190]. - General and administrative expenses slightly increased by approximately HK$2 million YoY to approximately HK$91 million[191]. Environmental and Safety Measures - The Group emphasizes production safety and environmental protection while maintaining stable coal production[200]. - The Group is committed to safety management and enhancing environmental protection measures[200]. - All coal mines of the Group have obtained necessary permissions from relevant Chinese regulators[200]. - The Group actively manages production procedures to eliminate wastewater and waste gas discharge[200]. - The Group focuses on energy saving, emission reduction, and environmental protection[200].
首钢资源(00639) - 2023 - 中期业绩
2023-08-30 11:34
Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 3,442 million, a decrease of 26% compared to HKD 4,663 million in 2022[2] - Gross profit for the same period was HKD 2,233 million, down 26% from HKD 3,007 million in the previous year[2] - Net profit attributable to owners for the six months was HKD 1,519 million, a decline of 22% from HKD 1,936 million in 2022[2] - EBITDA for the period was HKD 1,233 million, representing a 23% decrease from HKD 1,607 million in the prior year[2] - Basic earnings per share for the six months was HKD 24.40, down 23% from HKD 31.80 in 2022[2] - Total comprehensive income for the period was HKD 1,323 million, down from HKD 1,646 million in 2022[6] - The group's operating revenue for the six months ended June 30, 2023, was approximately HKD 3.442 billion, a decrease of about 26% from HKD 4.663 billion in the same period of 2022[45] - Net profit for the six months ended June 30, 2023, was approximately HKD 1.519 billion, a decrease of 22% year-on-year[45] - The EBITDA for the six months ended June 30, 2023, was approximately HKD 2.373 billion, down from HKD 3.267 billion in the same period of 2022[46] - The group recorded a profit attributable to owners of approximately HKD 1.233 billion, a decrease of about HKD 374 million or 23% compared to approximately HKD 1.607 billion in the same period last year[57] Assets and Liabilities - The company's net asset value as of June 30, 2023, was HKD 18,586 million, a slight decrease of 1% from HKD 18,677 million at the end of 2022[2] - The total assets as of June 30, 2023, amounted to HKD 24,178 million, an increase from HKD 23,463 million at the end of 2022[7] - Trade receivables as of June 30, 2023, amounted to HKD 893,962,000, a significant decrease of 40% from HKD 1,504,189,000 as of December 31, 2022[29] - The net trade receivables after impairment losses were HKD 706,005,000 as of June 30, 2023, compared to HKD 1,314,509,000 as of December 31, 2022, indicating a decline of approximately 46%[29] - The company’s total receivables, including notes receivable, were HKD 1,443,854,000 as of June 30, 2023, compared to HKD 2,889,765,000 as of December 31, 2022, reflecting a decrease of about 50%[29] - The company’s total liabilities related to pledged notes receivable were HKD 84,378,000 as of June 30, 2023, down from HKD 182,668,000 as of December 31, 2022[32] - As of June 30, 2023, the company reported accounts payable of HKD 234,396,000, a slight decrease from HKD 236,931,000 as of December 31, 2022, representing a reduction of approximately 1%[34] - The company’s accounts payable notes decreased to HKD 211,218,000 as of June 30, 2023, down from HKD 377,806,000 as of December 31, 2022, indicating a significant reduction of approximately 44%[34] Dividends and Share Repurchase - The interim dividend declared was HKD 0.15 per share, compared to HKD 0.10 per share in the previous year[2] - The total interim dividend declared for the six months ended June 30, 2023, was HKD 505,184,000, compared to HKD 757,776,000 for the same period in 2022, representing a reduction of about 33%[25] - The company declared an interim dividend of HKD 0.10 per share for the six months ended June 30, 2023, down from HKD 0.15 per share in the previous year[40] - The company plans to repurchase up to 125,000,000 shares at a price of HKD 2.40 per share, which would result in a total cash payment of approximately HKD 300,000,000[38] - The company announced a conditional cash offer to repurchase up to 125 million shares at HKD 2.40 per share, representing approximately 2.47% of the total issued shares[68] Production and Sales - The company’s production of premium coking coal for the six months ended June 30, 2023, was 2.66 million tons, a decrease of 1% compared to 2.70 million tons in the same period last year[41] - The sales volume of premium coking coal increased to 1.79 million tons for the six months ended June 30, 2023, up by 3% from 1.74 million tons in the previous year[41] - The average realized selling price of premium coking coal was RMB 1,973 per ton, a decrease of 22% from RMB 2,521 per ton in the same period last year[41] - The group's raw coking coal production for the six months ended June 30, 2023, was approximately 2.66 million tons, a slight decrease of 1% compared to 2.70 million tons in the same period of 2022[43] - The production of premium coking coal increased by 7% to approximately 1.86 million tons, up from 1.74 million tons in the same period of 2022, due to improved recovery rates[43] Expenses and Costs - The cost of sales for the six months ended June 30, 2023, was HKD 1,209,654, down from HKD 1,656,147 in the same period of 2022, reflecting a decrease of 27%[21] - The total sales cost for the six months ended June 30, 2023, was approximately HKD 1.210 billion, a decrease of 27% from HKD 1.656 billion in the same period of 2022[47] - The cash production cost per ton of raw coking coal was RMB 326, down 5% from RMB 344 in the same period of 2022[48] - Sales and distribution expenses were approximately HKD 132 million, a decrease of about HKD 36 million or 21% compared to approximately HKD 168 million in the same period last year, mainly due to a decline in the proportion of sales from fire transportation[54] - General and administrative expenses were approximately HKD 91 million, a slight increase of about HKD 2 million compared to approximately HKD 89 million in the same period last year[55] Financial Position and Ratios - The current ratio decreased to 2.83 from 3.23, reflecting a 12% decline[2] - The current ratio was approximately 2.83 times, with total cash and bank deposits of approximately HKD 9.278 billion as of June 30, 2023[63] - The total equity value was approximately HKD 15.157 billion, with no borrowings as of June 30, 2023[64] - The group maintained a strong financial position with available bank balances and cash of approximately HKD 8.494 billion as of June 30, 2023, up from HKD 6.014 billion as of December 31, 2022[46] Economic and Market Conditions - In the first half of 2023, China's GDP growth increased to 5.5%, up from 3% in 2022, with Q1 growth at 4.5% and Q2 at 6.3%[66] - National fixed asset investment grew by 3.8% year-on-year in the first half of 2023, with infrastructure investment increasing by 7.2%[66] - In the first half of 2023, the national crude steel production reached 540 million tons, a year-on-year increase of 1.3%[66] - The price of domestic coking coal showed a pattern of rising and then falling, with imported coal volume increasing by 75% to 45.61 million tons in the first half of 2023[66] - The real estate market showed slight improvement in the first half of 2023 but weakened again, impacting steel demand[66] Safety and Governance - The company achieved a zero fatal accident management goal in the first half of 2023, emphasizing safety in production[67] - The company remains committed to adhering to corporate governance codes and has complied with the relevant regulations during the reporting period[69] - The company continues to assess the impact of new accounting standards and interpretations on its financial performance and position[16] - The group did not report any significant changes in operations for the six months ended June 30, 2023, compared to the previous period[12] - The board approved the publication of the interim financial data on August 30, 2023[13]
首钢资源(00639) - 2022 - 年度财报
2023-04-27 09:09
Financial Performance - For the year ended December 31, 2022, the Group reported revenue of HK$8,214,719,000, representing a 16% increase from the previous year[16] - Gross profit for the same period was HK$5,289,594,000, with a gross profit margin of 64%, up 3% from 2021[16] - Profit attributable to owners of the Company reached HK$2,715,374,000, reflecting a 7% increase year-over-year[16] - EBITDA for 2022 was HK$5,414,715,000, marking a 14% growth compared to 2021[16] - Basic earnings per share increased to 53.75 HK cents, a 7% rise from the previous year[16] - The Group recorded a historical high profit for the year ended December 31, 2022[17] - The Group's net profit hit HK$3.3 billion, an increase of 8% YoY, with net profit attributable to Shareholders amounting to HK$2.7 billion, an increase of 7% YoY[52] - The net profit for the year was approximately HK$3,308 million, representing an increase of approximately 8% YoY, while profit attributable to the owners was approximately HK$2,715 million, up 7% YoY[75] Dividends - The Group declared a total dividend per share of 43.0 HK cents, an 8% increase from 2021[16] - The interim dividend increased significantly by 88% to 15.0 HK cents, while the proposed final dividend decreased by 13% to 28.0 HK cents[16] - The Board of Directors recommended a final dividend of 28 Hong Kong cents per ordinary share for 2022, reflecting the Group's strong operating results[58] Production and Sales - The Group operates three premium coking coal mines and three coal preparation plants in Shanxi Province, China[3] - In 2022, the Group produced 5.25 million tonnes of raw coking coal, a YoY increase of 2%, reaching its annual approved production capacity[52] - The sales volume of clean coking coal reached 3.32 million tonnes, an increase of 1% YoY, with self-produced clean coking coal sales volume increasing approximately 4% YoY[52] - The average selling price of clean coking coal reached RMB2,402/tonne, representing a 19% YoY increase[52] - The production of clean coking coal was approximately 3.23 million tonnes in 2022, a 1% increase from 3.20 million tonnes in 2021[63] - Sales volume of self-produced clean coking coal increased by 4% year-on-year after excluding external purchases, with clean coking coal sales accounting for 100% of the Group's revenue[65] Financial Position - Total assets decreased by 5% from HK$24,779,977,000 in 2021 to HK$23,463,484,000 in 2022[19] - Cash and cash equivalents decreased by 6% from HK$6,425,886,000 in 2021 to HK$6,013,623,000 in 2022[19] - Total liabilities decreased by 15% from HK$5,631,759,000 in 2021 to HK$4,786,265,000 in 2022[19] - Total equity decreased by 2% from HK$19,148,218,000 in 2021 to HK$18,677,219,000 in 2022[19] - Current ratio improved by 20% from 2.69 times in 2021 to 3.23 times in 2022[19] - The Group maintained a healthy financial position with free bank balances and cash of approximately HK$6,014 million as of December 31, 2022[82] - As of December 31, 2022, the Group had no borrowings, resulting in a gearing ratio of 0%[128] Market and Economic Conditions - China imported nearly 64 million tonnes of coking coal in 2022, an increase of 16.7% YoY, with Mongolia and Russia accounting for over 70% of the total import volume[49] - Crude steel output in China was approximately 1.01 billion tonnes in 2022, a decrease of 2.1% YoY[49] - The overall price of clean coking coal in 2022 increased by more than 10% YoY due to a low base effect in the first half of 2021[49] - The overall economic recovery in China is expected to be relatively strong, but the steel output may see a slight decline due to the "Dual Carbon" goal[59] - The government set a GDP growth target of 5% for 2023, with the International Monetary Fund forecasting a growth rate of 5.2%[171] Strategic Initiatives - The Company aims to continue expanding its market presence and enhance production capabilities in the coming years[3] - The Group's strategy continues to focus on clean coking coal sales, aligning with long-term market trends[65] - The Group plans to transition production from the upper coal seam to the lower coal seam in 2023, prioritizing safe production during this process[176] - The Group aims to achieve carbon neutrality by 2060 and will accelerate its comprehensive intelligence transformation[176] Corporate Governance and ESG - The Group is committed to enhancing sustainable business practices and establishing a comprehensive ESG work mechanism to create long-term stable social, environmental, and enterprise value[189] - The Audit Committee is responsible for formulating ESG management policies and assessing material ESG-related issues and their risks to the Group's business[190] - The ESG report details the progress and effectiveness of the Group's ESG efforts in 2022, approved by the Board on March 23, 2023[191] - The Group actively improves its corporate governance structure and adheres to integrity management and compliance operations[195]
首钢资源(00639) - 2022 - 年度业绩
2023-03-23 12:28
Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 8,215 million, representing a 16% increase from HKD 7,076 million in 2021[2] - Gross profit increased by 20% to HKD 5,290 million, with a gross margin of 64%, up from 62% in the previous year[2] - Net profit attributable to shareholders reached a record high of HKD 2,715 million, an increase of 7% compared to HKD 2,538 million in 2021[2] - EBITDA for the year was HKD 5,415 million, reflecting a 14% growth from HKD 4,755 million in the prior year[2] - The company reported a total comprehensive income of HKD 2,300 million, down from HKD 2,876 million in 2021[6] - The group generated revenue of HKD 3,798,695,000 from its coal mining segment, representing 46% of total revenue, an increase from 40% in the previous year[19] - The group reported a profit attributable to shareholders of HKD 2,715,374,000, an increase from HKD 2,538,495,000 in the previous year, resulting in basic earnings per share of HKD 0.5375[27] - Net profit for the year was approximately HKD 3.308 billion, representing an 8% year-on-year growth, while profit attributable to owners increased by about 7% to HKD 2.715 billion[44] - The EBITDA for the year was approximately HKD 5.415 billion, up from about HKD 4.755 billion in the previous year[45] Dividends - The company declared a final dividend of HKD 0.43 per share, an increase of 8% from HKD 0.40 per share in 2021[2] - The total dividend declared for the year was HKD 2,374,364,000, significantly higher than HKD 858,812,000 in the previous year[25] - The group plans to distribute a final dividend of HKD 1,414,515,000 for the year ending December 31, 2022, pending shareholder approval[26] - The proposed final dividend for the year ended December 31, 2022, is HKD 0.28 per share, compared to HKD 0.32 for the previous year, resulting in a total dividend of HKD 0.43 per share for the year, up from HKD 0.40 in the prior year[39] - The group plans to distribute the proposed final dividend on July 18, 2023, pending shareholder approval at the annual general meeting on May 31, 2023[39] Assets and Liabilities - Current ratio improved by 20% to 3.23 from 2.69 in the previous year, indicating better liquidity[2] - Total assets decreased to HKD 23,463 million from HKD 24,780 million, a decline of approximately 5%[7] - Net asset value per share decreased by 3% to HKD 3.32 from HKD 3.42 in the previous year[2] - Trade receivables increased to HKD 1,504,189,000 in 2022 from HKD 1,087,425,000 in 2021, representing a growth of 38.4%[29] - The total amount of notes receivable decreased to HKD 1,575,256,000 in 2022 from HKD 2,260,302,000 in 2021, a decline of 30.3%[31] - Trade payables amounted to HKD 236,931,000 in 2022, down from HKD 270,017,000 in 2021, a decrease of 12.2%[33] - The total amount of notes payable increased to HKD 377,806,000 in 2022 from HKD 337,230,000 in 2021, an increase of 12.0%[36] - The total trade receivables and notes receivable amounted to HKD 2,889,765,000 in 2022, compared to HKD 3,144,251,000 in 2021, a decrease of 8.1%[29] Operational Highlights - The group produced approximately 5.25 million tons of raw coking coal in the year ended December 31, 2022, an increase of 2% from 5.17 million tons in the previous year[42] - The production of premium coking coal was approximately 3.23 million tons, reflecting a 1% increase from 3.20 million tons in the previous year[42] - The sales volume of premium coking coal increased by 4% when excluding external purchases, with total sales volume reaching 3.32 million tons, up from 3.30 million tons in the previous year[42] - The group continues to focus on premium coking coal sales as part of its long-term strategy, with premium coking coal sales contributing 100% to the group's revenue[43] Market and Economic Conditions - The GDP growth in China for 2022 was stabilized at 3%, despite various economic challenges[67] - The government set a GDP growth target of 5% for 2023, with international organizations adjusting their growth forecasts for China upwards[68] - The group will continue to monitor economic conditions and adjust operational strategies accordingly[68] Financial Reporting and Compliance - The financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards and have received an unqualified audit opinion[10] - The company has adopted the Standard Code as the guideline for directors' securities trading, ensuring compliance for the fiscal year ending December 31, 2022[72] - The annual report for 2022 will be sent to shareholders and made available on the company's website and the Hong Kong Stock Exchange website[73] Employee and Corporate Governance - The group employed 4,446 employees as of December 31, 2022, with annual salary reviews conducted[66] - The chairman expressed gratitude to customers, suppliers, and shareholders for their continued support, highlighting the management and employees' efforts over the past year[74]
首钢资源(00639) - 2022 - 中期财报
2022-09-15 08:33
Financial Performance - Revenue for the six months ended June 30, 2022, was HK$4,662,983,000, representing a 91% increase compared to HK$2,444,193,000 in 2021[7]. - Gross profit for the same period was HK$3,006,836,000, up 147% from HK$1,217,762,000, with a gross profit margin of 64% compared to 50% in 2021[7]. - Profit for the period increased by 150% to HK$1,936,269,000 from HK$773,609,000[8]. - Profit attributable to owners of the Company rose by 139% to HK$1,606,697,000 from HK$673,389,000[9]. - EBITDA for the period was HK$3,267,024,000, a 140% increase from HK$1,363,222,000[9]. - Basic earnings per share increased by 139% to HK$31.80 from HK$13.33[9]. - The interim dividend per share was HK$15.00, an 88% increase from HK$8.00 in the previous year[9]. - The Company reported total comprehensive income for the period of HK$1,646,154,000, compared to HK$1,161,770,000 in 2021, representing an increase of 41.7%[22]. - Profit for the period was HK$1,606,697, compared to HK$673,389 in the previous period, indicating a significant increase of 138.8%[38]. Assets and Liabilities - Total assets as of June 30, 2022, were HK$25,702,678,000, a 4% increase from HK$24,779,977,000 at the end of 2021[11]. - Total liabilities increased by 22% to HK$6,886,518,000 from HK$5,631,759,000[11]. - Total equity attributable to owners decreased by 2% to HK$18,816,160,000 from HK$19,148,218,000[11]. - Current assets increased to HK$11,995,491,000 from HK$10,573,734,000, indicating a growth of 13.4%[28]. - Cash and cash equivalents as of June 30, 2022, were HK$5,865,117,000, compared to HK$4,410,209,000 at the end of 2021, reflecting a growth of 32.9%[27]. - Total current liabilities increased to HK$5,267,313, up from HK$3,926,321, representing a 34.2% increase year-over-year[31]. - Total non-current liabilities decreased to HK$1,619,205 from HK$1,705,438, a decline of 5.1%[33]. - The net assets of the Company decreased to HK$18,816,160 from HK$19,148,218, a decline of 1.7%[36]. Cash Flow and Investments - Cash generated from operations was HK$3,022,592, with income tax paid amounting to HK$1,143,058, resulting in a net cash inflow from operating activities of HK$1,879,534, compared to HK$1,049,661 in 2021[42]. - Net cash outflow from investing activities was HK$142,546, a substantial decrease from HK$2,036,949 in the previous year, indicating improved cash management[44]. - The company reported a net increase in cash and cash equivalents of HK$1,630,619, compared to a decrease of HK$1,034,034 in the same period of 2021[46]. - Payments to acquire property, plant, and equipment amounted to HK$283,026, slightly higher than HK$277,396 in 2021, reflecting ongoing investment in infrastructure[44]. Production and Sales - The production volume of clean coking coal reached approximately 1.74 million tonnes, representing a year-on-year increase of 20% from 1.45 million tonnes in the same period of 2021[158]. - The average realized selling price of clean coking coal was RMB 2,521 per tonne, a significant increase of 78% compared to RMB 1,415 per tonne in the same period of 2021[157]. - The sales volume of self-produced clean coking coal increased by 16% year-on-year, with clean coking coal sales accounting for 100% of the Group's revenue for the period[159]. - Revenue from sales of clean coking coal for the six months ended June 30, 2022, was HK$4,662,983,000, compared to HK$2,444,193,000 for the same period in 2021, representing an increase of approximately 90.3%[63]. Costs and Expenses - The cost of inventories sold rose to HK$1,656,147,000 in 2022, up from HK$1,226,431,000 in 2021, indicating an increase of 35%[73]. - Staff costs, including directors' emoluments, increased to HK$431,011,000 in 2022, compared to HK$375,437,000 in 2021, reflecting a rise of 14.8%[73]. - Selling and distribution expenses were approximately HK$168 million, an increase of approximately HK$22 million or 15% YoY compared to approximately HK$146 million for the last period[177]. - General and administrative expenses were approximately HK$89 million, a decrease of approximately HK$4 million or 4% YoY compared to approximately HK$93 million for the last period[178]. Taxation - Current tax expense for PRC income tax was HK$872,058,000 for the period, a significant increase from HK$277,004,000 in the previous year[75]. - Income tax expense amounted to approximately HK$813 million, significantly up from approximately HK$283 million in the last period[184]. Dividends - The Group declared an interim dividend of HK 15 cents per ordinary share for the six months ended June 30, 2022, compared to HK 8 cents per share in the same period of 2021[153]. - The total amount of interim dividend for the six months ended June 30, 2022, was HK$757,776,000, based on 5,051,837,842 issued ordinary shares[80]. - The final dividend for the year ended December 31, 2021, was HK$1,616,588,000, compared to HK$454,665,000 for 2020, reflecting a significant increase of 255%[83][84]. Market Conditions - In the first half of 2022, China's GDP growth was 2.5% year-on-year, with a significant decline from 4.8% in Q1 to 0.4% in Q2 due to various economic pressures[200]. - The Group's coal mines operated smoothly during the review period, maintaining stable coal production[191].
首钢资源(00639) - 2021 - 年度财报
2022-04-29 08:33
Financial Performance - The Group's revenue for the year ended December 31, 2021, was HK$7,075,818, representing a 77% increase compared to HK$3,996,951 in 2020[13] - Gross profit increased to HK$4,394,574, a 135% rise from HK$1,869,207 in the previous year, with a gross profit margin of 62%[13] - Profit for the year reached HK$3,060,831, marking a 158% increase from HK$1,187,283 in 2020[13] - EBITDA for 2021 was HK$4,735,627, up 117% from HK$2,178,672 in 2020[13] - Basic earnings per share rose to 50.25 HK cents, a 144% increase from 20.62 HK cents in 2020[13] - The Group achieved a record profit for the year 2021, with profit attributable to owners reaching HK$2,538,495, representing a 135% increase YoY[21] - The Group recorded a net profit of approximately HK$3,061 million, representing a significant increase of 158% YoY, with profit attributable to the owners of approximately HK$2,538 million, up 135% YoY[67][68] - Gross profit surged by approximately HK$2,526 million or 135% YoY, leading to a gross profit margin of 62%, compared to 47% in the previous year[68][82] Assets and Liabilities - Total assets as of December 31, 2021, were HK$24,779,977, reflecting a 16% increase from HK$21,433,646 in 2020[14] - Total liabilities increased to HK$5,631,759, a 36% rise from HK$4,142,576 in 2020[14] - Total equity attributable to owners was HK$17,300,083, up 9% from HK$15,837,166 in 2020[14] - The Group's current ratio improved to 3.42 times, while the gearing ratio remained stable at 0[14] - As of 31 December 2021, the Group had no borrowings, resulting in a gearing ratio of 0%[106] - The Group maintained free bank balances and cash of approximately HK$6,426 million, a significant increase from approximately HK$4,062 million in the previous year[70] Production and Sales - Raw coking coal production for 2021 was 5.17 million tonnes, an increase of 4% YoY, while sales volume of clean coking coal reached 3.3 million tonnes, up 1% YoY[41] - The average selling price of the Group's main clean coking coal product was RMB2,019 per tonne, reflecting a significant increase of 66% YoY[41] - The production volume of clean coking coal was approximately 3.20 million tonnes, showing a slight decrease of 1% year-on-year[55] - The average realized selling price of clean coking coal increased by 66% year-on-year to RMB 2,019 per tonne, compared to RMB 1,218 per tonne in the previous year[59] - The Group produced approximately 5.17 million tons of raw coking coal in 2021, representing a year-on-year increase of 4%[125] Market Conditions - The average market price for thermal and coking coal in 2021 was 70% to 80% higher YoY due to tight supply and increased demand[40] - The overall average price of coal increased by approximately 70-80% year-on-year, despite a significant drop in prices following government intervention in October 2021[42] - Domestic coking coal prices reached historical highs in 2021, with a significant year-on-year increase, despite a subsequent price drop due to government supply stabilization policies[149] - Coking coal imports fell by 25% YoY due to the impact of the pandemic and geopolitics[148] Dividends and Shareholder Returns - The Board of Directors recommended a final dividend of 32 Hong Kong cents per ordinary share for 2021[47] - Basic earnings per share increased to HK50.25 cents, a significant rise of 144% YoY, due to the increase in profit attributable to the owners and a 4% reduction in the weighted average number of issued shares[68] ESG and Sustainability - The Group is committed to enhancing sustainable business practices and establishing a comprehensive ESG work mechanism to create long-term stable social, environmental, and enterprise value[164] - The Board of Directors is responsible for the Group's ESG strategy and reporting, with the Audit Committee overseeing ESG management policies and strategies[166] - The Group aims to create harmony between society and the environment while promoting sustainable development for all stakeholders[171] - The Group conducted online questionnaire surveys in 2021 to prioritize selected ESG issues based on stakeholder importance[195] - The Group regularly reviews the material issues matrix to ensure its timeliness and appropriateness, adjusting the importance of certain issues as needed[196] Operational Efficiency - The Group plans to continue improving production safety and efficiency while closely monitoring market trends in 2022[46] - The Group aims to enhance production management and cost control to improve profitability and create better value for shareholders[144] - The Group plans to enhance production safety and introduce cutting-edge mining technology to improve efficiency and contribute to sustainable development[155]
首钢资源(00639) - 2020 - 中期财报
2020-09-16 08:39
Financial Performance - Revenue for the six months ended June 30, 2020, was HK$1,819,727,000, a decrease of 7% compared to HK$1,959,940,000 for the same period in 2019[7]. - Gross profit for the period was HK$948,433,000, down 11% from HK$1,064,516,000 year-on-year, resulting in a gross profit margin of 52%[7]. - Profit attributable to owners of the Company decreased by 14% to HK$548,699,000 from HK$640,388,000 in the previous year[7]. - Adjusted EBITDA for the six months ended June 30, 2020, was HK$1,033,994,000, reflecting a 13% decline from HK$1,184,698,000 in the same period of 2019[7]. - Basic earnings per share for the period were HK$10.35, down 14% from HK$12.08 in the previous year[7]. - Total comprehensive income for the period was HK$214,283,000, significantly lower than HK$1,053,648,000 in the previous year[22]. - The profit for the period was HK$640,388,000, with total comprehensive income amounting to HK$1,034,467,000 for the six months ended June 30, 2020[28]. - The Group reported a profit before income tax of HK$871,294,000 for the six months ended June 30, 2020, compared to HK$895,424,000 for the same period in 2019, reflecting a decrease of approximately 2%[65]. - For the six months ended June 30, 2020, the Group recorded a net profit of approximately HK$585 million, a decrease of 11% YoY[165]. - Profit attributable to the Owners decreased by approximately HK$91 million or 14% YoY to approximately HK$549 million[188]. Assets and Liabilities - Total assets as of June 30, 2020, were HK$21,321,316,000, a decrease of 1% from HK$21,472,710,000 as of December 31, 2019[10]. - Total liabilities rose by 2% to HK$4,521,981,000 from HK$4,426,398,000[10]. - Total equity decreased by 1% to HK$16,799,335,000 from HK$17,046,312,000[10]. - Total current liabilities increased to HK$2,930,042,000 from HK$2,845,954,000 as of December 31, 2019, reflecting a rise of approximately 2.97%[26]. - Non-current liabilities totaled HK$1,591,939,000, slightly up from HK$1,580,444,000, marking an increase of about 0.73%[26]. - The equity attributable to owners of the Company decreased to HK$15,398,367,000 from HK$15,681,580,000, a reduction of approximately 1.80%[26]. - Total cash and cash equivalents decreased to HK$2,416,613,000 as of June 30, 2020, from HK$3,712,383,000 as of December 31, 2019[103]. Cash Flow - Cash generated from operations was HK$814,386,000, with income tax paid amounting to HK$297,101,000, leading to a net cash inflow from operating activities of HK$517,285,000[32]. - The company reported a net cash outflow from investing activities of HK$1,724,132,000, compared to HK$740,751,000 in the previous year[34]. - The net cash outflow from financing activities was HK$85,575,000, a significant increase from HK$5,767,000 in the prior year[36]. - The Group generated a positive cash flow of approximately HK$517 million from operating activities, down from approximately HK$786 million in the same period of 2019[169]. Dividends - Interim dividend per share was HK$7.50, a decrease of 12% compared to HK$8.50 in the same period last year[7]. - The final dividend for the year ended December 31, 2019, was HK$461,260,000, an increase from HK$450,656,000 for 2018, reflecting a dividend of HK8.7 cents per ordinary share compared to HK8.5 cents in 2018[75]. Production and Sales - For the six months ended June 30, 2020, the Group's revenue from clean coking coal sales was HK$1,818,861,000, a decrease of 5.7% compared to HK$1,928,522,000 in the same period of 2019[54]. - Sales of raw coking coal significantly dropped to HK$866,000 from HK$31,418,000 in the previous year, indicating a decline of approximately 97.2%[54]. - The Group's turnover for the six months ended June 30, 2020, was approximately HK$1,820 million, a decrease of approximately HK$140 million or 7% year-on-year[161]. - The production volume of raw coking coal increased by 0.4% YoY, while the production volume of clean coking coal rose by 9% YoY due to optimized washing process techniques[168]. Expenses - Selling and distribution expenses increased by approximately HK$13 million or 10% YoY to approximately HK$137 million, driven by a net increase in sales volume of clean coking coal[181]. - General and administrative expenses remained stable at approximately HK$81 million, including additional costs for anti-epidemic materials[182]. - Other operating expenses significantly decreased by approximately HK$104 million or 95% YoY to approximately HK$6 million, due to the absence of one-off non-cash write-offs from the previous year[183]. Market Conditions - The average realised selling price of clean coking coal decreased by 11% year-on-year to RMB 1,267 per tonne[160]. - The average market prices of clean coking coal dropped by 10% to 17% year-on-year in the first half of 2020[160]. - The decrease in turnover was primarily driven by the drop in average realised selling prices and the depreciation of RMB to HK$ exchange rate by approximately 5% year-on-year[161]. Compliance and Operations - The Group complied with environmental protection regulations and focused on energy saving and emission reduction during the review period[192]. - The Group's coal mines resumed production in mid-February 2020 after passing inspections post-COVID-19 lockdown[192]. - The Group assessed COVID-19 risks and found no material impact on financial performance or position as of June 30, 2020[170].