格隆汇8月6日丨中信资源(01205.HK)宣布，公司将于2025年8月22日（星期五）举行董事会会议，藉以 （其中包括）批准刊发公司及其附属公司截至2025年6月30日止6个月的中期业绩公告，以及考虑派发中 期股息（如有）。 ...

香港交易及結算所有限公司和香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 Disclaimer and Name's of Directors 10pt font size, 16pt leading 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依賴該等內容而引致 的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：1205） 董事會會議召開日期 中信資源控股有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於2025年8月 22日（星期五）舉行董事會會議，藉以（其中包括）批准刊發本公司及其附屬公司截至 2025年6月30日止6個月之中期業績公告，以及考慮派發中期股息（如有）。 承董事會命 中信資源控股有限公司 主席 郝維寶 香港，2025年8月6日 在本公告日期，本公司的執行董事為郝維寶先生及王新利先生，本公司的非執行董事為陳健先生，而本 公司的獨立非執行董事為陸東先生、呂德泉先生及蔡晉博士。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中信資源控股有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01205 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.05 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.05 | HKD | | 500,000,000 | 本月底法定/ ...

Group 1 - CITIC Group is a large comprehensive enterprise group founded in 1979, headquartered in Beijing, and is one of the first multinational enterprises established after China's reform and opening up [1] - The group operates under a unique "finance + industry" dual-drive model, covering sectors such as finance, resource energy, high-end manufacturing, and engineering contracting [1] - CITIC Group has a significant presence in both domestic and international markets, consistently ranking in the Fortune Global 500 [1] Group 2 - CITIC Bank, established in 1987, is one of the earliest emerging commercial banks in China, providing a wide range of financial services [3] - CITIC Securities, founded in 1995, is the largest securities company in China, leading in investment banking market share for five consecutive years [5] - CITIC Special Steel, established in 1993, is a global leader in special steel manufacturing, with products used in high-end applications [7] Group 3 - CITIC Heavy Industries, founded in 2008, specializes in heavy machinery manufacturing and has a global presence in 68 countries [10][11] - CITIC Offshore Helicopter, established in 1999, is the largest general aviation operator in China, focusing on offshore oil and emergency rescue services [13] - CITIC Guoan Information Industry, founded in 1997, holds a significant position in the integrated information services sector [15] Group 4 - CITIC Metal, established in 1988, is a leading trader of metal and mineral products, with a focus on iron ore and non-ferrous metals [17] - CITIC Publishing Group, founded in 1993, is a leading publishing group in China, focusing on book publishing and digital reading [18] - CITIC Resources Holdings, established in 1997, engages in the exploration and trading of natural resources [20] Group 5 - CITIC International Financial Holdings serves as the main asset integration platform for CITIC Group, covering various sectors including finance and manufacturing [22] - CITIC International Telecommunications is one of the largest international telecommunications hubs in the Asia-Pacific region [24] - CITIC Financial Asset Management, restructured in 2023, focuses on managing non-performing assets and financial services [26] Group 6 - CITIC Group's listed companies benefit from a "strategic control + market-oriented operation" model, enjoying resource synergy while maintaining competitiveness in niche markets [26] - Many of the group's listed companies are currently undervalued compared to their industry positions, presenting potential investment opportunities [26] - The ongoing national policy for state-owned enterprise value reassessment and the effective layout of emerging industries may lead to structural opportunities for CITIC Group companies [26]

Financial Performance - The company achieved a revenue of approximately HKD 9.5 billion, representing a year-on-year growth of about 148.3%[16] - The net profit attributable to shareholders was approximately HKD 570 million, with a year-on-year increase of about 3.8%[16] - The return on equity was approximately 7.4%, indicating a stable financial condition and ample liquidity[16] - The company achieved a revenue of HKD 9,497.8 million in 2024, representing a 148.3% increase compared to HKD 3,825.6 million in 2023[24] - The EBITDA for 2024 was HKD 1,472.1 million, a 9.6% increase from HKD 1,342.9 million in 2023[24] - The net profit attributable to ordinary shareholders was HKD 572.6 million, up 3.8% from HKD 551.8 million in 2023[26] - The oil and gas trading business generated revenue of HKD 5,930 million in 2024, marking a significant growth and becoming a key driver for the group[20] - The aluminum segment recorded revenue of HKD 1,363.7 million, a 10% increase from the previous year, despite a 6% decline in sales volume[32] - The coal segment's revenue decreased by 29% to HKD 787.1 million, with an average selling price drop of approximately 19% year-on-year[35] - The commodity trading segment reported revenue of HKD 5,930.6 million, a significant increase from HKD 0.5 million in the previous year[36] Investments and Business Strategy - The company holds a 22.5% participating interest in the Portland Aluminium Smelter joint venture, one of the largest aluminium smelting operations globally[6] - The company has a 14% participating interest in the Coppabella and Moorvale coal mines joint venture, a major producer of low volatile pulverized coal[9] - The company plans to expand its oil and gas trading business over the next 2-3 years to enhance market influence and secure upstream investment opportunities[18] - The company aims to focus on investment opportunities in the aluminium industry chain through minority equity investments[18] - The group aims to consolidate its core business and expand through a "dual-driven investment and trade" strategy, focusing on increasing reserves and production[29] - The group plans to enhance operational stability and increase production capacity in its aluminum smelting operations, targeting an increase to approximately 80% capacity in 2024[35] - The group will focus on investing in the aluminum industry chain and exploring green energy transformation and industry upgrades[29] Financial Position and Cash Flow - Cash and deposits increased by 36.9% to HKD 2,031.4 million in 2024 from HKD 1,483.8 million in 2023[25] - Total assets rose by 9.0% to HKD 12,673.1 million in 2024, compared to HKD 11,624.4 million in 2023[25] - The company maintained a strong financial position with a net cash position of HKD (19.9) million, a significant decrease from HKD 346.9 million in 2023[25] - The group maintained a strong financial position with a net debt to net total capital ratio of zero as of December 31, 2024, compared to 4.2% in the previous year[63] - The group has a reasonable target of maintaining cash and unused bank credit at approximately USD 526.4 million (equivalent to about HKD 4,105.9 million) to meet future debt repayments and capital expenditures[60] - The total debt of the group as of December 31, 2023, was approximately HKD 2,011.5 million, an increase of about HKD 180.8 million from the previous year[58] Corporate Governance and Management - The company is committed to maintaining a good and reasonable corporate governance structure to ensure management integrity and protect shareholder interests[81] - The board consists of seven members, including two executive directors, one non-executive director, and four independent non-executive directors as of March 14, 2025[85] - The company has adopted a diversity policy for its board, considering factors such as gender, age, cultural and educational background, and professional experience[90] - The company aims to optimize management processes and improve production efficiency and economic benefits to achieve long-term sustainable development[81] - The board has established mechanisms to ensure independent opinions and data input are available, including external professional advice from legal advisors and auditors[89] - The company emphasizes risk management, compliance, and integrated internal control management as part of its core business strategy[81] Risk Management - The company aims to enhance its risk management policies to address various financial, operational, and regulatory risks[110] - The company has established a risk management and internal control system covering all business units to monitor and manage various risks[117] - The risk management committee reviewed the quality, integrity, and effectiveness of the company's risk management policies and procedures annually[117] - The board is responsible for assessing the nature and extent of risks the company is willing to take in achieving its strategic objectives[121] Shareholder Communication and Dividends - The company has adopted a dividend policy that allows for the proposal and declaration of dividends based on applicable laws and the company's financial management[124] - The board will consider maintaining a strong financial position and appropriate cash flow when determining dividend payments[125] - The company reported a final dividend of HKD 2.60 per share for the year ending December 31, 2024, an increase from HKD 2.50 in 2023, pending shareholder approval at the 2025 annual general meeting[140] - The company is committed to transparent communication with shareholders through various channels, including annual general meetings[131] Employee and Contractor Management - The group has 193 full-time employees as of December 31, 2024, a slight decrease from 195 in 2023[68] - The total outsourced contractor remuneration for the group is approximately HKD 337.1 million, down from HKD 345.2 million in 2023[68] - The group aims to attract and retain high-quality employees through a competitive compensation policy based on individual performance and the group's profitability[68] - The group has established a defined contribution retirement benefit plan for eligible employees in Australia and Hong Kong, with contributions calculated as a percentage of basic salary[69] Environmental and Social Responsibility - The company has integrated environmental protection into all activities and operations, promoting clean production and resource utilization[142] - The company received the "Outstanding Sustainable Enterprise Award" in the ESG field in March 2024, reflecting its commitment to environmental and social governance[21] Related Party Transactions - The independent non-executive directors have reviewed and confirmed that the ongoing related party transactions are conducted on normal commercial terms[177] - The company has complied with the applicable provisions of the Listing Rules regarding related party transactions[179] - The total amount of related party transactions did not exceed the annual cap set by the company[181]

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 9,497.8 million, representing a 148.3% increase compared to HKD 3,825.6 million in 2023[3] - EBITDA for the same period was HKD 1,472.1 million, up 9.6% from HKD 1,342.9 million in 2023[3] - Adjusted EBITDA increased by 1.4% to HKD 2,084.4 million from HKD 2,056.1 million year-on-year[3] - Profit attributable to ordinary shareholders was HKD 572.6 million, a 3.8% increase from HKD 551.8 million in 2023[5] - Total comprehensive income for the year was HKD 568.1 million, compared to HKD 547.2 million in 2023[8] - Total revenue for the year ending December 31, 2024, reached HKD 9,599,558,000, with sales to external customers amounting to HKD 9,497,808,000[17] - The company reported a pre-tax profit of HKD 696,760,000, with a notable increase in interest income to HKD 61,226,000 from HKD 73,917,000 in the previous year[23][25] - The company reported a basic earnings per share of HKD 0.073[31] - Net profit attributable to shareholders for 2024 was approximately HKD 572.6 million, a year-on-year increase of about 3.8%[38] Financial Position - The group maintained a strong financial position with cash and deposits of approximately HKD 2,031.4 million, up from HKD 1,483.8 million in 2023[5] - Non-current assets totaled HKD 9,209.5 million, slightly down from HKD 9,288.0 million in 2023[9] - Total equity increased to HKD 8,213.1 million from HKD 7,841.4 million in 2023[10] - The total assets of the group amounted to HKD 12,673,143,000, with classified assets contributing HKD 5,624,381,000[17] - The group’s total liabilities were HKD 4,460,070,000, with classified liabilities at HKD 1,888,655,000[17] - The company’s total assets as of December 31, 2024, were HKD 12.67 billion, with net assets of approximately HKD 8.08 billion[38] - The company’s debt-to-asset ratio decreased to approximately 35.2%[38] - The total debt as of December 31, 2024, was approximately HKD 2,011.5 million, an increase of about HKD 180.8 million from the previous year[55] Operational Highlights - The group operates in four segments: aluminum, coal, commodities trading, and crude oil, with significant revenue contributions from each[16] - The average selling price of crude oil decreased slightly year-on-year, while the average selling price of coal saw a significant decline[6] - The company recorded a profit increase of approximately HKD 114.4 million due to the transfer of its stake in Alumina Limited for Alcoa Corporation equity[6] - Oil and gas business achieved an operating output of approximately 17.65 million barrels, a year-on-year increase of about 3.2%[40] - Non-oil business revenue was approximately HKD 2.15 billion, a year-on-year decrease of about 8.5%[45] - The Portland aluminum plant's production capacity recovery in 2024 showed significant results, with equity aluminum sales of approximately 63,000 tons, a year-on-year decrease of about 6.0%[47] - The average selling price for aluminum in 2024 was approximately $2,763.5 per ton, reflecting a year-on-year increase of about 17.1%[47] - In the coal business, the average selling price for coal was approximately $168.6 per ton, a year-on-year decrease of about 22.1%[48] - Coal sales volume for the year was 599,000 tons, a year-on-year decrease of about 8.8%, resulting in a net profit attributable to shareholders of approximately HKD 30 million, down about 88.6%[48] Cash Flow and Investments - Cash and cash equivalents amounted to HKD 942.8 million, up from HKD 759.2 million in 2023[35] - Capital expenditures for the year totaled HKD 378,446,000, including HKD 336,787,000 for property, plant, and equipment[17] - The company achieved a capital expenditure of HKD 369,772,000, which includes investments in property, plant, and equipment[18] - The company’s investment in joint ventures and associates amounted to HKD 2,690,406,000[17] Dividends and Shareholder Returns - Proposed final dividend per share is HKD 0.026, an increase from HKD 0.025 in 2023, totaling HKD 204.3 million for 2024[32] - The group plans to distribute a final dividend of HKD 0.026 per ordinary share for the year ending December 31, 2024, pending shareholder approval[67] Risk Management and Future Outlook - The company plans to focus on structural adjustments and transformation in 2025, emphasizing the "investment + trade" dual-drive strategy[52] - The company aims to enhance production and sales volume while introducing new technologies and processes to drive growth[52] - The group has implemented internal policies to manage various financial risks, including market, credit, and liquidity risks[64] - There have been no significant events or transactions affecting the group that require disclosure to shareholders from January 1, 2025, to the date of this announcement[77]

CMD中信资源控股有限公司 CITIC Resources Holdings Limited (incorporated in Bermuda with limited liability) ( 於 百 惡 達 註 冊 成 立 之 有 限 公 司 ) Stock Code 股份代號 : 1205 COAL COMMODITIES IMPORT FITD STATE OF � Interim Report 中期報告 2024 COAL ALUMINIUM Investor Relations Contact Suites 6701-02 & 08B 67/F, International Commerce Centre 1 Austin Road West, Kowloon, Hong Kong Attention : Investor Relations Department Telephone : (852) 2899 8200 Facsimile : (852) 2815 9723 E-mail : ir@citicresources.com 投資者關係聯絡 香港九龍柯士甸道西1號 環球貿易廣場67樓 6 ...

Financial Performance - The company reported a revenue of HKD 3,944.6 million for the six months ended June 30, 2024, representing a 93.1% increase compared to HKD 2,043.2 million in the same period last year[2]. - The adjusted EBITDA for the period was HKD 1,096.6 million, down 3.8% from HKD 1,140.2 million in 2023[2]. - The profit attributable to ordinary shareholders was HKD 353.1 million, a decrease of 7.9% from HKD 383.2 million in the previous year[3]. - The average selling price of coal and aluminum was lower compared to the same period last year, contributing to the decline in profit[3]. - Total revenue for the first half of 2024 reached HKD 3,990,316, a decrease from HKD 2,083,828 in the same period of 2023[13]. - The adjusted profit before tax for the first half of 2024 was HKD 457,206, compared to HKD 474,059 in the first half of 2023, reflecting a decline of approximately 3.5%[13]. - The aluminum segment generated revenue of HKD 601,642 in 2024, down from HKD 770,240 in 2023, indicating a decrease of about 22%[13]. - Coal segment revenue decreased to HKD 405,245 in 2024 from HKD 539,350 in 2023, representing a decline of approximately 25%[13]. - The oil segment's revenue remained stable at HKD 730,952 in 2024, slightly up from HKD 733,632 in 2023[13]. - The group’s non-oil and gas business achieved a net profit of approximately HKD 54.76 million, a year-on-year decrease of about 11.8% due to the decline in blowing coal prices[31]. Financial Position - The company maintained a strong financial position with cash and deposits of approximately HKD 1,221.4 million as of June 30, 2024[3]. - Non-current assets totaled HKD 9,262.9 million, slightly down from HKD 9,288.0 million at the end of 2023[7]. - Current assets increased significantly to HKD 3,811.8 million from HKD 2,336.4 million at the end of 2023[7]. - Total liabilities increased to HKD 2,909.5 million from HKD 1,358.2 million at the end of 2023, reflecting higher current liabilities[7]. - The company’s total equity as of June 30, 2024, was HKD 7,925.3 million, compared to HKD 7,841.4 million at the end of 2023[8]. - Total assets as of June 30, 2024, were HKD 6,903,336, an increase from HKD 5,295,046 as of December 31, 2023[14]. - Total liabilities as of June 30, 2024, were HKD 2,933,523, compared to HKD 1,352,550 as of December 31, 2023, indicating a significant increase[14]. - The total debt of the group as of June 30, 2024, was approximately HKD 1,421.0 million, a decrease of about HKD 409.7 million from December 31, 2023[33]. - The net debt to net total capital ratio was 2.5% as of June 30, 2024, down from 4.2% as of December 31, 2023[35]. Market Conditions - The average Brent oil price during the period was USD 84.0 per barrel, with expectations for a rebound in the second half of the year[3]. - The average Brent crude oil price for the first half of 2024 was USD 84.0 per barrel, reflecting a year-on-year increase of approximately 5.1%[27]. - The average LME aluminum price during the same period was USD 2,415.0 per ton, showing a year-on-year decrease of about 1.2%[27]. Strategic Initiatives - The company plans to implement the acquisition of Alumina Limited, with the transaction expected to be effective on August 1, 2024[26]. - The group plans to explore investment opportunities in the upstream aluminum industry and new energy sectors to cultivate a second growth curve[32]. - The group aims to achieve an annual trading volume of 10 million barrels in the oil and gas trading business[32]. Operational Efficiency - Financing costs for the first half of 2024 totaled HKD 52,678, down from HKD 89,951 in the same period of 2023, reflecting a reduction of approximately 41%[17]. - Other income, net of losses, for the first half of 2024 was HKD 49,295, a decrease from HKD 65,938 in the first half of 2023[15]. - The company’s interest-bearing debt ratio decreased to approximately 10.4%, with an annualized return on net assets reaching about 9.1%[29]. - The company has maintained a healthy financial condition and strong operational resilience despite challenges in the global economic environment[27]. Human Resources - The group had 195 full-time employees as of June 30, 2024, down from 202 employees a year earlier[36]. - Employee compensation for full-time staff was approximately HKD 48.9 million, a decrease from HKD 69.1 million in the previous year[37]. Corporate Governance - The board does not recommend any interim dividend for the six months ended June 30, 2023[38]. - The company has adhered to the corporate governance code principles and applicable provisions, with a noted deviation from C.2.1 regarding the roles of the chairman and CEO[39]. - The board structure includes one executive director, one non-executive director, and three independent non-executive directors, ensuring adequate checks and balances[39]. - All directors confirmed compliance with the securities trading code during the reporting period[40]. - The company or its subsidiaries did not purchase, redeem, or sell any listed securities during the reporting period[41]. - No significant matters or transactions affecting the group have been disclosed since July 1, 2024, up to the announcement date[42].

Financial Performance - The company achieved consolidated revenue of approximately HKD 3,825.6 million and a net profit attributable to shareholders of approximately HKD 551.8 million in 2023, despite significant declines in oil, aluminium, and coal prices[16]. - The group's total revenue for 2023 was HKD 3,825,577, a decrease of 34.8% compared to HKD 5,866,160 in 2022[21]. - Adjusted EBITDA for 2023 was HKD 2,056,110, down 34.2% from HKD 3,123,158 in the previous year[21]. - The net profit attributable to ordinary shareholders was HKD 551,803, reflecting a decline of 58.7% from HKD 1,335,537 in 2022[21]. - The company reported a profit attributable to ordinary shareholders of approximately HKD 551.8 million for the year ending December 31, 2023, a decrease of about 58.7% compared to HKD 1,335.5 million in 2022[23]. - The company reported a significant increase in financing costs, which rose to HKD 162,763 thousand from HKD 141,816 thousand in the previous year[134]. - The company’s total equity as of December 31, 2023, was HKD 7,841,423,000, reflecting a decrease from HKD 7,765,688,000 in the previous year[139]. - The company recorded a comprehensive loss of HKD 220,749 thousand for the year, primarily due to foreign exchange losses[138]. Dividends - The company declared a dividend of HKD 0.06 per share, marking the highest level in its history[16]. - The board of directors has proposed a final dividend of HKD 0.025 per share for the year ended December 31, 2023, down from HKD 0.060 in 2022[95]. - The company emphasizes maintaining a strong financial position and prudent cash management when determining dividend payments[88]. - The board will seek shareholder approval for the proposed dividend at the 2024 annual general meeting[95]. Operational Highlights - The company has a 14% participating interest in the Coppabella and Moorvale coal mines joint venture, which is a major producer of low volatile pulverized coal injection coal in the international seaborne market[8]. - The company holds a 22.5% participating interest in the Portland Aluminium Smelter joint venture, one of the largest and most efficient aluminium smelting operations globally[9]. - The group maintained stable oil and gas production, with a projected annual replacement scale of 65,000 tons from the KBM oilfield[18]. - The Portland aluminum plant achieved sales of 67,000 tons of electrolytic aluminum in 2023, while CMJV sold 659,000 tons of coal[18]. Debt and Liquidity - The company has reduced its debt ratio and improved liquidity, achieving its best overall financial condition in recent years[16]. - The net debt to total equity ratio improved to 4.2% from 6.2% in 2022, indicating a stronger financial position[22]. - Total debt as of December 31, 2023, was approximately HKD 1,830.7 million, down from HKD 2,644.4 million in 2022, reflecting a reduction of HKD 813.7 million[47]. - The company repaid net bank borrowings of approximately HKD 801.6 million during the year, maintaining a strong financial position with cash and deposits of about HKD 1,483.8 million as of December 31, 2023[23]. Strategic Initiatives - The company is focused on enhancing its oil sales channels and actively expanding third-party oil trading, having completed the preliminary preparations for its trading platform[17]. - The company is committed to a dual-driven development model of "investment + trade" to enhance its core competitiveness in the resource energy sector[17]. - The company plans to enhance resource allocation and improve business operations to drive high-quality development in 2024[19]. - The company plans to explore business opportunities in new energy and new materials, focusing on green energy and metal mineral resources[23]. Governance and Management - The company is committed to maintaining a robust corporate governance structure and adhering to applicable statutory and regulatory requirements to safeguard shareholder interests[60]. - The board emphasizes three core business strategies: risk mitigation, quality enhancement, and management optimization, aiming for long-term sustainable development[60]. - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[61]. - The company has established various committees, including the remuneration committee, nomination committee, audit committee, and risk management committee, each with specific responsibilities[71]. Employee and Social Responsibility - The group has 195 full-time employees as of December 31, 2023, down from 206 in 2022[51]. - The group aims to provide competitive market compensation to attract and retain high-quality employees, with remuneration based on individual knowledge, skills, and performance[51]. - The group contributes to local social security pension plans based on a percentage of employee salary costs for its subsidiaries in China[51]. - The company has integrated environmental protection into all activities, focusing on clean production and resource utilization, such as the use of membrane technology for water treatment in oil fields[97]. Financial Services Agreements - On May 8, 2023, the company entered into international financial service agreements with CITIC Bank International and CITIC Finance International, which are indirect subsidiaries of CITIC Group[113]. - The international financial service agreement includes deposit services with interest rates to be agreed upon, ensuring they are not lower than those offered by independent third-party banks[113]. - The new financial services agreement effective from June 16, 2023, sets annual deposit service limits at HKD 2,000 million for the years ending December 31, 2023, 2024, and 2025[114]. Impairment and Valuation - The group recognized a reversal of impairment losses for property, plant, and equipment of approximately HKD 543 million and for its joint ventures of approximately HKD 266 million for the year ended December 31, 2023[127]. - The impairment assessments involved significant management judgments and assumptions, including forecasted oil and aluminum prices, forecasted costs, forecasted production, and discount rates[127]. - The group evaluated whether there were indications that previously recognized impairment losses for property, plant, and equipment no longer existed or had decreased[127]. Shareholder Relations - The company has adopted a shareholder communication policy to ensure timely access to information for shareholders[92]. - The company encourages shareholder participation in meetings and maintains open dialogue through various channels[92]. - The company has not made any changes to its organizational documents during the year[93].

Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 3,825.6 million, a decrease of 34.8% compared to HKD 5,866.2 million in 2022[2] - EBITDA for the same period was HKD 1,342.9 million, down 46.4% from HKD 2,503.5 million in 2022[2] - Adjusted EBITDA decreased by 34.2% to HKD 2,056.1 million from HKD 3,123.2 million year-on-year[2] - Profit attributable to ordinary shareholders was HKD 551.8 million, representing a significant decline of 58.7% from HKD 1,335.5 million in 2022[2] - The total revenue for the year ended December 31, 2023, was HKD 3,871,093 thousand, with the oil segment contributing HKD 1,474,241 thousand, representing the largest share[18] - Adjusted profit before tax for the year was HKD 696,760 thousand, indicating a strong performance across segments[18] - Revenue from external customers in mainland China decreased to HKD 1,406,152,000 in 2023 from HKD 1,743,743,000 in 2022, representing a decline of approximately 19.4%[22] - The company's net profit attributable to ordinary shareholders for 2023 was HKD 551.8 million, a decrease of approximately 58.7% compared to HKD 1.34 billion in 2022[37] - The average selling price of crude oil sold by the company significantly dropped, leading to a revenue of approximately HKD 1.47 billion from oil and gas operations, down about 20.5% year-on-year[38] - The company recorded a net loss of approximately HKD 260 million in its non-oil business, a decline of about 137.0% year-on-year[39] Assets and Liabilities - Non-current assets totaled HKD 9,288.0 million, slightly up from HKD 9,243.1 million in 2022[9] - Current assets decreased to HKD 2,336.4 million from HKD 3,196.5 million in the previous year[9] - Total equity attributable to ordinary shareholders was HKD 7,761.8 million, compared to HKD 7,745.4 million in 2022[10] - Non-current liabilities decreased from HKD 3,470,134 thousand in 2022 to HKD 2,424,732 thousand in 2023, a reduction of approximately 30%[11] - Total assets increased from HKD 7,765,688 thousand in 2022 to HKD 7,841,423 thousand in 2023, reflecting a growth of about 1%[11] - As of December 31, 2023, the total debt of the group was approximately HKD 1,830.7 million, a decrease of about HKD 813.7 million from the previous year[47] - The net debt to net total capital ratio improved to approximately 4.2% in 2023, down from 6.2% in 2022[49] Cash Flow and Financing - The group repaid net bank borrowings of approximately HKD 801.6 million during the year, maintaining a strong financial position with cash and deposits of about HKD 1,483.8 million as of December 31, 2023[3] - The company reported cash and cash equivalents of HKD 759.2 million, a decrease from HKD 966.3 million in 2022[34] - Cash and cash equivalents as of December 31, 2023, were approximately HKD 1,483.8 million, down from HKD 2,130.2 million at the end of 2022[46] - Interest income increased to HKD 73,917,000 in 2023 from HKD 42,489,000 in 2022, marking a growth of approximately 74.0%[25] - The group’s financing costs rose to HKD 162,763,000 in 2023, compared to HKD 141,816,000 in 2022, reflecting an increase of about 14.7%[27] Capital Expenditures and Investments - Capital expenditures for the year amounted to HKD 369,772 thousand, with significant investments in property, plant, and equipment[18] - The total capital expenditure for the year was HKD 420,466,000, with significant investments in property, plant, and equipment[20] - The impairment provision in the consolidated income statement was HKD 844,724 thousand, reflecting ongoing asset management strategies[18] - The company recognized an impairment provision of approximately HKD 840 million for its investment in Alumina Limited due to a decline in stock price[41] Strategic Initiatives - The company established a trading market team focused on developing oil trade for 2024, indicating strategic market expansion efforts[16] - The company has made progress in discussions to develop new trade varieties, enhancing its product offerings[16] - The group has initiated the establishment of a new trading system, focusing on oil and gas exploration and trade, as well as aluminum product development and trade[45] - The group aims to explore new business directions in renewable energy and new materials to enhance shareholder returns[45] - The group plans to strengthen strategic research to maximize returns while expanding into oil and gas extraction and trade in 2024[45] Corporate Governance and Compliance - The company has adhered to the corporate governance code principles as per the Hong Kong Stock Exchange rules, with a noted exception regarding the roles of Chairman and CEO being held by the same individual during part of the year[54] - The audit committee, composed of three independent non-executive directors, reviewed the financial statements for the year ending December 31, 2023[57] - The company confirmed compliance with the securities trading code for all directors during the year ending December 31, 2023[55] Employment and Compensation - The group had 195 full-time employees as of December 31, 2023, down from 206 in 2022[52] - The total compensation for outsourced contractors was approximately HKD 345.2 million, an increase from HKD 325.2 million in 2022[52] Dividends - The proposed final dividend for 2023 is HKD 0.025 per share, down from HKD 0.06 per share in 2022, totaling HKD 196.4 million[32] - The proposed final dividend is HKD 0.025 per share, subject to shareholder approval at the annual general meeting[53] Market Conditions - The average selling price of crude oil sold by the group saw a substantial decline year-on-year, contributing to the profit decrease[3] - The oil and gas production volume for 2023 was approximately 17.1 million barrels, with equity production of about 9.2 million barrels, both down approximately 5.0% year-on-year[38] - In 2023, the average coal selling price for CMJV was approximately $216.3 per ton, a year-on-year decrease of about 24.5%[42] - Coal production costs for 2023 were approximately $155.9 per ton, reflecting a year-on-year increase of about 4.9%[42] - The net profit attributable to shareholders from coal operations was approximately HKD 270 million, a decrease of about 40.5% year-on-year[42]