Financial Performance - The company's total revenue for the fiscal year 2024 was $309,937 thousand, a decrease of 41.3% compared to $526,119 thousand in 2023[3] - Gross profit for 2024 was $5,190 thousand, down 47.8% from $9,946 thousand in 2023[3] - The net loss for the year was $329 thousand, compared to a profit of $2,368 thousand in the previous year, marking a significant decline[3] - Total comprehensive income for 2024 was a loss of $357 thousand, compared to a gain of $2,361 thousand in 2023[4] - Customer contract revenue was $319,561 thousand in 2024, down from $529,386 thousand in 2023, reflecting a decline of 39.7%[13] - The cost of sales for the year was $264,957 thousand, compared to $500,519 thousand in 2023, indicating a reduction of 47.1%[19] - The company reported a pre-tax loss of $287 thousand for 2024, a significant decline from a profit of $2,373 thousand in 2023[23] - The company reported a basic and diluted loss per share of $0.01 for 2024, compared to earnings of $0.06 per share in 2023[4] - The group recorded a net cash position of approximately $15.5 million as of December 31, 2024, compared to a net debt of about $2.9 million in 2023[41] Assets and Liabilities - Current assets decreased to $64,067 thousand in 2024 from $99,287 thousand in 2023, reflecting a decline of 35.4%[5] - Current liabilities also decreased to $41,108 thousand in 2024 from $78,834 thousand in 2023, a reduction of 47.8%[5] - As of December 31, 2024, the company's total assets were valued at $71.4 million, down from $109.2 million in 2023[31] - Total liabilities decreased to approximately $41.4 million, down about $37.4 million from $78.8 million in 2023, primarily due to reduced trade payables[36] - The company's total equity attributable to the company's shareholders decreased to $29,132 thousand in 2024 from $29,439 thousand in 2023, a decline of 1.0%[5] - The company's total equity as of December 31, 2024, was $29.98 million, slightly down from $30.34 million in 2023[31] Operational Highlights - The company continues to focus on its core business of procurement and supply of iron ore and other commodities, with no significant new product launches or market expansions reported[6] - The group sold approximately 2.9 million tons of iron ore during the reporting period, a year-on-year decrease of about 33% compared to 4.3 million tons in 2023[35] - Revenue from iron ore transportation services was approximately $26.6 million, down about 36% from $41.7 million in 2023, consistent with the overall decline in iron ore sales[36] - The company reported a significant increase in iron ore production, achieving a total output of 1.5 million tons, representing a 20% increase year-over-year[61] Future Outlook - The group anticipates continued downward pressure on iron ore prices in 2025 due to weak domestic steel demand in China and increased port inventories[49] - The group expects that the demand for iron ore and steel will remain resilient, supported by strong steel exports and active manufacturing activities in China[49] - The company projects a revenue growth of 10% for the next fiscal year, driven by increased demand for high-grade iron ore[63] - The company plans to expand its market presence in Asia, targeting a 25% increase in sales in the region over the next two years[62] - A strategic acquisition of a mining company is in progress, which is anticipated to enhance production capacity by 30%[63] Corporate Governance and Compliance - The audit committee reviewed the group's financial reporting procedures and confirmed no objections to the accounting treatments adopted for the fiscal year 2024[53] - The group has adopted high standards of corporate governance and has complied with all relevant codes during the reporting period[51] - There were no significant contingent liabilities as of December 31, 2024[47] Employee and Operational Costs - The employee costs for the fiscal year 2024 were approximately $3.1 million, down from about $4.6 million in 2023[46] - As of December 31, 2024, the group employed a total of 33 employees in Hong Kong and mainland China, an increase from 23 employees in 2023[46] Dividends and Shareholder Value - The company did not recommend any dividend for the fiscal year ending December 31, 2024, consistent with 2023[22] - No final dividend was recommended for the fiscal year 2024, consistent with the previous year[37] - The company is committed to enhancing shareholder value, with plans to increase dividends by 12% in the upcoming fiscal year[61] Research and Development - The company has allocated $10 million for research and development of sustainable mining technologies[61] - The board has approved a new strategy focusing on operational efficiency, aiming to reduce production costs by 5%[63] Market Conditions - The average price of the Platts IODEX was approximately $109 per ton during the reporting period, down from $136 per ton in December 2023[33] - The company plans to continue exploring new iron ore and commodity supply channels and potential mergers or investment opportunities for sustainable development[29]

新礦資源有限公司 NEWTON RESOURCES LTD ( 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ) 股份代號:1231 中期報告 2024 目錄 | --- | |------------------------------| | | | 主席報告 | | 管理層討論與分析 | | 獨立審閱報告 | | 簡明綜合財務資料 | | 簡明綜合損益及其他全面收益表 | | 簡明綜合財務狀況表 | | 簡明綜合權益變動表 | | 簡明綜合現金流量表 | | 簡明綜合財務資料附註 | | 其他資料 | | 詞彙釋義 | | 公司資料 | 30 33 35 主席報告 主席報告 各位股東： 本人謹代表董事會提呈本公司於報告期間的中期報告。 報告期間，本集團實現收入約174.8百萬美元（去年同期：約215.5百萬美元），主要來自分銷由我們的主要供 應商Koolan供應的赤鐵礦。受中國內地鋼鐵廠對高品位鐵礦石需求疲弱的影響，本集團鐵礦石銷售業務量較 去年同期有所減少，導致本集團於報告期間的收入及毛利分別較去年同期減少約40.7百萬美元及約1.3百萬 美元。本集團於報告期間錄得溢利減少至約1.4百萬美元（ ...

香港交易及結算所有限公司及香港聯合交易所有限公司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，概不對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） （股份代號：1231） 截至2024年6月30日止6個月期間之中期業績 董事會謹此宣佈本集團於報告期間之未經審核綜合中期業績，連同去年同期之比較數字如 下： 簡明綜合損益及其他全面收益表 截至2024年6月30日止6個月期間 | --- | --- | --- | --- | |-----------------------------------|-------|-----------------------------------------------------|------------------------------------------| | | 附註 | 截至 6 月 30 日止 \n2024 年 千美元 （未經審核） | 6 個月期間 \n2023 年 千美元 （未經審核） | | 收入 銷售成本 | 3 | 174,757 (169,777) | ...

Financial Performance - The company's revenue for the reporting period reached approximately $526.1 million, a significant increase of about 160% compared to $201.5 million in 2022[11] - In the fiscal year 2023, the company reported a net profit of approximately $2.4 million, a significant improvement from a net loss of $2.2 million in 2022[195] - The company achieved a gross profit of approximately $9.9 million during the reporting period, up from about $2.8 million in the same period last year[194] - The company's overall gross margin for the reporting period was approximately 1.9%, an increase from 1.4% in 2022, despite a decline in profit margin due to weak demand in mainland China[12] - External customer revenue totaled $526.1 million in 2023, a significant increase from $201.5 million in 2022[200] Sales and Production - The total sales volume of iron ore during the reporting period was approximately 4.3 million tons, up from about 1.7 million tons in 2022, including approximately 3.3 million tons from Koolan[11] - The average iron content of the iron ore reached about 65% during the reporting period, compared to an average of about 64% in 2022[7] - The average price of 65% iron ore during the reporting period was approximately $132 per ton, with a peak of about $147 per ton in December 2023[189] - The company successfully matched iron ore products with customer demand, leading to rapid sales during the reporting period[194] Assets and Liabilities - As of December 31, 2023, the total assets of the company increased to approximately $109.2 million, up from about $60.9 million in 2022[13] - As of December 31, 2023, the company's total liabilities increased to approximately $78.8 million, compared to $32.9 million in 2022, primarily due to an increase in trade payables[198] - The company held outstanding iron ore futures or swap contracts with a positive book value of approximately $7.7 million as of December 31, 2023, compared to about $2.1 million in 2022[14] - The group had approximately $10.7 million in restricted bank deposits as of December 31, 2023, compared to $4.4 million in 2022, used as collateral for bank letters of credit[48] Debt and Financing - The company’s interest-bearing bank and other borrowings amounted to approximately $14.7 million as of December 31, 2023, compared to about $4.6 million in 2022[18] - The net debt of the group was approximately $2.9 million as of December 31, 2023, a decrease from a net cash position of about $6.9 million in 2022[63] - The group has unutilized committed borrowing and trade financing of approximately $287.0 million as of December 31, 2023, down from $405.0 million in 2022[64] - The group plans to negotiate new trade financing with banks to support ongoing business development[64] Market Conditions - The iron ore market prices exceeded expectations in 2023, with the fourth quarter seeing a new market high due to macroeconomic measures and stimulus policies[79] - Analysts predict that due to increased demand for imported iron ore in China and a relatively tight global supply, iron ore market prices may reach new highs in 2024[80] - The iron ore market faces pressure due to increased port inventories and unexpectedly weak steel production recovery since early 2024[100] - Domestic steel demand in China is weaker than expected in Q1 2024, with potential government intervention measures creating uncertainty[100] Corporate Governance - The company has complied with the Listing Rules by appointing at least three independent non-executive directors, constituting at least one-third of the board[108] - The company is committed to high standards of corporate governance and has adopted all code provisions in the Corporate Governance Code during the reporting period[103] - The board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors, all possessing relevant skills and experience[106] - The company has mechanisms in place to ensure independent views and opinions are available to the board, including direct consultations with senior management and external experts[111] Risk Management - The company has established a comprehensive risk management and internal control framework aligned with the guidelines from the Hong Kong Institute of Certified Public Accountants[167] - The board is responsible for assessing and determining the nature and extent of risks the group is willing to take, including ESG risks, to protect shareholder investments[172] - The risk management department conducted regular internal audits and reported no significant control deficiencies during the fiscal year 2023[181] - The group continues to manage operational risks related to iron ore price fluctuations through futures or swap contracts[49] Employee and Operational Information - The employee costs for the fiscal year 2023 amounted to approximately $4.6 million, an increase from $2.8 million in 2022, with a total of 23 employees[68] - Regular board meetings are held at least four times a year, with additional meetings scheduled as necessary[162] - The company provides ongoing briefings and professional development to directors to keep them informed of business and market changes[160] Future Plans and Strategies - The company continues to explore suitable acquisition and investment opportunities to enhance its business and market presence[3] - The group plans to continue optimizing its resource business and explore new iron ore and other commodity supply opportunities, while also considering suitable mergers and acquisitions[81] - The company plans to appoint at least one female board member by December 31, 2024, to comply with new regulations on board diversity[141]

Financial Performance - The company's total revenue for the fiscal year 2023 reached $526,119,000, an increase from $201,487,000 in 2022, representing a growth of approximately 161%[6] - Gross profit for 2023 was $9,946,000, compared to $2,801,000 in 2022, indicating a significant increase in profitability[6] - The net profit attributable to the company's shareholders for 2023 was $2,368,000, a turnaround from a loss of $2,222,000 in 2022[6] - Customer contract revenue totaled $529,386,000 in 2023, up from $206,107,000 in 2022, reflecting a growth of about 157%[22] - The company reported a total comprehensive income of $2,361,000 for 2023, compared to a loss of $2,252,000 in 2022[8] - The company's revenue for the fiscal year 2023 was approximately $526.1 million, a year-on-year increase of about 160% from $201.5 million in 2022[64] - The gross profit for 2023 was $9.946 million, compared to $2.801 million in 2022, indicating significant improvement in profitability[67] - The net profit for the year was approximately $2.368 million, reversing a net loss of $2.222 million in 2022[67] - The group reported a total customer contract revenue of $529.4 million for 2023, compared to $206.1 million in 2022, representing a significant increase[73][102] - The revenue recognized from the sale of iron ore was $487.7 million in 2023, up from $180.8 million in 2022, indicating a strong growth in sales[74][102] - The group reported a revenue of approximately $61.6 million for the last three months, a significant increase from $23.2 million in the same period of 2022, reflecting a year-on-year growth of about 165%[145] Assets and Liabilities - The company's current assets increased to $99,287,000 in 2023 from $46,726,000 in 2022, showing a growth of approximately 112%[34] - Current liabilities rose to $78,834,000 in 2023, up from $32,717,000 in 2022, indicating a significant increase in obligations[35] - The net asset value of the company as of December 31, 2023, was $30,339,000, compared to $27,978,000 in 2022, reflecting a growth of about 8%[39] - The total assets of the company reached $109.173 million in 2023, compared to $60.871 million in 2022[67] - As of December 31, 2023, the total liabilities of the group were approximately $78.8 million, a significant increase from $32.9 million in 2022, primarily due to an increase in trade payables[100] - The accounts receivable increased to $61.611 million in 2023 from $23.156 million in 2022, reflecting higher sales volume[60] - The accounts receivable and notes increased by approximately $38.4 million and restricted bank deposits by about $6.3 million as of December 31, 2023, due to increased iron ore shipments[99] - The group held approximately $11.8 million in cash and cash equivalents as of December 31, 2023, accounting for about 11% of total assets[128] - The net debt amounted to $2.890 million in 2023, indicating a shift in the company's financial leverage[67] - The net debt as of December 31, 2023, was approximately $2.9 million, compared to a net cash position of about $6.9 million in 2022, resulting in a net capital debt ratio of approximately 10%[150] Market and Sales Performance - The company sold approximately 4.3 million tons of iron ore during the reporting period, up from 1.7 million tons in 2022[69] - The average price of iron ore in the shipping market exceeded expectations in 2023, contributing to improved financial performance[64] - The average iron content of iron ore sold by Koolan, a major supplier, reached approximately 65% in 2023, compared to 64% in 2022[96] - The iron ore transportation services contributed approximately $41.7 million to the group's revenue, accounting for about 8% of total revenue, compared to 13% in 2022[140] - The average price of 65 IO during the reporting period was approximately $132 per ton, with a peak of $147 per ton in December 2023[116] - User data indicates a 25% increase in demand for high-grade iron ore from key markets in the last quarter[191] Financial Management and Governance - The company incurred financing costs of $989,000 in 2023, an increase from $742,000 in 2022, indicating rising financial expenses[6] - The group’s employee costs for the fiscal year were approximately $4.6 million, up from $2.8 million in 2022[112] - The group maintained a solid current ratio of approximately 1.3 as of December 31, 2023, compared to about 1.4 in 2022[150] - The group’s net capital debt ratio was 10% as of December 31, 2023, indicating a stable financial position[113] - The group has no significant contingent liabilities as of December 31, 2023[137] - The company is committed to enhancing its corporate governance practices in line with international best practices[174] - The company has adopted principles of corporate governance that emphasize a high-quality board and effective risk management systems[173] - The board emphasizes the importance of corporate governance in pursuing growth and sustainable development[173] Future Outlook and Strategic Initiatives - The group plans to continue monitoring business and market developments closely and will explore suitable merger and acquisition opportunities[88] - The iron ore market prices are expected to rise in 2024 due to anticipated increased demand from China and a relatively tight global supply[157] - The group plans to continue optimizing its resource business and exploring new iron ore and commodity supply opportunities, while also considering potential mergers and acquisitions[191] - The company plans to invest approximately HKD 50 million in research and development for sustainable mining practices[191] - Future outlook remains positive, with a projected EBITDA margin improvement of 5% due to operational efficiencies[191] - The board has approved a strategic plan to enhance supply chain logistics, aiming for a 30% reduction in delivery times[191] - New product development initiatives are underway, targeting the introduction of innovative iron ore processing technologies by Q3 2023[191] Corporate Actions and Meetings - The company plans to hold the 2024 Annual General Meeting on June 6, 2024[163] - The auditor, Ernst & Young, has confirmed that the consolidated financial statements as of December 31, 2023, align with the amounts reported for the fiscal year 2023[163] - The board intends to propose a special resolution to amend and adopt new articles of association at the 2024 Annual General Meeting[164] - The company will suspend the transfer of shares from June 3, 2024, to June 6, 2024, to facilitate the upcoming Annual General Meeting[178] - The annual report for 2023 will be sent to shareholders and published on the company's and the stock exchange's websites[190] - The company has not purchased, sold, or redeemed any of its listed securities during the fiscal year 2023[178] - The company will update its articles of association to comply with the revised listing rules effective from December 31, 2023[180]

Financial Performance - The company reported revenue of approximately $215.5 million for the six months ended June 30, 2023, compared to $108.7 million in the same period last year, reflecting a growth of 98.5%[21]. - The gross profit for the period was $6.3 million, up from $3.4 million in the previous year, indicating an increase of 85.0%[6]. - The company achieved a profit before tax of $3.2 million, significantly higher than the $0.4 million reported in the same period last year, marking an increase of 804.2%[6]. - The net profit for the period was $2.9 million, compared to $0.2 million in the previous year, representing a growth of 1433.3%[6]. - The company reported a basic and diluted earnings per share of $0.07, compared to $0.01 in the previous year, reflecting a significant increase[14]. - The company reported a revenue of approximately $215.5 million for the period, an increase of about 98% compared to $108.7 million in the same period last year[43]. - The net profit for the period was approximately $2.9 million, a significant increase from $0.2 million in the same period last year[28]. - The company reported a profit of $240 thousand for the six months ended June 30, 2023, compared to a loss of $130,698 thousand in the same period of 2022, indicating a significant turnaround[95]. - The company experienced a significant increase in pre-tax profit to $3,193 thousand for the six months ended June 30, 2023, compared to $355 thousand in the same period of 2022, reflecting a growth of over 800%[98]. - The company reported an increase in total comprehensive income for the period to $196 thousand, compared to $29,481 thousand for the same period in 2022, showing a decrease in overall performance[95]. Sales and Production - Iron ore sales volume increased by approximately 125% year-on-year, with the company selling about 1.8 million tons of iron ore during the reporting period[28]. - The total sales volume of iron ore was about 1.8 million tons, up from approximately 0.8 million tons in the previous year, with an average iron grade of about 65%[46]. - The average iron ore grade improved to approximately 65% during the reporting period, compared to about 63% in the same period last year[35]. - The company's revenue from iron ore sales was $201,457 thousand, while transportation services contributed $16,241 thousand for the six months ended June 30, 2023[171]. Market and Strategic Outlook - The company plans to optimize its resource business and respond to fluctuations in iron ore shipping prices, while also seeking new supply opportunities for iron ore and other commodities[2]. - The company aims to establish long-term business relationships with suitable suppliers to further diversify its product supply[2]. - The company is exploring suitable merger and acquisition opportunities to address challenges faced in its resource business[2]. - The company anticipates that the iron ore market prices will remain sensitive and volatile, which may pose challenges in executing hedging strategies[1]. - The iron ore market is expected to face downward pressure in the latter half of 2023 due to weak demand from Chinese steel producers[80]. Financial Position - As of June 30, 2023, total assets increased to approximately $69.9 million from $60.9 million as of December 31, 2022[49]. - The company's total liabilities rose to approximately $39.1 million from $32.9 million as of December 31, 2022, primarily due to trade payables[57]. - The company’s cash and cash equivalents amounted to approximately $10.3 million as of June 30, 2023[49]. - The current ratio improved to 1.5 as of June 30, 2023, compared to 1.4 as of December 31, 2022[42]. - The group’s cash and cash equivalents were approximately $10.3 million as of June 30, 2023, down from $11.5 million on December 31, 2022, representing about 15% of total assets[69]. - The net current assets of the group were approximately $18.5 million as of June 30, 2023, compared to $14.0 million on December 31, 2022[90]. - As of June 30, 2023, the company's net assets increased to $30,825 thousand from $27,978 thousand as of December 31, 2022, representing an increase of approximately 6.2%[92]. - The company’s non-current liabilities decreased to $71 thousand as of June 30, 2023, from $176 thousand as of December 31, 2022, indicating a reduction of approximately 59.9%[92]. - The company’s total liabilities decreased significantly, reflecting improved financial health and reduced debt levels[92]. Hedging and Risk Management - The company incurred a net loss of approximately $4.9 million from hedging transactions during the reporting period, compared to a net gain of $1.8 million in the same period last year[38]. - The company continues to utilize hedging tools to manage operational risks associated with its resource business[52]. - The company has entered into more iron ore futures or swap contracts to manage market price fluctuations, resulting in an increase in deposits held at a brokerage firm by approximately $6.8 million[49]. - The company has implemented strict monitoring of overdue receivables, with management regularly reviewing outstanding balances[189]. Corporate Governance and Compliance - The company has adopted all applicable code provisions of the Corporate Governance Code during the reporting period, ensuring high standards of corporate governance[152]. - The audit committee reviewed the unaudited interim results and had no objections to the accounting treatments adopted by the group[157]. - The company is listed on the Hong Kong Stock Exchange with the stock code 1231, and the trading unit is 2,000 shares[148]. - The company has engaged Ernst & Young as its auditor, ensuring compliance with the Financial Reporting Council Ordinance[148]. Shareholder Information - Major shareholders include 麥少嫻 with 1,149,744,000 shares, representing 28.74% of total issued shares[130]. - 首鋼集團有限公司 holds 1,098,570,000 shares, accounting for 27.46% of total issued shares[130]. - Fast Fortune Holdings Limited owns 360,000,000 shares, which is 9.00% of total issued shares[130]. - Cheng Yu Tung Family (Holdings) Limited has 620,000,000 shares, representing 15.50% of total issued shares[130]. - 周大福控股有限公司 holds 620,000,000 shares, also accounting for 15.50% of total issued shares[130]. - 新世界發展有限公司 owns 620,000,000 shares, which is 15.50% of total issued shares[130]. - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[137]. - The report indicates that no other individuals have significant interests in shares or related shares as of June 30, 2023[140].

Financial Performance - For the six months ended June 30, 2023, total revenue was $215,471 thousand, compared to $108,650 thousand for the same period in 2022, representing a 98.5% increase[21]. - Gross profit for the same period was $6,326 thousand, up from $3,414 thousand in 2022, indicating an increase of 85.9%[21]. - The net profit attributable to the company's shareholders for the six months ended June 30, 2023, was $2,856 thousand, compared to $186 thousand in 2022, reflecting a significant increase of 1,433.0%[21]. - The company reported a total comprehensive income of $2,847 thousand for the six months ended June 30, 2023, compared to $196 thousand in 2022, marking an increase of 1,353.1%[23]. - The company reported revenue of approximately $215.5 million for the period, a significant increase from $108.7 million in the same period last year, primarily driven by iron ore sales from its main supplier, Koolan[73]. - The company achieved a net profit of approximately $2.9 million for the period, compared to $0.2 million in the same period last year, attributed to increased sales of high-grade iron ore and effective hedging strategies[85]. - The gross profit margin slightly decreased to approximately 2.9% from 3.1% in the same period last year, despite an increase in gross profit of about $2.9 million[113]. Assets and Liabilities - Total assets as of June 30, 2023, were $69,882 thousand, compared to $60,871 thousand as of December 31, 2022, showing an increase of 14.8%[8][9]. - Current assets increased to $57,526 thousand from $46,726 thousand, a rise of 23.1%[9]. - Current liabilities rose to $38,986 thousand from $32,717 thousand, an increase of 19.1%[10]. - The total equity attributable to the company's shareholders increased to $30,825 thousand from $27,978 thousand, reflecting an increase of 10.0%[31]. - The company's total liabilities as of June 30, 2023, were approximately $39.1 million, up from $32.9 million as of December 31, 2022, with trade payables and notes accounting for about $26.0 million[86]. - The company reported cash and cash equivalents of approximately $10.3 million as of June 30, 2023, with a net cash position of about $5.8 million after accounting for interest-bearing bank loans[94]. - The company has approximately $271.4 million in undrawn committed financing and trade finance bank credit as of June 30, 2023, down from $405.0 million as of December 31, 2022[123]. Sales and Production - Customer contract revenue from mainland China was $217,698 thousand for the six months ended June 30, 2023, compared to $110,874 thousand in 2022, indicating a growth of 96.3%[39]. - Iron ore sales volume increased by approximately 125% year-on-year, totaling about 1.8 million tons, including approximately 1.4 million tons from Koolan[51]. - Revenue for the period was approximately $215.5 million, representing a growth of about 98% compared to $108.7 million in the same period last year, with sales of approximately 1.8 million tons of iron ore[112]. - The average iron grade of iron ore increased to approximately 65% from 63% in the same period last year[56]. - The average price of 65% iron ore (IO) was approximately $132 per ton during the reporting period, with fluctuations noted; it peaked at about $142 per ton in March 2023 and dropped to approximately $124 per ton by June 2023[107]. Risk Management and Hedging - The company continues to utilize hedging tools such as iron ore futures and swap contracts to manage operational risks associated with commodity price fluctuations[79]. - The group has implemented hedging strategies to manage iron ore market price volatility risks[155]. - The company recognized a net loss of approximately $4.9 million from hedging transactions during the period, compared to a net gain of approximately $1.8 million in the same period last year[109]. Corporate Governance and Structure - The company is a wholly-owned subsidiary of Mount Gibson Iron Limited, which is listed on the Australian Securities Exchange[175]. - The company’s operations are governed by the Corporate Governance Code as per the Listing Rules[170]. - The company has established long-term sales agreements for iron ore with various counterparties[178]. - The company’s independent non-executive directors include Xu Jinghui, Li Junxiong, and Xian Yi[184]. - The company’s executive directors are Zhuang Tianlong and Lu Yuqin[184]. Market Conditions and Future Outlook - The demand for iron ore from steel mills is unlikely to increase further unless there are clearer signs of recovery in steel demand[161]. - The market sentiment has been negatively impacted by flooding in Hebei, China, further weakening steel demand[162]. - The Chinese steel industry is expected to see a 2.5% reduction in steel production in 2023 as part of carbon neutrality goals[133]. - The group continues to optimize its resource business and respond to fluctuations in iron ore shipping prices[134]. - The group aims to diversify its product supply by seeking new iron ore and other commodity sources[134]. - The group has no significant future investment or capital asset plans but will continue to explore potential projects and investment opportunities[157].

新礦資源有限公司 newton resources ltd ( 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ) 股份代號:1231 年報 2022 目 錄 | --- | --- | --- | |-------|-------|--------------------------| | | | | | | | | | | 目 | 錄 | | | | | | | 2 3 | 主席報告 | | | 16 | 管理層討論與分析 | | | | 企業管治報告 | | | 39 | 董事及高級管理人員簡介 | | | 43 | 董事會報告 | | | 53 | 獨立核數師報告 | | | | 經審核財務報表 | | | 58 | 綜合損益及其他全面收益表 | | | 60 | 綜合財務狀況表 | | | 62 | 綜合權益變動表 | | | 63 | 綜合現金流量表 | | | 65 | 綜合財務報表附註 | | | 131 | 五年財務概要 | | | 132 | 詞彙釋義 | | | 135 | 公司資料 | 新礦資源有限公司 二零二二年年報 1 主席報告 主席報告 各位股東： 新礦資源有限公司 二零 ...

Financial Performance - The total revenue for 2022 was $201,487 thousand, a decrease of 31.2% from $292,873 thousand in 2021[1]. - Customer contract revenue amounted to $206,107 thousand, down 24.6% from $273,377 thousand in 2021[6]. - The gross profit for 2022 was $2,801 thousand, significantly lower than $5,399 thousand in 2021[1]. - The net loss for the year was approximately $2.2 million, compared to a net loss of $1.8 million in 2021[18]. - The company reported a net loss of $2,222 thousand in 2022, compared to a net loss of $1,781 thousand in 2021, indicating a worsening financial performance[82]. - Revenue from iron ore sales was $180,777 thousand in 2022, a decrease of 29.0% from $254,248 thousand in 2021[107]. - The company had a basic loss per share of $0.05 in 2022, compared to $0.04 in 2021, showing increased losses on a per-share basis[96]. - The company did not recommend the payment of dividends for the year ended December 31, 2022, consistent with 2021[131]. - The company has not proposed a final dividend for the fiscal year 2022[155]. Assets and Liabilities - Total liabilities as of December 31, 2022, were approximately $32.9 million, a significant increase from $7.5 million in 2021, primarily due to trade payables and notes[34]. - Cash and cash equivalents as of December 31, 2022, were approximately $11.5 million, representing about 19% of total assets, down from 38% in 2021[36]. - Total assets increased to $60,871 thousand in 2022 from $37,751 thousand in 2021, reflecting growth in the asset base[82]. - Current liabilities rose significantly to $32,717 thousand in 2022 from $7,363 thousand in 2021, indicating increased financial obligations[98]. - The total asset value of the company as of December 31, 2022, was approximately $60.9 million, up from about $37.7 million in 2021[154]. Market Conditions - The iron ore market experienced volatility, with shipping prices dropping to a three-year low in October 2022 before rebounding[18]. - The average unit selling price of iron ore during the reporting period was approximately $119 per ton, down from $133 per ton in 2021[31]. - The average price of iron ore shipping increased to approximately $141 per ton in February 2023, impacting the company's gross profit negatively by about $1.6 million[39]. - The Chinese steel demand is expected to continue declining in 2023, but the government is likely to implement moderate measures to stabilize economic growth[42]. - The company faced challenges in trade negotiations and product pricing due to weak demand for high-grade iron ore in China[139]. - The outlook for 2023 indicates that Chinese steel mills are adopting a cautious procurement strategy, which may impact resource business operations[135]. Operational Strategies - The company plans to closely monitor business and market developments and explore suitable acquisition and investment opportunities[24]. - The company aims to accelerate iron ore sales and stabilize supply from its main supplier, Koolan[24]. - The company plans to continue optimizing its resource business and explore new iron ore and other commodity supply opportunities, while also considering potential mergers and acquisitions[55]. - The company aims to diversify its product supply and maintain long-term business relationships with suitable suppliers[55]. - The company established a business development team to enhance supplier and customer relationships, aiming for sustainable growth in the coming years[169]. Governance and Compliance - The company has adopted all code provisions in the Corporate Governance Code during the reporting period, ensuring high standards of corporate governance[57]. - The board emphasizes high standards of corporate governance, effective risk management, and transparency to ensure long-term growth and sustainability[196]. Employee and Operational Costs - Employee costs for the fiscal year 2022 were approximately $2.8 million, down from $3.0 million in 2021, with a total of 23 employees as of December 31, 2022, compared to 27 in 2021[192]. - The group received approximately $0.1 million in subsidies from the Hong Kong government under the COVID-19 anti-epidemic fund, which was used for employee salary expenses and recognized as other income during the reporting period[193]. Future Outlook - The company will continue to explore and evaluate potential projects and investment opportunities to create long-term value for shareholders[161]. - The company plans to hold its 2023 Annual General Meeting on June 8, 2023[200].

Financial Performance - The company's revenue for the six months ended June 30, 2022, was approximately $108.7 million, a decrease of about 56% compared to $248.6 million in the same period last year[7]. - Gross profit for the reporting period was approximately $3.4 million, down from $8.6 million in the previous year, reflecting a decline of about $5.2 million[7]. - The company's net profit for the period was approximately $0.2 million, down from $1.2 million in the previous year[7]. - The net profit for the six months ended June 30, 2022, was $186,000, compared to $1.16 million in the previous year, reflecting a decrease of 83.9%[46]. - The total comprehensive income for the period was $196 thousand, down from $1,134 thousand in the same period of the previous year, representing a decline of approximately 82.7%[49]. - The company reported a basic and diluted earnings per share of $0.01 for the six months ended June 30, 2022, down from $0.03 in the same period of 2021[46]. - The company reported a net profit of $240 thousand for the six months ended June 30, 2022, compared to a net profit of $1,211 thousand for the same period in 2021, indicating a decrease of approximately 80.2%[49]. Sales and Production - The company sold approximately 0.8 million tons of iron ore during the reporting period, compared to 1.5 million tons in the same period last year[7]. - Revenue from iron ore sales was $99,595 thousand, while transportation services generated $11,279 thousand for the six months ended June 30, 2022[58]. - The average unit selling price of iron ore during the reporting period was approximately $128 per ton, down from $166 per ton in the same period last year, reflecting a decrease in sales volume and pricing due to market conditions[19]. - The average iron content of iron ore sold during the reporting period increased to approximately 63%, up from about 58% in the same period last year[13]. - The iron ore production volume reached 1.2 million tons, with an 80% utilization rate of the available capacity from the Koolan Island mine[101]. Assets and Liabilities - The total assets as of June 30, 2022, were $66.1 million, an increase from $37.8 million as of December 31, 2021[5]. - Total liabilities increased to approximately $35.7 million from $7.5 million as of December 31, 2021, mainly due to trade payables and other accrued liabilities[23]. - Cash and cash equivalents were approximately $12.7 million as of June 30, 2022, down from $14.5 million as of December 31, 2021, representing about 19% of total assets[27]. - The net cash position (cash and cash equivalents minus interest-bearing borrowings) was approximately $7.9 million as of June 30, 2022, compared to $9.0 million as of December 31, 2021[29]. - As of June 30, 2022, trade receivables amounted to $17,490 thousand, significantly up from $1,199 thousand as of December 31, 2021[67]. - Accounts payable reached $15,593,000 as of June 30, 2022, compared to $1,188,000 as of December 31, 2021, indicating a substantial increase[72]. Market Conditions - The company faced challenges due to the ongoing COVID-19 pandemic and fluctuations in iron ore prices, which negatively impacted demand and sales[3]. - Global economic growth is projected to decline from approximately 5.9% in 2021 to about 4.4% in 2022, influenced by inflation and supply chain disruptions[8]. - China's GDP growth in Q2 2022 was approximately 0.4% year-on-year, with a total growth of about 2.5% during the reporting period[9]. - China's crude steel production in the first half of 2022 decreased by approximately 6.5% compared to the same period in 2021, due to ongoing pressures in the real estate and construction sectors[9]. - The Platts IODEX price for iron ore dropped to approximately $120 per ton by the end of Q2 2022, down from about $158 per ton at the end of Q1 2022, reflecting significant price volatility[10]. Operational Challenges - A fire at the Koolan iron ore mine in August 2022 is expected to affect the supply of iron ore, although recovery plans are in place to restore operations to about 70% capacity[4]. - A fire at the iron ore processing plant in Koolan in mid-August 2022 has temporarily halted ore processing, impacting the group's iron ore sales for the remainder of the year[39]. - The company incurred transportation costs of approximately $11.3 million during the reporting period, compared to about $7.6 million in the same period last year[16]. Strategic Initiatives - The business development team is focused on sourcing new customers and managing supplier relationships to support commodity supply and delivery[8]. - The company aims to optimize its resource business and mitigate adverse impacts from COVID-19, weak market demand, and supply chain disruptions[40]. - The company is actively seeking new iron ore and other commodity supplies and aims to establish viable long-term business relationships with suitable suppliers[40]. - The company plans to explore and seize appropriate merger and acquisition opportunities as part of its strategic initiatives[40]. - The company has implemented cost-reduction strategies that are expected to lower operational expenses by 5% in the upcoming year[101]. Governance and Compliance - The interim financial data was approved by the board of directors on August 25, 2022[85]. - The company has established an audit committee to oversee financial reporting, risk management, and internal controls[92]. - There were no significant deviations from the corporate governance code during the reporting period[88]. - The group did not recommend any interim dividend for the six months ended June 30, 2022, consistent with the same period in 2021[62].