中广核矿业(01164) - 2023 - 中期财报

Financial Performance - The Group's revenue for the six months ended June 30, 2023, was approximately HK$2,934 million, representing an increase of approximately 22% compared to the same period in 2022[11]. - Profit attributable to the owners of the Company for the Reporting Period was approximately HK$180 million, representing a decrease of approximately 49% compared to the corresponding period in 2022[12]. - Basic earnings per share for the Reporting Period amounted to approximately HK2.36 cents, representing a decrease of approximately 55% compared to the corresponding period in 2022[12]. - The Board does not recommend the payment of an interim dividend for the Reporting Period[12]. - In the first half of 2023, the Group reported a profit of HK$180 million, a decrease of 49%, while revenue increased by 22% to HK$2,934 million compared to the same period in 2022[33]. - Gross profit margin decreased to 6.36% in the first half of 2023 from 8.11% in the same period of 2022[61]. - EBITDA for the first half of 2023 was HK$295.66 million, down from HK$439.14 million in the same period of 2022[61]. - Net profit margin fell to 6.12% in the first half of 2023 compared to 14.72% in the same period of 2022[61]. - The finance cost of the Group amounted to HK$59 million, representing an increase of 147% compared to the corresponding period of 2022, primarily due to rate hikes by the US Federal Reserve[76]. - The Group recorded total revenue of HK$2,934 million for the six months ended June 30, 2023, representing an increase of approximately 22% compared to the same period in 2022, primarily due to the rise in natural uranium prices[65]. Nuclear Power Market Trends - The global energy crisis has intensified the focus on energy security and independence, leading to a clearer trend of nuclear power recovery[15]. - Korea announced a plan to increase its nuclear power generation share to 32.4% by 2030, indicating a significant shift towards nuclear energy[15]. - The structural dilemma on the supply side and the global objective of "Carbon Neutrality and Carbon Peaking" are becoming increasingly critical issues for energy supply security[14]. - The Group is positioned to explore opportunities in the recovering nuclear power market as countries resume development in this sector[15]. - The development of nuclear power in emerging countries is on the rise, while developed countries are adopting a more positive attitude towards nuclear energy[23]. Uranium Production and Sales - The total equity source of the Group was 37,000tU, with an equity production of 613tU during the reporting period[33]. - The Group completed the sale of 672tU of uranium products, generating trading revenue of approximately HK$785 million, with an average sales price of USD57.89/lbU3O8 and an average sales cost of USD54.34/lbU3O8[34]. - CGN Global delivered 2,147tU of natural uranium, recording revenue of USD277 million (approximately HK$2,148 million) as of June 30, 2023[35]. - The average production costs for the Semizbay Mine and the Irkol Mine were USD25.75/lbU3O8 and USD21.99/lbU3O8, respectively[39]. - The contracted volume at spot prices was 8,384tU, down 33.9% year-on-year, while the contracted volume at long-term trade prices was 41,192tU, exceeding last year's level[26]. Financial Position and Assets - As of June 30, 2023, the total assets of the Group amounted to HK$7,085 million, representing an increase of 3% compared to HK$6,866 million as of December 31, 2022[81]. - The total liabilities of the Group amounted to HK$3,532 million, which was basically unchanged from HK$3,518 million as of December 31, 2022[81]. - The total equity of the Group amounted to HK$3,554 million, representing an increase of 6% compared to HK$3,348 million as of December 31, 2022[81]. - The net current assets of the Group amounted to HK$944 million, representing an increase of 146% compared to HK$383 million as of December 31, 2022[81]. - The Group's non-current assets decreased by 8% to HK$4,052 million as of June 30, 2023, compared to HK$4,419 million as of December 31, 2022, primarily due to dividends received from joint ventures and associates[89][90]. Shareholder and Governance Information - The Group's substantial shareholders include CGNPC with a 57.75% interest, holding 4,389,102,558 shares, and CGNPC-URC with a 56.43% interest, holding 4,288,695,652 shares[106]. - The Company aims to enhance shareholder value by considering equity financing for projects with large capital expenditures and sound expected returns[98]. - The Company has established an Audit Committee comprising two Independent Non-Executive Directors (INEDs) and one Non-Executive Director (NED) to assist the Board in financial reporting and risk management[121]. - The Company has adopted the Corporate Governance Code and has complied with all applicable provisions during the Reporting Period[125]. Cash Flow and Investments - Net cash generated from operating activities decreased to HK$105,274, down 82.9% from HK$615,637 in the same period last year[151]. - The company received dividends from a joint venture totaling HK$165,875, up from HK$104,186 in the previous year[151]. - The cash flow statement for the six months ended June 30, 2023, indicates ongoing operational activities, although specific cash flow figures are not detailed in the provided content[150]. - The Group intends to adopt several revised HKFRSs that are not yet effective, including amendments to HKAS 1 and HKFRS 16, effective from January 1, 2024[161].