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洲际船务(02409) - 2022 - 年度财报
02409SEACON(02409)2023-04-27 22:06

Financial Performance - Revenue for 2022 decreased by 3.7% year-on-year to approximately 359.1million[29]−Grossprofitmarginincreasedfrom15.5359.1 million[29] - Gross profit margin increased from 15.5% in 2021 to 17.4% in 2022, driving a gross profit growth of 8.2% to 62.4 million[29] - Adjusted net profit for the year reached 60.8million,a29.360.8 million, a 29.3% increase compared to the previous year[29] - Revenue decreased by 3.7% from approximately 372.7 million in 2021 to approximately 359.1millionin2022[115]−Grossprofitincreasedby8.2359.1 million in 2022[115] - Gross profit increased by 8.2% year-on-year, from approximately 57.7 million in 2021 to approximately 62.4millionin2022[102]−Netprofitfor2022was62.4 million in 2022[102] - Net profit for 2022 was 58.929 million, a 47.3% increase from 40.005millionin2021[167]−Otherincomeincreasedsignificantlyfrom40.005 million in 2021[167] - Other income increased significantly from 51,000 in 2021 to 2.2millionin2022,primarilydueto2.2 million in 2022, primarily due to 2.0 million in contract compensation from terminated lease agreements[163] - Financing costs rose by 82.8% from 3.5millionin2021to3.5 million in 2021 to 6.3 million in 2022, mainly due to increased interest on new financing leases and bareboat charters[164] - Revenue from ship management services increased by 4.2millionor8.74.2 million or 8.7% from 49.0 million in 2021 to 53.2millionin2022,drivenbyanincreaseinthenumberofmanagedshipsanda121.353.2 million in 2022, driven by an increase in the number of managed ships and a 121.3% increase in shipbuilding supervision revenue from 2.5 million in 2021 to 5.5millionin2022[177]−Shippingservicerevenuedecreasedby5.5 million in 2022[177] - Shipping service revenue decreased by 17.8 million or 5.5% from 323.7millionin2021to323.7 million in 2021 to 305.9 million in 2022, primarily due to a 22.9% decrease in chartered-in vessel revenue from 257.2millionin2021to257.2 million in 2021 to 198.2 million in 2022, while controlled vessel revenue increased by 61.8% from 66.6millionin2021to66.6 million in 2021 to 107.8 million in 2022[184][190] - Gross profit increased by 4.7millionor8.24.7 million or 8.2% from 57.7 million in 2021 to 62.4millionin2022,withtheoverallgrossmarginrisingfrom15.562.4 million in 2022, with the overall gross margin rising from 15.5% in 2021 to 17.4% in 2022[191] Fleet and Ship Management - The company's controlled fleet consists of 21 vessels with a total capacity of approximately 1.03 million dwt, with an average vessel age of about 8 years[106] - The company has commissioned the construction of eight new vessels from shipyards in China and Japan, with three already operational as of February and April 2023, and an additional three expected to be operational within the year[104] - The company acquired two 62,000 dwt and two 42,200 dwt bulk carriers in April 2023 to further expand its controlled fleet[104] - The company managed 217 vessels as of December 31, 2022, with a compound annual growth rate of 32.2% from 2019 to 2022[109] - The company signed a total of 132 vessel charter contracts in 2022, compared to 200 in 2021[108] - The company's controlled fleet includes various types of dry bulk carriers, such as Capesize, Panamax, Ultramax, Supramax, Handymax, and Handysize, as well as vessels that do not fall into these standard categories[106] - The company's dry bulk fleet primarily transports major types of dry bulk cargo, including coal, grain, steel, logs, cement, fertilizer, and iron ore, while its tankers and chemical carriers transport petrochemical products, asphalt, and molten sulfur[116] - The company's controlled fleet consists of 21 ships as of December 31, 2022, compared to 22 ships in 2021[143] - The company's ship management contracts typically last between 1 to 3 years and are renewable at the end of each service period[125] - The company's fleet consisted of 21 vessels with a total capacity of approximately 1.03 million dwt and an average age of 8 years as of December 31, 2022[152] - The company managed 217 vessels as of December 31, 2022, representing a compound annual growth rate of 32.2% since 2019[172] - The company has commissioned the construction of 8 new ships with a total capacity of approximately 542,100 dwt, expected to be completed between 2023 and 2024[128] - The company announced the acquisition of two 62,000 dwt general cargo ships and two 42,200 dwt bulk carriers in April 2023[129] - The company is constructing eight new vessels, expected to add approximately 542,100 dwt of combined capacity, with completion estimated between 2023 and 2024[189] Market and Industry Trends - The company's dry bulk shipping services were impacted by a decline in the Baltic Dry Index (BDI) in 2022[29] - The Baltic Dry Index (BDI) daily average in 2022 remained significantly higher than 2019 and 2020 levels, indicating strong profitability[97] - The Baltic Clean Tanker Index (BCTI) remained high compared to pre-Russia-Ukraine crisis levels, supporting long-term earnings for tanker shipping services[97] - The Baltic Dry Index (BDI) averaged 1,934 points in 2022, down from 2,943 points in 2021 but significantly higher than 1,365 points in 2019 and 1,068 points in 2020[129] - The Baltic Clean Tanker Index (BCTI) surged from 731 points on February 28, 2022, to a peak of 2,143 points on December 22, 2022, before settling at 789 points on March 3, 2023, supporting oil tanker shipping service revenues[185] - The company's daily Baltic Dry Index (BDI) decreased from 2,943 points in 2021 to 1,934 points in 2022, impacting chartered-in vessel revenue[184][190] - China's maritime trade volume is expected to reach 10,025.2 million tons by 2026, with a compound annual growth rate of 4.0% from 2022 to 2026[97] - The company expects a recovery in the shipping market in the second half of 2023, supported by China's economic reopening and global GDP growth forecast of 2.9%[175] Strategic Initiatives and Expansion - The company plans to establish a presence in strategic markets such as Greece and expand ship management capabilities[34] - The company will introduce digital technologies and advanced IT systems to enhance supply chain efficiency[34] - The company plans to establish new offices in strategic locations such as Greece and the Philippines to expand its ship management services[130] - The company aims to maintain a balanced fleet of owned and chartered ships to maximize operational flexibility and profitability[139] - The company plans to invest part of its IPO proceeds in digital technology and advanced IT systems, including upgrading the LMS online employee training system, internal administrative and financial software, and cloud storage and servers[176] - The company successfully listed on the Hong Kong Stock Exchange on March 29, 2023, and plans to expand its controlled and chartered-in fleets to enhance market share and competitiveness[189][194] Accounting and Financial Reporting - The company recognized foreign exchange differences from overseas investments and related hedging items in other comprehensive income, which will be reclassified to profit or loss upon disposal or repayment of overseas investments[1] - The company capitalizes and depreciates costs related to ship docking over the estimated period until the next docking, with any remaining costs written off if significant docking costs arise before the depreciation period ends[2] - The company uses the incremental borrowing rate to discount lease payments when the implicit interest rate is not readily determinable[7] - The company allocates lease and non-lease components of arrangements (e.g., bareboat charters and shipping services) based on independent market prices[11] - The company classified non-current assets held for sale separately in the balance sheet as of December 31, 2022[16] - The company entered into a vessel lease agreement with Intercontinental Shipping Group, with a capital asset of approximately 1,547,000 recognized for the leased vessel[22] - The estimated annual cap for operating expenses under the vessel lease agreement is 600,000fortheyearendingDecember31,2023[23]−Thecompanysignedmaterialprocurementagreementswithrelatedparties,QingdaoFanyangMarineServicesandSeaconMarineService,forthesupplyofoperationalmaterials[24][25]−ThecompanywillcomplywiththeHongKongListingRules′annualreviewandreportingrequirementsinsubsequentannualreports,asitwasnotalistedcompanyin2022[27]−Thecompany′sfunctionalcurrencyistheUSdollar,whileitsChinesesubsidiariesusetheChineseyuanastheirfunctionalcurrency[87]−ThecompanyleasesshipsandofficebuildingsinChina,HongKong,Japan,andSingapore[70]−Thecompany′sshipsareaccountedforathistoricalcostlessaccumulateddepreciationandimpairmentlosses[68]−Thecompany′sinvestmentinsubsidiariesisaccountedforatcostlessimpairment,withperformancerecognizedonadividendreceivedandreceivablebasis[66]LegalandRegulatoryMatters−Thecompanyfacedlegaldisputes,includingaRMB7.4millioncompensationclaiminthe"Tianling"lawsuitandarbitrationproceedingsinvolvinga600,000 for the year ending December 31, 2023[23] - The company signed material procurement agreements with related parties, Qingdao Fanyang Marine Services and Seacon Marine Service, for the supply of operational materials[24][25] - The company will comply with the Hong Kong Listing Rules' annual review and reporting requirements in subsequent annual reports, as it was not a listed company in 2022[27] - The company's functional currency is the US dollar, while its Chinese subsidiaries use the Chinese yuan as their functional currency[87] - The company leases ships and office buildings in China, Hong Kong, Japan, and Singapore[70] - The company's ships are accounted for at historical cost less accumulated depreciation and impairment losses[68] - The company's investment in subsidiaries is accounted for at cost less impairment, with performance recognized on a dividend received and receivable basis[66] Legal and Regulatory Matters - The company faced legal disputes, including a RMB 7.4 million compensation claim in the "Tianling" lawsuit and arbitration proceedings involving a 0.3 million claim from a supplier and a 0.4millionclaimagainstasub−charterer[198][199]EnvironmentalandSustainabilityGoals−ThecompanyplanstoreduceCO2emissionintensityby100.4 million claim against a sub-charterer[198][199] Environmental and Sustainability Goals - The company plans to reduce CO2 emission intensity by 10% by 2030 and 30% by 2040, with the ultimate goal of achieving carbon neutrality[147] Awards and Recognition - The company has been recognized as the "Most Popular Ship Management Company" in 2018 and the "Best Shipping Company" in 2022 by the China Zheng He Maritime Awards Committee[118] IPO and Shareholding Structure - The company's IPO on the Hong Kong Stock Exchange was completed on March 29, 2023[44] - Shareholding structure post-IPO includes Jin Chun Holding Ltd. (2.25%), Jin Qiu Holding Ltd. (49.5%), and public shareholders (25%)[44] - The company successfully listed on the Hong Kong Stock Exchange in 2023, providing access to more resources for brand, capital, and network expansion[96] Revenue Breakdown - Shipping services revenue accounted for 85.2% of total revenue in 2022, amounting to 305.862 million, while ship management services contributed 14.8% with 53.239million[155]Directors′Remuneration−Thecompany′sdirectors′totalremunerationforthereportingperiodwasapproximately53.239 million[155] Directors' Remuneration - The company's directors' total remuneration for the reporting period was approximately 697,000, including base salary, housing allowance, and other benefits[79]