Financial Performance - The company's revenue for the six-month period ended June 30, 2021, was approximately HKD 347 million, with a loss attributable to shareholders of about HKD 5.3 million[7]. - Revenue for the six months ended June 30, 2021, was HKD 347,028 thousand, a significant decrease of 92.9% compared to HKD 4,878,695 thousand in 2020[61]. - The company reported a net loss of HKD 5,343 thousand for the six months ended June 30, 2021, compared to a net loss of HKD 95,049 thousand in 2020, indicating an improvement[64]. - The total comprehensive loss for the period was HKD 1,216 thousand, significantly lower than HKD 101,067 thousand in 2020[64]. - The company reported a loss before tax of HKD 2,168,000 for the six months ended June 30, 2021, compared to a loss of HKD 76,109,000 in the same period of 2020[112]. - The company recorded a loss attributable to owners of approximately HKD 5.3 million, compared to a loss of approximately HKD 98.6 million in the first half of 2020[26]. Revenue Breakdown - The trading business revenue for the six-month period was approximately HKD 331.2 million, a decline of about 93% compared to the same period in 2020, with no revenue from crude oil trade[16]. - Total revenue for the trading business was HKD 331,183,000, with contributions from petrochemical products at HKD 272,668,000 and coal at HKD 58,515,000[87]. - The total revenue from storage services amounted to HKD 11,012,000, bringing the overall revenue to HKD 342,195,000 for the six months ended June 30, 2021[87]. - The trading volume for petrochemical products decreased from 91,382 tons in the first half of 2020 to 48,480 tons due to the sale of Huizhou Meiyu, which contributed 61,027 tons in the first half of 2020[17]. - Coal trading volume declined from 150,307 tons in the first half of 2020 to 126,150 tons due to decreased demand from power plants in Vietnam[17]. Operational Highlights - The company plans to maintain sufficient investment funds for the petrochemical production plant project in Fujian Province, which is considered one of the most favorable future development directions[8]. - The SEBS project, a key production project for the company, is expected to have an annual production capacity of 50,000 tons and has been designated as a provincial-level key project in China[11]. - The expected operational start date for the Fujian plant has been postponed to mid-2022 due to construction delays caused by the COVID-19 pandemic[11]. - The company aims to develop and maintain business relationships with Indonesian coal suppliers to explore new revenue sources[15]. - The company is focusing on back-to-back trading arrangements and maintaining lower inventory levels to mitigate inventory risks[8]. Financial Position - As of June 30, 2021, the bank balance and cash amounted to approximately HKD 132.1 million, down from approximately HKD 144.2 million as of December 31, 2020[27]. - The company had a debt-to-asset ratio of approximately 8% as of June 30, 2021, unchanged from December 31, 2020[28]. - The company's non-current assets totaled HKD 633,126 thousand as of June 30, 2021, compared to HKD 615,874 thousand at the end of 2020[69]. - Current liabilities amounted to HKD 387,915 thousand, an increase from HKD 325,843 thousand at the end of 2020[72]. - Total assets less current liabilities were HKD 1,420,412 thousand, slightly down from HKD 1,422,124 thousand at the end of 2020[72]. Shareholder Information - As of June 30, 2021, Mr. Wang Jian Sheng holds 1,041,746,000 shares, representing approximately 49.06% of the company's issued share capital[44]. - Mr. Yao Guo Liang holds 124,984,000 shares, representing approximately 5.89% of the company's issued share capital[44]. - As of June 30, 2021, the total issued and paid-up shares amounted to 2,123,364,090 shares, with a total capital of 53,084 thousand HKD[16]. - The company has a total of 138,000,000 stock options available for exercise under the stock option plan, which is about 14.8% of the total issued shares as of June 30, 2021[53]. Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[56]. - The company has complied with the corporate governance code as per the listing rules, with some exceptions regarding attendance at the annual general meeting[57]. - The company confirms it has maintained sufficient public float as required by the listing rules during the six-month period[59]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2021, was HKD 26,893,000, a significant decrease from HKD 511,470,000 in the same period of 2020[81]. - The company’s financing activities resulted in cash inflows of HKD 20,407,000, while repayments of bank and other borrowings totaled HKD 20,114,000[81]. - The company reported a decrease in cash and cash equivalents, with a net decrease of HKD 13,254,000, compared to a decrease of HKD 237,189,000 in the previous year[81]. Other Income and Expenses - Other income increased to HKD 4,601 thousand from HKD 1,806 thousand, reflecting a growth of 154.5%[61]. - Financial costs decreased to HKD 2,106,000 in 2021 from HKD 11,999,000 in 2020, a reduction of about 82.5%[106]. - The company incurred a loss from joint ventures of HKD 5,901,000 in the first half of 2021, compared to a loss of HKD 1,402,000 in the same period of 2020[112]. - The company reported a significant decrease in rental income, which was HKD 4,833,000 for the six months ended June 30, 2021, down from HKD 22,190,000 in 2020, a decline of approximately 78.2%[99]. Investments and Assets - The company's property, plant, and equipment increased to HKD 102,316,000 as of June 30, 2021, from HKD 84,881,000 at the end of 2020, reflecting a recovery in asset values[119]. - The group recognized a non-listed equity investment in SH Energy valued at approximately HKD 195,000,000, with no significant fair value changes or impairment indications during the reporting period[124]. - The fair value of unlisted equity investments was recorded at 195,000 thousand HKD as of June 30, 2021[147]. - The total fair value of financial assets measured at fair value through profit or loss was 195,000 thousand HKD for unlisted equity investments and 127,505 thousand HKD for derivative financial instruments as of June 30, 2021[151].
海峡石油化工(00852) - 2021 - 中期财报