Operational Performance - The leaseout rate for oil and petrochemical products increased to 97.9%, up by 4.1 percentage points compared to the previous period[14]. - The Group's first filling station commenced operations in April 2020, covering an area of approximately 12,500 square meters, providing petrol filling services and additional convenience services[16]. - The total storage capacity of the DZIT terminal is approximately 260,000 cubic meters, with 180,000 cubic meters specialized for gasoline, diesel, and similar petroleum products[9]. - The Group continues to operate the DZIT terminal after the substantial disposal of GD (Panyu) on May 28, 2019, focusing on terminal storage and logistics services[9]. - The terminal's cargo throughput is a key performance indicator, with higher throughput leading to increased handling fee income[18]. - The Group's terminal storage business offers integrated facilities for petroleum and liquid chemicals in South China, enhancing its competitive position in the market[7]. - The filling station's construction standards meet those of local flagship stations, indicating a commitment to quality and service[16]. - The Group's trading business is supported by a strong operational license, allowing it to engage effectively in the oil and petrochemical market[10]. - The Group's strategic focus includes expanding its terminal storage and retail operations to enhance overall market presence and revenue streams[7]. - Transshipment volume increased by 17.5% to 124,882 metric tons, while terminal throughput rose by 92.2% to 3,282,000 metric tons[21]. - The number of vessels visited increased by 12.0% for foreign vessels, while domestic vessels decreased by 20.4%[21]. - The number of drums filled surged by 66.9% to 7,339[21]. - The Group entered into 68 sales contracts with a total sales volume of approximately 254,000 metric tons during the first half of 2020[24]. - Revenue from terminal, storage, and transshipment activities for liquid chemicals was $74.2 million, a 2.8% increase on a half-year basis[29]. - The Group plans to commence construction of the DZIT Phase II project to enhance terminal storage business operations[35]. - The Group's first joint-venture filling station opened in April 2020, with a daily refueling capacity of approximately 15 tons, expected to contribute significantly to profits by year-end[39]. - The Group plans to add 5 or more filling stations in Southern China by the end of 2020 through various flexible methods such as acquisition and leasing[40]. Financial Performance - The Group's total revenue increased significantly from $72.2 million to $1,029.3 million, representing a 1,326.2% increase compared to the same period last year[29]. - The trading business operated by SHDY, acquired in December 2019, accounted for 92.2% of the Group's total revenue during the period[29]. - Revenue from trading of oil and petrochemical products was $949.0 million, accounting for 92.2% of the Group's total revenue[46]. - The Group's gross profit for the same period was $21.6 million, an increase of 33.0% year-on-year, with a gross profit margin of 2.1%, down 20.4 percentage points[50]. - Direct costs and operating expenses increased to $1,007.8 million, a rise of 1,700.7% compared to the previous year, with inventory costs from refined oil and petrochemical products accounting for 94.8% of total costs[49]. - The loss before interest and tax (LBIT) from continuing operations was approximately $12.3 million, a decrease of 36.4% from $19.4 million in the previous year[52]. - EBITDA from continuing operations increased to $23.9 million, compared to $14.8 million in the same period last year[53]. - For the six months ended June 30, 2020, the basic and diluted losses per share from continuing operations were $0.98 cents, compared to $1.2 cents in 2019[56][59]. - The Group's total assets as of June 30, 2020, were $2,254.7 million, an increase from $2,074.5 million as of December 31, 2019[61]. - The Group's outstanding bank borrowings were $666.2 million as of June 30, 2020, compared to $702.5 million as of December 31, 2019[61]. - The gearing ratio as of June 30, 2020, was 59.6%, up from 54.0% as of December 31, 2019[61]. - The Group's net current assets were $763.9 million as of June 30, 2020, down from $999.8 million as of December 31, 2019[61]. - The current ratio as of June 30, 2020, was 2.08, a decrease from 4.36 as of December 31, 2019, indicating a change in liquidity position[61]. - The Group's revenue from continuing operations for the six months ended June 30, 2020, was $1,029.3 million, representing an increase of 1,326.2% compared to $72.2 million in the same period last year[45]. - Loss from operations for the same period was HK$12,336,000, an improvement compared to a loss of HK$19,407,000 in 2019[74]. - Loss before taxation decreased to HK$36,741,000 from HK$42,690,000 in the previous year, indicating a reduction of about 14%[74]. - The loss for the period from continuing operations was HK$36,622,000, compared to a loss of HK$45,682,000 in 2019, reflecting a 20% improvement[74]. - Total comprehensive income for the period was a loss of HK$42,592,000, compared to a profit of HK$1,107,261,000 in 2019[79]. - Other income for the period was HK$4,851,000, up from HK$1,243,000 in the previous year[74]. - The company reported a net decrease in cash and cash equivalents of HK$117,213,000 for the six months ended June 30, 2020, compared to an increase of HK$288,269,000 in 2019[94]. - The total cash and cash equivalents at the beginning of the period on January 1, 2020, were HK$974,510,000, compared to HK$881,071,000 in 2019[94]. - The Group reported revenue of HKD 56,506,000 from storage and warehousing for the six months ended June 30, 2020, compared to HKD 55,431,000 for the same period in 2019, reflecting an increase of approximately 1.94%[105]. - The Group's financial position and performance have not been materially affected by recent amendments to HKFRSs[101]. Cash Flow and Liquidity - As of June 30, 2020, the Group's total cash and cash equivalents amounted to approximately $852.7 million, down from $974.5 million as of December 31, 2019[61]. - The balance of cash and cash equivalents reflects a significant liquidity position despite the decrease, indicating ongoing operational capacity[81]. - Net cash used in operating activities for the six months ended June 30, 2020, was HK$38,669,000, an improvement from HK$58,736,000 in 2019[92]. - Net cash generated from investing activities was HK$27,719,000 in 2020, compared to HK$654,291,000 in 2019, indicating a significant decrease[92]. - Proceeds from new bank loans were nil in 2020, compared to HK$763,511,000 in 2019, reflecting a shift in financing strategy[92]. - The repayment of bank loans amounted to HK$23,194,000 in 2020, a decrease from HK$903,700,000 in 2019[92]. - Interest paid in 2020 was HK$24,033,000, slightly lower than HK$25,324,000 in 2019, indicating a potential reduction in borrowing costs[92]. - The effect of foreign exchange rate changes resulted in a decrease of HK$4,644,000 in cash and cash equivalents in 2020, compared to a decrease of HK$3,465,000 in 2019[94]. Assets and Liabilities - Current liabilities increased to HK$1,468,140, up 13.1% from HK$1,297,727 at the end of 2019[81]. - Inventories rose significantly to HK$265,313, an increase of 77.8% compared to HK$149,154 at the end of 2019[81]. - Trade and other receivables increased to HK$350,174, up 101.5% from HK$174,063 at the end of 2019[81]. - The Group's total receivables, including prepayments, reached HK$350,174,000 as of June 30, 2020, compared to HK$174,063,000 at the end of 2019[153]. - The Group's total assets less current liabilities amounted to HK$1,550,418, a decrease of 12.7% from HK$1,776,532 as of December 31, 2019[81]. - The Group's bank loans totaled $666,178,000 as of June 30, 2020, down from $702,499,000 at the end of 2019[165]. - Contract liabilities rose to $80,745,000 as of June 30, 2020, from $31,333,000 at the end of 2019[159]. - The Group had banking facilities secured by property, plant, and equipment with a net book value of $357,208,000 as of June 30, 2020[165]. - The Group's non-current amounts due to related parties were $167,448,000 as of December 31, 2019, which are unsecured and interest-free[167]. Strategic Initiatives and Future Outlook - The Group is actively seeking suitable investment projects to expand its business chain and enhance service offerings[42]. - The trading segment, although not meeting initial expectations, has generated significantly higher operating revenue than traditional business operations, indicating successful entry into a new business field[43]. - Management expressed confidence in having adequate financial resources to meet future debt repayment and support working capital and expansion requirements[61]. - The COVID-19 pandemic has brought additional uncertainties but has had an immaterial impact on the Group's operations and financial position[198]. - The Group is closely monitoring the impact of COVID-19 developments on its business[198]. Shareholder Information - No interim dividend was recommended for the six months ended June 30, 2020, consistent with the previous year[74]. - The loss attributable to ordinary equity shareholders for continuing operations in the first half of 2020 was HK$35,887,000, compared to a loss of HK$44,641,000 in the same period of 2019[144]. - Basic and diluted losses per share for continuing operations were HK(0.98) cents, while for discontinued operations, it was HK$33.23 cents in 2019[145].
汉思能源(00554) - 2020 - 中期财报