Financial Performance - Revenue for the six months ended June 30, 2019, was HK$203.776 million, a slight increase from HK$202.227 million in the same period of 2018[18]. - Gross profit increased to HK$12.878 million, compared to HK$7.999 million in the previous year, reflecting a growth of 60.5%[18]. - Other income for the period was HK$22.263 million, a significant increase from a loss of HK$21.949 million in 2018[18]. - Profit from operations was HK$10.399 million, a turnaround from an operating loss of HK$85.044 million in the same period last year[18]. - Loss for the period narrowed to HK$10.303 million, compared to a loss of HK$97.325 million in 2018, indicating improved financial performance[18]. - The company reported net investment income of HK$4.723 million, compared to a loss of HK$3.450 million in the previous year[18]. - Total comprehensive income for the period was a loss of HK$8,600,000, compared to a loss of HK$142,002,000 in 2018, reflecting an improvement of approximately 93.9%[25]. - The consolidated loss before taxation narrowed to HK$639,000 in 2019 from HK$94,947,000 in 2018, indicating a substantial improvement of approximately 99%[96]. Assets and Liabilities - The company's non-current assets increased to HK$2,437,265,000 as of June 30, 2019, up from HK$2,417,291,000 at the end of 2018, showing a growth of about 0.8%[33]. - Current assets decreased to HK$1,039,114,000 from HK$1,062,798,000, a decline of approximately 2.2%[33]. - Cash and cash equivalents stood at HK$849,791,000, down from HK$928,476,000, representing a decrease of about 8.5%[33]. - Total current liabilities decreased to HK$143,436,000 from HK$154,980,000, a reduction of approximately 7.5%[36]. - Net current assets stood at HK$895,678,000, slightly down from HK$907,818,000, reflecting a decrease of about 1.6%[36]. - Non-current liabilities totaled HK$204,640,000, up from HK$195,133,000, indicating an increase of approximately 4.3%[36]. - Net assets amounted to HK$3,128,303,000, a slight decrease from HK$3,129,976,000, representing a decline of about 0.1%[36]. Shareholder Information - As of June 30, 2019, the company had 8,758,880,988 issued shares with a market capitalization of HK$700.71 million[13]. - The basic and diluted loss per share for the period was HK$0.12, compared to HK$1.10 for the same period in 2018, indicating a substantial decrease in loss per share[20]. - The weighted average number of ordinary shares in issue during the interim period was 8,758,881,000, down from 8,865,483,000 in the previous year[124]. - The company did not recommend the payment of any interim dividend for the six months ended June 30, 2019, consistent with the previous year[124]. Accounting Standards and Policies - The company has adopted HKFRS 16 from January 1, 2019, using the modified retrospective approach, which does not restate comparative information[22]. - The Group has adopted HKFRS 16, Leases, effective from January 1, 2019, which introduces a single accounting model for lessees[70]. - Under HKFRS 16, all leases must be capitalized, eliminating the distinction between operating and finance leases, except for short-term leases and low-value assets[76]. - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period[70]. - The changes in accounting policies have not had a material effect on the Group's results and financial position for the current or prior periods[70]. Exploration and Evaluation - The total exploration and evaluation assets as of June 30, 2019, amounted to HK$3,610,498,000, an increase from HK$3,577,966,000 at the end of 2018[129]. - The accumulated impairment for exploration and evaluation assets was HK$1,253,602,000 as of June 30, 2019, compared to HK$1,240,469,000 at the end of 2018[129]. - The Group's management remains optimistic about converting exploration permits to exploitation permits, contingent on successful hydrocarbon discoveries[135]. - The Group has initiated the application process for further extension of the current exploration permits, with expectations of approval despite potential delays due to the Argentinian general elections[135]. Foreign Exchange and Investment - The company reported a net foreign exchange loss of HK$9,555,000 for the six months ended June 30, 2019, compared to a loss of HK$34,553,000 in 2018[50]. - The effect of foreign exchange rate changes resulted in a loss of HK$2,824,000 for the first half of 2019[53]. - The net investment income from listed equity securities for the six months ended June 30, 2019, was approximately HK$4,292,000, a significant recovery from a net investment loss of HK$3,560,000 in the same period of 2018[152]. - The unlisted equity-linked securities generated a net investment income of approximately HK$181,000 for the six months ended June 30, 2019, down from HK$2,126,000 in the same period of 2018[152]. Management and Governance - Key management personnel remuneration for the six months ended June 30, 2019, amounted to HK$4,646,000 for short-term employee benefits and HK$18,000 for post-employment benefits, compared to HK$5,230,000 and HK$29,000 in 2018, respectively[181]. - Related party transactions included rent and management fees of HK$1,151,000 from New World Tower Company Limited and HK$62,000 for IT management and support from CiF Solutions Limited for the six months ended June 30, 2019[183]. - The Group's capital commitments outstanding at June 30, 2019, amounted to HK$138,563,000, slightly down from HK$138,905,000 at December 31, 2018[187].
新时代能源(00166) - 2019 - 中期财报