Financial Performance - Revenue for the six months ended June 30, 2021, was HK$4,928,637,000, a significant increase from HK$298,002,000 in the same period of 2020, representing a growth of approximately 1,553%[17] - Gross profit for the period was HK$5,421,000, compared to HK$9,872,000 in 2020, indicating a decrease of about 45%[17] - Loss for the period was HK$21,681,000, an improvement from a loss of HK$51,990,000 in the previous year, reflecting a reduction of approximately 58%[17] - Basic loss per share attributable to owners of the Company was HK$0.25, compared to HK$0.59 in 2020, showing a decrease of about 58%[17] - Other income, gains, and losses, net, amounted to HK$11,517,000, compared to a loss of HK$3,443,000 in 2020, indicating a positive turnaround[17] - Total comprehensive loss for the period was HK$42,831,000, down from HK$82,796,000 year-over-year, indicating a decrease of about 48%[21] - The company reported a loss for the period of HK$21,681,000, a significant improvement from a loss of HK$51,990,000 in the same period last year, representing a reduction of approximately 58%[21] - The Group reported a basic loss attributable to owners of approximately HK$21,685,000 for the six months ended June 30, 2021, a decrease from HK$51,975,000 in 2020[166] Assets and Liabilities - Non-current assets increased to HK$265,698,000 from HK$130,543,000, reflecting a growth of approximately 103%[23] - Current assets, particularly inventories, rose significantly to HK$194,850,000 from HK$28,800,000, marking an increase of about 577%[23] - The company's net current assets were reported at HK$502,815,000, down from HK$649,836,000, indicating a decrease of about 23%[23] - Total equity attributable to owners of the company was HK$737,020,000, slightly down from HK$758,956,000, a reduction of approximately 3%[25] - The company’s borrowings decreased significantly from HK$143,067,000 to HK$38,000,000, a reduction of about 73%[23] - The reportable segment liabilities were HK$111,304,000 as of June 30, 2021, compared to HK$50,172,000 at the end of 2020, indicating an increase in liabilities[127] - Total consolidated assets as of June 30, 2021, were HK$958,543, down from HK$1,021,168 as of December 31, 2020, a decrease of about 6%[133] Cash Flow - For the six months ended June 30, 2021, the net cash used in operating activities was HK$61,395,000, a decrease from HK$124,714,000 in the same period of 2020[35] - The company incurred a net cash outflow from investing activities of HK$128,210,000, compared to a cash inflow of HK$10,346,000 in the same period of 2020[35] - The company reported a net decrease in cash and cash equivalents of HK$298,479,000 for the period[37] - Cash and cash equivalents decreased to HK$341,663,000 from HK$640,915,000, a decline of approximately 47%[25] Segment Performance - The revenue from the upstream segment, which includes crude oil exploration and production in Argentina, was HK$16,963,000, up from HK$11,594,000 in 2020, marking an increase of about 46%[127] - The general and commodities trading segment generated revenue of HK$4,911,674,000, compared to HK$286,408,000 in the previous year, reflecting a growth of approximately 1,613%[127] - The Group's reportable segment profit for the upstream segment was HK$543,000, recovering from a loss of HK$5,115,000 in 2020[127] - The general and commodities trading segment reported a profit of HK$2,635,000, compared to a loss of HK$1,710,000 in the prior year[127] Financial Risks and Management - The Group's activities expose it to various financial risks, including market risk, credit risk, and liquidity risk[75] - There have been no changes in the Group's financial risk management policies and practices since the year-end[81] - The fair value of financial instruments is categorized into three levels based on the lowest level of input that is significant to the fair value measurement[83] Accounting Policies and Changes - The Group's accounting policies remain consistent with those applied in the preparation of the annual financial statements for the year ended 31 December 2020[49] - The Group adopted amendments to standards including COVID-19 Related Rent Concessions and Interest Rate Benchmark Reform, which did not impact the financial results[50] - The Group is preparing for the adoption of new standards and amendments that will take effect in 2022 and 2023, which may impact future financial reporting[58] Exploration and Evaluation Assets - The Group holds a 69.25% interest in the Tartagal and Morillo concessions in Salta, Argentina, with exploration permits initially granted for four years starting from December 29, 2006, and extensions possible up to nine years[177] - The Group's total costs of exploration rights and exploratory drilling amounted to approximately HK$3,225,575,000, a slight decrease from HK$3,226,181,000 as of December 31, 2020[177] - The Group's total exploration and evaluation assets as of June 30, 2021, were HK$3,406,791,000, unchanged from the previous period[181] Employee and Operational Costs - Employee benefit expenses, including directors' remuneration, amounted to HK$8,018, a slight decrease from HK$8,892 in 2020[149] - Legal and professional fees increased to HK$8,228 from HK$2,119 in the previous year, indicating higher costs in these areas[149] - Cost of inventories recognized as an expense increased significantly to HK$4,908,028, compared to HK$287,637 in 2020, reflecting a substantial rise in operational costs[149]
新时代集团控股(00166) - 2021 - 中期财报