Financial Performance - For the six months ended June 30, 2021, Greentech's revenue increased by 1,565% to HKD 2,990,434,000, with a gross profit of HKD 163,167,000, compared to a gross profit of HKD 19,509,000 for the same period in 2020[14]. - The group's unaudited consolidated revenue for the six months ended June 30, 2021, was approximately HKD 2,990,434,000, a significant increase of 1,565% compared to HKD 179,575,000 for the same period last year[29]. - Gross profit for the same period was HKD 163,167 thousand, compared to a gross loss of HKD 19,509 thousand in the previous year, indicating a turnaround in profitability[108]. - The company achieved a profit before tax of HKD 193,049 thousand, compared to a loss of HKD 54,540 thousand in the prior year, reflecting a substantial improvement in financial performance[108]. - Net profit attributable to owners of the company was HKD 108,922 thousand, compared to a loss of HKD 42,101 thousand in the same period last year, marking a significant recovery[110]. - Basic earnings per share for the period was HKD 1.59, a notable increase from a loss per share of HKD 0.62 in the previous year[110]. Revenue Sources - The introduction of gold trading contributed approximately HKD 2,573,119,000 to revenue and HKD 11,583,000 to gross profit during the period[14]. - Revenue from the tin supply agreement for the six months ended June 30, 2021, was approximately HKD 417,315,000[85]. - The service fee under the gold trading service agreement for the six months ended June 30, 2021, amounted to approximately HKD 7,349,000[88]. - The company reported sales of tin concentrate to YTATR amounting to HKD 417,315,000 for the six months ended June 30, 2021, compared to HKD 179,575,000 for the same period in 2020[167]. Production and Resources - Tin production from the Renison underground mine was 3,623 tons, a year-on-year increase of approximately 4.3%, with Greentech's share being 1,811 tons[12]. - The total proven, measured, and inferred resources at the Renison underground mine amounted to 18,200,000 tons with a tin grade of 1.65% as of March 31, 2021[14]. - The Renison underground mine produced 3,623 tons of tin metal with an average tin grade of 1.51% during the reporting period[70]. - The total estimated tin metal is 136,170 tons and copper metal is 89,194 tons[68]. - The Renison tailings contain approximately 22,000,000 tons of tailings with an average grade of 0.44% tin and 0.23% copper, representing one of the largest untapped tin resources globally, with an estimated tin content of about 98,930 tons[78]. Market Outlook - The company expects stable growth in sales in the medium to short term due to strong downstream demand for tin, driven by the recovery of global economic activities[15]. - The global tin market outlook remains positive, supported by increasing demand from the automotive industry, 5G-related products, and electronics[16]. - China's tin consumption from January to May 2021 was 61,101 tons, a 7.0% increase compared to 57,130 tons in the same period of 2020[11]. - The International Monetary Fund projects a global economic growth rate of 6% for 2021 and 4.9% for 2022, which is expected to positively impact the tin market[15]. Operational Efficiency - The cost of sales for the same period was approximately HKD 2,827,267,000, representing 94.5% of the recorded revenue, down from 110.9% in the previous year[30]. - The gross profit margin for the six months ended June 30, 2021, was 5.5%, compared to a gross loss margin of 10.9% in the previous year[31]. - Administrative expenses decreased by approximately 19.2% to about HKD 16,534,000, accounting for 0.6% of the group's revenue, down from 11.4% in the previous year[32]. - Financial costs increased to approximately HKD 9,162,000, representing 0.3% of the group's revenue, up from 1.1% in the previous year[33]. Legal Matters - The ongoing litigation involves a claim of AUD 15,143,422.44 (approximately HKD 90,659,000) related to a breach of the purchase agreement for the entire issued share capital of Parksong Mining Resources Limited[18]. - The group is pursuing counterclaims against the plaintiff, including amounts totaling approximately AUD 173,619,000 (around HKD 173,619,000) for various breaches and damages[20]. - A court hearing is scheduled for October 18, 2021, to review the readiness for trial in the ongoing litigation[25]. Shareholder Information - As of June 30, 2021, the major shareholder, Amazing Express International Limited, holds 1,700,000,000 shares, representing approximately 24.89% of the company's issued share capital[94]. - The beneficial owner, Dan Sri Royal Datuk Gu Run Jin, holds 1,213,661,766 shares, accounting for 17.77% of the company's issued share capital[91]. - The beneficial owner, Fu Jing Ke, has pledged 800,000,000 shares as collateral under a sale agreement, which represents 11.71% of the company's issued share capital[97]. - The total shareholding of Dan Sri Royal Datuk Gu Run Jin and Fu Jing Ke combined is approximately 29.48% of the company's issued share capital[91]. Employee and Management - The company employed approximately 322 employees as of June 30, 2021, down from 335 employees as of December 31, 2020[48]. - Total employee costs amounted to HKD 74,369,000 for the period ending June 30, 2021, compared to approximately HKD 64,608,000 for the same period in 2020, reflecting an increase of about 15%[48]. - The total remuneration for key management personnel for the six months ended June 30, 2021, was HKD 2,608,000, a decrease from HKD 7,908,000 for the same period in 2020[169]. Capital Expenditures and Investments - The group had capital expenditures of approximately HKD 79,865,000 for property, machinery, and equipment during the six months ended June 30, 2021[41]. - The group acquired property, plant, and equipment totaling approximately HKD 74.07 million for the six months ended June 30, 2021, compared to HKD 26.33 million for the same period in 2020[150]. - The group invested approximately HKD 5.8 million in exploration and evaluation assets for the six months ended June 30, 2021, up from HKD 3.15 million in the same period of 2020[152]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the interim results for the six months ending June 30, 2021[99]. - The company has adopted a standard code for securities trading by directors, confirming compliance with regulations during the reporting period[102]. - The board of directors approved a reduction in director fees to one-third during the COVID-19 pandemic, with normal salaries reinstated from April 1, 2021[101].
绿科科技国际(00195) - 2021 - 中期财报