Financial Performance - For the six months ended September 30, 2020, the company reported a loss before tax of HKD 12,267,000, an improvement from a loss of HKD 15,109,000 in the same period of 2019, representing a 19.1% reduction in losses[7] - Total comprehensive income for the period was HKD 184,867,000, compared to a loss of HKD 40,764,000 in 2019, indicating a significant turnaround[7] - The company's share of losses attributable to owners was HKD 10,913,000, down from HKD 13,410,000 in the previous year, reflecting a 18.6% decrease[11] - The company recorded a total comprehensive loss of (12,267) thousand HKD for the six months ended September 30, 2020, compared to a loss of (15,109) thousand HKD for the same period in 2019, indicating a reduction in losses[28] - The company reported a basic loss attributable to owners of approximately HKD 10,913,000 for the six months ended September 30, 2020, compared to a loss of HKD 13,410,000 for the same period in 2019, representing a decrease of 11.1%[62] - The basic and diluted loss per share for the six months ended September 30, 2020, was HKD 0.06, compared to HKD 0.07 for the same period in 2019[58] Assets and Liabilities - The total assets less current liabilities amounted to HKD 3,515,427,000 as of September 30, 2020, compared to HKD 3,330,506,000 as of March 31, 2020, showing an increase of 5.5%[15] - Non-current assets, primarily mining assets, increased to HKD 3,212,236,000 from HKD 3,015,780,000, representing a growth of 6.5%[15] - The company's equity attributable to owners increased to HKD 2,815,120,000 from HKD 2,671,980,000, reflecting a growth of 5.4%[19] - The company had no outstanding bank borrowings as of September 30, 2020, maintaining a capital debt ratio of zero[64] Cash Flow - The company reported cash and cash equivalents of HKD 183,180,000, a decrease from HKD 199,594,000 as of March 31, 2020, indicating a decline of 8.2%[19] - The net cash used in operating activities for the six months ended September 30, 2020, was (13,931) thousand HKD, an improvement from (28,483) thousand HKD in the same period of 2019[31] - The company experienced a net cash outflow from investing activities of (1,336) thousand HKD for the six months ended September 30, 2020, compared to (4,400) thousand HKD in the same period of 2019[31] - The company’s cash and cash equivalents decreased by a net amount of (15,952) thousand HKD during the reporting period[31] Revenue and Expenses - The company reported a total revenue of 5,307,443 thousand HKD for the six months ended September 30, 2020, compared to 3,322,883 thousand HKD for the same period in 2019, representing a year-over-year increase of approximately 60%[27] - The total expenses for the period were 184,867 thousand HKD, which included unallocated corporate expenses of (7,647) thousand HKD[42] - Administrative and operating expenses decreased slightly to HKD 14,690,000 from HKD 14,820,000, a reduction of 0.9%[7] - Employee costs, including directors' remuneration, amounted to HKD 6,960,000 for the six months ended September 30, 2020, down from HKD 8,005,000 in the same period of 2019[53] Projects and Operations - The Evander project has an estimated total capital cost of $714.7 million and a cash operating cost of $486 per ounce[74] - The Evander project's after-tax internal rate of return is 17.6% with a net present value of $724.8 million at a 5% discount rate[74] - The Jeanette project has an estimated initial capital cost of $523.5 million and a total capital cost of $646.6 million[87] - The Jeanette project is projected to produce 2.89 million ounces of gold over its lifespan with a profit margin of 46.2%[87] - The Evander project has a mining period of 20 years with a payback period of 3.6 years[74] - The Jeanette project has a mining period of 22 years with a payback period of 8.7 years[87] - The Evander project has a total gold production of 4,113,000 ounces with an average grade of 6.51 grams per ton[74] - The Jeanette project aims for a production rate of 370,000 tons per year in its first phase[82] Corporate Governance and Management - The company has complied with the corporate governance code except for a deviation regarding the appointment of non-executive directors[135] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the six months ending September 30, 2020[139] - Jacques du Plessis and Peter Warring were appointed as co-interim CEOs of TGL effective December 7 and December 8, 2020, respectively[142] - Jacques du Plessis has nearly 41 years of experience in mining and project execution, having joined the group in 2007[145] - Peter Warring has over 30 years of experience in corporate and mining law and public affairs, having joined TGL in 2007[146] Shareholder Information - The new share option plan allows for the issuance of up to 1,815,147,198 shares, representing 10% of the issued share capital as of August 28, 2020[115] - As of September 30, 2020, Christiaan Rudolph de Wet de Bruin held 244,650,717 shares, representing 1.30% of the issued share capital[125] - Goldborn Holdings Limited owns 2,001,362,075 shares, accounting for 11.03% of the issued share capital as of September 30, 2020[129] - The total number of options granted under the 2010 share option plan was 174,933,901 as of September 30, 2020[123] - The company issued 1,130,141,116 shares to GoldCom to acquire 21,174,316 shares of TGL from South African residents[130] - As of September 30, 2020, there were no short positions in the company's shares or related shares[134] Community and Social Responsibility - The company is focused on social and labor initiatives in the community near the Jeanette project, particularly in response to the COVID-19 pandemic[109] Other Information - The company did not incur any income tax expenses during the period, consistent with the previous year[7] - The company did not declare an interim dividend for the six months ended September 30, 2020, consistent with the previous year[55] - The company did not incur any tax provisions due to the absence of taxable profits in both Hong Kong and South Africa during the reporting periods[49] - The company has adopted a written guideline for securities trading by employees, which is as stringent as the standard code[136] - The company is not aware of any violations of the written guidelines by employees[137]
坛金矿业(00621) - 2021 - 中期财报