Revenue and Profitability - Revenue for the six months ended June 30, 2019, was HK$1,978,168,000, a decrease of 1% compared to HK$1,959,940,000 in the same period of 2018[11] - Profit for the period decreased by 2% to HK$660,027,000, compared to HK$671,510,000 in the previous year[12] - Profit attributable to owners of the Company increased by 0.4% to HK$640,388,000, from HK$638,045,000[13] - Total comprehensive income for the period was HK$1,053,648,000, an increase of 79.0% from HK$587,709,000 in 2018[29] - Profit for the six months ended June 30, 2019, was HK$640,388,000, slightly up from HK$638,045,000 in 2018, indicating a growth of approximately 0.4%[98] - The Group's turnover for the six months ended 30 June 2019 was approximately HK$1,960 million, a decrease of 1% year-on-year from HK$1,978 million in the same period of 2018[178] - The net profit for the same period was approximately HK$660 million, with profit attributable to the owners of approximately HK$640 million, reflecting a decrease of approximately HK$41 million and HK$35 million YoY due to exchange rate impacts[181] Gross Profit and Margins - Gross profit increased by 1% to HK$1,064,516,000, with a gross profit margin of 54%, up from 53%[12] - Gross profit for the six months ended June 30, 2019, was approximately HK$1.065 billion, an increase of approximately HK$11 million or 1% YoY, with a gross profit margin of 54% compared to 53% in the prior year[195] - The cost of sales decreased by approximately HK$29 million or 3% YoY to approximately HK$895 million, influenced by exchange rate changes[185] Assets and Liabilities - Total assets as of June 30, 2019, were HK$22,148,515,000, representing a 4% increase from HK$21,251,042,000 at the end of 2018[16] - Total liabilities increased by 7% to HK$4,769,717,000, compared to HK$4,475,236,000 in the previous year[16] - Total equity attributable to owners increased by 4% to HK$15,967,927,000, from HK$15,384,116,000[16] - Total current assets rose to HK$7,711,050, compared to HK$7,395,292, reflecting an increase of about 4.26%[31] - Total non-current assets reached HK$14,437,465, an increase from HK$13,855,750, marking a growth of around 4.19%[31] - Total current liabilities decreased to HK$2,386,374 from HK$1,893,007, indicating a reduction of approximately 25.9%[138] Cash Flow and Cash Management - Cash and cash equivalents increased by 8% to HK$4,649,913,000, up from HK$4,307,335,000[16] - Cash generated from operations was HK$1,124,343,000, resulting in a net cash inflow from operating activities of HK$785,709,000[39] - The Group maintained a healthy financial position with free bank balances and cash of approximately HK$4.65 billion as of June 30, 2019, up from approximately HK$4.31 billion at the end of 2018[184] - Interest income for the period was approximately HK$71 million, an increase of approximately HK$12 million or 20% YoY compared to HK$59 million in the same period of 2018[196] Production and Sales - For the six months ended 30 June 2019, the Group produced approximately 2.24 million tonnes of raw coking coal, a year-on-year decrease of 5% from 2.35 million tonnes in the same period of 2018[173] - Clean coking coal production increased by 18% year-on-year to approximately 1.38 million tonnes, up from 1.17 million tonnes in the same period of 2018[173] - Sales volume of clean coking coal rose by 22% year-on-year, while sales volume of raw coking coal dropped significantly by 94% year-on-year[174] - The average realised selling price of raw coking coal increased by 30% year-on-year to RMB 955/tonne, compared to RMB 733/tonne in the same period of 2018[176] - The average realised selling price of clean coking coal rose by 4% year-on-year to RMB 1,424/tonne, up from RMB 1,366/tonne in the same period of 2018[176] Expenses and Costs - Staff costs, including directors' emoluments, increased to HK$316,112,000 for the six months ended June 30, 2019, compared to HK$274,986,000 in 2018[87] - Selling and distribution expenses were approximately HK$124 million, an increase of approximately HK$18 million or 17% YoY compared to HK$106 million in the same period of 2018, primarily due to an increase in sales volume of clean coking coal by approximately 202,000 tonnes[199] - The production cost of raw coking coal increased by 6% YoY, while cash production costs rose by 4% YoY, attributed to a 5% decrease in production volume and inflation[194] Financial Reporting and Compliance - The interim financial information was prepared in accordance with Hong Kong Accounting Standards, ensuring compliance with applicable disclosure provisions[44] - The auditor's report on the financial statements was unqualified, indicating no significant issues were raised during the audit process[167] - The Group's financial statements for the year ended December 31, 2018, have been delivered to the Registrar of Companies as required, ensuring compliance with statutory obligations[166] Changes in Accounting Policies - The Group adopted HKFRS 16 retrospectively from January 1, 2019, recognizing lease liabilities previously classified as operating leases, measured at the present value of remaining lease payments[55] - The change in accounting policy on January 1, 2019, resulted in an increase of HK$31,844,000 in lease liabilities and right-of-use assets, and an increase of HK$60,062,000 in land use rights[64] Other Income and Gains - Other income and gains, net, increased to HK$50,284,000 from HK$21,554,000, marking a significant rise of 133.4%[27] - The increase in other income was mainly due to a HK$10 million or 57% YoY increase in income from sales of by-products and an HK$18 million increase in net foreign exchange gains[198]
首钢资源(00639) - 2019 - 中期财报