Financial Performance - Revenue for the six months ended June 30, 2020, was HK$1,819,727,000, a decrease of 7% compared to HK$1,959,940,000 for the same period in 2019[7]. - Gross profit for the period was HK$948,433,000, down 11% from HK$1,064,516,000 year-on-year, resulting in a gross profit margin of 52%[7]. - Profit attributable to owners of the Company decreased by 14% to HK$548,699,000 from HK$640,388,000 in the previous year[7]. - Adjusted EBITDA for the six months ended June 30, 2020, was HK$1,033,994,000, reflecting a 13% decline from HK$1,184,698,000 in the same period of 2019[7]. - Basic earnings per share for the period were HK$10.35, down 14% from HK$12.08 in the previous year[7]. - Total comprehensive income for the period was HK$214,283,000, significantly lower than HK$1,053,648,000 in the previous year[22]. - The profit for the period was HK$640,388,000, with total comprehensive income amounting to HK$1,034,467,000 for the six months ended June 30, 2020[28]. - The Group reported a profit before income tax of HK$871,294,000 for the six months ended June 30, 2020, compared to HK$895,424,000 for the same period in 2019, reflecting a decrease of approximately 2%[65]. - For the six months ended June 30, 2020, the Group recorded a net profit of approximately HK$585 million, a decrease of 11% YoY[165]. - Profit attributable to the Owners decreased by approximately HK$91 million or 14% YoY to approximately HK$549 million[188]. Assets and Liabilities - Total assets as of June 30, 2020, were HK$21,321,316,000, a decrease of 1% from HK$21,472,710,000 as of December 31, 2019[10]. - Total liabilities rose by 2% to HK$4,521,981,000 from HK$4,426,398,000[10]. - Total equity decreased by 1% to HK$16,799,335,000 from HK$17,046,312,000[10]. - Total current liabilities increased to HK$2,930,042,000 from HK$2,845,954,000 as of December 31, 2019, reflecting a rise of approximately 2.97%[26]. - Non-current liabilities totaled HK$1,591,939,000, slightly up from HK$1,580,444,000, marking an increase of about 0.73%[26]. - The equity attributable to owners of the Company decreased to HK$15,398,367,000 from HK$15,681,580,000, a reduction of approximately 1.80%[26]. - Total cash and cash equivalents decreased to HK$2,416,613,000 as of June 30, 2020, from HK$3,712,383,000 as of December 31, 2019[103]. Cash Flow - Cash generated from operations was HK$814,386,000, with income tax paid amounting to HK$297,101,000, leading to a net cash inflow from operating activities of HK$517,285,000[32]. - The company reported a net cash outflow from investing activities of HK$1,724,132,000, compared to HK$740,751,000 in the previous year[34]. - The net cash outflow from financing activities was HK$85,575,000, a significant increase from HK$5,767,000 in the prior year[36]. - The Group generated a positive cash flow of approximately HK$517 million from operating activities, down from approximately HK$786 million in the same period of 2019[169]. Dividends - Interim dividend per share was HK$7.50, a decrease of 12% compared to HK$8.50 in the same period last year[7]. - The final dividend for the year ended December 31, 2019, was HK$461,260,000, an increase from HK$450,656,000 for 2018, reflecting a dividend of HK8.7 cents per ordinary share compared to HK8.5 cents in 2018[75]. Production and Sales - For the six months ended June 30, 2020, the Group's revenue from clean coking coal sales was HK$1,818,861,000, a decrease of 5.7% compared to HK$1,928,522,000 in the same period of 2019[54]. - Sales of raw coking coal significantly dropped to HK$866,000 from HK$31,418,000 in the previous year, indicating a decline of approximately 97.2%[54]. - The Group's turnover for the six months ended June 30, 2020, was approximately HK$1,820 million, a decrease of approximately HK$140 million or 7% year-on-year[161]. - The production volume of raw coking coal increased by 0.4% YoY, while the production volume of clean coking coal rose by 9% YoY due to optimized washing process techniques[168]. Expenses - Selling and distribution expenses increased by approximately HK$13 million or 10% YoY to approximately HK$137 million, driven by a net increase in sales volume of clean coking coal[181]. - General and administrative expenses remained stable at approximately HK$81 million, including additional costs for anti-epidemic materials[182]. - Other operating expenses significantly decreased by approximately HK$104 million or 95% YoY to approximately HK$6 million, due to the absence of one-off non-cash write-offs from the previous year[183]. Market Conditions - The average realised selling price of clean coking coal decreased by 11% year-on-year to RMB 1,267 per tonne[160]. - The average market prices of clean coking coal dropped by 10% to 17% year-on-year in the first half of 2020[160]. - The decrease in turnover was primarily driven by the drop in average realised selling prices and the depreciation of RMB to HK$ exchange rate by approximately 5% year-on-year[161]. Compliance and Operations - The Group complied with environmental protection regulations and focused on energy saving and emission reduction during the review period[192]. - The Group's coal mines resumed production in mid-February 2020 after passing inspections post-COVID-19 lockdown[192]. - The Group assessed COVID-19 risks and found no material impact on financial performance or position as of June 30, 2020[170].
首钢资源(00639) - 2020 - 中期财报