Investment Activities - As of September 30, 2021, the Company has invested in various energy portfolio companies, including Hongbo Mining, Stonehold, JOVO, and JUSDA Energy, covering upstream crude oil assets and the LNG value chain[8]. - The Company entered into an amended limited partnership agreement in March 2021 for an investment fund focused on advanced manufacturing, anticipating it to be a major global development trend[8]. - The Company has also ventured into the mobility services industry by investing in Weipin, a mobility services platform in China, in late 2019[8]. - The Company aims to capture new investment opportunities in both energy and mobility sectors[8]. - The Company holds a 39% equity interest in JUSDA Energy, which provides LNG logistics services, and a 35.5% equity interest in Weipin, an online ride-hailing service[10]. - The Company aims to enhance its investment strategy in the global energy sector through strategic acquisitions and partnerships[40]. - The Company is focused on expanding its operations in the unconventional shale oil and gas market[40]. - The company is adapting its business model to align with the changing energy landscape and market conditions[52]. Financial Performance - For the six months ended September 30, 2021, the total loss from principal business activities was HK$(241,996,000), compared to a gain of HK$16,126,000 in the same period of 2020[11]. - EBITDA from continuing operations for the same period was HK$(246,865,000), a decrease from HK$20,666,000 in the prior year[11]. - The loss before taxation from continuing operations was HK$(277,372,000) for the six months ended September 30, 2021[11]. - The loss attributable to equity shareholders of the Company for the period was HK$(199,790,000), compared to a loss of HK$(25,613,000) in the previous year[11]. - The basic and diluted loss per share from continuing operations was HK$(4.048 cent) for the period[11]. - The total loss from principal business activities was primarily due to investment losses, notably a loss of HK$294,005,000 from the Stonehold investment[19]. - The substantial decrease in EBITDA is primarily due to an increase in the loss of fair value change from the Stonehold investment, attributed to the global promotion of carbon neutralization and reduced long-term demand for fossil fuels[112]. - Investment loss for the period was HK$257.8 million, compared to an income of HK$11.3 million in the previous year[116]. Asset and Liability Management - Total assets as of September 30, 2021, were HK$3,005,554,000, down from HK$3,605,521,000 as of March 31, 2021[12]. - Current liabilities decreased to HK$202,930,000 from HK$355,843,000 in the previous reporting period[12]. - Non-current liabilities also decreased to HK$97,497,000 from HK$205,402,000[12]. - Net assets as of September 30, 2021, were HK$2,705,127,000, compared to HK$3,004,279,000 as of March 31, 2021[12]. - The gearing ratio as of September 30, 2021, was approximately 1.5%, slightly down from 1.7% as of March 31, 2021[119]. - The company regularly monitors its liquidity requirements and compliance with lending covenants to maintain sufficient cash reserves and marketable securities[125]. Market Trends and Economic Factors - The company experienced a significant rebound in the international crude oil market in 2021, with crude oil prices showing a periodic upward trend in the first three quarters[25]. - Global vaccination efforts against COVID-19 have led to a considerable containment of the epidemic, boosting demand for crude oil as countries gradually lifted restrictions[25]. - A third-party forecast predicts a 25% reduction in crude oil demand by 2030 and a 50% reduction by 2040, potentially putting long-term pressure on crude oil prices[25]. - The expected long-term low oil price is influenced by the promotion of carbon neutralization and reduced demand for fossil fuels[50]. - The LNG import costs are expected to maintain an upward trend due to rising international oil prices and supply chain bottlenecks[96]. Operational Highlights - Hongbo Mining reported a gross sales volume of approximately 151,410 barrels and gross revenue of about HK$81.5 million for the six months ended September 30, 2021[8]. - Stonehold Energy Corporation achieved a total net production of approximately 288,887 boe and revenue of US$13.5 million for the first six months of 2021[8]. - Average daily gross production volume increased significantly to 538,843 barrels from 310,943 barrels year-over-year[19]. - The average daily orders for mobility services from Weipin surged to 31,349,364, compared to 10,157,569 in the same period last year[19]. - The average revenue per order for mobility services increased to HK$344,499 from HK$55,506 year-over-year[19]. Investment Losses and Fair Value Changes - The investment in Stonehold is recognized as a financial asset at fair value through profit or loss in the Company's financial statements[8]. - The company recorded a loss in the fair value of the Stonehold investment amounting to US$43 million during the six months ended September 30, 2021[50]. - The fair value loss from the Stonehold investment was HK$294.0 million due to the global promotion of carbon neutralization[105]. - The fair value gain from the JOVO investment was HK$134.1 million as a result of its IPO[105]. - The company incurred a fair value loss from Symbio Infrastructure investment of HK$68.3 million due to the Quebec provincial government's decision not to approve environmental permits[105]. Corporate Governance and Compliance - The Company is committed to high standards of corporate governance, emphasizing accountability and transparency[194]. - The Company has complied with the Corporate Governance Code throughout the Reporting Period, except for the provision regarding the separation of roles of chairman and chief executive[195]. - All Directors confirmed compliance with the Model Code for Securities Transactions throughout the Reporting Period[195]. - The Company ensured that the Covenantors adhered to the Non-Competition Deed during the Reporting Period[200].
普达特科技(00650) - 2022 - 中期财报