Financial Performance - For the six months ended June 30, 2024, total revenue was approximately $541.1 million, compared to $516.7 million for the same period in 2023, representing an increase of 4.3%[2] - Gross profit for the same period was approximately $223.8 million, slightly down from $225.1 million in the previous year, indicating a decrease of 0.6%[4] - Profit attributable to equity holders for the six months was approximately $133.0 million, compared to $136.5 million in the same period last year, reflecting a decrease of 2.6%[2] - Basic and diluted earnings per share were 12.05 cents and 11.85 cents respectively, down from 13.11 cents in the previous year[4] - Pre-tax profit for the six months ended June 30, 2024, was $185,208,000, a decrease of 2.2% from $190,576,000 in 2023[24] - Basic earnings per share for the six months ended June 30, 2024, was $125,884,000, compared to $136,635,000 for the same period in 2023[26] - The adjusted EBITDA for the first half of 2024 was approximately $270.1 million, an increase from $258.0 million in the first half of 2023[97] - The income tax expense for the first half of 2024 was about $52.3 million, down from $54.1 million in the same period of 2023[101] Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to $1,703.6 million, an increase from $1,588.5 million as of December 31, 2023[8] - Current assets totaled $530.2 million, up from $419.9 million at the end of 2023, primarily driven by an increase in cash and cash equivalents[9] - Total liabilities decreased slightly to $422.9 million from $433.4 million at the end of 2023[10] - The net asset value increased to $1,402.5 million from $1,169.9 million at the end of 2023, indicating a significant growth in equity[12] Revenue Segments - For the six months ended June 30, 2024, coal mining segment revenue was $437,887,000, a decrease of 2.9% from $450,216,000 in the same period of 2023[17] - Gold mining segment did not generate any revenue for the six months ended June 30, 2024, compared to $541,129,000 in the same period of 2023[17] Costs and Expenses - Total revenue cost for the six months ended June 30, 2024, was $317,300,000, an increase of 8.8% from $291,597,000 in 2023[19] - General and administrative expenses rose to approximately $23.2 million in the first half of 2024, compared to $14.0 million in the same period of 2023[99] - The unit extraction cost for raw coal increased to $19.2 per ton in the first half of 2024, compared to $17.5 per ton in the same period of 2023, primarily due to increased depreciation and amortization costs[92] - Processing costs for the first half of 2024 were approximately $30.8 million, compared to $29.5 million in the same period of 2023[93] - The processing cost for the first half of 2024 was approximately $9.9 million, an increase from $8.3 million in the same period of 2023[94] - Logistics costs for the reporting period amounted to $7.7 million, up from $6.0 million in the first half of 2023, primarily due to increased sales volume[95] - Total transportation costs reached $65.4 million in the first half of 2024, compared to $41.8 million in the same period of 2023, driven by higher coal sales[95] Cash Flow - For the six months ended June 30, 2024, the net cash generated from operating activities was $159.6 million, compared to $247.8 million for the same period in 2023, representing a decrease of approximately 35.4%[102] - The net cash used in investing activities was $94.4 million, which included $54.6 million related to deferred stripping activities and $47.6 million for the acquisition of property, plant, and equipment[102] - The net cash generated from financing activities was $40.2 million, which included $20.0 million used for the redemption of perpetual notes and $88.8 million from the sale of a subsidiary's shares[103] Acquisitions and Investments - The company completed the acquisition of 50% equity in Erdene Mongol LLC, making it a subsidiary, and 20% equity in KEX LLC during the reporting period[2] - The company completed the acquisition of a 50% stake in EM for a total consideration of $40.0 million, making EM a subsidiary as of January 25, 2024[112] - The company agreed to sell a 20% stake in KEX for $88,810,000, resulting in ownership of 80% by the company and 20% by the buyer post-transaction[113] Employee and Training - As of June 30, 2024, the total number of employees increased to 2,559 from 2,285 a year earlier, reflecting a growth of approximately 11.9%[115] - Employee costs for the six months ending June 30, 2024, amounted to $29.4 million, up from $20.3 million for the same period in 2023, representing an increase of 45.1%[116] - The company has adopted a comprehensive training program, with 18,671 employees in coal operations and 4,365 in gold and metal operations participating in various professional training[116] - The company continues to emphasize internal training, with a focus on occupational health and safety training for all employees[116] Compliance and Governance - The audit committee reviewed the financial reports and confirmed compliance with applicable accounting standards and regulations[120] - The company has maintained compliance with corporate governance codes throughout the reporting period[119] - The mid-term financial results were reviewed by an independent auditor, ensuring transparency and adherence to standards[120] Market and Economic Conditions - In the first half of 2023, China's crude steel production was 530.6 million tons, a decrease of 1.1% year-on-year[36] - China's apparent consumption of crude steel is projected to decline by 4.5% from 494.1 million tons in the first half of 2023 to 471.9 million tons in the first half of 2024[36] - In the first half of 2024, China's coke production decreased by 0.8% to 241.8 million tons, while coke consumption increased by 0.2% to 237.1 million tons[36] - China's coking coal imports surged by 25.9% to 57.4 million tons in the first half of 2024, compared to 45.6 million tons in the same period of 2023[36] Resource Estimates and Exploration - The latest coal resource estimate for Ukhaa Khudag (UHG) as of December 31, 2023, includes a total coal resource of 458 million tons, with 30 million tons classified as measured and 65 million tons as inferred[46] - A total of 21,957 meters of drilling was conducted across 108 drill holes in the first half of 2024, resulting in the collection and laboratory analysis of 7,968 samples[45] - The BN coal deposit has a total of 135 exploration drill holes with a cumulative drilling of 36,875 meters, including 16,102 meters of HQ-3 drilling[48] - The total number of individual analysis samples collected and analyzed for UHG is 43,656[45] - The coal resource classification for UHG includes 285 million tons measured, 173 million tons indicated, and 65 million tons inferred[46] Health and Safety - The company recorded a lost time injury frequency rate of 0.97 per million hours worked, down from 1.36 in the same period last year[82] - The total recordable injury frequency rate was 2.23 per million hours worked, compared to 3.05 in the same period last year[82] - The company has implemented an integrated management system compliant with ISO 45001:2018 and passed a recent audit by AFNOR Group[83] - No occupational diseases or environmental incidents were recorded during the reporting period[83]
MONGOL MINING(00975) - 2024 - 中期业绩