Financial Performance - The company's revenue for the six months ended June 30, 2024, was approximately $77.6 million, a decrease of about 16.5% compared to $92.9 million for the same period in 2023[1]. - Gross profit for the same period was approximately $17.5 million, an increase of about 3.3% from $17.0 million in 2023[1]. - Net profit attributable to shareholders for the six months ended June 30, 2024, was approximately $4.8 million, a slight decrease of 0.1% compared to $4.8 million in 2023[1]. - Earnings per share for the period remained stable at $0.15, unchanged from the same period in 2023[1]. - Operating profit for the six months was $5.7 million, down from $6.5 million in the previous year[2]. - Total comprehensive income for the period was $1.3 million, compared to $0.8 million in 2023[3]. - Total revenue for the six months ended June 30, 2024, was $77,601,000, down 16.5% from $92,888,000 in the same period of 2023[10]. - Revenue from external customers for the first half of 2024 was $77.601 million, a decrease of 16.4% compared to $92.888 million in the same period of 2023[18]. - Reported segment revenue for the first half of 2024 was $95.870 million, down from $122.679 million in the first half of 2023, representing a decline of 21.8%[18]. - The company reported a consolidated profit before tax of $6.088 million for the first half of 2024, compared to $5.322 million in the same period of 2023, indicating a growth of 14.4%[18]. - The company’s total comprehensive income for the six months ended June 30, 2024, was $4,791,000, compared to a loss of $4,039,000 in the same period of 2023[6]. Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to $72.97 million, down from $81.45 million as of December 31, 2023[4]. - Current assets totaled $234.72 million, a decrease from $244.86 million at the end of 2023[4]. - Total liabilities were $113.29 million, down from $128.34 million in the previous year[5]. - The company’s total liabilities decreased to $106,214,000 from $111,000,000 in the previous year[7]. - The company’s total assets as of June 30, 2024, were $307.698 million, down from $326.301 million as of December 31, 2023, representing a decrease of 5.7%[19]. - The company’s total liabilities as of June 30, 2024, were $130.607 million, a decrease of 13.2% from $150.477 million as of December 31, 2023[20]. - The asset-liability ratio as of June 30, 2024, was 42.4%, a decrease from 46.1% as of December 31, 2023[54]. Cash Flow - For the six months ended June 30, 2024, the company generated cash from operating activities of $3,864,000, a decrease of 89.3% compared to $36,231,000 for the same period in 2023[7]. - The company reported a net cash inflow from investing activities of $14,779,000, a decrease of 64.3% compared to $41,389,000 in the previous year[7]. - The company reported a net cash outflow from financing activities of $18,308,000, compared to an outflow of $16,618,000 in the previous year[7]. - Operating cash flow for the six months ended June 30, 2024, was a net inflow of $2.2 million, but if adjusted for financing lease-related principal and interest, it would show a net outflow of $16.6 million[52]. Dividends - The board of directors decided not to declare an interim dividend for the six months ended June 30, 2024[1]. - The company paid dividends of $4,052,000 in the previous year, with no dividends paid in the current period[7]. - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend declared for the same period in 2023[27]. Revenue Breakdown - Revenue from the sale of land and marine drilling platform-related equipment was $37,859,000, down 34% from $57,292,000 in the prior year[10]. - Revenue from Mainland China was $45,355,000, down 30.4% from $65,117,000 year-over-year[22]. - North America revenue increased by 52.5% to $3,079,000 from $2,020,000 in the previous year[22]. - Equipment manufacturing and general contracting revenue decreased by 33.6% from $57.6 million in H1 2023 to $38.2 million in H1 2024[43]. - Supply chain and integrated services revenue fell by 15.8% from $17.2 million in H1 2023 to $14.5 million in H1 2024[44]. - Asset management and engineering services revenue increased by 37.6% from $18.0 million in H1 2023 to $24.8 million in H1 2024[45]. Strategic Initiatives - The company has established a five-year strategic plan focusing on hydrogen, machinery, and electricity, aiming to become a leading provider of green energy and equipment services[35]. - The company is actively expanding its product portfolio in the marine energy-saving equipment sector, achieving breakthrough sales orders for wind sail products[37]. - The company has initiated the execution phase of the PEMEX project in Mexico, with the deployment of two drilling rigs progressing as planned[37]. - The company is focusing on research and development in new energy and power control technologies, including the development of hybrid power systems and control systems for flexible hydrogen power devices[37]. - The company plans to invest approximately 27 million RMB in research and development this year, with 13 ongoing R&D projects[63]. - The company is actively exploring opportunities in the green methanol sector and has formed a project team to conduct research and development in this area[63]. Governance and Compliance - The Audit Committee has reviewed the unaudited financial results for the six months ending June 30, 2024, and found them compliant with applicable accounting standards[104]. - The company has adhered to the corporate governance code and maintained high standards of corporate governance practices[107]. - No significant transactions or contracts involving directors or their related entities during the reporting period[105]. Market Conditions - The average WTI oil price for the first half of 2024 was $78.52 per barrel, a year-on-year increase of 4.9%, while Brent averaged $83.19 per barrel, up 4.1% year-on-year[57]. - The utilization rate of offshore drilling rigs surpassed 88% in the first half of 2024, indicating a strong recovery in the market[58]. - The hydrogen energy sector was highlighted in the government work report, with plans to accelerate its development and establish it as a key emerging industry[59]. - The European Union announced public funding of €6.9 billion for hydrogen-related projects, expected to attract over €5.4 billion in private investment[60]. - The U.S. Department of Energy outlined short, medium, and long-term goals for the hydrogen and fuel cell industry, including six sub-plans focused on hydrogen production and infrastructure[60]. Share Incentive Plans - The 2015 share incentive plan allows for a total of 21,147,456 shares to be awarded, representing approximately 0.65% of the total shares issued as of the announcement date[71]. - The 2019 share incentive plan allows for a total of 88,389,372 shares to be awarded, which is about 2.73% of the total shares issued as of the announcement date[81]. - As of June 30, 2024, the trustee holds 62,052,544 shares under the 2019 Share Incentive Plan, representing approximately 1.91% of the company's issued share capital[87]. - No rewards have been granted under the Share Incentive Plan since its adoption, resulting in no shares being issued as of June 30, 2024[97].
华商能源(00206) - 2024 - 中期业绩