Financial Performance - The company reported a revenue of HKD 201,672,000 for the six months ended June 30, 2024, representing an increase of 27.5% compared to HKD 158,069,000 in the same period of 2023[1]. - Gross profit for the same period was HKD 81,096,000, up from HKD 73,757,000, indicating a growth of 9.1%[1]. - Operating profit increased significantly to HKD 78,386,000, compared to HKD 48,441,000 in the previous year, reflecting a growth of 62.0%[1]. - The company recorded a net loss of HKD 47,641,000 for the period, an improvement from a net loss of HKD 83,835,000 in 2023, showing a reduction of 43.1%[1]. - Other income surged to HKD 24,542,000, a substantial increase from HKD 349,000 in the prior year[1]. - Total comprehensive loss for the period was HKD 139,539,000, compared to HKD 211,338,000 in the previous year, marking a decrease of 34.0%[2]. - The company reported a profit before tax of HKD 62,443,000 for the six months ended June 30, 2024, compared to a loss of HKD 83,835,000 for the same period in 2023, indicating a significant turnaround[14]. - The company recorded a net exchange gain of HKD 27,000 for the six months ended June 30, 2024, compared to a loss of HKD 249,000 for the same period in 2023[16]. - The company reported a total financing cost of HKD 141,393,000 for the six months ended June 30, 2024, a decrease from HKD 156,684,000 in the same period of 2023[17]. - The company reported a significant increase in the cost of goods sold to HKD 31,935,000 for the six months ended June 30, 2024, compared to HKD 6,490,000 in 2023[18]. Assets and Liabilities - Non-current assets totaled HKD 3,408,392,000 as of June 30, 2024, down from HKD 3,537,508,000 at the end of 2023[3]. - Current assets decreased to HKD 173,527,000 from HKD 194,256,000, indicating a decline of 10.6%[3]. - Total assets were reported at HKD 3,581,919,000, down from HKD 3,731,764,000, reflecting a decrease of 4.0%[3]. - Total liabilities as of June 30, 2024, were HKD 3,901,119,000, compared to HKD 3,901,119,000 as of December 31, 2023[14]. - The total debt, including convertible bonds, was approximately HKD 2,090,000,000 as of June 30, 2024, down from HKD 2,161,000,000 at the end of 2023[33]. - The debt-to-asset ratio was approximately 58.3% as of June 30, 2024, compared to 57.9% at the end of 2023[33]. Debt Restructuring and Financial Challenges - As of June 30, 2024, the group's net current liabilities amounted to HKD 3,207,480,000, raising significant doubts about its ability to continue as a going concern[6]. - The financial pressure includes approximately HKD 2,182,000,000 in convertible bonds and HKD 604,000,000 in unsecured corporate bonds, with overdue amounts totaling around HKD 457,000,000[6]. - A creditor's petition for liquidation was submitted on August 17, 2022, claiming an unpaid amount of approximately HKD 10,216,000[6]. - On December 8, 2023, a binding agreement was signed to restructure the group's equity, business, and debt, aimed at improving liquidity[7]. - The restructuring is expected to provide necessary funding, extend debt maturities, and reduce overall debt levels through the issuance of new shares[7]. - The court rejected the creditor plan on April 24, 2024, but the company has filed an appeal, with a hearing scheduled for September 13, 2024[7]. - The company is actively seeking suitable investors and exploring feasible financing and debt restructuring options to improve its liquidity situation[34]. - The company is confident in successfully implementing the debt restructuring plan, which is expected to alleviate cash flow issues and fulfill financial obligations in the foreseeable future[35]. Segment Performance - Revenue from the coalbed methane segment was HKD 165,726,000, while the coal and coke segment generated HKD 35,145,000[12]. - The EBITDA for the three intersections coalbed methane project was approximately HKD 154,943,000, up about 40% from HKD 110,740,000 in the previous year[30]. - The sales revenue from coalbed methane reached approximately HKD 165,726,000, an increase of about 11.1% compared to HKD 149,221,000 in the same period last year[30]. - The company has a 75% interest in the raw coal washing project in Shanxi, which generated revenue of approximately HKD 35,145,000, significantly up from HKD 7,421,000 in the previous year[31]. - The financial services segment recorded a net income of approximately HKD 801,000, down from HKD 1,427,000 in the same period last year[32]. Corporate Governance and Management - The company did not declare any dividends for the six months ended June 30, 2024, consistent with the previous year[20]. - The company did not engage in any purchases, sales, or redemptions of its listed securities during the six months ending June 30, 2024[39]. - The audit committee has reviewed the accounting principles and practices adopted by the company for the six months ending June 30, 2024[40]. - The company has complied with all provisions of the Corporate Governance Code during the reporting period, with some exceptions noted[41]. - The company believes that having the same individual serve as both chairman and CEO ensures effective leadership and strategy execution[41]. - The chairman was unable to attend the annual general meeting held on May 31, 2024, due to business commitments[41]. Market Outlook - China's economy grew by 5.2% in 2023, driving an increase in natural gas demand, with projected consumption rising by 30 to 35 billion cubic meters in 2024[38]. - The company plans to continue focusing on the development of the Sanjiao coalbed methane project in 2024 to enhance production capacity[38]. - The company is actively working with investors and major creditors on a debt restructuring plan, aiming to complete it within the year despite challenges and uncertainties[38]. Employee Information - As of June 30, 2024, the company had approximately 300 employees, with compensation policies aligned with current market levels and individual performance[37].
中国油气控股(00702) - 2024 - 中期业绩