Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 926,402 thousand, a decrease of 35.2% compared to RMB 1,430,452 thousand in the same period of 2023[1] - The gross loss for the period was RMB (43,325) thousand, compared to a profit of RMB 291,046 thousand in the prior year, representing a decline of 114.9%[2] - The loss before tax was RMB (350,029) thousand, a significant increase from a profit of RMB 6,186 thousand in the previous year, reflecting a change of 5,758.4%[2] - EBITDA for the period was RMB (93,991) thousand, down 132.3% from RMB 291,218 thousand in the same period last year[1] - Basic loss per share was RMB (7.7), compared to RMB (0.3) in the prior year, indicating an increase of 2,466.7%[2] - The company reported a total comprehensive loss attributable to owners of the company of RMB (353,688) thousand for the period, compared to RMB (11,350) thousand in the previous year[2] - The group's net loss for the year was approximately RMB 351.2 million, with a net operating cash inflow of RMB 27.2 million[8] Sales and Production - Sales revenue from premium coal was RMB 829.47 million, down from RMB 1.302 billion in the previous year, representing a decrease of approximately 36.3%[11] - The sales volume of premium coal decreased from approximately 756,900 tons to about 477,400 tons, representing a decline of approximately 36.9%[28] - The production of raw coal and premium coal was approximately 1,641,000 tons and 499,000 tons, respectively, down approximately 37.3% and 33.7% compared to the same period in 2023[29] - The average selling price of premium coal (excluding VAT) was approximately RMB 1,737.4 per ton, compared to RMB 1,720.2 per ton in the same period of 2023[28] - The production cost per ton of premium coal reached a high level of RMB 1,668 due to low production levels[29] - The company aims to achieve higher growth in raw coal and premium coal production in the second half of 2024 as operations resume in Guizhou Province[29] Financial Position - Non-current assets decreased to RMB 9,985,846 thousand as of June 30, 2024, from RMB 10,347,768 thousand as of December 31, 2023[3] - Current liabilities increased to RMB 7,681,818 thousand as of June 30, 2024, compared to RMB 7,481,001 thousand as of December 31, 2023[4] - Total equity decreased to RMB 1,396,148 thousand as of June 30, 2024, from RMB 1,747,338 thousand as of December 31, 2023[5] - As of June 30, 2024, the company's capital-to-debt ratio was 59.6%, up from 57.5% as of December 31, 2023[42] - As of June 30, 2024, the company had total bank borrowings of approximately RMB 5,619.8 million, with RMB 4,256.4 million due within one year[41] Cost Management - Total employee costs were RMB 430.719 million, a decrease from RMB 483.228 million in the previous year, reflecting a reduction of approximately 10.8%[18] - Employee costs for the review period were approximately RMB 374.4 million, a decrease of about RMB 32.8 million or 8.1% compared to RMB 407.2 million in the same period of 2023[32] - Distribution expenses were approximately RMB 55.8 million, a decrease of about RMB 78.3 million or 58.4% compared to RMB 134.1 million in the same period of 2023, consistent with the decline in premium coal sales[36] - Administrative expenses were approximately RMB 129.8 million, a decrease of about RMB 44.4 million or 25.5% compared to RMB 174.2 million in the same period of 2023, mainly due to reduced ongoing administrative and legal costs[37] - Financing costs were approximately RMB 125.5 million, a decrease of about RMB 14.7 million or 10.5% compared to RMB 140.2 million in the same period of 2023, primarily due to a reduction in interest on discounted notes receivable[38] Liquidity and Future Plans - The group is negotiating with banks to extend loan repayments and interest payment deadlines to improve liquidity and profitability[9] - The group plans to continue taking proactive measures to control administrative and production costs to enhance financial resources for operations[9] - The board believes that liquidity will improve with the expansion of production scale in the second half of 2024, maintaining a healthy overall financial, business, and trade status[50] Compliance and Governance - The company has adopted new and revised International Financial Reporting Standards effective from January 1, 2024, with no significant changes to accounting policies or reported amounts[10] - The audit committee has reviewed the financial reporting process and internal control procedures during the review period[51] - The company has complied with the corporate governance code during the review period[52] Legal and Contingent Liabilities - The company is currently facing legal claims amounting to approximately RMB 576 million related to a loan agreement dispute[48] - There were no significant contingent liabilities other than those disclosed as of June 30, 2024[49] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the review period[48] - The company had no significant investments during the review period[47] - The company has no major future investment or capital asset plans as of the review period[48]
恒鼎实业(01393) - 2024 - 中期业绩