Financial Performance - Revenue for 1H 2024 was US$938.5 million, a decrease of 25.6% compared to 1H 2023[20] - Gross profit for 1H 2024 was US$79.7 million, down 78.9% from US$377.3 million in 1H 2023[22] - The loss for the period was US$67.0 million in 1H 2024, compared to a profit of US$148.7 million in 1H 2023, marking a 145.1% decline[32] - Sales revenue for the first half of 2024 was reported at $1,262.2 million, showing an increase from $1,215.5 million in the first half of 2023[83] - The net loss for the period was $67.03 million, compared to a profit of $148.74 million in the previous year[145] - Total comprehensive loss for the period amounted to $116,743,000, significantly higher than the loss of $38,447,000 reported in the previous year[147] Income and Expenses - Cost of sales was US$858.8 million, a decrease of 3.0% compared to 1H 2023[21] - Administrative expenses rose by 11.0% to US$164.1 million in 1H 2024, attributed to increased operating expenses for Hua Hong Manufacturing[27] - Selling and distribution expenses decreased by 6.3% to US$4.8 million in 1H 2024[26] - Finance costs decreased by 12.8% to US$49.4 million in 1H 2024, due to lower interest rates on bank borrowings[29] - Income tax credit for 1H 2024 was US$11.5 million, compared to an expense of US$26.9 million in 1H 2023[31] Assets and Liabilities - Total non-current assets increased by 5.3% from US$4,373.9 million to US$4,605.8 million[34] - Cash and cash equivalents rose by 15.0% from US$5,585.2 million to US$6,423.9 million[34] - Interest-bearing bank borrowings increased by 5.3% from US$2,099.6 million to US$2,212.0 million[54] - Total liabilities increased by 10.1% to $1.07 billion, with interest-bearing bank loans rising by 28.0% to $247.03 million[105] Cash Flow - Net cash flows generated from operating activities decreased by 53.1% from US$293.1 million to US$137.6 million, primarily due to decreased revenue[46] - Operating cash flow net amount decreased by 53.1% to $137.55 million, mainly due to reduced sales revenue[118] - The net cash flows used in investing activities were $470,924,000, compared to $353,930,000 in the same period last year[160] - The company reported a net increase in cash and cash equivalents of $872,687,000, contrasting with a decrease of $97,806,000 in the prior year[160] Market and Production - The semiconductor market showed positive trends in demand, particularly in consumer ICs, with significant growth in shipments and revenue across various process platforms in the first half of 2024[133] - The utilization rate for 8-inch capacity exceeded 100% in Q2 2024, while the 12-inch capacity approached full production, indicating a recovery in operational performance[133] - The company is focusing on advancing production capacity and process development, aiming to cover a wider range of product categories in the semiconductor market[72] - The Hua Hong Manufacturing project, with a planned monthly production capacity of 83,000 wafers, is expected to commence equipment move-in in Q3 2024 and achieve operational status in Q4 2024[71] Government Grants and Taxation - Government grants increased from US$35.0 million to US$39.4 million, primarily due to receipts for research and development projects[42] - The Group's subsidiaries in the PRC are subject to a corporate income tax rate of 25%, with preferential rates of 15% available for recognized High and New Technology Enterprises[193] - The current income tax expense in China for the six months ended June 30, 2024, is $15,035,000, a decrease from $47,071,000 in the same period of 2023[199] Shareholder Information - The company issued a total of 407,750,000 shares on the Shanghai Stock Exchange, raising a net amount of RMB 20.9207 billion after deducting issuance costs[130] - The company declared a dividend of US$36,233,000 during the period[154] - The capital contribution from non-controlling interests amounted to US$1,181,880,000[154]
华虹半导体(01347) - 2024 - 中期财报