盐城港(08310) - 2024 - 中期财报

Financial Highlights Financial Highlights The Group's total revenue surged by 64.55% to approximately HKD 691 million in H1 2024, with significant loss reduction across key profitability metrics Key Financial Highlights | Metric | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | Approx. HKD 690.5 million | Approx. HKD 419.6 million | +64.55% | | Loss Before Tax | Approx. HKD 18.1 million | Approx. HKD 34.0 million | -46.73% | | Loss Attributable to Owners of the Company | Approx. HKD 17.8 million | Approx. HKD 34.2 million | -48.11% | | Loss Per Share | Approx. HK 1.38 cents | Approx. HK 2.66 cents | -48.12% | Condensed Consolidated Financial Statements Condensed Consolidated Statement of Comprehensive Income Revenue grew 64.6% to HKD 691 million, with gross profit increasing to HKD 1.284 million, and loss for the period significantly narrowed to HKD 18.09 million due to cost control Condensed Consolidated Statement of Comprehensive Income | Item (HKD thousands) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | 690,507 | 419,628 | | Cost of Revenue | (689,223) | (419,265) | | Gross Profit | 1,284 | 363 | | Administrative Expenses | (9,929) | (20,482) | | Finance Costs | (11,251) | (13,652) | | Loss Before Tax | (18,094) | (33,964) | | Loss for the Period | (18,094) | (33,973) | | Loss Attributable to Owners of the Company | (17,758) | (34,226) | - Basic and diluted loss per share attributable to owners of the Company was HK 1.38 cents, a significant reduction from HK 2.66 cents in the same period last year[6] Condensed Consolidated Statement of Financial Position Total assets reached HKD 603 million and total liabilities HKD 1.072 billion as of June 30, 2024, with net current liabilities improving to HKD 247 million Condensed Consolidated Statement of Financial Position | Item (HKD thousands) | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Non-current Assets | 144,806 | 156,891 | | Current Assets | 458,042 | 413,804 | | Total Assets | 602,848 | 570,695 | | Current Liabilities | 705,059 | 804,492 | | Non-current Liabilities | 367,350 | 213,186 | | Total Liabilities | 1,072,409 | 1,017,678 | | Net Current Liabilities | (247,017) | (390,688) | | Net Liabilities | (469,561) | (446,983) | | Total Equity | (469,561) | (446,983) | Condensed Consolidated Statement of Cash Flows Net cash outflow from operating activities was HKD 40.41 million, with financing activities resulting in a net outflow of HKD 91.68 million, leading to a significant decrease in period-end cash to HKD 21.84 million Condensed Consolidated Statement of Cash Flows | Item (HKD thousands) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Cash From (Used In) Operating Activities | (40,409) | (11,639) | | Net Cash From (Used In) Investing Activities | (1,990) | (6,416) | | Net Cash From Financing Activities | (91,681) | 29,257 | | Net Decrease in Cash and Cash Equivalents | (134,080) | 11,202 | | Cash and Cash Equivalents at Beginning of Period | 158,274 | 17,863 | | Cash and Cash Equivalents at End of Period | 21,838 | 28,567 | - Major financing activities during the period included net proceeds of approximately HKD 240 million from the placement of listed credit-enhanced guaranteed bonds, repayment of approximately HKD 430 million of listed credit-enhanced guaranteed bonds, and repayment of approximately HKD 104 million in loans from a related company[10] Notes to the Financial Statements Segment Information The Group's core trading business generated HKD 682 million revenue with a 65.5% growth, while petrochemical storage contributed HKD 8.78 million, with over 99.9% of total revenue from mainland China Segment Information by Business | By Business Segment (HKD thousands) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | | | | Trading Business | 681,724 | 411,972 | | Petrochemical Product Storage Business | 8,783 | 7,656 | | Total | 690,507 | 419,628 | | Segment Results (Loss) | | | | Trading Business | (1,435) | (14,005) | | Petrochemical Product Storage Business | (6,554) | (6,625) | - Geographically, almost all of the Group's revenue, HKD 690.5 million in H1 2024, was derived from China, with zero revenue from Hong Kong[19] Key Asset and Liability Items Trade receivables and payables significantly increased to HKD 384 million and HKD 365 million respectively, reflecting business expansion, while total borrowings decreased to HKD 421 million due to repayments - Trade receivables significantly increased from approximately HKD 194 million at the end of 2023 to approximately HKD 384 million, primarily due to the expansion of the trading business[29] - Trade payables increased from approximately HKD 194 million at the end of 2023 to approximately HKD 365 million, growing in line with receivables[36][37] - Total bank and other borrowings decreased from HKD 683 million at the end of 2023 to HKD 421 million, with the balance of listed credit-enhanced guaranteed bonds decreasing from HKD 427 million to HKD 244 million[40] Management Discussion and Analysis Business Review Both core businesses grew, with trading revenue up 65.5% to HKD 682 million and petrochemical storage revenue up 14.7% to HKD 8.8 million, driven by market expansion and service optimization - Trading business (soybean products) revenue was approximately HKD 681.7 million (compared to approximately HKD 412 million in the prior period), with growth primarily due to the expansion of new market channels and customer groups[48] - Petrochemical product storage business revenue increased by approximately 14.73% to approximately HKD 8.8 million (compared to approximately HKD 7.6 million in the prior period), primarily due to enhanced new client acquisition and optimized business models[49] Financial Review Total revenue grew 64.55% to HKD 691 million, gross margin improved to 0.19%, and finance costs decreased to HKD 11.3 million, leading to a significant reduction in loss for the period to HKD 18.1 million Key Financial Performance Indicators | Metric | H1 2024 | H1 2023 | Reason for Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. HKD 690.5 million | Approx. HKD 419.6 million | Expansion of trading business | | Gross Profit Margin | Approx. 0.19% | Approx. 0.09% | Active development of new sales channels, enhancing bargaining power | | Finance Costs | Approx. HKD 11.3 million | Approx. HKD 13.7 million | Dafeng Port Development Group waived interest on loans owed by the Group | | Loss for the Period | Approx. HKD 18.1 million | Approx. HKD 34.0 million | Revenue growth and cost control | Liquidity, Financial Resources, and Capital Structure Net current liabilities improved to HKD 247 million, and the current ratio rose to 0.65, indicating better liquidity, while the debt-to-equity ratio significantly improved to negative 89.62% Liquidity and Capital Structure Indicators | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Net Current Liabilities | Approx. HKD 247 million | Approx. HKD 391 million | | Current Ratio | Approx. 0.65 | Approx. 0.51 | | Debt-to-Equity Ratio | Approx. -89.62% | Approx. -152.8% | - The Company successfully issued USD 31 million in credit-enhanced guaranteed bonds in March 2024, with a coupon rate of 5.45% and a three-year term. Net proceeds were used to repay a portion of old bonds maturing in March 2024[56][57] Outlook and Risk Management The Group anticipates slow but stable global economic growth, focusing on prudent operations and seizing regional development opportunities, while managing foreign currency risks through operational adjustments rather than derivatives - Outlook: The Company will operate existing businesses prudently while actively seizing opportunities from Jiangsu Yancheng's integrated development, rationally restructuring and optimizing resources, and cautiously seeking investment opportunities[60] - Foreign Currency Risk Management: The Group's income and expenses are primarily denominated in HKD, RMB, and USD, exposing it to foreign exchange risk. The Group monitors this risk mainly by adjusting the timing of foreign currency receipts and payments and matching foreign currency balances, without using derivative financial instruments for hedging[61] Corporate Governance and Other Information Shareholder Interests and Securities As of June 30, 2024, directors held no share interests, while Dafeng Port Overseas, indirectly controlled by Yancheng Municipal People's Government, held 57.46% of shares, with no securities repurchased or sold - Major shareholder Dafeng Port Overseas holds 740,040,000 shares, representing 57.46% of the issued share capital[69] - Pursuant to the Securities and Futures Ordinance, Dafeng Port Development Group, Jiangsu Yancheng, and Yancheng Municipal People's Government are deemed to have an interest in the Company's shares held by Dafeng Port Overseas[70] - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[71] Corporate Governance Practices The Company largely complied with the Corporate Governance Code, with a deviation regarding the separation of Chairman and CEO roles, while an Audit Committee oversees financial reporting and risk management - The Company deviated from Corporate Governance Code Provision C.2.1, which requires the roles of Chairman and Chief Executive Officer to be separate. The Company has not appointed a Chief Executive Officer, as the Board considers the existing management structure and decision-making processes to be adequate[75] - The Company established an Audit Committee comprising three independent non-executive directors: Mr. Liu Hon Kee (Chairman), Mr. Yu Xugang, and Ms. Xu Jingyang. The Committee has reviewed these interim financial statements[77] - During the reporting period, Dr. Bian Zhaoxiang resigned as an independent non-executive director on March 28, 2024, and Ms. Xu Jingyang was appointed as an independent non-executive director, Chairman of the Remuneration Committee, and member of the Audit Committee on the same day[76]