Financial Performance - For the fiscal year ending June 30, 2024, the company reported a total revenue of HKD 31,562,000, a decrease from HKD 100,847,000 in the previous year, representing a decline of approximately 68.8%[2] - The gross profit for the fiscal year was HKD 11,147,000, compared to a gross loss of HKD 5,100,000 in the previous year, indicating a significant turnaround[2] - The company incurred an operating loss of HKD 77,731,000, slightly higher than the operating loss of HKD 72,607,000 in the previous year, reflecting ongoing challenges[2] - The net loss attributable to the company’s owners from continuing operations was HKD 162,501,000, compared to a loss of HKD 147,167,000 in the previous year, marking an increase in losses[3] - The group reported a loss of approximately HKD 170,219,000 for the year ending June 30, 2024[10] - The company reported a total loss of HKD 170,219,000 for the year ended June 30, 2024, compared to a loss of HKD 195,242,000 in 2023[22] - The company’s basic loss per share from continuing operations was HKD (22.57), compared to HKD (47.06) in the previous year, showing a reduction in loss per share[3] - Basic loss per share for continuing operations was approximately HKD 0.226, compared to HKD 0.187 in the previous year, indicating a 20.9% increase in loss per share[32] Assets and Liabilities - Total assets decreased to HKD 478,100,000 from HKD 666,629,000, a reduction of approximately 28.3% year-over-year[5] - The company’s total liabilities decreased to HKD 1,487,244,000 from HKD 1,614,348,000, a decline of about 7.9%[6] - The company’s equity attributable to owners decreased to HKD (1,008,984,000) from HKD (955,357,000), reflecting a worsening financial position[5] - As of June 30, 2024, the group's current liabilities and total liabilities were approximately HKD 1,004,115,000 and HKD 1,009,144,000, respectively, indicating significant uncertainty regarding the group's ability to continue as a going concern[10] - The current ratio and quick ratio remained at approximately 0.1, indicating liquidity challenges, while the debt-to-equity ratio was approximately 147%, reflecting a high level of debt[58] Cash Flow and Liquidity - The company reported cash and cash equivalents of HKD 30,705,000, a significant increase from HKD 2,898,000 in the previous year, indicating improved liquidity[5] - The company has received financial support letters from major shareholders, allowing for loan financing of up to approximately HKD 5 million and HKD 4 million, respectively, starting from June 30, 2024[12] - The group plans to consider equity fundraising activities to meet financial obligations and will implement cost-cutting measures to reduce administrative expenses and cash outflows over the next twelve months[12] - The board believes that the measures taken will provide sufficient working capital for the group's operations and financial obligations for the next twelve months[11] Revenue Breakdown - Revenue from calcium carbonate sales was zero in 2024, compared to HKD 84,224,000 in 2023, while agricultural chemicals sales increased to HKD 19,181,000 from HKD 2,808,000[19] - The total external customer revenue for the year ended June 30, 2024, was HKD 31,562,000, a significant decrease from HKD 104,613,000 in 2023[22] - The calcium carbide segment recorded external customer revenue of approximately HKD 12 million, down about 88% from HKD 98 million in the previous fiscal year, due to partial operational suspension since January 2023[50] - The agricultural chemicals segment generated revenue of approximately HKD 19 million, a significant increase of about 533% from HKD 3 million in the previous fiscal year, with a gross profit of approximately HKD 4 million[51] Operational Changes - The company has ceased operations in the energy and power segment, which previously reported revenue of HKD 3,766,000 in 2023[19] - The management has terminated the operations of the heat and power segment as of June 30, 2023, due to the takeover by authorities[52] - The group has decided to terminate the operations of the thermal and power division, with Mudanjiang Jari Thermal Power undergoing voluntary liquidation, expected to impact the financial statements post-liquidation[56] Share Issuance and Financing - The company has entered into a placement agreement to issue up to 600,000,000 shares at a placement price of HKD 0.1 per share, expecting net proceeds of approximately HKD 57.9 million by October 2024[11] - The company raised approximately HKD 22.4 million from the issuance of 280 million shares at HKD 0.1 per share to repay debts and support general working capital[62] - An additional HKD 27 million was raised from the issuance of 300 million shares at HKD 0.1 per share, allocated for debt repayment and general working capital[62] Legal and Compliance - The independent auditor's report states that no opinion is expressed on the consolidated financial statements due to insufficient evidence obtained[46] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial performance for the year ending June 30, 2024, and confirmed compliance with applicable accounting standards and regulations[76] - The preliminary announcement of financial figures for the year ending June 30, 2024, has been agreed upon by the company's auditor, confirming consistency with the group's consolidated financial statements[77] Future Outlook - The company aims to achieve revenue of RMB 5 billion in the coming year, following the approval of a supplemental agreement with Zhongkuang Joint Holdings Group Limited[53] - The group has taken various measures to improve its liquidity and financial position to meet all financial obligations due within the next twelve months[47]
中国天化工(00362) - 2024 - 年度业绩