Financial Performance - Revenue for the six months ended December 31, 2024, was HKD 32,946,000, a decrease of 14.7% compared to HKD 38,625,000 for the same period in 2023[4] - The company reported a loss before tax of HKD 7,744,000, compared to a loss of HKD 3,164,000 in the previous year, representing a year-over-year increase in losses of 144.5%[4] - Basic and diluted loss per share for the period was HKD 0.53, compared to HKD 0.39 for the same period last year, indicating a 35.9% increase in loss per share[5] - Total comprehensive loss for the period was HKD 8,395,000, compared to HKD 2,944,000 in the previous year, reflecting a significant increase of 184.5%[4] - The company reported a total loss before tax of HKD 7,744,000 for the six months ended December 31, 2024, compared to a loss of HKD 3,164,000 for the same period in 2023[21] - The net loss attributable to the owners of the company for the same period was approximately HKD 7,200,000, an increase of 56.5% from HKD 4,600,000 in the previous year[68] Assets and Liabilities - Non-current assets decreased from HKD 20,725,000 as of June 30, 2024, to HKD 18,631,000 as of December 31, 2024, a decline of 10.1%[7] - Current assets decreased from HKD 38,660,000 to HKD 30,047,000, representing a reduction of 22.5%[7] - The company's total equity decreased from HKD 50,123,000 to HKD 41,728,000, a decline of 16.7%[8] - The company’s total assets as of December 31, 2024, amounted to HKD 48,678,000, while total liabilities were HKD 6,950,000[23] - Total trade receivables as of December 31, 2024, were HKD 1,433,000, down from HKD 5,090,000 as of June 30, 2024, indicating a significant reduction in outstanding receivables[35] Revenue Breakdown - Revenue from renewable energy (recycled oil/biodiesel trade) was HKD 27,312,000, down 22.7% from HKD 35,315,000 in the previous year[21] - The construction waste trade generated revenue of HKD 1,455,000, a decrease of 11.3% from HKD 1,640,000 in the prior period[17] - Revenue from the renewable energy segment was approximately HKD 27,300,000, down 22.7% from HKD 35,300,000 in the same period last year[70] - The construction waste and processing services segment generated revenue of approximately HKD 2,300,000, an increase from HKD 2,000,000 in the previous year[71] - The plastic recycling and metal waste segment recorded revenue of approximately HKD 1,700,000, up from HKD 1,200,000, but the net loss increased by 22% to approximately HKD 2,800,000[72] Inventory and Receivables - The company reported a significant decrease in inventory from HKD 1,817,000 to HKD 223,000, a drop of 87.8%[7] - Trade receivables also saw a decline from HKD 4,949,000 to HKD 1,433,000, a decrease of 71.1%[7] - Inventory levels decreased from HKD 1,817,000 as of June 30, 2024, to HKD 223,000 as of December 31, 2024, indicating a substantial reduction in stock[33] Employee and Operational Costs - Employee costs, including director remuneration, increased to HKD 7,608,000 from HKD 7,192,000 year-over-year[25] - Interest income from loans was HKD 67,000, down from HKD 101,000 in the previous year[17] Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with all principles and applicable code provisions during the reporting period, with a noted deviation regarding the separation of the roles of Chairman and CEO[90] - The company has established an audit committee in compliance with corporate governance requirements, reviewing accounting principles, risk management systems, and financial reporting matters[94] Future Outlook and Market Conditions - The outlook for 2025 indicates potential oversupply in the oil market due to increased production from non-OPEC+ countries and moderate demand growth[85] - The European Commission will impose temporary tariffs on biodiesel imports from China starting August 2024, affecting the demand outlook for Asian used cooking oil methyl ester (UCOME) in the EU[86] - The German plastic recycling industry is expected to reach a critical point in 2024 due to a weak macroeconomic environment, significant demand drop, and price pressures from cheap virgin plastics[86] - Market experts predict that a sustained recovery in the recycling market may not occur until 2026, indicating a challenging year ahead for many companies, especially small to medium-sized recyclers[86] - The company is reassessing the commercial viability of its German plastic recycling operations to better allocate resources and funding in light of industry challenges[86] Dividends and Shareholder Information - The company did not declare an interim dividend for the six months ended December 31, 2024, consistent with the previous period where no dividend was paid[31] - The board of directors does not recommend the payment of an interim dividend for the six months ending December 31, 2024[89] Subsidiary and Asset Management - The company sold 100% equity of its subsidiary, Choi Fook Limited, for HKD 600,000, with HKD 300,000 received in the first phase[43] - The company confirmed a gain of HKD 569,000 from the sale of the subsidiary[44] - The lending business was conducted through its subsidiary, Choi Fook Limited, which has been sold to reallocate resources to more profitable ventures[67] Business Operations and Strategy - The company is engaged in the trading of construction waste and providing material processing services, indicating a focus on sustainable practices[10] - The renewable energy business focuses on trading recycled oil and biodiesel, certified under the International Sustainability and Carbon Certificate (ISCC)[46] - The company has established a local supplier network in Hong Kong, securing exclusive rights to collect waste cooking oil from restaurant suppliers[56] - The construction waste and processing services have been stable in Germany, with long-term relationships built with local partners[57] - The company has expanded its operations team to enhance customer engagement and procurement capabilities in the renewable energy sector[52] - The company has set up its own storage and processing facility for waste cooking oil in Hong Kong, obtaining necessary permits[53] Share Placement and Capital Management - The group completed a placement of 220,000,000 shares at a price of HKD 0.128 per share, raising approximately HKD 27,760,000 net of expenses[76] - The planned use of the net proceeds from the placement includes HKD 22.21 million for working capital and HKD 5.55 million for business development[78] - The group has no significant capital commitments or contingent liabilities as of December 31, 2024[83][84]
绿色能源科技集团(00979) - 2025 - 中期业绩