Financial Performance - Oil sales (net of royalties) for the twelve months ended December 31, 2024, slightly decreased to CAD 29.30 million from CAD 29.60 million for the same period in 2023, primarily due to a decline in sales volume and an increase in royalties[3]. - The net operating income (excluding one-time foreign exchange losses) for the twelve months ended December 31, 2024, was a loss of CAD 1.30 million, compared to a net operating income of CAD 0.80 million for the same period in 2023[3]. - The recurring net loss attributable to shareholders (excluding foreign exchange losses/gains and non-cash depreciation) for the twelve months ended December 31, 2024, was CAD 25.16 million, compared to CAD 22.40 million for the same period in 2023[4]. - The company reported a net loss attributable to shareholders of CAD 75.39 million for the twelve months ended December 31, 2024, compared to a net loss of CAD 19.33 million for the same period in 2023[4]. - Total revenue for the year ended December 31, 2024, was CAD 30,927 thousand, a decrease of 22.0% from CAD 39,377 thousand in 2023[24]. - The company reported a net loss of CAD 75,689 thousand for the year, compared to a net loss of CAD 19,626 thousand in 2023, representing an increase in loss of 285.0%[24]. Cash Flow and Liquidity - Operating cash flow for the twelve months ended December 31, 2024, was a net outflow of CAD 1.70 million, compared to a net outflow of CAD 1.40 million for the same period in 2023[3]. - As of December 31, 2024, cash and cash equivalents were CAD 0.32 million, down from CAD 0.53 million as of December 31, 2023[4]. - The company faces significant uncertainty regarding its ability to continue as a going concern, with current liabilities exceeding current assets by approximately CAD 92.67 million as of December 31, 2024[11]. - The company is exploring measures to improve its working capital and cash flow, including monitoring general administrative expenses and operating costs[12]. - The company aims to secure additional new financing sources, such as prepayments from shareholders, to alleviate liquidity pressure[39]. - The company had cash and cash equivalents of only approximately CAD 319,000 as of December 31, 2024, highlighting liquidity challenges[37]. Assets and Liabilities - The total liabilities as of December 31, 2024, increased to CAD 722.18 million from CAD 654.89 million as of December 31, 2023[4]. - Total assets decreased to CAD 739,023 thousand in 2024 from CAD 745,932 thousand in 2023, a decline of 0.9%[19]. - Shareholders' equity decreased significantly to CAD 16,848 thousand in 2024 from CAD 91,047 thousand in 2023, a drop of 81.5%[21]. - The company’s total liabilities, including lease liabilities, amounted to CAD 755,383,000 as of December 31, 2024[190]. Financial Ratios and Metrics - The diluted loss per share for the year was CAD 30.73, compared to CAD 7.94 in 2023, indicating a significant increase in loss per share[26]. - The company incurred total expenses of CAD 63,067 thousand in 2024, down from CAD 70,686 thousand in 2023, a decrease of 10.7%[24]. - The company reported a decrease in operating cash flow before changes in working capital, with a net cash outflow of CAD 2.97 million for the year ending December 31, 2024[33]. Accounting Policies and Standards - The company has adopted new and revised International Financial Reporting Standards (IFRS) effective from January 1, 2024, with no significant impact on financial performance or disclosures for the current and prior years[43]. - The company has not early adopted several new IFRS amendments that are published but not yet effective, including amendments to IFRS 21 and IFRS 9, which will take effect in 2025 and 2026 respectively[45][46]. - The company has changed its accounting policy related to Long Service Payments (LSP) liabilities in accordance with the guidance from the Hong Kong Institute of Certified Public Accountants, with no significant impact on current or prior financial conditions[49]. Revenue Recognition - Revenue recognition is based on the transfer of control of goods or services to customers, with the company using a five-step model to recognize revenue[58]. - Oil sales revenue is recognized based on the consideration specified in customer contracts, with revenue confirmed upon transferring control of the product to the customer[61]. - The group recognizes revenue when performance obligations are satisfied, allowing customers to simultaneously obtain and consume benefits[65]. Credit and Risk Management - The group faces a currency risk primarily through receivables and loans from related parties, with significant exposure to HKD, USD, and RMB[171]. - The group currently has no foreign currency hedging policy but monitors foreign exchange risks and may consider hedging when necessary[172]. - The group has implemented a credit risk management team to establish monitoring procedures to minimize credit risk and recover overdue debts[180]. - The expected credit loss for trade receivables was 0% for 2024, compared to 1.61% for 2023, indicating improved credit quality[195]. Impairment and Decommissioning - The company will conduct impairment tests on exploration assets if no economically recoverable reserves are found, with any differences deducted from the comprehensive income statement[95]. - The company must recognize provisions for future decommissioning liabilities based on estimated costs, which are subject to change due to various assumptions[160]. - The company recognizes impairment losses for property, plant, and equipment if the recoverable amount is estimated to be less than its carrying amount[104].
阳光油砂(02012) - 2024 - 年度业绩