Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 1,110,226,000, a decrease of 27.5% from HKD 1,533,714,000 in 2023[3] - The cost of sales for the same period was HKD 982,541,000, down 31.9% from HKD 1,441,307,000 in 2023, resulting in a gross profit of HKD 127,685,000, an increase of 38.2% from HKD 92,407,000[3] - The company recorded a net loss of HKD 249,235,000 for the year, significantly improved from a loss of HKD 1,759,872,000 in 2023[3] - Total comprehensive loss for the year was HKD 233,702,000, compared to a loss of HKD 1,753,633,000 in the previous year[4] - The total loss from continuing operations for the year was HKD 574,234 thousand, compared to a loss of HKD 1,759,866 thousand in 2023[15] - The pre-tax loss from continuing operations for 2024 was HKD 195,236,000, a significant improvement compared to a loss of HKD 1,632,531,000 in 2023[31] Assets and Liabilities - As of December 31, 2024, total assets amounted to HKD 1,538,265,000, down from HKD 1,758,947,000 in 2023[5] - Current liabilities were reported at HKD 1,953,133,000, slightly up from HKD 1,842,120,000 in 2023[6] - The total assets as of December 31, 2024, amounted to HKD 1,538,265 thousand, while total liabilities were HKD 2,109,133 thousand[19] - The net debt position was HKD 570,868,000, compared to HKD 337,166,000 in the previous year, indicating a worsening financial leverage situation[6] - The company reported a total of HKD 47,685,000 in accounts receivable for 2024, down from HKD 118,486,000 in 2023, indicating a reduction of approximately 59.8%[33] - The total accounts payable decreased to HKD 264,698,000 in 2024 from HKD 373,998,000 in 2023, a reduction of about 29.3%[37] Cash Flow and Funding - The company had cash and cash equivalents of HKD 15,247,000 as of December 31, 2024, an increase from HKD 5,941,000 in 2023[5] - The group plans to enhance cash flow management by closely monitoring administrative expenses and operational costs[13] - The group is actively seeking additional funding and negotiating with banks for financing and loan extensions[13] - The company’s cash and cash equivalents were only HKD 15,247,000 as of December 31, 2024, raising concerns about liquidity given the net loss of approximately HKD 249,235,000 for the year[40] Operational Highlights - Mining operations resumed in October 2024, expected to generate positive cash flow and improve liquidity[13] - The mining segment generated revenue of HKD 116,378 thousand, while the chemical sales segment contributed HKD 993,830 thousand in 2024[15] - The mining business generated a profit with a sales volume of approximately 714 tons of molybdenum concentrate, contributing about HKD 116,378,000 in revenue, with an average selling price of HKD 135,710 per ton[44] - The gross profit from the mining business was approximately HKD 54,745,000, resulting in a gross margin of 47.04%[44] - The chemical trading business generated revenue of approximately HKD 993,830,000, a decrease from HKD 1,533,714,000 in the previous year[46] Corporate Governance - The company has adhered to the corporate governance code principles as per the listing rules, with one exception regarding the separation of roles between the chairman and CEO[65] - The audit committee consists of three independent non-executive directors, responsible for reviewing and supervising the company's financial reporting processes[68] - The independent auditor confirmed that the financial figures in the performance announcement align with the consolidated financial statements for the year ending December 31, 2024[69] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[72] Future Outlook and Challenges - The company is facing significant uncertainty regarding its ability to continue as a going concern due to its reliance on obtaining new funding for operations[10] - The company is facing uncertainties regarding its ability to generate sufficient cash flow to support operations and repay debts by December 31, 2024[42] - The group aims to enhance resilience amid unclear economic prospects for 2025, facing macroeconomic challenges such as geopolitical uncertainties and inflation[51] - Domestic molybdenum demand is expected to continue increasing, driven by the steel industry's transformation towards high-quality steel production[52] Shareholder Information - The company did not recommend any final dividend for the year ending December 31, 2024, consistent with the previous year[30] - The company has not proposed any dividend for the year ending December 31, 2024[62] - There were no purchases, redemptions, or sales of the company's listed securities during the year ending December 31, 2024[63] - The number of ordinary shares issued increased to 12,511,640,397 in 2024 from 3,788,827,715 in 2023, indicating a significant increase in share capital[34]
北方矿业(00433) - 2024 - 年度业绩