Financial Performance - Revenue for the six months ended June 30, 2022, was HK$10,402,767,000, representing a 111.9% increase from HK$4,928,637,000 in the same period of 2021[22]. - Gross profit for the same period was HK$294,881,000, compared to HK$5,421,000 in the prior year, indicating a significant improvement[22]. - Profit before taxation was HK$229,041,000, a turnaround from a loss of HK$19,286,000 in the previous year[22]. - Profit for the period attributable to owners of the Company was HK$214,868,000, compared to a loss of HK$21,681,000 in the same period last year[22]. - Basic and diluted earnings per share for the period were both 2.45 HK cents, a recovery from a loss of 0.25 HK cents per share in the prior year[22]. - Total comprehensive income for the period was HK$172,879,000, a recovery from a loss of HK$42,831,000 in 2021[27]. - The profit for the period increased to HK$214,868,000 compared to a loss of HK$21,681,000 in the previous year, marking a significant turnaround[27]. Financial Position - Current assets rose to HK$1,130,176,000, up from HK$883,574,000 at the end of 2021, indicating improved liquidity[30]. - Cash and cash equivalents increased significantly to HK$700,046,000 from HK$494,955,000, reflecting a strong cash position[30]. - Inventories surged to HK$103,901,000, compared to HK$44,196,000 in the previous year, suggesting increased stock levels[30]. - Net current assets improved to HK$929,413,000, up from HK$684,144,000, indicating better short-term financial health[30]. - Non-current assets decreased slightly to HK$826,292,000 from HK$852,776,000, reflecting a minor reduction in long-term investments[30]. - Total equity attributable to owners of the Company increased to HK$1,305,535,000 from HK$1,101,481,000, showing growth in shareholder value[32]. Cash Flow - For the six months ended June 30, 2022, the company generated net cash from operating activities of HK$204,591,000, compared to a net cash used of HK$61,395,000 in the same period of 2021[42]. - The net cash used in financing activities was HK$5,000,000, compared to HK$108,874,000 in the same period of 2021[44]. - Cash and cash equivalents at June 30, 2022, amounted to HK$700,046,000, an increase from HK$341,663,000 at the end of June 2021[44]. Taxation - The income tax expense for the period was HK$14,173,000, compared to HK$2,395,000 in the prior year[22]. - The effective tax rate for Hong Kong profits tax remained at 16.5% for both 2022 and 2021, with no provision made for assessable profits in 2022[180]. - The subsidiaries in Argentina are now subject to a corporate income tax rate of 35%, an increase from 30% in the previous year[181]. Segment Information - The Group's upstream segment, which includes exploration and production of oil and gas in Argentina and Canada, is a key focus area for future growth[139]. - The Group has expanded its commodities refinery and trading operations to include trading of physical silver and platinum, in addition to nonferrous metals and physical gold[138]. - The Group's management has identified two reportable segments: Upstream and General and commodities refinery and trading, to streamline operations and reporting[139]. Financial Instruments - As of June 30, 2022, the total fair value of financial instruments measured at fair value was HK$55,772,000, with HK$21,631,000 in Level 1, HK$4,000 in Level 2, and HK$34,137,000 in Level 3[90]. - The Group's financial assets at fair value through profit or loss (FVPL) included listed equity investments valued at HK$29,949,000 and unlisted debt investments valued at HK$23,437,000 as of June 30, 2022[90]. - The Group's financial risk factors include market risk, credit risk, and liquidity risk[80]. Operational Highlights - The Group's drilling service income was HK$739,000 in 2022, a new revenue stream compared to no income reported in 2021[163]. - Employee benefit expenses, including directors' remuneration, amounted to HK$34,268,000 in 2022, significantly higher than HK$8,018,000 in 2021, marking an increase of approximately 328%[174]. - The total cost of sales and general and administrative expenses for the six months ended June 30, 2022, was HK$10,161,481,000, compared to HK$4,950,068,000 in 2021, indicating an increase of approximately 105%[174]. Management and Governance - The interim report was approved by the Board on August 26, 2022[54]. - The Group's registered office is located in Bermuda, and its main business location is in Hong Kong[53].
新时代集团控股(00166) - 2022 - 中期财报