Financial Performance - For the six months ended December 31, 2022, the turnover from continuing operations was HK$92,217,000, a decrease of 37% compared to HK$145,971,000 in 2021[3]. - The profit for the period surged to HK$275,558,000, representing a significant increase of 3,463% from HK$7,733,000 in the previous year[3]. - Basic earnings per share rose to HK182.45 cents, marking an increase of 2,379% from HK7.36 cents in 2021[3]. - The profit from operations for the period was HK$335,498,000, a substantial increase from HK$33,911,000 in the previous year[6]. - For the six months ended December 31, 2022, the company reported a profit attributable to owners of HK$240,645,000, a significant increase from HK$9,528,000 in the same period of 2021[14]. - The Group reported a net decrease in cash and cash equivalents of HK$9,604,000 for the six months ended December 31, 2022, compared to HK$39,441,000 in the prior year[24]. - The Group's profit for the period is approximately HK$274,468,000, a significant increase from HK$6,306,000 in the previous year, representing a growth of over 4,300%[78]. - Profit attributable to the owners of the Company increased to approximately HK$274 million, representing a 4,252% increase compared to approximately HK$6 million in the previous year, primarily due to the deconsolidation of Mudanjiang Better Day Power Limited[137]. Revenue and Sales - For the six months ended December 31, 2022, revenue from continuing operations was HK$92,217,000, a decrease from HK$145,971,000 in the same period of 2021, representing a decline of approximately 37%[52]. - Sales of calcium carbide amounted to HK$83,898,000, while sales of lime powder were HK$8,319,000 during the same period[52]. - Discontinued operations generated revenue of HK$3,766,000 from heat supplying services, down from HK$142,014,000 in the previous year[52]. - The Group's revenue for the six months ended 31 December 2022 was approximately HK$92 million, a decrease of approximately 37% compared to HK$146 million in the same period last year[136]. Expenses and Costs - The gross loss from continuing operations was HK$2,267,000, compared to a gross profit of HK$33,959,000 in the prior period[6]. - The administrative expenses increased significantly to HK$52,036,000 from HK$19,038,000 in the previous year[6]. - The Group's capital expenditure during the period was approximately HK$1,498,000, down from HK$1,925,000 in the previous year, reflecting a decrease of about 22%[86]. - The Group's staff costs (excluding directors' emoluments) decreased to HK$7,715,000 from HK$17,800,000, a reduction of approximately 57%[74]. Assets and Liabilities - The total assets as of December 31, 2022, amounted to HK$1,070,562,000, down from HK$1,238,247,000 as of June 30, 2022, indicating a decrease of approximately 13.6%[16]. - The company's non-current liabilities decreased to HK$922,960,000 from HK$946,575,000, reflecting a reduction of about 2.5%[18]. - Current assets saw a decline, with inventories dropping to HK$5,409,000 from HK$22,197,000, a decrease of approximately 75.6%[16]. - The total equity attributable to owners of the company was reported at HK$(601,523,000) as of December 31, 2022, compared to HK$(873,168,000) at the end of June 2022, showing an improvement in the deficit[16]. - The total amount of bonds payable as of December 31, 2022, was approximately HK$1,104 million, up from HK$1,066 million as of June 30, 2022[162]. Cash Flow and Financing - For the six months ended December 31, 2022, the net cash generated from operating activities was HK$7,532,000, compared to a net cash used of HK$20,540,000 in the same period of 2021[24]. - The Group's bank loans as of 31 December 2022 totaled HK$21,102,000, a decrease from HK$22,382,000 as of 30 June 2022[116]. - The repayment of convertible bonds amounted to HK$14,648,000 during the reporting period[22]. - The Group's issued and fully paid share capital as of December 31, 2022, was HK$15,073,000, significantly reduced from HK$266,056,000 as of June 30, 2022, due to share consolidation[97]. - The company plans to utilize the proceeds from share placements and rights issues primarily for debt repayment and general working capital[103]. Discontinued Operations - The company reported a loss from discontinued operations of HK$8,709,000, compared to a profit of HK$32,479,000 in 2021[8]. - The Group's discontinued operations included the Heat and power and Construction services segments, which were reported as terminated businesses[62]. - The Group's subsidiary, Heihe Longjiang Chemical Co., agreed to transfer land use rights in China for a total consideration of approximately RMB 156,440,000, including RMB 139,440,000 and compensation of RMB 17,000,000[35]. Strategic Initiatives - The Group plans to implement cost-cutting measures to reduce administrative expenses and cash outflows over the next twelve months[34]. - The Group aims to maintain an adequate level of cash and cash equivalents to address short-term funding needs[181]. - The Group has idle right-of-use assets and buildings with a total carrying amount of approximately HK$166 million, which could be disposed of to raise further financing[33]. Market and Operational Insights - The production line of coal-related chemicals in Heihe City was suspended for three months starting October 2022 due to COVID-19, contributing to the revenue decline[137]. - Longjiang Chemical has commenced calcium carbide production with a designed annual capacity of 100,000 tonnes, potentially reaching 130,000 tonnes under optimal conditions[191]. - The management expects profit margins for calcium carbide to reach record high figures despite rising production costs due to increased market prices of raw coal[191].
中国天化工(00362) - 2023 - 中期财报