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北方矿业(00433) - 2022 Q3 - 季度财报
NORTH MININGNORTH MINING(HK:00433)2022-12-19 14:54

Financial Performance - For the year ended December 31, 2020, the company reported total revenue of HKD 650,915,000, a decrease from HKD 839,588,000 in 2019, representing a decline of approximately 22.4%[5] - The gross profit for the year was HKD 71,073,000, down from HKD 91,095,000 in the previous year, indicating a decrease of about 22%[5] - The company incurred a significant loss from continuing operations amounting to HKD 3,502,281,000, compared to a loss of HKD 1,144,370,000 in 2019, reflecting an increase in losses of approximately 66.5%[5] - Total comprehensive loss for the year reached HKD 3,506,800,000, compared to HKD 1,229,904,000 in 2019, marking an increase of around 185%[7] - The company reported a basic and diluted loss per share from continuing and discontinued operations of HKD 11.71, compared to HKD 3.46 in the previous year, indicating a significant increase in loss per share[7] Expenses and Costs - Research and development costs for the year were HKD 15,068,000, a decrease from HKD 38,213,000 in 2019, showing a reduction of approximately 60.7%[5] - Administrative expenses decreased to HKD 133,089,000 from HKD 182,490,000, reflecting a reduction of about 27%[5] - The company incurred depreciation and amortization expenses of HKD 62,304,000 in 2020, compared to HKD 118,489,000 in 2019, indicating reduced asset utilization costs[35] - The company reported a significant reduction in employee costs, with salaries and wages amounting to HKD 40,530,000 in 2020, compared to HKD 31,526,000 in 2019[40] Assets and Liabilities - Total assets decreased from HKD 5,160,877,000 in 2019 to HKD 2,054,790,000 in 2020, representing a decline of approximately 60.2%[9] - The company’s total liabilities increased significantly, leading to a substantial decline in equity attributable to owners of the company, which amounted to HKD 2,605,584,000 in losses for the year[7] - Current liabilities increased significantly from HKD 1,719,951,000 in 2019 to HKD 2,391,163,000 in 2020, an increase of approximately 39.1%[11] - The company reported a shareholder deficit of HKD 812,995,000 as of December 31, 2020, compared to a total equity of HKD 2,663,805,000 in 2019[17] - The total liabilities increased from HKD 2,497,072,000 in 2019 to HKD 2,867,785,000 in 2020, an increase of approximately 14.8%[11] Impairment and Credit Losses - The company recognized an impairment loss of HKD 1,189,370,000 under expected credit loss, a significant increase from HKD 152,428,000 in the previous year[5] - The group has made provisions for expected credit losses totaling approximately HKD 1,109,408,000 due to concerns over the recoverability of receivables, long-term receivables, and loans[62] - The company recognized a credit loss provision of approximately HKD 1,098,000 for the year ended December 31, 2020, compared to HKD 960,000 in 2019, with an expected loss rate between 37.92% and 42.35%[49] Business Segments and Operations - Sales of molybdenum powder amounted to HKD 165,166,000, down from HKD 268,021,000, representing a decline of 38.4%[21] - Sales of chemical products were HKD 485,749,000, compared to HKD 571,567,000 in the previous year, reflecting a decrease of 15.0%[21] - The mining segment reported a loss of HKD 73,262,000 for the year ended December 31, 2020[26] - The chemical products segment incurred a loss of HKD 11,818,000 during the same period[26] - The potassium feldspar mine did not generate any revenue for the year ended December 31, 2020, and the company recognized a full impairment provision of approximately HKD 2,026,654,000 due to the expiration of mining rights[77] Future Outlook and Strategies - The company has indicated plans for future restructuring and potential market expansion strategies to address the ongoing financial challenges[5] - The group aims to enhance operational efficiency and expand its mineral resources to improve future financial performance and profitability[89] - The domestic molybdenum demand is expected to continue increasing, driven by the steel industry's transformation towards high-quality steel production[88] - The group remains confident in the long-term growth and positive outlook for the Chinese economy despite current challenges[87] Corporate Governance and Compliance - The company has taken sufficient measures to ensure compliance with the corporate governance code as of December 31, 2020[117] - The company will periodically review and improve its corporate governance practices in line with the latest trends[117] - The company has not complied with the listing rules regarding the composition of the board of directors, with independent non-executive directors accounting for less than one-third of the board[120] - The audit committee has no members following changes in the board composition, and the annual performance has not been reviewed by the audit committee[122] Shareholder and Market Information - The company did not declare any final dividend for the year ended December 31, 2020[45] - The company has no significant contingent liabilities as of December 31, 2020[103] - Trading of the company's shares has been suspended since April 1, 2021, and will continue until further notice[125]