Financial Performance - For the first half of 2023, the company's revenue increased significantly by 434% to HKD 38,618,000 compared to HKD 7,232,000 in the same period of 2022[12]. - The company recorded a profit attributable to owners of HKD 16,377,000, reversing a loss of HKD 24,252,000 in the first half of 2022[12]. - The overall profit for the group in the first half of 2023 was HKD 16,377,000, a significant recovery from a loss of HKD 24,252,000 in the same period of 2022[43]. - The group reported a profit before tax of HKD 16,792,000 for the period, compared to a loss of HKD 24,252,000 for the same period in 2022[79]. - The company reported a total comprehensive loss of HKD 25,277,000 for the six months ended June 30, 2023, compared to a total comprehensive loss of HKD 24,252,000 for the same period in 2022[63]. Revenue Contributions - The contribution from the Canadian oil assets was HKD 32,804,000 in revenue and HKD 7,701,000 in operating profit, with an EBITDA of HKD 18,183,000 during the same period[10]. - The solar energy business generated revenue of HKD 3,790,000 and operating profit of HKD 1,218,000, with an EBITDA of HKD 3,650,000 in the first half of 2023[10]. - Total revenue for the six months ended June 30, 2023, was HKD 38,618,000, with contributions from oil exploration and production (HKD 32,804,000), solar energy (HKD 3,790,000), lending (HKD 1,526,000), and investment securities (HKD 498,000)[78]. Investment and Capital Expenditure - The company has invested a total of HKD 58,265,000 in solar power projects under the feed-in tariff scheme as of June 30, 2023[10]. - During the first half of 2023, capital expenditure for four new well drilling projects totaled CAD 1,419,000 (equivalent to HKD 8,255,000), with 38 producing oil and gas wells in operation as of June 30, 2023[15]. - The investment in solar power projects is part of the Feed-in Tariff Scheme initiated by the Hong Kong government, which encourages private sector participation in renewable energy[56]. Credit Loss Provisions - The expected credit loss provision was reversed by HKD 9,719,000, compared to a provision of HKD 1,964,000 in the same period of 2022[12]. - The expected credit loss provision for loans and interest was reversed, resulting in a gain of HKD 9,719,000 compared to a loss of HKD 1,964,000 in the previous period[60]. - The expected credit loss provision for the period was HKD 3,824,000, a decrease from HKD 13,976,000 as of June 30, 2022[99]. Debt and Financial Health - The group's total assets as of June 30, 2023, were HKD 436,578,000, compared to HKD 433,689,000 as of December 31, 2022[46]. - The total liabilities decreased to HKD 42,156,000 as of June 30, 2023, from HKD 57,376,000 in December 2022, indicating improved financial health[81]. - The group recorded a net loss of HKD 3,824,000 from debt instruments recognized at fair value through other comprehensive income, compared to a loss of HKD 12,569,000 in the same period of 2022[43]. Renewable Energy Initiatives - The company aims to diversify and balance its energy portfolio through investments in renewable energy projects[10]. - The company is expanding its footprint in renewable energy by investing in solar projects to support sustainable business development[18]. - The company plans to continue expanding its renewable energy initiatives, particularly in solar energy, as part of its long-term strategy[78]. Employee Costs and Management - Employee costs for the group rose to HKD 5,610,000 in the first half of 2023, up from HKD 3,629,000 in the same period of 2022, primarily due to an increase in the number of employees in Canada[53]. - Total compensation for directors and key management personnel decreased to HKD 1,176,000 in 2023 from HKD 2,220,000 in 2022, reflecting a reduction of approximately 47%[114]. Governance and Compliance - The company has complied with all applicable code provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, which is currently being addressed[126][127]. - The company is in the process of identifying suitable candidates to fill the vacancies for the Chairman and CEO positions[127]. - The board has decided not to declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[116].
长盈集团(控股)(00689) - 2023 - 中期财报