Financial Performance - The company reported a net loss of approximately $86.9 million for the six months ended September 30, 2022, a significant reduction of 81.7% compared to a net loss of $475 million for the same period in 2021[14]. - Total revenue for the period was approximately $111.4 million, representing a substantial increase of 368.1% from $23.8 million in the previous year, primarily driven by coal sales activities[15]. - The company incurred a loss before tax of $86,798,000, compared to a loss of $474,857,000 for the same period in the previous year[88]. - The company reported a loss of $(82,235) thousand during the period, compared to a loss of $(473,088) thousand in the previous period, indicating an improvement in financial performance[94]. - The total comprehensive loss attributable to the company's owners was $82,235,000, compared to $473,088,000 in the previous year[89]. Revenue and Sales - Coal sales generated approximately $104.1 million in revenue during the period, reflecting the recovery of mining operations[15]. - CST Coal sold 318,700 tons of coking coal, generating revenue of approximately $104.1 million, compared to $0 in the previous year[23]. - For the six months ended September 30, 2022, the company reported total sales of $104,090,000, with a gross profit of $54,372,000[88]. - The mining segment reported a profit of $19,011,000 for the six months ended September 30, 2022, compared to a loss of $15,321,000 in the same period of 2021[115]. Expenses and Costs - Sales costs increased by approximately 540.4% to about $57 million due to the resumption of coal production and sales activities[17]. - Administrative expenses rose by approximately 40.7% to about $20.4 million, attributed to the recovery of coal mining operations in Canada[19]. - Financial expenses increased from $3.7 million in the previous year to approximately $6.8 million, an increase of about 83.8%, mainly due to rising loan interest rates[22]. - The cost of sales was $57 million, and distribution and selling expenses were $14.6 million, compared to $8.9 million and $0 in the previous year, respectively[23]. Assets and Liabilities - The recoverable amount of mining assets was estimated at approximately $343.8 million, exceeding the carrying amount of $310.8 million, resulting in a reversal of impairment of approximately $32.9 million[24]. - Total assets as of September 30, 2022, were $782,660,000, down from $850,031,000 as of March 31, 2022[116]. - Total liabilities as of September 30, 2022, were $568,070,000, slightly up from $563,383,000 as of March 31, 2022[116]. - The company's net current liabilities reached $(293,238) thousand, compared to a net current asset position of $97,000 thousand in the previous period[91]. Cash Flow and Investments - The net cash generated from operating activities was $71,138,000, compared to a net cash used of $5,782,000 in the previous year[97]. - The total cash used in investing activities was $44,866,000, compared to cash generated of $22,132,000 in the same period last year[97]. - The company held cash and bank balances of approximately $71,600,000 as of September 30, 2022, an increase from $51,700,000 as of March 31, 2022[53]. Foreign Exchange and Other Income - A foreign exchange loss of approximately $54.1 million was recognized due to the depreciation of the Canadian dollar against the US dollar, compared to a loss of $8 million in the previous year[23]. - The group recognized a foreign exchange loss of $56,085,000 for the six months ended September 30, 2022, compared to a loss of $7,308,000 in the same period of 2021[118]. - Other income for the six months ended September 30, 2022, was $2,492,000, compared to $1,538,000 in the previous year[118]. Employee and Operational Metrics - The total number of employees increased to 323 as of September 30, 2022, compared to 63 in the previous year, with employee costs amounting to approximately $16 million[65]. - Total employee costs amounted to $19,382,000 for the six months ended September 30, 2022, significantly up from $6,595,000 in the previous year, reflecting an increase of approximately 194%[124]. - The company faced operational impacts due to a strike at the largest coal export terminal in Canada, which halted operations in September 2022, but operations resumed in October 2022[67]. Regulatory Compliance and Corporate Governance - The company maintained compliance with all Canadian regulatory requirements during the period[10]. - The interim financial results were reviewed by the audit committee and the external auditor, Deloitte[82]. Shareholder Information - The company did not declare an interim dividend for the six months ended September 30, 2022, consistent with the previous year[80]. - The company did not engage in any equity fundraising activities during the reporting period, with total issued shares remaining at 483,728,862[59]. - As of September 30, 2022, the largest shareholder, Zhao, held 361,086,613 shares, representing approximately 74.64% of the issued share capital[71].
中誉集团(00985) - 2023 - 中期财报