Financial Performance - In the fiscal year 2021, the company achieved a revenue of $382.1 million, representing a significant increase compared to previous years[8] - The basic EBITDA for 2021 rose by 114% to $171 million, indicating strong operational performance despite challenges[13] - The basic profit for the year was $125.3 million, marking a 33.3% increase year-over-year[8] - The company reported a net profit of $134.1 million for the year, demonstrating effective cost management and operational efficiency[8] - Basic earnings increased to $125 million, five times last year's figure, representing nearly two-thirds of the company's current market value[15] - The company reduced its net debt from $184 million at the end of last year to $61 million by the end of 2021, enhancing financial strength[15] - The total revenue for the year was $371.3 million, reflecting a 65.3% increase from $224.6 million in 2020[28] - The company reported a net profit attributable to shareholders of $134.1 million, a 33.3% increase from $100.6 million in 2020[28] - The group achieved a significant improvement in basic EBITDA, reaching $170.6 million in 2021, compared to $79.7 million in 2020, driven by strong iron ore prices and stable production rates[87] - The company reported a profit of $134.1 million for 2021, an increase from $100.6 million in 2020, driven by EBITDA growth and a reduction in financing costs[69] Production and Sales - The company produced and sold 2.6 million tons of high-grade iron concentrate in 2021, showcasing its production capabilities[13] - Iron ore production for the year ended December 31, 2021, was 2,557,794 tons, a decrease of 6.9% from 2,747,767 tons in 2020[28] - K&S's iron ore production in 2021 was 2,557,794 tons, representing 81% of its capacity, a decrease from 2020 due to poor performance from third-party contractors and lower ore quality[38] - The realized sales price for iron ore was $145 per ton, with a significant increase of 66.7% compared to $87 per ton in 2020[28] - K&S's sales volume for the reporting period was 2,553,804 tons, remaining flat compared to the previous year[98] Cost Management - The net cash generated from operating activities was $166.3 million, reflecting robust cash flow management[8] - Cash costs per ton, including transport to customers, increased to $71.7, up 40.0% from $51.2 in 2020[28] - The cash cost per wet ton of iron ore sold in 2021 was $71.7, a 40.0% increase from $51.2 in 2020, driven by higher mining and transportation costs[54] - The cash cost rose to $71.7 per ton in 2021 due to increased mining and transportation costs, despite strict cost management[90] - Administrative expenses, excluding depreciation and amortization, were $10.3 million in 2021, compared to $9.2 million in 2020, indicating effective cost control measures[87] Market Conditions - The average price of Platts 65% iron ore increased by 53% year-on-year to $186 per ton in 2021, with a peak of $260 per ton in May 2021[18] - The average price of iron ore in 2021 was $186 per ton, a 52.5% increase compared to $122 per ton in 2020[38] - The premium for high-grade iron ore continues to rise, with the price gap for 65% iron ore averaging $28 per ton at the beginning of 2022[18] - The iron ore market has seen a rise of over 20% since the beginning of 2022, with the Platts 65% iron ore index currently around $170 per ton[18] Strategic Initiatives - The company plans to enhance its production capacity by adding processing equipment and developing other exploration projects[6] - The company plans to develop the Sutara mine, expected to commence operations by the end of 2022 or early 2023, to boost production levels[18] - The company aims to achieve three main goals in 2022: reduce debt-to-equity ratio, develop Sutara, and provide dividend returns to shareholders[24] - The anticipated Amur River Bridge, expected to be operational in 2022, will further enhance transportation efficiency for the group and its customers[95] - The company is exploring new transportation routes to China via Zaibalkalsk and Manzhouli to enhance sales terms[45] Safety and Compliance - The company reported a low lost-time injury rate of 0.35, indicating effective safety management systems[24] - The group has implemented various systems and standards to ensure compliance with safety regulations, achieving a lost time injury rate of 0.35 in 2021, consistent with 2020[87] - The company has established an emergency office to prevent the spread of COVID-19, implementing necessary organizational and administrative measures[90] - K&S is facing two administrative violation lawsuits due to operating without proper permits and failing to comply with RTN's directives, with potential fines and operational suspensions[109] Human Resources - The group employed approximately 1,696 employees as of December 31, 2021, compared to 1,665 employees on December 31, 2020, with total employee costs amounting to $28.3 million in 2021, up from $26.6 million in 2020[84] - The company employed a total of 1,767 employees in 2021, representing a 4% increase from the previous year[180] - The employee turnover rate for the company in 2021 was 17%, with 301 employees leaving, which is higher than the mining industry average[191] - The company aims to create job opportunities and provide competitive wages and a safe working environment[199] - The company emphasizes professional and personal development opportunities for employees[200] Environmental, Social, and Governance (ESG) - The company emphasizes its commitment to environmental, social, and governance (ESG) responsibilities across all operational stages[158] - The company has established specific environmental, social, and governance (ESG) goals and deadlines, which are monitored by the board of directors[167] - The company is committed to gender equality in hiring practices and does not tolerate any form of gender discrimination[180] - The company aims to provide safe and healthy working conditions, rational use of natural resources, and conservation of the environment for future generations[171]
铁货(01029) - 2021 - 年度财报