中广核矿业(01164) - 2022 - 中期财报

Financial Performance - The Group's revenue for the six months ended June 30, 2022, was approximately HK$2,413 million, representing an increase of approximately 31% compared to the same period in 2021[14]. - Profit attributable to the owners of the Company for the Reporting Period was approximately HK$355 million, reflecting an increase of approximately 886% compared to the corresponding period in 2021[14]. - Basic earnings per share for the Reporting Period amounted to approximately HK5.28 cents, representing an increase of approximately 860% compared to the same period in 2021[14]. - The Group recorded total revenue of HK$2,413 million for the six months ended June 30, 2022, representing a 31% increase compared to HK$1,845 million in the same period of 2021[48]. - The Group's profit for the reporting period amounted to HK$355.12 million, representing a significant increase of 886% compared to the corresponding period in 2021[56]. - Profit before taxation increased to HK$414,167,000, compared to HK$42,869,000 in the previous year, reflecting a substantial growth[103]. - Total comprehensive income for the period attributable to owners of the Company was HK$278,166,000, compared to HK$43,090,000 previously[105]. - The gross profit margin increased to 8.11% in the first half of 2022, compared to 3.99% in the same period of 2021[45]. Market Conditions - The global economy has become more volatile due to the Russia-Ukraine conflict and contractionary monetary policy by the US Federal Reserve, impacting energy supply and prices[16]. - The energy supply situation is critical, with surging prices for electricity, oil, gas, and coal, leading to frequent supply shortages[16]. - The structural dilemma on the supply side and the global low-carbon development of energy resources is intensifying, posing challenges for national energy security[16]. Nuclear Energy Developments - The Company is focusing on the nuclear power industry, which is accelerating in response to these macroeconomic challenges[15]. - In February 2022, the European Commission passed a bill to classify nuclear power as a sustainable energy investment, significantly lowering the threshold for private investment in nuclear energy[18]. - France announced plans to construct six new nuclear reactors and conduct feasibility studies for an additional eight reactors, aiming to reduce energy consumption by 40% by 2050[19]. - The U.S. Department of Energy established a USD 6 billion Civil Nuclear Credit Program to prevent the premature retirement of nuclear power units[19]. - Belgium postponed its plan to abolish nuclear energy from 2025 to 2035[19]. - The UK plans to approve the construction of one nuclear reactor each year from 2023 to 2030, targeting a total installed capacity of 24 GWe by 2050, which is three times the current capacity[19]. - China approved the construction of six nuclear power units, marking a record high in recent years, with a total of 20 units approved since the relaunch of nuclear power in 2019[19]. - Korea aims to increase the share of nuclear energy in its energy mix to meet greenhouse gas emission reduction goals by 2030[19]. - The development of nuclear power in emerging countries is rising, and developed countries are adopting a more positive attitude towards nuclear energy, indicating a steady increase in market demand for natural uranium[20]. Sales and Revenue Generation - The company completed the sale of 684.0tU uranium products and 5.729 million pounds of U3O8 (approximately 2,204tU), generating trading revenue of approximately HK$2,411 million[23]. - A new sales framework agreement was signed with CGNPC-URC for the sale of natural uranium, with a minimum purchase quantity of 1,200tU per calendar year from January 1, 2023, to December 31, 2025[23]. - CGN Global entered into sales contracts for a total of 3.128 million pounds of natural uranium, with 70% from Europe and 30% from North America[24]. - The company delivered 5.729 million pounds of natural uranium, generating revenue of USD 222.4 million (approximately HK$ 1,725.0 million)[24]. Financial Position and Assets - The total assets of the Group as at 30 June 2022 were HK$7,060 million, reflecting an increase of 11% from HK$6,350 million as at 31 December 2021[56]. - The Group's current assets increased by 48% to HK$2,862 million as at 30 June 2022, up from HK$1,933 million as at 31 December 2021[60]. - The Group's equity attributable to the owners increased by 50% to HK$3,236 million as at 30 June 2022, compared to HK$2,155 million as at 31 December 2021[56]. - The Group's bank and cash balances increased significantly to approximately HK$1,272 million as at 30 June 2022, compared to HK$81 million as at 31 December 2021[60]. Cost and Expenses - The cost of sales amounted to HK$2,217 million, reflecting a 25% increase from HK$1,772 million in the corresponding period of 2021[50]. - Selling and distribution expenses decreased by 6% to HK$6.37 million, attributed to reduced storage costs for natural uranium inventories[53]. - Administrative expenses rose by 13% to HK$18.00 million, mainly due to increased withholding tax on UK interest[55]. - Finance costs for the Group were HK$24.00 million, representing a 31% increase compared to the same period in 2021[56]. Corporate Governance and Compliance - The Board does not recommend the payment of an interim dividend for this period[14]. - The Audit Committee reviewed the Group's unaudited financial statements for the six months ended June 30, 2022 and confirmed compliance with applicable accounting standards and legal requirements[90]. - The Company has adopted the Corporate Governance Code and has complied with all applicable code provisions during the Reporting Period[93]. Shareholder Information - The Company completed the issuance of 1.0 billion new ordinary shares, raising total proceeds of HK$ 800 million[33]. - The Company raised HK$800 million by issuing 1 billion shares at a price of HK$0.80 per share, resulting in a net financing amount of HK$776 million after expenses[34]. - As of June 30, 2022, CGNPC holds 4,405,057,558 shares, representing a 57.96% shareholding in the company[70]. - CGNPC-URC has an interest in 4,288,695,652 shares, accounting for 56.43% of the shareholding[70].