Financial Performance - The company's revenue for the first half of 2022 was $704.6 million, a 24.7% increase from $564.9 million in the same period of 2021[7]. - The gross profit for the first half of 2022 was $197.7 million, reflecting a 33.3% increase from $148.3 million in the previous year[7]. - The profit attributable to equity holders of the company was $177.0 million, slightly up by 0.8% from $175.6 million in the first half of 2021[7]. - The basic earnings per share for the first half of 2022 were 5.32 cents, a marginal increase from 5.30 cents in the same period of 2021[7]. - The profit for the period was $176,983 thousand, compared to $175,618 thousand in the same period of 2021, reflecting a slight increase of 0.78%[96]. - The total comprehensive income for the period was $(115,140) thousand, a significant decrease from $195,025 thousand in the previous year[96]. - Operating profit increased to $135,943 thousand from $104,695 thousand, reflecting a growth of 29.8% year-over-year[91]. - Net profit for the period was $212,966 thousand, compared to $197,458 thousand, marking an increase of 7.8%[91]. Throughput and Operations - For the first half of 2022, the total throughput increased by 0.8% to 63,210,330 TEUs compared to 62,710,707 TEUs in the same period of 2021[9]. - The throughput of the group's controlling terminals rose by 38.0% to 15,679,516 TEUs, up from 11,362,835 TEUs in the previous year[10]. - The equity throughput increased by 5.3% to 20,494,012 TEUs, compared to 19,465,295 TEUs in the first half of 2021[10]. - The throughput of non-controlling terminals decreased by 7.4% to 47,530,814 TEUs, down from 51,347,872 TEUs in the previous year[10]. - The controlling terminals accounted for 24.8% of the total throughput, while non-controlling terminals accounted for 75.2%[9]. - The total throughput in China decreased by 1.9% to 47,562,593 TEUs compared to 48,471,403 TEUs in the same period of 2021, accounting for 75.2% of the group's total throughput[14]. - The total throughput in the Pearl River Delta increased by 1.5% to 13,866,357 TEUs, compared to 13,662,407 TEUs in the same period of 2021, representing 21.9% of the group's total throughput[14]. - The total throughput in the Bohai Rim region decreased by 3.5% to 20,767,708 TEUs, down from 21,511,420 TEUs in the same period of 2021, accounting for 32.9% of the group's total throughput[15]. Financial Position - As of June 30, 2022, the total outstanding borrowings of the group were $3,034,431,000, down from $3,219,610,000 as of December 31, 2021[25]. - The total assets and liabilities of the group as of June 30, 2022, were $11,615,759,000 and $4,870,793,000, respectively, compared to $12,033,310,000 and $5,092,671,000 as of December 31, 2021[26]. - The net debt to equity ratio as of June 30, 2022, was 28.0%, slightly down from 28.2% as of December 31, 2021[26]. - The group's financial expenses for the first half of 2022 amounted to $57,534,000, up 2.8% from $55,986,000 in the same period of 2021[22]. - The group's administrative expenses for the first half of 2022 were $71,632,000, a 23.7% increase from $57,915,000 in the same period of 2021[22]. - The group recorded a net loss contribution from joint ventures and associates of $160,221,000 in the first half of 2022, down 8.5% from $175,181,000 in the same period of 2021[22]. Investments and Capital Expenditures - The group paid $140,226,000 in cash for the expansion of terminal berths and the purchase of properties, machinery, and equipment in the first half of 2022[24]. - The group acquired property, plant, and equipment worth $133.978 million in the first half of 2022, an increase from $80.098 million in the same period of 2021[133]. - Capital commitments as of June 30, 2022, totaled $1,145,304,000, down from $1,233,829,000 as of December 31, 2021, indicating a decrease of 7.1%[160]. Shareholder Information - A mid-term dividend of HKD 0.167 per share was declared for the year ending December 31, 2022, compared to HKD 0.164 per share in 2021[38]. - The company issued 67,928,424 new shares during the first half of 2022, increasing the total issued share capital to 3,383,224,798 shares[139]. - As of June 30, 2022, China COSCO Shipping Ports Limited has a total of 1,720,534,265 shares, representing 50.85% of the total issued shares[55]. - The company has a significant shareholder, China COSCO Shipping Corporation Limited, which holds 1,720,534,265 shares, accounting for 50.85% of the total issued shares[55]. Strategic Initiatives - The company aims to enhance its port and terminal operations through a unified management and operational system to maximize synergy and value[6]. - The company plans to expand its global terminal network, focusing on emerging markets in Southeast Asia, the Middle East, and Africa to enhance regional diversification of terminal assets[34]. - The company aims to improve terminal revenue per container and strengthen business marketing to continuously increase income[34]. - The company will continue to deepen its "lean operation" strategy to enhance control over terminals and build core competitiveness[34]. - The company is advancing technological innovation and accelerating the development of information systems, including the Terminal Operating System (TOS) and the Management Information System (MIS)[34]. Risk Management and Compliance - Financial risks include market risk (foreign exchange, price risk, cash flow, and fair value interest rate risk), credit risk, and liquidity risk, with no significant changes in risk management policies since year-end[115]. - The group has begun evaluating the impact of new standards and interpretations that have not yet come into effect, which may affect the presentation and measurement of certain items in financial statements[107]. - The group maintains a continuous assessment of tax provisions, which may be subject to significant judgment and could affect future tax liabilities[113]. - The company has complied with all provisions of the Corporate Governance Code during the six months ending June 30, 2022[60].
中远海运港口(01199) - 2022 - 中期财报