Financial Performance - The company reported a revenue of HKD 2,043,222 thousand for the six months ended June 30, 2023, compared to HKD 3,228,390 thousand in the same period of 2022, representing a decrease of approximately 36.7%[16] - Gross profit for the same period was HKD 427,501 thousand, down from HKD 1,060,527 thousand in 2022, indicating a decline of about 59.7%[16] - The net profit for the period was HKD 409,988 thousand, a significant drop from HKD 928,472 thousand in the previous year, reflecting a decrease of approximately 55.8%[17] - Basic earnings per share decreased to HKD 4.88 from HKD 11.37, marking a decline of about 57.0%[16] - Other income, gains, and losses for the period amounted to HKD 65,938 thousand, down from HKD 102,486 thousand in 2022, a decrease of approximately 35.6%[16] - Operating cash flow for the six months ended June 30, 2023, was HKD 530,876 thousand, a decrease of 53.8% compared to HKD 1,149,572 thousand in 2022[27] - EBITDA for the same period was HKD 832.8 million, down 49.7% from HKD 1,654.5 million year-on-year[75] - The profit attributable to ordinary shareholders was HKD 383.2 million, representing a 57.1% decrease from HKD 893.3 million in the previous year[76] Revenue Breakdown - Revenue from aluminum sales was HKD 770,240, up from HKD 736,090 in 2022, representing a growth of 4.1%[39] - Coal revenue decreased to HKD 539,350 from HKD 658,647, a decline of 18.1%[39] - Oil revenue also saw a decline, falling to HKD 733,632 from HKD 955,767, a decrease of 23.3%[39] - The group's revenue for the six months ended June 30, 2023, was HKD 2,043.2 million, a decrease of 36.7% compared to HKD 3,228.4 million in the same period of 2022[75] Assets and Liabilities - Total non-current assets amounted to HKD 9,243,085 thousand, a slight decrease from HKD 9,169,695 thousand[19] - Current assets decreased from HKD 3,196,482 thousand to HKD 2,654,333 thousand, primarily due to a reduction in cash and deposits from HKD 2,130,203 thousand to HKD 1,632,467 thousand[19] - Total current liabilities increased from HKD 1,203,745 thousand to HKD 1,482,291 thousand, with trade payables rising from HKD 106,899 thousand to HKD 88,024 thousand[19] - Non-current liabilities decreased from HKD 3,470,134 thousand to HKD 2,744,593 thousand, mainly due to a reduction in bank and other borrowings from HKD 2,486,640 thousand to HKD 1,826,760 thousand[21] - Total equity decreased from HKD 7,765,688 thousand to HKD 7,597,144 thousand, reflecting a decline in reserves[21] - The company's total assets as of June 30, 2023, were HKD 4,740,693, down from HKD 5,037,515 at the end of 2022[37] - Total liabilities decreased to HKD 1,360,891 from HKD 1,448,970, indicating a reduction of 6.1%[37] Cash Flow and Financing - The company reported financing costs of HKD 89,951 thousand for the period, an increase from HKD 55,122 thousand in the previous year[16] - Cash flow from operations showed a significant decrease, impacting overall liquidity[23] - The company's cash flow from financing activities showed a net outflow of HKD 856,362 thousand, compared to a smaller outflow of HKD 373,129 thousand in the same period last year[27] - The company’s cash and bank balance decreased to HKD 517,506 thousand from HKD 1,289,585 thousand, reflecting a decline of 59.9%[27] - The group had a total of 202 full-time employees as of June 30, 2023, an increase from 199 employees a year earlier[97] Strategic Focus and Future Outlook - The company is focused on international trade through its import and export of commodities business, leveraging strong expertise and established marketing networks[8] - The company is focusing on market expansion and new product development strategies to enhance future growth prospects[23] - The group aims to explore new business directions in renewable energy and new materials to enhance shareholder returns[74] - The company has actively pursued oil sales rights from joint ventures and is exploring potential aluminum sales rights from associates[35] - The company has terminated its steel product import and distribution arrangements as of November 2022, impacting future revenue streams from this segment[35] Shareholder Information - As of June 30, 2023, Mr. Chen holds 786,558,488 shares, representing 10.01% of the company's total issued share capital[102] - CITIC Group holds 4,675,605,697 shares, accounting for 59.50% of the company's total issued share capital[106] - The total number of shares that may be granted under the share option plan is capped at 786,852,714 shares, which is 10% of the total issued shares at the time of the plan's adoption[104] - No share options have been granted under the share option plan since its adoption on June 27, 2014[104] Compliance and Governance - The audit committee reviewed the interim report along with senior management[110] - The company maintains compliance with the Securities and Futures Ordinance regarding the disclosure of interests and short positions[103] - No changes in director information were disclosed since the date of the 2022 annual report[110] - The company has not reported any new product developments or market expansions in the latest financial report[109]
中信资源(01205) - 2023 - 中期财报