Financial Performance - For the six months ended June 30, 2022, the company's revenue reached approximately RMB 2,264.3 million, a significant increase of about 107.5% compared to RMB 1,091.3 million in the same period of 2021[11]. - The company's gross profit for the period was approximately RMB 1,179.9 million, reflecting a 115.0% increase from RMB 548.9 million in the previous year[11]. - EBITDA for the period was approximately RMB 823.0 million, up 76.0% from RMB 467.7 million in the same period last year[11]. - The company recorded a profit before tax of RMB 532.7 million, which is a 90.4% increase compared to RMB 279.8 million in the previous year[11]. - The total comprehensive income for the period was RMB 449.7 million, a 60.7% increase from RMB 279.8 million in the previous year[11]. - Net profit attributable to the owners of the company was approximately RMB 450.3 million, a 61.2% increase from RMB 279.4 million in the same period of 2021[30]. - Basic earnings per share for the period was RMB 22.0, up from RMB 13.7, representing a growth of 60.6%[73]. Sales and Production - The sales volume of premium coal increased from approximately 703,600 tons to about 878,200 tons, representing a growth of approximately 24.8%, while the average selling price per ton rose from about RMB 1,438.3 to RMB 2,498.5, an increase of approximately 73.7%[12]. - Clean coal production reached 819,000 tons, a 22.6% increase from 668,000 tons in the same period of 2021, while raw coal production rose by 35.2% to 2,377,000 tons[17]. - The company's revenue from coking coal and its by-products for the six months ended June 30, 2022, was RMB 2,264,297,000, a significant increase from RMB 1,091,282,000 in the same period of 2021, representing a growth of approximately 107.5%[99]. - The sales of premium coal reached RMB 2,194,206,000 for the six months ended June 30, 2022, compared to RMB 1,011,966,000 in the previous year, indicating an increase of about 117.5%[99]. Costs and Expenses - Sales costs increased to approximately RMB 1,084.4 million, a rise of about 99.9% compared to RMB 542.4 million in the same period last year, driven by higher production volumes of raw coal and clean coal[15]. - Distribution expenses rose to approximately RMB 157.2 million, a 96.5% increase from RMB 80.0 million in the previous year, attributed to higher transportation costs[25]. - Administrative expenses increased to approximately RMB 197.6 million, up 174.8% from RMB 71.9 million in the previous year, driven by higher employee costs and depreciation[26]. - Total employee costs for the six months ended June 30, 2022, amounted to RMB 456,543,000, up from RMB 249,171,000 in 2021, indicating a growth of about 83.4%[112]. Financial Position - As of June 30, 2022, the group's bank and cash balance was approximately RMB 402 million, an increase from RMB 145 million as of December 31, 2021[33]. - The total bank borrowings due within one year as of June 30, 2022, amounted to approximately RMB 5,749.4 million, slightly down from RMB 5,853.8 million as of December 31, 2021[33]. - The capital-to-debt ratio as of June 30, 2022, was 54.3%, a decrease from 58.6% as of December 31, 2021[33]. - The company reported a net current liability of RMB (8,690,882) thousand, an improvement from RMB (9,308,943) thousand in the previous year[75]. - The company has maintained its share capital at RMB 197,506 thousand, consistent with the previous year, indicating stability in its equity structure[79]. Debt Restructuring - The company is currently working on a debt restructuring plan, which is expected to enhance its financial stability and sustainable cash flow post-completion[9]. - The restructuring plan was approved by the required statutory majority of creditors during a meeting held on May 24, 2022[40]. - The plan received approval from the High Court on June 6, 2022, and the relevant order was registered with the Hong Kong Companies Registry on June 20, 2022[40]. - The company submitted a Chapter 15 petition to the U.S. Bankruptcy Court seeking recognition of the Hong Kong proceedings as a foreign non-main proceeding on July 12, 2022[43]. - The company has agreed to convert interest payable to lenders into newly issued ordinary shares as part of the preliminary restructuring framework[38]. Employee and Management - As of June 30, 2022, the group had a total of 10,731 employees, an increase from 9,232 employees as of December 31, 2021[45]. - The total compensation for directors and other key management personnel for the six months ended June 30, 2022, was RMB 1,384 thousand, slightly down from RMB 1,392 thousand in the same period of the previous year[142]. Risks and Liabilities - The group reported contingent liabilities related to a court case involving claims of approximately RMB 576 million and RMB 134 million[53]. - No provisions were made in the consolidated financial statements for the contingent liabilities due to the inability to assess the outcome of the cases[54]. - The group faced foreign exchange risks primarily from foreign currency bank balances of approximately USD 0.5 million and HKD 0.1 million[47]. Investments and Capital Expenditures - The company invested approximately RMB 135.9 million in property, plant, and equipment during the six months ended June 30, 2022, compared to RMB 101.8 million in the same period of 2021, representing an increase of about 33.5%[121]. - The company's mining assets in Guizhou and Sichuan provinces had a book value of approximately RMB 7,663 million as of June 30, 2022, compared to RMB 7,433 million as of June 30, 2021, reflecting a growth of about 3.1%[121]. - The group's capital commitments for the acquisition of properties, plants, and equipment amounted to RMB 474,558 thousand, a decrease from RMB 526,316 thousand as of December 31, 2021, representing a decline of approximately 9.8%[137].
恒鼎实业(01393) - 2022 - 中期财报