Financial Performance - Total revenue for the first half of 2023 was RMB 1,430,452,000, a decrease from RMB 2,264,297,000 in the same period of 2022, representing a decline of approximately 36.8%[4] - The gross profit for the review period was approximately RMB 291 million, a significant decrease of about RMB 889 million or 75.3% compared to RMB 1,180 million in the same period of 2022[7] - The company reported a net loss attributable to shareholders of approximately RMB 11.4 million for the first half of 2023, a decrease of about RMB 461.7 million or 102.5% compared to a profit of RMB 450.3 million in the same period of 2022[10] - EBITDA for the first half of 2023 was RMB 291,218,000, down from RMB 822,995,000 in the same period of 2022[11] - The company reported a profit and total comprehensive income of RMB 450,343 thousand for the six months ended June 30, 2023, compared to RMB 449,658 thousand for the same period in 2022, showing a slight increase[69] - The total comprehensive loss for the period was RMB 12.9 million, compared to a profit of RMB 449.7 million in the same period last year, marking a 102.9% change[151] Cost Management - The average cash cost per ton of coal mining decreased to RMB 321 in 2023 from RMB 344 in 2022, while total production costs fell to RMB 367 from RMB 395[7] - Distribution expenses for the review period were approximately RMB 134.1 million, a decrease of about RMB 23.1 million or 14.7% compared to RMB 157.2 million in the same period of 2022[8] - Administrative expenses were approximately RMB 174.2 million, down by about RMB 23.4 million or 11.8% from RMB 197.6 million in the same period of 2022[9] - The company's total cost of sales was approximately RMB 1,139.4 million, an increase of about 5.1% from RMB 1,084.4 million in the same period of 2022[153] Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 437.4 million, compared to RMB 358.3 million for the same period in 2022, representing an increase of approximately 22.0%[33] - The net cash used in investing activities was RMB 128.2 million, a decrease from RMB 158.3 million in the previous year, indicating improved cash flow management[33] - The cash and cash equivalents decreased by RMB 34.5 million during the period, ending at RMB 43.7 million compared to RMB 40.2 million at the end of the previous year[33] - The company’s cash balance as of June 30, 2023, was approximately RMB 43.7 million, down from RMB 78.2 million as of December 31, 2022[178] Debt and Liabilities - As of June 30, 2023, the group had a net current liability of approximately RMB 4,264.1 million, a decrease from RMB 8,568.3 million as of December 31, 2022, primarily due to debt restructuring[12] - The company issued and allotted 282,844,625 shares to domestic creditors to repay outstanding debts of approximately RMB 149.4 million as of March 31, 2023[15] - The company incurred interest payments of RMB 237.4 million during the period, significantly higher than RMB 50.7 million in the same period last year, reflecting increased borrowing costs[33] - As of June 30, 2023, the company had bank loans totaling approximately RMB 5,636 million, with fixed interest rates ranging from 3.00% to 4.275%[108] - The company’s non-current liabilities were RMB 2,838,879 thousand as of June 30, 2023, compared to RMB 331,548 thousand as of December 31, 2022[196] Production and Operations - The company aims for higher growth in raw coal and clean coal production in the second half of 2023 following the resumption of operations at the Hongxing coal mine[5] - The production of raw coal and premium coal was approximately 2,616,000 tons and 753,000 tons, respectively, representing increases of about 10.1% and a decrease of 8.1% compared to the previous year[153] - The company produced 2,616 thousand tons of raw coal and 753 thousand tons of coking coal in the first half of 2023, compared to 2,377 thousand tons and 819 thousand tons respectively in the same period of 2022, representing an increase of approximately 10.1% for raw coal and a decrease of 8.0% for coking coal[154] Employee and Operational Costs - As of June 30, 2023, the total number of employees increased to 10,089 from 9,834 at the end of 2022, with employee costs amounting to RMB 483.2 million, up from RMB 456.5 million year-on-year[46] - Total employee costs amounted to RMB 483,228 thousand, an increase of 5.8% from RMB 456,543 thousand in 2022[81] - Employee costs for the review period were approximately RMB 407.2 million, an increase of about RMB 26.6 million or 7.0% compared to RMB 380.6 million in the same period of 2022[154] Governance and Compliance - The company has adopted the corporate governance standards as per the listing rules, ensuring compliance and transparency in its operations[39] Market and Sales - The average selling price of premium coal decreased by approximately 31.2%, from RMB 2,498.5 per ton to RMB 1,720.2 per ton[151] - The sales volume of premium coal fell by about 13.8%, from approximately 878,200 tons to 756,900 tons[151] - For the six months ended June 30, 2023, the sales revenue from premium coal and its by-products was RMB 1,302,084 thousand, a decrease of 40.5% compared to RMB 2,194,206 thousand for the same period in 2022[97] Other Income and Expenses - Other income for the six months ended June 30, 2023, included a debt restructuring gain of RMB 231,764 thousand, compared to no such gain in the previous year[73] - Interest expenses on bank and other borrowings for the six months ended June 30, 2023, amounted to RMB 127,514 thousand, an increase from RMB 110,204 thousand in the same period of 2022[74] - Financing costs rose to RMB 140,234 thousand, up from RMB 127,026 thousand in 2022, indicating an increase of 10.3%[90] Assets and Equity - As of June 30, 2023, non-current assets totaled RMB 10,946,875 thousand, an increase from RMB 10,360,025 thousand as of December 31, 2022, representing a growth of approximately 5.65%[60] - The total equity attributable to the company's owners increased to RMB 3,817,622 thousand as of June 30, 2023, from RMB 1,431,132 thousand as of December 31, 2022[196] - The company’s total asset net amount was RMB 3,843,855 thousand as of June 30, 2023, compared to RMB 1,460,135 thousand as of December 31, 2022[196]
恒鼎实业(01393) - 2023 - 中期财报