Financial Performance - For Q2 2022, the net profit attributable to shareholders was approximately CAD 46.2 million, a 303% increase compared to a net loss of CAD 22.8 million in Q2 2021[3]. - The company reported a net loss of CAD 46.1 million for Q2 2022, compared to a net loss of CAD 56.2 million in Q1 2022[13]. - For the three months ended June 30, 2022, the company reported a net loss of CAD 4.8 million, compared to a net loss of CAD 1.6 million for the same period in 2021[14]. - As of June 30, 2022, the company’s net profit reported was CAD 102.3 million, including non-controlling interests[38]. - Net income for the six months ended June 30, 2022, was CAD 102,331 thousand, a significant increase from a net loss of CAD 25,477 thousand in the same period of 2021[77]. - The company reported a net loss attributable to shareholders of approximately $102.48 million CAD for the year, compared to a loss of $25.42 million CAD in the previous year[132]. Production and Sales - As of June 30, 2022, the average diluted oil sands production was 53.5 barrels per day, compared to 0 barrels per day in the same period last year[4]. - The average diluted oil sands heavy oil sales for Q2 2022 were 30 barrels per day, with total oil sales of 589 barrels[13]. - The average sales of oil sands heavy oil increased to 30 barrels per day for the three months ended June 30, 2022, compared to 0 barrels per day in the same period of 2021[16]. - The revenue from oil sands heavy oil for the three months ended June 30, 2022, was CAD 589,000, a significant increase from CAD 0 in the same period of 2021[17]. - The total oil sales (net of royalties) for the six months ended June 30, 2022, increased to CAD 600,000 from CAD 100,000 in the same period of 2021[18]. Costs and Expenses - The company’s operating costs for Q2 2022 were CAD 5.0 million, up from CAD 3.4 million in Q1 2022[13]. - Operating costs increased to CAD 5,002,000 for the three months ended June 30, 2022, compared to CAD 1,602,000 in the same period of 2021, reflecting a significant rise due to the resumption of production at West Ells[25]. - General and administrative costs rose to CAD 2,496,000 for the three months ended June 30, 2022, from CAD 1,279,000 in the same period of 2021, primarily due to increased labor demands during the resumption preparations[26]. - The company’s total operating costs for the six months ended June 30, 2022, reached CAD 8,406,000, compared to CAD 3,427,000 in the same period of 2021, indicating a substantial increase[25]. - The company incurred a diluent cost of CAD 294,000 for the three months ended June 30, 2022, compared to CAD 0 in the same period of 2021[22]. Assets and Liabilities - The total assets as of June 30, 2022, were CAD 877.1 million, an increase from CAD 812.3 million in Q1 2022[13]. - The company’s equity attributable to shareholders increased to CAD 278.7 million as of June 30, 2022, from CAD 232.6 million in Q1 2022[13]. - The company’s total liabilities to total assets ratio improved to 68% as of June 30, 2022, from 77% as of December 31, 2021[38]. - The company’s current liabilities rose to CAD 63,051 thousand as of June 30, 2022, compared to CAD 106,365 thousand as of December 31, 2021, showing a decrease of approximately 40.7%[75]. - The company’s total liabilities amounted to $1,242,045 thousand as of June 30, 2022, reflecting an increase from previous periods[80]. Cash Flow and Financing - The operating cash flow for the six months ended June 30, 2022, was a net loss of CAD 8.2 million, compared to a net loss of CAD 3.3 million for the same period in 2021[14]. - The company’s working capital deficit as of June 30, 2022, was CAD 57.625 million, improved from CAD 93.005 million as of December 31, 2021[37]. - The company entered into an interest waiver agreement, resulting in a total waived interest of USD 31.5 million for the year 2022[34]. - The company is actively negotiating with RMWB regarding a municipal property tax claim of CAD 13 million, along with overdue penalties of CAD 9.8 million[35]. - The company requires refinancing or restructuring of current debt and additional financing to meet its short-term operational cash needs[88]. Governance and Compliance - The company has adopted the corporate governance code and standard code for securities trading by directors as per the Hong Kong Stock Exchange regulations[55][56]. - The company’s internal controls over financial reporting were assessed as effective as of June 30, 2022, providing reasonable assurance regarding the reliability of financial statements[47]. - No significant changes were identified in the internal controls that could materially affect the financial reporting during the six months ended June 30, 2022[48]. - The board approved the interim consolidated financial statements on August 11, 2022, Calgary time[155]. Strategic Initiatives - The company plans to enter the second phase of the West Ells project, which aims to increase production by an additional 5,000 barrels per day once financing is secured[7]. - The company will focus on cost control and closely monitor the developments in the crude oil market moving forward[74]. - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[161]. - The company continues to collaborate with joint venture partners to restart activities in the Muskwa and Godin areas[74]. Legal and Tax Matters - The company is involved in a lawsuit claiming CAD 40 million plus interest at 15% per annum, related to a share purchase agreement from January 2011[149]. - The cumulative property tax receivable from the RMWB as of June 30, 2022, is CAD 13 million, with an additional CAD 9.8 million in overdue penalties[150]. - The company has made provisions for various claims and legal proceedings, with a recorded amount of CAD 820,000 (equivalent to USD 640,000) as of June 30, 2022[151].
阳光油砂(02012) - 2022 - 中期财报