Financial Performance - For Q2 2023, the net profit attributable to shareholders was approximately CAD 5.7 million, a significant decrease from CAD 46.2 million in Q2 2022, representing a decline of about 87.7%[4] - The company reported a net loss attributable to shareholders of CAD 5.7 million for Q2 2023, compared to a net profit of CAD 46.2 million in Q2 2022[15] - The company reported a net loss attributable to shareholders of $5,828,000 for the year, compared to a profit of $102,484,000 in 2022, reflecting a substantial decline in profitability[140] - The basic loss per share for the three months ending June 30, 2023, was $(0.02), compared to earnings of $0.42 per share for the same period in 2022[141] - For the six months ended June 30, 2023, the company reported a net loss of approximately CAD 5.8 million, compared to a net loss of CAD 10.2 million for the same period in 2022[95] Revenue and Sales - Total revenue for Q2 2023 reached $24,283 thousand, a significant increase compared to a loss of $2,287 thousand in Q2 2022[87] - Oil sales, net of royalties, amounted to $10,766 thousand for the three months ended June 30, 2023, compared to $569 thousand in the same period last year, reflecting a substantial growth[87] - The company reported oil sales revenue of $11.064 million for the three months ended June 30, 2023, compared to $0.589 million for the same period in 2022[129] - Customer contract revenue for the six months ended June 30, 2023, was $17.945 million, up from $0.569 million in the same period of 2022[129] Production and Operations - The average diluted oil sands sales volume for Q2 2023 was 1,524.8 barrels per day, a substantial increase from 53.5 barrels per day in Q2 2022[5] - The average oil sands heavy oil production for Q2 2023 was 1,267.5 barrels per day, compared to 30 barrels per day in Q2 2022[11] - The average production of oil sands heavy oil was 1,267 barrels per day for the three months ended June 30, 2023, compared to 0 barrels per day in the same period of 2022, reflecting a significant recovery in production[21] - The West Ells project has fully resumed production since 2022[83] Assets and Liabilities - As of June 30, 2023, total assets amounted to CAD 744.5 million, a slight decrease from CAD 747.6 million as of December 31, 2022[15] - The company’s equity as of June 30, 2023, was CAD 104.0 million, down from CAD 110.0 million as of December 31, 2022[5] - The company reported a working capital deficit of CAD 87.08 million as of June 30, 2023, compared to CAD 511.58 million as of December 31, 2022[44] - The company's debt-to-asset ratio was 86% as of June 30, 2023, compared to 85% as of December 31, 2022[48] Costs and Expenses - The company experienced a net operating cash flow loss of CAD 702,000 for the three months ended June 30, 2023, a significant improvement from a loss of CAD 4.818 million in the same period of 2022[20] - The total cost of diluent for the three and six months ended June 30, 2023, was CAD 3.5 million and CAD 7.4 million, respectively, compared to CAD 0.3 million in the same periods of 2022, reflecting an increase of CAD 3.2 million and CAD 7.1 million due to the full resumption of production at West Ells[27] - General and administrative expenses for the three months ending June 30, 2023, were $2,098,000, compared to $2,496,000 for the same period in 2022, showing a reduction in costs[138] Financing and Debt - The company has incurred a total of USD 52 million (approximately CAD 68.9 million) in unsecured convertible debt as of June 30, 2023[45] - The company has unsecured loans from related parties totaling approximately CAD 55.48 million, with an interest rate of 10%[52] - The company entered into an interest waiver agreement with deferral holders, waiving approximately $31.5 million in interest from January 1, 2022, to December 31, 2022, and again for the period from January 1, 2023, to December 31, 2023[121][122] Tax and Regulatory Matters - The company received a municipal tax payment notice of CAD 14.4 million from the Wood Buffalo region, along with overdue penalties of CAD 13.6 million, and is negotiating a settlement plan[46] - As of June 30, 2023, the company had total available tax deductions of approximately CAD 1.53 billion, with unrecognized tax losses expiring between 2029 and 2043[42] Corporate Governance and Compliance - The company has confirmed compliance with the corporate governance code and is in the process of obtaining appropriate insurance for its directors against legal claims[65] - The company is actively seeking suitable candidates to fill the vacancies for independent non-executive directors and audit committee members[74] Market and Economic Conditions - The company emphasizes that non-GAAP measures, such as operating netback and operating cash flow, are used to provide additional insights to investors[60] - The management has indicated that any forward-looking statements are subject to significant risks and uncertainties that could cause actual results to differ materially[62]
阳光油砂(02012) - 2023 - 中期财报