Financial Performance - Total revenue for the six months ended June 30, 2022, was HKD 120,000, with no operating revenue reported[9] - The company reported a loss before tax of HKD 6,990,000 for the six months, compared to a loss of HKD 21,263,000 in the previous year, reflecting a 67% improvement[10] - Basic and diluted loss per share for the six months was HKD 0.179, compared to HKD 0.557 in the previous year, showing a reduction of approximately 68%[10] - Total comprehensive loss for the six months was HKD 20,967,000, down from HKD 6,862,000 in the previous year, indicating a decrease of about 69%[11] - The company recorded a net loss attributable to shareholders of approximately HKD 6,886,000 for the six months ended June 30, 2022, compared to a net loss of approximately HKD 21,167,000 in the same period last year, representing a reduction in losses of about 67.5%[69] Expenses and Costs - Administrative and other operating expenses decreased to HKD 3,160,000 from HKD 9,877,000 year-on-year, representing a reduction of approximately 68%[9] - Financing costs for the six months were HKD 3,870,000, down from HKD 11,506,000, indicating a decrease of about 66%[9] - Employee costs for the six months ended June 30, 2022, were approximately HKD 3,300,000, a decrease from HKD 5,600,000 in the same period of 2021[81] - The company incurred unallocated corporate expenses of HKD 2,925,000 for the six months ended June 30, 2022, compared to HKD 3,457,000 in the same period of 2021[47] Assets and Liabilities - As of June 30, 2022, the total assets minus current liabilities amounted to HKD 347,465,000, a decrease from HKD 354,933,000 as of December 31, 2021, representing a decline of approximately 2.6%[14] - The net current liabilities increased to HKD 140,895,000 from HKD 132,307,000, indicating an increase of about 6.5%[14] - The total equity as of June 30, 2022, was HKD 314,908,000, down from HKD 322,294,000 at the end of 2021, reflecting a decrease of approximately 2.3%[14] - The total liabilities as of June 30, 2022, were HKD 199,026,000, compared to HKD 196,023,000 at the end of 2021, reflecting a slight increase of about 0.5%[14] - The company's current liabilities amounted to approximately HKD 140,900,000, an increase from approximately HKD 132,300,000 as of December 31, 2021, resulting in a current ratio of 29.2%[70] Cash Flow - The cash and cash equivalents at the end of the reporting period were HKD 214,000, compared to HKD 58,000 at the end of the previous year, showing a significant increase of 269%[18] - The net cash used in operating activities for the six months ended June 30, 2022, was HKD (3,741,000), an improvement from HKD (48,751,000) in the same period last year[18] - The financing activities generated a net cash inflow of HKD 3,902,000, compared to HKD 48,752,000 in the prior year, indicating a significant decrease of approximately 91.99%[18] Shareholder Information - The average number of ordinary shares outstanding was 3,836,982 for the six months ended June 30, 2022, compared to 3,796,973 for the same period in 2021, showing a slight increase in shares[41] - The company has issued 3,836,982,000 shares with a total paid-up capital of HKD 153,479,000 as of June 30, 2022, unchanged from the previous period[61] - Silver Star Enterprises Holdings Inc. holds 1,865,935,931 shares, representing a 48.63% equity interest[91] - The company has a total of 444,000,000 shares held by Guoxiang Group (Hong Kong) Limited, accounting for 11.57% equity interest[91] - Inwood Support Limited owns 260,555,556 shares, which corresponds to a 6.79% equity interest[91] Corporate Governance - The management confirmed that the information in the report is accurate and complete, with no misleading elements[5] - The audit committee has reviewed the financial statements and confirmed compliance with applicable accounting standards and regulations[103] - No directors or management shareholders have interests in any competing businesses during the reporting period[100] - The company has adopted a code of conduct for securities trading, ensuring compliance with GEM listing rules[97] Future Plans and Projects - The company plans to drill six new wells in 2022, with drilling contractors preparing resources and materials for operations to commence in the second half of 2022[84] - A crude oil dehydration facility and storage tank construction have been approved and initiated, expected to be operational in 2022[85] - The company is collaborating with CHEC to develop a 48 MW gas power plant in the SC49 project area, aiming to enhance downstream natural gas utilization[85] - The company remains cautiously optimistic about the economic outlook, focusing on the SC49 project for exploration and maintaining stable cash flow[87]
百田石油(08011) - 2022 - 中期财报