Financial Performance - For the six months ended December 31, 2023, the turnover from continuing operations was HK$24,733,000, a decrease of 73% compared to HK$92,217,000 in the same period of 2022[3]. - The loss for the period was HK$85,592,000, representing a 131% decline from a profit of HK$275,558,000 in the previous year[3]. - Basic loss per share was HK(15.85) cents, a significant drop from HK178.04 cents in the prior period[3]. - The gross profit from continuing operations was HK$7,357,000, compared to a gross loss of HK$2,267,000 in the same period last year[6]. - Total comprehensive income for the period was a loss of HK$65,147,000, down from a profit of HK$240,645,000 in the previous year[12]. - The Group reported a loss attributable to owners of approximately HK$84,614,000 for the six months ended 31 December 2023, compared to a profit of approximately HK$274,468,000 in the same period of 2022[83]. Revenue Breakdown - Revenue from sales of calcium carbide was HK$0, down from HK$83,898,000 in the previous year, indicating a complete cessation of this product line[54][67]. - Revenue from sales of lime powder was HK$5,569,000, a decline of 33.4% from HK$8,319,000 in the prior year[54][67]. - Revenue from agricultural chemical products was HK$19,164,000, with this segment newly introduced in the current reporting period[54][67]. - The heat and power segment has been classified as a discontinued operation following its takeover in August 2022, impacting overall revenue and segment reporting[57]. Expenses and Cost Management - Administrative expenses decreased to HK$32,173,000 from HK$52,036,000, reflecting a reduction of 38%[6]. - Selling and distribution expenses dropped to HK$Nil, down from approximately HK$7 million in the previous period due to the temporary suspension of calcium carbide sales[145]. - Other operating expenses were approximately HK$4 million, a decrease of approximately 43% compared to approximately HK$8 million in the previous period[151]. - Cost-cutting measures will be implemented to reduce administrative expenses and cash outflows over the next twelve months[39]. Assets and Liabilities - Non-current assets decreased from HK$620,935,000 as of June 30, 2023, to HK$606,922,000 as of December 31, 2023[16]. - Current assets increased significantly, with inventories rising from HK$2,125,000 to HK$10,948,000, reflecting a 416% increase[16]. - Total liabilities rose to HK$1,687,626,000 as of December 31, 2023, compared to HK$1,614,348,000 as of June 30, 2023[18]. - The company's equity attributable to owners decreased from HK$(955,357,000) to HK$(1,017,161,000), indicating a worsening financial position[16]. - The company reported a net current liabilities position of HK$(991,863,000) as of December 31, 2023, compared to HK$(794,788,000) as of June 30, 2023[18]. Cash Flow and Financing - For the six months ended December 31, 2023, the net cash generated from operating activities was HK$5,730,000, a decrease from HK$7,532,000 in the same period of 2022[24]. - The net cash used in investing activities was HK$1,840,000, compared to HK$3,272,000 in the previous year, indicating a reduction in investment outflows[24]. - The net cash used in financing activities was HK$5,928,000, significantly lower than HK$13,864,000 in the prior year, reflecting improved financing management[24]. - The Group's cash and cash equivalents at the end of the period were HK$1,142,000, down from HK$2,654,000 at the end of December 2022[24]. Share Capital and Debt - The issued share capital increased to HK$54,183,000 as of December 31, 2023, from HK$52,755,000 at the beginning of the period due to the conversion of convertible bonds[20]. - The carrying amount of bonds payable increased from HK$1,064,706,000 on June 30, 2023, to HK$1,113,326,000 on December 31, 2023, reflecting a growth of approximately 4.6%[114]. - Bank loans decreased from HK$19,682,000 on June 30, 2023, to HK$12,612,000 on December 31, 2023, indicating a reduction of approximately 35.8%[121]. Discontinued Operations - The company ceased to control Mudanjiang BD Power as of August 26, 2022, leading to its classification as a discontinued operation[131]. - The company has not reported any revenue from heat supplying services in the current period, compared to HK$3,766,000 in the previous year[54][67]. - The Group expects to write off a receivable of approximately HK$293 million from Mudanjiang Better Day Power Limited, which is undergoing voluntary liquidation[33]. Future Outlook and Plans - The Group plans to consider equity fundraising activities to meet financial obligations[39]. - The Group's financial statements are prepared on a going concern basis, contingent on the success of the aforementioned plans[39]. - The outcome of the voluntary liquidation process remains uncertain and cannot be reliably estimated as of the approval date of the financial statements[192].
中国天化工(00362) - 2024 - 中期业绩