Financial Performance - Total customer revenue for the year ended December 31, 2023, was AUD 60,495,000, an increase of 15.4% compared to AUD 52,514,000 in 2022[3] - Gross profit for the year was AUD 5,945,000, down 19% from AUD 7,341,000 in the previous year[3] - Net profit after tax for the year was AUD 5,189,000, representing a 108.4% increase from AUD 2,489,000 in 2022[3] - Basic and diluted earnings per share increased to AUD 3.28 from AUD 1.57, reflecting a growth of 108.2%[3] - Total comprehensive income for the year was AUD 8,167,000, significantly up from AUD 634,000 in 2022[4] - Operating cash flow for the year was AUD 8,668,000, slightly up from AUD 8,436,000 in 2022[8] - The pre-tax accounting profit for 2023 was AUD 5,189 thousand, compared to AUD 2,489 thousand in 2022, indicating a 108.5% increase[129] - The income tax expense for 2023 was AUD 2,338 thousand, up from AUD 2,250 thousand in 2022, reflecting a 3.9% increase[128] - Total operating expenses rose to AUD 5,662 thousand in 2023 from AUD 3,803 thousand in 2022, marking a 48.8% increase[127] Assets and Liabilities - Cash and cash equivalents at year-end increased to AUD 22,168,000 from AUD 17,671,000, a rise of 25.5%[6] - Total assets increased to AUD 108,315,000 from AUD 104,878,000, marking a growth of 3.9%[6] - Total liabilities decreased to AUD 39,557,000 from AUD 44,282,000, a reduction of 10.6%[6] - The group's net current assets stood at AUD 35.5 million as of December 31, 2023, compared to AUD 27.6 million in the previous year, indicating a 28% growth[14] - Trade receivables are initially measured at transaction price, with expected credit losses updated at each reporting date to reflect changes in credit risk[41] - The company recognizes full lifetime expected credit losses for trade receivables when there is a significant increase in credit risk since initial recognition[42] Cash Flow and Financing - The company extended the maturity date of an unsecured loan financing of AUD 27.0 million to June 30, 2025, maintaining all other terms and conditions[14] - The group expects positive operating cash flows from its Finnish operations, supporting its ability to meet debt obligations[16] - The company has an unsecured loan financing of AUD 27,000,000 from AP Finance Limited, with the maturity date extended to June 30, 2025[165] Taxation - Income tax expenses are calculated based on taxable income at the applicable national tax rates for each jurisdiction, adjusted for deferred tax assets and liabilities[28] - The company recognizes deferred tax assets only when it is probable that sufficient future taxable profits will be available[116] - The deferred tax assets related to rehabilitation provisions increased to AUD 3,015 thousand in 2023 from AUD 2,602 thousand in 2022, a 15.9% increase[131] Exploration and Evaluation - Total exploration and evaluation expenditure for 2023 amounted to AUD 1,848,000, a decrease of 17.6% from AUD 2,242,000 in 2022[155] - The exploration write-off for 2023 was AUD 300,000, significantly higher than AUD 34,000 in 2022, indicating increased challenges in exploration[155] Employee Compensation - The company reported a total employee benefits expense of AUD 9,170 thousand in 2023, up from AUD 8,610 thousand in 2022, which is a 6.5% increase[127] - Total remuneration for key management personnel increased by 3.1% from AUD 1,473,589 in 2022 to AUD 1,519,286 in 2023[179] - The five highest-paid employees, including one director, received a total of AUD 1,389,760 in 2023, up from AUD 1,246,142 in 2022, reflecting a significant increase in compensation[181] Shareholder Actions - The company repurchased and canceled 75,000 shares in 2023, resulting in a slight decrease in issued share capital from AUD 140,420,000 to AUD 140,408,000[167] - The total number of shares repurchased and canceled during the year was 75,000, compared to 109,000 shares in 2022[175] - No dividends were declared or paid for the year ending December 31, 2023, consistent with the previous year[169] Accounting Policies - The group has adopted all applicable International Financial Reporting Standards effective from January 1, 2023, with no significant impact on its financial position or performance[11] - Revenue, expenses, and assets are recognized net of goods and services tax (GST), with GST amounts receivable or payable recorded in the consolidated financial position[32] - The company implemented the Australian tax consolidation legislation on July 1, 2003, to determine appropriate amounts of current and deferred tax for the tax consolidated group members[31] Impairment and Valuation - The company reviews the carrying value of its non-financial assets to determine if there are any impairment indicators[71] - Impairment losses are recognized in the income statement when the carrying amount of an asset exceeds its recoverable amount[71] - The recoverable amount of the Vammala cash-generating unit was A$35.9 million as of December 31, 2023, down from A$45.7 million in 2022, primarily due to changes in gold prices and exchange rates[147] Other Financial Information - The company recognized a fair value change of financial assets amounting to AUD 411 thousand in 2023, compared to zero in 2022[127] - The company faced minimal likelihood of default regarding tax liabilities among its entities, indicating a stable tax compliance environment[134] - The group reported significant influence from Asia Pacific Resources Limited, holding a 43.50% equity interest as of December 31, 2023[194]
龙资源(01712) - 2023 - 年度业绩