Financial Performance - In 2022, the company's revenue was HKD 16,031.9 million, an increase of 24.9% compared to HKD 12,830.8 million in 2021 [77]. - The gross profit for 2022 was HKD 1,372.3 million, with a gross profit margin of 8.6%, down from 18.2% in 2021, representing a decline of 9.6 percentage points [77]. - The profit attributable to the company's owners for 2022 was HKD 336.1 million, down from HKD 454.6 million in 2021 [83]. - The company reported a total comprehensive income of HKD 65,915 for the year, down from HKD 470,752 in 2021, a decline of 86% [100]. - The net profit for the year was HKD 342,314, compared to HKD 356,295 in the previous year, reflecting a decrease of 3.9% [99]. - The group reported a total capital expenditure of HKD 820,077,000 for the year, which includes investments in property, plant, and equipment [122]. - The group’s operating profit before tax was HKD 546,344,000, after accounting for interest income and other expenses [122]. - The group’s operating profit decreased by 59.0% to HKD 514.2 million in 2022, down from HKD 1,254.1 million in 2021 [170]. Impairment and Liabilities - In 2022, the company recognized impairment losses of HKD 70.9 million and HKD 48.8 million for the Changgou Manganese Mine and the Waif Manganese Mine, respectively, due to a significant decline in manganese ore demand [4]. - The company reported a non-cash impairment loss of HKD 119.7 million for property, plant, and equipment, and mining rights in 2022 [77]. - The total current liabilities amounted to HKD 7,073.7 million, a slight decrease from HKD 7,450.9 million in the previous year [86]. - Non-current liabilities increased to HKD 1,544.6 million from HKD 797.6 million in the previous year [86]. - The company must comply with all resumption guidance and rectify issues causing the suspension by September 29, 2024, or risk delisting [40]. Debt and Financing - As of December 31, 2022, the company's net current liabilities decreased to HKD 746.3 million from HKD 1,584.9 million in 2021, attributed to obtaining more long-term loans during the year [16]. - As of December 31, 2022, the company had secured new bank loans amounting to HKD 3,145.5 million, ensuring sufficient operating funds for the next twelve months [22]. - The company’s fixed and floating rate borrowings amounted to HKD 3,534.7 million and HKD 925.7 million, respectively, as of December 31, 2022 [18]. - The financial expenses for 2022 were HKD 221,307, a decrease from HKD 236,012 in 2021, showing a reduction of 6.2% [99]. Corporate Governance and Compliance - The independent investigation report was completed on September 15, 2023, and the board accepted the findings, considering them reasonable and acceptable [30]. - The company is taking appropriate steps to rectify issues that led to the suspension of trading and will comply with listing rules to the satisfaction of the Stock Exchange [31]. - The audit committee has reviewed the accounting policies and discussed matters related to audit, risk management, internal controls, and financial reporting for the year ended December 31, 2022 [44]. - The company is committed to maintaining a good corporate governance structure and adhering to applicable statutory and regulatory requirements [46]. Market and Strategic Initiatives - The company plans to enhance manganese resource control through exploration and acquisitions, focusing on five major business segments for future growth [27]. - The company aims to become a leading one-stop manganese producer globally, focusing on flexible business models and prudent risk management to maintain long-term profitability and asset growth [35]. - The Chinese government's "Green Stimulus Plan" is approximately $195 billion, focusing on accelerating the development of new energy and electric vehicle industries, which presents growth opportunities for the company [37]. - The company plans to focus on market share acquisition, securing raw material supply, and enhancing product R&D [197]. - The company aims to expand production to other battery materials, including lithium manganese and high-purity manganese sulfate [197]. Revenue Segmentation - Revenue from manganese mining increased by 74.2% to HKD 1,257.2 million in 2022, up from HKD 721.7 million in 2021 [172]. - Revenue from trading business rose by 58.8% to HKD 9,411.0 million in 2022, compared to HKD 5,924.6 million in 2021 [172]. - Revenue from the production of electrolytic manganese and alloy materials decreased by 25.1% to HKD 3,377.0 million in 2022, down from HKD 4,510.5 million in 2021 [172]. - Revenue from battery materials production increased by 18.7% to HKD 1,986.7 million in 2022, compared to HKD 1,673.9 million in 2021 [172]. - The total revenue from external customers for the manganese mining segment in China was HKD 134,391,000, while the total revenue from the battery materials production segment was HKD 1,673,925,000 [122].
南方锰业(01091) - 2023 - 年度业绩