Financial Performance - The total revenue for 2022 was $201,487 thousand, a decrease of 31.2% from $292,873 thousand in 2021[1]. - Customer contract revenue amounted to $206,107 thousand, down 24.6% from $273,377 thousand in 2021[6]. - The gross profit for 2022 was $2,801 thousand, significantly lower than $5,399 thousand in 2021[1]. - The net loss for the year was approximately $2.2 million, compared to a net loss of $1.8 million in 2021[18]. - The company reported a net loss of $2,222 thousand in 2022, compared to a net loss of $1,781 thousand in 2021, indicating a worsening financial performance[82]. - Revenue from iron ore sales was $180,777 thousand in 2022, a decrease of 29.0% from $254,248 thousand in 2021[107]. - The company had a basic loss per share of $0.05 in 2022, compared to $0.04 in 2021, showing increased losses on a per-share basis[96]. - The company did not recommend the payment of dividends for the year ended December 31, 2022, consistent with 2021[131]. - The company has not proposed a final dividend for the fiscal year 2022[155]. Assets and Liabilities - Total liabilities as of December 31, 2022, were approximately $32.9 million, a significant increase from $7.5 million in 2021, primarily due to trade payables and notes[34]. - Cash and cash equivalents as of December 31, 2022, were approximately $11.5 million, representing about 19% of total assets, down from 38% in 2021[36]. - Total assets increased to $60,871 thousand in 2022 from $37,751 thousand in 2021, reflecting growth in the asset base[82]. - Current liabilities rose significantly to $32,717 thousand in 2022 from $7,363 thousand in 2021, indicating increased financial obligations[98]. - The total asset value of the company as of December 31, 2022, was approximately $60.9 million, up from about $37.7 million in 2021[154]. Market Conditions - The iron ore market experienced volatility, with shipping prices dropping to a three-year low in October 2022 before rebounding[18]. - The average unit selling price of iron ore during the reporting period was approximately $119 per ton, down from $133 per ton in 2021[31]. - The average price of iron ore shipping increased to approximately $141 per ton in February 2023, impacting the company's gross profit negatively by about $1.6 million[39]. - The Chinese steel demand is expected to continue declining in 2023, but the government is likely to implement moderate measures to stabilize economic growth[42]. - The company faced challenges in trade negotiations and product pricing due to weak demand for high-grade iron ore in China[139]. - The outlook for 2023 indicates that Chinese steel mills are adopting a cautious procurement strategy, which may impact resource business operations[135]. Operational Strategies - The company plans to closely monitor business and market developments and explore suitable acquisition and investment opportunities[24]. - The company aims to accelerate iron ore sales and stabilize supply from its main supplier, Koolan[24]. - The company plans to continue optimizing its resource business and explore new iron ore and other commodity supply opportunities, while also considering potential mergers and acquisitions[55]. - The company aims to diversify its product supply and maintain long-term business relationships with suitable suppliers[55]. - The company established a business development team to enhance supplier and customer relationships, aiming for sustainable growth in the coming years[169]. Governance and Compliance - The company has adopted all code provisions in the Corporate Governance Code during the reporting period, ensuring high standards of corporate governance[57]. - The board emphasizes high standards of corporate governance, effective risk management, and transparency to ensure long-term growth and sustainability[196]. Employee and Operational Costs - Employee costs for the fiscal year 2022 were approximately $2.8 million, down from $3.0 million in 2021, with a total of 23 employees as of December 31, 2022, compared to 27 in 2021[192]. - The group received approximately $0.1 million in subsidies from the Hong Kong government under the COVID-19 anti-epidemic fund, which was used for employee salary expenses and recognized as other income during the reporting period[193]. Future Outlook - The company will continue to explore and evaluate potential projects and investment opportunities to create long-term value for shareholders[161]. - The company plans to hold its 2023 Annual General Meeting on June 8, 2023[200].
新矿资源(01231) - 2022 - 年度业绩