中广核矿业(01164) - 2023 - 中期业绩

Financial Performance - The company's revenue for the six months ended June 30, 2023, was approximately HKD 2,933,815, representing an increase of about 22% compared to HKD 2,412,830 in the same period of 2022[2] - Profit attributable to the company's owners for the same period was approximately HKD 179,692, a decrease of about 49% from HKD 355,123 in 2022[2] - Basic earnings per share for the period were approximately HKD 2.36, down about 55% from HKD 5.28 in the previous year[2] - The board of directors did not recommend the payment of an interim dividend for the reporting period[2] - Gross profit for the period was HKD 186,657, compared to HKD 195,608 in the same period of 2022[3] - The company reported a total comprehensive income attributable to owners of HKD 201,547, down from HKD 278,166 in 2022[4] - The group reported revenue of HKD 2,933,815 thousand for the six months ended June 30, 2023, an increase from HKD 2,412,830 thousand in the same period of 2022, representing a growth of approximately 21.5%[12] - The group achieved a segment profit of HKD 289,584 thousand for the six months ended June 30, 2023, compared to HKD 414,214 thousand for the same period in 2022[17] - The group reported a pre-tax profit of HKD 235,487 thousand for the six months ended June 30, 2023[14] - The company reported a net profit for the first half of 2023, with no interim dividend declared, consistent with the previous year[28] - Half-year profit decreased by approximately 49% to HKD 179.69 million, mainly due to declines in joint venture and associate results and rising financing costs[65] Assets and Liabilities - The company's total assets as of June 30, 2023, amounted to HKD 7,085,180, compared to HKD 6,865,707 as of December 31, 2022[5] - The total liabilities as of June 30, 2023, were HKD 3,531,512 thousand, slightly up from HKD 3,517,568 thousand as of December 31, 2022[18] - The net current assets increased to HKD 943,830 from HKD 383,003 in the previous year[6] - The company’s non-current assets as of June 30, 2023, amounted to HKD 4,052,176,000, down from HKD 4,418,617,000 as of December 31, 2022[21] - The total accounts payable as of June 30, 2023, was HKD 739,218,000, compared to HKD 1,043,828,000 as of December 31, 2022, indicating a decrease of 29.2%[37] - The company’s accounts receivable increased significantly to HKD 573,821,000 as of June 30, 2023, compared to HKD 335,621,000 as of December 31, 2022, representing a growth of 70.9%[31] - The company’s cash and cash equivalents increased significantly to HKD 516,100 from HKD 52,390 as of December 31, 2022[5] - The group’s unallocated assets increased to HKD 536,055 thousand as of June 30, 2023, from HKD 62,238 thousand as of December 31, 2022[18] Financing Costs - The company’s financing costs increased to HKD 59,244 from HKD 24,002 in the previous year[3] - Financing costs for the first half of 2023 totaled HKD 59,244,000, significantly higher than HKD 24,002,000 in the same period of 2022[23] - The group's financing costs surged by 147% to HKD 59 million, largely due to the impact of interest rate hikes by the US Federal Reserve[65] Revenue Segmentation - The revenue from the natural uranium trading segment was HKD 2,932,207 thousand, while the property investment segment contributed HKD 1,608 thousand[17] - Revenue from external customers for the first half of 2023 reached HKD 2,933,815,000, a 21.6% increase from HKD 2,412,830,000 in the same period of 2022[21] - The cost of goods sold for the first half of 2023 was HKD 2,747,158,000, compared to HKD 2,217,222,000 in the first half of 2022, reflecting an increase in inventory impairment of approximately HKD 47,694,000[27] Market and Industry Trends - The company believes that the demand for natural uranium will continue to rise steadily in the future due to the increasing focus on nuclear energy as a stable and low-carbon energy source[47] - As of June 30, 2023, the global operational nuclear power capacity was 391 GWe across 437 units, with 59 GW of capacity under construction[45] - South Korea plans to increase its nuclear power generation share to 32.4% by 2030, with further increases projected by 2036[45] - Japan's government has approved legislation allowing nuclear power plants to operate beyond 60 years, reflecting a shift in energy policy[46] - The European Union aims to increase its nuclear power capacity from 100 GW to 150 GW by 2050, as part of a roadmap for nuclear energy development[46] Operational Performance - The company’s EBITDA for the first half of 2023 was HKD 295.66 million, compared to HKD 439.14 million in the same period of 2022, reflecting a decline in operational performance[59] - The gross profit margin decreased to 6.36% for the first half of 2023, down from 8.11% in the same period of 2022[59] - The net profit margin fell to 6.12% in the first half of 2023 from 14.72% in the same period of 2022[59] Strategic Initiatives - The company aims to strengthen its operational management capabilities and explore quality acquisition opportunities in the uranium sector[58] - The company plans to continue expanding its international trade of natural uranium while managing risks and enhancing trade quality and profitability[58] - The company is exploring new technologies for uranium extraction to enhance operational efficiency[86] - The company aims to increase its market share in the uranium sector through strategic partnerships and acquisitions[86] Shareholder and Governance - The company has not declared any interim dividends for the first half of 2023, maintaining the same policy as in the previous year[28] - The company is committed to adhering to corporate governance codes as per the listing rules[84] - The company will implement long-term incentive plans to enhance employee loyalty and align interests between shareholders and employees[58]