Financial Performance - The company reported revenue of $327,112 thousand for the six months ended June 30, 2023, a decrease of 39.4% compared to $539,423 thousand in the same period of 2022[2] - Gross profit for the same period was $28,389 thousand, down 77.0% from $123,419 thousand year-on-year[2] - The company incurred a loss of $10,038 thousand for the six months ended June 30, 2023, compared to a profit of $67,090 thousand in the prior year, representing a significant decline[2] - Basic loss per share for the period was $(0.10), compared to earnings of $0.39 per share in the same period last year[4] - The company reported a pre-tax loss of $(6,409,000) for the six months ended June 30, 2023, compared to a profit of $101,139,000 for the same period in 2022[17] - The group recorded a net loss of $10.0 million after tax in the first half of 2023, compared to a profit of $67.1 million in the same period of 2022[52] - Shareholders' attributable loss was $12.5 million in the first half of 2023, compared to a profit of $49.1 million in the first half of 2022, primarily due to declining commodity prices and inventory impairment losses[52] - EBITDA for H1 2023 was $40.2 million, a decrease of 72.9% compared to $148.5 million in H1 2022[57] Assets and Liabilities - Total assets as of June 30, 2023, amounted to $1,780,111 thousand, an increase from $1,717,385 thousand as of December 31, 2022[5] - Current liabilities increased to $324,739 thousand from $266,340 thousand at the end of 2022, indicating a rise in short-term financial obligations[5] - The company's net asset value decreased to $1,152,145 thousand as of June 30, 2023, down from $1,166,090 thousand at the end of the previous year[6] - Total bank borrowings and overdrafts increased to $266.1 million as of June 30, 2023, up from $197.8 million at the end of 2022[59] - The debt-to-equity ratio rose to 25.1% as of June 30, 2023, compared to 18.9% at the end of 2022, driven by increased borrowings[60] Revenue Breakdown - Copper sales contributed $320,973,000, down from $380,523,000, while cobalt sales dropped significantly from $185,149,000 to $17,513,000[11] - The mining segment generated $220,477,000 in revenue, while the trading of mineral and metal products brought in $100,496,000[14] - The trading segment generated revenue of $107.6 million in the first half of 2023, a decrease of 38% from $174.1 million in the first half of 2022[39] Production and Costs - Cobalt production decreased by 48% to approximately 1,364 tons in the first half of 2023, compared to about 2,603 tons in the first half of 2022[33] - The group’s mining business sales cost for the first half of 2023 was $177.9 million, a decrease of 14% from $207.0 million in the first half of 2022[41] - The cost of ore procurement dropped significantly from $65.2 million in the first half of 2022 to $1.3 million in the first half of 2023 due to reduced external ore purchases[41] - Smelting costs increased by 15% in the first half of 2023, primarily due to rising electricity costs and increased use of diesel power[41] - C1 cash cost increased significantly from $1,771 per ton in H1 2022 to $5,116 per ton in H1 2023, primarily due to a substantial decrease in cobalt sales and rising production costs[55] Market Conditions - In the first half of 2023, the average copper price was $8,704 per ton, down 11% from $9,756 per ton in the first half of 2022[31] - The copper price fluctuated, starting at $9,340 per ton in early 2023 and dropping to $8,210 per ton by the end of June 2023 due to weakened demand and economic uncertainties[65] - Cobalt prices have dropped approximately 59%, from $39.75 per pound ($87,634 per ton) in April 2022 to $14.25 per pound ($31,416 per ton) by June 2023, driven by weak global demand and increased supply from Indonesia[67] Strategic Focus and Future Outlook - The company continues to focus on its core mining and trading operations, with no specific new product or market expansion strategies disclosed in the report[7] - The company is focused on the development of the Musonoi copper-cobalt project in the Democratic Republic of Congo, with construction progressing well in the first half of 2023[69] - Future outlook includes potential new projects such as the Lubembe project, which is expected to enhance copper production capacity[79] - The company aims to maintain a strong financial position while pursuing growth opportunities in the mining sector[80] Corporate Governance and Compliance - The company is committed to high standards of corporate governance and has adhered to all applicable codes during the reporting period[72] - The board of directors emphasized the importance of adhering to corporate governance standards as outlined in the listing rules[77]
金川国际(02362) - 2023 - 中期业绩