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金川国际(02362) - 2023 - 年度业绩
JINCHUAN INTLJINCHUAN INTL(HK:02362)2024-03-24 10:06

Financial Performance - For the year ended December 31, 2023, the company reported total revenue of $638,857,000, a decrease of 27.5% from $881,598,000 in 2022[2] - The gross profit for 2023 was $70,746,000, compared to $68,485,000 in 2022, reflecting a slight increase of 1.8%[2] - The company recorded a loss before tax of $27,024,000 for 2023, a significant decline from a profit of $61,130,000 in the previous year[2] - The net loss attributable to owners of the company for 2023 was $11,558,000, compared to a profit of $1,028,000 in 2022[4] - Total comprehensive loss for the year was $11,852,000, compared to a comprehensive income of $7,953,000 in 2022[5] - The company reported a basic and diluted loss per share of $0.09 for 2023, compared to earnings of $0.01 per share in 2022[5] - The company’s total equity decreased to $1,149,768,000 in 2023 from $1,166,090,000 in 2022, a decline of 1.4%[7] - The company recorded a pre-tax profit of $27,024,000 for the year ended December 31, 2023, compared to $61,130,000 in 2022, indicating a decrease of about 55.8%[14] - The total finance costs for 2023 were $30,309,000, significantly higher than $14,563,000 in 2022, reflecting an increase of approximately 107.5%[17] - The effective tax rate for the year was approximately 37.7%, with significant contributions from corporate taxes in the Democratic Republic of Congo and Zambia[20] Revenue Breakdown - For the year ended December 31, 2023, total segment revenue was $652,774,000, a decrease from $992,709,000 in 2022, reflecting a decline of approximately 34.2%[14] - The mining segment generated revenue of $479,047,000, down from $724,980,000 in the previous year, representing a decrease of about 33.9%[14] - The trading of mineral and metal products segment reported revenue of $173,727,000, a decline from $267,729,000, which is a decrease of approximately 35.1%[14] - Revenue from copper sales in 2023 was $435.3 million, down from $487.9 million in 2022, and cobalt sales generated $39.1 million, down from $160.9 million[33] - The trading division recorded revenue of $164.4 million in 2023, a 29% decrease from $232.8 million in 2022, due to lower trade volumes and commodity prices[40] Production and Sales - The company produced approximately 62,006 tons of copper in 2023, up from 59,440 tons in 2022, while cobalt production decreased to 2,207 tons from 3,961 tons[33] - Copper production in 2023 was approximately 62,006 tons, a 4% increase from 59,440 tons in 2022, with Ruashi mine contributing 31,787 tons, up 5% from 30,353 tons[34] - Cobalt production decreased by 44% to approximately 2,207 tons in 2023 from about 3,961 tons in 2022, primarily due to the absence of high-cobalt ore purchases[34] - Copper sales volume was 59,516 tons in 2023, down 8% from 64,739 tons in 2022, while cobalt sales volume dropped 53% to 2,114 tons from 4,496 tons[38] Costs and Expenses - The cost of sales for mining operations was $374.1 million in 2023, a 27% reduction from $513.4 million in 2022, mainly due to decreased ore procurement costs[42] - The total sales and distribution costs decreased by 15% from $36.3 million in 2022 to $31.1 million in 2023, mainly due to a decline in cobalt sales from the Ruashi mine offset by increased copper sales from the Kinsenda mine[52] - Administrative expenses decreased by 26% from $10.4 million in 2022 to $7.7 million in 2023 due to effective cost control measures[53] - C1 cash costs increased by 2% from $4,634 per ton in 2022 to $4,705 per ton in 2023, driven by reduced cobalt revenues and increased production costs[57] Assets and Liabilities - Non-current assets increased to $1,899,771,000 in 2023 from $1,717,385,000 in 2022, marking an increase of 10.6%[6] - Current liabilities decreased slightly to $253,268,000 in 2023 from $266,340,000 in 2022[6] - The company's total assets less current liabilities amounted to $1,917,114,000, up from $1,763,188,000 in 2022, indicating a growth of 8.7%[6] - Total bank borrowings and overdrafts increased to $278.5 million as of December 31, 2023, from $197.8 million in 2022[61] - The company's debt-to-equity ratio rose to 32.4% as of December 31, 2023, compared to 18.9% in 2022, due to increased borrowings[62] Market Conditions - In 2023, the average copper price was $8,483 per ton, a 4% decrease from $8,815 per ton in 2022[32] - Cobalt prices fell by 50% in 2023, averaging $15.10 per pound compared to $30.36 per pound in 2022[32] - The copper price showed resilience in 2023, starting at $8,530 per ton and ending at $8,479 per ton despite macroeconomic challenges[67] - Cobalt prices have dropped approximately 67% from $39.75 per pound in April 2022 to $13 per pound by December 2023, influenced by increased supply from the Democratic Republic of Congo and Indonesia[69] Future Outlook and Strategy - The company aims to maintain strict monitoring of outstanding receivables to minimize credit risk[26] - The company is investing in the Lubembe project, with an estimated budget of $15 million allocated for development in the upcoming year[81] - Future guidance estimates a revenue increase of 25% for the next fiscal year, driven by higher copper prices and increased production capacity[82] - The company is exploring potential acquisitions to enhance its market position, focusing on companies with complementary mining operations[82] - New technology initiatives are underway to improve mining efficiency, with an expected reduction in operational costs by 10%[82] - The board of directors remains committed to sustainable practices, aiming for a 50% reduction in carbon emissions by 2025[82] Shareholder Returns - The company proposed a final dividend of HKD 0.2 per share for the year ended December 31, 2023, totaling approximately $3,206,000, unchanged from the previous year[21][24] - The board proposed a dividend of HK$0.2 per share for 2023, totaling approximately HK$25,004,000, consistent with the previous year's dividend[73] Governance and Compliance - The company has adopted corporate governance principles and complied with applicable rules, with a noted exception regarding the attendance of the chairman at the annual general meeting[77] - No purchases, sales, or redemptions of the company's listed securities were made during the fiscal year ending December 31, 2023[78]