Financial Performance - For the six months ended June 30, 2023, Mongolian Mining Corporation reported total revenue of approximately $516.7 million, a significant increase of 385.0% compared to $106.5 million for the same period in 2022[2] - Gross profit for the six months ended June 30, 2023, was approximately $225.1 million, a turnaround from a gross loss of $19.9 million recorded in the same period of 2022[2] - The net profit attributable to equity holders of the company for the reporting period was $136.6 million, compared to a net loss of $32.4 million in the same period of 2022[2] - Basic and diluted earnings per share for the reporting period were 13.11 cents, compared to a loss of 3.10 cents per share in the same period of 2022[2] - Adjusted EBITDA for the reporting period was approximately $258.0 million, compared to an adjusted LBITDA of approximately $8.7 million in the same period of 2022[81] - The group recorded a profit attributable to equity holders of approximately $136.6 million for the six months ended June 30, 2023, compared to a loss of $32.4 million in the same period of 2022[86] Revenue and Sales - The group sold approximately 4.9 million tons of coal products during the reporting period, with the average selling price of hard coking coal rising to $161.8 per ton, compared to $141.3 per ton in the same period of 2022[2] - The revenue from hard coking coal reached $450,216,000, compared to $94,244,000 in the previous year, indicating an increase of about 377%[16] - The company achieved total sales of 4.9 million tons of coal in the first half of 2023, representing a 419.4% increase year-on-year[68] - In the first half of 2023, the company exported 4.5 million tons of coal to China, including 2.8 million tons of hard coking coal, 0.4 million tons of semi-soft coking coal, and 1.3 million tons of thermal coal[65] Costs and Expenses - The total cost of revenue for the six months ended June 30, 2023, was $291,597,000, up from $126,425,000 in the same period of 2022, reflecting an increase of approximately 130%[17] - The company’s royalty and fee expenses increased to $62.0 million for the six months ended June 30, 2023, compared to $24.0 million in the same period of 2022[72] - The unit extraction cost for raw coal was $17.5 per ton for the six months ended June 30, 2023, up from $16.8 per ton in the same period of 2022, primarily due to increased fuel costs and higher stripping ratios[73] - Processing costs for the six months ended June 30, 2023, were approximately $29.5 million, compared to $7.3 million in the same period of 2022, with a unit processing cost of $4.3 per ton, down from $4.6 per ton[75] - The company reported a significant increase in logistics costs to $6.0 million for the six months ended June 30, 2023, from $3.7 million in the same period of 2022, driven by higher sales volumes[77] Assets and Liabilities - The total current assets as of June 30, 2023, amounted to $414.4 million, an increase from $259.6 million as of December 31, 2022[7] - Non-current assets totaled $1,568.4 million as of June 30, 2023, slightly up from $1,560.9 million as of December 31, 2022[8] - The total equity attributable to equity holders of the company was $1,009.99 million as of June 30, 2023, compared to $872.56 million at the end of 2022[11] - As of June 30, 2023, total accounts receivable amounted to $106,986,000, an increase from $92,157,000 as of December 31, 2022[30] - The total accounts payable as of June 30, 2023, was $104,170,000, slightly up from $103,987,000 at the end of 2022[34] Operational Highlights - The board of directors highlighted a strong operational performance and positive market conditions as key factors contributing to the improved financial results[2] - The company operates primarily in Mongolia, with its customer base mainly located in China, focusing on the extraction, processing, transportation, and sale of coal products[14] - The company has secured a standby credit facility totaling $50,000,000 from a local bank in Mongolia, ensuring sufficient financial resources for operational costs and upcoming financing obligations[12] - The company reported a net cash flow forecast indicating adequate financial resources to cover operational costs for the next twelve months[12] Employee and Training - Employee costs for the six months ended June 30, 2023, were $20.3 million, compared to $10.3 million for the same period in 2022, reflecting a significant increase in workforce expenses[95] - The total number of employees increased to 2,285 as of June 30, 2023, from 1,783 as of June 30, 2022, highlighting growth in workforce size[94] - The company provided 11,889 personal training sessions totaling 49,157 hours in occupational health, safety, and environmental training in the first half of 2023[66] - The company has implemented an online safety training program for all employees and contractors, enhancing training participation during the reporting period[95] Compliance and Governance - The company has maintained compliance with corporate governance codes and securities trading standards throughout the reporting period[95] - The audit committee consists of one non-executive director and three independent non-executive directors, ensuring compliance with applicable accounting standards and regulations[96] - The audit committee reviewed the unaudited interim results for the reporting period, confirming that the financial statements meet the necessary disclosure requirements[97] - The interim results announcement for 2023 will be published on the Hong Kong Stock Exchange and the company's website, with all required information to be sent to shareholders in due course[97]
MONGOL MINING(00975) - 2023 - 中期业绩