Financial Performance - For the year ended December 31, 2023, Mongolian Mining Corporation reported record revenue of approximately $1,034.8 million, an increase of 89.5% compared to $546.2 million for the year ended December 31, 2022[2]. - Adjusted EBITDA for the year ended December 31, 2023, was approximately $509.0 million, representing a significant increase of 280.4% from $133.8 million for the year ended December 31, 2022[2]. - Profit attributable to equity holders of the company for the year ended December 31, 2023, was $239.7 million, compared to $59.2 million for the year ended December 31, 2022[2]. - Basic and diluted earnings per share for the year ended December 31, 2023, were 21.95 cents, a substantial increase from 5.68 cents for the year ended December 31, 2022[3]. - Total comprehensive income for the year ended December 31, 2023, was $240.6 million, compared to $37.2 million for the year ended December 31, 2022[5]. - The company's gross profit surged to approximately $441.6 million in 2023, a 364.4% increase from $95.1 million in 2022, driven by higher sales volume and average selling prices[116]. Assets and Liabilities - Total non-current assets as of December 31, 2023, amounted to $1,588.5 million, compared to $1,560.9 million as of December 31, 2022[6]. - Current assets totaled $419.9 million as of December 31, 2023, up from $259.6 million as of December 31, 2022[7]. - The company's total equity attributable to equity holders increased to $1,114.8 million as of December 31, 2023, from $872.6 million as of December 31, 2022[8]. - Non-current liabilities decreased to $405.1 million as of December 31, 2023, from $565.1 million as of December 31, 2022[9]. - As of December 31, 2023, the group recorded a net current liability of $13,529,000[13]. Revenue Sources - The revenue from washed hard coking coal was $883,140,000 in 2023, compared to $508,355,000 in 2022, reflecting a growth of about 73.7%[27]. - The revenue from agency sales arrangements amounted to approximately $120,811,000 in 2023, up from $43,535,000 in 2022, indicating a growth of around 177%[28]. - The group's revenue for the year ended December 31, 2023, was $1,034,821,000, a significant increase from $546,248,000 in 2022, representing an increase of approximately 89%[26]. Costs and Expenses - The cost of revenue for the year 2023 was $593,180,000, compared to $451,131,000 in 2022, which shows an increase of approximately 31.5%[29]. - Employee costs increased to $45,954,000 in 2023 from $30,216,000 in 2022, reflecting a significant rise in salaries and benefits[32]. - General and administrative expenses for the year ended December 31, 2023, were approximately $57.3 million, an increase of $24.1 million from $24.8 million in 2022[119]. - Financial costs for 2023 amounted to $41,958,000, a decrease from $47,081,000 in 2022[31]. - The effective tax expense for 2023 was $94,820,000, compared to a tax benefit of $(4,183,000) in 2022[39]. Cash Flow and Financing - Cash generated from operating activities for the year ended December 31, 2023, was approximately $481.9 million, compared to $233.8 million in 2022[122]. - The capital debt ratio as of December 31, 2023, was 10.7%, a decrease from 20.5% as of December 31, 2022[123]. - The company issued $180 million of 2026 senior notes and an additional $40 million in December 2023, with a fixed interest rate of 12.50%[65]. - As of December 31, 2023, the outstanding principal amount of the 2026 senior notes was $220.0 million, down from $376.4 million for the 2024 senior notes in 2022[124]. Market and Industry Trends - The total steel production in China remained stable at 1,019 million tons in 2023, consistent with the previous year[72]. - China's steel exports surged by 34.1% year-on-year to 90.3 million tons in 2023, contributing to high production levels[72]. - The company anticipates a further decline in steel demand by 1.7% in 2024 following a 3.3% decrease in 2023[72]. - In 2023, China's coking coal imports reached a record high of 102.5 million tons, a 60.7% increase from 63.8 million tons in 2022[73]. - Coking coal imports from Mongolia grew by 110.9% to 54.0 million tons, accounting for 52.7% of China's total coking coal imports[74]. Mining Operations - The total raw coal production for 2023 was 14.6 million tons, with 12.1 million tons from the UHG mine and 2.5 million tons from the BN mine[94]. - The actual stripping ratio for the UHG mine was 4.5 cubic meters per ton of raw coal, while for the BN mine it was 8.2 cubic meters per ton of raw coal[94]. - The group processed a total of 14.1 million tons of raw coking coal in 2023, with 11.9 million tons from UHG and 2.2 million tons from BN[96]. - The coal processing and washing plant operated at an average rate close to 15.0 million tons per year, producing 6.7 million tons of washed coking coal and 2.0 million tons of middling coal[96]. Compliance and Governance - The company confirmed compliance with the corporate governance code during the year ended December 31, 2023[139]. - The financial data for the year ended December 31, 2023, has been reviewed and confirmed by the company's auditors, KPMG[140]. - The audit committee, chaired by Mr. Chen Zizheng, reviewed the company's full-year performance for the year ending December 31, 2023[142].
MONGOL MINING(00975) - 2023 - 年度业绩