Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 5,866.2 million, representing a 34.9% increase compared to HKD 4,349.4 million in 2021[2] - EBITDA for 2022 was HKD 2,503.5 million, up 35.1% from HKD 1,852.6 million in 2021, while adjusted EBITDA increased by 28.7% to HKD 3,123.2 million[2] - Profit attributable to ordinary shareholders was HKD 1,335.5 million, a 21.0% increase from HKD 1,103.4 million in 2021[2] - Total comprehensive income for the year was HKD 1,195.962 million, compared to HKD 1,156.006 million in 2021[5] - The company reported a pre-tax profit of HKD 1,875,310,000 for the year, compared to HKD 1,336,323,000 in 2021, reflecting an increase of approximately 40%[15] - The company recognized impairment losses of HKD 52,753,000 in 2022, compared to HKD 33,032,000 in 2021, indicating an increase in impairment[15][21] - The total tax expense for the year was HKD 475,188,000, significantly up from HKD 222,176,000 in 2021, marking an increase of about 113%[25] Revenue Breakdown - The average price of Brent crude oil rose approximately 42.4% to USD 100.9 per barrel, contributing to the revenue growth[3] - Revenue from external customers in mainland China reached HKD 1,743,743,000 in 2022, up from HKD 1,247,524,000 in 2021, indicating a growth of about 40%[18] - Revenue from the coal segment was HKD 1,386,828,000 in 2022, compared to HKD 752,477,000 in 2021, marking an increase of approximately 84%[15][17] - The oil and gas segment generated a revenue of approximately HKD 1,854.2 million, reflecting a year-on-year increase of about 37.5%[35] - The company's revenue from Australia reached HKD 1,256,508,000 in 2022, up from HKD 978,617,000 in 2021, reflecting a growth of about 28%[18] Asset and Liability Management - Non-current assets totaled HKD 9,243.085 million as of December 31, 2022, down from HKD 9,453.299 million in 2021[7] - Current assets amounted to HKD 3,196.482 million, slightly down from HKD 3,250.441 million in 2021[7] - The company’s total liabilities increased to HKD 4,673,879,000 in 2022 from HKD 4,214,490,000 in 2021, indicating a rise of about 11%[15] - Non-current liabilities decreased from HKD 4,355,350 thousand in 2021 to HKD 3,470,134 thousand in 2022, a reduction of approximately 20.2%[8] - The total assets of the company as of December 31, 2022, were HKD 12,439,567,000, slightly down from HKD 12,703,740,000 in 2021[15][19] Shareholder Returns - The company’s basic earnings per share for 2022 was HKD 17.00, compared to HKD 14.04 in 2021[4] - The proposed final dividend per share increased to HKD 0.06 from HKD 0.045 in 2021, representing a rise of 33.3%[28] - The proposed final dividend for the year ended December 31, 2022, is HKD 0.06 per ordinary share, subject to shareholder approval[48] Operational Insights - The company has terminated its steel product import and distribution agreements, with the last transaction occurring in November 2022, but this has not impacted overall profitability[13] - Management is actively pursuing discussions to develop new trade varieties despite the termination of steel product activities[13] - The company’s operating segments include electrolytic aluminum, coal, import/export goods, and crude oil, with performance monitored for resource allocation decisions[13] - The company announced a reduction in production at the Portland Aluminium Smelter to approximately 75% of its total capacity due to production instability[32] Governance and Compliance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules for the year ending December 31, 2022, with the exception of the separation of roles between the Chairman and CEO[49] - The audit committee, composed of three independent non-executive directors, has reviewed the group's annual performance for the year ending December 31, 2022[51] - The auditors, PwC, confirmed that the financial statements for the year ending December 31, 2022, are consistent with the preliminary performance announcement[51] - The company has adopted a code of conduct for securities trading by directors, confirming compliance for the year ending December 31, 2022[50] Future Outlook - The group plans to explore new business opportunities in renewable energy and materials while focusing on low-carbon development[41] - The group aims to maintain cash and deposits at reasonable levels to meet foreseeable operational funding needs[47]
中信资源(01205) - 2022 - 年度业绩