Financial Performance - The company's revenue for the six months ended June 30, 2023, was HKD 2,043.2 million, a decrease of 36.7% compared to HKD 3,228.4 million in the same period last year[2]. - EBITDA for the same period was HKD 832.8 million, down 49.7% from HKD 1,654.5 million year-on-year[2]. - Adjusted EBITDA decreased by 41.4% to HKD 1,140.2 million from HKD 1,947.3 million in the previous year[2]. - Profit attributable to equity holders of the company was HKD 383.2 million, representing a 57.1% decline from HKD 893.3 million in the prior year[2]. - Total comprehensive income for the period was HKD 302.9 million, down from HKD 784.4 million in the previous year[6]. - The adjusted profit before tax for the first half of 2023 was HKD 474,059,000, down from HKD 1,359,414,000 in the first half of 2022, indicating a decrease of about 65.1%[13]. - The net profit attributable to shareholders for the same period was approximately HKD 383.2 million, a year-on-year decline of about 57.1%[20]. Revenue Breakdown - Total revenue for the first half of 2023 reached HKD 2,083,828,000, a decrease from HKD 3,322,669,000 in the same period of 2022, representing a decline of approximately 37.4%[13]. - The aluminum segment generated revenue of HKD 770,240,000 in the first half of 2023, compared to HKD 736,090,000 in the same period of 2022, reflecting a growth of approximately 4.6%[13]. - The coal segment's revenue decreased to HKD 539,350,000 in the first half of 2023 from HKD 658,647,000 in the same period of 2022, a decline of about 18.1%[13]. - The oil segment reported revenue of HKD 733,632,000 in the first half of 2023, down from HKD 955,767,000 in the same period of 2022, representing a decrease of approximately 23.3%[13]. - The oil and gas business generated revenue of approximately HKD 730 million in the first half of 2023, a year-on-year decrease of about 23.2%[27]. Asset and Liability Management - Non-current assets totaled HKD 9,169.7 million as of June 30, 2023, slightly down from HKD 9,243.1 million at the end of 2022[7]. - Current assets decreased to HKD 2,654.3 million from HKD 3,196.5 million at the end of 2022[7]. - Total equity attributable to equity holders of the company was HKD 7,561.5 million, down from HKD 7,745.4 million at the end of 2022[8]. - The total assets as of June 30, 2023, were HKD 4,740,693,000, a decrease from HKD 5,037,515,000 as of December 31, 2022, reflecting a decline of about 5.9%[14]. - The total liabilities as of June 30, 2023, were HKD 1,360,891,000, down from HKD 1,448,970,000 as of December 31, 2022, indicating a decrease of approximately 6.1%[14]. Financial Position and Liquidity - The company repaid bank borrowings of approximately HKD 761.6 million during the period, maintaining a strong financial position with cash and deposits of about HKD 1,632.5 million as of June 30, 2023[3]. - As of June 30, 2023, the group maintained strong liquidity with unused bank credit of approximately HKD 1,716.0 million, down from HKD 1,815.1 million as of December 31, 2022[30]. - The total debt of the group as of June 30, 2023, was approximately HKD 1,878.9 million, a decrease from HKD 2,644.4 million as of December 31, 2022[31]. - The net debt to net total capital ratio improved to 3.2% as of June 30, 2023, compared to 6.2% as of December 31, 2022[33]. - The group repaid bank loans of USD 85.0 million (approximately HKD 663.0 million) in 2023, contributing to a significant reduction in borrowings[32]. Strategic Focus and Future Plans - The company is actively pursuing new trade varieties and seeking oil sales rights from joint ventures, indicating a strategic focus on market expansion and diversification[12]. - The company plans to continue applying new technologies and processes to optimize production and improve management efficiency in the second half of 2023[29]. - The company aims to explore new energy and new materials business layouts to create new development directions and enhance shareholder returns[29]. Employee and Compensation - The group had 202 full-time employees as of June 30, 2023, an increase from 199 employees as of June 30, 2022[35]. - Total compensation for full-time employees in the first half of 2023 was approximately HKD 77.0 million, down from HKD 81.7 million in the same period of 2022[35]. Dividends and Investments - The group did not declare any interim dividend for the period, consistent with the previous year[37]. - The group has not made any new investments during the reporting period[34]. Governance - The executive director of the company is Mr. Hao Weibao[40]. - The non-executive director is Mr. Chen Jian[40]. - The independent non-executive directors include Dr. Fan Renda, Mr. Gao Peiji, and Mr. Lu Dong[40].
中信资源(01205) - 2023 - 中期业绩