Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 3,825.6 million, a decrease of 34.8% compared to HKD 5,866.2 million in 2022[2] - EBITDA for the same period was HKD 1,342.9 million, down 46.4% from HKD 2,503.5 million in 2022[2] - Adjusted EBITDA decreased by 34.2% to HKD 2,056.1 million from HKD 3,123.2 million year-on-year[2] - Profit attributable to ordinary shareholders was HKD 551.8 million, representing a significant decline of 58.7% from HKD 1,335.5 million in 2022[2] - The total revenue for the year ended December 31, 2023, was HKD 3,871,093 thousand, with the oil segment contributing HKD 1,474,241 thousand, representing the largest share[18] - Adjusted profit before tax for the year was HKD 696,760 thousand, indicating a strong performance across segments[18] - Revenue from external customers in mainland China decreased to HKD 1,406,152,000 in 2023 from HKD 1,743,743,000 in 2022, representing a decline of approximately 19.4%[22] - The company's net profit attributable to ordinary shareholders for 2023 was HKD 551.8 million, a decrease of approximately 58.7% compared to HKD 1.34 billion in 2022[37] - The average selling price of crude oil sold by the company significantly dropped, leading to a revenue of approximately HKD 1.47 billion from oil and gas operations, down about 20.5% year-on-year[38] - The company recorded a net loss of approximately HKD 260 million in its non-oil business, a decline of about 137.0% year-on-year[39] Assets and Liabilities - Non-current assets totaled HKD 9,288.0 million, slightly up from HKD 9,243.1 million in 2022[9] - Current assets decreased to HKD 2,336.4 million from HKD 3,196.5 million in the previous year[9] - Total equity attributable to ordinary shareholders was HKD 7,761.8 million, compared to HKD 7,745.4 million in 2022[10] - Non-current liabilities decreased from HKD 3,470,134 thousand in 2022 to HKD 2,424,732 thousand in 2023, a reduction of approximately 30%[11] - Total assets increased from HKD 7,765,688 thousand in 2022 to HKD 7,841,423 thousand in 2023, reflecting a growth of about 1%[11] - As of December 31, 2023, the total debt of the group was approximately HKD 1,830.7 million, a decrease of about HKD 813.7 million from the previous year[47] - The net debt to net total capital ratio improved to approximately 4.2% in 2023, down from 6.2% in 2022[49] Cash Flow and Financing - The group repaid net bank borrowings of approximately HKD 801.6 million during the year, maintaining a strong financial position with cash and deposits of about HKD 1,483.8 million as of December 31, 2023[3] - The company reported cash and cash equivalents of HKD 759.2 million, a decrease from HKD 966.3 million in 2022[34] - Cash and cash equivalents as of December 31, 2023, were approximately HKD 1,483.8 million, down from HKD 2,130.2 million at the end of 2022[46] - Interest income increased to HKD 73,917,000 in 2023 from HKD 42,489,000 in 2022, marking a growth of approximately 74.0%[25] - The group’s financing costs rose to HKD 162,763,000 in 2023, compared to HKD 141,816,000 in 2022, reflecting an increase of about 14.7%[27] Capital Expenditures and Investments - Capital expenditures for the year amounted to HKD 369,772 thousand, with significant investments in property, plant, and equipment[18] - The total capital expenditure for the year was HKD 420,466,000, with significant investments in property, plant, and equipment[20] - The impairment provision in the consolidated income statement was HKD 844,724 thousand, reflecting ongoing asset management strategies[18] - The company recognized an impairment provision of approximately HKD 840 million for its investment in Alumina Limited due to a decline in stock price[41] Strategic Initiatives - The company established a trading market team focused on developing oil trade for 2024, indicating strategic market expansion efforts[16] - The company has made progress in discussions to develop new trade varieties, enhancing its product offerings[16] - The group has initiated the establishment of a new trading system, focusing on oil and gas exploration and trade, as well as aluminum product development and trade[45] - The group aims to explore new business directions in renewable energy and new materials to enhance shareholder returns[45] - The group plans to strengthen strategic research to maximize returns while expanding into oil and gas extraction and trade in 2024[45] Corporate Governance and Compliance - The company has adhered to the corporate governance code principles as per the Hong Kong Stock Exchange rules, with a noted exception regarding the roles of Chairman and CEO being held by the same individual during part of the year[54] - The audit committee, composed of three independent non-executive directors, reviewed the financial statements for the year ending December 31, 2023[57] - The company confirmed compliance with the securities trading code for all directors during the year ending December 31, 2023[55] Employment and Compensation - The group had 195 full-time employees as of December 31, 2023, down from 206 in 2022[52] - The total compensation for outsourced contractors was approximately HKD 345.2 million, an increase from HKD 325.2 million in 2022[52] Dividends - The proposed final dividend for 2023 is HKD 0.025 per share, down from HKD 0.06 per share in 2022, totaling HKD 196.4 million[32] - The proposed final dividend is HKD 0.025 per share, subject to shareholder approval at the annual general meeting[53] Market Conditions - The average selling price of crude oil sold by the group saw a substantial decline year-on-year, contributing to the profit decrease[3] - The oil and gas production volume for 2023 was approximately 17.1 million barrels, with equity production of about 9.2 million barrels, both down approximately 5.0% year-on-year[38] - In 2023, the average coal selling price for CMJV was approximately $216.3 per ton, a year-on-year decrease of about 24.5%[42] - Coal production costs for 2023 were approximately $155.9 per ton, reflecting a year-on-year increase of about 4.9%[42] - The net profit attributable to shareholders from coal operations was approximately HKD 270 million, a decrease of about 40.5% year-on-year[42]
中信资源(01205) - 2023 - 年度业绩