Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 3,442 million, a decrease of 26% compared to HKD 4,663 million in 2022[2] - Gross profit for the same period was HKD 2,233 million, down 26% from HKD 3,007 million in the previous year[2] - Net profit attributable to owners for the six months was HKD 1,519 million, a decline of 22% from HKD 1,936 million in 2022[2] - EBITDA for the period was HKD 1,233 million, representing a 23% decrease from HKD 1,607 million in the prior year[2] - Basic earnings per share for the six months was HKD 24.40, down 23% from HKD 31.80 in 2022[2] - Total comprehensive income for the period was HKD 1,323 million, down from HKD 1,646 million in 2022[6] - The group's operating revenue for the six months ended June 30, 2023, was approximately HKD 3.442 billion, a decrease of about 26% from HKD 4.663 billion in the same period of 2022[45] - Net profit for the six months ended June 30, 2023, was approximately HKD 1.519 billion, a decrease of 22% year-on-year[45] - The EBITDA for the six months ended June 30, 2023, was approximately HKD 2.373 billion, down from HKD 3.267 billion in the same period of 2022[46] - The group recorded a profit attributable to owners of approximately HKD 1.233 billion, a decrease of about HKD 374 million or 23% compared to approximately HKD 1.607 billion in the same period last year[57] Assets and Liabilities - The company's net asset value as of June 30, 2023, was HKD 18,586 million, a slight decrease of 1% from HKD 18,677 million at the end of 2022[2] - The total assets as of June 30, 2023, amounted to HKD 24,178 million, an increase from HKD 23,463 million at the end of 2022[7] - Trade receivables as of June 30, 2023, amounted to HKD 893,962,000, a significant decrease of 40% from HKD 1,504,189,000 as of December 31, 2022[29] - The net trade receivables after impairment losses were HKD 706,005,000 as of June 30, 2023, compared to HKD 1,314,509,000 as of December 31, 2022, indicating a decline of approximately 46%[29] - The company’s total receivables, including notes receivable, were HKD 1,443,854,000 as of June 30, 2023, compared to HKD 2,889,765,000 as of December 31, 2022, reflecting a decrease of about 50%[29] - The company’s total liabilities related to pledged notes receivable were HKD 84,378,000 as of June 30, 2023, down from HKD 182,668,000 as of December 31, 2022[32] - As of June 30, 2023, the company reported accounts payable of HKD 234,396,000, a slight decrease from HKD 236,931,000 as of December 31, 2022, representing a reduction of approximately 1%[34] - The company’s accounts payable notes decreased to HKD 211,218,000 as of June 30, 2023, down from HKD 377,806,000 as of December 31, 2022, indicating a significant reduction of approximately 44%[34] Dividends and Share Repurchase - The interim dividend declared was HKD 0.15 per share, compared to HKD 0.10 per share in the previous year[2] - The total interim dividend declared for the six months ended June 30, 2023, was HKD 505,184,000, compared to HKD 757,776,000 for the same period in 2022, representing a reduction of about 33%[25] - The company declared an interim dividend of HKD 0.10 per share for the six months ended June 30, 2023, down from HKD 0.15 per share in the previous year[40] - The company plans to repurchase up to 125,000,000 shares at a price of HKD 2.40 per share, which would result in a total cash payment of approximately HKD 300,000,000[38] - The company announced a conditional cash offer to repurchase up to 125 million shares at HKD 2.40 per share, representing approximately 2.47% of the total issued shares[68] Production and Sales - The company’s production of premium coking coal for the six months ended June 30, 2023, was 2.66 million tons, a decrease of 1% compared to 2.70 million tons in the same period last year[41] - The sales volume of premium coking coal increased to 1.79 million tons for the six months ended June 30, 2023, up by 3% from 1.74 million tons in the previous year[41] - The average realized selling price of premium coking coal was RMB 1,973 per ton, a decrease of 22% from RMB 2,521 per ton in the same period last year[41] - The group's raw coking coal production for the six months ended June 30, 2023, was approximately 2.66 million tons, a slight decrease of 1% compared to 2.70 million tons in the same period of 2022[43] - The production of premium coking coal increased by 7% to approximately 1.86 million tons, up from 1.74 million tons in the same period of 2022, due to improved recovery rates[43] Expenses and Costs - The cost of sales for the six months ended June 30, 2023, was HKD 1,209,654, down from HKD 1,656,147 in the same period of 2022, reflecting a decrease of 27%[21] - The total sales cost for the six months ended June 30, 2023, was approximately HKD 1.210 billion, a decrease of 27% from HKD 1.656 billion in the same period of 2022[47] - The cash production cost per ton of raw coking coal was RMB 326, down 5% from RMB 344 in the same period of 2022[48] - Sales and distribution expenses were approximately HKD 132 million, a decrease of about HKD 36 million or 21% compared to approximately HKD 168 million in the same period last year, mainly due to a decline in the proportion of sales from fire transportation[54] - General and administrative expenses were approximately HKD 91 million, a slight increase of about HKD 2 million compared to approximately HKD 89 million in the same period last year[55] Financial Position and Ratios - The current ratio decreased to 2.83 from 3.23, reflecting a 12% decline[2] - The current ratio was approximately 2.83 times, with total cash and bank deposits of approximately HKD 9.278 billion as of June 30, 2023[63] - The total equity value was approximately HKD 15.157 billion, with no borrowings as of June 30, 2023[64] - The group maintained a strong financial position with available bank balances and cash of approximately HKD 8.494 billion as of June 30, 2023, up from HKD 6.014 billion as of December 31, 2022[46] Economic and Market Conditions - In the first half of 2023, China's GDP growth increased to 5.5%, up from 3% in 2022, with Q1 growth at 4.5% and Q2 at 6.3%[66] - National fixed asset investment grew by 3.8% year-on-year in the first half of 2023, with infrastructure investment increasing by 7.2%[66] - In the first half of 2023, the national crude steel production reached 540 million tons, a year-on-year increase of 1.3%[66] - The price of domestic coking coal showed a pattern of rising and then falling, with imported coal volume increasing by 75% to 45.61 million tons in the first half of 2023[66] - The real estate market showed slight improvement in the first half of 2023 but weakened again, impacting steel demand[66] Safety and Governance - The company achieved a zero fatal accident management goal in the first half of 2023, emphasizing safety in production[67] - The company remains committed to adhering to corporate governance codes and has complied with the relevant regulations during the reporting period[69] - The company continues to assess the impact of new accounting standards and interpretations on its financial performance and position[16] - The group did not report any significant changes in operations for the six months ended June 30, 2023, compared to the previous period[12] - The board approved the publication of the interim financial data on August 30, 2023[13]
首钢资源(00639) - 2023 - 中期业绩