Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 5,891 million, a decrease of 28% from HKD 8,215 million in 2022[2] - Gross profit for the same period was HKD 3,466 million, down 34% from HKD 5,290 million, resulting in a gross margin of 59% compared to 64% in the previous year[2] - Net profit attributable to owners for 2023 was HKD 1,889 million, a decline of 30% from HKD 2,715 million in 2022[2] - EBITDA per share decreased to HKD 37.66 from HKD 53.75, reflecting a drop of 30%[2] - Total comprehensive income for the year was HKD 1,883 million, down from HKD 2,300 million in 2022[5] - Profit before tax for 2023 was HKD 1,889,247,000, a decrease of 30.5% from HKD 2,715,374,000 in 2022[24] - The basic earnings per share for 2023 was HKD 0.3766, down from HKD 0.5375 in 2022, representing a decrease of 30%[24] - Net profit for the fiscal year was approximately HKD 2.301 billion, a decline of about 30% year-on-year, with earnings per share dropping to HKD 0.3766 from HKD 0.5375[39] Revenue Sources - The company's revenue from coking coal sales for the year 2023 was HKD 5,891,068,000, a decrease of 28.4% compared to HKD 8,214,719,000 in 2022[15] - The total external customer revenue from the China market was HKD 5,891,068,000 in 2023, down from HKD 8,214,719,000 in 2022, representing a decline of 28.4%[16] - Revenue from the sale of by-products decreased to HKD 95,462,000 in 2023 from HKD 123,039,000 in 2022, a decline of 22.4%[18] - The contribution of the top five customers to total revenue was approximately 67%, down from 74% in the previous year, with the largest customer accounting for 43% of total revenue[38] Assets and Liabilities - The company's net asset value as of December 31, 2023, was HKD 18,471 million, a slight decrease of 1% from HKD 18,677 million in 2022[2] - The total assets as of December 31, 2023, were HKD 22,491 million, compared to HKD 23,463 million in 2022[6] - Current liabilities decreased to HKD 2,522 million from HKD 3,234 million, indicating improved liquidity[7] - The company reported a decrease in trade receivables to HKD 714,894,000 in 2023 from HKD 1,504,189,000 in 2022, a decline of 52.5%[25] - As of December 31, 2023, accounts payable amounted to HKD 303,096,000, an increase from HKD 236,931,000 in 2022[29] - The total accounts payable and notes payable reached HKD 621,467,000, slightly up from HKD 614,737,000 in the previous year[29] Dividends - The board proposed a final dividend of HKD 0.18 per share for the year 2023[2] - The total dividend declared for 2023 was HKD 1,907,199,000, compared to HKD 2,374,364,000 in 2022, a decrease of 19.7%[22] - The proposed final dividend for the year ending December 31, 2023, is HKD 0.18 per share, compared to HKD 0.28 per share for the previous year[33] Expenses and Costs - The total sales cost for the fiscal year was approximately HKD 2.425 billion, a decrease of about 17% from HKD 2.925 billion in the previous year[40] - The company’s employee costs, including directors' remuneration, decreased to HKD 808,778,000 in 2023 from HKD 834,779,000 in 2022, a decline of 3.1%[20] - Sales and distribution expenses for the review year were approximately HKD 215 million, a decrease of about HKD 134 million or 38% compared to the previous year[47] - General and administrative expenses were approximately HKD 201 million, down by about HKD 7 million or 3% year-on-year[48] - Other operating expenses were approximately HKD 10 million, a significant decrease of about HKD 108 million or 92% compared to the previous year[49] Financial Position - The current ratio improved by 23%, increasing to 3.97 from 3.23 in the previous year[2] - The company maintained a strong financial position with cash and bank balances of approximately HKD 7.945 billion, up from HKD 6.014 billion in the previous year[39] - The company had no borrowings, resulting in a capital debt ratio of 0%[54] - The current ratio was approximately 3.97 times, with total cash and bank deposits of about HKD 8.887 billion[56] Market and Economic Context - In 2023, China's GDP growth was recorded at 5.2%, achieving the set target despite a complex domestic and international environment[61] - Fixed asset investment, excluding price factors, grew by 6.4% in 2023, while infrastructure investment increased by 5.9%[61] - Real estate development investment decreased by 9.6% in 2023, with a gradual narrowing of the decline in new construction area in the second half of the year[61] Strategic Initiatives - The group plans to invest RMB 70 billion in major projects in 2024, focusing on manufacturing and infrastructure[62] - The group will continue to invest in technological innovation and improve production efficiency to align with national carbon neutrality goals by 2060[62] - The group has sufficient cash flow and will adjust operational strategies in response to environmental changes and economic developments[62] Shareholder Actions - The company repurchased and canceled 125 million shares, representing approximately 2.47% of the total shares issued prior to the offer[59] - The company repurchased and canceled a total of 125 million shares at HKD 2.40 per share, totaling HKD 300 million[64] Compliance and Governance - The company has complied with the corporate governance code as per the listing rules for the fiscal year ending December 31, 2023[65]
首钢资源(00639) - 2023 - 年度业绩