Financial Performance - The group reported a net loss of approximately RMB 750.4 million for the year ending December 31, 2023, with a net operating cash inflow of approximately RMB 406.4 million[6]. - Total revenue for the year was RMB 2,449.0 million, a decrease from RMB 4,284.3 million in 2022, with the average selling price of premium coal dropping from RMB 2,244.9 per ton to RMB 1,690.4 per ton[10]. - The company's gross profit for the year was approximately RMB 270.8 million, a decrease of about RMB 1,514.6 million or approximately 84.8% compared to RMB 1,785.4 million in the previous year, with a gross margin of 11.1% compared to 41.7% in 2022[39]. - The company reported a loss before tax of RMB 732,162 thousand, a significant decline from a profit of RMB 616,168 thousand in 2022, representing a 218.8% change[105]. - The adjusted EBITDA for the year was RMB (86,254) thousand, compared to RMB 1,205,808 thousand in 2022, reflecting a 107.2% decrease[105]. - The company's annual loss was approximately RMB 750.4 million, a decrease of about RMB 1,287.7 million or approximately 239.7% compared to a profit of RMB 537.3 million in 2022[133]. Revenue and Sales - Total revenue from the sale of premium coal and its by-products decreased to RMB 2,449,011 thousand in 2023 from RMB 4,284,259 thousand in 2022, representing a decline of approximately 42.9%[77]. - The sales volume of premium coal was approximately 1,306,000 tons, down about 28.4% from 1,824,000 tons in 2022[112]. - The total sales cost for the year was approximately RMB 2,178.2 million, down about 12.8% from RMB 2,498.8 million in 2022[127]. - The production of raw coal decreased from approximately 5,429,000 tons in 2022 to about 4,741,000 tons in 2023, a reduction of approximately 12.7%[127]. Expenses and Costs - Distribution expenses decreased by approximately RMB 88.2 million or 28.9% to RMB 216.6 million, consistent with the decline in premium coal sales[15]. - Employee costs amounted to approximately RMB 1,003.6 million, a decrease from RMB 1,043.5 million in the previous year, with the number of employees slightly reduced to 9,682 from 9,834[25]. - Administrative expenses for the year were approximately RMB 315.5 million, a decrease of about RMB 66.9 million or approximately 17.5% from RMB 382.4 million in 2022[41]. - The adjusted EBITDA margin for the year was (3.5%), a significant decline from 28.1% in 2022[119]. Assets and Liabilities - The group had cash and bank balances of approximately RMB 46.7 million as of December 31, 2023, down from RMB 78.2 million in 2022[19]. - The company has pledged assets totaling approximately RMB 4,891 million to banks as collateral for credit facilities, an increase from RMB 4,220 million in 2022[24]. - The company's capital debt ratio as of December 31, 2023, was 57.5%, compared to 53.6% in 2022[44]. - The net current liabilities as of December 31, 2023, were approximately RMB 5,333.5 million, compared to RMB 8,568.3 million at the end of 2022[120]. - Non-current liabilities included bank borrowings of RMB 1,363,403 thousand and new US dollar senior notes of RMB 541,834 thousand[100]. Dividends and Shareholder Returns - The board does not recommend the payment of any final dividend for the year[26]. - The company did not recommend any dividend distribution for the years ended December 31, 2023, and 2022[67]. - The basic loss per share for the year was RMB (18.74), a decline of 171.4% from earnings of RMB 26.24 per share in 2022[105]. Strategic Initiatives - The company is actively taking measures to strengthen production processes and control management costs in response to challenges faced in the coking coal market[32]. - The company is focused on production upgrades and process optimization to accelerate coal production in Guizhou and Sichuan provinces[32]. - The company plans to continue taking proactive measures to control administrative and production costs[111]. - The company has not made any significant investments or capital asset plans during the year[31]. - The company implemented a debt restructuring plan that was announced to take effect on March 31, 2023[136]. Governance and Compliance - The company has complied with the corporate governance code throughout the year[149]. - The board of directors confirmed adherence to the standard code for securities trading during the year[150]. - The executive directors include Mr. Xian Yang (Chairman), Mr. Sun Jiankun, and Mr. Zhuang Xianwei[151].
恒鼎实业(01393) - 2023 - 年度业绩