Financial Performance - The company reported total revenue of $3,606.4 million for 2023, a decrease of 11.9% compared to $4,094.7 million in 2022[2]. - Net profit for 2023 was $381.4 million, down 1.0% from the restated $385.1 million in 2022[2]. - Profit attributable to owners of the company increased by 4.2% to $277.6 million in 2023, compared to the restated $266.3 million in 2022[2]. - Basic earnings per share for 2023 were approximately 7.43 cents, up from 7.12 cents in 2022, representing an increase of about 4.4%[2]. - The total profit for the year was $381,443 thousand, slightly up from $385,139 thousand in 2022, showing a marginal increase of about 0.6%[35]. - The gross profit for 2023 was $877.5 million, an increase of 8.7% from $807.2 million in 2022, with a gross margin rising from 19.7% in 2022 to 24.3% in 2023[130]. - Profit attributable to the owners of the company increased by 4.2% to $277.6 million in 2023 from the restated $266.3 million in 2022, with profit margin rising from 6.5% to 7.7%[137]. Dividends - The board proposed a final dividend of 2.9702 cents per share for 2023[3]. - The company declared a final dividend of $105,474,000 for 2023, compared to $142,850,000 for 2022, reflecting a decrease of 26.1%[53]. - The company plans to pay a proposed final dividend of $111,057,000 for the year ending December 31, 2023, subject to shareholder approval[53]. - The board proposed a final dividend of $0.029702 per share for the year ending December 31, 2023, compared to $0.038205 per share for the previous year[163]. Cash Flow and Investments - Cash generated from operating activities was $589.3 million, a decrease from $782.5 million in 2022[12]. - Cash used in investing activities amounted to $(224.1) million, compared to $(75.7) million in 2022[12]. - Net cash inflow from operating activities decreased by 24.7% to $589.3 million in 2023 from $782.5 million in 2022, mainly due to an increase in inventory and a decrease in accounts payable[138]. - Net cash outflow from investing activities increased by $148.4 million to $224.1 million in 2023 from $75.7 million in 2022, primarily due to increased investment in the Luanshya open-pit mining project[140]. - Total capital expenditures increased by $12.1 million to $136.9 million in 2023 from $124.8 million in 2022, mainly due to investments in the Luanshya open-pit mining project[147]. Assets and Liabilities - Total assets decreased to $3,819.5 million in 2023 from $4,022.7 million in 2022[9]. - The total liabilities decreased to $1,332,910 thousand in 2023 from $1,679,075 thousand in 2022, a reduction of about 20.5%[39]. - The company’s cash and cash equivalents at year-end were $492.4 million, down from $732.9 million at the beginning of the year[12]. - The total amount of trade receivables increased by $9.0 million to $417.6 million as of December 31, 2023, compared to $408.6 million as of December 31, 2022, mainly due to increased sales revenue[143]. - The total inventory increased by $41.2 million to $861.3 million as of December 31, 2023, from $820.1 million as of December 31, 2022, primarily due to an increase in raw materials and spare parts[144]. Production and Operations - The company produced 285,733 tons of copper and anode copper in 2023, a decrease of 10.5% year-on-year[66]. - The production of sulfuric acid decreased by 5.4% to 955,360 tons in 2023[66]. - The company faced a supply disruption of 80,814 dry tons of raw materials from KML, impacting production plans significantly[99]. - The total production of crude and anode copper for the group in 2023 was 285,733 tons, a decrease of 10.5% from 319,398 tons in 2022[108]. - The total production of cathode copper for the group was 142,423 tons, a slight increase of 1.2% year-on-year[108]. Taxation - The total income tax expense for 2023 was $177,177,000, compared to $167,367,000 in 2022, an increase of 5.0%[48]. - The effective tax rate for the Kambishi copper smelting operation was 26.6% in 2023, up from 23.3% in 2022[51]. - The income tax expense for 2023 was $177.2 million, an increase of $9.8 million from the restated $167.4 million in 2022, driven by a rise in total profits[136]. Challenges and Future Outlook - The company faced challenges in 2023, including social unrest and supply chain issues in Southern Africa, impacting production costs and operations[160]. - The global copper supply is expected to remain tight in 2024 due to geopolitical factors and natural disasters, which may push copper prices higher[161]. - The company plans to focus on high-quality development and compliance in 2024, while advancing production expansion projects[161]. Compliance and Governance - The company’s auditor issued an unqualified opinion on the financial statements for the years ended December 31, 2023, and 2022[15]. - The audit committee has reviewed the financial statements for the year ended December 31, 2023, ensuring compliance with applicable accounting standards and regulations[176]. - The board confirmed that all directors complied with the securities trading code during the year ending December 31, 2023[168].
中国有色矿业(01258) - 2023 - 年度业绩