Financial Performance - For the fiscal year ending December 31, 2023, the group's revenue from continuing operations decreased by 11.9% to approximately HKD 820,875,000, compared to HKD 931,380,000 in 2022[18]. - The net profit attributable to shareholders for the year was approximately HKD 68,390,000, down from HKD 216,750,000 in 2022, primarily due to lower average tin prices and increased administrative expenses[18]. - The group's revenue for the year ended December 31, 2023, was approximately HKD 820,875,000, a decrease of about 11.9% compared to HKD 931,380,000 in 2022, primarily due to a decline in average tin prices[34]. - The cost of sales for the year was approximately HKD 524,835,000, representing 63.9% of the recorded revenue, an increase from 56.2% in the previous year[35]. - Gross profit for the year was approximately HKD 296,040,000, with a gross margin of 36.1%, down from 43.8% in 2022, mainly due to reduced revenue while sales costs remained relatively stable[36]. - Administrative expenses increased by approximately 17.1% to about HKD 58,709,000, accounting for 7.2% of the group's revenue, primarily due to rising personnel costs[37]. - The financial cost for the continuing operations of the group increased by approximately 14.7% to about HKD 5,223,000 for the year ending December 31, 2023, compared to HKD 4,553,000 for the year ending December 31, 2022, primarily due to increased financial leasing interest expenses[38]. - The profit attributable to the owners of the company from continuing operations was approximately HKD 68,390,000 for the year ending December 31, 2023, a significant decrease from HKD 216,750,000 in 2022, mainly due to lower average tin prices, increased administrative and other expenses, and foreign exchange losses[39]. Production and Operations - Total tin production from the Renison underground mine in 2023 was 9,532 tons, an increase of approximately 13.42% from 8,404 tons in 2022[22]. - The group’s share of tin production from its indirect subsidiary YT Parksong Australia Holding Pty Limited was 4,766 tons in 2023, compared to 4,202 tons in 2022[22]. - The group plans to continue focusing on exploration activities to fully exploit the resource potential of the mine and optimize operations to produce more tin metal[10]. - The total proven, controlled, and inferred resources at the Renison underground mine amounted to 20,040,000 tons with a grade of 1.54% as of December 31, 2023, indicating potential for increased production capacity[23]. - The Renison underground mine produced 9,532 tons of tin metal with an average tin grade of 1.92% during the year[92]. - Total operating expenses for the year amounted to HKD 524,835,000, including mining costs of HKD 194,091,000 and processing costs of HKD 127,463,000[93]. - Capital expenditures for exploration, development, or production activities totaled approximately HKD 286,168,000 for the year[93]. Market Outlook - The semiconductor market is expected to recover in 2024, with a projected growth of 13.1%, which will drive strong demand for tin in the short to long term[11]. - The global supply of tin is expected to decline due to stricter export controls in major producing countries like Indonesia[21]. - The global tin market is expected to see new growth due to the rapid development of electric vehicles, smart manufacturing, and 5G electronics, with anticipated gradual increases in tin prices in 2024[24]. Legal Matters - The company is currently involved in a legal dispute regarding a claim of AUD 15,143,422.44 (approximately HKD 78,340,180.12) related to the acquisition of BMTJV, with the company denying the claim[107]. - The total current claims against the company amount to AUD 19,544,520.24 (approximately HKD 101,078,317.15), which includes various counterclaims and damages[108]. - The court has scheduled a trial for the ongoing legal disputes to begin on May 6, 2024, with a pre-trial review set for March 6, 2024[111]. - The company attempted mediation with the claimant in December 2021, but no settlement has been reached, and legal proceedings are ongoing[111]. - The company is involved in a legal dispute regarding a claim of AUD 15,143,422 (approximately HKD 78,340,180) related to a share purchase agreement[189]. - The company’s legal disputes include multiple claims related to the AUD 16.3 million matter, which are being consolidated for more efficient handling[195]. Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with all provisions as of December 31, 2023[127]. - The board consists of eight directors, including five executive directors and three independent non-executive directors, ensuring a balanced composition with diverse skills and expertise[133]. - The company is committed to enhancing accountability, transparency, independence, and fairness in its corporate governance framework[132]. - The board has established four committees: audit committee, remuneration committee, nomination committee, and compliance committee, each with clearly defined responsibilities[132]. - Continuous professional development is mandatory for all directors to enhance their knowledge and skills[143]. - The company has maintained three independent non-executive directors throughout the year, with one being a professional accountant, in compliance with listing rules[136]. Employee and Management - The total employee costs for the year ending December 31, 2023, amounted to HKD 178,162,000, compared to HKD 171,261,000 in 2022[71]. - The company employed approximately 347 employees as of December 31, 2023, an increase from 341 employees in 2022[71]. - The company continues to provide training to employees to enhance industry quality standards knowledge[71]. - The company is expanding its management team with experienced professionals in finance and real estate development[120]. - The company is preparing for future growth by aligning its leadership with industry experts[120]. Shareholder Information - The company holds 402,732,353 shares, representing approximately 29.48% of the total issued share capital[117]. - The newly appointed executive director, 彭志紅, holds 3,740,000 shares, accounting for about 0.27% of the total issued share capital[118]. - The company has a strategic focus on financial management and corporate strategy development[118]. - The company has not granted any stock options during the year ending December 31, 2023[64]. Exploration and Resource Development - A total of 219 underground diamond drill holes were drilled, totaling 50,272 meters, significantly increasing the controlled resource and inferred reserves[89]. - The critical tin grade reported for the Renison underground mine is 0.65% based on current operational and market parameters[85]. - The Renison underground mine has been operating at a depth of 1,300 meters, with a length of 2,065 meters and a lateral distance of 900 meters[78]. - The geological database utilizes the Sequel server platform, storing diamond drilling data and ensuring quality control through a verification approval system[79]. - The Renison tailings project involves processing approximately 22,300,000 tons of tailings with an average grade of 0.44% tin and 0.23% copper, containing about 99,000 tons of tin, making it one of Australia's largest tin resources[106].
绿科科技国际(00195) - 2023 - 年度财报