Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 741,255,000, a 65.7% increase from HKD 447,367,000 in the same period of 2023[1] - Gross profit decreased to HKD 29,162,000 from HKD 45,171,000, representing a decline of 35.5% year-over-year[1] - The company reported a loss before tax of HKD 19,245,000, compared to a loss of HKD 2,599,000 in the previous year, indicating a significant deterioration in performance[1] - Total comprehensive loss for the period was HKD 85,032,000, compared to a comprehensive income of HKD 51,565,000 in the same period last year[2] - The reported segment profit before tax for the six months ended June 30, 2024, was 7,427 thousand HKD, down from 15,083 thousand HKD in 2023, indicating a decrease of 50.8%[10] - Interest income for the six months ended June 30, 2024, was 9,675 thousand HKD, compared to 2,807 thousand HKD in 2023, marking a significant increase of 245.5%[11] - The basic and diluted loss per share for the six months ended June 30, 2024, was (0.55) cents, compared to (0.11) cents for the same period in 2023[15] - The company incurred financial costs of 12,782 thousand HKD for the six months ended June 30, 2024, down from 15,866 thousand HKD in 2023, representing a decrease of 19.5%[12] - The company recorded a loss before interest and tax (LBIT) of approximately HKD 6.5 million, a decrease of 148.7% compared to a profit of HKD 13.3 million in the same period last year[38] - EBITDA for the six months was approximately HKD 20.9 million, a decrease of 48.3% from HKD 40.4 million in the previous year[38] Assets and Liabilities - Current liabilities exceeded current assets by HKD 173,924,000, reflecting a negative working capital position[3] - Non-current assets decreased to HKD 1,391,786,000 from HKD 1,307,383,000, indicating a reduction in long-term asset value[3] - The company’s cash and bank balances were HKD 318,920,000, down from HKD 374,862,000, showing a decline in liquidity[3] - The total assets for the reporting segments as of June 30, 2024, amounted to 957,651 thousand HKD, an increase from 932,613 thousand HKD as of December 31, 2023, reflecting a growth of 2.7%[9] - The total liabilities for the reporting segments as of June 30, 2024, were 717,086 thousand HKD, compared to 636,745 thousand HKD as of December 31, 2023, showing an increase of 12.6%[9] - As of June 30, 2024, the company's total assets were approximately HKD 20.2 billion, with a current ratio of 0.78, down from 2.38 at the end of the previous year[42] - The company’s total cash and bank balances decreased to approximately HKD 318.9 million, primarily due to cash outflows from investment activities[42] Trade and Receivables - Trade and other receivables increased significantly to HKD 151,999,000 from HKD 90,065,000, suggesting a rise in credit sales or delayed collections[3] - As of June 30, 2024, trade receivables aged within one month increased to HKD 19,040,000 from HKD 8,972,000 as of December 31, 2023, representing a 112.9% increase[18] - The total trade receivables, net of loss allowances, amounted to HKD 151,999,000 as of June 30, 2024, compared to HKD 90,065,000 as of December 31, 2023, indicating a 68.5% increase[18] Business Segments and Operations - The business is segmented into three reportable segments: Dock Storage, Trading, and Others, with no consolidation of operating segments[6] - Revenue from the sale of oil and petrochemical products accounted for 91.1% of total revenue, amounting to approximately 675.0 million HKD, an increase of 81.3% year-on-year[33] - Sales volume of oil and petrochemical products rose by 58.0% to 109,000 tons in the first half of 2024, up from 69,000 tons in the same period last year[31] - The number of sales contracts established in the trade business increased by 114.7% to 541 in the first half of 2024 compared to 252 in the same period of 2023[31] - The throughput of the terminal decreased by 4.1% to 1,410,000 tons in the first half of 2024 compared to 1,471,000 tons in the same period last year[30] Investments and Acquisitions - The company completed the acquisition of BTHL, holding 70% of its issued shares, which is expected to diversify its core business into public transportation[34] - The group has committed to business acquisitions amounting to HKD 2,547,045,000 as of June 30, 2024, with no prior commitments reported[24] - On July 31, 2024, the group paid HKD 325,000,000 as part of the acquisition of approximately 54.44% of the issued shares of Bravo Transport Holdings Limited (BTHL)[25] - Glorify acquired 54.44% of BTHL's issued shares for approximately HKD 2.72 billion (USD 348 million) on July 31, 2024[45] - Following the acquisition completion, Glorify holds 7,000 shares of BTHL, representing 70% of BTHL's issued shares[45] - The fair value loss recorded for the investment in BTHL was HKD 62 million for the period, compared to a gain of HKD 62 million for the six months ended June 30, 2023[45] Employee and Governance - The group has approximately 174 employees as of June 30, 2024, unchanged from December 31, 2023[49] - The board of directors currently has only two independent non-executive directors, below the minimum required number[63] - The company is actively seeking suitable candidates to appoint new independent non-executive directors within three months from July 31, 2024[63] - The company has complied with the standard code of conduct for securities trading by all directors during the reporting period[64] Dividends and Share Options - The group does not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[54] - The total number of unexercised share options under the 2012 Share Option Scheme that could potentially be issued is 711,427,600 shares, representing 18.0% of the total shares issued as of June 30, 2024[57] - The group has adopted a new share option scheme effective from May 31, 2023, which will be valid for ten years[56] - The 2023 stock option plan allows for a maximum of 395,663,800 shares, representing 10% of the issued share capital as of the plan's adoption date[59] - The 2023 stock award plan also allows for a maximum of 395,663,800 shares, which is 10% of the issued share capital at the time of adoption[61] - The 2019 stock award plan has been terminated, with 78,590,000 shares transferred to the 2023 stock award plan[60] Risk Management - The group does not foresee significant foreign exchange and price fluctuation risks, believing that no hedging instruments are necessary[48] - The group has not disclosed any significant foreign exchange and price risks other than those mentioned above[48] - As of June 30, 2024, the group has no significant contingent liabilities[52] Future Plans - The group plans to develop liquefied natural gas storage tanks and related facilities on approximately 150,000 square meters of vacant land at the Dongzhou Petrochemical Warehouse[27] - The group plans to continue diversifying its business while expanding into other sectors, including increasing investments in Bravo Transport Holdings Limited (BTHL) to enhance revenue sources[29] - The group has actively sought various development opportunities to broaden its revenue base and enhance business diversification[29] - The company plans to expand its bus services overseas and develop autonomous driving and smart mobility technologies in Hong Kong[34] Reporting and Compliance - The interim results for the six months ending June 30, 2024, will be published on the company's website and the Hong Kong Stock Exchange website[66] - The company will provide its 2024 interim report to shareholders upon request[66]
汉思能源(00554) - 2024 - 中期业绩