昇能集团(02459) - 2023 - 年度业绩

Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenue of approximately $72.3 million, a decrease of about 37.4$115.5 million in the fiscal year 2022[2]. - The gross profit for the fiscal year 2023 was $841,000, resulting in a gross margin of 1.2$15.5 million in FY2023, primarily due to reduced gross profit, increased administrative expenses, and financial costs[14]. - Adjusted net loss was approximately $10.8 million in FY2023, compared to a profit of$8.7 million in FY2022, reflecting the impact of listing expenses and employee bonuses[15]. - Revenue decreased from approximately $115.5 million in FY2022 to about$72.3 million in FY2023, primarily due to a drop in sales volume from approximately 24,184 tons to about 17,015 tons and a decrease in average selling price per ton from $4,777 to$4,249[8]. - Gross profit significantly declined from approximately $26.0 million in FY2022 to about$0.8 million in FY2023, with gross margin dropping from approximately 22.5% to about 1.2%[10]. - The company reported a pre-tax loss of $68,160,000 in 2023, compared to a loss of$89,493,000 in 2022, reflecting a 23.8% improvement[45]. - The company reported a significant increase in financial costs, rising to $3,653,000 in 2023 from$2,626,000 in 2022[28]. Operational Highlights - The sales volume of the company's products decreased by 29.6% in fiscal year 2023 due to soft customer demand and downstream supply chain destocking[3]. - The company plans to enhance its annual production capacity in the core graphite anode business to prepare for market recovery[5]. - The company has initiated a brownfield GAM project in Europe, with a planned annual production capacity of 20,000 tons[6]. - The investment in Hubei Haoyang Technology Co., Ltd. aims to further expand the company's presence in the GAM market in Europe[6]. - The company plans to actively execute measures to provide attractive value propositions to customers and drive downstream industry transformation into sustainable value chains[7]. - The company remains confident in its ability to navigate the current market situation and is optimistic about the long-term prospects of its core businesses[7]. Cash Flow and Financial Position - Cash flow from operating activities was a net amount of $6.1 million in FY2023, compared to$5.4 million in FY2022[17]. - As of December 31, 2023, the group's cash and cash equivalents amounted to approximately $29.6 million, up from$11.7 million on December 31, 2022[18]. - The total interest-bearing bank and other borrowings as of December 31, 2023, were approximately $38.7 million, an increase from$30.2 million on December 31, 2022[18]. - The group's equity and liabilities as of December 31, 2023, were approximately $148.5 million and$77.6 million, respectively, compared to $132.9 million and$72.9 million on December 31, 2022[18]. - The debt-to-equity ratio increased from approximately 22.7% on December 31, 2022, to approximately 26.1% on December 31, 2023, primarily due to the increase in interest-bearing borrowings[19]. - Capital expenditures for the fiscal year 2023 were approximately $13.6 million, primarily for the acquisition of properties, plants, and equipment[21]. Taxation and Liabilities - The group reported a tax expense of approximately$6,850,000 for the year ended December 31, 2023, compared to $1,692,000 in 2022, reflecting a significant increase in tax liabilities[52]. - The group has a deferred tax asset of approximately$4,610,000 resulting from the carryforward of net operating losses in the U.S. for the year ended December 31, 2022[52]. - The group did not declare any dividends to shareholders for the years ended December 31, 2023, and 2022, indicating a focus on retaining earnings[53]. - As of December 31, 2023, trade payables amounted to $7,200 thousand, a decrease from$12,314 thousand in 2022, with overdue amounts significantly reduced[59]. Corporate Governance and Compliance - The company has adhered to corporate governance rules since its listing on January 17, 2023, ensuring a clear separation of roles between the chairman and the CEO[64]. - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and practices adopted by the group for the fiscal year 2023[66]. - The group has not experienced significant changes in its main business operations as of December 31, 2023[33]. - The financial statements are presented in US dollars, which is also the functional currency of the company[33]. Market and Future Outlook - The company anticipates continued pressure on the global economy in the short term, but remains optimistic about long-term growth driven by global carbon neutrality initiatives[5]. - The company expects that the global steel production capacity will significantly increase over the next three years, with electric arc furnace projects accounting for approximately 50.5% of the total[5].