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金川国际(02362) - 2022 - 年度业绩
02362JINCHUAN INTL(02362)2023-03-23 22:08

Financial Performance - The company's revenue for the year ended December 31, 2022, was 881.6million,anincreaseof6881.6 million, an increase of 6% from 831.9 million in 2021[2] - The cost of sales increased significantly to 746.2millionfrom746.2 million from 531.1 million, resulting in a gross profit of 135.4million[2]−Theprofitbeforetaxfromcontinuingoperationswas135.4 million[2] - The profit before tax from continuing operations was 61.1 million, compared to 278.7millioninthepreviousyear,indicatingasubstantialdecline[2]−Thenetprofitfromcontinuingoperationsfortheyearwas278.7 million in the previous year, indicating a substantial decline[2] - The net profit from continuing operations for the year was 6.9 million, down from 162.4millionin2021,reflectingadecreaseofapproximately96162.4 million in 2021, reflecting a decrease of approximately 96%[3] - Total comprehensive income for the year was 8.0 million, compared to 162.3millioninthepreviousyear[4]−Basicearningspersharefromcontinuingoperationswere162.3 million in the previous year[4] - Basic earnings per share from continuing operations were 0.01, down from 0.96inthepreviousyear,reflectingtheoveralldeclineinprofitability[7]−Totalrevenuefromcontinuingoperationswas0.96 in the previous year, reflecting the overall decline in profitability[7] - Total revenue from continuing operations was 992,709,000 in 2022, up from 797,078,000in2021,markingagrowthof24.5797,078,000 in 2021, marking a growth of 24.5%[14] - The adjusted revenue after temporary pricing adjustments was 881,598,000 for 2022, compared to 831,899,000in2021,reflectinga6831,899,000 in 2021, reflecting a 6% increase[17] - The company reported a pre-tax profit from continuing operations of 61,130,000 for the year 2022, a decrease from 278,736,000in2021[18]−Thecompanyrecordedaconsolidatedprofitof278,736,000 in 2021[18] - The company recorded a consolidated profit of 6,900,000 for the year ended December 31, 2022, a decrease from 162,400,000in2021[68]AssetsandLiabilities−Non−currentassetsincreasedto162,400,000 in 2021[68] Assets and Liabilities - Non-current assets increased to 1.72 billion from 1.51billion,primarilyduetoinvestmentsinproperty,plant,andequipment[8]−Currentliabilitiesdecreasedsignificantlyto1.51 billion, primarily due to investments in property, plant, and equipment[8] - Current liabilities decreased significantly to 312.1 million from 529.4million,improvingthecompany′sliquidityposition[8]−Thecompany′stotalassetslesscurrentliabilitiesstoodat529.4 million, improving the company's liquidity position[8] - The company's total assets less current liabilities stood at 1.76 billion, up from 1.66billioninthepreviousyear[8]−Thenetassetvaluedecreasedslightlyto1.66 billion in the previous year[8] - The net asset value decreased slightly to 1.17 billion from 1.18billion,indicatingastableequitypositiondespitethedeclineinprofits[9]−Thetotalinterestexpensesforbankloansincreasedto1.18 billion, indicating a stable equity position despite the decline in profits[9] - The total interest expenses for bank loans increased to 9,980,000 in 2022 from 8,030,000in2021,reflectingariseofapproximately248,030,000 in 2021, reflecting a rise of approximately 24%[23] - The deferred tax liabilities for 2022 were 37,090,000, a decrease from 54,107,000in2021,reflectingareductionofapproximately31.554,107,000 in 2021, reflecting a reduction of approximately 31.5%[25] - The group's trade payables increased significantly to 102.8 million in 2022 from 39.6millionin2021[12]−ThetotalbankborrowingsandoverdraftsasofDecember31,2022,were39.6 million in 2021[12] - The total bank borrowings and overdrafts as of December 31, 2022, were 197.8 million, compared to 249.7millionin2021,showingareductionindebtlevels[75]RevenueSources−Revenuefromcoppersalesreached249.7 million in 2021, showing a reduction in debt levels[75] Revenue Sources - Revenue from copper sales reached 696,224,000 and cobalt sales reached 296,485,000fortheyear2022,comparedto296,485,000 for the year 2022, compared to 637,288,000 and 159,790,000in2021,representingincreasesof9.3159,790,000 in 2021, representing increases of 9.3% and 85.4% respectively[13] - The mining segment generated 724,980,000 in revenue, while the metal trading segment contributed 267,729,000,leadingtoatotalsegmentrevenueof267,729,000, leading to a total segment revenue of 992,709,000[17] - The trading division recorded a revenue of 232.8millionin2022,upfrom232.8 million in 2022, up from 211.3 million in 2021[45] - The group sold 64,739 tons of copper in 2022, compared to 57,001 tons in 2021, generating revenue of 487.9million[43]−Thegroup’scobaltsalesrevenuewas487.9 million[43] - The group’s cobalt sales revenue was 160.9 million in 2022, compared to 106.6millionin2021[43]ProductionandCosts−Copperproductionin2022was59,440tons,adecreaseof3106.6 million in 2021[43] Production and Costs - Copper production in 2022 was 59,440 tons, a decrease of 3% from 61,260 tons in 2021, while cobalt production increased by 17% to 3,961 tons[43][44] - The average copper price reached a historical high of 10,730 per ton in March 2022, followed by a 35% decline to 7,000pertonbyJuly2022[42]−Theaveragerealizedcopperpricefellby167,000 per ton by July 2022[42] - The average realized copper price fell by 16% to 7,537 per ton, and the average realized cobalt price decreased by 12% to 35,790pertonin2022[50]−Thecompany′stotalsalescostincreasedby6335,790 per ton in 2022[50] - The company's total sales cost increased by 63% to 746.2 million in 2022, driven by higher mining and refining costs[51] - The gross profit decreased by 73% to 68.5millionin2022duetorisingsalescostsandincreasedminingrightsfees[54]−FortheyearendedDecember31,2022,thedirectandindirectminingcostsamountedto68.5 million in 2022 due to rising sales costs and increased mining rights fees[54] - For the year ended December 31, 2022, the direct and indirect mining costs amounted to 441.967 million, an increase from 305.571millionin2021[71]−TheC1cashcostpertonofcopperincreasedto305.571 million in 2021[71] - The C1 cash cost per ton of copper increased to 4,634 in 2022 from 2,611in2021,reflectingasignificantriseinoperationalcosts[71]MarketConditionsandFutureOutlook−Thecompanyplanstocontinueevaluatingthemarketconditionsandpricingforcopper,withalong−termpriceestimateof2,611 in 2021, reflecting a significant rise in operational costs[71] Market Conditions and Future Outlook - The company plans to continue evaluating the market conditions and pricing for copper, with a long-term price estimate of 8,300 per ton for 2022, up from 7,100pertonin2021[20]−Copperpriceshavedroppedbyone−thirdfromahighof7,100 per ton in 2021[20] - Copper prices have dropped by one-third from a high of 10,730 per ton in March 2022 to 7,000pertoninJuly2022,thelowestsinceNovember2020[81]−Globalcoppersupplyhasbeenaffectedbygovernmentinterventionsandlaborissues,withLMEcopperinventoriesremaininglow[82]−Thelong−termdemandforcopperisexpectedtodoubleto53milliontonsannuallyby2050toachievecarbonneutrality[83]−Cobaltpriceshavedecreasedbyapproximately617,000 per ton in July 2022, the lowest since November 2020[81] - Global copper supply has been affected by government interventions and labor issues, with LME copper inventories remaining low[82] - The long-term demand for copper is expected to double to 53 million tons annually by 2050 to achieve carbon neutrality[83] - Cobalt prices have decreased by approximately 61% from 39.0 per pound at the end of March 2022 to 15.15perpoundbytheendofFebruary2023[84]−Analystspredictcobaltdemandwillcontinuetogrowatacompoundannualgrowthrateof715.15 per pound by the end of February 2023[84] - Analysts predict cobalt demand will continue to grow at a compound annual growth rate of 7% until 2030[85] - The group continues to monitor market volatility to ensure preparedness for any market changes[85] Corporate Governance and Strategic Initiatives - The company has ceased its trading operations in China as of December 31, 2021, and these results are classified as discontinued operations[15] - The company applied the International Financial Reporting Standards revisions for the first time this year, which did not have a significant impact on the financial statements[12] - The audit committee has reviewed the group's accounting principles and internal controls for the fiscal year ending December 31, 2022[89] - The group has adopted corporate governance principles in compliance with applicable regulations for the fiscal year ending December 31, 2022[92] - The group is focused on becoming a world-class mining enterprise, with strategic planning supported by its board and ongoing projects[86] Shareholder Returns - The company proposed a final dividend of HKD 0.2 per share for the year ending December 31, 2022, totaling approximately 3,206,000, consistent with the previous year's dividend[30] - The board proposed a final dividend of HKD 0.2 per share for 2022, totaling approximately HKD 25,004,000, consistent with the previous year's dividend[88] - The group repurchased and canceled a total of 107,791,000 shares for approximately 10.61millionduringtheyear[38]−Thegrouprepurchasedatotalof107,791,000sharesatatotalcostofapproximatelyHKD82,767,650duringthefiscalyearendingDecember31,2022[93]EmployeeandOperationalInsights−Thegrouphas1,598long−termemployeesand4,050contractorsasofDecember31,2022,comparedto1,575and2,741respectivelyin2021,indicatingasignificantincreaseincontractorworkforce[87]−Thetotalemployeecosts,includingsalariesandotherbenefits,roseto10.61 million during the year[38] - The group repurchased a total of 107,791,000 shares at a total cost of approximately HKD 82,767,650 during the fiscal year ending December 31, 2022[93] Employee and Operational Insights - The group has 1,598 long-term employees and 4,050 contractors as of December 31, 2022, compared to 1,575 and 2,741 respectively in 2021, indicating a significant increase in contractor workforce[87] - The total employee costs, including salaries and other benefits, rose to 54,085,000 in 2022 from $52,319,000 in 2021, marking an increase of about 3.4%[24] Sustainability and Innovation - The company is committed to sustainability, with plans to invest 10% of profits into renewable energy initiatives[99] - The company aims to reduce production costs by 15% through technological advancements in mining processes[97] - A new partnership with a leading technology firm is set to improve data analytics capabilities, enhancing decision-making[98] - The Lubembe project is expected to contribute an additional 50,000 tons of copper annually once operational[99]