Financial Performance - The company reported revenue of 539,423 thousand in the same period of 2022[2] - Gross profit for the same period was 123,419 thousand year-on-year[2] - The company incurred a loss of 67,090 thousand in the prior year, representing a significant decline[2] - Basic loss per share for the period was 0.39 per share in the same period last year[4] - The company reported a pre-tax loss of 101,139,000 for the same period in 2022[17] - The group recorded a net loss of 67.1 million in the same period of 2022[52] - Shareholders' attributable loss was 49.1 million in the first half of 2022, primarily due to declining commodity prices and inventory impairment losses[52] - EBITDA for H1 2023 was 148.5 million in H1 2022[57] Assets and Liabilities - Total assets as of June 30, 2023, amounted to 1,717,385 thousand as of December 31, 2022[5] - Current liabilities increased to 266,340 thousand at the end of 2022, indicating a rise in short-term financial obligations[5] - The company's net asset value decreased to 1,166,090 thousand at the end of the previous year[6] - Total bank borrowings and overdrafts increased to 197.8 million at the end of 2022[59] - The debt-to-equity ratio rose to 25.1% as of June 30, 2023, compared to 18.9% at the end of 2022, driven by increased borrowings[60] Revenue Breakdown - Copper sales contributed 380,523,000, while cobalt sales dropped significantly from 17,513,000[11] - The mining segment generated 100,496,000[14] - The trading segment generated revenue of 174.1 million in the first half of 2022[39] Production and Costs - Cobalt production decreased by 48% to approximately 1,364 tons in the first half of 2023, compared to about 2,603 tons in the first half of 2022[33] - The group’s mining business sales cost for the first half of 2023 was 207.0 million in the first half of 2022[41] - The cost of ore procurement dropped significantly from 1.3 million in the first half of 2023 due to reduced external ore purchases[41] - Smelting costs increased by 15% in the first half of 2023, primarily due to rising electricity costs and increased use of diesel power[41] - C1 cash cost increased significantly from 5,116 per ton in H1 2023, primarily due to a substantial decrease in cobalt sales and rising production costs[55] Market Conditions - In the first half of 2023, the average copper price was 9,756 per ton in the first half of 2022[31] - The copper price fluctuated, starting at 8,210 per ton by the end of June 2023 due to weakened demand and economic uncertainties[65] - Cobalt prices have dropped approximately 59%, from 87,634 per ton) in April 2022 to 31,416 per ton) by June 2023, driven by weak global demand and increased supply from Indonesia[67] Strategic Focus and Future Outlook - The company continues to focus on its core mining and trading operations, with no specific new product or market expansion strategies disclosed in the report[7] - The company is focused on the development of the Musonoi copper-cobalt project in the Democratic Republic of Congo, with construction progressing well in the first half of 2023[69] - Future outlook includes potential new projects such as the Lubembe project, which is expected to enhance copper production capacity[79] - The company aims to maintain a strong financial position while pursuing growth opportunities in the mining sector[80] Corporate Governance and Compliance - The company is committed to high standards of corporate governance and has adhered to all applicable codes during the reporting period[72] - The board of directors emphasized the importance of adhering to corporate governance standards as outlined in the listing rules[77]
金川国际(02362) - 2023 - 中期业绩