Financial Performance - For the year ended December 31, 2023, the company reported total revenue of 881,598,000 in 2022[2] - The gross profit for 2023 was 68,485,000 in 2022, reflecting a slight increase of 1.8%[2] - The company recorded a loss before tax of 61,130,000 in the previous year[2] - The net loss attributable to owners of the company for 2023 was 1,028,000 in 2022[4] - Total comprehensive loss for the year was 7,953,000 in 2022[5] - The company reported a basic and diluted loss per share of 0.01 per share in 2022[5] - The company’s total equity decreased to 1,166,090,000 in 2022, a decline of 1.4%[7] - The company recorded a pre-tax profit of 61,130,000 in 2022, indicating a decrease of about 55.8%[14] - The total finance costs for 2023 were 14,563,000 in 2022, reflecting an increase of approximately 107.5%[17] - The effective tax rate for the year was approximately 37.7%, with significant contributions from corporate taxes in the Democratic Republic of Congo and Zambia[20] Revenue Breakdown - For the year ended December 31, 2023, total segment revenue was 992,709,000 in 2022, reflecting a decline of approximately 34.2%[14] - The mining segment generated revenue of 724,980,000 in the previous year, representing a decrease of about 33.9%[14] - The trading of mineral and metal products segment reported revenue of 267,729,000, which is a decrease of approximately 35.1%[14] - Revenue from copper sales in 2023 was 487.9 million in 2022, and cobalt sales generated 160.9 million[33] - The trading division recorded revenue of 232.8 million in 2022, due to lower trade volumes and commodity prices[40] Production and Sales - The company produced approximately 62,006 tons of copper in 2023, up from 59,440 tons in 2022, while cobalt production decreased to 2,207 tons from 3,961 tons[33] - Copper production in 2023 was approximately 62,006 tons, a 4% increase from 59,440 tons in 2022, with Ruashi mine contributing 31,787 tons, up 5% from 30,353 tons[34] - Cobalt production decreased by 44% to approximately 2,207 tons in 2023 from about 3,961 tons in 2022, primarily due to the absence of high-cobalt ore purchases[34] - Copper sales volume was 59,516 tons in 2023, down 8% from 64,739 tons in 2022, while cobalt sales volume dropped 53% to 2,114 tons from 4,496 tons[38] Costs and Expenses - The cost of sales for mining operations was 513.4 million in 2022, mainly due to decreased ore procurement costs[42] - The total sales and distribution costs decreased by 15% from 31.1 million in 2023, mainly due to a decline in cobalt sales from the Ruashi mine offset by increased copper sales from the Kinsenda mine[52] - Administrative expenses decreased by 26% from 7.7 million in 2023 due to effective cost control measures[53] - C1 cash costs increased by 2% from 4,705 per ton in 2023, driven by reduced cobalt revenues and increased production costs[57] Assets and Liabilities - Non-current assets increased to 1,717,385,000 in 2022, marking an increase of 10.6%[6] - Current liabilities decreased slightly to 266,340,000 in 2022[6] - The company's total assets less current liabilities amounted to 1,763,188,000 in 2022, indicating a growth of 8.7%[6] - Total bank borrowings and overdrafts increased to 197.8 million in 2022[61] - The company's debt-to-equity ratio rose to 32.4% as of December 31, 2023, compared to 18.9% in 2022, due to increased borrowings[62] Market Conditions - In 2023, the average copper price was 8,815 per ton in 2022[32] - Cobalt prices fell by 50% in 2023, averaging 30.36 per pound in 2022[32] - The copper price showed resilience in 2023, starting at 8,479 per ton despite macroeconomic challenges[67] - Cobalt prices have dropped approximately 67% from 13 per pound by December 2023, influenced by increased supply from the Democratic Republic of Congo and Indonesia[69] Future Outlook and Strategy - The company aims to maintain strict monitoring of outstanding receivables to minimize credit risk[26] - The company is investing in the Lubembe project, with an estimated budget of 3,206,000, unchanged from the previous year[21][24] - The board proposed a dividend of HK25,004,000, consistent with the previous year's dividend[73] Governance and Compliance - The company has adopted corporate governance principles and complied with applicable rules, with a noted exception regarding the attendance of the chairman at the annual general meeting[77] - No purchases, sales, or redemptions of the company's listed securities were made during the fiscal year ending December 31, 2023[78]
金川国际(02362) - 2023 - 年度业绩