Financial Performance - The company recorded total revenue of approximately HKD 1,149,680,000 for the fiscal year ending March 31, 2023, a slight decrease of about 1.57% compared to HKD 1,168,040,000 in 2022[6]. - The company achieved a profit before tax of approximately HKD 528,930,000, a significant turnaround from a loss of HKD 348,020,000 in the previous year, primarily due to the reversal of impairment losses on exploration and evaluation assets[7]. - The group reported a profit before tax of approximately HKD 528,930,000, a turnaround from a loss of HKD 348,020,000 in the previous year[23]. - The company reported a net profit of HKD 527,496,000 for the year, compared to a net loss of HKD 349,570,000 in the previous year[187]. - The company reported a net loss of HKD 343,499,000 for the year ended March 31, 2023, compared to a loss of HKD 550,211,000 in the previous year, indicating an improvement in financial performance[191]. - Gross profit increased to HKD 12,286,000, up from HKD 8,923,000, representing a 37.5% increase year-over-year[187]. - Basic earnings per share for the year was HKD 3.79, a significant improvement from a loss of HKD 2.37 per share in the prior year[187]. Revenue Breakdown - Total revenue for the group was approximately HKD 1,149,670,000, with diesel sales contributing about HKD 836,330,000 (72.75% of total revenue), gasoline sales at HKD 199,370,000 (17.34%), and other related oil products at HKD 113,970,000 (9.91%) [16]. - The five largest customers accounted for approximately 30.48% of total revenue for the year, down from 45.65% in the previous year[68]. - The largest customer contributed about 9.24% of total revenue, a decrease from 17.70% in the prior year[68]. Market and Business Outlook - The company plans to expand its market position in the diesel and gasoline trading business in South Korea by collaborating with more gas stations[10]. - The company is cautiously optimistic about its core business outlook, focusing on diesel and gasoline trading and coal mining while exploring potential business opportunities for diversification[9]. - The outlook for the coming year indicates challenges due to high inflation, rising interest rates, and geopolitical tensions, but the impact on the group's South Korean operations is expected to be manageable[29]. - The company expects global economic activity to gradually recover to pre-COVID-19 levels as major countries lift pandemic-related restrictions[9]. Expenses and Costs - Selling and distribution costs increased to approximately HKD 4,040,000 from HKD 2,940,000 due to higher freight and transportation expenses[19]. - Administrative expenses decreased to approximately HKD 14,720,000 from HKD 15,690,000, primarily due to reduced audit fees and employee costs[20]. - The company incurred financing costs of HKD 10,069,000, down from HKD 12,576,000, indicating improved cost management[187]. - The company’s administrative expenses decreased to HKD 14,716,000 from HKD 15,693,000, showing a focus on operational efficiency[187]. Assets and Liabilities - The group's net current liabilities as of March 31, 2023, were HKD 3,704,430,000, compared to HKD 3,662,810,000 in 2022, indicating a slight increase[35]. - The current ratio of the group was 0.64% as of March 31, 2023, down from 0.66% in 2022, reflecting a decrease in liquidity[35]. - Total assets as of March 31, 2023, amounted to HKD 2,021,177,000, an increase from HKD 1,445,309,000 in the previous year[188]. - Current liabilities increased to HKD 3,728,260,000 from HKD 3,687,138,000, indicating a slight rise in financial obligations[188]. - The company’s total liabilities as of March 31, 2023, amounted to HKD 171,655,000, slightly up from HKD 164,591,000 in 2022[189]. Environmental and Sustainability Efforts - The company emphasizes the importance of environmental sustainability in its operations, particularly in its Russian coal mining projects, which are expected to yield long-term economic benefits[12]. - The company engaged Ecosky LLC to analyze technical documents related to coal reserve development, emphasizing environmental sustainability in its Russian coal mining projects[8]. - The group is committed to promoting environmental sustainability and improving eco-friendly practices[102]. Corporate Governance - The company maintains high standards of corporate governance as detailed in the annual report[101]. - The board consists of five directors, including two executive directors and three independent non-executive directors, ensuring a balance of power[121]. - The company has established mechanisms to ensure the independence of the board, which are reviewed annually for effectiveness[129]. - The company has adopted a dividend policy that considers future operating capital needs, business development plans, and cash reserves[109]. Shareholder and Financing Activities - The group plans to continue exploring opportunities for equity financing and loan capitalization to improve its financial position[34]. - The company raised HKD 10,143,000 from shareholders' loans during the year, compared to HKD 6,123,000 in the previous year, showing increased financial support from shareholders[194]. - The company converted $340,390,000 of convertible bonds into shares, resulting in the issuance of 55,313,376 new shares at a price of HKD 48 per share[198]. Legal and Regulatory Matters - The company is involved in multiple legal proceedings, with outcomes still pending as of the report date[45]. - The company has complied with all significant legal and regulatory requirements affecting its business operations[105].
能源及能量环球(01142) - 2023 - 年度财报