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Public company info - Hidili Industry International Development Ltd. , 01393.HK
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Hidili Industry International Development Ltd., 01393.HK - Company Profile
Chairman Xian Yang
Share Issued (share) 2,046,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Coal
Corporate Profile Business Summary: The activities of The Group are engaged in coal mining, manufacture and sale of raw coal and clean coal. Performance for the year: The Company recorded a revenue and adjusted EBITDA of approximately RMB1,195 million and RMB320 million respectively for the year ended 31 December 2019, representing an increase of approximately 11.5% and 131.9% respectively as compared to approximately RMB1,072 million and approximately RMB138 million respectively for the year ended 31 December 2018. Business Review During the Year, with the gradual release of the production capacity of the Company’s consolidated core mines located in Sichuan and Guizhou provinces, production volume of raw coal further increased from approximately 2,381,000 tonnes in 2018 to 2,751,000 tonnes in the Year, representing an increase of approximately 15.5%. In order to cope with the market demand of clean coal, the Company enhanced its production capacity and achieved a high profit margin. The clean coal production volume increased from approximately 598,000 tonnes in 2018 to approximately 1,123,000 tonnes in the Year, representing an increase of approximately 87.8%. In 2019, the Company’s coal mining cash cost amounted to approximately RMB280 per tonne of raw coal production, representing a decrease of approximately 8.5% as compared to 2018 as benefited from the streamline of production process under gradually stable raw coal production. Accordingly, the average production costs of clean coal of the Company for the Year amounted to approximately RMB682 per tonne, representing a decrease of 21.9% as compared with 2018. The Company reported a gross profit of approximately RMB342 million for the Year, representing an increase of approximately RMB91 million or approximately 36.3%, as compared to approximately RMB251 million in 2018. The gross profit margin was approximately 28.7% as compared with that of approximately 23.5% in 2018. Prospects: During the Year, as the coal mines affected by the coal mine consolidation in Sichuan and Guizhou provinces gradually resumed normal production, the Company saw a sign of recovery. Its production volume of raw coal increased to approximately 2,751,000 tonnes, representing an increase of approximately 15.5% as compared with 2,381,000 tonnes in 2018. Meanwhile, the Group has enhanced its production of clean coal for higher profit margin, the turnover of clean coal increased to approximately RMB1,087.9 million, representing an increase of approximately 122.2% as compared with approximately RMB489.7 million in 2018 which offset approximately 96.1% decrease of revenue of raw coal from approximately RMB469.8 million in 2018 to approximately RMB18.2 million for the Year. As a result, gross profit of approximately RMB342.3 million was recorded and adjusted EBITDA of approximately RMB320.0 million was achieved. The Company believes that the gradually increasing production capacity of its coal mines will help to further reduce its operating cost and strengthen its working capital. In respect of debt restructuring, the Company, the Steering Committee and the Onshore Creditors Committee continued to negotiate based on the framework of the termsheet in relation to the proposed restructuring entered into on 18 January 2017. Basically, certain outstanding Notes, onshore debts and other payables will be converted into newly issued ordinary shares of the Company. The remaining balances of the indebtedness will be extended to a further term of three to five years. Currently, the Company is working closely with the onshore and offshore creditors together with the professionals to strive to finalize the detailed terms of the debt restructuring as soon as possible, and prepare the formal documentation for approval in shareholders’ meeting. The Company expects the debt restructuring can be formally kicked off in the second half of 2020. Upon the completion of the restructuring, the Company believes that it will have a healthy financial position and sustainable cashflow for operation and development.

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