2024 中期報告 Interim report 联合能源 mmm 聯合能源集團有限公司 UNITED ENERGY GROUP LIMITED (於開曼 群島註冊成立及於百慕 達 存 續 之 有限公司) (Incorporated in the Cayman Islands and continued in Bermuda with limited Bability) (股份代號 Stock Code : 0467) | --- | --- | --- | |----------------------------------------------------------------|-----------------------|-----------------------| | | | | | 聯合能源集團有限公司 中期報告 截至二零二四年六月三十日止六個月 | | | | 目錄 | | | | 02 簡明綜合損益表 | 03 簡明綜合損益及 | 04 簡明綜合財務狀況表 | | 06 | 其他全面收益表 07 | 08 | | 簡明綜合權益變動表 28 | 簡明綜合現金流量表 29 | 簡明財務報 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容引致之任何損失 承擔任何責任。 UNITED ENERGY GROUP LIMITED 聯合能源集團有限公司* (於開曼群島註冊成立及於百慕達存續之有限公司) (股份代號：467) | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------- ...

United Energy (467 HK) Overhang on share price due to uncertain financial condition of controlling shareholder Orient Group (600811 CH, NR) announced last week that it was not able to withdraw deposits from Orient Finance, a sister company of Orient Group, as Orient Finance is facing financial difficulties. As at 17 Jun 2024, Orient Group's total deposit amount in Orient Finance was RMB1.64bn while the total borrowing was RMB666mn (net deposit: RMB974mn). ZHANG Hong Wei, the major shareholder of the Orient ...

M N 6 May 2024 CMB International Global Markets | Equity Research | Company Update United Energy (467 HK) Expect volume growth to accelerate in 2024E Target Price HK$0.96 We believe the low volume growth in 2023 and the impairment of Iraq assets (Previous TP HK$1.45) have been gradually digested by the market. We slash our 2024E/25E earnings Up/Downside 50.0% forecast by 26%/28% due to lower oil & gas output and higher production cost Current Price HK$0.64 assumptions. On the positive side, we expect the co ...

Revenue and Profit Performance - Revenue for 2023 increased by 26.4% to HKD 13,591,075 thousand compared to HKD 10,753,743 thousand in 2022[6] - Gross profit decreased by 19.5% to HKD 4,439,240 thousand in 2023 from HKD 5,512,983 thousand in 2022[6] - The company's revenue for the year was approximately HKD 13,591,075,000, an increase of 26.4% compared to the previous year's HKD 10,753,743,000, driven by new trading business but offset by lower realized sales prices in exploration and production[30] - The company's gross profit for the year was HKD 4,439,240,000 (gross margin of 32.7%), a decrease of 19.5% compared to the previous year's HKD 5,512,983,000 (gross margin of 51.3%), primarily due to lower average international oil prices and increased depreciation and amortization[37] - Revenue for 2023 increased to 13,591,075 thousand HKD, up from 10,753,743 thousand HKD in 2022, representing a growth of approximately 26.4%[151] - Gross profit for 2023 was 4,439,240 thousand HKD, a decrease from 5,512,983 thousand HKD in 2022, reflecting a decline of approximately 19.5%[151] Production and Reserves - Average daily production in 2023 was 100,407 barrels of oil equivalent per day (boe/d), with a total of 11 commercial discoveries made during the year[11] - Proved and probable (2P) reserves reached approximately 611.6 million barrels of oil equivalent (MMboe) with a reserve-to-production ratio of 16.7[11] - The company's net equity proved reserves at the end of 2023 were 48.4 million barrels of oil equivalent (MMboe), a decrease of 16.0% compared to 57.6 MMboe in 2022[7] - The company's net equity proved and probable reserves at the end of 2023 were 94.0 MMboe, a decrease of 5.5% compared to 99.5 MMboe in 2022[7] - The company achieved 11 commercial discoveries in 2023, with 7 in Pakistan, 3 in Egypt, and 1 in Iraq[18] - The company's average daily production reached 167,826 barrels of oil equivalent (BOE) in 2023, a 1.17% increase from the previous year[20] - In Pakistan, the average daily production was 62,762 BOE, a 9.6% decrease compared to the previous year[21] - In Iraq, the B9 block's average daily production reached 63,320 BOE, a 9.5% increase from the previous year[22] - In Egypt, the average daily production was 16,951 BOE, a 7.8% decrease compared to the previous year[23] - The company's cumulative equity crude oil and condensate sales volume was 23.2 million barrels in 2023, an 8.4% increase year-over-year[25] - The average realized crude oil price was $78.60 per barrel in 2023, an 18.3% decrease from the previous year[25] - The company's cumulative equity natural gas sales volume was 13.0 million BOE in 2023, a 12.8% decrease year-over-year[26] - The average realized natural gas price was $30.88 per BOE in 2023, a 3.5% increase from the previous year[26] - The company's petrochemical product sales volume was 741,605 tons in 2023, with an average realized price of $548.55 per ton[27] - The average daily equity production for the year was approximately 100,407 barrels of oil equivalent (BOE), a slight increase of 0.16% compared to the previous year's 100,245 BOE[28] - The average realized price for oil and gas was USD 61.31 per BOE, a decrease of 11.1% compared to the previous year's USD 68.93 per BOE[28] - The company's net proved reserves as of December 31, 2023, included 15.2 million barrels of crude oil, condensate, and LPG, and 192.5 billion cubic feet of sales gas[60] - The group's average daily production in Pakistan and the Middle East & North Africa was 43,017 and 57,390 barrels of oil equivalent, respectively[61] Financial Performance and Losses - The company recorded a net loss attributable to owners of approximately HK$1,707,385,000 in 2023, compared to a profit of HK$2,601,162,000 in 2022, primarily due to a one-time impairment of reserves of approximately HK$4,185,457,000 (post-tax) and a one-time exploration dry hole write-off of approximately HK$201,156,000 (post-tax)[13] - The company reported a net loss of 1,707,401 thousand HKD in 2023, compared to a net profit of 2,601,146 thousand HKD in 2022[151] - Total comprehensive loss for 2023 was 1,704,458 thousand HKD, compared to a total comprehensive income of 2,611,238 thousand HKD in 2022[154] - The company reported a pre-tax loss of 2,019,941 thousand HKD in 2023, compared to a pre-tax profit of 3,021,096 thousand HKD in 2022[159] - Impairment losses on intangible assets surged to 2,263,951 thousand HKD in 2023 from 609,132 thousand HKD in 2022[159] - Impairment losses on property, plant, and equipment rose to 2,833,566 thousand HKD in 2023 from 219,421 thousand HKD in 2022[159] - The company recognized impairment provisions and write-offs for property, plant, and equipment, as well as intangible assets, totaling approximately HKD 3,420,805,000 and HKD 2,263,951,000 respectively[140] Capital Expenditures and Investments - The company invested approximately HK$6,868,844,000 in capital expenditures for oil exploration, development, and production activities in 2023, completing the drilling of 48 wells, including 20 in Pakistan and 28 in the Middle East and North Africa[13] - The company's target for 2024 is an average daily production range of 176,300 to 197,600 barrels, with an average equity daily production range of 101,600 to 113,500 barrels. The expected capital expenditure is between $880 million and $930 million[12] - Exploration costs for the year ended December 31, 2023, were HKD 368,337,000, with development costs totaling HKD 6,190,149,000[62] - Cash outflow for investment activities increased by 14.7% to approximately HKD 6,543,314,000 in 2023, with capital expenditures rising by 23.7% to HKD 6,669,825,000[44] - Net cash used in investing activities amounted to HK$6,543,314 thousand in 2023, compared to HK$5,706,750 thousand in 2022[160] Clean Energy and Sustainability - The company aims to expand its clean energy portfolio and invest in gigawatt-scale clean energy projects in Europe, the Middle East, North Africa, and Central Asia as part of its long-term decarbonization and sustainability strategy[12] - The company plans to continue exploring new opportunities for clean energy projects in the Middle East, North Africa, and other regions, while also developing its carbon trading business and advancing its roadmap for achieving carbon neutrality[12] Operational Highlights by Region - In Iraq, the B9 block's daily production exceeded 70,000 barrels, and the construction of central processing facilities is progressing rapidly[11] - In Pakistan, the company maintained stable production and operations, ensuring local energy supply[11] - In Egypt, the company expanded exploration areas and improved operational efficiency, maintaining stable overall production[11] - In Pakistan, the company's exploration area increased by 10.7% from 22,433 square kilometers in 2022 to 24,830 square kilometers in 2023, with plans to achieve an average working interest production of 35,500 to 40,900 barrels of oil equivalent per day in 2024[47] - The Middle East and North Africa assets have proven and probable reserves of 517.6 million barrels of oil equivalent, with 96.4% located in Iraq, and the company plans to achieve average working interest production of 55,100 to 59,400 barrels of oil equivalent per day in Iraq and 11,000 to 13,200 barrels of oil equivalent per day in Egypt in 2024[48] Financial Position and Assets - The company's total assets decreased by 5.8% to HKD 25,829,150 thousand in 2023 from HKD 27,419,844 thousand in 2022[6] - Total assets decreased to 14,170,196 thousand HKD in 2023 from 17,414,747 thousand HKD in 2022, a reduction of approximately 18.6%[155] - Current assets increased to 11,658,954 thousand HKD in 2023 from 10,005,097 thousand HKD in 2022, showing a growth of approximately 16.5%[155] - Current liabilities rose to 8,987,411 thousand HKD in 2023 from 7,974,309 thousand HKD in 2022, an increase of approximately 12.7%[155] - The company's net current assets improved to 2,671,543 thousand HKD in 2023 from 2,030,788 thousand HKD in 2022, reflecting a growth of approximately 31.6%[155] - The company's property, plant, and equipment decreased to 11,224,269 thousand HKD in 2023 from 11,739,252 thousand HKD in 2022, a reduction of approximately 4.4%[155] - Intangible assets significantly decreased to 1,619,227 thousand HKD in 2023 from 4,323,573 thousand HKD in 2022, a decline of approximately 62.5%[155] - Non-current liabilities increased to 4,005,590 thousand HKD in 2023 from 3,637,715 thousand HKD in 2022, driven by a significant rise in borrowings to 2,488,001 thousand HKD from 1,586,344 thousand HKD[156] - The company's net asset value decreased to 12,836,149 thousand HKD in 2023 from 15,807,820 thousand HKD in 2022, reflecting a decline in equity[156] - Total equity attributable to the company's owners dropped to 12,830,726 thousand HKD in 2023 from 15,802,040 thousand HKD in 2022, primarily due to a decrease in retained earnings[157] - The company's bank and cash balances as of December 31, 2023, were approximately HKD 3,327,279,000, compared to HKD 3,255,124,000 at the end of 2022[50] - The company's debt ratio was 16.5% as of December 31, 2023, compared to 15.3% at the end of 2022, with a current ratio of 1.30 times, up from 1.25 times at the end of 2022[51] - Total borrowings of the group amounted to approximately HKD 2,794,035,000 as of December 31, 2023, with a weighted average interest rate of 8.33%[52] - The group's property, plant, and equipment, along with other assets, were valued at approximately HKD 4,039,764,000 as of December 31, 2023, serving as collateral for bank financing[52] - The company's distributable reserves as of December 31, 2023, amounted to approximately HKD 7,436,432,000 (December 31, 2022: HKD 8,488,029,000)[127] Cash Flow and Financing - Operating cash inflow for the reporting period was approximately HKD 7,326,562,000, a decrease of 6.4% compared to the previous year's HKD 7,824,906,000, primarily due to lower average international oil prices in 2023[43] - Cash outflow for financing activities was approximately HKD 638,132,000 in 2023, including special dividends of HKD 1,051,597,000, bank loan repayments of HKD 3,074,136,000, and share buybacks of HKD 216,491,000[45] - Net cash used in financing activities was HK$638,132 thousand in 2023, a significant decrease from HK$2,069,864 thousand in 2022[160] - Cash and cash equivalents increased by HK$145,116 thousand in 2023, up from HK$48,292 thousand in 2022[160] - The company raised HK$2,409,251 thousand in borrowings, net of direct transaction costs, in 2023, compared to HK$768,300 thousand in 2022[160] - Repayment of borrowings totaled HK$3,074,136 thousand in 2023, up from HK$1,980,101 thousand in 2022[160] - A customer deposit of HK$1,560,000 thousand was received in 2023, compared to HK$390,000 thousand in 2022[160] - The company repurchased shares worth HK$216,491 thousand in 2023, with no repurchases in 2022[160] - Dividends paid to the company's owners amounted to HK$1,051,597 thousand in both 2023 and 2022[160] - Cash and cash equivalents at the end of 2023 stood at HK$3,327,279 thousand, up from HK$3,169,455 thousand at the end of 2022[160] Corporate Governance and Board Activities - The company's Board of Directors consists of 5 members, including 2 executive directors and 3 independent non-executive directors, with Mr. Zhang Hongwei serving as the Chairman[67] - The Board of Directors held 8 meetings in 2023, with all directors having a 100% attendance rate[71] - All directors attended the 2023 Annual General Meeting, with a 100% attendance rate[72] - The company provides ongoing professional development for directors, including briefings on corporate governance, director responsibilities, and regulatory updates[73] - Directors are required to participate in suitable continuous professional development to enhance their knowledge and skills[73] - The company has adopted the standard code of conduct for directors' securities transactions as per the Listing Rules Appendix C3[65] - The company maintains appropriate insurance coverage for directors and senior officers to protect against legal liabilities arising from the group's business[66] - The Board of Directors is responsible for approving the group's development and business strategies, major investments, financial controls, and significant transactions[70] - The company ensures that at least one-third of the Board consists of independent non-executive directors, with at least one possessing relevant professional qualifications and financial expertise[69] - The company has established a clear division of responsibilities between the Chairman and the CEO, although the CEO position is currently vacant[64] - The audit committee held two meetings in 2023, with 100% attendance from all members (Zhou Shaowei, Shen Feng, and Wang Ying)[79] - The company paid HKD 7,133,000 for audit services and HKD 1,107,000 for non-audit services to its external auditor, RSM[84] - The risk management and internal control department conducted an annual review, implementing stricter procedures, and the board confirmed the system's effectiveness[85] - The remuneration committee held three meetings in 2023 to review and approve the compensation packages for directors and senior management[80] - The nomination committee held two meetings in 2023, focusing on board diversity and re-election of directors[82] - The company secretary, Mr. Kong Likai, completed over 15 hours of professional training in 2023 to update his skills and knowledge[86] - The board ensures compliance with Hong Kong Financial Reporting Standards (HKFRS), which align with International Financial Reporting Standards (IFRS)[75] - The audit committee reviewed external auditor plans, risk management, internal controls, and financial statements, providing recommendations to the board[79] - The remuneration committee considered factors such as comparable company salary levels and the time and responsibilities of directors and senior management when determining compensation[80] - The nomination committee assessed the board's diversity in skills, experience, and perspectives, concluding it aligns with the company's diversity policy[82] Risks and Challenges - The company's financial performance is significantly impacted by fluctuations in international oil and gas prices, which are influenced by supply and demand changes, global economic conditions, and political instability[91] - The company faces risks related to tax and fiscal systems in Pakistan, Egypt, and Iraq, where any changes could increase tax burdens and adversely affect financial performance[92] - Exploration and development activities carry inherent risks of not discovering commercial oil and gas reserves, which could lead to write-offs or impairment charges[93] - Operational risks in exploration, development, and production include health, safety, security, and environmental concerns, which could result in economic losses, operational disruptions, and litigation[94] - Mergers and acquisitions may not succeed due to factors such as external financing availability and discrepancies between key assumptions and actual parameters[95] - The company's operations could be adversely affected by natural disasters, pandemics, or other public health crises, potentially disrupting supply chains and reducing demand for products[97] Shareholder and Equity Information - The company granted 20,600,000 shares to 55 eligible employees under the PSU plan in 2023, with 1,341,036 shares vested due to retirement and 105,608 shares forfeited due to employee departure[109] - The total number of shares granted under the PSU plan since its adoption is 60,147,163, with 82,594,841 shares available for future grants, representing approximately 3.2% of the plan's authorized limit[109] - Zhang Hongwei holds 17,661,944,230 shares (67.82%) of the company's equity through controlled

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容引致之任何損失 承擔任何責任。 UNITED ENERGY GROUP LIMITED 聯合能源集團有限公司 * (於開曼群島註冊成立及於百慕達存續之有限公司) (股份代號：467) 截至二零二三年十二月三十一日止年度之全年業績公佈 財務摘要 截至二零二三年十二月三十一日止年度 二零二三年 二零二二年 變動 千港元 千港元 % 業績 營業額 13,591,075 10,753,743 +26.4 毛利 4,439,240 5,512,983 -19.5 未計利息、稅項、折舊及攤銷前之利潤 (附註1) 8,885,063 9,266,023 -4.1 本年(虧損)/溢利 (1,707,401) 2,601,146 不適用 本公司擁有人應佔(虧損)/溢利 (1,707,385) 2,601,162 不適用 每股基本(虧損)/盈利(港仙) (6.53) 9.94 不適用 綜合財務狀況表主要數據 本公司擁有人應佔權益 12,830,726 15,8 ...

中期報告 Interim Report 2023 (於開曼群島註冊成立及於百慕達存續之有限公司) (Incorporated in the Cayman Islands and continued in Bermuda with limited liability) (股份代號 Stock Code : 0467) 聯合能源集團有限公司 中期報告 截至二零二三年六月三十日止六個月 目錄 頁次 簡明綜合損益表 2 簡明綜合損益及其他全面收益表 3 簡明綜合財務狀況表 4 簡明綜合權益變動表 6 簡明綜合現金流量表 7 簡明財務報表附註 8 有關油氣勘探、開發及生產活動的補充資料 27 管理層討論及分析 28 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容引致之任何損失 承擔任何責任。 UNITED ENERGY GROUP LIMITED 聯合能源集團有限公司* (於開曼群島註冊成立及於百慕達存續之有限公司) (股份代號：467) 截至二零二三年六月三十日止六個月之中期業績公佈 財務摘要 截至六月三十日止六個月止 二零二三年 二零二二年 變動 千港元 千港元 % 業績 營業額 6,226,137 6,020,796 +3.4 毛利 2,549,269 3,212,342 -20.6 未計利息、稅項、折舊及攤銷前之利潤 (附註1) 4,410,292 4,829,722 -8.7 本期間溢利 1,663,117 1,510,239 +10.1 本公司擁有人應佔溢利 1,663,123 1,510,248 +10.1 每股基本盈利(港仙) 6.36 5.77 +10.2 二零二三年 二零二二年 六月三十日 十二月三十一日 變動 千港元 千港元 % 綜合財務狀況表主要數據 本公司擁有人應佔權益 ...

Financial Performance - Revenue increased by 44.6% to HKD 10,753,743 thousand in 2022 compared to HKD 7,436,936 thousand in 2021[6] - Gross profit rose by 64.2% to HKD 5,512,983 thousand in 2022 from HKD 3,357,435 thousand in 2021[6] - EBITDA grew by 58.6% to HKD 9,266,023 thousand in 2022 compared to HKD 5,843,458 thousand in 2021[6] - Net profit attributable to the company's owners increased by 30.0% to HKD 2,601,162 thousand in 2022 from HKD 2,000,597 thousand in 2021[6] - Revenue increased by 44.6% year-on-year to HKD 10,753,743,000 in 2022, primarily due to higher realized crude oil prices[28] - Gross profit surged 64.2% year-on-year to HKD 5,512,983,000 in 2022, with a gross margin of 51.3%, up from 45.1% in 2021[34] - Net profit attributable to equity holders rose 30.0% year-on-year to HKD 2,601,162,000 in 2022, driven by high international oil prices and production from Iraqi assets[27] - Revenue for 2022 increased to 10,753,743 thousand HKD, up from 7,436,936 thousand HKD in 2021, representing a significant growth[147] - Gross profit for 2022 rose to 5,512,983 thousand HKD compared to 3,357,435 thousand HKD in 2021[147] - Net profit for 2022 reached 2,601,146 thousand HKD, up from 2,000,577 thousand HKD in 2021[147] - Basic earnings per share increased to 9.94 HK cents in 2022 from 7.63 HK cents in 2021[147] - Total comprehensive income for 2022 was 2,611,238 thousand HKD, compared to 1,986,002 thousand HKD in 2021[148] - Total comprehensive income for the year 2022 was 2,611,254 thousand HKD, compared to 1,986,022 thousand HKD in 2021, a 31.5% increase[153] Production and Reserves - Average daily production in the Middle East and North Africa assets increased by 18.8% to 53,216 barrels of oil equivalent per day in 2022[8] - Proved reserves at the end of 2022 decreased by 2.2% to 57.6 million barrels of oil equivalent in Pakistan assets[7] - Proved and probable reserves in the Middle East and North Africa assets slightly increased by 0.2% to 767.6 million barrels of oil equivalent at the end of 2022[8] - The company completed 29 development wells in the Middle East and North Africa assets in 2022, up from 12 in 2021[8] - Average daily production in 2022 was 165,883 barrels of oil equivalent (BOE), with average equity daily production at 100,245 BOE[11] - The company achieved 12 commercial discoveries, with 9 in Pakistan and 3 in Egypt, and its 2P reserves reached approximately 867.1 million BOE with a reserve-to-production ratio of 23.7[11] - In Iraq's B9 block, daily production exceeded 60,000 barrels in 2022, with a target to reach 100,000 barrels per day in the coming year[11] - The company achieved an average daily production of 165,883 barrels of oil equivalent (BOE) in 2022, a 7.0% increase from 154,984 BOE in 2021[21] - Total cumulative production reached 60.55 million BOE in 2022, up 7.0% from 56.57 million BOE in 2021[21] - The company made 12 commercial discoveries in 2022, with 9 in Pakistan and 3 in Egypt[19] - In Iraq, the B9 block's production increased to 60,000 BOE per day, aiming for 100,000 BOE per day in the coming year[20] - Pakistan's average equity daily production was 47,029 BOE in 2022, a 2.6% decrease from the previous year[22] - Iraq's B9 block achieved an average daily production of 57,845 BOE and an average equity daily production of 34,707 BOE in 2022[23] - Egypt's average daily production was 18,386 BOE, with an average equity daily production of 12,435 BOE in 2022[24] - The company's average daily production in 2022 was 47,029 barrels of oil equivalent (BOE) in Pakistan and 53,216 BOE in the Middle East and North Africa[55] Capital Expenditure and Investments - The company invested approximately HK$5,313,965,000 in capital expenditures for oil exploration, development, and production activities in 2022, completing 61 wells, including 28 in Pakistan and 33 in the Middle East and North Africa[14] - The company plans to achieve an average daily production range of 165,000 to 179,000 BOE and equity daily production of 94,700 to 102,400 BOE in 2023, with a capital expenditure of $990 million to $1.05 billion[12] - The company targets an average working interest production of 94,700 to 102,400 barrels of oil equivalent per day in 2023, with capital expenditures expected to be between USD 990 million and USD 1.05 billion[43] - In Pakistan, the company's exploration area increased by approximately 51% to 22,433 square kilometers in 2022, and it plans to achieve an average working interest production of 40,500 to 44,500 barrels of oil equivalent per day in 2023[44] - The Middle East and North Africa assets have proven and probable reserves of 767.6 million barrels of oil equivalent, with 97.5% located in Iraq, and the company aims for average working interest production of 42,700 to 44,900 barrels of oil equivalent per day in Iraq and 11,500 to 13,000 barrels of oil equivalent per day in Egypt in 2023[45] - Total exploration costs for 2022 were HKD 562,497,000, with HKD 509,303,000 spent in Pakistan and HKD 53,194,000 in the Middle East and North Africa[56] - Total development costs for 2022 were HKD 4,309,041,000, with HKD 402,180,000 spent in Pakistan and HKD 3,906,861,000 in the Middle East and North Africa[56] Financial Position and Cash Flow - The company's total assets grew by 9.5% to HKD 27,419,844 thousand in 2022 from HKD 25,032,350 thousand in 2021[6] - The company's net assets increased by 11.0% to HKD 15,807,820 thousand in 2022 compared to HKD 14,240,280 thousand in 2021[6] - The company's cash and bank balances stood at HKD 3,255,124,000 as of December 31, 2022, reflecting a strong financial position[47] - Total outstanding loans as of December 31, 2022, amounted to approximately HKD 4,022,756,000, with a weighted average interest rate of 7.43%[48][49] - The company's debt-to-asset ratio decreased to 15.3% in 2022 from 19.7% in 2021, with total assets valued at HKD 27,419,844,000[48] - Net cash inflow from operating activities rose by 82.8% to HKD 7,824,906,000 in 2022, primarily due to increased cash flow from oil and gas sales[40] - Net cash outflow for investing activities surged by 128.8% to HKD 5,706,750,000 in 2022, with capital expenditures increasing by 97.6% to HKD 5,392,499,000[41] - Net cash outflow for financing activities was HKD 2,069,864,000 in 2022, mainly due to special dividends of HKD 1,051,597,000 and bank loan repayments of HKD 1,980,101,000[42] - Operating cash flow increased to 7,824,906 thousand HKD in 2022 from 4,280,826 thousand HKD in 2021, reflecting strong cash generation from operations[154] - Net cash used in investing activities was 5,706,750 thousand HKD in 2022, primarily due to the acquisition of property, plant, and equipment amounting to 5,392,499 thousand HKD[155] - Net cash used in financing activities was 2,069,864 thousand HKD in 2022, driven by loan repayments of 1,980,101 thousand HKD and dividend payments of 1,051,597 thousand HKD[155] - Cash and cash equivalents increased by 48,292 thousand HKD in 2022, reaching 3,169,455 thousand HKD at the end of the year[155] Corporate Governance and Compliance - The company has maintained good corporate governance standards and procedures to ensure integrity, transparency, openness, and accountability to shareholders[57] - The company has complied with the corporate governance code provisions in Appendix 14 of the Listing Rules, except for the CEO position being vacant and the absence of specific terms for independent non-executive directors[58] - The Board of Directors consists of five members, including two executive directors and three independent non-executive directors, with one having appropriate professional accounting experience[61] - The Board of Directors held 11 meetings in 2022, with all members attending all meetings[65] - All directors attended the 2022 Annual General Meeting[66] - The company provides induction training for newly appointed directors and encourages continuous professional development for all directors[67] - The company has adopted the standard code regarding directors' securities transactions as per Appendix 10 of the Listing Rules, and all directors confirmed compliance with the code in 2022[59] - The company has appropriate insurance coverage for directors and senior officers to protect against risks arising from the company's business[60] - The Board of Directors is responsible for approving the group's development and business strategies, financial control procedures, major acquisitions and disposals, and other significant transactions[64] - The company ensures that at least one-third of the Board consists of independent non-executive directors, with at least one having relevant professional qualifications and accounting expertise[62] - The company's audit committee held two meetings in 2022, with all members attending both sessions[72] - The company paid HKD 3,640,000 for audit services and HKD 380,000 for interim financial review to its external auditor, RSM Hong Kong[77] - The company's nomination committee held two meetings in 2022, focusing on board member re-election and diversity policy review[75] - The company's remuneration committee held two meetings in 2022 to review and approve the remuneration packages for directors and senior management[73] - The company's financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, which are consistent with International Financial Reporting Standards[69] - The company's board has delegated specific responsibilities to various committees, including audit, remuneration, and nomination committees[70] - The company's audit committee reviewed the external auditor's annual audit plan, audit report, and related matters in 2022[72] - The company's nomination committee assessed the board's diversity in terms of skills, experience, and perspectives to enhance governance standards[75] - The company's remuneration committee considered comparable salary levels and the time commitment of directors and senior management when determining compensation[73] - The company's audit committee evaluated the performance and independence of the external auditor in 2022[72] - The company has established a Risk Management and Internal Control Department to conduct annual reviews of its risk management and internal control systems, ensuring their effectiveness and protecting shareholder interests[78] - The company's Board of Directors is responsible for maintaining an effective risk management and internal control system, which is reviewed annually to ensure operational efficiency and compliance[78] - The company's corporate governance framework includes provisions for shareholders to request extraordinary general meetings and submit written inquiries to the Board of Directors[80] - The company confirmed compliance with the standard code of conduct under the listing rules, with no reported breaches[115] - No reportable connected transactions or continuing connected transactions were conducted during the year[117] - The company's corporate governance practices were in line with the Listing Rules, except for a minor deviation under Code Provision A.4.1[118] Risk Management - The company's financial performance is significantly impacted by oil and gas price fluctuations, which are influenced by supply-demand dynamics, macroeconomic conditions, and geopolitical instability[83] - Operations in Pakistan, Egypt, and Iraq expose the company to risks related to changes in tax and fiscal policies, as well as economic, political, and environmental conditions in these regions[84] - Exploration and development activities carry inherent risks of failing to discover commercially viable oil and gas reserves, which could lead to write-offs or impairment charges[85] - The company faces operational risks in health, safety, security, and environmental compliance, which could result in economic losses, operational disruptions, and legal disputes[86] - Mergers and acquisitions are part of the company's expansion strategy, but they carry risks related to external financing, key assumptions, and parameter discrepancies[87] - The company's operations could be adversely affected by natural disasters, pandemics, or other public health crises, potentially disrupting supply chains, delaying deliveries, and reducing demand[89] Shareholder and Stakeholder Engagement - The company maintains robust communication with shareholders through annual general meetings, reports, notices, and electronic channels to ensure transparency and protect shareholder rights[80] - The company's largest customer accounted for 46.8% of total sales, while the top five customers accounted for 93.8% of total sales[94] - The largest supplier accounted for 23.7% of total procurement, while the top five suppliers accounted for 45.1% of total procurement[94] - The company's social investment projects during the reporting period focused on healthcare, education, and capacity building, benefiting local communities[92] - The company's main operations are located in Pakistan, Egypt, and Iraq, with compliance ensured across multiple jurisdictions including China, Dubai, and Hong Kong[91] Shareholding and Ownership - The company's shareholding structure includes significant stakes held by subsidiaries and affiliated entities, with detailed ownership percentages disclosed[109][110] - Director Zhang Hongwei holds approximately 66.44% of the company's shares through controlled entities, with 30.54% held by He Fu International Limited[105] - Director Zhang Meiying holds approximately 4.90% of the company's shares through controlled entities[105] - He Fu International Limited, controlled by Zhang Hongwei, holds 8,029,971,845 shares, representing 30.54% of the company's total shares[105] - Wan Fu Enterprises Limited, controlled by Zhang Hongwei, holds 9,436,628,385 shares, representing 35.89% of the company's total shares[108] - United Oil & Gas Holdings Limited holds 5,787,539,821 shares, representing 22.01% of the company's total shares[108] - United Energy Holdings Limited holds 3,649,088,564 shares, representing 13.88% of the company's total shares[108] - Haitong Securities Co., Ltd. holds 3,496,809,090 shares, representing 13.30% of the company's total shares[108] - Haitong International Securities Group (Singapore) Pte. Ltd holds 2,087,700,000 shares, representing 7.94% of the company's total shares[108] - The company's Chairman, Mr. Zhang Hongwei, holds a beneficial interest in 17,466,600,230 shares, representing approximately 66.44% of the issued share capital[125] - Ms. Zhang Meiying, an Executive Director, holds a beneficial interest in 1,287,700,000 shares, representing approximately 4.9% of the issued share capital[125] Dividends and Reserves - The company's distributable reserves as of December 31, 2022, amounted to approximately HKD 8,488,029,000, compared to HKD 9,539,626,000 in the previous year[119] - The Board of Directors did not recommend the payment of a final dividend for the year 2022, consistent with the previous year's decision[120] - The company's dividend policy considers factors such as financial performance, shareholder interests, retained earnings, debt-equity ratio, and future expansion plans[120] - Dividends paid in 2022 amounted to 1,051,597 thousand HKD, up from 620,299 thousand HKD in 2021, a 69.5% rise[153] Audit and Financial Reporting - The company's independent auditor, RSM, was reappointed at the AGM held on June 6, 2022, and will be proposed for reappointment at the upcoming AGM[124] - The auditor's report confirmed that the consolidated financial statements for 2022 were prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS)[128] - Key audit matters identified include impairment of property, plant, and equipment, and intangible assets, as well as estimation of oil and gas reserves[130] - The company's operations in Pakistan, the Middle East, and North Africa were subject to specific audit procedures related to asset impairment[131] - The company's property, plant, and equipment (PP&E) and intangible assets related to exploration and production were valued at approximately HKD 11,576,820,000 and HKD 4,306,573,000 respectively as of December 31, 2022[134] - Impairment provisions and write-offs for exploration and production assets amounted to approximately HKD 928,746,000 and HKD 609,132,000 respectively during the year[138] - The impairment assessment was influenced by factors such as increased discount rates, declining oil and gas prices, and reduced production and reserves[136] - Management identified certain oil and gas fields as having no commercial value, leading to impairment provisions or full write-offs[137] - The company's oil and gas reserves estimation involves significant technical uncertainty and subjective assumptions, making it a critical audit matter[141] - The audit process included evaluating the accuracy of write-off calculations and reviewing supporting evidence such as reserve estimates and

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容引致之任何損失 承擔任何責任。 UNITED ENERGY GROUP LIMITED 聯合能源集團有限公司 * (於開曼群島註冊成立及於百慕達存續之有限公司) (股份代號：467) 截至二零二二年十二月三十一日止年度之全年業績公佈 財務摘要 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 變動 千港元 千港元 % 業績 營業額 10,753,743 7,436,936 +44.6 毛利 5,512,983 3,357,435 +64.2 未計利息、稅項、折舊及攤銷前之利潤 (附註1) 9,266,023 5,843,458 +58.6 本年溢利 2,601,146 2,000,577 +30.0 本公司擁有人應佔溢利 2,601,162 2,000,597 +30.0 每股基本盈利(港仙) 9.94 7.63 +30.3 綜合財務狀況表主要數據 本公司擁有人應佔權益 15,802,040 14,234,374 +11.0 總資 ...