2022 Interim Results Presentation August 2022 Table of Contents Financial Performance Operating Performance Natural Gas Distribution Business Oil and Gas Production Business Q&A Session 2 Key Performance Indicators +39% +78% +18% Revenue (HK$) 1H2022: 8,180 Million 1H2021: 6,952 Million Natural Gas Sales and Transmission Volume (Cubic Meters) 1H2022: 3,291 Million 1H2021: 2,928 Million Recurring Profit Attributable to Owners of the Company (HK$) 1H2022: 496 Million 1H2021: 357 Million Profit attributable to ...

(Incorporated in Bermuda with Limited Liability) Stock Code: 603 2024 Annual Report 年報 CHINA OIL AND GAS GROUP LIMITED 中油燃氣集團有限公司 ANNUAL REPORT 2024 年報 C M Y CM MY CY CMY K China Oil and Gas AR2024_14mm OP.pdf 1 15/4/2025 下午12:35 CONTENTS 目錄 | Financial Highlights | 財務摘要 | 2 | | --- | --- | --- | | Enterprise Culture | 企業文化 | 3 | | Corporate Profiles | 公司簡介 | 4 | | Natural Gas Distribution Business in China | 中國天然氣分銷業務 | 5 | | Oil and Gas Production Business in Canada | 加拿大油氣生產業務 | 6 | | Corporate Informati ...

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的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） * （股份代號：603） 截至二零二四年十二月三十一日止年度之全年業績 | 集團財務及經營摘要 | | | | | --- | --- | --- | --- | | 財務摘要 | 二零二四年 | 二零二三年 | 變動 | | | 百萬港元 | 百萬港元 | % | | 收入 | 17,655 | 18,528 | -4.7% | | 毛利 | 2,184 | 1,971 | +10.8% | | 毛利率(%) | 12.4% | 10.6% | +1.8% | | 經營摘要 | 百萬立方米 | 百萬立方米 | | | 天然氣總銷、輸氣量 | 7,229 | 7,008 | +3.2% | | — 銷氣量 | 4,584 | 4,575 | +0.2% | | — 管輸量 | 2,645 | 2,433 | +8.7% | – 1 – 全年業績 中油燃氣集團有限公司（「公 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was HK$9,292,107, a decrease of 1.64% from HK$9,447,389 in the same period of 2023[9]. - Gross profit for the period was HK$1,134,941, down 7.15% from HK$1,222,501 in 2023[9]. - Operating profit decreased to HK$895,669, a decline of 5.78% compared to HK$950,546 in the previous year[9]. - Profit for the period was HK$590,806, representing a decrease of 16.54% from HK$707,428 in 2023[10]. - Total comprehensive income for the period was HK$261,249, down 23.59% from HK$341,913 in the same period last year[10]. - Basic and diluted earnings per share were both HK$5.488, a decrease from HK$6.824 in 2023[10]. - The profit for the period was HK$268,971,000, compared to HK$334,493,000 for the same period in 2023, indicating a decline of approximately 19.6%[17]. - Total comprehensive income for the period was HK$261,249,000, down from HK$341,913,000 in the previous year, representing a decrease of about 23.6%[17]. - The Group's profit attributable to owners for the six months ended June 30, 2024, was approximately HK$268,971,000, down 20% from HK$334,493,000 in 2023[42]. - Profit attributable to owners of the Company was HK$269 million, representing a decrease of 20% compared to the previous year[67]. Assets and Liabilities - Total assets as of June 30, 2024, were HK$20,201,856, a decrease from HK$20,841,051 at the end of 2023[11]. - Total liabilities decreased to HK$12,754,401 from HK$13,279,109 at the end of 2023[14]. - Total equity attributable to owners of the Company was HK$3,909,551, down from HK$3,818,216 at the end of 2023[14]. - The Group's total indebtedness as of June 30, 2024, was HK$8,003 million, up from HK$7,712 million at the end of 2023[67]. - The net debt-to-assets ratio was 23% as of June 30, 2024, compared to 21% at the end of 2023[67]. - Cash and cash equivalents increased to HK$2,497,411 from HK$2,095,411 at the end of 2023[11]. - Cash and cash equivalents as of June 30, 2024, were HK$3,293 million, compared to HK$3,246 million at the end of 2023[67]. Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2024, was HK$637,466,000, a decrease of 8.9% compared to HK$699,993,000 for the same period in 2023[18]. - Net cash generated from investing activities decreased significantly to HK$72,009,000 from HK$242,780,000, reflecting a decline of 70.3% year-over-year[18]. - Net cash used in financing activities improved to (HK$251,520,000) from (HK$1,238,038,000), indicating a reduction of 79.7% in cash outflow[18]. - The effect of foreign exchange rate changes on cash and cash equivalents was a loss of HK$55,955,000, compared to a loss of HK$121,261,000 in the previous year[18]. Business Operations - The company aims to create value for customers, platforms for employees, and returns for shareholders as part of its core objectives[2]. - The company is focused on developing clean energy and expanding its market presence in various provinces across China[2]. - The company operates multiple major trunk pipelines, including the West-to-East lines and various city gas projects[4]. - The company is actively pursuing new business opportunities in provinces with lower natural gas sales volumes, aiming for expansion[4]. - The company has a strategic focus on enhancing its LNG processing capabilities to meet growing energy demands[4]. - The Group operates in four reportable segments, focusing on sales and distribution of natural gas, gas pipeline construction, and production of coal-derived clean energy[27]. - The Group's principal business activities include investment in energy-related businesses in the PRC and West Central Alberta, Canada[19]. Corporate Governance - The company has established a strong corporate governance structure with various committees overseeing operations and compliance[7]. - The Audit Committee is responsible for overseeing the financial reporting system and reviewing interim and annual reports[98]. - The Audit Committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[99]. - The company has adhered to all relevant provisions of the corporate governance code for the six months ended June 30, 2024[100]. - The roles of Chairman and Chief Executive Officer are held by Mr. Xu Tie-liang, which the Board believes ensures consistent leadership[97]. Market and Economic Context - China's GDP grew by 5.0% year-on-year to RMB61.7 trillion in the first half of 2024, with natural gas consumption increasing by 8.7% to 210.8 billion cubic meters[62]. - The decline in revenue was primarily due to a decrease of approximately HK$259 million in the gas pipeline construction segment, attributed to the downturn in the property market in China[53]. - The Group's total natural gas sales and transmission volume increased by 11% year-on-year to 3,881 million cubic meters in the first half of 2024, with transmission volume rising by 22% to 1,449 million cubic meters[55]. - Residential gas consumption reached 595 million cubic meters, while industrial and commercial users consumed 1,656 million cubic meters, marking an 8% increase year-on-year[56]. Shareholder Information - As of June 30, 2024, Mr. Xu Tie-liang holds 1,592,634,130 shares, representing approximately 28.25% of the company's issued share capital[81]. - Sino Vantage, wholly owned by Great Xu, also holds 1,592,634,130 shares, equating to 28.25% of the company's issued share capital[83]. - The total number of shares held by substantial shareholders, including Sino Vantage and Great Xu, is 1,592,634,130, which is 28.25% of the issued share capital[83]. - The company has no recorded interests or short positions from other parties in the shares or underlying shares as of June 30, 2024[84]. - The Group did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[76]. Future Plans - The Group plans to implement its "14th Five-Year Plan" in the second half of 2024, focusing on enhancing internal management and optimizing business presence[64]. - The Group plans to continue implementing the "14th Five-Year Plan" and expand its market presence while optimizing its business layout[66].

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的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 * （於百慕達註冊成立之有限公司） （股份代號：603） 截至二零二四年六月三十日止六個月之中期業績 中期業績 中油燃氣集團有限公司（「公司」）董事（「董事」）局（「董事局」）宣佈公司及其附 屬公司（統稱「集團」）截至二零二四年六月三十日止六個月（「期內」）之未經審 核簡明綜合中期業績。 期內之未經審核簡明綜合財務資料未經審核，但經由公司審核委員會（「審核 委員會」）審閱。 營運數據摘要 | --- | --- | |-------|----------------------------------------------| | | | | ‧ | 天然氣銷氣量 24.32 億立方米，同比增加 6% ； | | ‧ | 天然氣輸氣量 14.49 億立方米，同比增加 22% ； | | ‧ | 新增居民用戶 48,007 戶及工商業用戶 779 戶。 | – 1 – 簡明綜合全面收益表 截至二零二四年六 ...

中油燃氣集團有限公司 CHINA OIL AND GAS GROUP LIMITED (Incorporated in Bermuda with Limited Liability) (於百慕達註冊成立之有限公司) Stock Code: 603 股份代號：603 2023 Annual Report 年報 Ms. Xu Ran, aged 34, was appointed as an executive Director on 2 November 2021. She has been the manager of investment department of the Company for over eight years. She is also a member of the Corporate Governance Committee. She is also a director of certain subsidiaries of the Company. Since she joined the Company, she has participated in the acquisiti ...

Revenue and Profitability - For the year ended December 31, 2023, the group reported total revenue of HKD 14,096,140,000 from the sale and transportation of natural gas and related products, a decrease of 3.5% compared to HKD 14,616,792,000 in the previous year[17] - The revenue from gas pipeline connection and construction services increased to HKD 1,145,077,000, representing a growth of 19.3% from HKD 959,762,000 in the prior year[17] - In 2023, the company reported a total comprehensive income of HKD 426,364,000, with a net profit attributable to shareholders of HKD 918,875,000[80] - The basic earnings per share for the year was HKD 18.7, adjusted to HKD 14.9 after reclassification[80] - The overall gross profit decreased by 7.1% to HKD 1.971 billion, down from HKD 2.121 billion in 2022[95] - The operating profit for 2023 was HKD 1,044,751, compared to HKD 1,722,794 in 2022, reflecting a decline of approximately 39.3%[135] - The net profit for the year was HKD 380,154, significantly lower than HKD 1,187,813 in the previous year, marking a decrease of around 68.0%[135] Assets and Liabilities - The total assets and liabilities amounted to HKD 20,841,051,000 as of December 31, 2023, down from HKD 21,709,615,000 in the prior year[7] - The total equity as of December 31, 2023, was HKD 7,561,942,000, a decrease from HKD 7,850,546,000 in the previous year[7] - The total assets of the company as of December 31, 2023, were HKD 22,947,693,000, with total liabilities amounting to HKD 13,967,843,000[82] - As of December 31, 2023, the total debt amounted to HKD 77.12 billion, down from HKD 84.01 billion in 2022[98] - The net debt to asset ratio was 21.4%, slightly up from 20.5% in 2022[98] - The total liabilities decreased to HKD 13,279,109 from HKD 13,859,069 in 2022, indicating a reduction of approximately 4.2%[138] Operational Performance - The group employed 4,775 full-time employees as of December 31, 2023, a decrease from 4,837 in 2022[47] - The average operating netback was CAD 31.19 per barrel of oil equivalent in 2023, down 35.9% from CAD 48.67 per barrel of oil equivalent in 2022[62] - The group’s production in 2023 was 5,469 barrels of oil equivalent per day, remaining nearly unchanged from the previous year[62] - The average price of crude oil realized by the group was CAD 96.69 per barrel in 2023, a decrease of 17.6% from CAD 117.32 per barrel in 2022[62] - The total gas sales volume recorded was 4.575 billion cubic meters, a 2.4% increase from 4.468 billion cubic meters in 2022[89] - The pipeline transportation volume increased significantly by 68.4%, reaching 2.433 billion cubic meters[89] Financial Management and Strategy - The group has significant uncertainty regarding its ability to continue as a going concern, dependent on meeting conditions for syndicated loan financing and resuming trading of its shares[11] - The group has pledged certain properties and equipment as collateral for bank borrowings amounting to HKD 170,000,000[27] - The group anticipates that the adoption of new accounting standards will not have a significant impact on its performance and financial position[36] - The company aims to enhance operational efficiency and market share through strategic planning focused on growth and quality improvement[65] - The company plans to strengthen its resource allocation and risk management to ensure stable energy supply and quality service[65] - The group has secured a USD 235 million syndicated loan financing, with additional commitments of USD 95 million from lenders post-year-end[120] Market and Customer Insights - The group had no external customers contributing more than 10% to its revenue for the year ended December 31, 2023[40] - The average credit period granted to trade customers is between 60 to 90 days, with ongoing monitoring of overdue trade receivables[103] - The group has launched a series of self-branded gas appliances, enhancing its brand influence in the region and achieving good revenue results in value-added services[107] Future Outlook and Initiatives - The company plans to actively initiate new business layouts in comprehensive energy services and renewable energy, focusing on green low-carbon circular economy development[93] - The company emphasizes the importance of energy security and high-quality development in its future strategic initiatives[66] - The group has developed photovoltaic projects in Shandong and Wuhan, marking its first steps in the renewable energy sector[107]

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（於百慕達註冊成立之有限公司） （股份代號：603） 中油燃氣集團有限公司（「公司」）董事（「董事」）局（「董事局」）宣佈公司及其附 屬公司（統稱「集團」）截至二零二三年六月三十日止六個月（「期內」）之未經審 核簡明綜合中期業績。 ‧ 天然氣銷輸氣量37.66億立方米，增幅為14%； ‧ 營業額增長13%至92.50億港元。 | --- | --- | --- | --- | |-------------------------------------------------------------|-------|-------------------------------------------------------------|--------------------------------| | | 附註 | 截至六月三十日止六個月 \n二零二三年 千港元 （未經審核） | 二零二二年 千港元 （未經審核） | | 營業額 銷售成本 | 4 | 9,250,424 (8,051,733) | 8,179,795 (6,923,462) | | | | | | | 毛利 | | 1,198,691 ...

Financial Performance - The Group recorded revenue of HK$17,421 million for the year ended 31 December 2022, representing a 21.5% increase from HK$14,342 million in 2021[11]. - Profit attributable to owners of the Company rose by 2% to HK$919 million in 2022, up from HK$904 million in 2021[167][168]. - The average operating netback was CAD48.67 per barrel of oil equivalent, representing a 38.5% increase compared to CAD35.15 per barrel of oil equivalent in the previous year[2]. - The Group achieved a crude oil price of CAD117.32 per barrel in 2022, a year-on-year increase of 49.4% from CAD78.51 per barrel in 2021[2]. - The Group's natural gas sales and transmission volume increased alongside rising upstream oil prices, contributing to revenue growth[167][168]. Production and Operations - The average daily production of the Group's upstream business increased to 5,492 BOE/Day in 2022, reflecting an 11.3% growth compared to 4,936 BOE/Day in 2021[3][4]. - The Group's domestic natural gas production exceeded 217 billion cubic meters in 2022, with apparent consumption reaching 366.3 billion cubic meters, while imports decreased by 9.9% to 109.25 million tons[141]. - The company supplied 5,899 million cubic meters of natural gas in 2022[196]. - The company operates 71 concession rights and has built city pipeline networks to supply natural gas to local users[198]. - The company has established 3 LNG plants in Qinghai Province and Chongqing Municipality to support natural gas supply[198]. Strategic Initiatives - The Group plans to focus on high-quality development and optimize its strategic layout in response to carbon neutrality goals, enhancing its management and staff capabilities[6][9]. - The Group's strategic implementation plan focuses on resource acquisition, market development, and non-gas business strategies, supported by five key strategic initiatives[141]. - The Group's strategic measures include talent strengthening, organizational support, quality and efficiency improvement, cost reduction, and cultural leadership to achieve long-term goals[166]. - The Group has completed approximately 20,620 km of natural gas pipelines across 13 provinces, enhancing revenue from natural gas transmission[178][190]. - The Group is focused on resource acquisition, market development, and non-gas business as part of its development strategy[166]. Financial Position - The total assets of the Group as of 31 December 2022 were HK$22,948 million, compared to HK$22,649 million in 2021[19]. - The Group's total liabilities amounted to HK$13,968 million as of 31 December 2022, up from HK$13,830 million in 2021[19]. - There is a liquidity risk that the Group may not meet its obligations due to inadequate funding or asset liquidation[96]. - The Group's liquidity risk is managed at divisional and departmental levels[75]. Employee and Management - The Group employed 4,837 full-time employees as of 31 December 2022, an increase from 4,704 in 2021[19]. - The Group has maintained a competitive remuneration package to attract and motivate employees[105]. - The Group's organizational structure and management mechanisms were optimized to support strategic goals[141]. Regulatory and Compliance - The Group reported no significant breaches of applicable laws and regulations that impacted its operations during the year[104]. - The Group faces risks related to environmental regulations and may implement stringent measures to address these issues[101]. Risks and Uncertainties - The Group's financial conditions and results of operations are subject to various risks and uncertainties[69]. - The Group's operations may be affected by risks related to natural gas price control, which could impact profitability[70]. - The Group has not engaged in any hedging transactions to manage foreign exchange risks, considering the risk between HKD and RMB to be low[99]. - The Group's financial performance may be affected by various risks and uncertainties related to its business operations[92]. Dividends and Shareholder Matters - The Board resolved not to recommend any final dividend for the year ended 31 December 2022, consistent with the previous year[30][32]. - The Board does not recommend a final dividend for the year ended 31 December 2022[112]. Recent Developments - The establishment of a Network Security and Informatization Leading Group was completed, defining a three-year digital planning blueprint and advancing the smart gas project[140][142]. - The Group's financial sharing platform procurement was completed, enhancing digital transformation efforts[140]. - The Group's medium and long-term digital planning construction was completed, marking a significant step in its informatization efforts[140]. - There were no significant events occurring after the end of the reporting period up to the date of the report[110].