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]

Financial Performance - Revenue for the six months ended June 30, 2023, was HK$9,250,424,000, an increase from HK$8,179,795,000 in the same period of 2022, representing a growth of approximately 13.1%[8] - Gross profit for the period was HK$1,198,691,000, compared to HK$1,256,333,000 in the previous year, indicating a decrease of about 4.6%[8] - Operating profit decreased to HK$927,033,000 from HK$1,087,056,000, reflecting a decline of approximately 14.7%[8] - Profit for the period was HK$767,745,000, down from HK$884,947,000 in the prior year, representing a decrease of about 13.2%[10] - The company reported a profit before taxation of HK$963,089,000, compared to HK$1,055,857,000 in the same period last year, a decrease of approximately 8.8%[8] - Total comprehensive income for the period was HK$222,294,000, down from HK$381,810,000 in the previous year, reflecting a decline of about 41.9%[1] - Basic and diluted earnings per share for the period were both HK$8.190, down from HK$10.965 in the previous year, indicating a decrease of approximately 25.5%[11] Assets and Liabilities - As of June 30, 2023, total assets amounted to HK$21,431,295,000, a decrease from HK$22,947,693,000 as of December 31, 2022, representing a decline of about 6.6%[13] - Total liabilities as of June 30, 2023, amounted to HK$12,369,618,000, down 11.5% from HK$13,967,843,000 at the end of 2022[22] - The total equity attributable to owners of the company was HK$9,061,677,000 as of June 30, 2023, compared to HK$8,979,850,000 at the beginning of the year, indicating a growth of about 0.9%[1] - The company’s retained profits as of June 30, 2023, were HK$5,155,934,000, compared to HK$4,758,859,000 at the beginning of the year, an increase of approximately 8.3%[1] Cash Flow - For the six months ended June 30, 2023, the net cash generated from operating activities was HK$702,179,000, a decrease of 29.1% compared to HK$990,397,000 for the same period in 2022[32] - The company reported a net cash used in financing activities of HK$1,159,674,000 for the first half of 2023, significantly higher than HK$307,766,000 in the same period of 2022[32] - Cash and cash equivalents at the end of the period were HK$2,913,189,000, a decrease from HK$3,162,402,000 at the end of June 2022[32] Segment Performance - For the six months ended June 30, 2023, the Group's total revenue was HK$9,250,424,000, with segment revenues from natural gas sales at HK$7,270,183,000, gas pipeline construction at HK$418,360,000, crude oil and natural gas production at HK$241,923,000, and coal-derived clean energy sales at HK$1,319,958,000[48] - Segment results for natural gas sales were HK$753,694,000, for gas pipeline construction were HK$182,138,000, for crude oil and natural gas production were HK$81,069,000, and for coal-derived clean energy were HK$5,198,000[48] Market and Strategic Initiatives - The company is focusing on expanding its natural gas sales, with provinces reporting sales volumes exceeding 500 million cubic meters in the first half of 2023[16] - The company is preparing to enter new provinces for business expansion in the near term, indicating a strategic move towards market growth[16] - The Group aims to optimize business layout and innovate business models while expanding gas sources and developing markets[91] Governance and Compliance - The Company has complied with the relevant code provisions set out in the Corporate Governance Code during the six months ended 30 June 2023, except for certain deviations[143] - The Audit Committee, comprising three independent non-executive Directors, reviewed the unaudited interim financial statements for the six months ended 30 June 2023[146] - The company remains committed to adhering to corporate governance codes, ensuring transparency and accountability in its operations[152]

（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].

截至二零二二年十二月三十一日止年度： | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------|-----------------------|---------------|---------------------|------------------------------------|----------------------| | | 銷售及 \n輸送天然氣及 | 燃氣管道 | 開採及 \n生產原油及 | 生產及銷售 \n煤基清潔 \n能源及其他 | | | | 其他相關產品 | 建造及接駁 | 天然氣 | 相關產品 | 集團 | | 分部收入及業績 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | | | | | | | | | 分部收入 於某一時間點確認 於一段時間內確認 | 14,616,792 — | — 1,083,599 | 726,721 — | 993,400 — | 16,336,913 1,083,599 | | 外部客戶銷 ...

Financial Performance - Revenue for the six months ended June 30, 2022, was HK$8,179,795, an increase from HK$6,951,713 in the same period of 2021, representing a growth of approximately 17.6%[27]. - Gross profit for the period was HK$1,256,333, compared to HK$1,184,231 in 2021, reflecting a gross margin improvement[27]. - Profit for the period attributable to owners of the company was HK$884,947, up from HK$667,462 in the previous year, indicating a year-over-year increase of approximately 32.5%[27]. - Total comprehensive income for the period was HK$336,790, a decrease from HK$770,057 in 2021, primarily due to currency translation differences[31]. - The profit for the period was HK$552,673,000, representing a significant increase compared to the previous period[43]. - The profit attributable to owners of the Company for the six months ended June 30, 2022, was approximately HK$552,673,000, compared to HK$309,650,000 for the same period in 2021, representing an increase of 78.4%[162]. - The Group's net profit attributable to shareholders increased by 78% to HKD 553 million during the reporting period[197]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to HK$22,730,369, slightly up from HK$22,648,631 at the end of 2021[40]. - Current liabilities increased to HK$6,150,893 from HK$5,882,782 in the previous year, indicating a rise in short-term financial obligations[40]. - Non-current assets totaled HK$15,867,894, a slight increase from HK$15,792,007, reflecting stable long-term investments[40]. - The total debt of the Group was HKD 8.573 billion as of June 30, 2022, down from HKD 8.720 billion on December 31, 2021[198]. Cash Flow - Net cash generated from operating activities increased to HK$990,397,000, up from HK$639,624,000, representing a growth of 55%[51]. - Cash and cash equivalents rose to HK$3,162,402, compared to HK$2,786,609 at the end of 2021, showing improved liquidity[40]. - Cash and cash equivalents at the end of the period were HK$3,162,402,000, down from HK$5,935,085,000, a decline of 46.6%[51]. - The net increase in cash and cash equivalents was HK$470,403,000, compared to HK$3,002,370,000 in the previous period, indicating a significant decrease of 84.3%[51]. Operational Highlights - The Company reported a total natural gas sales volume exceeding 500 million cubic meters in certain provinces during the first half of 2022[10]. - The Company aims to expand its natural gas distribution business across various provinces in China in the near term[9]. - The Group connected 94,950 new residential users, marking a 13% increase from 84,409 in the first half of 2021[178]. - The Group successfully acquired three new projects in Hubei and Qinghai provinces, expanding its operational footprint[184]. - The Group established 141 natural gas project companies across 16 provinces, municipalities, and autonomous regions in China, holding 73 operating licenses[187]. Market and Strategic Focus - The Company emphasizes the development of clean energy and creating value for customers, employees, and shareholders[5]. - The Company is actively pursuing market expansion strategies in both natural gas distribution and oil and gas production sectors[8]. - The Company has a vision to build a leading modern energy company in China, focusing on innovation and teamwork[5]. - The company continues to focus on expanding its energy-related business in various regions of the PRC and Canada[57]. - The Group plans to actively expand gas sources, develop markets, and optimize business layout while innovating business models[191]. Governance and Compliance - The Company is focused on enhancing its corporate governance and has established various committees to oversee operations[18]. - The unaudited interim financial statements were prepared in accordance with HKAS 34 and should be read in conjunction with the audited financial statements for the year ended December 31, 2021[57]. - The company has not yet adopted new and amended standards and interpretations, including HKFRS 17 and HKAS 1 amendments, which will take effect on January 1, 2023[61]. Challenges and Risks - Total comprehensive loss for the period was HK$77,017,000, highlighting challenges in foreign operations[43]. - The company experienced an exchange fluctuation loss of HK$292,758,000, impacting overall comprehensive income[43]. - The effect of foreign exchange rate changes resulted in a loss of HK$(94,610,000) compared to a gain of HK$24,281,000 in the prior period[51].

Financial Performance - For FY2021, the company reported a revenue of HKD 14,342 million, a significant increase from HKD 1,991 million in FY2020, representing a growth of 616%[5] - The profit attributable to owners of the company for FY2021 was HKD 3,017 million, compared to HKD 631 million in FY2020, marking a growth of 377%[5] - The Group achieved total revenue of HK$14.342 billion in 2021, a year-on-year increase of 37% from HK$10.433 billion in 2020[29] - Profit attributable to owners of the Company surged to HK$904 million in 2021, compared to HK$28.8 million in 2020, marking a year-on-year increase of 3,017%[29] - The Group's overall gross profit was HK$2,135 million, an increase of 27.2% from HK$1,679 million in 2020, attributed to effective cost structure optimization[62] - The Group's profit for the year ended December 31, 2021, is detailed in the consolidated financial statements[98] Natural Gas Operations - The natural gas sales and transmission volume reached 10,433 million cubic meters in FY2021, up from 5,213 million cubic meters in FY2020, indicating a growth of 100%[7] - The Group's natural gas sales volume increased by 12% to 4,852 million cubic meters in 2021, compared to 4,350 million cubic meters in 2020[35] - Residential gas consumption rose by 1% to 1,112 million cubic meters, while industrial and commercial users saw a 17% increase to 3,313 million cubic meters[36] - The Group connected 162,145 new residential users in 2021, a 10% year-on-year increase, bringing the total to 1,765,241[41] - The transmission volume of natural gas rose by 21% to 1,047 million cubic meters in 2021[35] - The breakdown of gas sales by province showed Qinghai at 34.0%, Shandong at 9.5%, and Jiangsu at 17.1% for 2021[39] Upstream Oil Production - The average daily production of oil equivalent in 2021 was 4,936 barrels, showcasing the company's operational capacity in the upstream energy sector[13] - The average production of the Group's upstream business decreased by 4.5% to 4,936 barrels of oil equivalent per day in 2021[49] - The Group achieved a crude oil price of CAD78.51 per barrel in 2021, reflecting a year-on-year increase of 79.8%[50] - The average operating netback increased by 123.2% to CAD35.15 per barrel of oil equivalent compared to CAD15.75 in the previous year[50] Strategic Acquisitions and Investments - The Group successfully acquired a 22.16% interest in Shandong Shengli Co., Ltd., becoming its single largest shareholder, which enhanced market share and broadened the gas business scope[28] - The acquisition of Shandong Shengli provided the Group with access to both Hong Kong and A-share capital platforms, enhancing core competitiveness[28] - The Group's strategic acquisitions and operational improvements opened up new avenues for future development[27] - The company participated in the acquisition of Baccalieu Energy Inc. in Canada, enhancing its investment portfolio in North America[88] Corporate Governance and Management - The company is focused on developing clean energy and creating value for customers, employees, and shareholders as part of its corporate mission[11] - The executive team has extensive experience in management, investments, legal, and finance, with key members holding advanced degrees from prestigious universities[86][89] - The company has a dedicated corporate governance committee to oversee compliance and ethical standards, ensuring robust governance practices[86] - The management team has over 22 years of experience in business operation management, which supports effective decision-making and operational efficiency[87] - The Company has established an Audit Committee in compliance with the Corporate Governance Code since 1998[200] Financial Health and Risk Management - The Group's total indebtedness as of December 31, 2021, amounted to HK$8,720 million, an increase from HK$7,749 million in 2020[62] - The Group's net debt-to-assets ratio was 21.9% in 2021, up from 20.7% in 2020, indicating a slight increase in leverage[64] - Liquidity risk is monitored by maintaining adequate cash levels to meet obligations and manage cash flow fluctuations[110] - Operational risks are managed through standard operating procedures and regular assessments of key operational exposures[112] - The Group faces natural gas price control risks, as city-gate prices are influenced by wellhead prices and local pricing bureau decisions[100] Shareholder Information - The issued share capital of the Company was HK$57,670,438, divided into 5,767,043,834 shares with a nominal value of HK$0.01 each as of December 31, 2021[72] - The Company did not recommend the payment of a final dividend for the year ended 31 December 2021, consistent with the previous year (2020: Nil) [125] - The Company’s share premium account had a balance of HK$13,208,000 as of December 31, 2021, which may be distributed as fully paid bonus shares[154] - The contributed surplus account stood at HK$1,447,454,000 as of December 31, 2021, which may be distributed under certain circumstances[154] Compliance and Legal Matters - The Group maintained compliance with applicable laws and regulations, with no significant breaches reported during the year [120] - The Company has not engaged in hedging transactions to manage potential foreign currency fluctuations[109] - The Company has exempted certain continuing related party transactions from reporting and approval requirements under the Listing Rules[192] - The Company has adopted key corporate governance practices as outlined in the annual report[198]

Financial Performance - Revenue for the six months ended June 30, 2021, was HK$6,951,713, an increase of 49.3% compared to HK$4,653,901 for the same period in 2020[20] - Gross profit for the period was HK$1,184,231, representing a 58.2% increase from HK$748,774 in the previous year[20] - Operating profit increased to HK$890,721, up 60.2% from HK$555,393 in the prior year[20] - Profit for the period was HK$667,462, a 56.8% increase compared to HK$425,773 in the same period of 2020[20] - Total comprehensive income for the period was HK$770,057, significantly higher than HK$94,066 in the previous year[23] - Segment revenue for the group reached HK$4,318,849,000, with sales to external customers amounting to HK$4,653,901,000[64] - Profit for the period was HK$425,773,000, reflecting a profit before taxation of HK$530,580,000[64] - The Group's profit attributable to owners for the six months ended 30 June 2021 was approximately HK$309,650,000, an increase of 63.2% compared to HK$189,741,000 for the same period in 2020[80] - Basic earnings per share for the period was approximately HK$0.0603, compared to HK$0.0385 for the six months ended 30 June 2020, reflecting a 56.5% increase[80] Assets and Liabilities - Total assets as of June 30, 2021, amounted to HK$22,855,595, an increase from HK$19,270,335 as of December 31, 2020[26] - Total liabilities increased to HK$14,763,957 from HK$11,924,121 at the end of 2020[29] - Equity attributable to owners of the Company was HK$4,130,090, up from HK$3,720,464 at the end of 2020[29] - The Group's total indebtedness amounted to HK$10,643 million, up from HK$7,749 million as of 31 December 2020[119] - The Group's net debt-to-assets ratio was 18.1% as of 30 June 2021, down from 20.7% at the end of 2020[119] Cash Flow - Net cash generated from operating activities increased to HK$639,624,000, up from HK$548,232,000, representing a growth of 16.6%[40] - Net cash used in investing activities decreased significantly to HK$(358,143,000) from HK$(627,185,000), showing a reduction of 42.9%[40] - Net cash generated from financing activities surged to HK$2,720,889,000, compared to HK$293,211,000, indicating a substantial increase of 826.5%[40] - The total cash and cash equivalents at the end of the period reached HK$5,953,085,000, a significant rise from HK$2,657,793,000, marking an increase of 124.3%[40] Business Operations - The company reported a natural gas sales volume exceeding 500 million cubic meters in provinces during the first half of 2021[8] - The company is preparing to expand its business into provinces with natural gas sales volume below 100 million cubic meters in the near term[8] - The company operates multiple main trunk pipelines, including the West-to-East lines and various city gas projects[8] - The Group's reportable segments include sales and distribution of natural gas, gas pipeline construction, exploitation and production of crude oil, and production and sales of coal gasification[54] - The Group's focus on energy-related investments spans various regions in the PRC and West Central Alberta, Canada, including piped city gas and LNG distribution[42] Corporate Governance - The company has established a corporate governance committee to enhance its governance structure[14] - The company emphasizes integrity, customer supremacy, innovation, value orientation, and teamwork as its core values[5] - The company has established good corporate governance practices and procedures throughout the reporting period[154] - The Audit Committee, comprising three independent non-executive Directors, reviewed the unaudited interim financial statements for the six months ended June 30, 2021[164] Strategic Initiatives - The company aims to develop clean energy and create better life as part of its mission[5] - The Group plans to establish two gas storage facilities with a total capacity of 3.1 billion cubic meters to enhance gas supply security in Chongqing[114] - The Group announced plans to acquire 17.19% of Shandong Shengli (000407.SZ), which will expand market coverage and promote high-quality development[114] - The Group secured exclusive concession rights for the Jixian Industrial Cluster in Shanxi Province and the "Shaopu — Zhuzang" Branch Pipeline Project in Guizhou Province[103] Market and Economic Context - In the first half of 2021, China's GDP grew by 12.7% year-on-year to RMB 53.2167 trillion, with natural gas output increasing by 10.9% to 104.5 billion cubic meters[108] - Domestic apparent consumption of natural gas rose 17.4% year-on-year to 182.7 billion cubic meters, while natural gas imports increased by 22.9% to 59.82 million tons[108] - China aims to achieve carbon emissions peak before 2030 and carbon neutrality before 2060, with natural gas playing a crucial role in energy structure transformation[114] - The urbanization rate in China increased from 37.66% in 2001 to 63.89% in 2021, with a target to reach 65% by 2025, leading to increased natural gas consumption in urban areas[114] Shareholder Information - The Board resolved not to declare any interim dividend for the six months ended 30 June 2021, consistent with the previous year[85] - The interests of Directors and chief executives in shares and debentures were disclosed as per regulatory requirements[136] - As of June 30, 2021, Sino Vantage holds 1,592,634,130 shares, representing approximately 27.62% of the company's issued share capital[141] - The company has issued US$320,000,000 in 5.5% senior notes due in 2023, with US$3,540,000 held through Sino Vantage[140] Employee and Administrative Costs - The total staff cost for the period amounted to HK$255 million, up from HK$152 million in 2020[119] - Administrative expenses increased by 61% to HK$256 million, with the proportion of administrative expenses to revenue slightly rising to 3.7%[117]

China Oil and Gas AR2020 COV 12.3mm output.pdf 1 8/4/2021 上午11:27 CHINA OIL AND GAS GROUP LIMITED 中油燃氣集團有限公司 ANNUAL REPORT 2020 年報 (Incorporated in Bermuda with Limited Liability) Stock Code: 603 2020年報 ANNUAL REPORT | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------|---------------------------------|--------|-------|-------| | | | | | | | | Contents | | | | | | | | | | | | | 目錄 | | | | FINANCIAL HIGHLIGHTS | 財務摘要 | 2 | | | | ENTERPRISE CULTURE | 企業 ...

Financial Performance - Revenue for the six months ended June 30, 2020, was HK$4,653,901, a decrease of 9.6% from HK$5,147,124 in the same period of 2019[30]. - Gross profit for the period was HK$748,774, down 4.8% from HK$786,356 in 2019[30]. - Profit for the period was HK$425,773, representing a decline of 11.5% compared to HK$481,240 in the previous year[30]. - Total comprehensive income for the period was HK$94,066, significantly lower than HK$483,285 in 2019[33]. - Profit for the period was HK$189,741,000, representing a decrease compared to HK$236,032,000 in the previous period[42]. - Total comprehensive income for the period was HK$94,066,000, down from HK$157,028,000 in the previous period[42]. - The group reported a profit for the period of HK$425,773,000, down from HK$481,240,000 in the same period of 2019, representing a decline of approximately 11.5%[66]. - The Group's profit attributable to owners for the six months ended June 30, 2020, was approximately HK$189,741,000, a decrease from HK$202,967,000 for the same period in 2019, representing a decline of about 6.1%[91]. - Profit attributable to the owners of the Company was HK$190 million, representing a decrease of 6.5% from the previous year[109]. Assets and Liabilities - Total assets as of June 30, 2020, amounted to HK$17,189,294, an increase from HK$16,832,484 at the end of 2019[39]. - Current liabilities totaled HK$4,817,032, compared to HK$4,518,477 at the end of 2019, reflecting an increase of 6.6%[39]. - Total liabilities were HK$10,686,359, up from HK$10,389,469 at the end of 2019[39]. - Equity attributable to owners of the Company was HK$3,337,967, a decrease from HK$3,400,614 at the end of 2019[39]. - The Group's total liabilities decreased slightly from HK$1,289,056,000 at December 31, 2019, to HK$1,266,444,000 as of June 30, 2020[104]. - The Group's total indebtedness was HK$7,189 million, an increase from HK$6,846 million as of December 31, 2019[1]. Cash Flow - Net cash generated from operating activities increased to HK$548,232,000, up from HK$453,146,000 in the same period last year, representing a growth of 20.97%[51]. - Net cash used in investing activities rose significantly to HK$627,185,000, compared to HK$304,585,000 in the prior year, indicating an increase of 105.73%[51]. - Cash and cash equivalents at the end of the period reached HK$2,657,793,000, an increase from HK$2,341,816,000 year-over-year, reflecting a growth of 13.47%[51]. - The Group's cash and cash equivalents amounted to HK$2,658 million as of June 30, 2020, compared to HK$2,521 million as of December 31, 2019[1]. - The Group's net debt-to-assets ratio was 23.5% as of June 30, 2020, slightly down from 24.0% as of December 31, 2019[1]. Operational Highlights - The company reported a natural gas sales volume exceeding 500 million cubic meters in provinces during the first half of 2020[18]. - The company is preparing to expand its business into provinces with natural gas sales volumes below 100 million cubic meters in the near term[18]. - The Group connected 65,475 new residential users, a 33% increase from 49,346 in 2019, bringing total residential connections to 1,531,891[111]. - Total connections for industrial and commercial users increased by 57% to 874, compared to 557 in the previous year[111]. - The Group successfully obtained two concession rights projects during the first half of 2020, expanding its project portfolio[111]. - The Group's production in the first half of 2020 was 5,305 barrels of oil equivalent per day, a decrease of 5% from 5,577 boe/d in the comparable period of 2019[113]. Corporate Governance - The company has a strong commitment to corporate governance, with various committees overseeing operations and compliance[22]. - The Audit Committee, established in 1998, is responsible for overseeing the financial reporting system and reviewing interim and annual reports[160]. - The Audit Committee consists of three independent non-executive Directors, with Mr. Li Yunlong as chairman, and has reviewed the unaudited interim financial statements for the six months ended June 30, 2020[162]. - The Company has adopted the Model Code for securities transactions by Directors, confirming compliance by all Directors during the reporting period[155]. - The Company has established good corporate governance practices and procedures throughout the reporting period, ensuring proper supervision and management of its businesses[154]. Strategic Initiatives - The company aims to establish itself as an internationally influential clean energy enterprise, focusing on sustainability and innovation[15]. - The company emphasizes creating value for customers, future for employees, and rewards for shareholders as part of its core objectives[15]. - The Company’s board of directors has resolved to focus on strategic investments and acquisitions to enhance growth opportunities[130]. - The Company’s capital structure reflects a significant investment strategy aimed at expanding its market presence in the gas sector[130]. Shareholder Information - The Company did not declare any interim dividend for the six months ended June 30, 2020, consistent with the previous year[93]. - The Company holds a total of 1,494,634,130 ordinary shares, representing approximately 25.92% of the issued share capital[137]. - Sino Advance Holdings Ltd and Sino Vantage Management Limited hold 353,120,130 shares and 1,141,514,000 shares respectively, accounting for 6.13% and 19.79% of the company's issued share capital[137]. - The company has issued US$350,000,000 4.625% senior notes due 2022, with US$2,000,000 held through Moral High Limited and US$1,500,000 held through Sino Advance[143].