昆仑能源(00135) - 2022 - 年度财报

Financial Performance and Costs - Purchases, services, and others increased by 26.0% to RMB146,077 million, driven by higher natural gas purchase volume and prices[55] - Employee compensation costs rose by 4.8% to RMB5,749 million due to business growth and economic inflation[55] - Depreciation, depletion, and amortization increased by 5.7% to RMB4,887 million, remaining stable throughout the year[55] - Other selling, general, and administrative expenses grew by 10.9% to RMB3,770 million, mainly due to increased royalty expenses and natural gas business expansion[55] - Interest expenses increased by 14.8% to RMB899 million, while total interest expenses decreased by 7.5% to RMB968 million due to improved weighted average interest rates[55] - Share of profits less losses of associates decreased by 39.9% to RMB525 million, primarily due to higher exchange losses and increased operating costs at associates[56] Assets and Liabilities - Total assets increased by 4.8% to RMB138,892 million as of December 31, 2022[58] - Gearing ratio decreased by 0.66% to 24.26% as of December 31, 2022[58] - Total borrowings as of December 31, 2022, amounted to RMB25,081 million, with repayments scheduled within one year (RMB5,287 million), one to two years (RMB2,906 million), two to five years (RMB9,591 million), and after five years (RMB7,297 million)[59] - Assets pledged to banks amounted to RMB958 million as of 31 December 2022, down from RMB1,025 million in 2021[62] Exchange Rate and Risk Management - The company is exposed to exchange rate risks due to foreign currency borrowings, with potential gains or losses depending on RMB appreciation or depreciation[61] Corporate Governance and Board Structure - The Board fully supports the Chief Executive Officer and senior management in discharging their responsibilities[79] - The Board has a strong element of independence, enabling effective exercise of independent judgement[83] - The Board comprises Executive Directors and Independent Non-executive Directors, including Mr. Qian Zhijia as CEO and Chairman of the Sustainability Committee[83] - The Company has received written annual confirmation from each Independent Non-executive Director regarding their independence[85] - Independent Non-executive Directors bring a wide range of business and financial expertise, experiences, and independent judgement to the Board[85] - The Board has adopted a Board Diversity Policy and Nomination Policy to align with board diversity requirements[87] - The Board is responsible for major transactions, policy approvals, overall strategy, budget, internal control, and risk management systems[80] - The Company has arranged appropriate insurance cover for Directors' and officers' liabilities arising from corporate activities[79] - The Board ensures compliance with all applicable rules and regulations, with Directors having access to relevant information and company secretary services[80] - The Board meets the Listing Rules requirements, including the appointment of at least three Independent Non-executive Directors, with at least one possessing appropriate professional qualifications[84] Investment and Project Management - The company optimized its investment management system and completed the revision of its Investment Management Measures, enhancing investment control and risk management[133] - The company adhered to the principles of rigorous, accurate, and effective investment, improving the annual investment plan and ensuring project quality from the source[133] - The company strengthened project organization and leadership, ensuring efficient, high-quality, and safe completion of key construction projects[134] - The company enhanced the control of the whole life cycle of engineering projects, providing fixed-point guidance and special training to improve legal compliance management[134] - The company strictly managed contractor qualifications and personnel, ensuring effective quality control in engineering projects[134] Future Outlook and Strategic Plans - In 2023, the company expects gas consumption to grow at a rate of more than 6%, driven by economic recovery and increased demand in various sectors[138] - The company plans to leverage low-carbon transformation opportunities by deploying new energy and expanding new business models focused on customer needs[138] - The company aims to create a new model of digital governance and achieve high-quality growth by integrating gas with other new energies[138] Legal and Compliance - The company has complied with relevant laws and regulations, obtaining necessary business licenses, qualifications, approvals, and permits for its operations[141] - The company has not engaged in any illegal or non-compliant acts that would significantly impact its normal and continuous operations[141] Dividend Policy and Shareholder Returns - The company's dividend policy aims to distribute not less than 25% of annual consolidated profit attributable to shareholders[65][69] - The board considers business conditions, working capital needs, expansion plans, and macroeconomic factors when proposing dividends[66][70] Legal Disputes and Contingencies - The group is involved in certain lawsuits, but management believes any resulting liabilities will not materially affect financial performance[64][68] Employee and Organizational Changes - The group had 30,916 employees globally as of 31 December 2022, a decrease from 32,136 in 2021[63][67] - The company completed the disposal of 60% equity interest in Beijing Pipeline and 75% equity interest in Dalian LNG for RMB38,462 million in 2021[62]