KUNLUN ENERGY(00135)2024-03-25 09:02Natural Gas Sales Performance - Natural gas total sales volume increased by 9.55% to 49,285 million cubic meters in 2023 from 44,988 million cubic meters in 2022[1] - Natural gas retail sales volume grew by 9.19% to 30,312 million cubic meters in 2023 from 27,762 million cubic meters in 2022[1] - Revenue from natural gas sales increased to RMB 140,600 million in 2023, up from RMB 131,892 million in 2022[16] - Natural gas sales segment contributed the highest revenue at RMB 142.887 billion in 2023, an increase from RMB 133.987 billion in 2022[12][13] - Natural gas sales volume reached 49.285 billion cubic meters, a year-on-year increase of 9.6%[31] - Retail gas volume was 30.312 billion cubic meters, up 9.2% year-on-year, with cumulative users reaching 15.604 million, a 6.1% increase[31] Financial Performance - Revenue increased by 3.15% to RMB 177,354 million in 2023 from RMB 171,944 million in 2022[1] - Profit before tax rose by 10.54% to RMB 12,593 million in 2023 from RMB 11,392 million in 2022[1] - Net profit attributable to shareholders increased by 8.68% to RMB 5,682 million in 2023 from RMB 5,228 million in 2022[1] - EBITDA grew by 8.31% to RMB 17,675 million in 2023 from RMB 16,319 million in 2022[1] - Basic earnings per share increased by 8.68% to RMB 65.62 in 2023 from RMB 60.38 in 2022[1] - Total revenue for 2023 reached RMB 182.861 billion, with external customer revenue at RMB 177.354 billion, up from RMB 178.404 billion and RMB 171.944 billion respectively in 2022[12][13] - Segment performance (excluding tax and share of profits/losses from associates and joint ventures) for 2023 was RMB 11.548 billion, up from RMB 10.400 billion in 2022[12][13] - Profit before tax for 2023 was RMB 12.593 billion, compared to RMB 11.392 billion in 2022[12][13] - Revenue for the year reached RMB 177.354 billion, an increase of RMB 5.410 billion or 3.1% year-on-year[30] - Net profit attributable to shareholders was RMB 5.682 billion, up RMB 454 million or 8.7% year-on-year[30] - The company achieved a pre-tax profit of approximately RMB 12,593 million, a 10.5% increase compared to the previous year's RMB 11,392 million[39] - Revenue for the year was approximately RMB 177,354 million, a 3.1% increase from the previous year's RMB 171,944 million, driven by higher natural gas sales volume and prices[40] - The company's net profit attributable to shareholders was approximately RMB 5,682 million, an 8.7% increase from the previous year's RMB 5,228 million[39] - The company's core profit attributable to shareholders was RMB 6,144 million, a 2.2% decrease from the previous year's RMB 6,281 million[39] Assets and Liabilities - Total assets increased to RMB 143,519 million in 2023 from RMB 138,892 million in 2022[5] - Total equity rose to RMB 85,783 million in 2023 from RMB 80,702 million in 2022[5] - Net current assets increased to RMB 22,615 million in 2023 from RMB 16,955 million in 2022[6] - Total assets increased to RMB 143.519 billion in 2023 from RMB 138.892 billion in 2022[14] - The company's non-current segment assets increased by RMB 4.803 billion in 2023, compared to RMB 6.230 billion in 2022[12][13] - Accounts receivable (net of impairment) decreased to RMB 1,977 million in 2023 from RMB 2,887 million in 2022[25] - Contract liabilities increased to RMB 13,596 million in 2023 from RMB 12,621 million in 2022[26] - Accounts payable decreased to RMB 2,790 million in 2023 from RMB 3,112 million in 2022[28] - The company's total assets as of December 31, 2023, were approximately RMB 143,519 million, a 3.3% increase from the previous year's RMB 138,892 million[45] - The company's capital-to-liability ratio decreased to 22.71% from 24.26% in the previous year[46] - Total assets pledged as collateral for bank loans amounted to RMB 818 million as of December 31, 2023, down from RMB 958 million in 2022[47] LNG and LPG Sales Performance - The LNG processing and storage segment saw a decrease in revenue from RMB 12.810 billion in 2022 to RMB 12.167 billion in 2023[12][13] - LNG processing and storage service revenue rose to RMB 9,042 million in 2023, compared to RMB 8,542 million in 2022[16] - LPG sales revenue decreased to RMB 26,801 million in 2023 from RMB 29,224 million in 2022[16] - LPG sales volume was 5.7677 million tons, up 2.7% year-on-year, but revenue decreased by 8.3% to RMB 26.801 billion[32] - LNG processing and storage business revenue increased by 5.9% to RMB 9.042 billion, with LNG gasification and loading volume reaching 16.326 billion cubic meters, up 3.1% year-on-year[32] Exploration and Production Performance - Exploration and production segment revenue dropped significantly from RMB 2.286 billion in 2022 to RMB 911 million in 2023[12][13] - Crude oil sales revenue was RMB 2,286 million in 2023[16] - Crude oil equity sales volume decreased by 16.7% to 9.21 million barrels, with average realized crude oil sales price dropping to $66.9 per barrel[32] Dividend and Shareholder Information - The proposed final dividend for 2023 is RMB 2,457 million, compared to RMB 2,198 million for 2022[23] - The company's basic earnings per share (EPS) for 2023 was RMB 5,682 million, up from RMB 5,228 million in 2022[22] - The proposed final dividend for 2023 is RMB 28.38 per share, totaling approximately RMB 2,457 million, with a payout ratio of 40.00%[55] - The company plans to gradually increase its annual dividend payout ratio, aiming to reach 45% of the annual profit attributable to shareholders by the fiscal year ending December 31, 2025[50] - The company has a dividend policy that ensures a minimum annual dividend payout of 25% of the consolidated annual profit attributable to shareholders, subject to certain considerations[49] - Shareholders choosing to receive the 2023 final dividend in RMB must ensure they have an appropriate bank account to cash RMB checks, and no guarantee is provided regarding fees, delays, or the ability to cash RMB checks outside Hong Kong[56] - Beneficial owners of shares registered in the name of a nominee, trustee, or other registered holder must make appropriate arrangements to receive the 2023 final dividend in RMB, or they will receive it in HKD[56] - Shareholders must return share transfer documents by June 4, 2024, to be eligible to receive the 2023 final dividend[57] - Share transfer registration will be suspended from June 5 to June 6, 2024, for determining eligibility to receive the 2023 final dividend[57] Corporate Governance and Compliance - The company adopted revised accounting standards, including HKFRS 17 for insurance contracts, with no material impact on financial statements[9] - The company is evaluating the potential impact of new accounting standards set to take effect from 2024 onwards, currently expecting no significant impact[10] - The company maintains high corporate governance standards and has complied with all code provisions of the Corporate Governance Code[52] - The audit committee reviewed and confirmed the annual results for the year ended December 31, 2023[53] - The company has no significant acquisitions or disposals during the year[47] - The company has no significant contingent liabilities that would materially affect its financial position or performance[48] - The company has not purchased, sold, or redeemed any of its shares during the year[51] Operational and Strategic Developments - The company added 12 new city gas projects and achieved a retail gas volume increase of 9.2% year-on-year[33] - The company secured new energy installation indicators totaling 4.302 million kilowatts in regions such as Xinjiang, Hebei, and Shandong[33] - Methane emission intensity decreased by 32% compared to 2020, and CO2 emission intensity decreased by 6%[34] - The company aims to achieve a "multi-energy integration" and "new energy" installed capacity of 1 million kilowatts by 2025[37] Employee and Cost Management - The company's procurement, services, and other costs were approximately RMB 151,091 million, a 3.4% increase from the previous year's RMB 146,077 million, mainly due to increased natural gas procurement[41] - The company's employee compensation costs were approximately RMB 5,970 million, a 3.8% increase from the previous year's RMB 5,749 million[42] - The company employed 27,138 employees globally as of December 31, 2023, a decrease from 30,916 in 2022[47] Interest and Financing - Interest expenses on bank loans increased to RMB 566 million in 2023 from RMB 541 million in 2022[17] - The company's interest expense for the year was approximately RMB 960 million, a 6.8% increase from the previous year's RMB 899 million[44] Shareholder Meetings and Reporting - The 2024 Annual General Meeting (AGM) will be held on May 30, 2024, and the notice of the AGM will be sent to shareholders along with the 2023 Annual Report[56] - Shareholders must return share transfer documents by May 24, 2024, to be eligible to attend and vote at the 2024 AGM[56] - Share transfer registration will be suspended from May 27 to May 30, 2024, for determining eligibility to attend and vote at the 2024 AGM[56] - The 2023 Annual Report will be published on the company's website and the Hong Kong Stock Exchange website in due course[57]