联合能源集团(00467) - 2023 - 年度业绩

Financial Performance - For the year ended December 31, 2023, the revenue was HKD 13,591,075, an increase of 26.4% compared to HKD 10,753,743 in 2022[2]. - The gross profit decreased by 19.5% to HKD 4,439,240 from HKD 5,512,983 in the previous year[2]. - The company reported a loss of HKD 1,707,401 for the year, compared to a profit of HKD 2,601,146 in 2022, resulting in a basic loss per share of HKD 6.53[2][5]. - Total revenue from external customers for the year ended December 31, 2023, was HKD 13,591,075, a decrease from HKD 10,753,743 in 2022, representing a decline of approximately 11%[43][45]. - The classified profit for the year 2023 was HKD 3,202,264, down from HKD 3,336,775 in 2022, indicating a decrease of about 4%[47]. - The company reported a comprehensive loss of HKD 1,707,401 for 2023, compared to a profit of HKD 2,601,146 in 2022[47]. - The company reported a loss attributable to equity holders of approximately HKD 1,707,385,000 for the year ended December 31, 2023, compared to a profit of approximately HKD 2,601,162,000 for the previous year, marking a significant turnaround from profit to loss[97]. Assets and Liabilities - Total assets decreased by 5.8% to HKD 25,829,150 from HKD 27,419,844 in 2022[2]. - The net equity of the company decreased by 18.8% to HKD 12,830,726 from HKD 15,802,040 in the previous year[2]. - Total assets decreased from HKD 19,445,535 thousand in 2022 to HKD 16,841,739 thousand in 2023, a decline of approximately 13.2%[9]. - Non-current assets decreased significantly from HKD 17,414,747 thousand in 2022 to HKD 14,170,196 thousand in 2023, representing a reduction of about 18.5%[9]. - Current liabilities increased from HKD 7,974,309 thousand in 2022 to HKD 8,987,411 thousand in 2023, an increase of approximately 12.7%[9]. - The company's net asset value decreased from HKD 15,807,820 thousand in 2022 to HKD 12,836,149 thousand in 2023, a decline of around 18.7%[11]. - Trade and other receivables rose from HKD 6,315,856 thousand in 2022 to HKD 8,048,362 thousand in 2023, an increase of approximately 27.5%[9]. - Inventory decreased from HKD 389,310 thousand in 2022 to HKD 252,570 thousand in 2023, a decline of about 35.1%[9]. - Borrowings increased from HKD 1,885,969 thousand in 2022 to HKD 2,794,035 thousand in 2023, an increase of about 48.1%[9]. - The company's reserves decreased from HKD 15,539,141 thousand in 2022 to HKD 12,570,321 thousand in 2023, a decline of around 19.2%[11]. Production and Exploration - Average daily production in Pakistan decreased by 8.5% to 43,017 BOE/day from 47,029 BOE/day in 2022[2]. - The year-end net proven reserves in Pakistan decreased by 16.0% to 48.4 million BOE from 57.6 million BOE in 2022[2]. - Average daily production in the Middle East and North Africa increased by 7.8% to 57,390 BOE/day from 53,216 BOE/day in 2022[2]. - The year-end net proven reserves in the Middle East and North Africa increased by 14.2% to 119.8 million BOE from 104.9 million BOE in 2022[2]. - The company drilled a total of 48 wells, including 20 in Pakistan and 28 in the Middle East and North Africa[78]. - In 2023, the company achieved 11 commercial discoveries in oil and gas exploration, with 7 in Pakistan, 3 in Egypt, and 1 in Iraq[84]. - The cumulative sales volume of crude oil and condensate was 23.2 million barrels, an increase of 8.4% year-on-year, with an average realized price of $78.60 per barrel, down 18.3$30.88 per barrel of oil equivalent, up 3.5%[93]. Financial Management and Strategy - The company aims to maintain a prudent financial policy to optimize processes, improve efficiency, and manage cash flow effectively[83]. - The company plans to actively develop clean and low-carbon energy businesses to achieve synergies with existing core operations[81]. - The company anticipates future large-scale discoveries in new exploration locations and promising technological research areas[79]. - The company established a new energy trading segment for petrochemical product trading, with a sales volume of 741,605 tons and an average realized price of $548.55 per ton[95]. - The company continues to optimize its asset value and production efficiency through process improvements and facility upgrades[85]. Accounting and Compliance - The group has adopted the revised Hong Kong Financial Reporting Standards, specifically HKAS 12, which impacts deferred tax assets and liabilities related to lease transactions[21]. - The management assessed that the impact on the consolidated financial position as of January 1, 2022, December 31, 2022, and December 31, 2023, is not significant due to offsetting conditions being met[22]. - The group has implemented the revised HKAS 12 regarding international tax reform, specifically the Pillar Two rules, which requires immediate application and retrospective application of deferred tax assets and liabilities[23]. - The group has not applied temporary exemptions as it operates in jurisdictions where the Pillar Two legislation has not been enacted[23]. - The accounting policy changes related to the removal of the offset mechanism for mandatory provident fund contributions and long service payments will not have a significant impact on the consolidated financial statements[27]. - The group has not early adopted any of the newly issued or revised standards that are effective for accounting periods beginning on or after January 1, 2024[28]. - The revised HKAS 1 regarding the classification of liabilities as current or non-current will be effective from January 1, 2024[29]. - The group anticipates that the application of the revised standards will not have a significant impact on its financial position and performance[31]. Market and Economic Outlook - The global economy is projected to grow by 3.1$880 million to $930 million[115]. - In Pakistan, natural gas demand is expected to rise from approximately 3.56 billion cubic feet per day in 2020 to about 4.24 billion cubic feet per day by 2030, while domestic production is projected to decline significantly[116]. - Average daily production targets for Iraq assets in 2024 are set between 55,100 and 59,400 barrels of oil equivalent, while Egypt's assets are expected to maintain stable production levels[118]. Shareholder Information - The company declared a special dividend of HKD 0.04 per ordinary share for 2023, amounting to HKD 1,051,597,000, consistent with the previous year's special dividend[62]. - The company did not recommend the distribution of a final dividend for the year 2023[113]. - The annual general meeting is scheduled for June 6, 2024, with a suspension of share transfer registration from June 3 to June 6, 2024[138][139]. - The company has adopted a code of conduct for directors' securities transactions and confirmed compliance for the year ended December 31, 2023[140]. - The nomination committee reviewed the board's composition and diversity policy, concluding that the current board structure aligns with the company's business model and diversity objectives[144].