昆仑能源(00135) - 2023 - 年度财报

Natural Gas Sales and Volume - Natural gas sales business revenue reached RMB 140,600 million[3] - Total natural gas sales volume was 49,285 million cubic metres[3] - Sales volume of natural gas was 493 million cubic metres in 2023[7] - The total sales volume of natural gas reached 4.93 billion cubic meters in 2023, up from 4.50 billion cubic meters in 2022[13] - Natural gas sales volume was 49.285 billion cubic meters, a year-on-year increase of 9.6%, with retail gas sales volume at 30.312 billion cubic meters, up 9.2%[28] Revenue and Profit - Revenue for the year was RMB 177,354 million[5] - Profit attributable to shareholders was RMB 23,016 million[5] - Revenue for 2023 increased to RMB 177,354 million, up 3.15% from RMB 171,944 million in 2022[9] - Core profit before income tax expense for 2023 was RMB 13,101 million, compared to RMB 12,481 million in 2022[9] - The company achieved a revenue of RMB 177,354 million in 2023, a year-on-year increase of 3.1%[25] - Revenue for the year reached RMB 177.354 billion, a year-on-year increase of RMB 5.410 billion or 3.1%[26] - Revenue increased by 3.1% to RMB177,354 million compared to RMB171,944 million last year, driven by higher natural gas sales volume and prices[50] Earnings and Dividends - Basic earnings per share were RMB 265.80 cents[6] - Dividend per share was RMB 234.67 cents[6] - Earnings per share (Basic) rose to RMB 65.62 cents in 2023 from RMB 60.38 cents in 2022[11] - Dividend per share increased to RMB 28.38 cents in 2023 from RMB 25.39 cents in 2022[11] - Dividend payout ratio increased to 40.00% in 2023 from 35.00% in 2022[11] - The Group's 2023 final dividend is RMB28.38 cents per share, totaling approximately RMB2,457 million, with a payout ratio of 40%[184][187] - The company recommended a final dividend of RMB28.38 cents per share for 2023, totaling approximately RMB2,457 million, with a payout ratio of 40.00%[71] Profitability and Financial Ratios - Net profit margin improved to 5.22% in 2023 from 4.77% in 2022[11] - Return on total assets (ROA) increased to 6.55% in 2023 from 6.04% in 2022[11] - Liabilities-to-EBITDA ratio decreased to 3.17 in 2023 from 3.57 in 2022[11] - Profits before income tax increased by 10.5% to RMB 12,593 million in 2023[25] - Profit before income tax expense increased by 10.5% to RMB12,593 million compared to RMB11,392 million last year[49] - Profit attributable to shareholders increased by 8.7% to RMB5,682 million compared to RMB5,228 million last year[49] - Core profit attributable to shareholders decreased by 2.2% to RMB6,144 million compared to RMB6,281 million last year[49] LNG and Crude Oil Sales - LNG gasification, entrucking & processing volume was 191 million cubic metres in 2023[8] - Equity sales volume of crude oil was 1,354 10,000 barrels[8] - LNG gasification volume increased to 1.56 billion cubic meters in 2023, compared to 1.52 billion cubic meters in 2022[15] - The company's LNG processing volume remained stable at 28 million cubic meters in 2023[15] - Equity sales volume of crude oil decreased to 921,000 barrels in 2023 from 1,105,000 barrels in 2022[15] - LNG gasification and entrucking volume at Tangshan and Jiangsu LNG terminals totaled 16.326 billion cubic meters, a year-on-year increase of 3.1%[32] - Equity sales volume of crude oil was 9.21 million barrels, a year-on-year decrease of 1.84 million barrels or 16.7%, with sales revenue dropping 60.2% to RMB 911 million[33] User and Market Growth - Cumulative users reached 15,604,000 with 890,000 new users added[3] - The number of city gas projects in operation reached 280 across various provinces in 2023[17] - Cumulative number of users reached 15.604 million, a year-on-year increase of 6.1%[28] - The company added 12 new city gas projects and 15 new projects including Changzhou Kunlun were put into production and consolidated[34] - 48% of project companies achieved residential gas sales using the price linkage mechanism[34] - The annual apparent consumption of natural gas in China increased by 7.6% to 3,945.3 billion cubic meters in 2023[22] Environmental and Social Responsibility - Methane emission intensity decreased by 32% compared to 2020, and carbon dioxide emission intensity decreased by 6%[40] - The company achieved energy savings of 24 million tons of standard coal in 2023[40] - The company invested over RMB 16 million in social welfare, consumption assistance, and rural revitalization[41] - The Group emphasizes environmental protection and promotes energy conservation and emission reduction as part of its long-term strategy[182][185] Corporate Governance and Board Activities - The Board has a strong element of independence and effectively exercises independent judgement[84] - The Board consists of at least three independent non-executive directors, with one possessing appropriate professional qualifications or financial management expertise[84] - Independent non-executive directors represent at least one-third of the Board[84] - The Board has adopted a Board Diversity Policy and a Nomination Policy to align with diversity requirements[86][90] - The Nomination Committee reviews the Board's structure, size, composition, and diversity at least once a year[91] - Board appointments are based on meritocracy, contributions to the Board, and objective criteria including skills, knowledge, experience, gender, age, ethnicity, and educational background[92] - As of 31 December 2023, the Board's age diversity includes 14% aged 50-59, 29% aged 60-69, and 57% aged above 70[94] - The Board currently has all male Directors and aims to appoint at least one female board member by 31 December 2024[97][98] - As of 31 December 2023, the Group had 27,138 employees, with male and female employees accounting for 68% and 32% respectively[99] - The Board held four meetings, three Audit Committee meetings, one Remuneration Committee meeting, two Nomination Committee meetings, and one Sustainability Committee meeting during the year[106] - All Executive Directors attended all four Board meetings, with Mr. Fu Bin and Mr. Gao Xiangzhong also attending Nomination Committee and Sustainability Committee meetings respectively[108] - Independent Non-executive Directors attended all Board meetings and relevant committee meetings, with Dr. Liu Xiao Feng and Mr. Tsang Yok Sing Jasper attending all committee meetings[108] - Notices for regular Board meetings are served at least 14 days in advance, with agenda and Board papers sent at least 3 days before each meeting[109] - The Chairman, CEO, CFO, and Company Secretary attend Board and committee meetings to advise on business developments, financial matters, and corporate governance[110] - The Audit Committee reviewed the company's annual results and found no material uncertainties affecting its ability to continue as a going concern[122] - The Audit Committee conducted three meetings during the year to deliberate on financial results, internal controls, and the re-appointment of the independent auditor[119][121] - The Remuneration Committee reviewed management's remuneration proposals and made recommendations based on corporate goals, individual performance, and market conditions[123] - The company's Board has four committees: Audit, Remuneration, Nomination, and Sustainability, each with defined written terms of reference[115] - The Chairman and Chief Executive Officer roles are held by separate individuals, with Mr. Fu Bin as Chairman and Mr. Qian Zhijia as CEO[113][116] - The Audit Committee comprises three Independent Non-executive Directors, including one with professional accounting or financial management expertise[118] - The company ensures Directors receive adequate, complete, and reliable information in a timely manner for decision-making[114] - The Remuneration Committee is chaired by Dr. Liu Xiao Feng and focuses on transparent procedures for determining remuneration[123] - The company supports the division of responsibilities between the Chairman and CEO to ensure a balance of power and authority[113][116] - The Audit Committee reviewed the company's financial reporting system, internal control system, and risk management system for adequacy and effectiveness[119] - The majority of the company's management received remuneration totaling around RMB 8 million in 2023[127] - The Remuneration Committee held one meeting during the year to review the company's remuneration policy and structure[126] - The Nomination Committee held two meetings during the year to review board composition and director re-election proposals[128] - The Board reviewed the effectiveness of the company's internal controls and risk management systems during the year[130] - The audit fees charged by PricewaterhouseCoopers for the Company and its subsidiaries amounted to approximately RMB14 million, a decrease from RMB15 million in 2022[133] - The fees charged by other auditors of the Group for audit services and non-audit services during the Year amounted to approximately RMB17 million and RMB2 million respectively, compared to RMB8 million and RMB2 million in 2022[133] - Two general meetings were held on 31 May 2023 and 16 November 2023, which were the 2023 annual general meeting and special general meeting[136] - The attendance records of the Directors to the 2023 annual general meeting and special general meeting show full attendance for most directors, except for Mr. Zhou Yuanhong who missed the special general meeting[137] - A special general meeting can be convened by shareholders holding at least one-tenth of the paid-up capital of the Company with voting rights[138] - The Company has adopted a new arrangement for the dissemination of corporate communication, allowing shareholders to request printed copies in addition to electronic distribution[139] - The company adopted new bye-laws on 31 May 2023 to comply with the Core Shareholder Protection Standards and incorporate housekeeping amendments[143] - The company maintains a website (http://www.kunlun.com.hk) for extensive business updates, financial information, and corporate governance practices[143] - The company’s internal control system includes a well-established organizational structure, comprehensive policies, and an internal audit department[144] - The Board annually assesses the effectiveness of the Group’s internal control system, covering financial, operational, compliance controls, and risk management[145] - The company identified and monitored eight major risks in 2023, focusing on dynamic monitoring and alert systems[148] - The company ensured winter natural gas supply by coordinating incremental resources to balance market demand and supply[150] - The company strengthened terminal purchase and marketing price differential management, incorporating it into annual performance contracts[150] - The company implemented a weekly dynamic analysis mechanism to stay updated on market changes and optimize marketing strategies[150] - The company achieved a 100% pipeline digitization rate through the production management system, realizing comprehensive factor coverage and online management mode[153] - The company strengthened cooperation with key chemical users, promoting regional resource recycling and repurchase of by-product resources through raw material supply[151] - The company expanded import resource procurement channels, opening a Russian gas import route in the Hunchun direction and organizing sales of Kazakhstan gas beyond Xinjiang to the Ningxia region[151] - The company formulated the "Four Principles" for third-party management, including detailed data, complete markers, and graded control for pipeline management[153] - The company implemented the "Five-step Method" for third-party pipeline construction management, achieving closed-loop management of third parties[153] - The company strengthened risk prevention and control, clarifying conditions and strategies for project termination or withdrawal based on market risks[152] - The company improved the efficiency of pre-planning work, simplifying feasibility study procedures and implementing project classification and authorization management[152] - The company promoted the use of vibration warning, smart AI video surveillance, and drones for pipeline inspection, constructing an all-round three-dimensional protection network[153] - The company standardized safety inspection procedures, enhancing the capability of safety inspectors and improving the quality of safety inspections[154] - The company implemented IoT-powered gas meters, stainless steel corrugated hoses, self-closing valves, and combustible gas alarms to reduce safety incidents caused by improper customer-end operation[154] - Strengthened policy research and response by collecting and studying national and local policies, enhancing analysis and response strategies at bi-weekly and monthly meetings[156] - Promoted two contango exercises for heating and non-heating periods, ensuring a stable year-on-year increase in the purchase and marketing price differential[156] - Integrated gas station business by leasing stations to refined oil sales enterprises to eliminate uncertainty and expand gas supply scale[156] - Increased end-user development to diversify user structure and offset lower gas consumption in a single industry due to policy reasons[156] - Revised the "Management Measures for the Selection of Cooperative Shareholders" to improve standards and implement risk prevention and compliance management[157] - Strengthened communication with cooperative shareholders and monitored their operating conditions to adopt early risk mitigation measures[157] - Conducted annual special inspections of guarantee and credit business, identifying no new irregularities in guarantee matters[160] - Strengthened project supervision and inspection, implementing closed-loop management of identified problems[162] - Regularly convened special coordination meetings and provided onsite guidance to strengthen project process control and management[162] - Enhanced accountability management by holding responsible units and persons accountable for serious and typical problems found during inspections[162] Future Development and Strategy - The company aims to achieve "multi-energy integration" and "new energy" installed capacity of one million kilowatts by 2025[46] - The company is focusing on the integration of gas and new energy to broaden the road of green and low-carbon transformation[171] - The company is accelerating the building of smart gas enterprises by strengthening data intelligence and establishing a full-process data management chain[174] - The company is promoting the local price linkage mechanism to improve the upstream and downstream cost transmission mechanism[171] - The company is actively exploring emerging businesses such as carbon sink, carbon trading, and methane escape detection[171] - The company is striving to create a safe gas enterprise that allows the government to rest assured and the people to rest assured[174] - The company is enhancing modern governance by focusing on ESG management efficiency[174] - The company is expanding the new mode of service system based on customer needs to achieve sustainable development[170] - The company is promoting the integration of "One City, One Gas Supplier" projects to maintain a market size with steady growth[171] - The company is actively carrying out the exploration of photovoltaic, wind energy, geothermal, and biomass fields[171] - National natural gas consumption is expected to grow by approximately 6% in 2024, with power generation gas leading the growth[42][44] - The company is confident in its performance guidance and future development under the national "carbon peak and carbon neutrality" goals[43][45] Financial and Operational Costs - Purchases, services, and others increased by 3.4% to RMB151,091 million compared to RMB146,077 million last year, in line with natural gas sales growth[50] - Employee compensation costs increased by 3.8% to RMB5,970 million compared to RMB5,749 million last year, remaining stable at 3.37% of operating revenue[51] - Depreciation, depletion, and amortization increased by 2.1% to RMB4,992 million compared to RMB4,887 million last year[52] - Other selling, general, and administrative expenses decreased by 3.0% to RMB3,656 million compared to RMB3,770 million last year due to strict cost control[53] - Interest expenses for the year increased by 6.8% to RMB960 million compared to RMB899 million last year[54] - Total interest expenses for the year increased by 2.8% to RMB995 million compared to RMB968 million last year[54] - Capitalized interest expenses under construction-in-progress decreased by 49.3% to RMB35 million compared to RMB69 million last year[54] - Share of profits less losses of associates decreased by 11.2% to RMB466 million compared to RMB525 million last year[55] - Employee compensation costs increased by 3.8% to RMB5,970 million compared to RMB5,749 million last year[56] - Depreciation, depletion, and amortization increased by 2.1% to RMB4,992 million compared to RMB4,887 million last year[57] - Other selling, general, and administrative expenses decreased by 3.0% to RMB3,656 million compared to RMB3,770 million last year[57] - Share of profits less losses of joint ventures increased by 24.0% to RMB579 million compared to RMB467 million last year[60] - Total assets of the Group increased by 3.3% to RMB143,519 million compared to RMB138,892 million last year[61] - The gearing ratio of the Group decreased by 1.55% to 22.71% compared to 24.26% last year[63] - The company has formulated a three-year dividend distribution plan aiming to achieve an annual dividend payout ratio of 45% of the Group's annual profit attributable to shareholders by the financial year ending 31 December 2025[71] - The company plans to declare interim and final dividends twice a year for the financial years ending 31 December 2024 and 2025[71] - The company's distributable reserves as of 31 December 2023 were RMB 10,284 million, including RMB 109 million in contributed surplus and RMB 10,175 million in retained earnings[197] - The company's distributable reserves as of 31 December 2022 were RMB 10,949 million, including RMB 109 million in contributed surplus and RMB 10,840 million in retained earnings[197] Customer and Market Satisfaction - Customer survey satisfaction rate increased to 99.5%[39][40] - The company secured new energy installation indicators totaling 4.302 million kilowatts in regions such as Xinjiang, Hebei, and Shandong[39] - Value-added business revenue increased by 21% year-on-year[39] - The company operated