Financial Performance - Total revenue for the year ended March 31, 2024, was RMB 4,969,879,000, a decrease of 33.3% from RMB 7,446,796,000 in the previous year[3] - Oil and gas sales contracts totaled RMB 3,942,794,000, down 28.2% from RMB 5,500,617,000 year-on-year[3] - The company reported a net loss of RMB 170,882,000 for the year, compared to a net loss of RMB 28,267,000 in the previous year, representing a significant increase in losses[4] - Basic and diluted loss per share was RMB 2.52, compared to earnings of RMB 0.42 per share in the previous year[4] - For the fiscal year ending March 31, 2024, total revenue was approximately RMB 1,051,517,000, a decrease from RMB 2,030,802,000 in the previous year, representing a decline of about 48%[35] - The revenue from wholesale liquefied natural gas was RMB 983,477, a decrease of 37% from RMB 1,551,130 in the previous year[37] - The revenue from oil and gas trading contracts was RMB 24,432, down 71% from RMB 84,623 in the previous year[37] - The segment performance for liquefied natural gas production and sales showed a loss of RMB 133,279 for the year ending March 31, 2024, compared to a profit of RMB 33,491 in the previous year[30][33] - The company reported total operating revenue of approximately RMB 4,970,000,000 for the year ended March 31, 2024, down from RMB 7,447,000,000 in 2023, representing a decrease of about 33%[49] - The net loss after tax for the year ended March 31, 2024, was approximately RMB 171,000,000, compared to a net loss of RMB 28,000,000 in 2023, indicating a significant increase in losses[49] Cash Flow and Liquidity - Cash and cash equivalents at the end of the reporting period were RMB 10,688,000, a decrease from RMB 71,662,000 in the previous year[6] - The company recorded a net cash outflow from operating activities of RMB 406,395,000 for the year[12] - The company’s cash and cash equivalents were approximately RMB 10,688,000 as of March 31, 2024, indicating a liquidity challenge given the outstanding borrowings[45] - As of March 31, 2024, the group held cash and bank balances of approximately RMB 11 million, down from RMB 72 million the previous year, with a current ratio of approximately 1.37[65] - The company is actively exploring financing options for operational capital and commitments for the foreseeable future[13] - The company is actively negotiating with existing financial institutions for the extension or deferral of bank loans and credit financing[13] - The group is actively negotiating with existing lenders to extend bank loans and seeking potential strategic investors to improve liquidity and financial conditions[66] Assets and Liabilities - Total assets decreased to RMB 2,671,186,000 from RMB 3,187,053,000 year-on-year, indicating a decline of 16.2%[6] - Current liabilities decreased to RMB 1,953,805,000 from RMB 2,160,758,000, a reduction of 9.6%[8] - The company’s total equity attributable to owners decreased to RMB 1,230,104,000 from RMB 1,393,962,000, a decline of 11.7%[8] - The company’s bank borrowings totaled approximately RMB 1,187,720,000 as of March 31, 2024, with a significant portion due within the next twelve months[45] - The company has several bank loans and guaranteed notes that have defaulted or cross-defaulted as of March 31, 2024[12] - The company has clarified the classification of liabilities as current or non-current based on the rights to defer settlement for at least twelve months[25] - The total liabilities classification will not change with the application of the revised accounting standards effective from April 1, 2024[26] Operational Challenges and Strategies - The company is reviewing and improving measures for the collection of accounts receivable to accelerate the recovery of outstanding trade receivables[15] - The company aims to control administrative costs through human resource optimization and management salary adjustments, while limiting unnecessary capital expenditures[15] - The company believes that if all assumptions and plans are successfully implemented, it will have sufficient operating funds to meet its financial obligations[14] - The company has made provisions related to ongoing litigation and claims, seeking amicable resolutions for unresolved claims and litigation costs[13] - The expected credit loss on trade receivables was approximately RMB 156 million, significantly higher than RMB 1 million in the previous year, due to prolonged debt recovery periods[59] Corporate Governance and Compliance - The group has complied with all applicable corporate governance codes during the reporting period, with some deviations noted[74] - The audit committee reviewed the consolidated financial statements for the year ended March 31, 2024[79] - The group has adopted the standard code of conduct for securities trading by directors and has ensured compliance throughout the reporting period[81] Employee and Operational Metrics - The group has approximately 280 employees as of March 31, 2024, down from 330 in 2023[73] - The group has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[69] Other Financial Information - Interest income for the year was RMB 1,368, slightly down from RMB 1,460 in the previous year[37] - The company reported a net foreign exchange gain of RMB 29,525, down from RMB 53,599 in the previous year[37] - The company did not recommend the payment of a final dividend for the year ended March 31, 2024, consistent with the previous year[48] - The interest expense on bank loans increased to RMB 57,229,000 in 2024 from RMB 55,579,000 in 2023, reflecting a rise of about 3%[7] - The group produced approximately 442 million cubic meters of liquefied natural gas (LNG) for the year ending March 31, 2024, a decrease of about 13 million cubic meters or 2.9% compared to the previous year[50] - LNG sales revenue was approximately RMB 983 million, a decrease of about RMB 568 million or 36.6%, accounting for approximately 19.8% of the group's total revenue[50] - The total sales revenue from pipeline natural gas and related services dropped from approximately RMB 365 million to about RMB 53 thousand, a decrease of approximately RMB 364 million or 100% due to the expiration of the gas operation license[51] - The group's gross profit for the year was approximately RMB 77 million, down from about RMB 252 million, with a gross profit margin decreasing from approximately 3.4% to about 1.5%[56] - Other income increased to approximately RMB 4 million, up about 47.3% from RMB 3 million in the previous year[57] - The group wrote off its subsidiary Guizhou Yineda Energy Service Co., Ltd., resulting in a loss of RMB 2,015,000, a decrease in non-controlling interests of RMB 6,216,000, and a net cash outflow of RMB 6,748,000[69] - As of March 31, 2024, the group has pledged assets totaling approximately RMB 256,000,000 for bank financing, a decrease from RMB 600,000,000 in 2023[68] - As of March 31, 2024, the group had no significant capital commitments[70] - As of March 31, 2023, the group provided a financial guarantee for a bank loan of RMB 19,500,000 related to an associate, which was not present in 2024[71] - The group’s guarantee notes are due on April 30, 2024, with an outstanding principal amount of approximately RMB 169,000,000 and related interest payable of approximately RMB 14,000,000 as of the announcement date[82]
元亨燃气(00332) - 2024 - 年度业绩