Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 461,288 thousand, a decrease of 9.9% from RMB 511,829 thousand[2] - Operating profit dropped by 33.6% to RMB 113,611 thousand from RMB 171,003 thousand[2] - The company reported a net loss of RMB 110,090 thousand, an increase of 81.9% compared to a loss of RMB 60,508 thousand[2] - Basic loss per share increased to RMB (0.03), up 50.0% from RMB (0.02)[3] - EBITDA decreased by 19.0% to RMB 286,652 thousand from RMB 354,046 thousand[2] - The group reported a loss of RMB 110.1 million for the six months ending June 30, 2024, compared to a loss of RMB 60.5 million for the same period in 2023, an increase of RMB 49.6 million[44] - EBITDA decreased by approximately RMB 67.3 million, from RMB 354.0 million for the six months ending June 30, 2023, to RMB 286.7 million for the same period in 2024[46] - The group's revenue for the six months ending June 30, 2024, decreased by approximately RMB 50.5 million compared to the same period in 2023[47] Production and Sales - Total crude oil production decreased by 1,007,297 barrels, a decline of 37.2% from 2,705,390 barrels[1] - Net crude oil production fell by 193,073 barrels, down 19.5% to 797,321 barrels[1] - The company's total crude oil production decreased by 37.2% to 1.70 million barrels compared to the same period in 2023, primarily due to the sale of a 10% foreign contractor interest in the Moriching product sharing contract[32] - Net crude oil sales volume decreased by 160,000 barrels or 16.8%, from 960,000 barrels for the six months ended June 30, 2023, to 800,000 barrels for the six months ended June 30, 2024[35] - Revenue from oil product sales decreased by RMB 51.2 million or 9.8%, from RMB 511.2 million for the six months ended June 30, 2023, to RMB 461.2 million for the six months ended June 30, 2024[35] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 1,617,133 thousand, down from RMB 1,726,326 thousand[4] - As of June 30, 2024, total liabilities amounted to RMB 3,644,587 thousand, a slight increase from RMB 3,628,825 thousand as of December 31, 2023, representing a 0.43% increase[5] - Non-current liabilities totaled RMB 3,102,884 thousand, up from RMB 2,997,605 thousand, indicating a 3.6% increase[5] - Current liabilities decreased to RMB 541,703 thousand from RMB 631,220 thousand, reflecting a 14.2% reduction[5] - The company's net current liabilities stood at RMB 310,634 thousand, down from RMB 421,786 thousand, showing a 26.4% decrease[5] - The total assets minus current liabilities were RMB 1,075,430 thousand, slightly down from RMB 1,095,106 thousand, indicating a 1.7% decline[5] Tax and Expenses - The special oil income tax for the six months ended June 30, 2024, was RMB 23.469 million, an increase from RMB 17.961 million in the same period of 2023[20] - Tax expenses (excluding income tax) increased by RMB 5.2 million or 26.4%, from RMB 19.7 million for the six months ended June 30, 2023, to RMB 24.9 million for the six months ended June 30, 2024[37] - Income tax expenses decreased by RMB 9.3 million or 23.7%, from RMB 39.2 million for the six months ended June 30, 2023, to RMB 29.9 million for the six months ended June 30, 2024[43] Cash Flow and Financing - As of June 30, 2024, the net cash generated from operating activities was RMB 255.8 million, while cash used in investing activities was RMB 133.3 million, and cash used in financing activities was RMB 109.6 million[49] - The total borrowings of the group amounted to RMB 2.8397 billion, an increase of approximately RMB 77 million compared to December 31, 2023[50] - The debt-to-equity ratio increased from 338.6% as of December 31, 2023, to 375.4% as of June 30, 2024[50] - The group has pledged assets amounting to RMB 1.6145 billion as collateral for its borrowings[53] Corporate Governance and Compliance - The company extended the product-sharing contract with China National Petroleum Corporation until February 29, 2028, providing a longer operational horizon[7] - The financial data is prepared in accordance with International Financial Reporting Standards, ensuring compliance and transparency[8] - The company’s financial information has not been audited, which may affect the reliability of the reported figures[7] - The company anticipates that the new and revised accounting standards will not have a significant impact on the financial data presented[9] Market Risks - The group is exposed to market risks primarily related to fluctuations in oil prices and exchange rates, which can significantly impact revenue and profitability[51][52]
MI能源(01555) - 2024 - 中期业绩