昆仑能源(00135) - 2018 - 年度财报

Financial Performance - Revenue for the year ended December 31, 2018, was RMB 105,470 million, an increase of 19% from RMB 88,706 million in 2017[15] - Profit for the year attributable to owners of the Company was RMB 4,634 million, a decrease of 2.6% from RMB 4,760 million in 2017[15] - Core profit before income tax expense was RMB 13,279 million, up 13.9% from RMB 11,659 million in 2017[15] - Adjusted EBITDA for 2018 was RMB 20,303 million, representing an increase of 11.4% from RMB 18,244 million in 2017[15] - For the year ended December 31, 2018, the net profit margin decreased to 7.79% from 8.96% in 2017[18] - The return on total assets (ROA) slightly decreased to 5.84% from 5.90% in 2017[18] - Earnings per share (Basic) for 2018 was RMB 57.41, a decrease from RMB 58.97 in 2017[18] - Profit before income tax expense for the Year was approximately RMB 11,985 million, representing an increase of 4.40% compared to RMB 11,480 million from the previous year[101] - Profit attributable to owners of the Company for the year was approximately RMB 4,634 million, representing a decrease of 2.65% from RMB 4,760 million in the prior year[91] Asset and Liability Management - Non-current assets as of December 31, 2018, totaled RMB 109,930 million, an increase from RMB 107,663 million in 2017[16] - Current liabilities were RMB 39,141 million, slightly down from RMB 39,451 million in 2017[16] - Net assets increased to RMB 70,094 million from RMB 65,625 million in 2017, reflecting a growth of 6.5%[16] - The gearing ratio improved to 27.56% in 2018 from 31.79% in 2017[18] - The company reported a liabilities-to-EBITDA ratio of 3.47 in 2018, down from 4.11 in 2017, indicating improved financial stability[18] Sales and Volume Growth - The sales volume of crude oil increased to 1,327,000 barrels in 2018 from 1,306,000 barrels in 2017, representing a growth of 1.61%[19] - The sales volume of city gas rose to 147 million cubic meters in 2018, up from 118 million cubic meters in 2017, an increase of 24.58%[19] - The sales volume of natural gas reached 220 million cubic meters in 2018, compared to 188 million cubic meters in 2017, marking a growth of 17.02%[19] - In 2018, the sales volume of LPG reached 700,000 tonnes, an increase from 658,000 tonnes in 2017, representing a growth of approximately 6.4%[24] - The LNG gasification volume for 2018 was 228 million cubic metres, up from 160 million cubic metres in 2017, indicating a growth of 42.5%[24] - The natural gas pipeline transmission volume increased to 529 million cubic metres in 2018, compared to 417 million cubic metres in 2017, reflecting a growth of 26.8%[24] - Total sales volume of natural gas was 21,994 million cubic metres, a year-on-year increase of 17.16%, with city gas sales volume increasing by 24.41%[60] Dividends and Shareholder Returns - The dividend per share increased to RMB 23.0 in 2018 from RMB 21.0 in 2017, with a payout ratio of 40.06%[18] - The Group proposed a final dividend of RMB 23.0 cents per share, with a total dividend payment of RMB 1,858 million, resulting in a dividend payment ratio of 40.06%[54] - The proposed final dividend for 2018 is RMB 23.0 cents per share, amounting to a total of approximately RMB 1,858 million, with a payout ratio of about 40.06%[81] Operational Developments - The Group constructed 528 kilometres of branch pipelines and commenced operations of 5 new branch pipelines during the year[61] - The company was awarded the China Gas Association 30th Anniversary Outstanding Contribution Award in 2018, highlighting its significant impact in the natural gas sector[53] - The company has 15 LNG plants in operation as of 2018, an increase from 14 in 2017, representing a growth of 7.1%[25] - The number of CNG stations in operation rose to 561 in 2018, up from 543 in 2017, marking an increase of 3.3%[25] - The total number of LNG stations decreased slightly to 609 in 2018 from 603 in 2017, a decline of 1%[25] Corporate Governance - The Company has adopted a code of conduct for Directors' securities transactions in compliance with the Model Code[124] - The Company has complied with all Code Provisions of the Corporate Governance Code throughout the Year[130] - The Board is collectively responsible for promoting the success of the Company by directing and supervising its affairs[132] - The day-to-day management of the Company is delegated to the Chief Executive Officer and senior management, with periodic reviews of delegated functions[134] - The Board has a necessary balance of skills and experience appropriate to the requirements of the business, ensuring effective independent judgement[137] - The Company has received written annual confirmation from each Independent Non-executive Director of their independence, in accordance with Listing Rules[140] Audit and Compliance - The Audit Committee held 3 meetings during the year to review financial results and compliance procedures[170] - The Company’s annual results for the year have been reviewed by the Audit Committee, confirming no material uncertainties affecting its ability to continue as a going concern[170] - The Audit Committee is composed of three Independent Non-executive Directors, including one with appropriate professional qualifications in accounting or related financial management expertise[169] - The Company supports the division of responsibilities between the Chairman and the Chief Executive Officer to ensure a balance of power[164] Employee and Compensation - Employee compensation costs were approximately RMB 4,845 million, representing an increase of 11.92% compared to RMB 4,329 million from the last year, driven by improved business performance and economic inflation[94] - The Group employed approximately 42,278 employees globally as of December 31, 2018, an increase from 41,835 employees in 2017[121][125] Market Outlook - The percentage of natural gas consumption in China's primary energy consumption structure is expected to reach 10% by 2020, with a projected demand of approximately 440.0 billion cubic metres by 2025[74] - The government of the PRC is actively promoting natural gas as a major energy source, which is expected to maintain robust growth in demand[74]