昆仑能源(00135) - 2019 - 中期财报

Financial Performance - Profit attributable to owners of the Company was RMB3,143 million, representing an increase of 1.65%[8] - Revenue for the Period was approximately RMB53,543 million, representing an increase of 7.96% due to the expansion of natural gas business[8] - Profit before income tax was RMB 7,673 million, up RMB 442 million or 6.11%[14] - Profit for the Period was approximately RMB5,269 million, representing an increase of 4.54% compared to RMB5,040 million for the last period[38] - Total comprehensive income for the period was RMB 5,316 million, an increase from RMB 5,002 million in the previous year[67] - Basic earnings per share for profit attributable to owners of the Company was 38.90 RMB cents, compared to 38.31 RMB cents in the previous year, reflecting a growth of 1.54%[59] Revenue Breakdown - The Group's revenue from the Natural Gas Sales segment, LNG Processing and Terminal segment, and Natural Gas Pipeline segment accounted for 98.12% of total revenue, amounting to approximately RMB52,536 million[29] - The Natural Gas Sales segment generated revenue of RMB 44,069 million for the six months ended June 30, 2019, compared to RMB 43,420 million in the same period of 2018[154] - The LNG Processing and Terminal segment reported revenue of RMB 4,765 million, an increase from RMB 3,926 million year-over-year[154] - The Natural Gas Pipeline segment's revenue was RMB 5,199 million, reflecting a stable performance compared to the previous year[154] - The Exploration and Production segment's revenue was RMB 1,007 million, indicating a consistent contribution to overall performance[154] Natural Gas Operations - The Group's natural gas sales volume was 12,595 million cubic metres, representing an increase of 20.33%[8] - The transmission volume of Natural Gas Pipeline business was 28,268 million cubic metres, representing an increase of 7.61%[8] - LNG gasification and entrucking volume totaled 9,445 million cubic metres, representing an increase of 0.06%[8] - Total natural gas sales volume reached 12,595 million cubic metres, representing a year-on-year increase of 20.33%; city gas sales volume was 8,995 million cubic metres, up 25.17%[15] - The retail sales volume of natural gas retail sales business increased significantly due to the new sale integration system for natural gas[11] Capital Expenditure and Investments - The Group's capital expenditure for the first half of 2019 was RMB (4,980) million, up from RMB (4,065) million in the same period of 2018[69] - The company has capital commitments of RMB 1,539 million for contracted but not provided for other property, plant, and equipment as of June 30, 2019, compared to RMB 1,326 million as of December 31, 2018[161] - The Group's major investment in associates includes a 15.072% equity interest in Aktobe, located in Kazakhstan[41] Financial Position and Liabilities - The carrying value of total assets decreased by 0.70% to approximately RMB139,596 million from RMB140,587 million as of December 31, 2018[38] - Total liabilities decreased from RMB 70,493 million as of December 31, 2018, to RMB 66,214 million as of June 30, 2019, representing a reduction of approximately 6.4%[63] - Total borrowings amounted to RMB32,656 million, with repayment due within one year at RMB8,695 million[38] - The Group had net current liabilities of RMB 9,650 million, but the financial statements were prepared on a going concern basis due to expected adequate funds to meet obligations[40] Corporate Governance and Compliance - The Company has complied with all code provisions in the Code on Corporate Governance Practices during the period[41] - The Audit Committee reviewed the accounting policies and internal controls related to the preparation of the unaudited interim financial report[42] - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, ensuring compliance with relevant accounting standards[180] Changes in Accounting Standards - The company applied HKFRS 16 starting January 1, 2019, affecting the reporting of lease liabilities[64] - The Group has adopted HKFRS 16, which requires the capitalization of all leases, impacting the accounting treatment of property, plant, and equipment[76] - The Group transitioned to HKFRS 16 on January 1, 2019, determining the remaining lease terms and measuring lease liabilities at the present value of remaining lease payments, with a weighted average incremental borrowing rate of 4.275%[88] Employee and Operational Costs - Employee compensation costs increased by 17.27% to approximately RMB2,295 million compared to RMB1,957 million for the last period[30] - Selling, general and administrative expenses rose by 13.22% to approximately RMB1,345 million from RMB1,188 million in the previous period[30] Shareholder Information - As of June 30, 2019, the Company has a substantial shareholder, PetroChina Hong Kong Ltd., holding 4,708,302,133 shares, representing 58.25% of the issued share capital[54] - The Board does not recommend the declaration of interim dividend for the period[27] - A final dividend of RMB 23.0 cents per share was distributed, amounting to RMB 1,831 million, compared to RMB 21.0 cents per share and RMB 1,742 million in the previous year[40]