昆仑能源(00135) - 2019 - 年度财报

Financial Performance - In 2019, KunLun Energy reported a revenue of RMB 113,313 million, an increase from RMB 105,470 million in 2018, representing a growth of approximately 1.8%[26] - The profit attributable to owners of the company for 2019 was RMB 5,551 million, compared to RMB 4,760 million in 2018, marking an increase of about 16.6%[26] - The core profit attributable to owners of the company reached RMB 6,252 million in 2019, up from RMB 5,885 million in 2018, reflecting a growth of approximately 6.2%[25] - The dividend per share for 2019 was set at RMB 0.26, an increase from RMB 0.23 in 2018, indicating a growth of about 13%[26] - Profit for the year attributable to owners of the Company was $5,551 million, up from $4,634 million in 2018, reflecting a year-on-year increase of 19.8%[27] - Core profit attributable to owners of the Company reached $6,252 million, compared to $5,885 million in the previous year, marking an increase of 6.3%[27] - Profit before income tax expense was RMB 13,645 million, representing a year-on-year increase of RMB 1,660 million or 13.85%[66] - The profit for the year was approximately RMB 9,571 million, representing an increase of 16.53% from RMB 8,213 million last year[130] Operational Efficiency and Growth Strategies - The company aims to expand its market presence and enhance operational efficiency through strategic investments in new technologies and projects[22] - KunLun Energy is focusing on the development of new energy projects to diversify its portfolio and reduce reliance on traditional energy sources[22] - The company plans to explore potential mergers and acquisitions to strengthen its market position and drive future growth[22] - Future outlook remains positive with projected revenue growth driven by increased production capacity and market expansion initiatives[22] - The Group plans to fully expand the retail sales business scale by leveraging PetroChina's resources and establishing innovative business models[86] - The Group aims to enhance the development of natural gas generator projects and participate in complementary projects with renewable energy[86] - The Group will actively expand non-gas and new energy businesses, focusing on integrated development with hydrogen energy, photovoltaic, and wind power[93] Sales and Market Performance - User data indicates a steady increase in customer engagement and satisfaction, contributing to the overall revenue growth[22] - Crude oil sales volume for 2019 reached 1,354,000 barrels, an increase of 2% from 1,327,000 barrels in 2018[31] - Natural gas sales volume increased to 280 million cubic meters in 2019, up 27% from 220 million cubic meters in 2018[34] - City gas sales volume rose to 200,000 tonnes in 2019, a significant increase of 36% compared to 147,000 tonnes in 2018[31] - The total natural gas pipeline transmission volume reached 556 million cubic meters in 2019, an increase from 529 million cubic meters in 2018[35] - Natural gas sales volume reached 28.03 billion cubic meters, a year-on-year increase of 27.44%, with retail gas volume at 18.01 billion cubic meters, up 24.83%[72] Financial Ratios and Metrics - Net profit margin improved to 8.45% in 2019 from 7.79% in 2018, an increase of 0.66 percentage points[29] - Return on total assets (ROA) rose to 6.64% in 2019, up from 5.84% in 2018, indicating an increase of 0.80 percentage points[29] - The liabilities-to-adjusted EBITDA ratio decreased to 3.20 from 3.47, showing improved financial leverage[29] - Debts-to-net assets ratio improved significantly to 44.35% from 55.27%, a reduction of 10.92 percentage points[29] - The gearing ratio of the Group decreased to 30.72% as of December 31, 2019, from 35.60% as of December 31, 2018, a decrease of 4.88%[131] Corporate Governance - The Company has complied with all corporate governance code provisions throughout the year[157] - The Board is responsible for the overall management of the Company's business, ensuring leadership and control[159] - The Company has established a clear division of functions between the Board and management, with specific powers delegated to the Chief Executive Officer and senior management[161] - The Board comprises a balanced mix of skills and experience, with a strong element of independence to exercise independent judgment[164] - The Company has a policy concerning board diversity, ensuring a range of diversity criteria are considered in the selection of candidates[169] - The Company recognizes the importance of good corporate governance for its healthy growth and has implemented appropriate practices[156] Employee and Operational Metrics - As of December 31, 2019, the Group employed approximately 38,557 employees, a decrease from 42,278 employees in 2018[141] - Employee compensation costs rose by 5.96% to approximately RMB5,134 million, up from RMB4,845 million last year, due to increased salaries and bonuses[113] - Depreciation, depletion, and amortization increased by 2.60% to approximately RMB6,350 million, compared to RMB6,189 million last year, attributed to the increase in property, plant, and equipment[114] Dividends and Shareholder Returns - The final dividend proposed for 2019 is approximately RMB2,277 million, with a dividend per share of RMB26.3 cents, representing a payout ratio of approximately 39.42%[97] - The Company intends to distribute not less than 25% of the Group's annual consolidated profit attributable to the owners as dividends, subject to certain criteria[146] - The Board recommended a final dividend of RMB26.3 cents per share, an increase from RMB23.0 cents per share in 2018[151] Future Outlook and Strategic Initiatives - The Group is committed to maintaining a sustainable growth trajectory while adhering to environmental regulations and standards[22] - The LNG terminal expansion is progressing as planned, enhancing gasification and transmission capacity[65] - The Group will accelerate the construction of 9 major branch pipeline projects, including Chaozhou and Jieyang branch pipelines, to enhance operational efficiency and market reach[87]