昆仑能源(00135) - 2020 - 中期财报

Financial Performance - Profit attributable to owners of the Company was RMB2,363 million, representing a decrease of 24.82%[6] - Revenue for the Period was approximately RMB52,254 million, representing a decrease of 2.41%[6] - Profit before income tax was RMB6,131 million, down RMB1,542 million or 20.10% compared to the previous year[15] - The profit for the period was approximately RMB4,192 million, a decrease of 20.44% compared to RMB5,269 million for the same period last year[60] - Total comprehensive income for the period was RMB4,163 million, a decline of 21.5% from RMB5,316 million in the previous year[101] - Basic earnings per share attributable to owners of the Company was 27.29 RMB cents, compared to 38.90 RMB cents in the same period of 2019, reflecting a decrease of 29.5%[101] Revenue and Sales - The Group's natural gas sales volume was 16,072 million cubic metres, representing an increase of 27.61%[7] - The sales volume of crude oil in the Exploration and Production business was 6.13 million barrels, representing a decrease of 9.85%[7] - Revenue from the natural gas pipeline business reached RMB 5,330 million, representing a year-on-year increase of 2.52%[24] - The Natural Gas Sales segment generated revenue of RMB 42,838 million for the six months ended June 30, 2020, compared to RMB 43,338 million in the same period of 2019[168] - The LNG Processing and Terminal segment reported revenue of RMB 3,501 million for the six months ended June 30, 2020[168] Operational Metrics - The Group ensured zero cases of infection in production and office sites during the pandemic[10] - The average terminal utilization rate decreased by 11.46 percentage points during the Period[21] - The number of new users amounted to 288,800, including 287,400 new residential users, bringing the cumulative total to 11,565,700 users[19] - The Group developed 31 new projects across 20 provinces, with 26 projects acquired through mergers and acquisitions[17] Costs and Expenses - Employee compensation costs for the Period were approximately RMB2,230 million, a decrease of 2.83% from RMB2,295 million for the same period last year[49] - Selling, general and administrative expenses for the Period were approximately RMB1,104 million, representing a decrease of 17.92% from RMB1,345 million for the same period last year[52] - Interest expenses for the Period were approximately RMB525 million, a decrease of 6.75% from RMB563 million for the same period last year[52] - Depreciation, depletion, and amortisation for the Period increased by 10.78% to approximately RMB3,472 million compared to RMB3,134 million for the same period last year[50] Assets and Liabilities - The total assets of the group increased by RMB3,583 million or 2.42% to approximately RMB151,480 million as of June 30, 2020, compared to RMB147,897 million as of December 31, 2019[61] - The gearing ratio increased to 31.13% as of June 30, 2020, compared to 30.72% as of December 31, 2019, representing an increase of 0.41 percentage points[61] - The group had total borrowings of RMB35,298 million, with repayment due within one year amounting to RMB8,333 million[63] - Current liabilities rose to RMB40,971 million, compared to RMB39,297 million at the end of 2019, indicating an increase of 4.3%[105] Market and Economic Context - The PRC's GDP achieved a year-on-year growth of 3.2% in the second quarter of 2020, recovering from a decline of 6.8% in the first quarter[9] - The national production volume and net imported volume of natural gas in the first half of the year increased by 4.0% year-on-year[9] - The PRC government continues to implement strategies to expand domestic demand and promote a higher level of opening to overseas markets, which will benefit the Group's business optimization and market development[27] Corporate Governance and Compliance - The Company has complied with all code provisions in the Code on Corporate Governance Practices during the period[79] - The unaudited consolidated interim financial information has been reviewed by the Audit Committee and the Company's auditor, KPMG[81] - The Company maintains stringent corporate governance practices to enhance investor confidence and accountability[79] Impact of COVID-19 - The COVID-19 pandemic has introduced additional uncertainties affecting the Company's operations and financial position, prompting the implementation of contingency measures[193] - The Company has been closely monitoring the impact of the pandemic on its business and will continue to review its contingency measures as the situation evolves[193] Future Outlook and Strategy - The Group aims to enhance the integrated development of the LNG industrial chain, focusing on terminal refilling and unified resource procurement[34] - The development of LPG sales business will be accelerated, with a focus on expanding market benefits and promoting dual gas sources for industrial customers[35] - The natural gas market reform is expected to provide better development opportunities and market space for the Group[28]