昆仑能源(00135) - 2020 - 年度财报

Financial Performance - Revenue for 2020 reached RMB 109,251 million, an increase from RMB 101,794 million in 2019, representing a growth of approximately 5.4%[6] - Profit attributable to owners of the Company for 2020 was RMB 6,063 million, up from RMB 5,551 million in 2019, reflecting a year-over-year increase of about 9.2%[6] - Core profit attributable to owners of the Company was RMB 5,506 million in 2020, down from RMB 6,252 million in 2019, showing a decline of approximately 11.9%[6] - The Company reported an adjusted EBITDA of RMB 12,342 million for 2020, slightly down from RMB 12,406 million in 2019[6] - Net profit margin increased to 5.30% in 2020 from 4.53% in 2019, a rise of 0.77 percentage points[75] - Return on total assets (ROA) improved to 5.48% in 2020 compared to 4.71% in 2019, an increase of 0.77 percentage points[75] - Earnings per share (basic) rose to RMB 70.02 in 2020 from RMB 66.71 in 2019[75] - Profit before income tax was RMB 8,107 million, representing a year-on-year increase of RMB 1,093 million or 15.58%[97] - Profit attributable to owners of the Company was RMB 6,063 million, an increase of RMB 512 million or 9.22% year-on-year[97] Sales and User Growth - The cumulative number of users for the gas projects reached 12,358,100, with new users added during the year[3] - Natural gas sales volume for the year was 87,995 million cubic meters, compared to 37,763 million cubic meters in the previous year, indicating a significant increase[3] - Sales volume of city gas reached 274 million cubic meters in 2020, up from 200 million cubic meters in 2019, representing a 37% increase[78] - Natural gas sales volume was 378 million cubic meters in 2020, compared to 280 million cubic meters in 2019, marking a 35% increase[78] - Retail gas sales volume was 21,694 million cubic metres, representing a year-on-year increase of 20.45%[135] - The cumulative number of users reached 12,358,100, a year-on-year increase of 9.59%[135] Asset Management - Non-current assets decreased to RMB 81,145 million in 2020 from RMB 118,247 million in 2019, a reduction of about 31.4%[6] - Current assets increased significantly to RMB 73,843 million in 2020 from RMB 29,650 million in 2019, marking an increase of approximately 149.5%[6] - Total assets of the Group as of December 31, 2020, were approximately RMB 154,988 million, an increase of RMB 7,091 million or 4.79% from RMB 147,897 million as of December 31, 2019[165] - Total borrowings as of December 31, 2020, were RMB 27,673 million, down from RMB 34,499 million in 2019[166] Dividends and Payouts - Dividend per share significantly increased to RMB 234.67 in 2020 from RMB 26.30 in 2019, with a dividend payout ratio of 30.01%[75] - A final dividend of RMB21.01 cents per share and a special dividend of RMB213.66 cents per share are proposed, totaling RMB234.67 cents per share, compared to RMB26.3 cents per share in 2019[118] - The total proposed dividends for 2020 amount to approximately RMB20,320 million, while the 2019 dividend was RMB2,277 million[121] - The payout ratio for 2020 is approximately 30.01%, down from 39.42% in 2019[121] Strategic Initiatives - The Company plans to continue expanding its gas projects and exploring new markets to enhance its operational capacity and user base[3] - The Group aims to transform from a natural gas distributor to an internationally renowned integrated green energy provider[97] - The Group's strategies include innovation, green operation, market expansion, capital management, and cost reduction[97] - The Group plans to expand the end-user retail sales business and explore new markets to enhance profit and ensure sustainable growth[111] - The Group will promote the synergetic development of the LNG industrial chain, optimizing the sales system and increasing capacity utilization rates of LNG plants[112][113] - The Group will explore new energy and non-gas businesses, focusing on energy conservation and emission reduction, and developing integrated green energy supply stations[115] Corporate Governance - The Company has adopted corporate governance practices based on the CG Code and complied with all Code Provisions during the year[186] - The Board is responsible for leadership and control of the Company, overseeing policy matters, strategies, budgets, and risk management systems[186] - The Company has established clear directions regarding the powers of management and reporting requirements to the Board[186] - The Board consists of a balanced mix of skills and experience, with a strong element of independence, ensuring effective independent judgment[187] - The Company has adopted a Board Diversity Policy to enhance the diversity of its Board members[190] Market Outlook - The GDP growth forecast for China is set at above 6% for the year, driven by high-quality development and increased demand for clean energies, including natural gas[106][107] - Natural gas consumption in China is expected to reach 420 billion to 440 billion cubic meters by the end of the "14th Five-Year" plan period, with an average annual growth rate of approximately 5.7%[106][107]