昆仑能源(00135) - 2021 - 中期财报

Financial Performance - The revenue for the period was approximately RMB64,739 million, representing an increase of 38.59% year-on-year[4]. - Profit attributable to owners of the Company from continuing operations was RMB2,596 million, representing an increase of 249.87% year-on-year[5]. - The profit before income tax expense was RMB5,050 million, representing a year-on-year increase of 83.70%[10]. - Profit attributable to owners of the Company surged to RMB 20,461 million, marking a year-on-year increase of 765.89%[28]. - Profit for the period from continuing operations was RMB 3,797 million, up from RMB 1,616 million in the previous year, indicating a growth of 134.5%[85]. - Total comprehensive income for the period reached RMB 22,124 million, significantly higher than RMB 4,163 million in the same period last year, reflecting a substantial increase of 431.5%[85]. - The company reported a profit for the period of RMB 22,225 million, compared to RMB 4,192 million in 2020, marking an increase of 429.5%[85]. Sales and Volume Metrics - The Group's natural gas sales volume was 21,046 million cubic metres, representing an increase of 30.95% year-on-year[7]. - The sales volume of LPG was 3.0159 million tonnes, representing an increase of 28.17% year-on-year[7]. - The sales volume of crude oil in the Exploration and Production business was 6.09 million barrels, representing a decrease of 0.65% year-on-year[8]. - The apparent consumption of natural gas in the PRC was 182.7 billion cubic metres, representing a year-on-year increase of 17.40%[11]. - The sales volume of natural gas reached 21,046 million cubic metres, a year-on-year increase of 30.95%, with retail gas sales volume at 12,042 million cubic metres, up 20.20%[30]. - The number of new users increased by 397,000, representing a year-on-year growth of 37.47%, bringing the cumulative number of users to 12,755,000[30]. Revenue Breakdown - Revenue from natural gas sales was RMB 50,273 million, reflecting a year-on-year increase of 36.91%, with profit before income tax at RMB 2,859 million, up 29.90%[31]. - LPG sales volume was 3.0159 million tonnes, a year-on-year increase of 28.17%, with revenue of RMB 10,861 million, representing a 55.82% increase[35]. - The LNG processing and terminal segment generated revenue of RMB 4,462 million, a year-on-year increase of 18.01%, with profit before income tax at RMB 1,479 million, up 52.32%[38]. - The Natural Gas Sales segment generated revenue of RMB 50,273 million, an increase of 1.4% compared to RMB 49,600 million in the previous year[146]. - The LNG Processing and Terminal segment reported revenue of RMB 4,462 million, up from RMB 3,436 million, reflecting a growth of 30%[146]. - The Sales of LPG segment achieved revenue of RMB 10,861 million, slightly increasing from RMB 10,834 million, indicating a growth of 0.25%[146]. Corporate Strategy and Development - The Group aims to enhance the quality and efficiency of its end-user business by optimizing investment projects and strengthening cooperation with local governments[18]. - The Group plans to accelerate the integration and development of natural gas and new energy, focusing on pilot programs for combined natural gas and photovoltaic power generation[22]. - The Group will actively promote the rural gas program, supporting the construction of safe storage tanks and micromanagement network gas supply systems in rural areas[21]. - The Group's strategy includes the development of distributed integrated energy supply businesses based on the city gas distribution network, aiming to enhance brand recognition and customer loyalty[24]. - The Group's operating results exceeded expectations, marking a strong start for the high-quality development of the "14th Five-Year" Plan period[15]. Corporate Governance and Compliance - The Group is committed to modernizing its corporate governance system to strengthen core competitiveness and maximize corporate value[25]. - The company has maintained compliance with all code provisions in the Code on Corporate Governance Practices during the period[67]. - The Audit Committee reviewed the accounting policies and internal controls related to the preparation of the unaudited interim financial report[68]. - The Directors do not recommend a payment of an interim dividend for the six months ended June 30, 2021, consistent with the same period in 2020[119]. Assets and Liabilities - Total assets of the Group as of June 30, 2021, were approximately RMB146,463 million, a decrease of RMB8,525 million or 5.50% from RMB154,988 million as of December 31, 2020[55]. - The gearing ratio of the Group increased to 26.62% as of June 30, 2021, compared to 25.11% as of December 31, 2020, an increase of 1.51 percentage points[55]. - Current liabilities rose to RMB 50,101 million, up from RMB 44,593 million, representing an increase of 12%[92]. - Total liabilities as of June 30, 2021, were RMB 73,870 million, an increase from RMB 70,461 million, indicating a growth of 3.9%[92]. - Cash and cash equivalents increased significantly to RMB 48,559 million from RMB 16,273 million, showing a growth of 198%[90]. Discontinued Operations - The company completed the disposal of equity interest in PetroChina Beijing Gas Pipeline Co., Ltd. and PetroChina Dalian LNG Co., Ltd. in March 2021, which were presented as discontinued operations[1]. - The company agreed to sell a 60% equity interest in Beijing Pipeline and a 75% equity interest in Dalian LNG to PipeChina for approximately RMB 40,886 million, with an estimated gain on disposal of RMB 16,981 million recorded[151]. - Cash consideration received from the disposal of discontinued operations amounted to RMB 39,070 million, with a carrying amount of net assets sold at RMB 20,796 million[168]. - The gain on disposal of discontinued operations before income tax was RMB 18,274 million, resulting in a post-tax gain of RMB 16,981 million[168]. Related Party Transactions - The Group has extensive transactions with the CNPC Group, which may affect the terms of transactions compared to unrelated parties[185]. - The provision of products by the CNPC Group to the Company amounted to approximately RMB27,043 million for the six months ended 30 June 2021, a decrease of 2% from RMB27,599 million for the same period in 2020[188]. - The provision of services by the CNPC Group to the Company was approximately RMB3,544 million for the six months ended 30 June 2021, an increase of 75.5% from RMB2,017 million for the same period in 2020[188]. - The sales of natural gas to certain associates and joint ventures amounted to approximately RMB1,567 million for the six months ended 30 June 2021, significantly up from RMB645 million for the same period in 2020, representing a 143% increase[191].