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华商能源(00206) - 2020 - 年度财报
CM-ENERGYCM-ENERGY(HK:00206)2021-04-19 10:13

Operational Performance - The company operates four jack-up drilling rigs, providing services to Abu Dhabi National Oil Company and the national oil company of Mexico, with all rigs performing normally throughout the year[7]. - The offshore asset management business has been the main profit contributor since the Company's transformation in 2018, with two units of rigs for PEMEX and two for Abu Dhabi National Oil Company operating successfully[60]. - The operational status of four drilling platforms remains strong, receiving positive feedback from clients, which lays a solid foundation for market consolidation in Mexico and future asset management expansion[68]. Financial Performance - In 2020, the company's revenue was $65,144,000, a decrease of 7.5% from $70,246,000 in 2019[41]. - Gross profit for 2020 was $11,234,000, down from $24,036,000 in 2019, indicating a significant decline in profitability[41]. - The company reported a profit attributable to equity shareholders of $10,916,000 for 2020, compared to $9,701,000 in 2019, showing a year-over-year increase of 12.5%[41]. - Current assets decreased to $157,296,000 in 2020 from $258,591,000 in 2019, reflecting a reduction of 39%[44]. - Total assets were reported at $229,930,000 in 2020, down from $356,178,000 in 2019, a decline of 35.4%[44]. - The company achieved a total revenue of approximately $65.1 million and a net profit of about $10.8 million for the year 2020, marking two consecutive years of profitability despite a challenging market environment[67]. Strategic Focus and Development - The company is focusing on the development of clean energy and marine energy-related technology industries, seeking investment opportunities to enhance overall performance[11]. - The company aims to maximize shareholder and investor interests through strategic investments along the industrial supply chain[11]. - The company is committed to achieving comprehensive development in the clean energy sector in line with the global energy revolution[13]. - The company plans to focus on the clean energy market, particularly offshore wind power, and aims to enhance its core competitiveness and achieve performance growth in 2021[71]. - The company aims to develop core equipment for the offshore wind power industry, leveraging its experience in technology and construction[163]. Market Trends and Opportunities - The new installed capacity of solar and wind power is expected to increase by 5TW by 2035, highlighting the significant growth potential in the clean energy market[65]. - The offshore wind power industry is expected to see significant growth, with China's annual average newly installed capacity needing to exceed 50 million kilowatts during the "14th Five-Year Plan" period[156]. - The offshore wind power installation and operation market is currently characterized by high demand, high profit, and a focus on technology[163]. - The forecast for global jack-up rig demand in 2021 is 360 rigs, reflecting a year-on-year growth of 4%[140]. Challenges and Risks - Despite achieving profitability, the Company faces challenges such as tight cash flows and low profit margins for certain products, which will be addressed in future efforts[65]. - The recovery of the offshore drilling market was interrupted by the COVID-19 pandemic, affecting utilization rates[118]. - The Group faced foreign exchange risk, with approximately 50% of its revenue denominated in US dollars while most of its Chinese subsidiaries operated in Renminbi[109]. Asset Management and Investments - The company established a Qingdao equipment manufacturing base to support its operational needs[22]. - The company signed a global settlement deed with Huangpu Shipbuilding in August 2020, which resulted in Huangpu Shipyard becoming a strategic shareholder[23]. - The company completed the disposal of approximately 150 acres of idle plants and land in February 2021, improving its asset-liability structure and increasing operating cash flow[75]. - The Company will continue to improve its asset-liability structure by seeking potential resource integration and investment opportunities in the ocean, energy, and technology industry chain[181][182]. Shareholder and Equity Management - The trustee did not purchase any shares under Share Award Plan 1 during the year ended 31 December 2020, holding a total of 21,147,456 shares, which represents approximately 0.7% of the issued share capital of the Company[190]. - Under Share Award Plan 2, the trustee purchased 45,760,000 shares at a total consideration of approximately HK$11,509,000, representing about 1.49% of the issued share capital at the Adoption Date[191]. - The purpose of both share award plans is to recognize contributions and align the interests of selected grantees with the sustainable growth of the Group[191].