Financial Performance - Revenue for the six months ended September 30, 2019, was RMB 3,877,457, an increase from RMB 3,816,393 in the same period of 2018, representing a growth of approximately 1.6%[2] - Gross profit for the period was RMB 89,943, down from RMB 101,174 in 2018, indicating a decrease of about 11.1%[2] - Profit for the period increased to RMB 24,380, compared to RMB 23,194 in the previous year, reflecting a growth of approximately 5.1%[2] - Total comprehensive income for the period was RMB 24,051, significantly higher than RMB 9,469 in 2018, representing an increase of approximately 153.5%[2] - The Group reported a consolidated profit attributable to owners of the Company of approximately RMB24,121,000 for the six months ended 30 September 2019, compared to RMB16,000,000 for the same period in 2018, representing a year-over-year increase of 50%[24] - Profit before taxation for the six months ended 30 September 2019 was RMB 1,362,029,000, an increase from RMB 1,208,489,000 in 2018, representing a growth of approximately 12.7%[136] - Profit after tax for the period was approximately RMB24 million, a slight increase from approximately RMB23 million in the same period of 2018[176] Revenue Breakdown - Revenue from oil and gas contracts for the six months ended September 30, 2019, was RMB 2,000,124, a decrease of 20.4% from RMB 2,512,882 in 2018[107] - Revenue from LNG sales increased by 44.2% to RMB 1,682,961 in 2019, compared to RMB 1,166,640 in 2018[107] - Total revenue for the six months ended September 30, 2019, was RMB 3,869,289, slightly up from RMB 3,808,383 in 2018, reflecting a growth of 1.6%[107] - The total sales from vehicle gas refuelling stations were RMB 10,544, and piped gas sales amounted to RMB 175,660[122] - For the period ended 30 September 2019, the Group's revenue was approximately RMB3,877 million, an increase from RMB3,816 million for the same period in 2018, primarily due to increased sales of liquefied natural gas, which generated approximately RMB1,683 million in revenue compared to RMB1,167 million in 2018[189] Expenses and Costs - Cost of inventories recognised as an expense was RMB 1,362,029,000 for the six months ended 30 September 2019, compared to RMB 1,208,489,000 in 2018, marking an increase of approximately 12.7%[136] - Administrative expenses increased to approximately RMB46 million from RMB43 million in 2018, mainly due to higher labor costs[188] - Finance costs rose by approximately 21% to RMB51 million from RMB42 million in the previous year, attributed to increased bank and other borrowings[192] - The amortisation of intangible assets increased to RMB 231,000 in 2019 from RMB 197,000 in 2018, indicating a rise of approximately 17.3%[136] - Depreciation of property, plant, and equipment was RMB 29,682,000 for the six months ended 30 September 2019, down from RMB 32,126,000 in 2018, a decrease of about 7.6%[136] Assets and Liabilities - Current assets amounted to RMB 3,312,436, a decrease from RMB 3,666,546 as of March 31, 2019[7] - Current liabilities totaled RMB 2,660,383, down from RMB 2,758,314 as of March 31, 2019, indicating a reduction of approximately 3.6%[9] - Net current assets were RMB 652,053, a decrease from RMB 908,232 as of March 31, 2019[9] - Total equity attributable to owners of the Company was RMB 1,375,909, an increase from RMB 1,352,117 as of March 31, 2019[9] - Trade receivables as of September 30, 2019, amounted to RMB 1,786,308,000, a decrease from RMB 2,247,080,000 as of March 31, 2019[11][144] Cash Flow - The net cash used in operating activities for the six months ended 30 September 2019 was RMB(251,888,000), an improvement compared to RMB(648,016,000) for the same period in 2018[21] - The net cash from investing activities was RMB252,720,000 for the six months ended 30 September 2019, significantly higher than RMB59,139,000 in the previous year[21] - The Group's cash and cash equivalents at 30 September 2019 amounted to RMB54,491,000, an increase from RMB31,429,000 at the same time in 2018[21] - As of 30 September 2019, the Group's bank balances and cash were approximately RMB55 million, down from RMB68 million as of 31 March 2019[195] Accounting Policies and Changes - The Group has applied HKFRS 16 for the first time in the current interim period, superseding HKAS 17 "Leases" and related interpretations[33] - The application of HKFRS 16 has resulted in key changes in accounting policies for the Group[33] - Right-of-use assets are recognized at the commencement date of the lease, measured at cost, less any accumulated depreciation and impairment losses[38] - Lease liabilities are measured at the present value of unpaid lease payments at the commencement date, using the incremental borrowing rate if the implicit interest rate is not determinable[52] - The Group's accounting policy changes are primarily due to the application of HKFRS 16 "Leases"[79] Future Outlook - The management anticipates steady growth in the natural gas industry and demand due to ongoing adjustments in energy consumption structure and promotion of clean energy[182] - The Group plans to continue developing its natural gas business and explore new business opportunities to create value for shareholders[183]
元亨燃气(00332) - 2020 - 中期财报