Financial Performance - The Group's revenue for the nine months ended September 30, 2020, was approximately RMB 114,432,000, representing a decrease of approximately 8.11% compared to the same period in the previous financial year[10]. - The Group reported a loss attributable to owners of the Company of approximately RMB 15,681,000 for the nine months ended September 30, 2020[10]. - Loss per share for the Company was approximately RMB 1.19 cents for the nine months ended September 30, 2020[11]. - Gross profit for the nine months ended September 30, 2020, was RMB 26,099,000, compared to RMB 29,248,000 for the same period in 2019[16]. - The loss before taxation for the nine months ended September 30, 2020, was RMB 17,846,000, compared to a profit of RMB 6,310,000 in the same period of 2019[16]. - The total comprehensive income for the period was a loss of RMB 6,530,000, significantly worse than a loss of RMB 2,499,000 in Q3 2019[20]. - For the nine months ended September 30, 2020, the company experienced a loss of RMB 17,837,000, compared to a profit of RMB 6,499,000 in the same period of 2019[20]. - The total comprehensive income attributable to equity shareholders for the period was a loss of RMB 5,577,000, compared to a loss of RMB 4,000,000 in Q3 2019[20]. - The accumulated losses at September 30, 2020, reached RMB 592,041,000, indicating a significant increase in losses compared to previous periods[24]. Revenue and Sales - Revenue for the company represents the sales value of goods supplied and services provided, excluding value-added and business taxes[27]. - Revenue from sales of liquefied coalbed gas was RMB 1,537,000 for the quarter, up from RMB 1,264,000 in the previous year, while sales of piped natural gas reached RMB 35,442,000, compared to RMB 26,082,000 in the same period last year[30]. - The decrease in other revenue was mainly due to the absence of Value Added Tax refunds and other interest income during the Review Period[45]. - The Group recorded a consolidated turnover of approximately RMB 114,432,000 for the Review Period, representing a decrease of approximately 8.11% compared to the corresponding period last year[44]. Costs and Expenses - The total cost of sales for the nine months ended September 30, 2020, was RMB 88,333,000, compared to RMB 95,280,000 in the previous year[16]. - The Group's finance costs for the nine months ended September 30, 2020, were RMB 2,424,000, an increase from RMB 1,860,000 in the previous year[16]. - The Group's administrative and other operating expenses for the nine months ended September 30, 2020, were RMB 39,308,000, compared to RMB 48,634,000 in the previous year[16]. Shareholder Information - The Group did not recommend payment of any dividend for the Review Period, consistent with the previous year[36]. - Mr. Wang Zhong Sheng holds a beneficial ownership of 470,588,254 shares, representing 35.66% of the Company[71]. - As of September 30, 2020, Ms. Zhao Xin holds 488,706,754 shares, representing 37.04% of the company's total shareholding[75]. - The weighted average number of shares in issue for the Quarter and the Review Period was 1,319,484,534 shares, unchanged from the previous year[37]. Reserves and Assets - The net 1P (Proved) reserves of coalbed methane properties were 1,089 BCF as of 30 September 2020, down from 1,547 BCF as of 31 March 2012[50]. - The Group's net 3P (Proved + Probable + Possible) reserves were 1,936 BCF as of 30 September 2020, down from 2,050 BCF[50]. - The Group's net assets as of September 30, 2020, are approximately RMB 135,880,000, including cash and bank balances of approximately RMB 17,685,000[60]. - The Group's gearing ratio is approximately 41.25%, calculated by total external borrowings divided by shareholders' funds[60]. Operational Updates - As of September 30, 2020, the Group has completed the groundwork and drilling of 244 CBM wells, with 199 wells in production, maintaining the same number of production wells as at the end of 2019[56]. - The average daily gas output from existing gas wells is approximately 850 cubic meters[58]. - The daily gas output of the upstream business was insufficient to fully utilize the 500,000 cubic meters daily production capacity of liquefaction plants[65]. - The Group plans to increase daily gas output to 350,000 cubic meters by mid-2021 and to 850,000 cubic meters by the end of 2021[65]. - The experiment on synthetic natural gas production was successfully completed, with small-scale production expected to start by the end of 2020[65]. - The Group intends to resume its LNG project in the second half of 2020, supported by increasing upstream well numbers and gas output[65]. Corporate Governance - The Company has complied with the Corporate Governance Code provisions, except for the appointment of a chief executive officer, which is currently under consideration[96]. - The audit committee has held three meetings during the Review Period to review the Group's unaudited consolidated results[94]. - The Company has adopted a code of conduct regarding securities dealings by Directors, with no reported non-compliance during the Review Period[96]. - The roles of the chairman and chief executive are currently combined, which deviates from the Corporate Governance Code[94]. Financial Management - The Group's financial management strategies aim to minimize financial risks and avoid highly-geared financing arrangements[60]. - The company has not early adopted new and revised HKFRS that have been issued but are not yet effective, and is assessing their impact on financial performance[27]. - The Group does not have any plans for acquisition or investment outside of upstream CBM exploration and extraction[60].
中国煤层气(08270) - 2020 Q3 - 季度财报