Financial Performance - The Group's turnover for the three months ended March 31, 2021, was approximately RMB 57,247,000, representing an increase of 70.11% compared to the same period in the previous financial year[6]. - The Group reported a loss of approximately RMB 4,844,000 for the three months ended March 31, 2021[6]. - Basic loss per share attributable to equity shareholders of the Company was approximately RMB 0.37 cents for the three months ended March 31, 2021[6]. - The Board does not recommend the payment of any dividend for the three months ended March 31, 2021[6]. - Gross profit for the Group was RMB 3,911,000 for the three months ended March 31, 2021, compared to RMB 8,661,000 in the same period of 2020[10]. - The Group's cost of sales for the three months ended March 31, 2021, was RMB 53,336,000, up from RMB 24,991,000 in the previous year[10]. - Total comprehensive expense for the period was RMB 5,309,000 for the three months ended March 31, 2021, compared to RMB 4,924,000 in the same period of 2020[11]. - The loss before income tax for the Group was RMB 4,940,000 for the three months ended March 31, 2021[10]. - The total comprehensive expense attributable to equity shareholders of the Company was RMB 5,214,000 for the three months ended March 31, 2021[11]. - Loss attributable to equity shareholders of the Company for the Quarter was approximately RMB 4,844,000, compared with a loss of approximately RMB 5,513,000 for the previous period[28]. Revenue Breakdown - The company reported a turnover of RMB 57,247,000 for the first quarter of 2021, a significant increase from RMB 33,652,000 in the same period of 2020, representing a growth of approximately 70.4%[23]. - Sales of liquefied coalbed gas, including logistic services, contributed RMB 13,830,000 to the turnover, up from RMB 925,000 year-on-year[23]. - Sales of piped natural gas and gas supply connection services generated RMB 43,417,000, compared to RMB 32,727,000 in the previous year, reflecting a growth of about 32.5%[23]. - Other revenue, including interest income from bank deposits, totaled RMB 1,228,000, an increase from RMB 110,000 in the first quarter of 2020[23]. Operational Highlights - The company operates primarily in the People's Republic of China, with all business activities conducted in RMB[18]. - The company is focused on the manufacture and sales of liquefied coalbed gas and piped natural gas, along with providing gas supply connection services[21]. - The Group recorded a consolidated turnover of approximately RMB 57,247,000 for the Quarter, representing an increase of approximately 70.11% compared with the corresponding period last year[28]. - The turnover increased significantly from RMB 33,652,000 to RMB 57,247,000, mainly due to the LNG plant resuming production in February 2021, contributing approximately RMB 13,706,000 to turnover[28]. - Gross profit decreased from RMB 8,661,000 to RMB 3,911,000 due to increased unit costs of liquefied coalbed gas and a significant increase in the purchase price of LNG[28]. - The average daily production of the LNG plant was around 200,000 m3, leading to increased unit costs[28]. - The operation of the LNG terminal in Beihai city was terminated due to an accident in November 2020, affecting supply and pricing[28]. Assets and Liabilities - The Group's net assets as of March 31, 2021, were approximately RMB 113,485,000, including cash and bank balances of approximately RMB 17,608,000[41]. - The Group's gearing ratio was approximately 50.31%, calculated by total external borrowings divided by shareholders' funds[41]. - There was no provision for Hong Kong profits tax as the Group did not derive any income subject to it during the Quarter[25]. Human Resources - As of March 31, 2021, the Group has a total of 328 employees, with staff costs approximately RMB 4,164,000 for the quarter, up from RMB 3,863,000 in the same period last year[44]. Future Plans and Strategies - The Group aims to enhance its market position through the expansion of its liquefied coalbed gas and natural gas services[21]. - The Group is focused on upstream CBM exploration and extraction, with no current plans for acquisitions or scaling down of any business[41]. - The Group aims to improve its cash position through opportunistic financing to accelerate the drilling program if adequate financing is secured in the future[41]. - The Group plans to achieve a daily output of 500,000 cubic meters by the end of 2022, supported by increasing upstream well numbers and gas output[46]. Corporate Governance - The Audit Committee held one meeting during the quarter to review the Group's unaudited consolidated results[103]. - The Group has employed sufficient staff for accounting, financial, and internal control purposes to maintain high-quality corporate governance[103]. - The Company has complied with the Corporate Governance Code provisions, except for the lack of a specific term for independent non-executive Directors, who are subject to retirement by rotation at annual general meetings[105]. - The Company does not have a chief executive officer, which deviates from the code provision A.2.1, but is considering the feasibility of appointing one in the future[107]. - All independent non-executive Directors have confirmed their independence, and the Company considers them to be independent[109].
中国煤层气(08270) - 2021 Q1 - 季度财报