Financial Performance - The Group reported a gross amount from operations of RMB 532,563,000 for the six months ended September 30, 2024, a decrease of 83.3% compared to RMB 3,186,238,000 in the same period of 2023[4]. - Other revenue decreased to RMB 317,304,000, down 33.8% from RMB 479,204,000 year-over-year[4]. - The gross profit for the period was RMB 30,316,000, representing a decline of 33.9% from RMB 45,828,000 in the previous year[4]. - The loss before tax was RMB 68,009,000, compared to a profit of RMB 23,875,000 in the same period last year[4]. - The loss for the period from continuing operations was RMB 70,205,000, a significant drop from a profit of RMB 28,894,000 in 2023[5]. - Total comprehensive expense for the period attributable to owners of the Company was RMB 116,307,000, compared to a comprehensive income of RMB 28,239,000 in the previous year[8]. - Basic loss per share from continuing operations was RMB (1.05), compared to earnings of RMB 0.45 in the same period last year[8]. - The Group experienced a significant increase in distribution and selling expenses, which amounted to RMB 2,525,000, compared to RMB 4,991,000 in the previous year[4]. - The Group reported a consolidated loss attributable to owners of the Company of approximately RMB116,029,000 for the six months ended 30 September 2024, compared to a profit of approximately RMB28,358,000 for the same period in 2023[24]. - The Group recorded a net operating cash outflow of approximately RMB17,261,000 for the six-month period ended 30 September 2024[24]. - The Group's cash and cash equivalents decreased by RMB5,157,000 during the six months ended 30 September 2024, compared to a decrease of RMB54,038,000 in the same period of 2023[21]. - The Group experienced a loss after tax of approximately RMB117 million, compared to a profit after tax of approximately RMB26 million in the same period last year[124]. Assets and Liabilities - As of September 30, 2024, the net current assets amounted to RMB 681,347,000, a decrease from RMB 717,381,000 as of March 31, 2024, reflecting a decline of approximately 5.0%[13]. - Total assets less current liabilities were reported at RMB 1,234,380,000, down from RMB 1,332,515,000, indicating a decrease of about 7.4%[13]. - The equity attributable to owners of the Company decreased to RMB 1,096,714,000 from RMB 1,230,104,000, representing a decline of approximately 10.8%[13]. - The total equity as of September 30, 2024, was RMB 1,199,606,000, down from RMB 1,310,879,000, marking a decrease of around 8.5%[13]. - The company’s bank borrowings due after one year increased to RMB 20,000,000 from RMB 8,500,000, reflecting a rise of approximately 135.3%[13]. - The Group's total liabilities, including trade and other payables, were RMB 445,609,000 as of September 30, 2024, compared to RMB 448,146,000 as of March 31, 2024, indicating a slight decrease of 0.57%[77]. - The Group's borrowings amounted to approximately RMB1,103 million as of 30 September 2024, with a gearing ratio of approximately 1.17, up from approximately 1.04 as of 31 March 2024[145]. Operational Highlights - Segment revenue from external customers for the six months ended September 30, 2024, totaled RMB 532,563,000, with LNG production and sales contributing RMB 292,482,000[39]. - The segment results for the same period showed a total loss of RMB 63,955,000, with LNG production and sales reporting a loss of RMB 2,807,000[39]. - Revenue from wholesale of LNG was RMB 292,482,000, while trading of oil and gas contracts generated RMB 4,993,000, and sales of vehicle gas at refueling stations amounted to RMB 19,770,000[51]. - The Group's market faced intense competition and slow economic recovery, suppressing demand for gas products[128]. - The Group's turnover for the period was approximately RMB533 million, a significant decrease from approximately RMB3,189 million for the six months ended September 30, 2023[143]. Cash Flow and Financing - The net cash used in operating activities was RMB(17,261,000) for the six months ended September 30, 2024, significantly improved from RMB(271,880,000) in the same period of 2023[21]. - The net cash from financing activities was RMB14,152,000 for the six months ended September 30, 2024, compared to RMB219,177,000 in the same period of 2023[21]. - The Group has defaulted or cross-defaulted on certain bank borrowings and guaranteed notes as of 30 September 2024[24]. - The Group has been actively negotiating with existing lenders for the extension of bank loans and credit facilities, with no creditors taking enforcement action for immediate repayment as of the interim report date[27]. Strategic Initiatives - The Group is seeking to settle outstanding litigations and has made relevant provisions for claims, aiming for amicable solutions on unresolved charges[27]. - The Group is in discussions with potential strategic investors to raise new funds to enhance liquidity and reduce borrowing levels[27]. - The Group is considering the disposal of non-core assets to improve liquidity and has been following up on receivable collections to expedite outstanding trade debts[27]. - The Group has implemented measures to control operating costs, including reducing rental and staff costs, and will continue to take additional steps to minimize non-essential expenditures[29]. Governance and Compliance - The interim results for the six months ended September 30, 2024, have been reviewed by the Audit Committee of the Company[185]. - The Company has complied with all applicable code provisions of the Corporate Governance Code throughout the six months ended September 30, 2024, with some deviations noted[175]. - The Chairman and CEO roles are held by the same individual, Mr. Wang Jianqing, which the Board believes is suitable for the Company’s current structure[176]. Shareholder Information - As of September 30, 2024, Wang Jianqing holds 4,238,827,528 shares, representing 64.76% of the total shareholding[154]. - Champion Ever Limited, wholly owned by Wang Jianqing, has a beneficial interest in 3,602,323,177 shares, accounting for 55.03% of total holdings[161]. - The total issued share capital of the company as of September 30, 2024, is 6,545,621,131 shares[164]. - No share options were granted under the 2021 Scheme since its adoption on October 4, 2021[164].
元亨燃气(00332) - 2025 - 中期财报