COOEC(SH:600583)2016-03-16 16:00Financial Performance - In 2015, the company achieved a net profit of CNY 2,906,475,337.01, a decrease of 20.08% compared to the previous year[2]. - The total operating revenue for 2015 was CNY 16,201,506,738.74, reflecting a decline of 26.46% from CNY 22,031,375,176.07 in 2014[20]. - The basic earnings per share for 2015 was CNY 0.77, down 20.62% from CNY 0.97 in 2014[21]. - The cash flow from operating activities for 2015 was CNY 3,625,658,238.06, a decrease of 16.67% from CNY 4,351,011,301.05 in 2014[20]. - The company reported a diluted earnings per share of CNY 0.77 for 2015, consistent with the basic earnings per share[21]. - The company’s weighted average return on equity decreased to 15.94% in 2015, down from 22.80% in 2014, a reduction of 6.86 percentage points[21]. - The company achieved an operating revenue of 16.202 billion RMB and a net profit of 3.41 billion RMB in 2015, outperforming overseas peers significantly[42]. - The company reported a total of 150.36 million CNY in services provided to CNOOC Gas and Power Group, representing 0.93% of the total related party transactions[132]. Assets and Liabilities - The company's net assets increased by 11.77% to CNY 22,976,458,156.34 at the end of 2015, compared to CNY 20,557,302,176.30 in 2014[20]. - The total assets of the company at the end of 2015 were CNY 31,442,831,914.81, a slight increase of 0.95% from CNY 31,147,771,147.06 in 2014[20]. - By the end of 2015, the company's total assets reached 31.4 billion RMB, with a net asset value of 23 billion RMB and a debt-to-asset ratio of 27%[42]. - The company has a low debt-to-asset ratio of less than 27% and a cash balance of nearly 7 billion yuan, with 4.8 billion yuan in hand and 2.1 billion yuan in bank wealth management products[98]. International Operations - The company has established a modular construction capability, with ongoing projects like the Yamal LNG modular construction project valued at USD 1.643 billion, marking a significant recognition of its capabilities in the international market[36]. - The company’s overseas revenue has been increasing, reflecting a growing international competitiveness, with operations extending to over 20 countries and regions[30]. - International projects accounted for over 30% of the company's revenue, with overseas contract amounts totaling approximately 18.5 billion RMB[44]. - The company entered the Brazilian market for the first time, signing contracts for two FPSO projects, marking a significant breakthrough[49]. - The company is focusing on international market expansion, particularly in Brazil and Mexico, and aims to enhance capabilities in underwater business, LNG construction, and offshore wind power market development[103]. Cost Management and Efficiency - The operating cost was RMB 11.22 billion, down 25.03% year-on-year, attributed to decreased workload and effective cost management measures[65]. - The company successfully saved over RMB 500 million through various cost-saving initiatives, including zero standby time for vessels and optimized procurement strategies[52]. - The company is focused on cost reduction through management and technological innovation, aiming to improve efficiency and effectiveness in construction processes[104]. - The company aims to control the ratio of operating costs to operating income within 88% and keep the three expenses (selling, administrative, and financial) below 7% of operating income[101]. Research and Development - The company’s R&D expenditure was RMB 915.60 million, a decrease of 22.93% compared to the previous year, reflecting ongoing investment in technological advancements[63]. - Total R&D investment amounted to approximately 915.6 million RMB, representing 5.65% of total revenue, with 1,300 R&D personnel making up 15% of the total workforce[77]. - The company executed 70 research projects, including 24 national-level projects, focusing on various technologies to enhance operational efficiency and reduce costs[78]. Safety and Risk Management - The company maintained a low incident rate in safety management, which is crucial for achieving operational performance[48]. - The company is actively monitoring natural disaster risks, such as typhoons, and has established emergency response measures to minimize potential losses[112]. - The company has established a comprehensive safety management system to address risks from natural factors affecting production operations[112]. Shareholder Returns - The company plans to distribute a cash dividend of CNY 2.50 per 10 shares, totaling CNY 1,105,338,700.00[2]. - In 2015, the company distributed a cash dividend of 2.50 RMB per 10 shares, amounting to 110,533.87 million RMB, which represents 32.42% of the net profit attributable to shareholders[120]. - The company has a cash dividend policy that stipulates a minimum distribution of 10% of the net profit attributable to shareholders in the current year, provided that the company is profitable and has positive undistributed profits[115]. Corporate Governance - The board of directors consists of 6 members, including 3 independent directors, ensuring compliance with legal requirements[185]. - The company has revised its articles of association and shareholder meeting rules to enhance governance and protect minority shareholders' interests[183]. - The company has no penalties from securities regulatory agencies in the past three years, reflecting good compliance practices[177]. Market Challenges - The global oil industry is expected to continue facing challenges due to low oil prices, which have fallen from 60 USD to below 30 USD[95]. - The company anticipates a prolonged period of low oil prices, leading to reduced market demand and increased competition[95]. - The company recognizes the risk of sustained low international oil prices affecting the industry and plans to enhance management and technological capabilities to mitigate this risk[107].