Financial Performance - Total revenue for the year was RMB 897,537,000, down 13.4% from RMB 1,035,983,000 in 2023[2] - The company reported a net loss of RMB 328,960,000, an increase of 108.8% from a loss of RMB 157,530,000 in 2023[2] - Basic loss per share was RMB (0.10), doubling from RMB (0.05) in the previous year[2] - The total comprehensive loss for the year was CNY 367,326,000, compared to CNY 182,275,000 for the previous year, reflecting an increase of approximately 101.5%[8] - The group reported a loss attributable to owners of the company of RMB 328,960,000 for the year ended December 31, 2024, compared to a loss of RMB 157,530,000 in 2023[35] - The net loss for FY2024 was RMB 329.0 million, compared to a net loss of RMB 157.5 million in FY2023[71] - The group recorded a loss before tax of RMB 270.8 million in FY2024, compared to a loss of RMB 73.7 million in FY2023, an increase of RMB 197.1 million[69] Production and Operations - Total crude oil production decreased by 36.2% to 3,344,308 barrels from 5,241,517 barrels in the previous year[2] - Net crude oil production fell by 17.6% to 1,582,079 barrels compared to 1,919,409 barrels in 2023[2] - Daan oilfield's total crude oil production decreased by 10.5% to approximately 3.34 million barrels in 2024 compared to the same period in 2023[50] - Net production from the Daan oilfield fell by 13.7% to approximately 1.58 million barrels in 2024 compared to the same period in 2023[50] - Average daily crude oil production is forecasted to decline by 10.6% from 10,224 barrels per day in 2023 to 9,137 barrels per day in 2024[55] - Average daily net crude oil production is expected to decrease by 14.0% from 5,027 barrels per day in 2023 to 4,323 barrels per day in 2024[55] Financial Position - Total assets decreased from 1,726,326 thousand RMB in 2023 to 1,382,193 thousand RMB in 2024, representing a decline of approximately 20%[10] - Non-current liabilities increased from 2,997,605 thousand RMB in 2023 to 3,216,406 thousand RMB in 2024, reflecting an increase of about 7.3%[11] - Current liabilities decreased from 631,220 thousand RMB in 2023 to 435,612 thousand RMB in 2024, indicating a reduction of approximately 30.9%[11] - The company's total equity decreased from 1,095,106 thousand RMB in 2023 to 946,581 thousand RMB in 2024, indicating a decrease of approximately 13.6%[11] - As of December 31, 2024, the company's current liabilities exceeded current assets by RMB 222.2 million[22] - The total borrowings of the company amounted to RMB 2,920.1 million, with only RMB 71.9 million in cash and cash equivalents[22] Costs and Expenses - Operating profit decreased by 60.0% to RMB 123,954,000 from RMB 309,792,000 in the previous year[2] - The company incurred a financial expense of CNY 394,785,000 for the year ended December 31, 2024, compared to CNY 383,667,000 for the year ended December 31, 2023, showing an increase of about 2.9%[8] - The direct oil extraction cost is projected to increase by 24.7% from $13.28 per barrel in 2023 to $16.56 per barrel in 2024[53] - Adjusted EBITDA per barrel is expected to decrease by 4.2% from $57.83 in 2023 to $55.41 in 2024, primarily due to a decline in crude oil sales volume[53] - The group recognized an impairment loss of RMB 91.2 million for oil and gas assets and RMB 2.2 million for mineral rights in FY2024, compared to no impairment losses in FY2023[66] Strategic Developments - The company completed drilling 268 new wells ahead of schedule as per the supplementary agreement with China National Petroleum Corporation[3] - The commercial production period for the Daan oilfield has been extended to February 29, 2028[3] - The company plans to seek alternative financing within the scope allowed by new financing documents to meet existing financial obligations and future operational and capital expenditures[23] - The group plans to maintain production to generate sufficient operating cash flow and improve operational efficiency to enhance liquidity[25] - The company is focusing on new product development and market expansion strategies to improve future performance[79] Governance and Compliance - The financial statements have been prepared in accordance with International Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance[19] - The company has adhered to the corporate governance principles and rules as per the listing rules throughout the fiscal year[102] - The annual performance announcement is available on the company's website and other relevant stock exchange websites[105] - The company's annual general meeting is scheduled for June 13, 2025, in Hong Kong[106]
MI能源(01555) - 2024 - 年度业绩