Financial Performance - For the year ended December 31, 2024, JX Energy Ltd. reported total revenue of CAD 4,901,382, a decrease of 60.7% compared to CAD 12,456,451 in 2023[9]. - JX Energy Ltd. incurred a net loss of CAD 20,267,110 for the year, compared to a loss of CAD 21,146,164 in the previous year, reflecting a 4.1% improvement[9]. - JX Energy Ltd. reported a basic and diluted loss per share of CAD 0.04 for 2024, compared to CAD 0.05 in 2023, indicating a 20% improvement[9]. - The company reported a net loss of C$20,267,110 for the year ended December 31, 2024, compared to a net loss of C$21,146,164 in 2023, indicating a slight improvement in performance[11]. - The company reported a net loss of CAD 8.777 million in Q4 2024, compared to a net loss of CAD 14.235 million in Q4 2023[186]. - Total revenue for the three months ended December 31, 2024, was CAD 1,179 thousand, down 63% from CAD 3,160 thousand in the same period of 2023[194]. Assets and Liabilities - The company's total assets decreased to CAD 25,888,120 in 2024 from CAD 35,507,629 in 2023, representing a decline of 27.4%[6]. - Total liabilities increased to CAD 47,349,095 in 2024 from CAD 41,007,614 in 2023, marking an increase of 15.9%[6]. - Shareholders' equity decreased to CAD (21,460,975) in 2024 from CAD (5,499,985) in 2023, reflecting a decline of 289.5%[7]. - The company has a working capital deficit of C$16,300,000 as of December 31, 2024, which raises concerns about its ability to meet short-term obligations[19]. - Total financial liabilities amounted to C$17,400,000, with a significant portion due within one year, highlighting liquidity challenges[19]. - As of December 31, 2024, total financial liabilities amounted to CAD 50.67 million, with CAD 17.41 million due within one year[157]. Cash Flow and Investments - The company's cash and cash equivalents decreased to CAD 211,491 in 2024 from CAD 363,305 in 2023, a decline of 41.7%[6]. - The company experienced a cash outflow from operating activities totaling C$2,736,397, a decrease from a cash inflow of C$4,098,024 in 2023[11]. - The company reported a net cash used in investing activities of C$1,332,812, an improvement from a net cash outflow of C$3,652,728 in the previous year[11]. - The company generated C$1,900,000 from the sale of exploration and evaluation assets, a notable increase from C$121,576 in 2023[11]. Operational Performance - The ongoing geopolitical issues and market volatility have significantly impacted the company's operational performance, particularly in natural gas pricing[19]. - The company plans to resume full natural gas production by the end of January 2025, following a temporary shutdown due to low prices[188]. - The average daily production of natural gas was 3,746 cubic feet per day, a decrease of 58% compared to Q4 2023[186]. - The total production in Q4 2024 was 685 barrels of oil equivalent per day, down 58% from 1,633 barrels in Q4 2023[191]. Revenue and Sales - Total revenue from product sales for the year ended December 31, 2024, was CAD 4,968,093, a decrease of 63.4% from CAD 13,560,585 in 2023[118]. - Natural gas trading revenue for 2024 was CAD 58,235, down 62.7% from CAD 155,855 in 2023, with trading costs also decreasing significantly[118]. - The largest customer accounted for 62% of total revenue in 2024, generating CAD 3,100,000, compared to 68% and CAD 9,200,000 in 2023[120]. Impairments and Write-offs - Impairment losses totaled CAD 4,471,173 for the year ended December 31, 2024, down from CAD 10,387,644 in 2023[122]. - The company identified no impairment indicators for cash-generating units (CGUs) related to exploration and evaluation (E&E) assets as of December 31, 2024[123]. - The company recognized a CAD 6,900,000 impairment loss for Basing CGU and a CAD 590,000 recovery for Voyager CGU as of December 31, 2023[126]. Financing and Debt - The company issued shares for cash amounting to CAD 2,540,956 during the year, contributing to its capital structure[10]. - A new convertible bond agreement has been signed with an independent third party, set to repay $1.5 million by March 2025[21]. - The company has a total of CAD 20,696,153 in long-term payables as of December 31, 2024, an increase of 55.8% from CAD 13,286,657 in 2023[101]. - The company incurred an additional CAD 8.2 million in expenses related to the Jixing GHCA, compared to CAD 5.1 million in 2023[102]. Management and Governance - The company continues to assess its ability to operate as a going concern, considering various business risks and uncertainties[75]. - The company did not declare any dividends for the years ended December 31, 2024, and 2023[146]. - The total compensation for independent non-executive directors, including shadow unit plan expenses, amounted to CAD 500,000 for the year ended December 31, 2024[4]. Accounting Policies and Estimates - The company consistently applies important accounting policies across all reported years[23]. - Significant sources of estimation uncertainty include reserve estimates, which require assumptions about production profiles, commodity prices, and future cash flows, potentially affecting the carrying value of oil and gas properties[71]. - The company assesses impairment indicators for non-financial assets at each reporting date, considering both external and internal information that may impact asset values[70].
吉星新能源(03395) - 2024 - 年度业绩