Financial Performance - Total revenue for 2023 was RMB 1,035,983, a decrease of 27.7% compared to RMB 1,431,294 in 2022[18]. - The net finance costs for 2023 were RMB (383,500), down from RMB (596,488) in 2022, indicating improved financial management[18]. - The company reported a loss before tax of RMB (73,708) for 2023, a significant recovery from a profit of RMB 2,506,503 in 2022[18]. - The loss for the year was RMB (157,530) in 2023, compared to a profit of RMB 2,378,790 in 2022, reflecting challenging market conditions[18]. - The company expects revenue for 2024 to be approximately RMB 897,537, indicating a continued decline in performance[18]. - Total assets decreased from $2,432,164 million in 2022 to $1,726,326 million in 2023, a decline of approximately 29%[20]. - Total liabilities decreased from $4,152,388 million in 2022 to $3,628,825 million in 2023, a decline of approximately 13%[20]. - Current liabilities significantly reduced from $1,230,233 million in 2022 to $631,220 million in 2023, a decrease of about 49%[20]. Oil Production and Sales - Crude oil sales volume in 2023 was 1.86 million barrels, down from 2.27 million barrels in 2022, representing a decrease of about 18%[21]. - Average realized price for crude oil in 2023 was $78.89 per barrel, compared to $93.97 per barrel in 2022, a decrease of approximately 16%[21]. - Total proved crude oil reserves decreased from 6,297 thousand barrels in 2022 to 5,033 thousand barrels in 2023, a decline of about 20%[23]. - Lifting costs for crude oil increased from $13.16 per barrel in 2022 to $13.28 per barrel in 2023, an increase of approximately 1%[21]. - Cash net-back for crude oil in 2023 was $60.70 per barrel, down from $70.40 per barrel in 2022, a decrease of about 14%[21]. - The average daily net crude oil production in 2023 was 5,259 barrels, down from 6,279 barrels in 2022, a decrease of approximately 16%[21]. - Total proved and probable crude oil reserves decreased from 11,005 thousand barrels in 2022 to 9,024 thousand barrels in 2023, a decline of about 18%[23]. Strategic Initiatives - The company is focusing on expanding its market presence and developing new technologies to drive future growth[18]. - The management is exploring potential mergers and acquisitions to enhance competitive positioning in the market[18]. - The company plans to invest in new product development to meet evolving customer demands and market trends[18]. - The company is committed to improving oil and gas field exploration efficiency and reducing production costs through process optimization and cost management[77]. Leadership and Governance - The board of directors has undergone changes, with new appointments aimed at strengthening governance and strategic direction[5]. - The company has undergone significant leadership changes, with several directors transitioning between executive and non-executive roles in recent years[43][44][46]. - The management team is composed of individuals with diverse backgrounds in finance, corporate governance, and operational oversight, enhancing the company's strategic capabilities[40][41][43]. - The company is positioned to leverage its experienced leadership to navigate market challenges and pursue growth opportunities in the oil and gas sector[39][43]. Corporate Governance - The company has complied with the applicable Code Provisions of the Corporate Governance Code during the year ended December 31, 2024[70]. - The company will regularly review and improve its corporate governance practices to ensure compliance with the CG Code[71]. - The board has made recommendations regarding the training and continuous professional development of Directors and senior management[76]. - The company emphasizes the principle of "innovative development and value creation" to adapt to changing market conditions[80]. - The Company has established corporate governance practices based on the Code Provisions set out in the Listing Rules[70]. Risk Management - The Group's major market risks include oil price risk, which significantly impacts revenue and profit due to fluctuations in international oil prices, and currency risk, as most sales in China are in US dollars while expenses are incurred in RMB[149]. - The internal audit function assesses the effectiveness of the Group's risk management and internal control systems, reporting directly to the Chief Executive Officer and having unrestricted access to company records[143]. - The Board is responsible for evaluating risks associated with achieving the Group's strategic objectives and maintaining effective risk management systems[141]. Shareholder Communication - Effective communication with shareholders is deemed essential for strengthening investor relationships and enhancing understanding of the Company's performance and strategy[164]. - The Company aims to maintain transparency and timely disclosure of information to assist shareholders in making informed investment decisions[168]. - The Company allows extraordinary general meetings to be convened upon written requisition by shareholders holding at least one-tenth of the paid-up capital with voting rights[155]. - All resolutions presented at general meetings will be voted on according to the listing rules, and results will be published on the Company's and the Stock Exchange's websites[156].
MI能源(01555) - 2024 - 年度财报