MI能源(01555) - 2025 - 年度业绩

Supplemental Announcement Regarding the 2024 Annual Report This section provides supplementary information to the 2024 annual report, detailing asset impairment losses and share option plan specifics Asset Impairment Loss MI Energy Holdings Limited recognized an asset impairment loss of approximately RMB 93.4 million for its Daan oilfield cash-generating unit due to a shortened forecast period and reduced crude oil production forecasts as the product sharing contract nears expiration Reasons for Asset Impairment This section outlines the factors leading to the asset impairment assessment for the Daan oilfield cash-generating unit - The Group primarily engages in exploration, development, production, and sale of crude oil and other petroleum products in the Daan oilfield in China, which is its single cash-generating unit[3] - The product sharing contract for the Daan oilfield will expire on February 29, 2028, with oil and gas assets and mineral rights exclusively tied to this cash-generating unit and no alternative use after contract expiration[3] - Management has assessed the cash-generating unit by comparing its carrying amount with its recoverable amount to determine if impairment exists[3] Valuation Methodology This section describes the valuation approach used to assess the recoverable amount of the cash-generating unit for impairment testing - The company uses a discounted cash flow model (income approach) to estimate the present value of expected future cash flows, calculating Value in Use (VIU) for impairment assessment[4] - The market approach was not used for valuation as oil and gas assets and mineral rights are exclusively for operations under the product sharing contract, with no comparable market transactions[4] - The 2023 and 2024 valuations employed the same assessment methodology, with annual reviews by the company's auditors[4] Key Bases and Assumptions for 2023 and 2024 Valuations This section details the critical inputs and assumptions underlying the 2023 and 2024 impairment valuations Comparison of Key Assumptions for 2024 and 2023 Valuations | Indicator | 2024 Valuation | 2023 Valuation | | :--- | :--- | :--- | | Forecast Period | – 2025 | – 2028 | | Crude Oil Price (USD/barrel) | 71.0 – 74.0 | 70.0 – 77.0 | | Production during remaining concession period (thousand barrels) | 8,889 | 13,217 | | Inflation Rate (per annum) | 2.18 % | 2.20 % | | Exchange Rate (USD/RMB) | 7.2000 | 7.0997 | | Pre-tax Discount Rate | 22.12 % | 23.17 % | - Based on the 2024 valuation, the cash-generating unit's value in use is approximately RMB 969.0 million, with an asset impairment loss of approximately RMB 93.4 million recognized, comprising RMB 91.2 million for oil and gas assets and RMB 2.2 million for mineral rights[6] - The forecast period for the 2024 valuation is shortened by one year compared to the 2023 valuation due to the product sharing contract expiring on February 29, 2028[7] - Forecast crude oil production decreased by approximately 32.7% from 13,217 thousand barrels in the 2023 valuation to 8,889 thousand barrels in the 2024 valuation, primarily due to 2024 forecast production, natural decline, and no new well drilling[9] Major Changes Between 2023 and 2024 Valuations This section highlights the primary differences between the 2023 and 2024 valuations, driven by the impending contract expiration - The main changes between the 2023 and 2024 valuations are the shortened forecast period and decreased crude oil production forecasts, both influenced by the approaching expiration of the product sharing contract concession period[12] - Other key input data and assumptions remained largely unchanged, apart from the forecast period and crude oil production[12] Share Option Scheme This section provides supplementary details on the company's 2021 Share Option Scheme, including the absence of service provider sub-limits and its remaining term - There are no service provider sub-limits under the 2021 Share Option Scheme[13] - As of December 31, 2024, the 2021 Share Option Scheme has a remaining term of 6.5 years[13]