Financial Performance - Gross amounts from operations for the six months ended September 30, 2022, were RMB 3,382,162, a decrease of 6.8% compared to RMB 3,630,900 in 2021[3] - Gross profit for the period was RMB 124,495, down 24.4% from RMB 164,750 in the previous year[3] - Profit for the period attributable to owners of the Company was RMB 89,561, an increase of 130.7% compared to RMB 38,829 in 2021[4] - Total comprehensive income for the period was RMB 101,191, up 42.8% from RMB 70,957 in the same period last year[3] - Basic and diluted earnings per share were both 1.368 RMB cents, compared to 0.593 RMB cents in 2021, reflecting a 131.5% increase[4] - The profit for the period as of 30 September 2021 was RMB 38,829,000, while for the same period in 2022, it increased to RMB 89,561,000, representing a growth of approximately 130%[12] - The Group reported a consolidated profit attributable to owners of the Company of approximately RMB 89,561,000 for the six months ended 30 September 2022, representing a significant increase of 130.5% compared to RMB 38,829,000 for the same period in 2021[19] - Profit before tax for the Group was reported at RMB 113,804,000, reflecting strong operational performance[25] - Profit before tax for the six months ended 30 September 2022 was RMB 82,508,000, compared to RMB 129,262,000 in 2021, indicating a decrease of approximately 36.2%[34] - Profit after tax for the same period was approximately RMB102 million, an increase of approximately 45.7% from RMB70 million in the previous year[81] Revenue and Sales - Total revenue for the six months ended 30 September 2022 amounted to RMB 1,275,255,000, an increase from RMB 1,038,138,000 for the same period in 2021, representing a growth of approximately 22.8%[34] - Revenue from wholesale of LNG increased to RMB 859,314,000 in 2022 from RMB 681,551,000 in 2021, reflecting a growth of 26.1%[34] - Revenue from LNG sales increased to approximately RMB859 million, an increase of approximately 26.1% compared to RMB681 million in the same period last year[81] - Revenue from piped gas sales rose to approximately RMB352 million, an increase of approximately 28.6% from RMB274 million in the previous period[83] - Revenue from oil and gas transactions decreased to approximately RMB2,148 million, a decline of approximately 18.4% from RMB2,631 million in the same period last year[83] - The company reported other revenue from contracts with customers of RMB 1,234,175,000 for the six months ended 30 September 2022, up from RMB 999,404,000 in 2021, representing a growth of 23.5%[34] Assets and Liabilities - Current assets as of September 30, 2022, totaled RMB 2,870,978, an increase from RMB 2,640,933 as of March 31, 2022[9] - Net current assets increased to RMB 1,073,914 from RMB 795,827, indicating improved liquidity[9] - Trade payables and other liabilities rose to RMB 689,371, up from RMB 545,817, reflecting increased operational obligations[9] - Total equity attributable to owners of the Company was RMB 1,454,893, compared to RMB 1,366,638 as of March 31, 2022, showing growth in shareholder value[9] - Trade receivables increased to RMB 1,343,185,000 as of September 30, 2022, compared to RMB 1,239,683,000 as of March 31, 2022, reflecting a growth of approximately 8.4%[18] - The Group's total trade and other receivables amounted to RMB 2,682,001,000 as of September 30, 2022, compared to RMB 2,387,470,000 as of March 31, 2022, reflecting an increase of about 12.3%[18] Cash Flow and Financing - The net cash used in operating activities for the six months ended 30 September 2022 was RMB (78,041,000), a significant decline from RMB 221,506,000 in the previous year[16] - Cash and cash equivalents at 30 September 2022 amounted to RMB 57,034,000, down from RMB 65,337,000 at the same date in 2021, indicating a decrease of about 11.1%[16] - The company reported a net cash inflow from financing activities of RMB 19,049,000 for the six months ended 30 September 2022, contrasting with a net outflow of RMB (111,301,000) in the prior year[16] - The Group obtained new bank and other loans amounting to approximately RMB 843,000,000 during the interim period, a significant increase from RMB 77,000,000 in the same period last year[70] - The Group repaid bank and other loans totaling approximately RMB 830,000,000 during the current interim period[70] Operational Efficiency - The total cash flow from operating activities showed a significant decrease, highlighting potential challenges in operational efficiency or market conditions[16] - The gross profit margin for LNG production declined due to increased purchase costs of natural gas, despite higher average selling prices[83] - The management plans to enhance efficiency and reduce costs while seeking profitable trading opportunities amid uncertainties in international oil and gas prices[83] - The Group recorded an unaudited consolidated turnover of approximately RMB3,382 million for the six months ended 30 September 2022, a decrease of approximately 6.9% compared to RMB3,631 million for the same period in 2021[81] - Administrative expenses increased by approximately 5.9% to RMB36 million from RMB34 million in the previous period[95] - Finance costs decreased by approximately 10.5% to RMB36 million from RMB40 million, primarily due to a reduction in the average balance of bank and other borrowings[95] Taxation - Current taxation for PRC Enterprise Income Tax decreased to RMB 11,031,000 from RMB 12,383,000 year-over-year, representing a decline of approximately 10.9%[42] - Deferred taxation remained consistent at RMB 11,031,000 compared to RMB 12,383,000 in the previous year[42] - The applicable income tax rate for the Group's companies is 25%, with certain subsidiaries benefiting from a reduced rate of 15% due to preferential tax treatment[45] - Four subsidiaries qualified as small and low profit enterprises, benefiting from a preferential income tax rate of 2.5% for taxable income less than RMB 1,000,000[47] Corporate Governance - The interim results for the six months ended September 30, 2022, have been reviewed by the Audit Committee of the Company[126] - The Company has complied with all applicable provisions of the Corporate Governance Code throughout the six months ended September 30, 2022, except for certain deviations[122] - The Company is committed to ensuring a balance of power and authority through the supervision of the Board and the audit committee[122] - The current company secretary's appointment was handled by a written resolution rather than a physical board meeting, which the Board deemed appropriate[124] Shareholder Information - Mr. Wang Jianqing holds a long position of 4,238,827,528 shares, representing 64.76% of the total holding[106] - Champion Ever Limited, wholly owned by Mr. Wang Jianqing, holds 3,602,323,177 shares, accounting for 55.03% of total shares[109] - Galaxy King Limited, also wholly owned by Mr. Wang Jianqing, holds 586,486,402 shares, which is 8.96% of total shares[109] - China Construction Bank Corporation and Central Huijin Investment Ltd each hold a security interest of 1,770,000,000 shares, representing 27.04% of total shares[109] - No share options have been granted by the Company since the Share Option Scheme was adopted on October 4, 2021[117] - As of September 30, 2022, no other individuals had registered interests or short positions in the shares of the Company[116] Employee Information - The Group had approximately 340 employees as of September 30, 2022, down from about 390 on March 31, 2022[101] - The remuneration packages for employees are reviewed annually based on performance appraisals[101]
元亨燃气(00332) - 2023 - 中期财报