Financial Performance - The company reported a revenue of RMB 25 billion in 2022, with a pre-tax profit of RMB 26.5 million[3]. - The revenue from the oil products and by-products trading business increased from RMB 19.58 billion in 2021 to RMB 29.49 billion in 2022, despite a decrease in sales volume from 4.89 million tons to 3.6 million tons[9]. - The company recorded a loss of RMB 619.1 million for the year, compared to a profit of RMB 358.5 million in the previous year[9]. - The company's total income increased by 51% from RMB 19.78 billion in 2021 to RMB 29.94 billion in 2022[9]. - The company reported a net loss of HKD 619,099,000 for the year ended December 31, 2022, compared to a profit of HKD 358,455,000 in 2021, largely due to significant losses from Zhejiang[99]. - Total revenue for the year ended December 31, 2022, was HKD 29,936,206, an increase of 51.3% from HKD 19,776,474 in 2021[169]. - Operating loss for the year was HKD 557,630 compared to a profit of HKD 423,346 in the previous year, indicating a significant decline in operational performance[169]. - The company reported a loss before tax of HKD 608,271 for 2022, compared to a profit of HKD 377,556 in 2021, indicating a significant decline in profitability[194]. Sales and Production - In 2022, Henan Yanchang achieved total refined oil sales of 3.25 million tons, with strategic sales accounting for 1.41 million tons[3]. - Novus produced 808,000 equivalent barrels in 2022, representing a 75.6% increase from 2021, and sold 783,000 equivalent barrels, up 63% year-over-year[62]. - The average selling price of crude oil in 2022 was CAD 114 per barrel, while natural gas averaged CAD 0.14 per cubic meter, leading to total revenue of CAD 77.46 million, an increase of 136% from 2021[62]. - Novus successfully drilled 52 wells in 2022, with 53 wells put into production, including 4 pre-drilled for 2023, achieving a historical high of CAD 16.26 per barrel in net revenue[62]. - The company achieved a cumulative sales volume of 129,300 tons in Hunan region in 2022, more than doubling from 41,000 tons in 2021[82]. Expenses and Liabilities - The company experienced a 140% increase in royalty expenses, rising from RMB 25.1 million in 2021 to RMB 60.3 million in 2022[9]. - Total employee costs for the year amounted to HKD 83,515,000, up from HKD 78,654,000 in the previous year, with a total employee count of 229[45]. - Sales and distribution expenses rose from HKD 97,203,000 to HKD 167,426,000, primarily due to issues related to litigation in Zhejiang[90]. - The company incurred financing costs of HKD 50,641, an increase from HKD 45,790 in the previous year[169]. - The total liabilities increased to HKD 4,048,783 in 2022 from HKD 3,341,261 in 2021, reflecting a rise of approximately 21.2%[200]. Assets and Equity - The company's cash and bank balances decreased by 66% from RMB 394.1 million in 2021 to RMB 133.2 million in 2022[12]. - As of December 31, 2022, the total assets of the group amounted to HKD 4,518,209,000, compared to HKD 4,508,705,000 in the previous year[121]. - The total equity of the group decreased to HKD 469,426,000 in 2022 from HKD 1,167,444,000 in 2021, reflecting a decline in shareholder value[121]. - The company's equity attributable to owners decreased to HKD 469,426 in 2022 from HKD 1,167,444 in 2021, a decline of approximately 59.9%[196]. Strategic Initiatives - The company plans to optimize its business and capital structure while actively pursuing energy transition initiatives, including solar energy projects[7]. - The company aims to leverage high oil prices to enhance its operational strategies and investment plans moving forward[7]. - The company has initiated a pre-restructuring application to the court to facilitate debt restructuring[35]. - The company has secured a collateralized term loan of USD 35,000,000, which has been extended for three more years until January 17, 2026, at an annual interest rate of 4.8%[46]. Exploration and Development - The company's exploration and evaluation assets increased by 791% to RMB 5.27 million in 2022[12]. - The company acquired 4,273 hectares of unproven land in Canada during the reporting period, with no exploration activities reported in Madagascar[135]. - The company plans to continue its exploration and development activities in Canada, with no current plans for expansion into new markets[135]. Governance and Audit - The company emphasizes the importance of adequate audit evidence to form opinions on the consolidated financial statements, ensuring transparency and accountability[151]. - The independent auditor's report evaluates the appropriateness of accounting policies and the reasonableness of accounting estimates and disclosures made by the board[163]. - The company has not disclosed any significant uncertainties that could impact its ability to continue as a going concern[150].
延长石油国际(00346) - 2022 - 年度财报