Financial Performance - The company's total revenue for the six months ended June 30, 2023, was reported at 12,437,336 thousand HKD, reflecting a slight increase from 12,432,827 thousand HKD as of December 31, 2022[9]. - Revenue for the first half of 2023 was CAD 39.29 million, up 17% compared to the same period last year[69]. - The company recorded a profit of HKD 12,806,000 for the six months ended June 30, 2023, compared to a loss of HKD 35,831,000 in the same period last year[130]. - The operating profit for the six months ended June 30, 2023, was HKD 12,806,000, a significant recovery from a loss of HKD 35,831,000 in the same period of the previous year[199]. - The total comprehensive income for the period was HKD 33,549, compared to a loss of HKD 17,479 in the previous year[156]. - The company reported a net foreign exchange gain of HKD 13,114 as part of other income and losses[141]. - The basic and diluted earnings per share for the period were HKD 1.40, compared to a loss per share of HKD 0.04 in the previous year[150]. - The total liabilities as of June 30, 2023, were HKD 3,311,402,000, down from HKD 4,048,783,000 at the end of 2022, indicating a reduction of approximately 18%[181]. Production and Sales - Average daily production for the first half of 2023 was reported at 2,290 barrels of oil and 2,656 thousand cubic feet of gas, indicating ongoing growth in oil and gas output despite market challenges[40]. - In the first half of 2023, Novus produced a total of 495,000 barrels of oil and gas, an increase of 164,000 barrels or 49.5% year-on-year[69]. - Total sales of oil and gas reached 500,000 barrels, reflecting a year-on-year growth of 55%[69]. - Novus achieved oil and gas sales volume of 499,885 equivalent barrels, generating revenue of HKD 231,445,000, compared to 322,754 equivalent barrels and HKD 205,222,000 in the same period last year, representing a revenue increase of approximately 12.8%[79]. - The company achieved a total oil product sales volume of 1.4125 million tons by June 30, 2023, with a significant decline in profitability due to weak market demand[46]. Expenses and Costs - Total operating expenses increased to HKD 11,435,342 from HKD 9,343,690, reflecting a rise of approximately 22%[149]. - Depreciation, depletion, and amortization expenses increased significantly from HKD 62,998 to HKD 115,790, a rise of about 84%[140]. - Financing costs amounted to HKD 25,193, which includes bank borrowing costs of HKD 9,328 and interest on secured loans of HKD 10,849[142]. - The total employee cost for the six months ended June 30, 2023, was HKD 37,614,000, down from HKD 41,327,000 in the same period last year[119]. - Administrative expenses decreased by HKD 969,000 to HKD 41,707,000 during the review period[82]. Assets and Liabilities - The company's total assets decreased to HKD 4,121,479 thousand from HKD 4,518,209 thousand, reflecting a reduction in current assets[165]. - Non-current assets increased to HKD 2,137,456 thousand from HKD 2,050,401 thousand, driven by growth in property, plant, and equipment[165]. - The company's equity attributable to owners increased to HKD 1,102,607 thousand from HKD 772,956 thousand, indicating improved financial health[165]. - Cash and cash equivalents at the end of the period rose to HKD 349,898 thousand from HKD 133,209 thousand, showing a strong liquidity position[165]. - Trade receivables decreased significantly to HKD 373,979 thousand from HKD 722,285 thousand, suggesting improved collection efforts[165]. Strategic Initiatives - The company plans to continue its strategy of expanding oil and gas reserves and production in response to market conditions[42]. - The company plans to bid for 10.75 community blocks covering approximately 27.84 square kilometers in the Major block by October 2023, enhancing its asset portfolio[71]. - The company has engaged in related party transactions involving a fuel supply agreement with its ultimate holding company, expected to last until December 31, 2025[38]. - The company has increased capital expenditures for new drilling to counteract the downward trend in international oil prices[42]. - The company aims to strengthen cooperation with major clients like Sinopec to ensure stable trade operations[76]. Market Conditions - The company faced a 16% decline in international crude oil prices compared to 2022, attributed to geopolitical tensions and market adjustments[42]. - The company has not recognized any impairment losses for exploration and evaluation assets during the reporting period[12]. - The company has not made any purchases, sales, or redemptions of its listed securities during the reporting period[127]. - The company has not recommended an interim dividend for the six months ended June 30, 2023, consistent with the previous year[120].
延长石油国际(00346) - 2023 - 中期财报