Financial Performance - The total revenue from continuing operations for the year 2021 was RMB 12,644.7 million, a decrease of 22.3% compared to RMB 16,268.2 million in 2020[7]. - The loss before tax from continuing operations was RMB (4,527.3) million, compared to a profit of RMB 2,904.0 million in the previous year[7]. - The net profit attributable to the owners of the company for 2021 was RMB (4,985.4) million, down from RMB 2,381.4 million in 2020[7]. - The main business revenue for 2021 was RMB 12.645 billion, a decrease of 22.3% compared to the previous year, with a main business cost of RMB 11.772 billion, an increase of 2.0% year-on-year[18]. - The net profit attributable to shareholders was RMB -4.985 billion, a decrease of 309.3% year-on-year, and EBITDA was RMB -860 million, down 112.4% year-on-year[17]. - The company's revenue for the year ended December 31, 2021, was RMB 12,644.7 million, a decrease from RMB 16,734.2 million in 2020, reflecting a decline of approximately 24.9%[104]. - The gross profit for the same period was a loss of RMB 4,089.5 million, compared to a profit of RMB 3,881.6 million in 2020, indicating a significant downturn[104]. - The total operating costs for the main business reached approximately RMB 16.73 billion, an increase of 35.1% year-on-year[24]. Assets and Liabilities - Total assets as of December 31, 2021, amounted to RMB 59,388.9 million, a decrease from RMB 65,959.9 million in 2020[7]. - The total liabilities and non-controlling interests were RMB (30,797.9) million, compared to RMB (31,338.0) million in 2020[7]. - The equity attributable to owners of the company was RMB 28,591.0 million, down from RMB 34,621.8 million in 2020[7]. - As of December 31, 2021, the net debt to equity ratio increased to 73% from 59% in 2020, primarily due to losses leading to a decrease in equity[30]. - Total debt as of December 31, 2021, was RMB 25,463,130,000, a decrease from RMB 26,034,274,000 in 2020[30]. Fleet and Operations - As of December 31, 2021, the company owned and controlled a fleet of 166 oil tankers with a total capacity of 25.24 million deadweight tons, including 154 owned vessels (21.86 million deadweight tons) and 12 chartered vessels (3.38 million deadweight tons)[10]. - The company is focusing on the development of VLCC pool operations to improve fleet efficiency and effectiveness[4]. - The company's transportation volume (excluding time charter) reached 167.29 million tons, up 4.1% year-on-year, while the transportation turnover was 507.7 billion ton-miles, an increase of 4.5% year-on-year[17]. - The company is a leader in China's LNG transportation sector, participating in the investment of 47 LNG vessels, all of which are project vessels, ensuring stable revenue[10]. - The company has established strong partnerships with major oil companies and independent refineries, enhancing its business development and value creation capabilities[10]. Market Conditions - The overall oil transportation market faced challenges in 2021 due to rising fuel prices, impacting the operational environment for international tanker owners[13]. - The international oil transportation market remained sluggish in 2021, prompting the company to focus on cost reduction and efficiency improvement to mitigate impacts on overall performance[17]. - The global fleet of VLCCs saw a net increase of 18 vessels in 2021, with 35 delivered and 17 scrapped, contributing to an oversupply in the oil transportation market[13]. - Global oil consumption in 2021 was approximately 96.3 million barrels per day, representing a year-on-year increase of about 6.1%[13]. Strategic Initiatives - The company aims to enhance its global market share and service capabilities in line with the "Belt and Road" initiative[5]. - The company plans to increase investment in LNG vessels and accelerate the implementation of LNG transportation projects[17]. - The company is actively pursuing LNG transportation projects and has established a Hong Kong LNG ship management company to support the LNG industry chain development[55]. - The company is prioritizing the development of LNG and new energy transportation as part of its strategic growth initiatives[52]. Governance and Compliance - The company has established a robust internal control and risk management system, integrating quality and risk control frameworks to enhance operational efficiency[59]. - The company has adopted a "three lines of defense" model for risk management, involving various departments and an independent audit function[60]. - The board of directors is responsible for formulating and reviewing corporate governance policies and practices[69]. - The company is committed to maintaining compliance with corporate governance codes and regulations[79]. - The company has established a dedicated investor relations management department to enhance communication and transparency with investors[100]. Environmental and Social Responsibility - The group emphasizes environmental management and aims for sustainable development through initiatives like low-speed sailing and pollution reduction[117]. - The company made charitable donations of approximately RMB 20 million in 2021, an increase from RMB 8.49 million in 2020[118]. - The company is committed to reducing carbon emissions by exploring low-carbon and zero-carbon fuel technologies in response to new IMO regulations[56]. Future Outlook - In 2022, global oil consumption is projected to return to pre-pandemic levels, with OPEC+ potentially increasing production by 400,000 barrels per day[48]. - The company plans to add 2 new oil tankers in 2022, bringing the total to 168 oil tankers with a deadweight tonnage of 25.61 million tons[53]. - The company anticipates achieving operating revenue of RMB 14.42 billion and operating costs of RMB 13.01 billion in 2022[53]. - The company aims to further expand its market and achieve stable growth to provide good returns to shareholders in the coming year[194].
中远海能(01138) - 2021 - 年度财报