COSL(HK:02883)2023-09-06 08:51Financial Performance - In the first half of 2023, the company achieved operating revenue of RMB 18.85 billion, a 24.1% increase compared to RMB 15.20 billion in the same period of 2022[5]. - The net profit for the first half of 2023 was RMB 1.46 billion, reflecting a 31% increase from RMB 1.11 billion in the first half of 2022[5]. - The company reported earnings per share of RMB 0.28 for the first half of 2023, up from RMB 0.23 in the same period of 2022[5]. - The total revenue for the first half of 2023 was RMB 18,849.9 million, representing a 24.0% increase from RMB 15,195.6 million in the same period last year[30]. - Operating profit for the first half of 2023 reached RMB 1,971.3 million, up RMB 703.2 million or 55.5% from RMB 1,268.1 million in the previous year[45]. - The company's operating expenses for the first half of 2023 were RMB 16,986.4 million, an increase of RMB 2,857.8 million or 20.2% from RMB 14,128.6 million in the previous year[35]. - The company reported a significant increase in cash inflows from the disposal of floating-rate financial products and money market funds, totaling RMB 3,643,714 thousand[113]. - The total comprehensive income for the period was RMB 1,379,977 thousand, up 39.5% from RMB 988,593 thousand in the previous year[104]. Capital Expenditures - Global upstream exploration and development capital expenditure is projected to reach USD 565.2 billion in 2023, a 10.75% increase from 2022[14]. - The offshore oilfield capital expenditure is expected to be USD 163.8 billion in 2023, representing a 13.43% increase compared to 2022[14]. - Capital expenditures for the first half of 2023 amounted to RMB 1,854.5 million, a 46.9% increase from RMB 1,262.7 million in the same period last year[59]. - Capital expenditures for drilling services increased by 43.2% to RMB 884.0 million in the first half of 2023 compared to RMB 617.2 million in 2022[60]. - Oilfield technical services capital expenditures rose by 53.0% to RMB 699.4 million from RMB 457.2 million year-on-year[60]. - Total capital expenditures for the company reached RMB 1,854.5 million, a 46.9% increase from RMB 1,262.7 million in the same period last year[60]. Market and Business Strategy - The company has implemented a new business model focusing on "zero inventory" to reduce costs and enhance operational efficiency[8]. - The company aims to enhance its core technology capabilities and drive innovation to support sustainable development and risk management[12]. - The company plans to strengthen its international market expansion and integrated business development to increase market share and profitability[8]. - The company expects global upstream exploration and development investment to increase significantly in the second half of 2023, driven by recovering demand in the oilfield services market[68]. - The company aims to implement five major development strategies to improve service competitiveness and efficiency while monitoring global economic conditions and oil prices[69]. Operational Performance - The drilling services segment generated revenue of RMB 5,422.5 million, up from RMB 5,055.1 million, marking a 7.3% increase year-on-year[17]. - The oilfield technical services segment reported revenue of RMB 10,607.9 million, an increase of RMB 3,049.8 million, representing a growth of 40.4% year-on-year[22]. - The total operating days for drilling platforms reached 8,789 days, an increase of 772 days, or 9.6% year-on-year[18]. - The average daily revenue for semi-submersible drilling platforms was USD 12.3, an increase of 7.0% compared to USD 11.5 in the previous year[20]. - The utilization rate of available days for drilling platforms increased by 2.1 percentage points to 86.5% year-on-year[18]. - The company's ship service revenue for the first half of 2023 was RMB 1,904.7 million, an increase of RMB 179.8 million or 10.4% compared to RMB 1,724.9 million in the same period last year[26]. - The total operating days for ship services increased to 27,191 days, up 3.6% from 26,251 days in the previous year[26]. Financial Position - The company's total assets as of June 30, 2023, were RMB 79,597.5 million, reflecting a 3.2% increase from RMB 77,160.7 million at the end of 2022[52]. - Cash and cash equivalents increased to RMB 5,351.3 million, a 50.2% rise from RMB 3,561.7 million at the beginning of the year, driven by higher revenues and improved collections[54]. - The company's debt-to-equity ratio improved to 43% as of June 30, 2023, down from 44% at the end of 2022[89]. - As of June 30, 2023, the company's net current assets increased from RMB 6,817.8 million to RMB 9,499.5 million compared to December 31, 2022, with the current ratio rising from 1.32 to 1.43[87]. - The company's net assets as of June 30, 2023, amounted to RMB 40,604,999 thousand, compared to RMB 39,975,967 thousand at the end of 2022, reflecting a growth of 1.6%[108]. Shareholder and Management Information - Major shareholders include Brown Brothers with 129,666,280 shares (7.16%), Harriman & Co. with 129,666,280 shares (7.16%), and BlackRock, Inc. with 128,289,936 shares (7.08%) as of June 30, 2023[78]. - The board approved the appointment of Lu Tao as an executive director for a term of three years starting from August 17, 2023[82]. - The company has implemented a differentiated incentive mechanism to enhance motivation among frontline employees and improve overall corporate efficiency[81]. Risk Management - Foreign exchange risks are monitored, as fluctuations in exchange rates can impact net profit and cash flows[92]. - The company is currently assessing its exposure to risks related to the second pillar income tax under the OECD guidelines, which may impact future financial reporting[135].