Financial Performance - Total revenue for 2022 was RMB 1,750,927 thousand, a decrease of 56.1% compared to RMB 3,981,612 thousand in 2021[144]. - Gross profit for 2022 was RMB 42,530 thousand, down 85.0% from RMB 283,616 thousand in 2021[144]. - Operating loss for 2022 was RMB 169,199 thousand, compared to an operating profit of RMB 49,397 thousand in 2021[144]. - Net loss attributable to owners for 2022 was RMB 208,234 thousand, compared to a profit of RMB 11,024 thousand in 2021[144]. - Basic loss per share for 2022 was RMB (11.80) cents, compared to earnings of RMB 0.66 cents in 2021[144]. - The company reported a net loss of RMB 180,784,000 for the year ended December 31, 2022, compared to a net loss of RMB 443,878,000 for the previous year[148]. - Total comprehensive income for the year was RMB (180,784) thousand, a decrease from RMB (2,324) thousand in the previous year[170]. - The company reported a significant reduction in trade receivables, which fell to RMB 264,023 thousand in 2022 from RMB 419,536 thousand in 2021[146]. - The company recorded a loss on impairment of property, plant, and equipment of RMB 55,962 thousand in 2022, compared to RMB 5,317 thousand in 2021, indicating increased asset impairment issues[198]. - The company experienced a pre-tax loss of RMB (197,844) thousand in 2022, a decrease from a profit of RMB 19,811 thousand in 2021, highlighting a substantial downturn in financial performance[198]. Shareholder Information - As of December 31, 2022, the company has approximately RMB 1,379,936,000 in share premium reserves, available for distribution to shareholders after deducting cumulative losses of about RMB 27,430,000[3]. - The company has a public float of at least 25% as of December 31, 2022, ensuring compliance with public shareholding requirements[29]. - The board considers various factors, including financial performance and cash flow, when recommending dividends[4]. - The company paid dividends totaling RMB 512,713,000 during the year[148]. - The company provides information to shareholders and investors primarily through financial reports and regulatory disclosures[107]. - The company has implemented a shareholder communication policy to ensure timely and effective information dissemination to shareholders and investors[120]. - The company actively engages with investors through performance briefings and individual meetings to communicate its status and developments[121]. - The company is committed to enhancing communication with shareholders and investors through various channels, including its website and investor relations department[119]. Corporate Governance - The company has adopted the Corporate Governance Code to enhance transparency and protect shareholder rights[43]. - The company aims to maintain high standards of corporate governance to improve operational efficiency[44]. - The company has established a comprehensive internal management system to monitor financial risks and ensure compliance[55]. - The company’s board of directors includes independent non-executive directors, ensuring compliance with listing rules[47]. - The audit committee oversees the financial reporting process and ensures that the management prepares the consolidated financial reports appropriately[66]. - The audit committee acknowledges that the issues leading to the qualified opinion have been resolved, and the financial impact has been reflected in the financial statements for the years ended December 31, 2021, and December 31, 2022[64]. - The audit committee held two meetings during the year to review financial data, including annual and semi-annual performance, and discussed risk management and internal control systems[87]. - The company has established a remuneration committee to review and recommend compensation policies for directors and senior management[89]. - The nomination committee held three meetings to discuss the nomination of new directors and ensure diversity in the board's composition[101]. - The company emphasizes a diversity policy for board members, considering various factors such as gender, age, and professional experience[102]. Risk Management - The company has a risk management framework in place to identify and assess potential risks affecting business objectives[55]. - The board is responsible for reviewing the effectiveness of risk management and internal control systems, which aim to manage risks rather than eliminate them[79]. - The company has established internal audit functions to regularly review financial management, production, and service processes[80]. - Directors are required to stay informed about the company's operational and financial conditions and report any significant events[81]. - The board conducted an annual review of the group's risk management and internal control systems, affirming their overall effectiveness[82]. Audit and Compliance - The independent auditor issued a qualified opinion on the consolidated financial statements for the year ended December 31, 2022, due to insufficient audit evidence[67]. - The independent auditor was unable to obtain sufficient appropriate audit evidence to support the carrying value of the default provision as of December 31, 2021[85]. - The independent auditor's report indicates that the consolidated financial statements reflect a true and fair view of the company's financial position as of December 31, 2022, except for matters described in the "Basis for Qualified Opinion" section[126]. - The audit fees for the year amounted to HKD 1,680,000, while other services cost HKD 250,000[62]. - The company’s independent auditor has been retained since its establishment in 2005, confirming independence and objectivity[41]. Capital Expenditures and Investments - Approximately HKD 500 million was allocated for the design, procurement, installation, and construction of oil and gas facilities, fully utilized as planned[8]. - About HKD 250 million was designated for capital expenditures related to the enhancement and expansion of production and office facilities in Zhuhai, with HKD 194 million already spent[8]. - The company has not utilized approximately HKD 100 million allocated for upgrading the Penglai site and related equipment, expected to be used in 2023 to 2024[10]. - Approximately HKD 38,866,500 was allocated for general operating funds, with HKD 6 million utilized during the reporting year[10]. - The company raised bank loans amounting to RMB 295,500 thousand during the year, while repaying RMB 312,900 thousand in bank and other loans[177]. Financial Position - Non-current assets totaled RMB 1,557,904 thousand in 2022, down from RMB 1,736,590 thousand in 2021[146]. - Current assets decreased to RMB 1,621,558 thousand in 2022 from RMB 2,137,380 thousand in 2021[146]. - Current liabilities decreased to RMB 1,089,954 thousand in 2022 from RMB 1,797,047 thousand in 2021[146]. - As of December 31, 2022, total equity amounted to RMB 1,747,247,000, a decrease from RMB 1,805,467,000 as of December 31, 2021[148]. - The company's net asset value decreased to RMB 1,747,247 thousand in 2022 from RMB 1,805,467 thousand in 2021, indicating a reduction in equity[173]. - The company’s total equity decreased from RMB 1,805,467 thousand in 2021 to RMB 1,747,247 thousand in 2022, reflecting a decline in shareholder value[173]. - The company’s cash and cash equivalents were RMB 610,477 thousand in 2022, down from RMB 662,765 thousand in 2021[146]. - Cash and cash equivalents as of December 31, 2022, were RMB 97,799,000, down from RMB 134,310,000 in 2021[150]. - The company recognized a significant goodwill of RMB 52,444,000 allocated to its oil and gas exploration equipment manufacturing business[157]. Default Compensation and Provisions - The company reported a provision for default compensation of approximately RMB 138,600,000 due to a contract delay, with an increase of RMB 73,600,000 recognized in the profit and loss account for the year ended December 31, 2022[61]. - The final amount for the default compensation reached RMB 138,600,000, and additional claims amounted to RMB 29,000,000, fully reflected in the financial statements for the years ended December 31, 2021, and December 31, 2022[63]. - Management is in negotiations with clients regarding the final amount of default compensation related to delivery delays, which exceeded the provisions made[84]. - The company recorded significant delays in the delivery of goods under a contract, which were attributed to various factors beyond its control[108]. - The company uses a provision matrix to estimate expected credit losses for trade receivables, which involves significant management judgment based on historical loss experience[116]. - The audit identified the estimation of expected credit losses for trade receivables as a key audit matter due to its importance to the consolidated financial statements[116].
巨涛海洋石油服务(03303) - 2022 - 年度财报