Financial Performance - Revenue for the six-month period ended June 30, 2023, was RMB 511,829,000, a decrease of 28% compared to RMB 710,700,000 in the same period of 2022[13]. - EBITDA for the same period was RMB 354,046,000, down 88% from RMB 3,064,393,000 year-on-year[13]. - The company reported a loss of RMB 60,508,000 for the period, compared to a profit of RMB 2,456,898,000 in the previous year[13]. - Revenue for the Group decreased by 28.0% to RMB511.8 million in 1H2023, entirely derived from China[24]. - The Group recorded a net loss of RMB60.5 million in 1H2023, a decrease of RMB2,517.4 million compared to a net profit of RMB2,456.9 million in 1H2022[24]. - EBITDA decreased by RMB2,710.3 million to RMB354.0 million in 1H2023 from RMB3,064.4 million in 1H2022[28]. - The Group's loss for the six months ended June 30, 2023, was RMB60.5 million, compared to a profit of RMB2,456.9 million for the same period in 2022, representing a decrease of RMB2,517.4 million[74][76]. Production and Sales - Crude oil sales volume decreased to 960,760 barrels, a decline of 17% from 1,157,572 barrels in the same period of 2022[16]. - Average daily net production of crude oil was 5,472 barrels, down from 6,416 barrels year-on-year, reflecting a decrease of approximately 15%[16]. - The Group's total oil and gas production increased by 5.8% to approximately 2.72 million barrels of oil equivalent (BOE) in 1H2023[23]. - Net oil and gas production decreased by 14.7% to about 0.99 million BOE in 1H2023 compared to 1H2022[23]. - Net sales of crude oil fell by 17.2% to approximately 0.96 million barrels in 1H2023[23]. - The average realized crude oil price decreased by 19.0% to US$76.72 per barrel compared to the same period in 2022[24]. - Daily production of crude oil attributable to the Group in Kazakhstan increased by 22.4% to 944 BOPD in 1H2023 from 771 BOPD in 1H2022[40]. Assets and Equity - Total assets as of June 30, 2023, were RMB 2,286,916,000, down from RMB 2,432,164,000 as of December 31, 2022[13]. - Total equity as of June 30, 2023, was negative at RMB (1,859,233,000), compared to RMB (1,720,224,000) at the end of 2022[13]. - Cash and cash equivalents decreased to RMB 55,609,000 from RMB 120,342,000, indicating a decline of 54%[13]. Costs and Expenditures - Development expenditures in China amounted to RMB79 million, while production expenditures were RMB97 million during the six months ended June 30, 2023[30]. - Lifting costs for Kazakhstan (Emir-Oil) decreased to US$6.95 per barrel in 1H2023 from US$7.22 in 1H2022[21]. - Lifting costs for Daan increased by 5.5% to US$13.65 per barrel in 1H2023 from US$12.94 per barrel in 1H2022[34]. - Employee benefit expenses decreased by RMB 1.3 million or 2.7%, from RMB 48.6 million for the six months ended June 30, 2022, to RMB 47.3 million for the six months ended June 30, 2023[59]. - Purchases, services, and other direct costs decreased by RMB 25.0 million or 19.0%, from RMB 131.3 million for the six months ended June 30, 2022, to RMB 106.3 million for the six months ended June 30, 2023[60]. Financing and Cash Flow - The Group generated net cash from operating activities of RMB 243.1 million in 1H2023, compared to RMB 393.5 million in 1H2022, representing a decrease of 38.2%[95][100]. - Cash used in investing activities for the six months ended June 30, 2023, was RMB 189.7 million, a decrease from RMB 213.0 million in the same period of 2022[101][102]. - The Group's net cash used in financing activities was RMB 120.3 million in 1H2023, compared to RMB 30.6 million in 1H2022, indicating an increase in financing outflows[95][100]. - As of June 30, 2023, the Group's borrowings amounted to approximately RMB3,199.9 million, an increase of approximately RMB145.7 million compared to December 31, 2022[108][111]. - The gearing ratio increased from 241.7% as of December 31, 2022 to 244.7% as of June 30, 2023[109][111]. Shareholder Information - Mr. Zhang Ruilin holds 1,566,108,234 ordinary shares, representing a 46.24% interest in the company[130]. - Mr. Zhao Jiangwei also holds 1,566,108,234 ordinary shares, indicating a 46.24% interest in the company[131]. - The company has entered into an Acting-in-Concert Agreement among its controlling shareholders to ensure unified decision-making[134]. - The substantial shareholders' interests reflect a concentrated ownership structure, which may impact corporate governance and decision-making[158]. - Billion Capital Shine Inc. has a security interest in 1,472,300,000 shares, accounting for 43.47% of the company's interests[158]. Strategic Initiatives - The company is focusing on enhancing operational efficiency and exploring new market opportunities to improve future performance[15]. - New product and technology developments are underway, aimed at expanding the company's market presence and competitiveness[15]. - The outlook for the second half of 2023 indicates potential volatility in global crude oil prices due to various economic factors[47].
MI能源(01555) - 2023 - 中期财报