ST洲际(600759) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was CNY 2,453,215,434.28, representing a 51.22% increase compared to CNY 1,622,278,319.25 in 2020[20]. - The net profit attributable to shareholders of the listed company was a loss of CNY 943,190,528.41, a decrease of 639.63% from a profit of CNY 174,784,501.31 in the previous year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 704,024.52, a significant improvement from a loss of CNY 289,747,871.46 in 2020, marking a 100.24% increase[20]. - The net cash flow from operating activities was CNY 615,914,604.68, up 11.52% from CNY 552,295,931.48 in 2020[20]. - Basic earnings per share for 2021 was -0.4167 CNY, a decrease of 639.77% compared to 2020[23]. - The company reported a net profit attributable to shareholders of -762,420,234.01 CNY in Q4 2021, with a total annual revenue of 2,523,215,434.28 CNY[24]. - The weighted average return on equity decreased by 22.95 percentage points to -19.67% in 2021 compared to 2020[23]. - The company reported a significant increase in tax and additional fees by 84.98% due to rising international oil prices[57]. - The company’s tax expenses for the year amounted to 23,734.45 million RMB, compared to 7,393.58 million RMB in the previous year, reflecting a significant increase[89]. - The company’s management expenses increased to 10,317.30 million RMB in 2021 from 6,780.15 million RMB in 2020, marking an increase of approximately 52.5%[89]. Assets and Liabilities - Total assets at the end of 2021 were CNY 13,321,180,625.83, a decrease of 6.16% from CNY 14,195,676,482.48 at the end of 2020[20]. - The company's net assets attributable to shareholders decreased by 18.92% to CNY 4,294,414,009.55 from CNY 5,296,459,758.02 in the previous year[20]. - The company's total assets at the end of the reporting period amounted to CNY 1,332,118,060.00, with equity attributable to shareholders of CNY 429,441,400.00[57]. - The confirmed oil reserves at the end of the period were 1,469.68 million tons, down from 1,530.47 million tons at the end of the previous period, representing a decrease of approximately 3.95%[79]. - The company’s total production costs were reported at 55,154.13 million RMB in 2021, slightly down from 56,294.05 million RMB in 2020[89]. Production and Operations - The company achieved an annual crude oil production of 626,300 tons in 2021, overcoming challenges posed by the pandemic[33]. - The company completed 27 well interventions, resulting in an increase of oil production in 20 wells, and implemented targeted measures in various oil fields[36]. - The company produced 932,266 tons of crude oil, with a sales volume of 918,885 tons, indicating a production decrease of 4% and a sales decrease of 3% year-over-year[62]. - The company is focusing on expanding its production capacity and optimizing drilling plans in response to rising oil prices[33]. - The company plans to optimize production processes and reduce operational costs through enhanced management practices[33]. Strategic Initiatives - The company plans to continue optimizing its business layout and asset structure, focusing on energy-related industries and expanding profit channels[45]. - The company is focusing on a dual-driven development strategy of "project value enhancement + project acquisition" to expand its global business network[53]. - The company aims to address high external dependence on oil and gas through increased domestic exploration and production efforts[43]. - The company is exploring new energy project investments to optimize its industry layout and asset structure[105]. - The company’s strategy includes a dual approach of project value enhancement and acquisitions to drive growth in traditional oil and gas exploration[104]. Risks and Challenges - The company faced significant risks as outlined in the management discussion and analysis section, which investors are advised to review carefully[7]. - The company faces oil and gas product price fluctuation risks, as crude oil sales prices are determined by international oil prices, which are influenced by global political and economic changes, supply and demand conditions, and geopolitical events[109]. - The company operates with foreign currency accounting, exposing it to financial and exchange rate risks, particularly during its acquisition expansion phase, which requires significant funding[109]. - The company is exposed to cross-border operational risks due to differences in laws, regulations, and business practices between Kazakhstan and China, where its main oil and gas assets are located[110]. - The company has established and continuously improved its HSE management system to mitigate safety production risks associated with oil exploration and development, although it cannot completely eliminate potential economic losses from unforeseen incidents[111]. Legal and Compliance Issues - The company is involved in multiple legal disputes, including a loan repayment case where it is required to repay a principal amount of RMB 300 million plus interest and penalties[176]. - The company has been ordered to repay a loan of 10.6 million yuan and pay penalties as per a final judgment in a loan dispute case[169]. - The company has properties in Liuzhou, Guangxi, which are subject to legal claims, including 53 properties and corresponding land use rights[177]. - The company has been ordered to pay legal fees of RMB 1 million in connection with the guarantee contract dispute[183]. - The company has been subject to enforcement actions, including property seizures, as part of the court's rulings in various disputes[185]. Management and Governance - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to CNY 1,006.3 million[121]. - The company has a diverse management team with extensive experience in oil and gas exploration and production, including international project management[121]. - The company has maintained a stable management structure with no significant changes in the board composition during the reporting period[121]. - The company continues to focus on enhancing its management capabilities through experienced personnel in the oil and gas sector[121]. - The company has implemented a governance self-inspection and made necessary adjustments to ensure compliance with regulatory requirements[149].