中海油服(601808) - 2019 Q1 - 季度财报

Important Notice The board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility Report Declaration The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility - The company's board of directors, supervisory board, directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibility[3] - This first quarter report is unaudited[3] Company Profile This section provides an overview of the company's key financial data, non-recurring gains and losses, shareholder information, and operating performance review Key Financial Data Q1 2019 saw stable assets, 72.3% operating revenue growth, net profit turning profitable, and significantly improved operating cash flow Overview of Key Financial Data for Q1 2019 | Indicator | End of Reporting Period / Current Period (million yuan) | Beginning of Reporting Period / Prior Year Period (million yuan) | Change (%) / Change (percentage points) | | :--- | :--- | :--- | :--- | | Balance Sheet | | | | | Total Assets | 75,972.5 | 76,157.8 (adjusted at period-beginning) | -0.2% | | Net Assets Attributable to Shareholders of Listed Company | 34,507.1 | 34,524.2 (adjusted at period-beginning) | -0.0% | | Income Statement | | | | | Operating Revenue | 5,907.8 | 3,427.9 | 72.3% | | Net Profit Attributable to Shareholders of Listed Company | 31.0 | -651.1 | N/A (turned profitable) | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -47.1 | -903.3 | N/A (reduced losses) | | Weighted Average Return on Net Assets (%) | 0.1 | -1.9 | Increased 2.0 percentage points | | Basic Earnings Per Share (yuan/share) | 0.01 | -0.14 | N/A (turned profitable) | | Cash Flow Statement | | | | | Net Cash Flow from Operating Activities | -5.3 | -847.9 | N/A (decreased outflow) | - Due to the initial adoption of new leasing standards, only the data at the beginning of the reporting period in the table has been adjusted[4] Non-Recurring Gains and Losses Q1 2019 non-recurring gains and losses totaled 78.05 million yuan, mainly from wealth management product income and non-operating income Non-Recurring Gains and Losses Items and Amounts for Q1 2019 | Item | Amount for Current Period (yuan) | | :--- | :--- | | Gains/Losses from Disposal and Scrapping of Non-Current Assets | -9,117,773 | | Government Subsidies Included in Current Period's Gains/Losses | 13,546,495 | | Income from Wealth Management Products Included in Current Period's Gains/Losses | 69,445,435 | | Other Non-Operating Income and Expenses Apart from the Above | 16,238,629 | | Income Tax Impact | -12,061,118 | | Total | 78,051,668 | Shareholder Information The company had 65,113 shareholders at period-end, with China National Offshore Oil Corporation (50.53%) and HKSCC Nominees Limited (37.90%) as the top two - As of the end of the reporting period, the total number of shareholders was 65,113[7] Top Ten Shareholders' Holdings | Shareholder Name | Number of Shares Held at Period-End (shares) | Proportion (%) | Share Status | Quantity | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | China National Offshore Oil Corporation | 2,410,849,300 | 50.53 | None | 0 | State-owned Legal Person | | HKSCC Nominees Limited | 1,808,351,728 | 37.90 | None | 0 | Other | | China Securities Finance Corporation Limited | 140,604,876 | 2.95 | None | 0 | State-owned Legal Person | | Central Huijin Asset Management Co., Ltd. | 29,883,000 | 0.63 | None | 0 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 6,731,466 | 0.14 | None | 0 | Other | - The shares held by HKSCC Nominees Limited are held on behalf of others[9] Operating Performance Review Q1 2019 operating revenue surged 72.3% due to market recovery and increased E&P investment, leading to significantly improved profitability and increased workloads across all service segments - In Q1 2019, the oilfield services market showed signs of recovery with increased upstream exploration and development investment, though market competition remained intense[10] Key Operating Performance for Q1 2019 | Indicator | Q1 2019 (million yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 5,907.8 | 72.3 | | Total Profit | 168.5 | N/A (loss in prior year period) | | Net Profit | 38.6 | N/A (loss in prior year period) | - Excluding the impact of exchange losses and asset disposal gains, total profit was 274.5 million yuan, a year-on-year increase of 833.4 million yuan[10][11] Overall Operating Overview The company achieved significant market expansion and refined management, with double-digit growth in drilling rig operations and utilization, and steady increases in marine and oilfield technical services workloads - The group continuously enhanced refined management, achieving significant domestic and international market expansion results[10] - Both jack-up and semi-submersible drilling rig operations increased significantly, with calendar day utilization showing double-digit growth[10] - Workloads across all business lines for marine support and oilfield technical services maintained a steady increase[10] Drilling Services Drilling services operations and utilization significantly increased, with total operating days up 45.6% to 3,312 days and calendar day utilization up 15.9 percentage points to 74.7% Key Operating Data for Drilling Services | Indicator | March 31, 2019 | March 31, 2018 | Change (%) / (percentage points) | | :--- | :--- | :--- | :--- | | Operating Days (days) | 3,312 | 2,275 | 45.6% | | Jack-up Rig Operating Days | 2,521 | 1,817 | 38.7% | | Semi-submersible Rig Operating Days | 791 | 458 | 72.7% | | Calendar Day Utilization Rate | 74.7% | 58.8% | Increased 15.9 percentage points | | Jack-up Rig Calendar Day Utilization Rate | 77.8% | 63.1% | Increased 14.7 percentage points | | Semi-submersible Rig Calendar Day Utilization Rate | 66.4% | 46.3% | Increased 20.1 percentage points | - Five modular drilling rigs operating in the Gulf of Mexico worked 360 days in the current period, an increase of 270 days year-on-year, with calendar day utilization increasing by 60.0 percentage points[16] Marine Support Services Owned fleet operating days increased 5.4% to 7,716 days, with calendar day utilization up 7.2 percentage points to 95.3%, reaching a new high, and chartered vessel operations also significantly increased Key Operating Data for Marine Support Services (Owned Fleet) | Indicator | March 31, 2019 | March 31, 2018 | Change (%) / (percentage points) | | :--- | :--- | :--- | :--- | | Operating Days (days) | 7,716 | 7,319 | 5.4% | | Calendar Day Utilization Rate | 95.3% | 88.1% | Increased 7.2 percentage points | | Multi-purpose Vessel Operating Days | 323 | 132 | 144.7% | | Multi-purpose Vessel Calendar Day Utilization Rate | 89.7% | 36.7% | Increased 53.0 percentage points | - Owned fleet calendar day utilization increased by 7.2 percentage points year-on-year to 95.3%, reaching a new high in recent years[16] - The group's chartered vessel operations also significantly increased in the current period, totaling 3,301 days, a year-on-year increase of 45.5%[16] Geophysical Prospecting and Engineering Survey Services Subsea cable operations substantially increased by 5,266.7%, while 2D and 3D acquisition operations temporarily declined due to equipment adjustments and maintenance Key Operating Data for Geophysical Prospecting and Engineering Survey Services | Indicator | March 31, 2019 | March 31, 2018 | Change (%) | | :--- | :--- | :--- | :--- | | 2D Acquisition (km) | 8,086 | 9,803 | -17.5 | | 3D Acquisition (sq km) | 5,949 | 8,364 | -28.9 | | Subsea Cable (sq km) | 322 | 6 | 5,266.7 | - 2D and 3D acquisition operations experienced a temporary year-on-year decline, primarily due to the group's timely adjustment of equipment layout, work area transfers, and factory maintenance to meet subsequent robust market demand[16] Significant Events This section details significant changes in financial statement items, progress of important legal matters, and the company's performance outlook Analysis of Significant Changes in Key Financial Statement Items and Indicators Operating revenue, investment income, and short-term borrowings significantly increased, while asset disposal gains and trading financial assets substantially decreased, reflecting industry recovery and financing activities - Operating revenue increased by 72.3% year-on-year to 5,907.8 million yuan, primarily influenced by industry recovery and increased upstream exploration investment[18] - Investment income increased by 278.0% year-on-year to 140.6 million yuan, mainly due to good performance of joint ventures and increased income from wealth management and money market funds[23] - Short-term borrowings increased by 71.7% from the beginning of the year to 2,356.7 million yuan, primarily due to an additional 150 million USD in short-term borrowings[30] Income Statement Item Changes Operating revenue and cost grew with workload, sales expenses rose, investment income increased, while asset disposal gains and fair value change gains decreased, and income tax expense surged due to profitability Major Income Statement Item Changes | Item | Q1 2019 (million yuan) | Q1 2018 (million yuan) | Change (million yuan) | Growth (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,907.8 | 3,427.9 | 2,479.9 | 72.3 | Industry recovery, increased workload | | Operating Cost | 5,233.6 | 3,587.9 | 1,645.7 | 45.9 | Increased workload, increased cost input | | Selling Expenses | 6.8 | 2.7 | 4.1 | 151.9 | Increased sales volume | | Asset Impairment Losses | 0.9 | 2.0 | -1.1 | -55.0 | Decreased inventory impairment provision | | Other Income | 13.5 | 19.4 | -5.9 | -30.4 | Decreased government subsidies | | Investment Income | 140.6 | 37.2 | 103.4 | 278.0 | Good performance of joint ventures, increased wealth management income | | Gains from Changes in Fair Value | -21.5 | 19.5 | -41.0 | -210.3 | Redemption of money market funds and maturity of floating-rate wealth management products | | Gains from Asset Disposal | -0.2 | 219.8 | -220.0 | N/A | No disposal of large equipment | | Non-Operating Income | 11.9 | 33.5 | -21.6 | -64.5 | Decreased insurance claims | | Non-Operating Expenses | 4.5 | 7.3 | -2.8 | -38.4 | Decreased compensation for equipment dropped in well | | Income Tax Expense | 129.9 | 32.4 | 97.5 | 300.4 | Increased company profitability | Balance Sheet Item Changes Trading financial assets decreased, short-term borrowings increased, contract liabilities and other current liabilities rose, long-term borrowings decreased, and other comprehensive income decreased, driven by financing and operational changes Major Balance Sheet Item Changes (Period-End vs. Period-Beginning) | Item | March 31, 2019 (million yuan) | January 1, 2019 (million yuan) | Change (million yuan) | Growth (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 600.3 | 1,749.7 | -1,149.4 | -65.7 | Wealth management maturity and money market fund redemption | | Short-term Borrowings | 2,356.7 | 1,372.6 | 984.1 | 71.7 | Increased 150 million USD in short-term borrowings | | Contract Liabilities | 219.7 | 154.4 | 65.3 | 42.3 | Received mobilization fees | | Taxes Payable | 536.1 | 768.1 | -232.0 | -30.2 | Decreased VAT payable | | Other Current Liabilities | 415.9 | 202.1 | 213.8 | 105.8 | Increased deferred output VAT | | Long-term Borrowings | 486.2 | 787.6 | -301.4 | -38.3 | Repaid principal of 42 million USD and 9 million yuan | | Other Comprehensive Income | -198.5 | -150.5 | -48.0 | N/A | Impact of exchange rate fluctuations | Cash Flow Statement Item Changes Operating cash outflow significantly decreased, while investing and financing cash flows turned into significant inflows, driven by increased cash from services, investment recovery, and borrowings Major Cash Flow Statement Item Changes (Current Period vs. Prior Year Period) | Item | Q1 2019 (million yuan) | Q1 2018 (million yuan) | Change (million yuan) | Change Type | Primary Reason | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -5.3 | -847.9 | 842.6 | Decreased outflow | Cash received for providing labor and services increased by 1,930.9 million yuan | | Net Cash Flow from Investing Activities | 155.7 | -3,731.5 | 3,887.2 | Increased inflow | Cash from investment recovery increased by 1,401.4 million yuan, and cash paid for investments decreased by 2,977.1 million yuan | | Net Cash Flow from Financing Activities | 320.7 | -521.3 | 842.0 | Increased inflow | Cash received from borrowings increased by 1,019.1 million yuan | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -30.4 | -136.1 | 105.7 | Decreased outflow | Impact of exchange rate fluctuations | Progress of Significant Events Ongoing litigation between COM and Equinor Petroleum AS concerns the COSLInnovator drilling rig contract termination and COSLPromoter cost compensation, with both parties having filed appeals - COSL Offshore Management AS (COM) filed a lawsuit against Statoil Petroleum AS (now Equinor Petroleum AS) for the termination of the COSLInnovator drilling rig operating contract, alleging unlawful termination and claiming compensation[38][39] - Following the Oslo District Court's judgment on May 15, 2018, both Equinor and COM have filed appeals with the Norwegian Court of Appeal[38][39] - COM also claimed 15,238,596 USD from Statoil for costs incurred to meet requirements for the COSLPromoter drilling rig and losses during the reduced day rate period[39] Performance Forecast and Outlook The company expects ample workload in Q2 and aims for better year-on-year operating performance through refined management and cost control - In Q1 2019, domestic exploration and development demand further increased, leading to significant year-on-year growth in workloads across the company's main business segments, achieving operating revenue of 5.91 billion yuan and net profit of 39 million yuan, representing substantial performance growth compared to Q1 2018[39] - The company expects to maintain a relatively ample workload in Q2 and will continue to enhance refined management and strengthen control over incremental variable costs resulting from increased operations[39] - The company will continue to strive for better year-on-year operating performance through various initiatives[39] Appendix This section includes the company's unaudited Q1 2019 financial statements and explanations of new accounting standards adjustments Financial Statements This section presents the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2019, detailing financial position and operating results - Financial statements include consolidated and parent company balance sheets, income statements, and cash flow statements[41][43][45][46][48][49] - All financial statements are unaudited[43][46][48][49] Consolidated Balance Sheet As of March 31, 2019, consolidated total assets were 75.97 billion yuan, liabilities 41.31 billion yuan, and shareholders' equity 34.66 billion yuan, with current and non-current asset breakdowns Key Consolidated Balance Sheet Data (March 31, 2019) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 75,972,545,958 | | Total Current Assets | 22,543,996,873 | | Total Non-Current Assets | 53,428,549,085 | | Total Liabilities | 41,313,036,986 | | Total Current Liabilities | 17,837,772,936 | | Total Non-Current Liabilities | 23,475,264,050 | | Total Shareholders' Equity | 34,659,508,972 | Parent Company Balance Sheet As of March 31, 2019, parent company total assets were 62.78 billion yuan, liabilities 23.78 billion yuan, and shareholders' equity 39.00 billion yuan, with current and non-current asset breakdowns Key Parent Company Balance Sheet Data (March 31, 2019) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 62,782,654,976 | | Total Current Assets | 20,324,720,816 | | Total Non-Current Assets | 42,457,934,160 | | Total Liabilities | 23,780,550,375 | | Total Current Liabilities | 14,471,014,280 | | Total Non-Current Liabilities | 9,309,536,095 | | Total Shareholders' Equity | 39,002,104,601 | Consolidated Income Statement In Q1 2019, consolidated total operating revenue was 5.91 billion yuan (72.3% increase), with net profit of 38.62 million yuan (turning profitable), and net profit attributable to parent company shareholders at 30.95 million yuan Key Consolidated Income Statement Data (Q1 2019) | Item | Q1 2019 (yuan) | Q1 2018 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 5,907,777,887 | 3,427,873,140 | | Total Operating Cost | 5,879,059,225 | 4,361,556,179 | | Operating Profit | 161,163,573 | -637,704,224 | | Total Profit | 168,501,891 | -611,552,363 | | Net Profit | 38,618,241 | -643,988,131 | | Net Profit Attributable to Parent Company Shareholders | 30,952,844 | -651,134,585 | | Basic Earnings Per Share (yuan/share) | 0.0065 | -0.1365 | Parent Company Income Statement In Q1 2019, parent company operating revenue was 4.55 billion yuan, and net profit was 437.71 million yuan, achieving substantial profitability and significantly improving from prior year losses Key Parent Company Income Statement Data (Q1 2019) | Item | Q1 2019 (yuan) | Q1 2018 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 4,549,404,036 | 2,751,054,232 | | Operating Profit | 492,226,097 | -129,875,648 | | Total Profit | 499,490,135 | -104,069,501 | | Net Profit | 437,713,227 | -118,791,204 | Consolidated Cash Flow Statement In Q1 2019, consolidated operating cash flow was -5.30 million yuan (decreased outflow), investing cash flow was 155.69 million yuan (net inflow), and financing cash flow was 320.72 million yuan (net inflow) Key Consolidated Cash Flow Statement Data (Q1 2019) | Item | Q1 2019 (yuan) | Q1 2018 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -5,304,362 | -847,924,632 | | Net Cash Flow from Investing Activities | 155,691,790 | -3,731,502,133 | | Net Cash Flow from Financing Activities | 320,721,836 | -521,307,936 | | Net Increase in Cash and Cash Equivalents | 440,665,006 | -5,236,841,247 | Parent Company Cash Flow Statement In Q1 2019, parent company operating cash flow was 80.90 million yuan (improved outflow), investing cash flow was 622.37 million yuan (net inflow), and financing cash flow was -434.84 million yuan (increased outflow) Key Parent Company Cash Flow Statement Data (Q1 2019) | Item | Q1 2019 (yuan) | Q1 2018 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 80,898,014 | -824,694,703 | | Net Cash Flow from Investing Activities | 622,372,944 | -3,338,224,684 | | Net Cash Flow from Financing Activities | -434,841,129 | -281,250,767 | | Net Increase in Cash and Cash Equivalents | 263,956,636 | -4,528,994,800 | Explanation of New Accounting Standards Adjustments The company initially adopted new leasing standards, adjusting Q1 2019 balance sheet items, primarily impacting right-of-use assets, lease liabilities, and other related accounts - The company initially adopted new leasing standards, adjusting relevant financial statement items as of January 1, 2019[51][53] - Adjustments primarily impacted right-of-use assets, lease liabilities, prepayments, inventories, notes and accounts payable, non-current liabilities due within one year, deferred tax assets/liabilities, and undistributed profits[51][52][53][54] Consolidated Balance Sheet Adjustments Consolidated total assets increased by 1.47 billion yuan, liabilities by 1.48 billion yuan, and parent company net assets decreased by 5.71 million yuan due to new leasing standards, primarily adding right-of-use assets and lease liabilities Major Consolidated Balance Sheet Adjustments (January 1, 2019) | Item | December 31, 2018 (yuan) | January 1, 2019 (yuan) | Adjustment Amount (yuan) | | :--- | :--- | :--- | :--- | | Total Assets | 74,687,004,562 | 76,157,798,536 | 1,470,793,974 | | Right-of-Use Assets | N/A | 1,480,884,837 | 1,480,884,837 | | Total Liabilities | 40,009,598,701 | 41,486,105,110 | 1,476,506,409 | | Lease Liabilities | N/A | 1,088,795,411 | 1,088,795,411 | | Total Shareholders' Equity Attributable to Parent Company | 34,529,875,879 | 34,524,163,444 | -5,712,435 | Parent Company Balance Sheet Adjustments Parent company total assets increased by 1.37 billion yuan, liabilities by 1.37 billion yuan, and shareholders' equity increased by 2.64 million yuan due to new leasing standards, primarily adding right-of-use assets and lease liabilities Major Parent Company Balance Sheet Adjustments (January 1, 2019) | Item | December 31, 2018 (yuan) | January 1, 2019 (yuan) | Adjustment Amount (yuan) | | :--- | :--- | :--- | :--- | | Total Assets | 61,919,540,075 | 63,294,177,265 | 1,374,637,190 | | Right-of-Use Assets | N/A | 1,383,927,715 | 1,383,927,715 | | Total Liabilities | 23,321,465,291 | 24,693,457,547 | 1,371,992,256 | | Lease Liabilities | N/A | 994,432,873 | 994,432,873 | | Total Shareholders' Equity | 38,598,074,784 | 38,600,719,718 | 2,644,934 | Explanation of Retrospective Adjustments Initial adoption of new financial instruments and leasing standards does not involve retrospective adjustments to prior period comparative data - The initial adoption of new financial instruments and new leasing standards does not involve retrospective adjustments to prior period comparative data[55] Audit Report This quarterly report is unaudited - This quarterly report is unaudited[55]