中海油服(601808) - 2020 Q3 - 季度财报

Important Notice The company's management ensures the report's authenticity and completeness, noting the report is unaudited Statement on Report Authenticity and Audit Status The company's management guarantees the report's truthfulness and completeness, noting it is unaudited and the chairman was absent from the board meeting - The company's Board of Directors, Supervisory Committee, and senior management ensure the report's content is true, accurate, and complete[4] - This company's third-quarter report is unaudited[4] Company Profile and Operating Performance The company's financial performance in the first three quarters of 2020 remained stable despite challenges, with slight revenue and net profit growth and significant changes in cash flow Key Financial Data As of Q3 2020, the company reported slight revenue and net profit growth, a negative operating cash flow due to extended payment cycles, and significant non-recurring gains Key Financial Data for Q1-Q3 2020 (Consolidated Statements) | Indicator | Q1-Q3 2020 | Q1-Q3 2019 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB million) | 21,449.8 | 21,334.8 | 0.5% | | Net Profit Attributable to Shareholders of Listed Company (RMB million) | 2,154.6 | 2,118.8 | 1.7% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) (RMB million) | 1,891.8 | 1,889.6 | 0.1% | | Net Cash Flow from Operating Activities (RMB million) | -734.2 | 1,133.7 | -164.8% | | Basic Earnings Per Share (RMB/share) | 0.45 | 0.44 | 2.3% | | Weighted Average Return on Net Assets | 5.8% | 6.0% | Decrease of 0.2 percentage points | - In the first three quarters of 2020, total non-recurring gains amounted to RMB 263 million, primarily comprising government subsidies, wealth management product income, and other non-operating income and expenses[7] Shareholder Information As of the reporting period, the company had 72,939 shareholders, with China National Offshore Oil Corporation as the controlling shareholder, indicating a highly concentrated equity structure Top Two Shareholders' Holdings | Shareholder Name | Number of Shares Held | Shareholding Percentage (%) | | :--- | :--- | :--- | | China National Offshore Oil Corporation | 2,410,849,300 | 50.53 | | Hong Kong Securities Clearing Company Nominees Limited | 1,808,819,958 | 37.91 | - As of the end of the reporting period, the company had a total of 72,939 shareholders[8] Operating Performance Review Despite challenges from the pandemic and low oil prices, the company maintained stable performance in the first three quarters, with increased drilling days but decreased utilization rates for some services - Despite the dual impact of the pandemic and low oil prices, the company achieved RMB 21.45 billion in operating revenue and RMB 2.167 billion in net profit for the first three quarters, largely consistent with the prior year, through cost reduction and efficiency improvements[12] Overview of Operating Data by Business Segment (Nine Months Ended September 30, 2020) | Business Segment | Indicator | 2020 | 2019 | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Drilling Services | Total Operating Days | 11,088 | 10,662 | +4.0% | | | Jack-up Rig Calendar Day Utilization Rate | 75.7% | 83.7% | -8.0 percentage points | | | Semi-submersible Rig Calendar Day Utilization Rate | 64.8% | 73.5% | -8.7 percentage points | | Vessel Services | Own Fleet Operating Days | 22,863 | 23,156 | -1.3% | | | Own Fleet Calendar Day Utilization Rate | 95.2% | 94.2% | +1.0 percentage points | | Geophysical Survey Services | 2D Acquisition (km) | 9,652 | 25,701 | -62.4% | | | 3D Acquisition (sq km) | 14,844 | 26,319 | -43.6% | Significant Events This section details significant changes in financial statement items, progress on major litigation, and the company's cautious outlook for the full year Analysis of Significant Changes in Financial Statement Items Several financial statement items experienced significant changes, including a substantial increase in monetary funds due to bond issuance and a shift to negative operating cash flow primarily from extended customer payment cycles - Asset impairment losses amounted to RMB 869 million, a significant year-on-year increase of RMB 859 million, primarily due to the RMB 844 million impairment provision for fixed assets in the current period[19] - Monetary funds increased by 76.8% from the beginning of the year to RMB 6.127 billion, mainly due to the issuance of USD 800 million in bonds during the period[23] - Accounts receivable increased by 47.2% from the beginning of the year to RMB 15.167 billion, primarily due to extended customer payment cycles affected by the pandemic and oil price fluctuations[26] - Net cash flow from operating activities was -RMB 734 million, compared to a net inflow of RMB 1.134 billion in the prior year, primarily due to a year-on-year increase of RMB 2.917 billion in cash paid for goods and services, despite receiving RMB 1.31 billion in contract termination settlement funds[38] Progress of Significant Litigation The company reached an out-of-court settlement with Equinor Energy AS regarding a drilling rig contract dispute, receiving USD 188 million in settlement funds and making related impairment provisions - The company reached an out-of-court settlement with Equinor regarding a drilling rig contract dispute, receiving USD 188 million in settlement funds[42] - The settlement funds were received in the first quarter of 2020, and the company has performed impairment tests and made impairment provisions for related fixed assets[42] Performance Outlook The company maintains a cautiously optimistic outlook for the full year, aiming for stable operating performance despite uncertainties, supported by domestic initiatives and internal efficiency measures - The company states that its performance in the first three quarters remained stable, benefiting from the implementation of the domestic 'Seven-Year Action Plan' and the company's efforts in cost reduction and efficiency improvement[43] - The company will continue to implement various measures to address macroeconomic uncertainties and industry challenges, focusing on safe operations and cost control to ensure stable annual operations[43] Financial Statements Appendix This appendix provides the company's unaudited consolidated and parent company financial statements for the third quarter of 2020 Financial Statements This appendix contains the company's unaudited consolidated and parent company financial statements for the third quarter of 2020 Consolidated Balance Sheet As of September 30, 2020, the company's total assets increased by 1.5% to RMB 77.27 billion, while total liabilities remained stable and equity attributable to parent company shareholders grew by 3.6% Key Items from Consolidated Balance Sheet (Unit: RMB billion) | Item | Sept 30, 2020 | Dec 31, 2019 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 77.27 | 76.102 | +1.5% | | Current Assets | 26.03 | 23.03 | +13.0% | | Non-current Assets | 51.24 | 53.072 | -3.5% | | Total Liabilities | 39.032 | 39.192 | -0.4% | | Current Liabilities | 14.834 | 19.829 | -25.2% | | Non-current Liabilities | 24.198 | 19.363 | +25.0% | | Equity Attributable to Parent Company Shareholders | 38.054 | 36.734 | +3.6% | Consolidated Income Statement For the first three quarters of 2020, operating revenue increased by 0.5% to RMB 21.45 billion, while operating profit decreased by 11.6% due to a significant rise in asset impairment losses, resulting in a 1.7% increase in net profit attributable to parent company shareholders Key Items from Consolidated Income Statement (Unit: RMB billion) | Item | Q1-Q3 2020 | Q1-Q3 2019 | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 21.45 | 21.335 | +0.5% | | Total Operating Costs | 18.514 | 18.979 | -2.5% | | Asset Impairment Losses | -8.69 | -0.11 | -7800% | | Operating Profit | 2.521 | 2.853 | -11.6% | | Total Profit | 2.645 | 2.807 | -5.8% | | Net Profit Attributable to Parent Company Shareholders | 2.155 | 2.119 | +1.7% | | Basic Earnings Per Share (RMB) | 0.45 | 0.44 | +2.3% | Consolidated Cash Flow Statement In the first three quarters of 2020, net cash flow from operating activities turned negative due to increased procurement, while investment cash flow decreased and financing cash flow significantly improved due to bond issuance Key Items from Consolidated Cash Flow Statement (Unit: RMB billion) | Item | Q1-Q3 2020 | Q1-Q3 2019 | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -0.734 | 1.134 | -164.8% | | Net Cash Flow from Investing Activities | 3.878 | 4.739 | -18.2% | | Net Cash Flow from Financing Activities | -0.311 | -3.303 | +90.6% | | Net Increase in Cash and Cash Equivalents | 2.731 | 2.609 | +4.7% |