Financial Performance - Average realized crude oil price decreased to $78.89 per barrel, down 16.0% from $93.97 in 2022[2] - Total revenue decreased to RMB 1,035,983 thousand, a decline of 27.6% from RMB 1,431,294 thousand in 2022[2] - Operating profit dropped to RMB 309,792 thousand, down 45.8% from RMB 572,082 thousand in 2022[2] - The company reported a net loss of RMB 157,530 thousand, compared to a profit of RMB 2,378,790 thousand in the previous year[2] - EBITDA decreased significantly to RMB 677,550 thousand, down 80.6% from RMB 3,489,816 thousand in 2022[2] - The total comprehensive income for the year was CNY (182,275,000), down from CNY 2,247,981,000 in the previous year, reflecting a decrease of approximately 108.1%[7] - Basic earnings per share for the year were CNY (0.05), compared to CNY 0.72 in the previous year, showing a substantial drop[7] - The company reported a net loss attributable to shareholders of CNY 157,530,000 for the year, compared to a profit of CNY 2,378,790,000 in the previous year, indicating a significant decline[7] - The group reported a loss before tax of RMB 73.7 million in 2023, a decrease of RMB 2.5802 billion compared to a profit of RMB 2.5065 billion in 2022, largely due to the absence of restructuring plan benefits recognized in 2022[82] - The net loss for 2023 was RMB 157.5 million, a significant decline from a net profit of RMB 2.3788 billion in 2022[85] Production and Operations - Total crude oil production was 5,241,517 barrels, a decrease of 2.9% compared to 5,396,516 barrels in 2022[2] - Net crude oil production fell to 1,919,409 barrels, down 16.2% from 2,291,812 barrels in the previous year[2] - The average daily total production of oil and gas decreased by 2.6% to 14,428 barrels of oil equivalent per day in 2023 compared to 14,816 barrels in 2022[59] - The average daily net production of oil and gas fell by 16.2% to 5,262 barrels of oil equivalent per day in 2023 from 6,280 barrels in 2022[59] - The company successfully completed drilling 268 new wells ahead of schedule, as per the agreement with China National Petroleum Corporation[3] - The company plans to maintain a net production capacity of 4,300 to 5,300 barrels per day for the Daan project[5] - The average daily net production of natural gas increased significantly by 118.9% to 18.50 thousand cubic feet per day in 2023 from 8.45 thousand cubic feet in 2022[59] - The company drilled 22 directional wells in the Da'an project in 2023, with a total drilling footage of 45,489 meters[63] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 1,726,326,000, compared to RMB 2,432,164,000 in 2022, reflecting a decrease of approximately 29%[11] - Non-current assets totaled RMB 1,516,892,000 in 2023, down from RMB 1,719,910,000 in 2022, indicating a decline of about 12%[11] - Current assets decreased to RMB 209,434,000 in 2023 from RMB 712,254,000 in 2022, representing a significant drop of approximately 71%[11] - Total liabilities decreased to RMB 3,628,825,000 in 2023 from RMB 4,152,388,000 in 2022, showing a reduction of about 13%[11] - The company's equity attributable to shareholders was reported at RMB (1,902,499,000) in 2023, compared to RMB (1,720,224,000) in 2022, indicating an increase in losses[11] - Current liabilities exceeded current assets by RMB 421.8 million as of December 31, 2023[19] - Total borrowings amounted to RMB 2,762.7 million, with only RMB 62.9 million in cash and cash equivalents as of December 31, 2023[19] Cash Flow and Financial Management - The company reported cash and cash equivalents of RMB 62,905,000 in 2023, down from RMB 120,342,000 in 2022, a decrease of approximately 48%[11] - The company’s net cash flow from operating activities was RMB 421,786,000 in 2023, down from RMB 535,691,000 in 2022, a decline of approximately 21%[11] - The company has taken measures to alleviate cash flow pressure and improve its cash flow[21] - The company plans to continue exploring new wells to generate sufficient operating cash flow to maintain production[23] - The company will seek alternative financing within the limits of new financing documents to repay existing financial obligations and fund future operating and capital expenditures[23] Debt and Restructuring - The group completed a debt restructuring plan on March 30, 2022, which resulted in a recognized gain of RMB 2,530,909 thousand[33] - The group reported a loss of RMB 391.597 million from debt restructuring activities, impacting overall financial performance[96] - The company experienced a net loss of RMB 2,530,909 thousand from debt restructuring plans, impacting overall financial health[91] - The 2022 preferred notes have been canceled, and new notes (2024 preferred notes) have been issued, which can be extended to February 29, 2028, under certain conditions[47] Market and Economic Conditions - The company faced market risks primarily related to fluctuations in oil and natural gas prices, which significantly impact revenue and profitability[97] - The company highlighted the volatility of international oil and gas prices as a major risk factor affecting its financial stability[98] - The company anticipates that the application of new or revised international financial reporting standards will not have a significant impact on its performance and financial position[16] Future Outlook and Strategy - The company plans to focus on new product development and market expansion strategies in the upcoming fiscal year[7] - The company aims to enhance its technology capabilities to improve operational efficiency and customer experience[91] - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its offerings[91] - Future guidance indicates a positive outlook with expectations of continued revenue growth and improved profitability[91] Governance and Compliance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2023, ensuring compliance with accounting policies[107] - The company has adhered to corporate governance principles and standards as required by the listing rules[113] - The board of directors has not recommended any final dividend for the years ending December 31, 2023, and December 31, 2022[104]
MI能源(01555) - 2023 - 年度业绩