Financial Performance - The company reported total equity attributable to owners of the company at RMB 104,763,000 as of December 31, 2023, down from RMB 109,789,000 in the previous year, reflecting a decrease of approximately 4.7%[8] - The company’s total liabilities amounted to RMB 210,428,000 as of December 31, 2023, compared to RMB 203,776,000 in the previous year, indicating an increase of about 3.2%[15] - The company’s total comprehensive income attributable to owners decreased to RMB 20,794,000 for the year ended December 31, 2023, from RMB 27,450,000 in the previous year, a decline of approximately 24.3%[8] - The company reported a total loss of RMB 4,025,000 for the year ending December 31, 2023, compared to a loss of RMB 3,739,000 in 2022[56] - The loss attributable to the company's owners for 2023 was RMB 6,656,000, compared to RMB 5,254,000 in 2022, indicating an increase in losses[61] - The total comprehensive loss attributable to the company's owners was approximately RMB 6,700,000 this year, compared to RMB 5,300,000 last year[123] - The group recorded a net loss after tax of approximately RMB 4 million, compared to a net loss of approximately RMB 3.7 million in the previous year[90] Revenue and Income - Revenue for the energy business in 2023 was RMB 186,481,000, a decrease from RMB 200,137,000 in 2022, representing a decline of approximately 6.8%[40] - LNG sales contributed RMB 185,515,000 to revenue in 2023, down from RMB 199,412,000 in 2022, indicating a decrease of about 6.9%[40] - The company's energy business revenue decreased by 6.8% from approximately RMB 200,100,000 in the previous year to approximately RMB 186,500,000, accounting for 99.9% of total revenue[151] - Other income for 2023 was RMB 6,480,000, a decrease of 32.5% from RMB 9,574,000 in 2022[34] - Rental and operational management service income decreased to RMB 5,435,000 in 2023 from RMB 9,103,000 in 2022, representing a decline of 40.5%[34] - The company reported other income of RMB 6,480,000 in 2023, compared to RMB 9,574,000 in 2022, reflecting a decrease of about 32.5%[56] Expenses and Costs - Financial costs increased to RMB 1,801,000 in 2023 from RMB 225,000 in 2022, a significant rise[34] - Administrative expenses increased by 23.5% from approximately RMB 24,300,000 last year to approximately RMB 30,000,000 this year, mainly due to increased share-based expenses, travel, and entertainment costs[113] - The sales cost for the energy business decreased to approximately RMB 193.4 million from approximately RMB 208.5 million in the previous year, primarily due to lower LNG supply costs[111] - The gross loss from the energy business was RMB 6,964,000 in 2023, compared to a gross loss of RMB 8,341,000 in 2022, showing an improvement of approximately 16.4%[56] Assets and Liabilities - Trade receivables for 2023 amounted to RMB 331,119,000, down from RMB 396,539,000 in 2022, reflecting a decrease of approximately 16.5%[72] - The impairment provision for trade receivables decreased from RMB 292,956,000 in 2022 to RMB 226,218,000 in 2023, a reduction of about 22.8%[72] - The company’s total trade and other receivables, after impairment, was RMB 142,523,000 in 2023, down from RMB 256,981,000 in 2022, reflecting a decrease of approximately 44.4%[72] - The company reported a total of RMB 94,082,000 in bank borrowings and other loans for 2023, with bank borrowings at RMB 8,000,000 and other loans at RMB 86,082,000[64] - The company’s total liabilities included trade and other payables amounting to RMB 113,905,000 in 2023, slightly down from RMB 114,403,000 in 2022[68] Financing and Investments - The company has a repayment schedule for convertible bondholders, with each installment approximately RMB 4,550,000, totaling RMB 48,080,000 by December 2024[22] - The group successfully secured bank financing to pay off convertible bondholders[24] - The group is seeking bank financing to settle the final payment of approximately RMB 48.08 million and applicable interest to the convertible bondholders[100] - The company issued convertible bonds on November 16, 2020, raising approximately HKD 97,500,000 (around RMB 82,700,000), with 50% allocated for general working capital and 50% for enhancing existing business[1] Strategic Initiatives - The company aims to develop green low-carbon industries and promote green consumption as part of its strategy to meet national climate goals[1] - The company has implemented a comprehensive savings strategy to support its green transformation efforts[1] - The company plans to expand its business through joint ventures and acquisitions, focusing on stable LNG supply and management services[149] - The group is actively exploring opportunities in the LNG supply chain, particularly in relation to the Belt and Road Initiative, which aims to enhance economic connectivity between Asia, Europe, and Africa[180] Market Outlook - China's natural gas and LNG share in the energy structure is expected to increase from 7% to 12% or more by 2040[1] - By 2030, China's annual natural gas consumption is expected to reach up to 400 billion cubic meters, prompting the construction of 34 coastal LNG receiving stations[165] - The global LNG trade volume increased from 397,000,000 tons in 2022 to 404,000,000 tons in 2023, with demand expected to reach 625,000,000 to 685,000,000 tons by 2040[147] - The company anticipates a continued decrease in the number of new projects in the energy business due to market saturation, particularly in Tianjin's coal-to-gas initiatives[124] Compliance and Governance - The group adopted the revised International Accounting Standard 12 effective January 1, 2023, which narrows the scope of initial recognition exemptions[27] - The group has implemented guidance from the Hong Kong Institute of Certified Public Accountants regarding the accounting impact of the abolition of the MPF offsetting mechanism[37] - Management assessed that the changes in accounting policies will not have a significant impact on the group's financial position and performance[38] - The company has adopted a shareholder communication policy to ensure timely and equal access to information for shareholders[175] Human Resources - As of December 31, 2023, the group had approximately 29 full-time employees in China and 16 in Hong Kong, emphasizing the importance of qualified personnel for business success[179]
中华燃气(08246) - 2023 - 年度业绩