COSL(HK:02883)2024-03-26 08:58Financial Performance - Revenue for the year ended December 31, 2023, was RMB 44,042.2 million, representing an increase from RMB 35,610.1 million in 2022, a growth of approximately 23.5%[6] - Operating profit for the same period was RMB 4,855.2 million, up from RMB 2,723.4 million in 2022, reflecting a growth of about 78.3%[6] - Annual profit reached RMB 3,282.6 million, compared to RMB 2,499.2 million in the previous year, marking an increase of approximately 31.4%[6] - Basic earnings per share increased to RMB 0.6315 from RMB 0.4943, representing a growth of about 27.8%[6] - The company reported a pre-tax profit of RMB 4,242,868 thousand for 2023, up from RMB 2,981,479 thousand in 2022, reflecting an increase of approximately 43%[39] - The annual profit for 2023 was RMB (1,197) thousand, a decrease from RMB 6,085 thousand in 2022, indicating a significant decline in profitability[21] - The company reported a decrease in earnings attributable to the parent company, which fell to RMB (1,196) thousand in 2023 from RMB 6,072 thousand in 2022[21] - The company’s total operating expenses for 2023 were RMB 39,496.7 million, compared to RMB 33,228.9 million in 2022, an increase of about 18.8%[6] - Total revenue for the year ended December 31, 2023, reached RMB 42,754.39 million, an increase from RMB 34,902.72 million in 2022, representing a growth of approximately 22.4%[40] - The company reported a total income tax expense of RMB 960,240,000 for 2023, significantly higher than RMB 482,275,000 in 2022, reflecting increased profitability[61] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 83,245.8 million, up from RMB 79,060.7 million in 2022, an increase of approximately 5.3%[6] - Total equity reached RMB 42,256.1 million, compared to RMB 39,975.9 million in 2022, reflecting a growth of about 5.7%[11] - Total liabilities increased by RMB 3,804.9 million or 10.2% to RMB 40,989.7 million compared to RMB 37,184.8 million at the end of 2022[190] - The total deferred tax liabilities amounted to RMB 1,063,136,000 as of December 31, 2023, compared to RMB 977,599,000 in 2022, showing an increase of approximately 8.7%[96] - The company’s total cost of property, plant, and equipment increased to RMB 119,871,747,000 as of December 31, 2023, from RMB 110,844,853,000 at the beginning of the year[72] Cash Flow and Investments - The company reported a net cash position of RMB 5,977.5 million, an increase from RMB 3,561.7 million in the previous year, indicating a growth of approximately 67.6%[9] - Cash and cash equivalents reached RMB 5,977,506,000 as of December 31, 2023, compared to RMB 3,561,740,000 in 2022, indicating a year-over-year increase of approximately 67.5%[89] - The net cash inflow from operating activities for 2023 was RMB 13,091.7 million, representing a year-on-year increase of 89.8%, mainly due to increased cash received from sales of goods and services[199] - The total investment cash outflow for 2023 was RMB 7,457.2 million, an increase of RMB 3,724.5 million compared to the previous year, primarily due to higher cash payments for property, plant, and equipment[200] Revenue Segmentation - The drilling services segment generated revenue of RMB 12,051.2 million in 2023, a 16.6% increase from RMB 10,334.1 million in 2022[120] - The oilfield technical services segment reported revenue of RMB 25,717.5 million, a 31.4% increase from RMB 19,571.2 million in 2022[130] - The company’s vessel service business generated revenue of RMB 3,938.8 million in 2023, an increase of 5.9% compared to RMB 3,719.9 million in 2022[134] - The company reported a revenue of RMB 2,334.7 million from its geophysical exploration and engineering survey services in 2023, representing a 17.6% increase from RMB 1,984.9 million in 2022[140] - The engineering survey segment achieved a revenue of RMB 698.0 million in 2023, up 23.7% from RMB 564.1 million in 2022[140] Market Strategy and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[6] - The company plans to continue expanding its market presence, particularly in international markets, to leverage growth opportunities[40] - Future guidance indicates a continued upward trend in revenue, driven by increased demand for drilling and oilfield services[40] - The company is exploring strategic acquisitions to bolster its service offerings and market reach in the energy sector[40] Employee and Operational Costs - Employee compensation costs rose to RMB 8,201,983,000 in 2023, up from RMB 7,414,041,000 in 2022, indicating a 10.6% increase[57] - The company’s financial expenses increased to RMB 996,796 thousand in 2023 from RMB 777,108 thousand in 2022, reflecting a rise of approximately 28%[34] - Subcontracting expenses increased by RMB 3,256.2 million, a growth of 39.9%, driven by higher operational volume and increased subcontracting efforts[168] Compliance and Regulatory Changes - The impact of the new accounting standards on the financial statements was minimal, with no significant effects on earnings per share or cash flows[21] - The company plans to apply the newly issued accounting standards when they become effective, ensuring compliance with updated regulations[22] - The group is currently assessing the impact of the revisions on existing loan agreements and whether any amendments are necessary[26]