Financial Performance - Revenue increased by approximately 4% to RMB 6,089.4 million (2021: RMB 5,830.1 million) [1] - Profit attributable to equity shareholders decreased by approximately 91% to RMB 16.5 million (2021: RMB 176.6 million) [1] - Basic earnings per share were RMB 0.04 (2021: RMB 0.47) [1] - Operating profit decreased to RMB 86.96 million from RMB 293.02 million [15] - Total comprehensive income for the year was RMB 27.23 million, down from RMB 180.38 million [16] - The total revenue for the group for the year ended December 31, 2022, was RMB 6,089,366, compared to RMB 5,830,081 in 2021, indicating an overall increase of 4.4% [27] - The gross profit for the reportable segments in 2022 was RMB 393,102 thousand, down from RMB 612,724 thousand in 2021, indicating a decline of about 35.8% [57] - The group's net profit for 2022 was RMB 19.0 million, a decrease of RMB 162.9 million compared to RMB 181.9 million in 2021 [145] Revenue Sources - The group's revenue from the sale of refined oil and natural gas for the year ended December 31, 2022, was RMB 6,031,596, an increase of 4.5% from RMB 5,774,576 in 2021 [27] - Revenue from transportation services amounted to RMB 57,722, up from RMB 54,353 in the previous year, reflecting a growth of 6.5% [27] - The total sales revenue from refined oil reached approximately RMB 5,819.5 million, representing a year-on-year increase of about 5%, while the sales volume decreased by approximately 13% to 725,000 tons compared to 836,000 tons in the previous year [81] - The sales revenue from natural gas was RMB 212.2 million in 2022, a decrease of 10% year-on-year, accounting for 3% of total revenue, with compressed natural gas sales volume dropping 21% to 45.6 million cubic meters [109] Assets and Liabilities - Trade receivables increased to RMB 67.99 million from RMB 38.35 million [4] - Cash and cash equivalents rose to RMB 138.65 million from RMB 101.77 million [4] - Non-current assets decreased to RMB 622.46 million from RMB 720.01 million [4] - Current liabilities increased to RMB 818.97 million from RMB 737.59 million [4] - As of December 31, 2022, total assets increased by 1% to RMB 1,555.5 million, while total equity rose by 4% to RMB 467.6 million [118] - The company's financial liabilities measured at amortized cost for contract liabilities related to prepaid amounts from customers reached RMB 145,788 thousand, up from RMB 80,783 thousand, indicating an increase of approximately 80% [70] Costs and Expenses - The total operating expenses for 2022 were RMB 78,162 thousand, reduced from RMB 98,484 thousand in 2021, showing a decrease of approximately 20.6% [57] - The total employee costs for 2022 were RMB 154,857 thousand, down from RMB 161,686 thousand in 2021, indicating a reduction of approximately 4.5% [60] - In 2022, the group's sales cost increased by 9% to RMB 5,696.3 million from RMB 5,217.4 million in 2021, primarily due to higher procurement unit costs [112] - Employee costs decreased to RMB 154.9 million in 2022 from RMB 161.7 million in 2021, primarily due to a reduction in employee numbers and average salaries [141] Government and Regulatory Matters - The company received government grants amounting to RMB 2,345 thousand in 2022, while there were no such grants in 2021 [58] - The group has not applied any new standards or interpretations that have not yet come into effect during the current accounting period [25] - The group's financial statements comply with all applicable International Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance [25] Market and Operational Insights - The company operates gas stations and storage facilities for retailing petroleum and natural gas [21] - The group has diversified its customer base, with no single customer accounting for more than 10% of total revenue in 2022 [27] - The company has entered into procurement contracts with multiple suppliers to mitigate the impact of potential crude oil price increases and shortages [67] - The company is positioned in the region with the highest natural gas consumption in the country, which has impacted its business growth to some extent [77] - The group expects all trade receivables and notes receivable (net of impairment losses) to be collected within one year [90] Future Outlook and Strategy - The group plans to expand its oil and gas station network with an allocation of RMB 50 million expected to be utilized by the end of 2023 [150] - The domestic oil demand is expected to significantly recover starting from Q2 2023, according to the China Petroleum Group Economic and Technical Research Institute [181] - The central government plans to strengthen domestic exploration and development of important energy resources in 2023, which is expected to stabilize oil and gas prices and reduce price volatility [161] Risks and Challenges - The group identified various risks, including fluctuations in procurement prices for refined oil and natural gas, which could significantly impact profitability if not managed effectively [129] - The group is facing supply risks due to reliance on large state-owned enterprises and foreign oil suppliers for stable fuel supply [179] - The company relies on upstream suppliers for natural gas, which can lead to limited bargaining power and potential supply shortages during periods of price volatility [157]
众诚能源(02337) - 2022 - 年度业绩