Financial Performance - The group's total revenue increased by 20.2% from RMB 2,923.6 million in 2021 to RMB 3,514.9 million in 2022[2]. - Profit attributable to equity holders surged approximately 3.1 times from RMB 72.2 million in 2021 to RMB 293.8 million in 2022[2]. - Operating profit for the year was RMB 665.2 million, compared to RMB 429.5 million in the previous year[17]. - The net profit for the year was RMB 297,591,000, significantly up from RMB 75,350,000 in the previous year, indicating an increase of approximately 295.5%[18]. - The company reported a pre-tax profit of RMB 420.5 million, compared to RMB 176.1 million in the previous year[4]. - The total revenue for the year ended December 31, 2022, was approximately RMB 3,514,912,000, an increase from RMB 2,923,566,000 in 2021[61]. - The EBITDA for the year was RMB 471,093,000, compared to RMB 440,641,000 in the previous year, showing a growth of approximately 6.0%[32]. - The company reported a significant increase in other comprehensive income, with a net investment hedge loss of RMB (182,165,000) compared to a gain of RMB 36,633,000 in the previous year[18]. - The company’s diluted earnings per share for the year ended December 31, 2022, was RMB 0.0990, compared to RMB 0.0246 in the previous year, reflecting a significant increase[76]. - For the year ended December 31, 2022, the company reported a net profit attributable to shareholders of RMB 420.5 million, a significant increase from RMB 176.1 million in 2021, representing a growth of approximately 138.2%[94]. Cash Flow and Liquidity - Operating cash inflow rose by 29.4% from RMB 757.2 million in 2021 to RMB 980.0 million in 2022[2]. - The net cash inflow from operating activities was RMB 979.96 million, up from RMB 757.25 million in 2021[9]. - The company's cash and cash equivalents at year-end were RMB 727.9 million, down from RMB 1,173.2 million in 2021[9]. - The company’s cash and cash equivalents, along with restricted bank deposits, totaled RMB 727,904,000, down from RMB 1,173,186,000 in 2021, indicating a decrease of about 38.0%[19]. - The company's cash and bank deposits were approximately RMB 1,205.9 million as of December 31, 2022, a decrease of RMB 382.2 million from the previous year[199]. Assets and Liabilities - Total liabilities decreased from RMB 5,321.2 million in 2021 to RMB 4,681.99 million in 2022[8]. - The total assets as of December 31, 2022, amounted to RMB 7,982,795,000, a decrease from RMB 8,149,365,000 in 2021, reflecting a decline of about 2.0%[19]. - The total liabilities decreased to RMB 1,449,092 from RMB 1,525,467 in the previous year, indicating a reduction in financial obligations[82]. - The capital debt ratio improved from 61.4% at the end of 2021 to 51.9% at the end of 2022[136]. - The capital-to-debt ratio improved to 51.9% as of December 31, 2022, down 9.5 percentage points from 61.4% the previous year[199]. Revenue Breakdown - Revenue from oilfield management services was RMB 1,594,511,000, while drilling services generated RMB 455,300,000, and testing services contributed RMB 321,485,000[39]. - Revenue from two external customers amounted to RMB 2,226,782,000, contributing 45.98% and 17.37% to total revenue, compared to 34.52% and 18.06% in 2021[60]. - The company’s rental income for the year was RMB 204,403,000, up from RMB 165,025,000 in the previous year[69]. - The company reported a significant increase in oilfield technical services and management services, with revenues of RMB 1,089,650,000 and RMB 918,867,000 respectively[64]. - Revenue from the Iraq market reached approximately RMB 1,536.0 million in 2022, representing an increase of about 48.0% compared to RMB 1,038.0 million in the same period last year[115]. - The oilfield management services segment's EBITDA rose to RMB 440.6 million in 2022, a 12.2% increase from RMB 392.6 million in 2021, although the EBITDA margin decreased by 4.2 percentage points to 38.5%[124]. - The drilling services segment revenue increased by 15.7% to RMB 455.3 million in 2022, driven by the resumption of drilling projects in Iraq and a favorable oil and gas development market[179]. Research and Development - Research and development expenses increased from RMB 70.8 million in 2021 to RMB 80.3 million in 2022[4]. - Research and development expenditure for 2022 was RMB 80.3 million, a 13.4% increase from RMB 70.8 million in the previous year, focusing on fiber optic fracturing monitoring technology and special hangers[181]. Strategic Initiatives - The company plans to expand its market presence and invest in new technologies to enhance service offerings and operational efficiency[39]. - The company aims to expand its oilfield management services in emerging markets and will prioritize the spin-off listing of its testing services business[185]. - The company is actively promoting the spin-off of Tongao Testing for independent listing in the mainland capital market, having raised RMB 252.8 million from seven strategic investors[171]. - The company plans to continue expanding its overseas market presence, particularly in Iraq, which accounted for RMB 1,536.0 million of the overseas revenue, a 48.0% increase from the previous year[110]. Operational Efficiency - The average turnover days for accounts receivable decreased by 37 days to 198 days, while inventory turnover days decreased by 19 days to 96 days, indicating improved operational efficiency[109]. - The company is advancing its accounts receivable recovery efforts with strong support from oilfield clients amid year-end dollar bond repayment pressures[117]. - The company continues to innovate its business model, extending its service scope to include natural gas purification and external transportation projects in Sichuan[117]. Challenges and Market Conditions - The company faced severe challenges in project bidding, operations, and payment collection due to the impact of the Omicron variant and strict pandemic control measures in China[117]. - The global oil and gas supply landscape has changed significantly due to the Russia-Ukraine conflict, with increased capital expenditure in the Middle East and emerging markets to meet rising oil and gas development demands[135].
安东油田服务(03337) - 2022 - 年度业绩