Financial Performance - Revenue for the year ended December 31, 2023, was HK$18,527,804,000, an increase of 7.1% from HK$17,296,675,000 in 2022[49]. - Gross profit decreased to HK$1,971,124,000, down 7.0% from HK$2,120,798,000 in the previous year[49]. - Operating profit for 2023 was HK$1,044,751,000, a decline of 39.3% compared to HK$1,722,794,000 in 2022[49]. - Profit for the year was HK$380,154,000, significantly lower than HK$1,187,813,000 in 2022, representing a decrease of 68.0%[49]. - Total comprehensive income for the year was HK$91,551,000, a decrease of 61.4% from HK$237,294,000 in 2022[51]. - The loss attributable to owners of the Company was HK$232,496,000, compared to a profit of HK$730,144,000 in the previous year[51]. - Basic and diluted loss per share for the year was (4.7) HK cents, down from earnings of 14.9 HK cents in 2022[51]. Financial Position - Total assets decreased to HK$20,841,051,000 from HK$21,709,615,000, reflecting a decline of 4.0%[54]. - Total equity decreased to HK$7,561,942,000 from HK$7,850,546,000, a decline of 3.7%[58]. - Cash and cash equivalents decreased to HK$2,095,411,000 from HK$3,329,715,000, a decline of 37.0%[54]. - Non-current liabilities, including senior notes, totaled HK$4,647,569,000, up from HK$4,456,392,000, an increase of 4.3%[58]. - Current liabilities increased to HK$8,631,540,000 from HK$9,402,677,000, a decrease of 8.2%[58]. Risks and Uncertainties - The Group faces risks related to natural gas price control, as the city-gate price is influenced by wellhead prices and local pricing bureau decisions, which may affect profitability[8]. - The wellhead prices for residential and fertilizer users are fixed, while industrial and commercial users may experience price variations, posing potential risks for the Group[8]. - The Group's financial conditions and operational results may be impacted by various risks and uncertainties, which are outlined in the annual report[8]. - The existence of a material uncertainty regarding the Group's ability to continue as a going concern was indicated due to the suspension of trading of the Company's shares since April 2, 2024[96]. - There is material uncertainty regarding the Group's ability to achieve its plans, which could affect its going concern status[98]. Governance and Management - The Group's independent non-executive directors bring extensive experience in financial and administrative management, contributing to corporate governance[5]. - The Group's strategic focus includes evaluating investment opportunities and managing external investments to drive growth[2]. - The Group's investment opportunities and treasury management in the upstream business in North America are overseen by the investment department manager, who has over eight years of experience[2]. Cash Flow and Financing - Cash generated from operations was HK$1,954,999,000, with taxation paid amounting to HK$327,503,000, compared to HK$3,079,070,000 and HK$221,064,000 in the previous year[86]. - Net cash generated from operating activities was HK$1,627,496,000, down from HK$2,858,006,000, indicating a decrease of about 43%[86]. - The net cash used in financing activities was HK$1,406,598,000, slightly lower than HK$1,417,548,000 in 2022[91]. - The Group has obtained a syndicated term loan facility of US$235 million for 36 months, with the option to extend the due date to 60 months after the first utilization date[96]. Share Capital and Dividends - The Board resolved not to recommend any final dividend for the year ended December 31, 2023, consistent with the previous year[31]. - The company did not issue any shares or debentures during the year ended December 31, 2023[67]. - The share capital remained stable with no new shares issued during the reporting period[67]. Accounting and Reporting - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[95]. - The Group has adopted several amendments to accounting standards effective from January 1, 2023, including HKAS 1 and HKFRS 17, which are not expected to significantly affect current or future financial periods[101]. - The Group identified misstatements in prior years related to revenue recognition and construction costs, leading to adjustments in financial statements[133]. Investments and Market Dynamics - The Group is primarily engaged in energy-related investments in the PRC and West Central Alberta, Canada[94]. - The Group's activities are influenced by global oil and natural gas prices, which are affected by North American supply and demand dynamics[189]. - The Group's equity investments are long-term strategic investments chosen for their growth potential and are regularly monitored for performance against expectations[195]. Financial Risks - The Group faces various financial risks, including market risk, credit risk, and liquidity risk, which are actively managed by the management team[155]. - Management has established a policy to manage foreign exchange risk primarily through sourcing supplies in the same currency[156]. - The Group's interest rate risk arises from borrowings and senior notes, with variable rate borrowings exposing the Group to cash flow interest rate risk[200].
中油燃气(00603) - 2023 - 年度财报