昆仑能源2024年报

This year’s annual report cover takes “Green Energy Drives a SustainableFuture” as its core concept. Through symbolic plant growth structures,it artistically presents Kunlun Energy’s diversified business layout and itspositive impact on people’s lives. The inner pages continue the ecological imagery of the cover, with extendedbranches and leaves running through the chapters, visually depicting theCompany’s business expansion. This highlights the substantial contributionsof green energy to environmental protection, aligning with the Company’smission of sustainable development and empowering a better life. 152,090Natural gas sales business revenue(RMB million) 16,453,800Cumulative users 8 Acquired, Merged &Newly Established Gas Projects 54,170Total natural gas sales volume(million cubic metres) 849,900Number of new users 28 Covering provinces, cities &autonomous regions across the country 87Independent Auditor’s Report 02Financial and Operational Highlights 95Consolidated Statement ofComprehensive Income 08Locations of Natural Gas Business 97Consolidated Statement ofFinancial Position 10Locations of Crude OilExploration and Production Business 99Consolidated Statement ofChanges in Equity 12Chairman’s Statement 101Consolidated Statement of Cash Flows 20Management Discussion and Analysis 104Notes to the ConsolidatedFinancial Statements 32Corporate Governance Report 210Reserve Quantities Information 216Other Corporate Information Financial and Operational Highlights財務及業務摘要 Financial and Operational Highlights財務及業務摘要 Financial and Operational Highlights財務及業務摘要 (1)2020(2)(3)(4) (1)Due to certain Group’s businesses are classified as discontinued operationsin 2020. The financial information of the Group has been restated.(2)The financial information of the Group has not been restated for thepotential disposal of discontinued operations as the directors consider thatthe unrestated financial information is more appropriate for year-on-yearcomparison of the change in the Group’s business operation.(3)Core profit before income tax expense is defined as profit before incometax expense excluding impairment losses on property, plant and equipment,intangible assets and exchange gains/losses.(4)Core profit attributable to shareholders of the Company is defined as profitattributable to shareholders of the Company excluding impairment losses onproperty, plant and equipment, intangible assets and exchange gains/lossesattributable to shareholders of the Company and its related tax effect. (1)Net profit margin is profit for the year divided by revenue.(2)Return on total assets is profit for the year divided by average total assets.(3)Return on capital employed is the ratio of profit before income tax expenseand interest divided by total assets less current liabilities.(4)Liabilities-to-Adjusted EBITDA ratio is the ratio of total liabilities divided byadjusted EBITDA.(5)Debts-to-net assets ratio is the ratio of the sum of interest-bearing borrowingsand lease liabilities divided by total equity.(6)Gearing ratio is the ratio of the sum of interest-bearing borrowings, and leaseliabilities divided by the sum of total equity, interest-bearing borrowings andlease liability.(7)Debts-to-assets ratio is the ratio of the sum of interest-bearing borrowingsand lease liabilities divided by total assets.(8)Average finance cost is the ratio of aggregated amount of each category ofborrowing multiply by its interest rate divided by the total borrowing.(9)Dividend payout ratio is dividend per share divided by core basic earnings pershare. (1)(2)(3)(4)EBITDA(5)(6)(7)(8)(9) Financial and Operational Highlights財務及業務摘要 Financial and Operational Highlights財務及業務摘要 Locations of Natural Gas Business天然氣業務分佈圖 Locations of Natural Gas Business天然氣業務分佈圖 Locations of Crude Oil Explorationand Production Business原油勘探及生產業務分佈圖 CountriesOil Field Projects Locations of Crude Oil Exploration and Production Business原油勘探及生產業務分佈圖 Chairman’sStatement主席報告 Respected shareholders: 8% During the previous year, the international pricing of oil and gas andthe supply-demand dynamic were more complex, characterised byan in-depth adjustment in the trading pattern. The signal of “Europeandeclines and Asian increases” was obvious, with the consumptionof the Asia-Pacific region contributing half of the global increment.China’s economy has maintained steady progress with an acceleratedtransition to a low-carbon mode, thus expediting the unleashing ofdemand for natural gas in the power and transportation sectors. Themarketisation process continued to advance. The central governmentpromulgated and implemented policies and regulations, such as the“Energy Law” and the “Natural Gas Utilisation Management Measures”,further enriching new models, scenarios and business modes forthe coordinated development of natural gas and new energy. Theconsumption of natural gas in China continued to grow rapidly, withan 8% increase observed. Kunlun Energy has adapte