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CGN NEW ENERGY HOLDINGS CO., LTD. 中國廣核新能源控股有限公司(incorporated in Bermuda with limited liability)
(Stock code: 1811)
Interim Results Announcement for the Six Months Ended 30 June 2017 HIGHLIGHTS OF THE UNAUDITED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2017Revenue for the six months ended 30 June 2017 amounted to US$524.5 million, representing a decrease of 7.3% from US$565.7 million for the six months ended 30 June 2016.
Profit before tax for the six months ended 30 June 2017 amounted to US$48.2 million, representing a decrease of 39.6% from US$79.8 million for the six months ended 30 June 2016.
Profit attributable to shareholders of the Company for the six months ended 30 June 2017 amounted to US$34.1 million, representing a decrease of 30.7% from US$49.2 million for the six months ended 30 June 2016.
Earnings per share for the six months ended 30 June 2017 amounted to 0.79 US cents, representing a decrease of 30.7% from 1.15 US cents for the six months ended 30 June 2016.
The Board resolved not to declare an interim dividend for the six months ended 30 June 2017.
The Board announces the unaudited consolidated interim results of the Group for the six months ended 30 June 2017 together with comparative figures for the corresponding period in 2016.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the six months ended 30 June 2017 - unaudited
For the six months ended 30 June
2017 US$'000 | 2016 US$'000 | |
Revenue | 524,527 | 565,716 |
Operating expenses: Coal, oil and gas | 283,481 | 297,840 |
Depreciation of property, plant and equipment | 68,175 | 74,914 |
Repair and maintenance | 18,717 | 16,288 |
Staff costs | 36,506 | 31,437 |
Others | 27,726 | 28,279 |
Total operating expenses | 434,605 | 448,758 |
Operating profit | 89,922 | 116,958 |
Other income | 5,420 | 5,552 |
Other gains and losses | (1,731) | (456) |
Finance costs | (50,470) | (58,373) |
Share of results of associates | 5,071 | 16,093 |
Profit before tax | 48,212 | 79,774 |
Income tax expenses | (12,275) | (21,475) |
Profit for the period | 35,937 | 58,299 |
For the six months ended 30 June
2017 2016
US$'000 US$'000Other comprehensive income (expenses)
Items that may be reclassified
subsequently to profit or loss:
Exchange difference arising on
translation of foreign subsidiaries and
associates 37,576 (34,720)
Reclassification adjustments | |||
for amounts transferred to profit or loss - release of hedging reserve | (62) | (61) | |
- deferred tax credit arising on release of hedging reserve | 15 | 15 | |
Other comprehensive income (expenses) for the period | 37,529 | (34,766) | |
Total comprehensive income for the period | 73,466 | 23,533 | |
Profit for the period attributable to: Owners of the Company | 34,107 | 49,245 | |
Non-controlling interests | 1,830 | 9,054 | |
35,937 | 58,299 | ||
Total comprehensive income attributable to: | |||
Owners of the Company | 71,376 | 16,843 | |
Non-controlling interests | 2,090 | 6,690 | |
73,466 23,533
Earnings per share
basic (US cents) 0.79 1.15
diluted (US cents) 0.79 1.15
As at 30 June 2017 - unaudited
As at 30 June 2017 | As at 31 December 2016 | |
US$'000 | US$'000 | |
NON-CURRENT ASSETS | ||
Property, plant and equipment | 2,336,339 | 2,309,875 |
Prepaid lease payments | 51,220 | 51,642 |
Goodwill | 171,584 | 167,582 |
Interests in associates | 160,279 | 161,717 |
Amounts due from non-controlling shareholders | 459 | 439 |
Deferred tax assets | 26,966 | 25,927 |
Other assets | 18,612 | 22,792 |
2,765,459 | 2,739,974 | |
CURRENT ASSETS | ||
Inventories | 30,484 | 32,519 |
Prepaid lease payments | 3,480 | 3,379 |
Trade receivables | 220,266 | 200,911 |
Other receivables and prepayments | 116,238 | 102,327 |
Amounts due from non-controlling shareholders | 112 | 119 |
Amounts due from associates | 104 | 9,235 |
Amounts due from fellow subsidiaries | 17,775 | 10,511 |
Tax recoverable | 651 | 734 |
Pledged bank deposits | 108,700 | 72,398 |
Bank balances and cash | 232,567 | 326,514 |
730,377 | 758,647 |