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China Singyes Solar Technologies Holdings Limited
中國 興 業太 陽 能 技術 控 股 有 限公 司
(incorporated in Bermuda with limited liability)
(Stock Code: 750)
ANNOUNCEMENT OF FINAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2018
The board of directors (the "Director") of China Singyes Solar Technologies Holdings Limited (the "Company") is pleased to announce the consolidated results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2018.
FINANCIAL HIGHLIGHTS
Year ended 31 December | ||||
2018 | 2017 | |||
RMB'000 | RMB'000 | |||
Revenue | 4,416,563 | 5,675,386 | ||
Adjusted EBITDA* | 97,922 | 1,001,206 | ||
Profit/(loss) before tax | (562,959) | 270,378 | ||
Income tax expense | 109,268 | 119,972 | ||
Profit/(loss) attributable to owners of the Company | (678,801) | 143,797 | ||
Gross profit margin (including tariff adjustment) | 17.1% | 22.3% | ||
Adjusted EBITDA margin | 2.2% | 17.6% | ||
Earnings/(loss) per share attributable to | ||||
ordinary equity holders | ||||
- Basic | RMB(0.814) | RMB0.172 | ||
- Diluted | RMB(0.814) | RMB0.172 | ||
Final dividend per share proposed | Nil | HK$0.03 | ||
- Earnings before interest, tax, depreciation and amortisation, fair value gains on conversion rights of convertible bonds, and gain on disposal of property, plant and equipment
- 1 -
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME | ||||||
Year ended 31 December | ||||||
2018 | 2017 | |||||
Notes | RMB'000 | RMB'000 | ||||
Revenue | 3 | 4,416,563 | 5,675,386 | |||
Cost of sales | (3,795,662) | (4,536,529) | ||||
Gross profit | 620,901 | 1,138,857 | ||||
Tariff adjustment | 3 | 164,021 | 166,682 | |||
Other income and gains | 58,574 | 178,887 | ||||
Selling and distribution expenses | (101,774) | (155,265) | ||||
Administrative expenses | (358,076) | (358,039) | ||||
Impairment loss on financial and contract assets | (325,561) | (5,151) | ||||
Other expenses | (149,673) | (76,428) | ||||
Finance costs | (477,243) | (621,333) | ||||
Share of profits/(losses) of associates | 5,872 | (13,059) | ||||
Fair value gains on conversion rights of | ||||||
convertible bonds | - | 15,227 | ||||
Profit/(loss) before tax | 4 | (562,959) | 270,378 | |||
Income tax expense | 5 | (109,268) | (119,972) | |||
Profit/(loss) for the year | (672,227) | 150,406 | ||||
Other comprehensive income/(loss): | ||||||
Other comprehensive income/(loss) that may be
- reclassified to profit or loss in subsequent years:
- Available-for-sale investments:
Changes in fair value | - | 2,882 |
Other comprehensive income/(loss) that will not to be
- reclassified to profit or loss in subsequent years:
- Change in fair value of equity instruments
at fair value through other comprehensive income | (7,915) | - | |||
Exchange differences on translation of | |||||
financial statements | (112,339) | 110,479 | |||
Other comprehensive income/(loss) for the year | (120,254) | 113,361 | |||
Total comprehensive income/(loss) for the year | (792,481) | 263,767 | |||
- 2 -
Year ended 31 December | |||||||
2018 | 2017 | ||||||
Note | RMB'000 | RMB'000 | |||||
Profit/(loss) attributable to: | |||||||
Owners of the Company | (678,801) | 143,797 | |||||
Non-controlling interests | 6,574 | 6,609 | |||||
(672,227) | 150,406 | ||||||
Total comprehensive income/(loss) attributable to: | |||||||
Owners of the Company | (800,117) | 257,902 | |||||
Non-controlling interests | 7,636 | 5,865 | |||||
(792,481) | 263,767 | ||||||
Earnings/(loss) per share attributable to ordinary | |||||||
equity holders of the Company | |||||||
- Basic | 7 | RMB(0.814) | RMB0.172 | ||||
- Diluted | 7 | RMB(0.814) | RMB0.172 | ||||
- 3 -
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||||
As at 31 December | ||||||
2018 | 2017 | |||||
Notes | RMB'000 | RMB'000 | ||||
Non-current assets | ||||||
Property, plant and equipment | 4,475,179 | 4,283,977 | ||||
Investment properties | 74,344 | 75,183 | ||||
Prepaid land lease payments | 211,413 | 198,964 | ||||
Intangible assets | 2,058 | 2,815 | ||||
Payments in advance | 13,513 | 18,645 | ||||
Investments in associates | 8 | 4,429 | (1,443) | |||
Investment in a joint venture | 6,370 | - | ||||
Deferred tax assets | 1,557 | 49,051 | ||||
Available-for-sale investments | - | 57,569 | ||||
Equity investments designated at fair | ||||||
value through other comprehensive income | 5,657 | - | ||||
Financial assets at fair value through profit or loss | 24,265 | - | ||||
Goodwill | 6,448 | - | ||||
Pledged deposits | - | 14,650 | ||||
Total non-current assets | 4,825,233 | 4,699,411 | ||||
Current assets | ||||||
Inventories | 69,592 | 111,803 | ||||
Construction contracts | - | 976,179 | ||||
Contract assets | 2,119,517 | - | ||||
Trade and bills receivables | 9 | 3,389,476 | 3,751,855 | |||
Prepayments, deposits and other receivables | 9 | 596,568 | 952,651 | |||
Available-for-sale investments | - | 208,234 | ||||
Pledged deposits | 180,590 | 472,372 | ||||
Cash and cash equivalents | 216,151 | 1,202,423 | ||||
Total current assets | 6,571,894 | 7,675,517 | ||||
- 4 -
As at 31 December | ||||
2018 | 2017 | |||
Notes | RMB'000 | RMB'000 | ||
Current liabilities | ||||
Trade and bills payables | 10 | 901,520 | 1,294,073 | |
Other payables and accruals | 10 | 449,257 | 549,511 | |
Contract liabilities | 105,067 | - | ||
Bank advances for discounted bills | - | 13,722 | ||
Interest-bearing bank and other loans | 2,956,804 | 1,265,188 | ||
Tax payable | 20,317 | 40,741 | ||
Derivative financial instruments | - | 34,005 | ||
Convertible bonds | 11 | 96,000 | - | |
Senior notes | 12 | 2,850,012 | 1,239,028 | |
Provision | 81,289 | - | ||
Total current liabilities | 7,460,266 | 4,436,268 | ||
Net current assets/(liabilities) | (888,372) | 3,239,249 | ||
Total assets less current liabilities | 3,936,861 | 7,938,660 | ||
Non-current liabilities | ||||
Convertible bonds | 11 | - | 80,819 | |
Senior notes | 12 | - | 1,677,498 | |
Interest-bearing bank and other loans | - | 1,438,922 | ||
Deferred tax liabilities | 87,680 | 86,860 | ||
Deferred income | 157,449 | 164,228 | ||
Total non-current liabilities | 245,129 | 3,448,327 | ||
Net assets | 3,691,732 | 4,490,333 | ||
Equity attributable to owners of the Company | ||||
Issued capital | 13 | 55,785 | 55,785 | |
Reserves | 3,535,106 | 4,345,753 | ||
3,590,891 | 4,401,538 | |||
Non-controlling interests | 100,841 | 88,795 | ||
Total equity | 3,691,732 | 4,490,333 | ||
- 5 -
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China Singyes Solar Technologies Holdings Ltd. published this content on 16 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2019 11:11:10 UTC