Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
ANNOUNCEMENT
UNAUDITED FINANCIAL STATEMENTS OF
CITIC CORPORATION LIMITED
FOR THE SIX MONTHS ENDED 30 JUNE 2020
This announcement is made by CITIC Limited (the "Company") pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong).
CITIC Corporation Limited ("CITIC Corporation"), a wholly-owned subsidiary of the Company, is a company incorporated in the People's Republic of China ("PRC"). As CITIC Corporation issued medium-term notes, super & short-term commercial paper and corporate bond in the PRC, it is required to announce the financial statements of itself and its subsidiaries prepared in accordance with the PRC Generally Accepted Accounting Principles periodically in accordance with the relevant regulations of the People's Bank of China, the National Association of Financial Market Institutional Investors, China Securities Regulatory Commission and Shanghai Stock Exchange.
The unaudited financial statements of CITIC Corporation for the six months ended 30 June 2020 are available on China Bond, China Money, Beijing Financial Assets Exchange, Shanghai Clearing House and Shanghai Stock Exchange at www.chinabond.com.cn, www.chinamoney.com.cn, www.cfae.cn, www.shclearing.com and www.sse.com.cn, respectively, and are set out at the end of this announcement.
By Order of the Board
CITIC Limited
Zhu Hexin
Chairman
Hong Kong, 31 August 2020
As at the date of this announcement, the executive directors of the Company are Mr Zhu Hexin (Chairman), Mr Xi Guohua and Ms Li Qingping; the non-executive directors of the Company are Mr Song Kangle, Mr Liu Zhuyu, Mr Peng Yanxiang, Ms Yu Yang, Mr Liu Zhongyuan and Mr Yang Xiaoping; and the independent non-executive directors of the Company are Mr Francis Siu Wai Keung, Dr Xu Jinwu, Mr Anthony Francis Neoh, Mr Shohei Harada and Mr Gregory Lynn Curl.
Consolidated Balance Sheet
as at 30 June 2020 | (Unaudited) | |
CITIC Corporation Limited | Expressed in Renminbi '000 | |
30 June 2020 31 December 2019 | ||
Cash and deposits | 585,186,318 | 636,017,415 |
Placements with banks and non-bank financial institutions | 219,806,926 | 203,060,737 |
Derivative financial instruments | 25,104,509 | 17,433,199 |
Trade and other receivables | 132,518,598 | 130,342,868 |
Contract assets | 10,769,825 | 9,753,400 |
Inventories | 15,798,005 | 14,430,214 |
Financial assets held under resale agreements | 38,285,190 | 9,958,161 |
Loans and advances to customers and other parties | 4,113,599,366 | 3,925,022,750 |
Investments in financial assets | ||
- Financial assets held for trading | 340,726,138 | 354,046,041 |
- Bond investments | 952,521,005 | 932,503,997 |
- Other bond investments | 739,773,823 | 628,780,182 |
- Other equity instruments investments | 6,616,205 | 5,985,229 |
Long-term equity investments | 74,185,042 | 72,771,391 |
Investment properties | 9,445,723 | 9,429,705 |
Fixed assets | 38,583,462 | 39,234,426 |
Construction in progress | 6,167,153 | 5,766,131 |
Right-of-use assets | 12,064,503 | 12,768,274 |
Intangible assets | 14,785,820 | 14,534,076 |
Goodwill | 6,994,116 | 7,527,758 |
Deferred tax assets | 45,119,377 | 34,393,379 |
Other assets | 26,232,253 | 25,360,981 |
Total assets | 7,414,283,357 | 7,089,120,314 |
Consolidated Balance Sheet (continued)
as at 30 June 2020 (Unaudited) | ||
CITIC Corporation Limited | Expressed in Renminbi '000 | |
30 June 2020 31 December 2019 | ||
Borrowing from central banks | 126,228,930 | 240,298,225 |
Placements from banks and non-bank financial institutions | 74,744,309 | 95,059,140 |
Financial liabilities held for trading | 6,266,470 | 1,286,156 |
Derivative financial instruments | 24,670,210 | 16,897,736 |
Trade and other payables | 83,678,123 | 87,549,887 |
Contract liabilities | 14,860,181 | 12,826,952 |
Financial assets sold under repurchase agreements | 107,844,265 | 114,450,216 |
Deposits from banks and non-bank financial institutions and customers | 5,478,275,398 | 5,033,350,028 |
Employee benefits payables | 23,640,492 | 18,780,263 |
Taxes payable | 12,959,708 | 13,600,581 |
Bank and other loans | 40,296,300 | 39,413,727 |
Debt instruments issued | 667,862,038 | 674,690,522 |
Lease liabilities | 11,845,260 | 12,208,531 |
Provisions | 9,350,732 | 8,791,512 |
Deferred tax liabilities | 2,162,843 | 2,306,518 |
Other liabilities | 13,660,657 | 21,839,742 |
Total liabilities | 6,698,345,916 | 6,393,349,736 |
Paid-in capital | 139,000,000 | 139,000,000 |
Capital reserve | 40,153,179 | 40,328,800 |
Other comprehensive income | 6,969,566 | 7,152,156 |
Surplus reserve | 10,142,684 | 10,142,684 |
General reserve | 41,879,468 | 41,879,468 |
Retained earnings | 212,977,783 | 197,232,083 |
Total equity attributable to owners of the Company | 451,122,680 | 435,735,191 |
Non-controlling interests | 264,814,761 | 260,035,387 |
Total owners' equity | 715,937,441 | 695,770,578 |
Total liabilities and owners' equity | 7,414,283,357 | 7,089,120,314 |
Consolidated Income Statement
for the six months ended 30 June 2020 (Unaudited)
CITIC Corporation Limited | Expressed in Renminbi '000 | ||
2020 | 2019 | ||
Operating income | 124,297,945 | 128,977,159 | |
Less: | Total operating costs | 91,649,009 | 89,721,941 |
Including: Operating costs | 14,143,006 | 24,843,825 | |
Taxes and surcharges | 1,191,140 | 1,109,996 | |
Selling and distribution expenses | 323,940 | 1,061,436 | |
General and administrative expenses | 25,271,762 | 26,202,151 | |
Research and development expenses | 256,331 | 437,177 | |
Financial expenses | 1,427,888 | 1,313,678 | |
Expected credit losses | 47,957,441 | 34,484,767 | |
Impairment losses | 1,077,501 | 268,911 | |
Add: | (Loss)/gain from changes in fair value | (3,074) | 310,844 |
Investment income | 265,895 | 1,088,894 | |
Assets disposal gain/(loss) | 18,462 | (8,594) | |
Other gain | 252,312 | 212,502 | |
Operating profit | 33,182,531 | 40,858,864 | |
Add: | Non-operating income | 176,675 | 332,629 |
Less: | Non-operating expenses | 209,532 | 223,321 |
Profit before income tax | 33,149,674 | 40,968,172 | |
Less: | Income tax expense | 5,489,284 | 6,868,022 |
Net profit for the period | 27,660,390 | 34,100,150 | |
Attributable to: Owners of the Company | 18,145,700 | 23,293,630 | |
Non-controlling interests | 9,514,690 | 10,806,520 | |
Consolidated Cash Flow Statement
for the six months ended 30 June 2020 (Unaudited) | ||
CITIC Corporation Limited | Expressed in Renminbi '000 | |
2020 | 2019 | |
Cash flows from operating activities | ||
Cash received from sale of goods and rendering of services | 16,323,424 | 32,370,971 |
Net decrease in deposits with banks and non-bank financial institutions | 8,138,085 | 9,650,313 |
Net increase in deposits from customers | 392,367,004 | 380,111,998 |
Net decrease in deposits with central banks | - | 45,474,381 |
Net increase in deposits from banks and non-bank financial institutions | 43,005,165 | 63,624,504 |
Interests, fee and commission received | 168,770,719 | 165,235,475 |
Net increase of financial liabilities held for trading | 4,674,833 | - |
Net decrease of financial assets held for trading purposes | - | 4,725,400 |
Refund of taxes | 214,561 | 396,383 |
Cash received from other operating activities | 13,063,946 | 13,673,795 |
Sub-total of cash inflows from operating activities | 646,557,737 | 715,263,220 |
Cash paid for goods and services | 15,250,246 | 30,167,947 |
Net increase in loans and advance to customers and other parties | 223,479,898 | 263,758,003 |
Net decrease in borrowing from central banks | 113,520,000 | 47,007,320 |
Net increase in deposits with central banks | 11,613,073 | - |
Net increase in placements with banks and non-bank financial institutions | 9,354,930 | 24,490,895 |
Net decrease in placements from banks and non-bank financial institutions | 20,590,147 | 53,197,290 |
Net decrease in financial assets sold under repurchase agreements | 6,589,304 | 77,916,669 |
Net increase in financial assets held under resale agreements | 28,318,909 | 35,967,960 |
Net increase of financial assets held for trading purposes | 26,702,776 | - |
Net decrease of financial liabilities held for trading | - | 957,583 |
Interests, fee and commission paid | 60,308,911 | 62,580,057 |
Cash paid to and on behalf of employees | 19,752,327 | 18,281,226 |
Cash paid for various taxes | 26,235,044 | 19,538,645 |
Cash paid for other operating activities | 26,751,360 | 78,890,232 |
Sub-total of cash outflows from operating activities | 588,466,925 | 712,753,827 |
Net cash flows from operating activities | 58,090,812 | 2,509,393 |
Consolidated Cash Flow Statement (continued)
for the six months ended 30 June 2020 (Unaudited) | ||
CITIC Corporation Limited | Expressed in Renminbi '000 | |
2020 | 2019 | |
Cash flows from investing activities: | ||
Cash received from disposal of financial investments | 1,155,903,451 | 1,015,537,505 |
Cash received from returns on investments | 1,485,134 | 1,092,058 |
Cash received from disposal of fixed assets, intangible assets and other long-term assets | 138,961 | 609,519 |
Cash received from disposal of associates and joint ventures | 13,698 | 21,200 |
Net cash received from disposal of subsidiaries | 2,862,971 | - |
Cash received from other investing activities | 258,314 | 671,179 |
Sub-total of cash inflows from investing activities | 1,160,662,529 | 1,017,931,461 |
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets | 2,860,431 | 2,642,172 |
Cash paid for acquisition of financial investments | 1,268,602,921 | 1,198,110,405 |
Net cash payment for disposal of subsidiaries | - | 11,529 |
Net cash payment for acquisition of subsidiaries | 7,000 | 60,582 |
Cash paid for acquisition of associates and joint ventures | 700,000 | 506,154 |
Cash paid for other investing activities | 850,320 | 1,530,045 |
Sub-total of cash outflows from investing activities | 1,273,020,672 | 1,202,860,887 |
Net cash flows from investing activities | (112,358,143) | (184,929,426) |
Cash flows from financing activities: | ||
Cash received from capital contributions | 229,483 | 236,714 |
(Including: Cash received by subsidiaries from non-controlling interests) | 229,483 | 236,714 |
Cash received from new banks and other loans | 15,556,545 | 9,722,864 |
Cash received from issuance of debt instruments | 276,961,123 | 254,542,896 |
Cash received from other financing activities | 57,195 | 50,535 |
Sub-total of cash inflows from financing activities | 292,804,346 | 264,553,009 |
Cash paid for repayment of banks and other loans and debt instruments issued | 294,012,893 | 229,222,577 |
Principal and interest elements of lease payment | 1,768,162 | 1,234,247 |
Cash paid for dividends, profit distributions or interest | 17,167,176 | 13,117,025 |
(Including: Dividends and profits paid by subsidiaries to non-controlling interests) | 289,453 | 532,747 |
Transactions with non-controlling interests | 747,037 | - |
Cash paid for other financing activities | 164,235 | 1,104,114 |
Sub-total of cash outflows from financing activities | 313,859,503 | 244,677,963 |
Net cash flows from financing activities | (21,055,157) | 19,875,046 |
Effect of foreign exchange rate changes on cash and cash equivalents | 2,486,949 | 133,382 |
Net decrease in cash and cash equivalents | (72,835,539) | (162,411,605) |
Add: Cash and cash equivalents at the beginning of the period | 386,389,154 | 432,801,673 |
Cash and cash equivalents at the end of the period | 313,553,615 | 270,390,068 |
Balance Sheet
as at 30 June 2020 | (Unaudited) | |
CITIC Corporation Limited | Expressed in Renminbi '000 | |
30 June 2020 | 31 December 2019 | |
Cash and deposits | 28,359,394 | 17,678,774 |
Trade and other receivables | 39,099,172 | 30,093,052 |
Loans and advances to customers and other parties | 4,805,611 | 5,263,957 |
Investments in financial assets | ||
- Financial assets held for trading | 33,569,890 | 40,749,488 |
Long-term equity investments | 220,888,846 | 220,095,002 |
Fixed assets | 521,599 | 537,771 |
Intangible assets | 9,271 | 8,706 |
Other assets | - | 4,423 |
Total assets | 327,253,783 | 314,431,173 |
Trade and other payables | 23,346,131 | 24,426,931 |
Taxes payable | 322 | 150 |
Bank and other loans | 6,000,480 | 6,503,077 |
Debt instruments issued | 53,987,908 | 45,739,411 |
Provisions | 700,000 | 700,000 |
Deferred tax liabilities | 536,035 | 1,240,892 |
Other liabilities | 916,664 | 823,786 |
Total liabilities | 85,487,540 | 79,434,247 |
Paid-in capital | 139,000,000 | 139,000,000 |
Capital reserve | 49,614,251 | 49,614,251 |
Other comprehensive income | 1,272,963 | 1,162,291 |
Surplus reserve | 10,142,684 | 10,142,684 |
Retained earnings | 41,736,345 | 35,077,700 |
Total owners' equity | 241,766,243 | 234,996,926 |
Total liabilities and owners' equity | 327,253,783 | 314,431,173 |
Income Statement
for the six months ended 30 June 2020 (Unaudited)
CITIC Corporation Limited | Expressed in Renminbi '000 | ||
2020 | 2019 | ||
Operating income | 9,766,248 | 10,718,891 | |
Less: | Total operating costs | 1,354,189 | 1,184,854 |
Including: Taxes and surcharges | 1,250 | 1,798 | |
General and administrative expenses | 377,626 | 326,689 | |
Financial expenses | 975,313 | 856,367 | |
Operating profit | 8,412,059 | 9,534,037 | |
Add: | Non-operating income | 81 | 932 |
Less: | Non-operating expenses | 57,841 | 95,914 |
Profit before income tax | 8,354,299 | 9,439,055 | |
Less: | Income tax expense | (704,346) | 446,567 |
Net profit for the period | 9,058,645 | 8,992,488 | |
Cash Flow Statement
for the six months ended 30 June 2020 (Unaudited) | ||
CITIC Corporation Limited | Expressed in Renminbi '000 | |
2020 | 2019 | |
Cash flows from operating activities: | ||
Interests, fee and commission received | 72,085 | 80,378 |
Cash received from other operating activities | 4,077,038 | 91,022 |
Sub-total of cash inflows from operating activities | 4,149,123 | 171,400 |
Interests, fee and commission paid | 3,430 | 3,238 |
Cash paid for various taxes | 182,643 | 5,395 |
Cash paid for other operating activities | 321,249 | 835,603 |
Sub-total of cash outflows from operating activities | 507,322 | 844,236 |
Net cash flows from operating activities | 3,641,801 | (672,836) |
Cash flows from investing activities: | ||
Cash received from disposal of financial investments | 6,834,627 | 5,923,650 |
Sub-total of cash inflows from investing activities | 6,834,627 | 5,923,650 |
Cash paid for acquisition of financial investments | 144,457 | 26,398,500 |
Entrusted loans to subsidiaries | - | 940,000 |
Sub-total of cash outflows from investing activities | 144,457 | 27,338,500 |
Net cash flows from investing activities | 6,690,170 | (21,414,850) |
Cash flows from financing activities: | ||
Cash received from new bank and other loans | 8,500,000 | - |
Cash received from issuance of debt instruments | 11,000,000 | 15,000,000 |
Sub-total of cash inflows from financing activities | 19,500,000 | 15,000,000 |
Cash paid for repayment of banks and other loans and debt instruments issued | 12,006,438 | 7,018,397 |
Cash paid for dividends, profit distributions or interest | 4,384,730 | 983,427 |
Sub-total of cash outflows from financing activities | 16,391,168 | 8,001,824 |
Net cash flows from financing activities | 3,108,832 | 6,998,176 |
Effect of foreign exchange rate changes on cash and cash equivalents | (33,472) | (2,272) |
Net increase/(decrease) in cash and cash equivalents | 13,407,331 | (15,091,782) |
Add: Cash and cash equivalents at the beginning of the period | 13,376,980 | 24,363,924 |
Cash and cash equivalents at the end of the period | 26,784,311 | 9,272,142 |
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CITIC Limited published this content on 31 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2020 04:19:04 UTC