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SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS COMPANY LIMITED三 一 重 裝 國 際 控 股 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 631) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2017The board ("Board") of directors (the "Directors") of Sany Heavy Equipment International Holdings Company Limited (the "Company") is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 June 2017. These interim results have been reviewed by the audit committee of the Company (the "Audit Committee"), comprising solely the independent non-executive Directors, one of whom chairs the Audit Committee.
FINANCIAL SUMMARYFor the six months ended 30 June 2017, the Group recorded revenue of approximately RMB1,200.5 million, with an increase of approximately RMB341.0 million from approximately RMB859.5 million for the six months ended 30 June 2016, representing an increase of approximately 39.7%. Such increase was mainly attributable to (1) the fact that in the first half of 2017, as the coal price rebounded, the coal industry was stabilizing and recovering, which led to the increase of the market demand for roadheaders; and (2) the increase of the international sales of port machinery.
For the six months ended 30 June 2017, the Group's profit margin before tax was approximately 15.4%, as compared to the Group's loss margin before tax of approximately of 6.1% for the six month ended 30 June 2016. Such change was mainly due to (1) the increase in the revenue and gross profit for the six months ended 30 June 2017; (2) the decrease in the ratio of the Group's selling, distribution and administrative expenses; and (3) the decrease in the Group's provision for impairment of trade receivables in the first half of 2017.
For the six months ended 30 June 2017, the Group's profit attributable to owners of the parent was approximately RMB132.0 million, as compared to the Group's loss attributable to owners of the parent of approximately RMB36.0 million for the same period of last year. Such change was mainly because (1) the Group's revenue from port machinery products and coal machinery products increased for the six months ended 30 June 2017; and (2) the Group's impairment provision of trade receivables decreased in the first half of 2017 due to the overall improvement in coal mining industry, which resulted in the improvement in the collection of receivables from sales of the Group's coal mining machinery.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSSSix months ended 30 June 2017
Six months ended 30 JuneNotes | 2017 RMB'000 (Unaudited) | 2016 RMB'000 (Unaudited) | |
REVENUE | 4 | 1,200,529 | 859,455 |
Cost of sales | (803,697) | (586,727) | |
Gross profit | 396,832 | 272,728 | |
Other income and gains | 4 | 87,653 | 81,761 |
Selling and distribution expenses | (114,676) | (107,035) | |
Administrative expenses | (150,985) | (160,338) | |
Other expenses | (32,715) | (138,979) | |
Finance costs | 6 | (1,778) | (960) |
Profit/(loss) before tax | 5 | 184,331 | (52,823) |
Income tax expense | 7 | (52,773) | 11,977 |
PROFIT/(LOSS) FOR THE PERIOD | 131,558 | (40,846) | |
Attributable to: Owners of the parent | 131,961 | (36,027) | |
Non-controlling interests | (403) | (4,819) | |
131,558 | (40,846) | ||
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT Basic (RMB) | 9 | 0.04 | (0.01) |
Diluted (RMB) | 9 | 0.04 | (0.01) |
Six months ended 30 June 2017
Six months ended 30 June2017 RMB'000 (Unaudited) | 2016 RMB'000 (Unaudited) | ||
PROFIT/(LOSS) FOR THE PERIOD | 131,558 | (40,846) | |
OTHER COMPREHENSIVE (LOSS)/INCOME | |||
Other comprehensive (loss)/income to be reclassified to profit or loss in subsequent periods: | |||
Exchange differences on translation of foreign operations | (1,809) | 2,256 | |
Net other comprehensive (loss)/income to be reclassified | |||
to profit or loss in subsequent periods | (1,809) | 2,256 | |
OTHER COMPREHENSIVE (LOSS)/INCOME, NET OF TAX | (1,809) | 2,256 | |
TOTAL COMPREHENSIVE INCOME/(LOSS), NET OF TAX | 129,749 | (38,590) | |
Attributable to: | |||
Owners of the parent | 130,152 | (33,771) | |
Non-controlling interests | (403) | (4,819) | |
129,749 | (38,590) |
30 June 2017
Notes | 30 June 2017 RMB'000 (Unaudited) | 31 December 2016 RMB'000 (Audited) | |
NON-CURRENT ASSETS Property, plant and equipment | 2,745,983 | 2,756,773 | |
Prepaid land lease payments | 671,693 | 679,438 | |
Goodwill | 1,129,520 | 1,129,520 | |
Intangible assets | 10,533 | 21,366 | |
Trade receivables | 11 | 63,517 | 81,996 |
Available-for-sale investment | 10,636 | 10,636 | |
Non-current prepayments | 999,383 | 736,305 | |
Deferred tax assets | 447,139 | 476,692 | |
Total non-current assets | 6,078,404 | 5,892,726 | |
CURRENT ASSETS Inventories | 10 | 992,307 | 915,140 |
Trade receivables | 11 | 1,525,100 | 1,556,871 |
Bills receivable | 11 | 381,362 | 213,315 |
Prepayments, deposits and other receivables | 353,790 | 310,665 | |
Available-for-sale financial investments | 390,000 | 390,000 | |
Pledged deposits | 23,838 | 27,200 | |
Cash and cash equivalents | 1,073,178 | 833,162 | |
Total current assets | 4,739,575 | 4,246,353 | |
CURRENT LIABILITIES Trade and bills payables | 12 | 1,059,693 | 955,559 |
Other payables and accruals | 990,949 | 944,138 | |
Interest-bearing bank and other borrowings | 13 | 3,561 | - |
Tax payable | 298,073 | 289,509 | |
Provision for warranties | 7,566 | 9,485 | |
Government grants | 81,362 | 69,800 | |
Total current liabilities | 2,441,204 | 2,268,491 | |
NET CURRENT ASSETS | 2,298,371 | 1,977,862 | |
TOTAL ASSETS LESS CURRENT LIABILITIES | 8,376,775 | 7,870,588 |
Sany Heavy Equipment International Holdings Co. Ltd. published this content on 18 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 August 2017 09:51:02 UTC.
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