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首鋼福山資源集團有限公司
SHOUGANG FUSHAN RESOURCES GROUP LIMITED
(Incorporated in Hong Kong with limited liability)
(Stock Code: 639)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019
FINANCIAL HIGHLIGHTS | |||
For the six months ended | |||
30 June | Percentage | ||
(HK$'million) | 2019 | 2018 | change |
Revenue | 1,960 | 1,978 | -1% |
Gross profit | 1,065 | 1,054 | +1% |
Gross profit margin | 54% | 53% | |
Profit for the period | 660 | 672 | -2% |
Profit attributable to owners of the Company | |||
("Owners") | 640 | 638 | +0.3% |
EBITDA1 | 1,185 | 1,158 | +2% |
Basic earnings per share (HK cents) | 12.08 | 12.03 | +0.4% |
As at | As at | ||
30 June 31 December | Percentage | ||
(HK$'million) | 2019 | 2018 | change |
Net assets | 17,379 | 16,776 | +4% |
Equity per share attributable to Owners (HK$) | 3.01 | 2.90 | +4% |
Current ratio2 | 2.45 times | 2.58 times | -5% |
To reward our shareholders, the board of directors has declared an interim dividend of HK8.5 cents per ordinary share for the six months ended 30 June 2019 (For the six months ended 30 June 2018: HK8.3 cents per ordinary share).
- 1 -
Notes:
- EBITDA is defined as profit before income tax plus finance costs, share of loss of an associate, depreciation, amortisation and written off of property, plant and equipment.
- Current ratio is computed from total current assets divided by total current liabilities.
INTERIM RESULTS
The board of directors (the "Board") of Shougang Fushan Resources Group Limited (the "Company") is pleased to announce the unaudited consolidated interim results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2019. These interim results have been reviewed by the Company's Audit Committee and its auditor.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30 June 2019
Six months ended 30 June | |||||
2019 | 2018 | ||||
Notes | HK$'000 | HK$'000 | |||
(Unaudited) | (Unaudited) | ||||
Revenue from contracts with customers | 4 | 1,959,940 | 1,978,168 | ||
Cost of sales | (895,424) | (924,400) | |||
Gross profit | 1,064,516 | 1,053,768 | |||
Interest income | 70,522 | 59,264 | |||
Other income and gains, net | 5 | 50,284 | 21,554 | ||
Selling and distribution expenses | (123,979) | (106,385) | |||
General and administrative expenses | (80,418) | (80,113) | |||
Other operating expenses | 6 | (109,961) | (4,415) | ||
Finance costs | 7 | (4,606) | - | ||
Share of loss of an associate | (175) | (296) | |||
Profit before income tax | 8 | 866,183 | 943,377 | ||
Income tax expense | 9 | (206,156) | (271,867) | ||
Profit for the period | 660,027 | 671,510 |
- 2 -
Six months ended 30 June
2019 2018
Note HK$'000 HK$'000
(Unaudited) (Unaudited)
Other comprehensive income for the period
Item that may be reclassified subsequently to
- profit or loss:
- Exchange differences on translation of financial
statements of foreign operations | (13,686) | (41,810) |
Item that will not be reclassified to profit or loss: |
- Fair value gain/(loss) on financial assets measured
- at fair value through other comprehensive
income | 407,307 | (41,991) | |||
Total comprehensive income for the period | 1,053,648 | 587,709 | |||
Profit for the period attributable to: | |||||
Owners of the Company | 640,388 | 638,045 | |||
Non-controlling interests | 19,639 | 33,465 | |||
Profit for the period | 660,027 | 671,510 | |||
Total comprehensive income for the period | |||||
attributable to: | |||||
Owners of the Company | 1,034,467 | 555,443 | |||
Non-controlling interests | 19,181 | 32,266 | |||
Total comprehensive income for the period | 1,053,648 | 587,709 | |||
Earnings per share | |||||
- Basic and diluted (HK cents) | 11 | 12.08 | 12.03 | ||
- 3 -
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2019
30 June | 31 December | ||||
2019 | 2018 | ||||
Notes | HK$'000 | HK$'000 | |||
(Unaudited) | (Audited) | ||||
ASSETS AND LIABILITIES | |||||
Non-current assets | |||||
Property, plant and equipment | 3,696,173 | 3,609,544 | |||
Prepaid lease payments | - | 60,062 | |||
Land use rights | 63,320 | - | |||
Right-of-use assets | 29,267 | - | |||
Mining rights | 7,669,477 | 7,751,953 | |||
Goodwill | 1,255,559 | 1,255,559 | |||
Interest in an associate | 11,709 | 11,880 | |||
Financial assets measured at fair value through | |||||
other comprehensive income | 12 | 1,140,232 | 654,053 | ||
Deposits, prepayments and other receivables | 515,027 | 489,947 | |||
Deferred tax assets | 56,701 | 22,752 | |||
Total non-current assets | 14,437,465 | 13,855,750 | |||
Current assets | |||||
Inventories | 138,649 | 130,069 | |||
Trade receivables | 13 | 678,183 | 669,837 | ||
Bills receivables | 13 | 1,458,519 | 1,578,345 | ||
Deposits, prepayments and other receivables | 324,829 | 319,677 | |||
Other financial asset | 234,000 | 200,000 | |||
Pledged bank deposits | 226,957 | 190,029 | |||
Time deposits with original maturity | |||||
over three months | 1,150,228 | 854,010 | |||
Cash and cash equivalents | 3,499,685 | 3,453,325 | |||
Total current assets | 7,711,050 | 7,395,292 | |||
Total assets | 22,148,515 | 21,251,042 | |||
- 4 -
30 June | 31 December | ||||
2019 | 2018 | ||||
Notes | HK$'000 | HK$'000 | |||
(Unaudited) | (Audited) | ||||
Current liabilities | |||||
Trade and bills payables | 14 | 737,972 | 834,903 | ||
Lease liabilities | 5,900 | - | |||
Other financial liability | 178,358 | 178,358 | |||
Other payables and accruals | 1,310,352 | 1,426,081 | |||
Borrowings | 15 | 121,927 | - | ||
Dividend payable | 450,656 | - | |||
Amounts due to non-controlling interests of | |||||
subsidiaries | 73,697 | 72,228 | |||
Tax payables | 265,367 | 357,130 | |||
Total current liabilities | 3,144,229 | 2,868,700 | |||
Net current assets | 4,566,821 | 4,526,592 | |||
Total assets less current liabilities | 19,004,286 | 18,382,342 | |||
Non-current liabilities | |||||
Deferred tax liabilities | 1,600,719 | 1,606,536 | |||
Lease liabilities | 24,769 | - | |||
Total non-current liabilities | 1,625,488 | 1,606,536 | |||
Net assets | 17,378,798 | 16,775,806 | |||
EQUITY | |||||
Equity attributable to owners of the Company | |||||
Share capital | 15,156,959 | 15,156,959 | |||
Reserves | 810,968 | 227,157 | |||
Total equity attributable to owners of | |||||
the Company | 15,967,927 | 15,384,116 | |||
Non-controlling interests | 1,410,871 | 1,391,690 | |||
Total equity | 17,378,798 | 16,775,806 | |||
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Shougang Fushan Resources Group Limited published this content on 22 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 August 2019 13:32:05 UTC