TIDMACHL
RNS Number : 0341Z
Asian Citrus Holdings Ltd
14 September 2009
+------------------------------------+------------------------------------+
| For immediate release | Tuesday 15 September 2009 |
| | |
+------------------------------------+------------------------------------+
Asian Citrus Holdings Limited
Preliminary Results for the year ended 30 June 2009
Asian Citrus Holdings Limited ("Asian Citrus"), the largest orange plantation
owner and operator in China, announces preliminary results for the year ended 30
June 2009.
Key Highlights
+----------------------+----------+----------+-----------+----------+----------+
| | | | | For illustration |
| | | | | only |
+----------------------+----------+----------+-----------+---------------------+
| | Year ended | | Year ended |
| | 30 June | | 30 June |
+----------------------+---------------------+-----------+---------------------+
| | 2009 | 2008 |% change | 2009 | 2008 |
| | (RMBm) | (RMBm) | (RMB) | (GBPm*) | (GBPm*) |
+----------------------+----------+----------+-----------+----------+----------+
| | | | | | |
+----------------------+----------+----------+-----------+----------+----------+
| Reported financial information | | | |
+--------------------------------------------+-----------+----------+----------+
| | | | | | |
+----------------------+----------+----------+-----------+----------+----------+
| Revenue | 668.5 | 533.8 | +25.2 | 58.8 | 39.0 |
+----------------------+----------+----------+-----------+----------+----------+
| EBITDA | 501.9 | 413.6 | +21.3 | 44.1 | 30.2 |
+----------------------+----------+----------+-----------+----------+----------+
| Profit before tax | 442.3 | 367.7 | +20.3 | 38.9 | 26.8 |
+----------------------+----------+----------+-----------+----------+----------+
| Net profit | 440.1 | 399.3 | +10.2 | 38.7 | 29.1 |
+----------------------+----------+----------+-----------+----------+----------+
| Basic EPS | RMB5.81 | RMB5.38 | +8.0 | 51.1p | 39.3p |
+----------------------+----------+----------+-----------+----------+----------+
| Dividend per share | RMB0.80 | RMB0.80 | - | 7.0p | 5.8p |
+----------------------+----------+----------+-----------+----------+----------+
| | | | | | |
+----------------------+----------+----------+-----------+----------+----------+
| Reported financial information adjusted to | | | |
| exclude biological gain | | | |
+--------------------------------------------+-----------+----------+----------+
| | | | | | |
+----------------------+----------+----------+-----------+----------+----------+
| EBITDA | 291.2 | 248.6 | +17.1 | 25.6 | 18.1 |
+----------------------+----------+----------+-----------+----------+----------+
| Profit before tax | 231.6 | 202.7 | +14.3 | 20.4 | 14.8 |
+----------------------+----------+----------+-----------+----------+----------+
| Net profit | 229.4 | 234.3 | -2.1 | 20.2 | 17.1 |
+----------------------+----------+----------+-----------+----------+----------+
| Basic EPS | RMB3.03 | RMB3.16 | -4.1 | 26.6p | 23.1p |
+----------------------+----------+----------+-----------+----------+----------+
* Conversion at GBP1 = RMB11.37 and RMB13.70 for the year ended 30 June 2009 and
2008 respectively for reference only
Operational Highlights
+----+----------------------------------------------------------------+
| - | Revenues from the sales of oranges up 20.5% to RMB634.9 |
| | million, achieved by an increase of 16.7% in production and a |
| | 3.3% increase in average selling price |
+----+----------------------------------------------------------------+
| - | Revenues from the sales of retail units in Xinfeng Development |
| | was RMB31.3 million (2008: RMB6.8 million) with gross margin |
| | of 24.4% (2008: 19.4%) |
+----+----------------------------------------------------------------+
| - | Revenues from the first sales of self-bred saplings was RMB2.2 |
| | million |
+----+----------------------------------------------------------------+
| - | Gross profit increased by 14.0% to RMB409.2 million with |
| | overall profit margin of 61.2% (2008: 67.3%) |
+----+----------------------------------------------------------------+
| - | Profit before tax (ex-biological gain) increased by 14.3% to |
| | RMB231.6 million |
+----+----------------------------------------------------------------+
| - | Continued increase in the volume sold to higher margin |
| | supermarket customers to 42,977 tonnes (2008: 35,303 tonnes) |
+----+----------------------------------------------------------------+
| - | Signed new contracts with two new supermarket customers in |
| | Beijing and Guizhou province |
+----+----------------------------------------------------------------+
| - | Commenced the commercial sales of self-bred saplings to local |
| | farmers during the year with reciprocal agreements with the |
| | farmers offering the Group the first right to purchase their |
| | oranges |
+----+----------------------------------------------------------------+
Hepu Plantation
+----+----------------------------------------------------------------+
| - | Fully developed with approximately 1.3 million orange trees, |
| | of which approximately 1.2 million trees were fruit-bearing |
+----+----------------------------------------------------------------+
| - | Production increased by 3.5% to 124,394 tonnes (2008: 120,189 |
| | tonnes) |
+----+----------------------------------------------------------------+
| - | Gross margin decreased slightly to 68.6% (2008: 69.9%) |
+----+----------------------------------------------------------------+
| - | Replanting underway with approximately 80,000 new summer |
| | orange trees planted |
+----+----------------------------------------------------------------+
Xinfeng Plantation
+----+----------------------------------------------------------------+
| - | Fully developed with 1.6 million winter orange trees |
+----+----------------------------------------------------------------+
| - | Production increased by 173.4% to 27,665 tonnes from the first |
| | 800,000 (two batches of 400,000) winter orange trees (2008: |
| | 10,119 tonnes) |
+----+----------------------------------------------------------------+
| - | Gross margin decreased to 29.1% (2008: 33.8%) as a result of |
| | the trial production of second batch of 400,000 trees |
+----+----------------------------------------------------------------+
| - | Third batch of 400,000 winter oranges expected to start its |
| | trial crops in the winter of 2009 |
+----+----------------------------------------------------------------+
| - | Final batch of 400,000 orange trees expected to reach their |
| | fruit-bearing age in the winter of 2010 |
+----+----------------------------------------------------------------+
Hunan Plantation
+----+----------------------------------------------------------------+
| - | Commenced the basic infrastructure with RMB20.3 million |
| | invested during the year |
+----+----------------------------------------------------------------+
| - | Started the construction work of a new nursery at Hunan |
| | Plantation which occupies approximately 7,000 square metres |
+----+----------------------------------------------------------------+
| - | Plan is to plant a total 2.4 million orange trees before the |
| | end of 2013 |
+----+----------------------------------------------------------------+
Tony Tong, Chairman, commented:
"The global financial crisis in the second half of 2008 created an extremely
challenging business environment around the world, including in China. There was
a sharp drop in consumer confidence and lower demand for consumables. Despite
these challenges, we continued to focus our resources on expanding our
distribution network and we were able to extend our sales to supermarkets in the
Beijing and Guizhou Province given our outstanding species and quality of
oranges.
"The business environment has largely improved in 2009 following a series of
economic measures adopted by various governments around the world. The most
important measure relevant to the Group is China's Stimulus Plan of RMB4
trillion, which aims to promote domestic demand and economic growth of the
domestic economy by targeting gross domestic product growth of 8% per annum. We
believe that this plan will greatly enhance domestic demand for consumables and
we are confident that we will be able to expand our distribution network to more
supermarkets in the near future.
"We believe that the proposed Hong Kong listing is desirable and that the
liquidity of the Company's shares will be enhanced.
"We are confident that Asian Citrus will continue to progress and deliver good
value to its shareholders in the wake of the continued economic growth in
China."
- ends -
+----------------------------------------------+-------------------------+
| For further information please contact: | |
+----------------------------------------------+-------------------------+
| | |
+----------------------------------------------+-------------------------+
| Asian Citrus Holdings Limited | Tel: +852 2559 0323 |
| Tony Tong, Chairman and Chief Executive | |
| Officer | |
| Eric Sung, Finance Director | |
+----------------------------------------------+-------------------------+
| | |
+----------------------------------------------+-------------------------+
| Weber Shandwick Financial | Tel: 020 7067 0700 |
| Terry Garrett, John Moriarty, Stephanie | |
| Badjonat | |
+----------------------------------------------+-------------------------+
Asian Citrus Holdings Limited
Chairman's Statement
I am very pleased to present the annual results of Asian Citrus Holdings Limited
and its subsidiaries for the year ended 30 June 2009.
STRATEGIC OVERVIEW
During the year ended 30 June 2009, the Group renewed supply contracts with all
of its existing customers. In addition, the Group continued to develop its
direct sales offering to supermarkets in other geographical areas of China and
added two new supermarket customers, one in Beijing and another in Guizhou
province. We are confident that we will continue to expand our sales coverage to
supermarkets in other geographical areas with increased volume in the near
future.
During the year ended 30 June 2009, we sold approximately 42,977 tonnes of
oranges to supermarkets directly, representing an increase of 21.7% from 35,303
tonnes sold in the previous year. The volume and revenue of sales to
supermarkets accounted for 28.3% and 36.7% of the Group's production and revenue
respectively.
After two years of operating our orange saplings nursery in the Hepu Plantation,
there are now more than 280 advanced species of citrus seedlings in our nursery
and mass production of self-bred saplings has commenced. In addition to the
supply of self-bred saplings for our own replanting programme in the Hepu
Plantation, we sold approximately 220,000 self-bred saplings to local farmers
during the year. Apart from providing the Group with a new stream of revenue,
the nursery function also enables the Group to secure a long-term stable supply
of high-quality oranges as there are reciprocal agreements with the farmers
which offer the Group the first right to purchase their oranges.
During the year, the Group expanded its nursery function by the construction of
a new nursery at the Hunan Plantation, which was substantially completed in
September 2009. This new nursery aims principally to provide saplings for the
Hunan Plantation although, after the completion of the Hunan Plantation, it will
also supply local farmers with orange saplings. We believe our strength in
species development and our capability to mass produce good-species orange
saplings will further strengthen our leading position in the Chinese orange
market.
OPERATING REVIEW
The Hepu Plantation is now fully developed with approximately 1.3 million orange
trees, of which approximately 1.1 million trees were producing oranges during
the year ended 30 June 2009. Production output for the year was approximately
124,394 tonnes, representing an increase of 3.5% over the previous year's
production of 120,189 tonnes. This growth was due mainly to the increase in
production of certain winter orange trees with increasing maturity, offset by
reduction in the number of orange-producing trees due to the replanting
programme.
The Group's replanting programme in the Hepu Plantation is ongoing and, so far,
81,261 winter trees have been removed and replanted with the same number of the
new species of summer orange trees. There are currently approximately 240,000
winter orange trees at the Hepu Plantation, all of which are due to be replaced
over the next four years. We are very confident that the replanting programme
will deliver long term economic benefits by increasing average yields and
achievable revenue per tonne from the improved species of summer oranges trees.
The Xinfeng Plantation is now fully planted with 1.6 million winter orange
trees, of which 800,000 trees produced oranges during the year yielding
approximately 27,665 tonnes of oranges, an increase of approximately 173% over
the previous year's production of 10,119 tonnes. This growth was mainly due to
the increased production from the initial planting of 400,000 winter oranges
trees, which are still yet to achieve their full maturity, together with trial
production from the next 400,000 trees. It is expected that a further 400,000
orange trees will start trial production in the winter of 2009.
During the year, the Group commenced construction of the Hunan Plantation, with
an initial investment of approximately RMB20.3 million. It is expected that the
Hunan Plantation will be fully planted with a total of 2.4 million orange trees
before the end of 2013.
TRADING RESULTS
The Group's revenue for sales of oranges was RMB634.9 million (2008: RMB527.0
million) in the year to 30 June 2009, representing growth of 20.5% on the prior
year. This was achieved by an increase of approximately 16.7% in the Group's
production, combined with a 3.3% increase in the average selling prices of the
oranges to both wholesalers and supermarkets. We anticipate that the proportion
of sales to supermarkets will continue to increase over time and that the
Group's products will be able to achieve wider geographical exposure as
further supermarket contracts in the Guangxi area and other provinces are
secured. During the year under review, we expanded our sales to supermarkets in
Beijing and Guizhou province.
The gross margin achieved by the Hepu Plantation decreased slightly to 68.6% for
the year (2008: 69.9%), mainly due to the higher costs associated with organic
farming and wage inflation in China. The gross margin achieved by the Xinfeng
Plantation was 29.1% for the year compared with 33.8% in the previous year. The
reduction in gross margin at the Xinfeng Plantation was due mainly to the lower
gross margin on the trial production in the winter of 2008. Over the medium
term, as production volume increases and economies of scale are achieved, the
Xinfeng Plantation is anticipated to demonstrate its potential for growth and
better profitability. Combining the two plantations, the Group's gross margin
for the core agricultural business was approximately 61.2% for the year ended 30
June 2009 (2008: 67.3%).
The cost of production for the core agricultural business increased from
RMB169.3 million for the year ended 30 June 2008 to RMB235.0 million for the
year ended 30 June 2009, principally due to the increased consumption of raw
materials accompanying the growth of the Group's production volume, higher costs
associated with organic farming and wage inflation in China. As a result, the
average unit cost of production increased from RMB1.30 per Kg for the year ended
30 June 2008 to approximately RMB1.55 per Kg for the year ended 30 June 2009.
During the year, the Group began to sell some of its self-bred saplings to local
farmers following the mass production of saplings from the nursery at the Hepu
Plantation. Approximately 220,000 oranges saplings were sold to local farmers
and the Group recorded RMB2.2 million of revenue for sales of these saplings
during the year.
In addition to the core agricultural business, the transfer of ownerships and
titles of 96 units of Phase 1 of the Xinfeng Development were also completed
during the year. As a result, the Group realised revenue and incurred
corresponding costs (excluding business tax and other relevant taxes and charges
that may still be levied) of RMB31.3 million and RMB23.7 million respectively
during the year
HONG KONG LISTING
As announced on 28 August 2009, the Company has submitted its application to the
Stock Exchange of Hong Kong Limited ("HKEx") for a dual primary listing by way
of an introduction. This new listing will be in addition to the Company's
existing quotes on the AIM and PLUS markets in London. The Company's board of
directors is satisfied that the listing is in the best interests of the
shareholders. The listing of the Company's shares on the main board of HKEx is
subject to, among other things, the approval of the listing sub-committee of the
board of directors of the HKEx and, subject to this approval, it is expected
that the listing on the HKEx may occur in late 2009.
INVESTOR RELATIONS
The Board is committed to maintaining good communications with its shareholders
and potential investors. The Group maintains a regularly-updated website
(www.asian-citrus.com), which enables shareholders and potential investors to
understand the Group better and to communicate with the senior management of the
Group in a user-friendly platform. In addition, the Group's management visited
certain institutional investors and private client investment advisers during
October and November 2008 to update shareholders on the Group's latest
developments and introduce the Group to potential new investors.
DIVIDENDS
The Board recommends the payment of a final dividend of RMB0.8 per share for the
financial year ended 30 June 2009. This equates to 26.9% of the adjusted
earnings excluding biological gain for the year ended 30 June 2009 which the
Board views as an appropriate payout to provide shareholders with an attractive
yield while leaving the Group with sufficient capital for further developments.
The Company has decided to institute a Scrip Dividend Scheme whereby
shareholders will be offered the opportunity to elect to receive the final
dividend for the year ended 30 June 2009 in the form of shares. A document
providing further details of this Scrip Dividend Scheme will be sent to
shareholders in due course.
The final dividend, if approved at the Annual General Meeting on 11 December
2009, will be paid in sterling on or before 31 December 2009, to shareholders on
the register on 13 November 2009, with an ex-dividend date of 11 November 2009.
The translation of RMB into sterling is made at the exchange rate of 11.37 as at
30 June 2009 is for illustration purpose. The actual translation rate for the
purpose of dividend payment in sterling will be referenced to the exchange rate
on 13 November 2009.
OUTLOOK
The global financial crisis in the second half of 2008 created an extremely
challenging business environment around the world, including in China. There was
a sharp drop in consumer confidence and lower demand for consumables. Despite
these challenges, we continued to focus our resources on expanding our
distribution network and we were able to extend our sales to supermarkets in the
Beijing and Guizhou Province given our outstanding species and quality of
oranges.
The business environment has largely improved in 2009 following a series of
economic measures adopted by various governments around the world. The most
important measure relevant to the Group is China's Stimulus Plan of RMB4
trillion, which aims to promote domestic demand and economic growth of the
domestic economy by targeting gross domestic product growth of 8% per annum. We
believe that this plan will greatly enhance domestic demand for consumables and
we are confident that we will be able to expand our distribution network to more
supermarkets in the near future.
We believe that the proposed Hong Kong listing is desirable and that the
liquidity of the Company's shares will be enhanced.
We are confident that Asian Citrus will continue to progress and deliver good
value to its shareholders in the wake of the continued economic growth in China.
Tony Tong
Chairman
15 September 2009
Asian Citrus Holdings Limited
Consolidated income statement
For the year ended 30 June 2009
+-----------------------------------------------+------------+--+------------+
| | Year ended |
| | 30 June |
+-----------------------------------------------+----------------------------+
| | 2009 | | 2008 |
| | RMB'000 | | RMB'000 |
+-----------------------------------------------+------------+--+------------+
| | (Audited) | | (Audited) |
+-----------------------------------------------+------------+--+------------+
| | | | |
+-----------------------------------------------+------------+--+------------+
| Revenue | 668,529 | | 533,775 |
+-----------------------------------------------+------------+--+------------+
| Net gain on change in fair value of | 210,631 | | 165,000 |
| biological assets | | | |
+-----------------------------------------------+------------+--+------------+
| Inventories used | (222,917) | | (160,229) |
+-----------------------------------------------+------------+--+------------+
| Staff costs | (49,382) | | (37,612) |
+-----------------------------------------------+------------+--+------------+
| Amortisation | (4,557) | | (3,450) |
+-----------------------------------------------+------------+--+------------+
| Depreciation | (57,141) | | (48,415) |
+-----------------------------------------------+------------+--+------------+
| Other operating expenses | (102,726) | | (85,938) |
+-----------------------------------------------+------------+--+------------+
| | | | |
+-----------------------------------------------+------------+--+------------+
| Profit from operations | 442,437 | | 363,131 |
+-----------------------------------------------+------------+--+------------+
| | | | |
+-----------------------------------------------+------------+--+------------+
| Interest income | 2,105 | | 5,982 |
+-----------------------------------------------+------------+--+------------+
| Finance costs | (12) | | (13) |
+-----------------------------------------------+------------+--+------------+
| | | | |
+-----------------------------------------------+------------+--+------------+
| Net finance costs | 2,093 | | 5,969 |
+-----------------------------------------------+------------+--+------------+
| | | | |
+-----------------------------------------------+------------+--+------------+
| Share of loss of associates | (368) | | (1,359) |
+-----------------------------------------------+------------+--+------------+
| Impairment loss on interests in associates | (1,896) | | - |
+-----------------------------------------------+------------+--+------------+
| | | | |
+-----------------------------------------------+------------+--+------------+
| Profit before income tax | 442,266 | | 367,741 |
+-----------------------------------------------+------------+--+------------+
| | | | |
+-----------------------------------------------+------------+--+------------+
| Income tax (expense)/credit | (2,205) | | 31,552 |
+-----------------------------------------------+------------+--+------------+
| | | | |
+-----------------------------------------------+------------+--+------------+
| Profit for the year attributable to | 440,061 | | 399,293 |
| shareholders | | | |
+-----------------------------------------------+------------+--+------------+
| | | | |
+-----------------------------------------------+------------+--+------------+
| Proposed final dividend | 61,645 | | 59,486 |
+-----------------------------------------------+------------+--+------------+
| | | | |
+-----------------------------------------------+------------+--+------------+
| Basic earnings per share | RMB5.81 | | RMB5.38 |
+-----------------------------------------------+------------+--+------------+
| | | | |
+-----------------------------------------------+------------+--+------------+
| Diluted earnings per share | RMB5.81 | | RMB5.37 |
+-----------------------------------------------+------------+--+------------+
| | | | |
+-----------------------------------------------+------------+--+------------+
Asian Citrus Holdings Limited
Consolidated balance sheet
As at 30 June 2009
+----------------------------------------------+------------+--+-----------+
| | 30 June |
+----------------------------------------------+---------------------------+
| | 2009 | | 2008 |
| | RMB'000 | | RMB'000 |
+----------------------------------------------+------------+--+-----------+
| | (Audited) | | (Audited) |
+----------------------------------------------+------------+--+-----------+
| ASSETS | | | |
+----------------------------------------------+------------+--+-----------+
| Non-current assets | | | |
+----------------------------------------------+------------+--+-----------+
| Property, plant and equipment | 1,083,758 | | 999,155 |
+----------------------------------------------+------------+--+-----------+
| Land use rights | 56,085 | | 48,101 |
+----------------------------------------------+------------+--+-----------+
| Construction-in-progress | 79,021 | | 120,468 |
+----------------------------------------------+------------+--+-----------+
| Biological assets | 1,142,025 | | 931,209 |
+----------------------------------------------+------------+--+-----------+
| Deferred development costs | 30,700 | | 22,600 |
+----------------------------------------------+------------+--+-----------+
| Interests in associates | - | | 2,216 |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| | 2,391,589 | | 2,123,749 |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Current assets | | | |
+----------------------------------------------+------------+--+-----------+
| Biological assets | 54,638 | | 16,787 |
+----------------------------------------------+------------+--+-----------+
| Properties for sale | 34,111 | | 54,305 |
+----------------------------------------------+------------+--+-----------+
| Inventories | 639 | | 1,487 |
+----------------------------------------------+------------+--+-----------+
| Trade and other receivables | 14,901 | | 19,897 |
+----------------------------------------------+------------+--+-----------+
| Income tax recoverable | - | | 1,073 |
+----------------------------------------------+------------+--+-----------+
| Cash and cash equivalents | 461,241 | | 309,952 |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| | 565,530 | | 403,501 |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Total assets | 2,957,119 | | 2,527,250 |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| EQUITY AND LIABILITIES | | | |
+----------------------------------------------+------------+--+-----------+
| Equity | | | |
+----------------------------------------------+------------+--+-----------+
| Share capital | 8,028 | | 7,785 |
+----------------------------------------------+------------+--+-----------+
| Reserves | 2,897,295 | | 2,461,499 |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| | 2,905,323 | | 2,469,284 |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Current liabilities | | | |
+----------------------------------------------+------------+--+-----------+
| Trade and other payables | 48,735 | | 56,166 |
+----------------------------------------------+------------+--+-----------+
| Due to a related party | 2,754 | | 1,800 |
+----------------------------------------------+------------+--+-----------+
| Income tax payables | 307 | | - |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Total liabilities | 51,796 | | 57,966 |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Total equity and liabilities | 2,957,119 | | 2,527,250 |
+----------------------------------------------+------------+--+-----------+
Asian Citrus Holdings Limited
Consolidated cash flow statement
For the year ended 30 June 2009
+----------------------------------------------+------------+--+-----------+
| | Year ended |
| | 30 June |
+----------------------------------------------+---------------------------+
| | 2009 | | 2008 |
| | RMB'000 | | RMB'000 |
+----------------------------------------------+------------+--+-----------+
| | (Audited) | | (Audited) |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Cash flows from operating activities | | | |
+----------------------------------------------+------------+--+-----------+
| Profit before income tax | 442,266 | | 367,741 |
+----------------------------------------------+------------+--+-----------+
| Adjustments for: | | | |
+----------------------------------------------+------------+--+-----------+
| Unrealised exchange loss | - | | 518 |
+----------------------------------------------+------------+--+-----------+
| Interest income | (2,105) | | (5,982) |
+----------------------------------------------+------------+--+-----------+
| Finance costs | 12 | | 13 |
+----------------------------------------------+------------+--+-----------+
| Depreciation | 61,406 | | 50,240 |
+----------------------------------------------+------------+--+-----------+
| Share-based payments | 8,954 | | 6,906 |
+----------------------------------------------+------------+--+-----------+
| Amortisation of land use rights | 1,157 | | 1,050 |
+----------------------------------------------+------------+--+-----------+
| Amortisation of deferred development costs | 3,400 | | 2,400 |
+----------------------------------------------+------------+--+-----------+
| Net gain on change in fair value of | (210,631) | | (165,000) |
| biological assets | | | |
+----------------------------------------------+------------+--+-----------+
| Loss on disposal of property, plant and | 480 | | - |
| equipment | | | |
+----------------------------------------------+------------+--+-----------+
| Write off of biological assets | 42 | | - |
+----------------------------------------------+------------+--+-----------+
| Share of loss of associates | 368 | | 1,359 |
+----------------------------------------------+------------+--+-----------+
| Impairment loss on interests in associates | 1,896 | | - |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Operating profit before working capital | 307,245 | | 259,245 |
| changes | | | |
+----------------------------------------------+------------+--+-----------+
| Movements in working capital elements: | | | |
+----------------------------------------------+------------+--+-----------+
| Properties for sale | 20,194 | | (10,215) |
+----------------------------------------------+------------+--+-----------+
| Inventories | 848 | | 86 |
+----------------------------------------------+------------+--+-----------+
| Biological assets | (37,851) | | (9,099) |
+----------------------------------------------+------------+--+-----------+
| Trade and other receivables | (4,145) | | (5,573) |
+----------------------------------------------+------------+--+-----------+
| Trade and other payables | (7,431) | | 37,421 |
+----------------------------------------------+------------+--+-----------+
| Due to a related party | 954 | | (810) |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Cash generated from operations | 279,814 | | 271,055 |
+----------------------------------------------+------------+--+-----------+
| Income tax paid | (825) | | (42,714) |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Net cash generated from operating activities | 278,989 | | 228,341 |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Cash flows from investing activities | | | |
+----------------------------------------------+------------+--+-----------+
| Purchases of property, plant and equipment | (8,596) | | (3,775) |
+----------------------------------------------+------------+--+-----------+
| Proceeds form disposal of property, plant | 594 | | - |
| and equipment | | | |
+----------------------------------------------+------------+--+-----------+
| Additions to Construction-in-progress paid | (97,040) | | (206,981) |
+----------------------------------------------+------------+--+-----------+
| Net additions to biological assets | (227) | | (698) |
+----------------------------------------------+------------+--+-----------+
| Additions to deferred development costs | (11,500) | | (13,000) |
+----------------------------------------------+------------+--+-----------+
| Interest received | 2,105 | | 5,982 |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Net cash used in investing activities | (114,664) | | (218,472) |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
Asian Citrus Holdings Limited
Consolidated cash flow statement
For the year ended 30 June 2009
+----------------------------------------------+------------+--+-----------+
| | Year ended |
| | 30 June |
+----------------------------------------------+---------------------------+
| | 2009 | | 2008 |
| | RMB'000 | | RMB'000 |
+----------------------------------------------+------------+--+-----------+
| | (Audited) | | (Audited) |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Cash flows from financing activities | | | |
+----------------------------------------------+------------+--+-----------+
| (Advance to)/repayment from an associate | (48) | | 981 |
+----------------------------------------------+------------+--+-----------+
| Proceeds from issue of new shares | - | | 5,056 |
| upon exercise | | | |
| of share options | | | |
+----------------------------------------------+------------+--+-----------+
| Dividend paid | (12,976) | | (50,454) |
+----------------------------------------------+------------+--+-----------+
| Finance costs paid | (12) | | (13) |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Net cash used in financing activities | (13,036) | | (44,430) |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Net increase/(decrease) in cash and cash | 151,289 | | (34,561) |
| equivalents | | | |
+----------------------------------------------+------------+--+-----------+
| Cash and cash equivalents at beginning of | 309,952 | | 344,513 |
| year | | | |
+----------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------+------------+--+-----------+
| Cash and cash equivalents at end of year | 461,241 | | 309,952 |
+----------------------------------------------+------------+--+-----------+
Asian Citrus Holdings Limited
Notes to the preliminary announcement
For the year ended 30 June 2009
+----+------------------------------------------------------------------------+
| 1. | Income tax (expense)/credit |
+----+------------------------------------------------------------------------+
| | The amount of income tax (expense)/credit in the consolidated income |
| | statements represents: |
+----+------------------------------------------------------------------------+
+----------------------------------------------------+------------+--+-----------+
| | Year ended |
| | 30 June |
+----------------------------------------------------+---------------------------+
| | 2009 | | 2008 |
| | RMB'000 | | RMB'000 |
+----------------------------------------------------+------------+--+-----------+
| | (Audited) | | (Audited) |
+----------------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------------+------------+--+-----------+
| PRC foreign enterprise income tax | (1,403) | | (11,164) |
+----------------------------------------------------+------------+--+-----------+
| Land appreciation tax | (802) | | (171) |
+----------------------------------------------------+------------+--+-----------+
| Deferred taxation | - | | 42,887 |
+----------------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------------+------------+--+-----------+
| | (2,205) | | 31,552 |
+----------------------------------------------------+------------+--+-----------+
+----+------------------------------------------------------------------------+
| 2. | Earnings per share |
+----+------------------------------------------------------------------------+
+----------------------------------------------------+------------+--+-----------+
| | Year ended |
| | 30 June |
+----------------------------------------------------+---------------------------+
| | 2009 | | 2008 |
| | RMB'000 | | RMB'000 |
+----------------------------------------------------+------------+--+-----------+
| | (Audited) | | (Audited) |
+----------------------------------------------------+------------+--+-----------+
| Earnings | | | |
+----------------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------------+------------+--+-----------+
| Profit attributable to shareholders used in | 440,061 | | 399,293 |
| diluted earnings per share calculation | | | |
+----------------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------------+------------+--+-----------+
| Weighted average number of shares (thousands) | | | |
+----------------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------------+------------+--+-----------+
| Issued ordinary shares at beginning of year | 74,357 | | 74,084 |
+----------------------------------------------------+------------+--+-----------+
| Effect of shares issued to shareholders | 1,346 | | - |
| participating in the scrip dividend | | | |
+----------------------------------------------------+------------+--+-----------+
| Effect of new shares issued upon exercise of share | - | | 110 |
| options | | | |
+----------------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------------+------------+--+-----------+
| Weighted average number of ordinary shares used in | 75,703 | | 74,194 |
| basic earning per share calculation | | | |
+----------------------------------------------------+------------+--+-----------+
| Effect of dilutive potential shares in respect of | 57 | | 209 |
| share options | | | |
+----------------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------------+------------+--+-----------+
| Weighted average number of ordinary shares used in | 75,760 | | 74,403 |
| diluted earnings per share calculation | | | |
+----------------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------------+------------+--+-----------+
| Basic earnings per share (RMB) | 5.81 | | 5.38 |
+----------------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------------+------------+--+-----------+
| Diluted earnings per share (RMB) | 5.81 | | 5.37 |
+----------------------------------------------------+------------+--+-----------+
+----+------------------------------------------------------------------------+
| 3. | Dividends |
+----+------------------------------------------------------------------------+
+----------------------------------------------------+------------+--+-----------+
| | Year ended |
| | 30 June |
+----------------------------------------------------+---------------------------+
| | 2009 | | 2008 |
| | RMB'000 | | RMB'000 |
+----------------------------------------------------+------------+--+-----------+
| | (Audited) | | (Audited) |
+----------------------------------------------------+------------+--+-----------+
| | | | |
+----------------------------------------------------+------------+--+-----------+
| Proposed final dividend of RMB0.8 (2008: RMB 0.8) | 61,645 | | 59,486 |
| per ordinary share | | | |
+----------------------------------------------------+------------+--+-----------+
+----+-----+-----------------------------------------------------------------------+
| 4. | Financial Information |
+----+-----------------------------------------------------------------------------+
| | |
+----------+-----------------------------------------------------------------------+
| The preliminary announcement was approved by the board on 15 September 2009. The |
| financial information has been prepared on a going concern basis in accordance |
| with International Financial Reporting Standards. The accounting policies |
| applied in preparing the financial information are consistent with those adopted |
| and disclosed in the Group's statutory accounts for the year ended 30 June 2008. |
| The statutory accounts for the year ended 30 June 2009 will be delivered to the |
| Registrar of Companies following the Company's annual general meeting. The |
| auditors have reported on the accounts for the year ended 30 June 2009 and their |
| report was unqualified and did not contain a statement under section 237 (2) or |
| (3) of the Companies Act 1985. |
+----------------------------------------------------------------------------------+
| | |
+----------+-----------------------------------------------------------------------+
| 5. | Annual General Meeting |
+----+-----------------------------------------------------------------------------+
| | |
+----------+-----------------------------------------------------------------------+
| The Annual General Meeting of the Company will be held at 20 Moorgate, London, |
| EC2R 6DA, United Kingdom on 11 December 2009 at 10:30 a.m.. |
+----------------------------------------------------------------------------------+
| | |
+----------+-----------------------------------------------------------------------+
| 6. | Annual Report and Accounts |
+----+-----------------------------------------------------------------------------+
| | |
+----------+-----------------------------------------------------------------------+
| Copies of the annual report and accounts will be dispatched to shareholders in |
| due course. Copies will also be available from the head office of the Company: |
| Rm 1109-1111, Wayson Comm. Building, 28 Connaught Road West, Hong Kong. |
+----+-----+-----------------------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR USSVRKORKAAR
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