TIDMCTEK
RNS Number : 9177O
China Chaintek United Co., Ltd
26 September 2013
Press Release 26 September 2013
China Chaintek United Co., Ltd
("ChainTek", the "Company" or the "Group")
Interim Results
ChainTek (AIM:CTEK), the provider of logistics services to
manufacturers of consumer goods in China, today announces its
interim results for the six months ended 30 June 2013 (the
"period").
Financial Highlights
-- Revenue up 6% to RMB167.7 million (H1 2012: RMB158.8 million)
-- EBITDA up 9% to RMB135.3 million (H1 2012: RMB124.3 million)
-- Profit before tax up 9% to RMB132.8 million (H1 2012: RMB121.9
million)
-- Operating profit margin 79% (H1 2012: 77%)
-- Cash position of RMB249.1 million (H1 2012: RMB159.1 million)
Operational Highlights
In the Logistics Services Division, significant progress has
been made in diversifying the Group's customer base into new
sectors, such as food and building materials. These new sectors
accounted for 23% (H1 2012: 17%) of the division's revenues.
Since the beginning of 2013, ChainTek has continued to win new
business in both the logistics service and inventory solutions
segments. For the six months ended 30 June 2013, a total of 15 new
customers have been added, with 14 in the logistics service
business in Jinjiang City, covering the sectors of shoes and
apparel, food, building materials and automobile parts, and one in
the inventory solutions business in the shoe sector in a regional
distribution centre ("RDC") in Guangzhou.
As previously announced, the Group intends to build a logistics
park which will be located on a plot of land in an industrial zone
in Jinjiang 14km from the Group's existing operational
headquarters, and which already houses a number of ChainTek's
existing key manufacturer customers. The Group is currently in
discussions with the local government and the developer of the
logistics park to acquire the Land Use Right over the plot of land
and will satisfy the final condition of the acquisition when it
pays the final tranche of the consideration. It is anticipated that
this will occur in Q4 2013.
Commenting on the Interim Results, Shufang Zhuang, Executive
Director and the Group's founder, said: "Trading since the year end
has been in line with management's expectations and results for the
six months ended 30 June 2013 are also in line with current market
expectations. Total revenues for the period grew 6% compared to the
same period in 2012, with profit before tax increasing by 9% to
RMB133 million. In the Group's core Logistics Services Division we
were pleased with the continued diversification of our customer
base, building on our existing strength in the sports shoes and
apparel sector and moving into growing markets such as food and
building materials. The Inventory Solutions business has added one
new customer and ended the period with six customers. The Board is
pleased with the demand we are seeing for this division.
"ChainTek's cash position at 30 June 2013 was RMB249 million and
the Group is well positioned to benefit from the Chinese economy's
need for efficient domestic logistics services as it switches to a
model of increasing investment and internal consumption. ChainTek's
core business is strengthening and the Board looks forward with
confidence to offering increased value and service to our varied
customer base."
- Ends -
For further information:
China Chaintek United Co.,
Ltd
Zhining Xu (Investor Relations) +44 (0) 7720570262
+65 9227 8485
Derrick Wong (Finance Director) +86 159 8597 3034
Nominated Advisor and Joint
Broker
ZAI Corporate Finance
Ray Zimmerman / Wei Wang +44 (0) 207 060 2220
Joint Broker
Liberum Capital
Steve Pearce / Tom Fyson /
Josh Hughes +44 (0) 20 3100 2000
Joint Broker
Daniel Stewart
Paul Shackleton +44 (0) 20 7776 6550
Abchurch Communications
Henry Harrison-Topham / Joanne
Shears +44 (0) 20 7398 7702
henry.ht@abchurch-group.com www.abchurch-group.com
Chairman's Statement
It is with pleasure that I present to you the results of China
Chaintek United Co., Ltd. for the six months ended 30 June
2013.
Financial Overview
The Group has continued to grow satisfactorily with revenues and
profit before tax both in line with the Board's expectations. For
the six months ended 30 June 2013, revenues amounted to RMB 167.7
million, which represents a 6% increase compared to the same period
in 2012.
The Logistics Services Division, the Group's core business,
represented 86% of total revenue. Sales have grown by 5% to
RMB144.0 million and gross margin increased from 90% to 94%. Most
encouraging has been the diversification of customers requiring
logistics services with the Company achieving 14 new customers and
292 in total.
The Inventory Solution Division has also seen robust growth in
the period. Revenues increased by 8% over H1 2012 to RMB23.7
million and gross margin grew from 47% to 52%. The number of
customers of the Division increased to six during the period.
EBITDA for H1 2013 has increased by 9% to RMB135.8 million (H1
2012: RMB124.6 million). Profit for the period also increased 8%
from RMB90.4 million for the six months ended 2012 to RMB97.9
million in the same period of 2013.
As at 30 June 2013, the Group had a net cash position of
RMB249.1 million compared with RMB159.1 million as at 30 June
2012.
Business Review
The People's Republic of China ("PRC") is the second largest
economy in the world with a GDP in 2012 of approximately RMB51.9
trillion, and the PRC is widely anticipated to become the world's
largest economy overtaking the USA around 2016.
The PRC is also undergoing a structural economic shift from an
economy fuelled by exports to one of investment and internal
consumption. The rapid growth of domestic income in the PRC is
driving consumption, especially in respect of food, consumer goods
and health care. Such economic adjustments continue to increase
demand for logistics services in the PRC. Logistics costs are
relatively high in the PRC where they were estimated to represent
approximately 18% of GDP in 2010, compared to less than 10% of GDP
in Europe and the USA in the same year.
The size of the Chinese domestic logistics market as a whole is
expected to double during the period of the PRC's "twelfth
five-year plan", which ends in 2015. The continuing development of
the PRC's logistics sector and the increase in operational
efficiency is likely to further support and expedite the PRC's
economic development. The logistics industry has become a growth
driver for national economic development and is supported at
government level.
In a Chinese Government White Paper Plan of Adjustment and
Revitalisation of the Chinese Logistic Industry, published in 2009,
the logistics industry was the only service industry listed in
Government supported projects. Furthermore, in August 2011, the
State Council, the PRC's cabinet, issued new guidelines to promote
the development of the country's logistics industry. These
guidelines include reduced taxation and land policies geared
towards logistics enterprises.
In May 2013, the Chinese State Council issued new guidance notes
on speeding up and improving logistics infrastructure across China,
focused on developing nationwide logistics hardware facilities,
reducing inappropriate road tolls, and constructing regional
logistics centres. These new policies further demonstrate the
government's support of the logistics industry as a whole in China.
The Board believes these policies will be beneficial to the Group's
business model in the long-term, as well as for the Group's
near-term plan to construct a modern logistics park.
The Logistics Services Division of ChainTek has continued to
grow and diversify its client base, particularly into the food and
building materials industries which comprised 23% of total revenue
during the period (H1 2012: 17%). The division continues to reduce
its reliance on shoes and apparel, which now comprise 70% of
revenue (H1 2012: 72%). In addition, with the sportswear and
apparel industries in China moving up the value chain, the Board
believes the trend to greater outsourcing is likely to
continue.
The Inventory Solutions Division of the Group is focused on
providing outsourced inventory storage and management services
including sorting, packing, labelling and short-term storage. The
division now accounts for 14% of Group revenues and, since its
establishment in 2010, continues to grow in line with the Board's
strategy and expectations. One new customer in the shoe sector in a
regional distribution centre ("RDC") in Guangzhou has been added
and there are now a total numbers of six customers in this division
as at 30 June 2013. The Board believes that revenue from this
division will see a material uplift once the new logistics park is
completed and fully operational.
Outlook
The Board is pleased with the strong progress that has been made
during the period. With the ongoing diversification and
strengthening of the Group's customer base, the Chinese
government's support for the logistics industry and the growth that
will be driven by Chaintek's new logistics park, the Board views
the future with confidence.
William Knight
Non-Executive Chairman
26 September 2013
Interim consolidated statement of financial position
(All amounts in RMB unless otherwise stated)
Unaudited Unaudited Audited
30 June 30 June 31December
2013 2012 2012
Assets
Non-Current
Land use right prepayments 29,771,163 30,336,326 30,106,119
Property, plant and
equipment 81,704,315 76,063,222 75,793,727
111,475,478 106,399,548 105,899,846
Current
Land use right prepayments 669,911 669,911 669,911
Trade and other receivables 325,262,448 153,937,203 144,460,690
Cash and cash equivalents 249,131,234 159,128,766 342,712,249
------------ ------------ ------------
575,063,593 313,735,880 487,842,850
------------ ------------ ------------
Total assets 686,539,071 420,135,428 593,742,696
============ ============ ============
Equity and Liabilities
Capital and reserves
Share capital 67,195,625 327,439 67,195,625
Merger reserve (204,100) (204,100) (204,100)
Statutory common reserve 5,000,000 5,000,000 5,000,000
Capital reserve 9,821,903 9,821,903 9,821,903
Warrant reserve 13,184,433 - 13,184,433
Retained earnings 563,666,369 369,667,005 465,794,574
------------ ------------ ------------
Total equity 658,664,230 384,612,247 560,792,435
============ ============ ============
Liabilities
Current
Trade and other payables 6,914,910 15,486,117 18,663,909
Current tax payable 20,959,931 20,037,064 14,286,352
Total liabilities 27,874,841 35,523,181 32,950,261
------------ ------------ ------------
Total equity and liabilities 686,539,071 420,135,428 593,742,696
============ ============ ============
Interim consolidated statement of comprehensive income
(All amounts in RMB unless otherwise stated)
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 June 30 June 31December
2013 2012 2012
Revenue 167,683,713 158,799,383 340,585,459
Cost of sales (19,830,685) (25,040,419) (57,026,047)
------------- ------------- --------------
Gross profit 147,853,028 133,758,964 283,559,412
Other operating income 432,199 920,110 3,230,675
Distribution expenses (358,101) (503,186) (736,408)
Administrative expenses (9,751,529) (12,272,524) (32,532,210)
Other operating expenses (5,366,978) - -
Profit before taxation 132,808,619 121,903,364 253,521,469
Income tax expense (34,936,824) (31,449,184) (66,939,720)
------------- ------------- --------------
Profit and total comprehensive
income for the period/
year 97,871,795 90,454,180 186,581,749
Earnings per share (RMB)
- Basic 1.79 1.81 3.61
- Diluted 1.74 1.81 3.56
============= ============= ==============
Interim consolidated statement of changes in equity
(All amounts in RMB unless otherwise stated)
Statutory
Share Merger common Capital Warrant Retained
capital reserve reserve reserve reserve earnings Total
------------ ---------- ---------- ---------- ------------- ------------ -------------
Balance as at 1 January 2012 327,439 (204,100) 5,000,000 - - 279,212,825 284,336,164
Total comprehensive income for
the year - - - - - 186,581,749 186,581,749
Transactions with owners recognised
directly in equity
Contributions by and distributions
to owners
* Issue of shares upon Initial Public Offering 66,868,186 - - - - - 66,868,186
13,184,433 - 13,184,433
* Issue of Warrants
* Advance from a Shareholder waived - - - 9,821,903 - - 9,821,903
------------ ---------- ---------- ---------- ------------- ------------ -------------
Balance as at 31 December 2012 67,195,625 (204,100) 5,000,000 9,821,903 13,184,433 465,794,574 560,792,435
Total comprehensive income for
the period - - - - - 97,871,795 97,871,795
------------ ---------- ---------- ---------- ------------- ------------ -------------
Balance as at 30 June 2013 (Unaudited) 67,195,625 (204,100) 5,000,000 9,821,903 13,184,433 563,666,369 658,664,230
------------ ---------- ---------- ---------- ------------- ------------ -------------
Unaudited
Balance as at 1 January 2012 327,439 (204,100) 5,000,000 - - 279,212,825 284,336,164
Total comprehensive income for
the period - - - - - 90,454,180 90,454,180
Transactions with owners recognised
directly in equity
Contributions by and distributions
to owners
* Advance from a Shareholder waived - - - 9,821,903 - - 9,821,903
-------- ---------- ---------- ---------- ------------ ------------
Balance as at 30 June 2012 (Unaudited) 327,439 (204,100) 5,000,000 9,821,903 - 369,667,005 384,612,247
-------- ---------- ---------- ---------- ------------ ------------
Interim consolidated statement of cash flow
(All amounts in RMB unless otherwise stated)
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 June 30 June 31December
2013 2012 2012
Cash Flows from Operating
Activities
Profit before taxation 132,808,619 121,903,364 253,521,469
Adjustments for:
Amortisation of land use
rights prepayments 334,956 439,703 669,910
Equity-settled share-based
payment expense - - 4,977,160
Depreciation of property,
plant and equipment 2,611,668 2,235,258 3,691,087
Loss on disposal of property,
plant and
Equipment - - 61,125
Interest income (432,199) (220,110) (617,125)
---------------- --------------- ---------------
Operating profit before working
capital changes 135,323,044 124,358,215 262,303,626
Changes in trade and other
receivables (180,801,758) (35,717,238) (26,240,725)
Changes in trade and other
payables (4,773,724) (205,539) 888,946
Cash (used in) generated
from operations (50,252,438) 88,435,438 236,951,847
Income tax paid (28,263,245) (24,026,320) (65,267,568)
---------------- --------------- ---------------
Net cash (used in) generated
from operating activities (78,515,683) 64,409,118 171,684,279
Cash Flows from Investing
Activities
Acquisition of property,
plant and equipment (8,522,256) (5,812,085) (7,091,920)
Proceeds from disposal of
property, plant and equipment - - 32,376
Interest received 432,199 220,110 617,125
---------------- --------------- ---------------
Net cash used in investing
activities (8,090,057) (5,591,975) (6,442,419)
Cash Flows from Financing
Activities
Advance from a Shareholder - 2,564,972 4,648,279
Repayment of advance from
a shareholder (6,975,275) - -
Net proceeds from issue of
shares upon Initial Public
Offering - - 75,075,459
---------------- --------------- ---------------
Net cash (used in) generated
from financing activities (6,975,275) 2,564,972 79,723,738
Net (decrease) increase in
cash and cash equivalents (93,581,015) 61,382,115 244,965,598
Cash and cash equivalents
at beginning of period/ year 342,712,249 97,746,651 97,746,651
---------------- --------------- ---------------
Cash and cash equivalents
at end of period/ year 249,131,234 159,128,766 342,712,249
================ =============== ===============
1. General information
The Company was incorporated as an exempted limited liability
company in the Cayman Islands on 13 April 2011 as a result of a
group restructuring in preparation for the proposed listing of the
Company's shares on the AIM market of the London Stock Exchange.
The Company's registered office is at P.O. Box 1034, Grand Cayman
KY1-1102, Cayman Islands. The Company's shares were admitted to
trading on the AIM market of the London Stock Exchange on 20 August
2012.
The principal activities of the Company are those related to
investment holding. The principal activities of the subsidiaries
are logistics services and inventory solutions
These financial statements are the unaudited interim
consolidated financial statements for the six-month period ended 30
June 2013(hereafter 'the interim period'). The interim financial
statements have been approved for issue by the Board of Directors
on 25 September 2013.
2. Historical information
On 3 March 2000, Fujian Xingtai Logistics Co., Ltd. ("Fujian
Xingtai") was incorporated as a limited liability company in the
People's Republic of China (the "PRC") controlled by Mr Shufang
Zhuang (Mr Zhuang). The registered office is located at Mei Ling
Industrial Park, Jinjiang City, Fujian Province, PRC.
On 5 March 2010, Fujian Xingtai became a wholly owned entity of
Mr Zhuang and his wife Mrs Meijin Xu (Mrs Xu).
On 7 December 2010, Chaintek United Holdings Ltd ("Chaintek
United") was incorporated as a limited liability company in Hong
Kong SAR. Chaintek United, an investment holding company, has its
registered office at Room 1613, 16F, Tai Yau Building, 181 Johnson
Road, Wan Chai, Hong Kong SAR. Chaintek United is wholly owned by
Mr Zhuang and Mrs Xu.
On 29 January 2011, Chaintek United acquired 100% of the equity
interest of Fujian Xingtai for a purchase consideration of
RMB10,204,100, fully paid in cash with an advance from Mrs Xu.
On 13 April 2011, the Company was incorporated in the Cayman
Islands for the proposed listing of the Company's shares on the AIM
market of the London Stock Exchange. The Company is majority owned
and controlled by Mr Zhuang and Mrs Xu.
On 27 June 2011, the Company acquired 100% of the equity
interest of Chaintek United for a purchase consideration of
HK$10,000 based on the nominal issued share capital of Chaintek
United.
The acquisitions of Fujian Xingtai by Chaintek United and
Chaintek United by the Company were a combination of businesses
under common control by Mr Zhuang and Mrs Xu. As a result, the
Company accounted for the acquisitions in a manner similar to a
pooling of interests.
3. Basis of preparation
The interim consolidated financial statements (the interim
financial statements) are for the six months ended 30 June 2013 and
are presented in Renminbi (RMB), which is the presentation currency
of the Group and the functional currency of the principal operating
subsidiaries of the Group. "The interim accounts have been prepared
in accordance with recognition and measurement principles of IFRS
as endorsed for use in the European Union using accounting policies
that are expected to be applied in the full financial statement for
the year ended 31 December 2013.
4. Significant accounting policies
The interim financial statements have been prepared in
accordance with the accounting policies adopted in the Group's last
annual financial statements for the year ended 31 December 2012.
The presentation of the Interim Financial Statements is consistent
with the Annual Financial Statements.
5. Estimates
The preparation of the Interim Financial Statements requires
management to make estimates and assumptions that affect the
reported amounts of revenues, expenses, assets, liabilities and the
disclosure of contingent liabilities at the date of the Interim
Financial Statements. If in the future such estimates and
assumptions, which are based on management's best judgments at the
date of the Interim Financial Statements, deviate from the actual
circumstances, the original estimates and assumptions will be
modified as appropriate in the period in which the circumstances
change.
6. Financial Risk Management
The Group's financial risk management objectives and policies
are consistent with those disclosed in the consolidated financial
statements as at and for the year ended 31 December 2012.
7. Land use rights prepayments
RMB
Cost
At 1 January, 2011 11,062,125
Additions 22,433,400
-------------
At 31 December, 2011, 2012 and 30
June 2013 33,495,525
=============
Accumulated amortisation
At 1 January, 2011 1,604,009
Amortisation for the year 445,576
-------------
At 31 December, 2011 2,049,585
Amortisation for the year 669,910
-------------
At 31 December, 2012 2,719,495
Amortisation for the period 334,956
-------------
At 30 June, 2013 3,054,451
=============
Carrying amount
At 31 December, 2012 30,776,030
At 30 June, 2013 30,441,074
=============
Presented as:
At 31 December, 2012
Current assets 669,911
Non-current assets 30,106,119
-------------
30,776,030
=============
At 30 June, 2013
Current assets 669,911
Non-current assets 29,771,163
-------------
30,441,074
=============
8. Property, plant and equipment
Computers
Plant and and office Motor Construction
Buildings Machinery equipment vehicles work in-progress Total
----------- ---------- ----------- ------------ ----------------- ------------
RMB RMB RMB RMB RMB RMB
Cost
At 1 January 2011 23,472,829 707,350 1,734,583 6,486,095 - 32,400,857
Additions 361,594 693,400 4,442,189 969,700 43,100,000 49,566,883
Disposals - (64,450) (100,000) (1,260,065) - (1,424,515)
----------- ---------- ----------- ------------ ----------------- ------------
At 31 December 2011 23,834,423 1,336,300 6,076,772 6,195,730 43,100,000 80,543,225
Additions - 129,600 459,613 80,707 6,422,000 7,091,920
Transfers 49,522,000 - - - (49,522,000) -
Disposals - - - (405,000) - (405,000)
----------- ---------- ----------- ------------ ----------------- ------------
At 31 December 2012 73,356,423 1,465,900 6,536,385 5,871,437 - 87,230,145
Additions 1,636,884 - 6,627,766 257,606 - 8,522,256
At 30 June 2013 74,993,307 1,465,900 13,164,151 6,129,043 - 95,752,401
=========== ========== =========== ============ ================= ============
Accumulated depreciation
At 1 January 2011 2,271,368 162,922 813,354 3,172,746 - 6,420,390
Depreciation charge for
the year 783,432 144,864 671,153 670,670 - 2,270,119
Disposals - (37,596) (100,000) (496,083) - (633,679)
----------- ---------- ----------- ------------ ----------------- ------------
At 31 December 2011 3,054,800 270,190 1,384,507 3,347,333 - 8,056,830
Depreciation charge for
the year 1,848,064 211,290 1,052,133 579,600 - 3,691,087
Disposals - - - (311,499) - (311,499)
----------- ---------- ----------- ------------ ----------------- ------------
At 31 December 2012 4,902,864 481,480 2,436,640 3,615,434 - 11,436,418
Depreciation charge for
the period 1,784,281 57,415 512,083 257,889 - 2,611,668
----------- ---------- ----------- ------------ ----------------- ------------
At 30 June 2013 6,687,145 538,895 2,948,723 3,873,323 - 14,048,086
=========== ========== =========== ============ ================= ============
Net book value
At 31 December 2012 68,453,559 984,420 4,099,745 2,256,003 - 75,793,727
=========== ========== =========== ============ ================= ============
At 30 June 2013 68,306,162 927,005 10,215,428 2,255,720 - 81,704,315
=========== ========== =========== ============ ================= ============
9. Earnings per share
The Group presents basic and diluted earnings per share ("EPS")
data for its Ordinary Shares. Basic EPS is calculated by dividing
the profit or loss attributable to Ordinary Shareholders of the
Company by the number of Ordinary Shares outstanding during the
period. Diluted EPS is determined by adjusting the profit or loss
attributable to Ordinary Shareholders and the number of Ordinary
Shares outstanding, adjusted for the effects of all dilutive
potential Ordinary Shares, which comprise Warrants.
6 months to 6 months to
30 June 2013 30 June 2012
Net profit after taxation (RMB) 97,871,795 90,454,180
============== ==============
Number of Ordinary Shares used in
calculation of basic earnings per
share 54,696,875 50,000,000
Effect of dilutive potential Ordinary
Shares from number of Warrants 1,683,850 -
-------------- --------------
Number of Ordinary Shares used in
calculation of diluted earnings per
share 56,380,725 50,000,000
============== ==============
Earnings per share -
Basic (RMB) 1.79 1.81
Diluted (RMB) 1.74 1.81
============== ==============
The prior year computation of basic and diluted earnings per
share have been adjusted to take into account the subdivision of
shares of US$1 par value to US$0.001 par value.
10. Operating segments
For management reporting purposes, the Group is organised into
the following reportable operating segments:
(a) Logistics services- includes the arrangement of land transportation
services.
(b) Inventory solutions - includes the provision of warehousing
services.
(c) Head office - includes investment holdings and Head Office
which incurs general corporate expenses.
Segment accounting policies are the same as the policies
described above. Intra- and inter-segment transactions were carried
out at terms agreed between the parties during the financial year.
Intra- and inter-segment transactions were eliminated in preparing
consolidated financial information.
Segment revenue and expense:
Segment revenue and expenses are the operating revenue and
expenses reported in the Group's statement of comprehensive income
that are directly attributable to a segment and the relevant
portion of such revenue and expense that can be allocated on a
reasonable basis to a segment.
Segment assets and liabilities:
Segment assets and liabilities include items directly
attributable to a segment as well as those that can be allocated on
a reasonable basis. Capital expenditure includes the total cost
incurred to acquire plant and equipment directly attributable to
the segment.
Group cash resources, financing activities and income taxes are
managed on a group basis and are not allocated to operating
segments. Unallocated assets comprise cash and cash equivalents.
Unallocated liabilities comprise income tax payable.
The Group Chief Executive Officer ("Group CEO") monitors the
operating results of its operating segments for the purpose of
making decisions about resource allocation and performance
assessment.
Information regarding the results of each reportable segment is
included below. Performance is measured based on segment profit
before income tax, as included in the internal management reports
that are reviewed by the Group CEO.
Logistics services Inventory solutions Head office Consolidated
Audited Audited Audited Audited
Unaudited Year Unaudited Year Unaudited Year Unaudited Year
6 months Ended 31 6 months ended 31 6 months ended 31 6 months ended 31
to 30 December to 30 December to 30 June December to 30 June December
June 2012 June 2012 2013 2012 2013 2012
2013 2013
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
----------- ---------- ----------- ---------- ------------ ---------- ------------ ----------
Sales to
external
customers 144,064 293,758 23,620 46,827 - - 167,684 340,585
----------- ---------- ----------- ---------- ------------ ---------- ------------ ----------
Segment revenue 144,064 293,758 23,620 46,827 - - 167,684 340,585
Segment results 135,886 265,572 12,398 22,149 (15,475) (34,200) 132,809 253,521
Profit before
taxation 132,809 253,521
Income tax
expense (34,937) (66,940)
------------ ----------
Profit for the
period/
year 97,872 186,581
------------ ----------
Assets and
liabilities:
Segment assets 99,116 82,951 319,500 145,195 18,792 22,885 437,408 253,031
Unallocated
assets 249,131 342,712
------------ ----------
Total assets 686,539 593,743
------------ ----------
Segment
liabilities 4,627 5,157 1,005 1,831 1,283 11,676 6,915 18,664
Unallocated
liabilities 20,960 14,286
------------ ----------
Total
liabilities 27,875 32,950
------------ ----------
Other segment
information:
Non-current
assets 14,911 12,993 77,392 73,558 19,172 19,349 111,475 105,900
Acquisition of
property,
plant and
equipment 258 10 6,568 5,084 1,696 1,998 8,522 7,092
Depreciation 72 299 1,639 1,868 901 1,524 2,612 3,691
Amortisation of
land use
rights
prepayment 111 140 224 449 - 81 335 670
Equity-settled
share-based
payment
expense - - - - - 4,977 - 4,977
Logistics services Inventory solutions Head office Consolidated
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
6 months 6 months 6 months 6 months 6 months 6 months 6 months 6 months
to 30 June to 30 June to 30 June to 30 June to 30 June to 30 June to 30 June to
2013 2012 2013 2012 2013 2012 2013 30 June
2012
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
----------- ----------- ----------- ----------- ----------- ----------- ------------ ----------
Sales to
external
customers 144,064 136,885 23,620 21,914 - - 167,684 158,799
----------- ----------- ----------- ----------- ----------- ----------- ------------ ----------
Segment
revenue 144,064 136,885 23,620 21,914 - - 167,684 158,799
Segment
results 135,886 112,761 12,398 9,142 (15,475) - 132,809 121,903
Profit before
taxation 132,809 121,903
Income tax
expense (34,937) (31,449)
------------ ----------
Profit for
the period 97,872 90,454
------------ ----------
Assets and
liabilities:
Segment
assets 99,116 86,846 319,500 150,185 18,792 23,975 437,408 261,006
Unallocated
assets 249,131 159,129
------------ ----------
Total assets 686,539 420,135
------------ ----------
Segment
liabilities 4,627 4,697 1,005 488 1,283 10,301 6,915 15,486
Unallocated
liabilities 20,960 20,037
------------ ----------
Total
liabilities 27,875 35,523
------------ ----------
Other segment
information:
Non-current
assets 14,911 30,022 77,392 76,378 19,172 - 111,475 106,400
Acquisition
of property,
plant and
equipment 258 10 6,568 5,802 1,696 - 8,522 5,812
Depreciation 72 155 1,639 1,348 901 732 2,612 2,235
Amortisation
of
land use
rights
prepayment 111 160 224 196 - 84 335 440
Geographical information
The Group's operations are located in the PRC and all of the
Group's revenue is derived from services provided to customers in
the PRC. Hence, no analysis by geographical area of operations is
provided.
Major customer
None of the customers accounted for more than 10% of the Group's
total revenues for the 6 month periods ended 30 June 2012 and 2013,
and for the year ended 31 December 2012.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEFFIIFDSEIU
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