TIDMCTEK
RNS Number : 1945S
China Chaintek United Co., Ltd
22 September 2014
Press Release 22 September 2014
China Chaintek United Co., Ltd
("Chaintek", the "Company" or the "Group")
Interim Results
Chaintek (AIM:CTEK), one of the largest logistics distribution
providers for sports shoe and apparel manufacturers in China, today
announces its interim results for the six months ended 30 June 2014
(the "period").
Financial Highlights
-- Revenue up 4% to RMB173.8 million (H1-2013: RMB167.7 million)
-- EBITDA up 9% to RMB147.6 million (H1-2013: RMB135.3 million)
-- Profit before tax up 9% to RMB144.7 million (H1-2013: RMB132.8
million)
-- Operating profit margin 83% (H1-2013: 79%)
-- Cash position of RMB411.6 million (H1-2013: RMB249.1 million)
-- Interim scrip dividend of 2 pence or 1 pence cash alternative
Operational Highlights
Since the start of the year, the Group has added six new
customers to its Logistics Services business (sectors including
shoes and apparel, food, building materials, andtextiles) of which,
Joeone, a Shanghai Stock Exchange listed shoes and apparel
manufacturer is considered by the Group as a significant customer
contributing approximately 3% to the Logistics Services revenue.In
addition, the Group has further increased its load tonnage in the
period by 3% to 1.25 million tons (H1-2013: 1.21 million tons).
The management team continues to focus on a strategy for growth
as a public company. A key ingredient, as previously outlined, is
the construction of a new Logistics Park. The regional government
of Fujian Province is currentlyevaluating the Company's application
to commence construction of the Logistics Park and for the Company
to be granted a rebate in the region of 25-30 % on the land price
the Company has paid to the government for the land use as a
logistics park. The granting of a rebate is in accordance with
government policy to encourage the growth and development of
logistics companies in China. On receipt of the approvals,
construction would commence without further delay.
Shufang Zhuang, Executive Director and the Group's founder,
commented:
"Trading in the first half of the current financial year hasbeen
in linewith management's expectations and the Board anticipates
that the full year will also be in line with current market
expectations. Total revenues for the period grew 4% compared to the
same period in 2013, with profit before tax increasing by 9% to
RMB145 million.
"In our core Logistics Services Division we were pleased with
the diversification of our customer base, building on our existing
strength in sports shoes and apparel and moving into growing
markets such as food and building materials. In respect of our
InventorySolutions business, we are pleased with the demand we are
seeing for this division. The expanding E-commerce activities in
China and the relatively undeveloped logistics market represent
strong growth opportunities for Chaintek. To meet the fast-moving
requirement in E-Commerce activities, we will need to invest in IT
infrastructure and systems in the coming months.
"The Group's cash position at 30 June 2014 was RMB412 million
and we are 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. Our core
business is flourishing and we are looking forward with confidence
to offering increased value and service to our varied customers. As
a local modernised logistics firm, Chaintek fully expects to
benefit from the Chinese government's policy to develop the
logistics sector. The construction of our new Logistics Park
represents an important milestone for the Company in providing an
integrated service to our customers, which will help the Group to
further strengthen its market share. In addition, having regional
distribution centres (RDCs) in strategic locations will help us
progress towards our aim to become a national logistics
company."
-Ends-
For further information:
China Chaintek United Co., www.chaintek-united-ir.com
Ltd
+65 9227 8485
Derrick Wong (Finance Director) +86 159 8597 3034
Daniel Stewart & Co
Paul Shackleton / Martin Lampshire +44 (0) 20 7776 6550
Abchurch Communications
Henry Harrison-Topham / Quincy
Allan +44 (0) 20 7398 7702
henry.ht@abchurch-group.com www.abchurch-group.com
Chairman's Statement
Results of China Chaintek United Co., Ltd. ("the Group", "the
Company" or "Chaintek") for the six months ended 30 June 2014.
Performance
Chaintek has made encouraging progress over the reporting period
with growth across each of the business operations in line with
management's expectations. I am delighted to report that revenues
increased by 4% to RMB 173.8 million, EBITDA rose by 9% to RMB
147.6 million (profit before tax being RMB 144.7 million) at a
profit margin of 83%. As a highly cash-generative business, the
Company's cash position was RMB 411.7million at 30 June 2014. The
strong cash position will allow the Company to invest in its
strategy to become a national logistics company.
Outlook and Strategy
The Company has three key goals for the continued successful
growth of its business.
1. Diversification of the customer base for the Logistics
Services business to cover a broader range of consumer
products;
2. Expansion of the Inventory Services business; and,
3. Achieving a meaningful share of the logistical requirements
for the fast-growing e-commerce sector across China.
The Board confirms that these objectives are being achieved.
This is happening against a background of slower economic growth at
national level but compensated by the growth of a consumer-led
demand for products and brands of Chinese origin and the essential
requirement for strong, modern logistics companies to deliver to
the end-user in what hitherto has been a fragmented and young
service supply sector.
To achieve these aims, Chaintek is accelerating its investment
in technology, extending its nation-wide reach with plans for more
RDCs and in the announced Logistics Park, the flagship logistics
hub for the Company in Jinjiang. The land use rights for the
Logistics Park have been paid for and the application for granting
the rebate of the land use rights has been lodged with the Fujian
Provincial government. Once the approval has been obtained, the
Company is ready to commence construction without further
delay.
Revenue and Dividends
On 7 April 2014, the Company announced a final dividend of 4
pence per share, in respect of the year ended 31 December 2013,
giving a total dividend of 6 pence per share for the financial
year. The Directors consider that the business has the opportunity
for rapid growth which will lead to the creation of shareholder
value. In order to exploit these opportunities the Company will
need to invest its resources carefully, however the Directors are
aware of the importance of the Dividend to shareholders and
accordingly the Company will pay an interim scrip dividend of 2
pence or a cash alternative of 1 pence. A separate circular will be
sent to shareholders detailing the process, timing and mechanism in
due course. The Company remainsconfident in the outturn for the
year as a whole. The Company intends to pay afinal dividend, the
constituent partsof which will be determined by the cash
commitments incurred by the Company in accelerating its growth plan
as outlined above.
The Company retains strong cash reserves crucial for achieving
its growth objectives referred to above.
William Knight
Non-Executive Chairman
22 September 2014
Interim consolidated statementof financial position
(All amounts in RMB unless otherwise stated)
Unaudited Unaudited Audited
30June 30June 31 December
2014 2013 2013
Assets
Non-Current
Land use right prepayments 302,101,252 29,771,163 302,436,208
Property, plant and equipment 78,848,520 81,704,315 80,407,090
------------ ------------ ------------
380,949,772 111,475,478 382,843,298
Current
Land use right prepayments 669,911 669,911 669,911
Trade and other receivables 111,544,544 325,262,448 97,188,052
Cash and cash equivalents 411,673,282 249,131,234 319,283,433
------------ ------------ ------------
523,887,737 575,063,593 417,141,396
------------ ------------ ------------
Total assets 904,837,509 686,539,071 799,984,694
============ ============ ============
Equity and Liabilities
Capital and reserves
Share capital 371,872 357,254 357,254
Share premium 95,869,252 66,838,371 66,838,371
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 13,184,433
Retained earnings 752,041,230 563,666,369 678,183,830
------------ ------------ ------------
Total equity 876,084,590 658,664,230 773,181,691
============ ============ ============
Liabilities
Current
Trade and other payables 9,621,334 6,914,910 11,733,085
Current tax payable 19,131,585 20,959,931 15,069,918
------------ ------------ ------------
Total liabilities 28,752,919 27,874,841 26,803,003
------------ ------------ ------------
Total equity and liabilities 904,837,509 686,539,071 799,984,694
============ ============ ============
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
2014 2013 2013
Revenue 173,803,692 167,683,713 350,625,538
Cost of sales (23,066,718) (19,830,685) (44,702,868)
------------- ------------- -------------
Gross profit 150,736,974 147,853,028 305,922,670
Other income 4,686,414 432,199 955,929
Distribution expenses (882,772) (358,101) (642,892)
Administrative expenses (9,890,310) (15,118,507) (21,327,814)
------------- ------------- -------------
Profit before taxation 144,650,306 132,808,619 284,907,893
Income tax expense (35,682,754) (34,936,824) (72,518,637)
------------- ------------- -------------
Profit for the period /year 108,967,552 97,871,795 212,389,256
Other comprehensive income:
Other comprehensive income - - -
(at nil tax)
Total comprehensive income
for the
------------- ------------- -------------
period/ year 108,967,552 97,871,795 212,389,256
============= ============= =============
Earnings per share (RMB)
- Basic 1.91 1.79 3.88
- Diluted 1.86 1.74 3.77
============= ============= =============
Interim consolidated statement of changes in equity
(All amounts in RMB unless otherwise stated)
Statutory
Share Share Merger common Capital Warrant Retained
capital Premium reserve reserve reserve reserve earnings Total
Balance as at 1 January 2013 357,254 66,838,371 (204,100) 5,000,000 9,821,903 13,184,433 465,794,574 560,792,435
Total comprehensive income
for the
year
* Profit for the year - - - - - - 212,389,256 212,389,256
--------- ------------- ---------- ---------- ---------- ----------- --------------- --------------
Balance as at 31 December
2013 357,254 66,838,371 (204,100) 5,000,000 9,821,903 13,184,433 678,183,830 773,181,691
Total comprehensive income
for the
period
* Profit for the period - - - - - - 108,967,552 108,967,552
Transactions with owners
recognised
directly in equity
Contributions by and
distributions
to owners
* Dividends 14,618 29,030,881 - - - - (35,110,152) (6,064,653)
--------- ------------- ---------- ---------- ---------- ----------- --------------- --------------
Balance as at 30June 2014
(Unaudited) 371,872 95,869,252 (204,100) 5,000,000 9,821,903 13,184,433 752,041,230 876,084,590
--------- ------------- ---------- ---------- ---------- ----------- --------------- --------------
Unaudited
Balance as at 1 January 2013 357,254 66,838,371 (204,100) 5,000,000 9,821,903 13,184,433 465,794,574 560,792,435
Total comprehensive income
for the
year
* Profit for the period - - - - - - 97,871,795 97,871,795
-------- ----------- ---------- ---------- ---------- ----------- ------------ ------------
Balance as at 30 June 2013
(Unaudited) 357,254 66,838,371 (204,100) 5,000,000 9,821,903 13,184,433 563,666,369 658,664,230
-------- ----------- ---------- ---------- ---------- ----------- ------------ ------------
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
2014 2013 2013
Cash Flows from Operating
Activities
Profit before taxation 144,650,306 132,808,619 284,907,893
Adjustments for:
Amortisation of land use rights
prepayments 334,956 334,956 669,911
Depreciation of property,
plantand equipment 3,103,452 2,611,668 5,785,860
Loss (Gain) on disposal of
property, plant and equipment 84,222 - (68,975)
Interest income (578,897) (432,199) (886,954)
------------- -------------- --------------
Operating profit before working
capital
Changes 147,594,039 135,323,044 290,407,735
Changes in trade and otherreceivables (14,356,492) (180,801,758) (4,727,362)
Changes in trade and other
payables (2,111,751) (4,773,724) 44,451
------------- -------------- --------------
Cash generated from (used
in) operations 131,125,796 (50,252,438) 285,724,824
Income tax paid (31,621,087) (28,263,245) (71,735,071)
------------- -------------- --------------
Net cash generated from (used
in) operating
Activities 99,504,709 (78,515,683) 213,989,753
Cash Flows from Investing
Activities
Acquisition of property, plant
andequipment (1,653,604) (8,522,256) (10,435,248)
Acquisition of land use rights - - (221,000,000)
Proceeds from disposal of
property, plant
and equipment 24,500 - 105,000
Interest received 578,897 432,199 886,954
------------- -------------- --------------
Net cash used in investing
activities (1,050,207) (8,090,057) (230,443,294)
Cash Flows from FinancingActivities
Repayment of advance from
a shareholder - (6,975,275) (6,975,275)
Dividends paid (6,064,653) - -
------------- -------------- --------------
Net cash used in financing
activities (6,064,653) (6,975,275) (6,975,275)
Net increase (decrease) in
cash and cash
Equivalents 92,389,849 (93,581,015) (23,428,816)
Cash and cash equivalents
at beginning of
period/ year 319,283,433 342,712,249 342,712,249
------------- -------------- --------------
Cash and cash equivalents
at end of
period/ year 411,673,282 249,131,234 319,283,433
============= ============== ==============
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 SOLARIS CORPORATE SERVICES
LTD., P. O. Box 1990, 3rd Floor, First Caribbean House, Cardinal
Ave, KY1-1104, Cayman Islands.The Company's shareswereadmitted 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 2014 (hereafter the 'interim period'). The interim financial
statements have been approved for issue by the Board of Directors
on 19 September 2014.
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 RMB
10,204,100, 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 2014 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 2014.
4. Interim management report
Principal Risks and Uncertainties
The Board of Directors has overall responsibility for the
establishment and oversight of the Group's risk management
framework. The Group's risk management policies are established to
set out its overall business strategies, tolerance of risk and
general risk management philosophy. Risk management policies and
systems are reviewed regularly to reflect changes in market
conditions and the Group's activities.
The main risks which the Group faces are market risk (comprising
interest rate, foreign currency and price risk), credit risk and
liquidity risk. Further details are given in note 23 to the full
financial statement for the year ended 31 December 2013.
Related Parties Transactions
For the purposes of this interim financial statements, parties
are considered to be related to the Group if the Group has the
ability, directly or indirectly, to control the party or exercise
significant influence over the party in making financial and
operating decisions, or vice versa, or where the Group and the
party are subject to common control or common significant
influence. Related parties may be individuals or other
entities.
During the six months of the current financial period, there are
no transactions with related parties will have taken place which
materially affect the financial position and performance of the
Company.
Going Concern
Based on the Group's current expectations and projected cash
flows, the Board believes that the Group will be able to satisfy
its working capital requirements for at least the next twelve
months. The Board has therefore concluded that it is appropriate to
continue to adopt the going concern basis in preparing the interim
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 2013.
7.Land use rights prepayments
RMB
Cost
At 1 January 2013 33,495,525
Additions 273,000,000
--------------
At 31 December 2013 and 30
June 2014 306,495,525
==============
Accumulated amortisation
At 1 January 2013 2,719,495
Amortisation for the year 669,911
--------------
At 31 December 2013 3,389,406
Amortisation for the period 334,956
--------------
At 30 June 2014 3,724,362
==============
Carrying amount
At 31 December2013 303,106,119
At 30 June 2014 302,771,163
==============
Presented as:
At 31 December 2013
Current assets 669,911
Non-current assets 302,436,208
--------------
303,106,119
==============
At 30 June 2014
Current assets 669,911
Non-current assets 302,101,252
--------------
302,771,163
==============
8. Property, plant and equipment
Computers
Plant and and office Motor
Buildings Machinery equipment vehicles Total
RMB RMB RMB RMB RMB
----------- ---------- ----------- ------------ ------------
Cost
At 1 January 2013 73,356,423 1,465,900 6,536,385 5,871,437 87,230,145
Additions 1,795,799 356,606 6,500,000 1,782,843 10,435,248
Disposals - (55,000) - (1,355,000) (1,410,000)
----------- ---------- ----------- ------------ ------------
At 31 December 2013 75,152,222 1,767,506 13,036,385 6,299,280 96,255,393
Additions 936,522 477,734 - 239,348 1,653,604
Disposals - - - (498,815) (498,815)
----------- ---------- ----------- ------------ ------------
At 30 June 2014 76,088,744 2,245,240 13,036,385 6,039,813 97,410,182
=========== ========== =========== ============ ============
Accumulated depreciation
At 1 January 2013 4,902,864 481,480 2,436,640 3,615,434 11,436,418
Depreciation charge for
the year 3,580,153 261,156 588,663 1,355,888 5,785,860
Disposals - (49,041) - (1,324,934) (1,373,975)
----------- ---------- ----------- ------------ ------------
At 31 December 2013 8,483,017 693,595 3,025,303 3,646,388 15,848,303
Depreciation charge for
the period 1,810,714 135,274 420,998 736,466 3,103,452
Disposals - - - (390,093) (390,093)
----------- ---------- ----------- ------------ ------------
At 30 June 2014 10,293,731 828,869 3,446,301 3,992,761 18,561,662
=========== ========== =========== ============ ============
Net book value
At 31 December 2013 66,669,205 1,073,911 10,011,082 2,652,892 80,407,090
=========== ========== =========== ============ ============
At 30 June 2014 65,795,013 1,416,371 9,590,084 2,047,052 78,848,520
=========== ========== =========== ============ ============
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 12 months to 6 months to
to 31 December 2013 30 June 2013
30 June
2014
Net profit after taxation
(RMB) 108,967,552 212,389,256 97,871,795
------------ ------------------ --------------
Number of Ordinary Shares
used in calculation of
basic earnings per share 57,052,991 54,696,875 54,696,875
------------ ------------------ --------------
Effect of dilutive potential
Ordinary Shares from number
of Warrants 1,683,850 1,683,850 1,683,850
------------ ------------------ --------------
Number of Ordinary Shares
used in calculation of
diluted earnings per share 58,736,841 56,380,725 56,380,725
------------ ------------------ --------------
Earnings per share -
------------ ------------------ --------------
Basic (RMB) 1.91 3.88 1.79
------------ ------------------ --------------
Diluted (RMB) 1.86 3.77 1.74
------------ ------------------ --------------
10. Dividends
During the financial period, the Group paid for the
following:
(i) On 13 November 2013, the Group announced an interim maiden
dividend of 2 pence net per share, in respect of the six month
period ended 30 June 2013, paid on 3 January 2014 to shareholders
on the register on 13 December 2013, offered as a scrip dividend
with a cash alternative. In consequence, a total cash dividend
payment of GBP131,412.22 (approximately RMB1,394,348) was made on 3
January 2014 to shareholders so electing, and a total of 681,675
new ordinary shares was issued on 3 January 2014 in respect of the
scrip dividend.
(ii) On 7April 2014, the Group announced a final dividend of 4
pence net per share, in respect of the year ended 31 December 2013,
paid on 9 June 2014 to shareholders on the register on 21 May2014,
offered as a scrip dividend with a cash alternative. In
consequence, a total cash dividend payment of GBP440,000
(approximately RMB4,670,305) was made on 9 June 2014 to
shareholders so electing, and a total of 1,674,441 new ordinary
shares was issued on 9 June 2014 in respect of the scrip
dividend.
11.Operating segments
For management reporting purposes, the Group is organised into
the following reportable operating segments:
(a) Logistics services- includes the provision of land transportation services.
(b) Inventory solutions - includes the provision of warehousing services.
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.
Operating segments (Cont'd)
Logistics services Inventory solutions Consolidated
Unaudited Audited Unaudited Audited Unaudited Audited
6 months Year ended 6 months Year ended 6 months Year ended
to 30June 31Dec to 30June 31Dec to 30June 31Dec
2014 2013 2014 2013 2014 2013
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Sales to external
customers 149,109 303,686 24,695 46,940 173,804 350,626
----------- ------------ ----------- ------------ ----------- ------------
Segment revenue 149,109 303,686 24,695 46,940 173,804 350,626
Segment results 138,775 284,387 12,451 22,483 151,226 306,870
Reconciling items (6,576) (21,962)
----------- ------------
Profit before taxation 144,650 284,908
Income tax expense (35,682) (72,519)
----------- ------------
Profit for the period/
year 108,968 212,389
----------- ------------
Assets and liabilities:
Segment assets 104,059 91,538 372,909 369,294 476,968 460,832
Unallocated assets 411,673 319,283
Reconciling items 16,197 19,870
----------- ------------
Total assets 904,838 799,985
----------- ------------
Segment liabilities 4,725 8,629 1,114 1,794 5,839 10,423
Unallocated liabilities 19,132 15,070
Reconciling items 3,782 1,310
----------- ------------
Total liabilities 28,753 26,803
----------- ------------
Other segment information:
Non-current assets 14,557 14,631 348,303 349,696 362,860 364,327
Reconciling items 18,090 18,516
----------- ------------
380,950 382,843
----------- ------------
Acquisition of land
use rights - - - 221,000 - 221,000
Acquisition of property,
plant and equipment 587 258 791 8,314 1,378 8,572
Reconciling items 276 1,863
----------- ------------
1,654 10,435
----------- ------------
Depreciation 261 566 2,155 3,787 2,416 4,353
Reconciling items 687 1,433
----------- ------------
3,103 5,786
----------- ------------
Amortisation of
land use rights
prepayment 70 140 224 449 294 589
Reconciling items 41 81
----------- ------------
335 670
----------- ------------
Operating segments (Cont'd)
Logistics services Inventory solutions Consolidated
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
6 months 6 months 6 months 6 months 6 months 6 months
to 30June to to 30June to to 30June to
2014 30June 2014 30June 2014 30June
2013 2013 2013
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Sales to external
customers 149,109 144,064 24,695 23,620 173,804 167,684
----------- ---------- ----------- ---------- ----------- ----------
Segment revenue 149,109 144,064 24,695 23,620 173,804 167,684
Segment results 138,775 135,886 12,451 12,398 151,226 148,284
Reconciling items (6,576) (15,475)
----------- ----------
Profit before taxation 144,650 132,809
Income tax expense (35,682) (34,937)
----------- ----------
Profit for the period 108,968 97,872
----------- ----------
Assets and liabilities:
Segment assets 104,059 99,116 372,909 319,500 476,968 418,616
Unallocated assets 411,673 249,131
Reconciling items 16,197 18,792
----------- ----------
Total assets 904,838 686,539
----------- ----------
Segment liabilities 4,725 4,627 1,114 1,005 5,839 5,632
Unallocated liabilities 19,132 20,960
Reconciling items 3,782 1,283
----------- ----------
Total liabilities 28,753 27,875
----------- ----------
Other segment information:
Non-current assets 14,557 14,911 348,303 77,392 362,860 92,303
Reconciling items 18,090 19,172
----------- ----------
380,950 111,475
----------- ----------
Acquisition of property,
plant and equipment 587 258 791 6,568 1,378 6,826
Reconciling items 276 1,696
----------- ----------
1,654 8,522
----------- ----------
Depreciation 261 72 2,155 1,639 2,416 1,711
Reconciling items 687 901
----------- ----------
3,103 2,612
----------- ----------
Amortisation of
land use rights
prepayment 70 70 224 224 294 294
Reconciling items 41 41
----------- ----------
335 335
----------- ----------
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.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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