TIDMCTEK
RNS Number : 8919Y
China Chaintek United Co., Ltd
14 September 2015
Press Release 14 September 2015
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 2015 (the
"period").
Financial Highlights
-- Revenue down 25% to RMB129.9 million (H1-2014: RMB173.8
million)
-- EBITDA down 54% to RMB67.9 million (H1-2014: RMB147.6 million)
-- Profit before tax down 56% to RMB64.2 million (H1-2014:
RMB144.7 million)
-- Pre-tax profit margin 49% (H1-2014: 83%)
-- Cash position of RMB514.1 million (H1-2014: RMB411.6 million)
-- Subsequent to first half period end, the Group has received
a full repayment of RMB273 million in respect of the land
use rights paid for during 2013 in respect of its originally
planned new logistics park in Cizao Town, Jinjiang City,
Fujian Province
Shufang Zhuang, Executive Director and the Group's founder,
commented:
"Despite the slowdown in the growth of China's economy and the
changes being implemented by our manufacturing customers, the Group
remains focused on expanding capacity. The new transit warehouse
facility and new regional distribution centre (RDC) in Changsha
will maintain the high standards of service that our customers
expect and will further progress the Group's aim of becoming a
national logistics company within the PRC while servings its
customers' needs.
"Our strategy for growth in logistic and inventory solutions,
coupled with e-commerce opportunities, remains unchanged. Chaintek
also continues to be a profitable cash generative company with very
substantial cash reserves. This inflow of cash, together with the
recent refund the Company received for its 2013 land use rights
payment, will be instrumental for the Group to implement its
expansion plan. The Board remains confident that the Company is
building a solid foundation for the growth desired by management
and shareholders alike. "
-Ends-
For further information:
China Chaintek United www.chaintek-united-ir.com/
Co., Ltd
Derrick Wong (Finance +65 9227 8485
Director) +86 159 8597 3034
Abchurch Communications
Quincy Allan / Canace
Wong +44 (0) 20 7398 7700
chaintek@abchurch-group.com www.abchurch-group.com
Executive Director's Statement
Results
The Group's trading results for the first half of the year to
end June 2015 show unaudited revenues 25 per cent down on those
earned for the first half of 2014with the Inventory Solutions
Division providing 14.7 per cent of total revenues. As anticipated
with the final results for 2014, the Company's revenues and profits
before tax for the first half year to end June 2015 are
substantially below those of 2014.
During the first half of the year to end-June, Chaintek paid
RMB20 million to its transportation partners. The business model of
the Group is to be light in fixed assets with an aggregator of
finished goods for third party hauliers (eight transportation
partners) to maximise loads and reduce per unit transport costs for
retailers. To provide long-haul logistics services to its
manufacturing customers, Chaintek strongly depends on these eight
transportation partners, who have worked with the Group for more
than ten years. In line with the management's expectations of a
slowdown in the growth of the Chinese economy and the changes being
implemented by the Company's manufacturing customers, fewer
delivery trips have been made by the transportation partners on
behalf of Chaintek. Despite this, commission rates being paid to
Chaintek by its transportation partners remain unchanged, to cash
flow strains for them in this difficult period. To ensure Chaintek
is in a position to meet anticipated future increased demand for
efficient, modern and cost effective logistical services by
manufacturers in China, Chaintek has taken a proactive approach to
ease the difficulties for its current transportation companies
caused by the slow down by subsidising them. The level of the
payment of this subsidy will be assessed on a half yearly basis and
further subsidies are expected to be paid in the second half.
Chaintek has also engaged a media company to promote the
Company's services during the second half of the year for total
cost of RMB8 million (including RMB5 million paid in the first half
of the year to end June).
Chaintek is delighted to confirm that it has received a full
refund for RMB273 million from Fujian Jinjiang Industrial Park
Development and Construction Co., Ltd. ("LDC"), in respect of the
land use rights that it paid to LDC in 2013 for a parcel of land in
Cizao Town, Jinjiang City, Fujian Province. The moneys received
will be deployed by Chaintek in pursuance of its expansion
strategy, initially in Central China around Wuhan.
Outlook
With the current economic slowdown in China, Chaintek is
anticipating a further reduction in revenues from its Inventory
Solutions Division with full year revenues from this division now
expected to be 40 per cent down on the full year from initial
guidance of a 20 per cent shortfall. The anticipated reduction in
revenue for the Logistics Services Division for the full year
remains unchanged at 35 per cent. The Company also anticipates
paying a further RMB10 to 15 million of subsidies to its
transportation partners during the second half of the year with a
total payments anticipated to amount to at least RMB30 million for
the full year. Together with the additional marketing costs
referred to above, Chaintek anticipates profits before tax for the
full year to be some 65 per cent down on 2014, compared to the 50
per cent shortfall indicated at the time of our preliminary
results.
The Group, however, remains a profitable cash generative company
with very substantial cash reserves. This inflow of cash, together
with the LUR repayment received recently, will allow the Group to
further evaluate options to expand its business. Management is
currently assessing suitable locations for setting up a new
logistics hub similar to its Fujian logistics warehouse in Central
China around Wuhan, which it considers to be a strategic area for
Chaintek to expand in order to increase its national coverage and
diversify its customer base. In conjunction, discussions with local
government are ongoing to ensure that any identified sites are
obtained on appropriate terms.
Dividends
On 16 March 2015, the Group announced a final scrip dividend of
4 pence net per share, at the reference price set at 49.6 pence, in
respect of the year ended 31 December 2014, which was paid on 20
May 2015 to shareholders registered on 24 April 2015. In
consequence, a total of 4,735,767 new ordinary shares was issued on
20 May 2015 in respect of the scrip dividend.
Shufang Zhuang
Executive Director and Founder
14 September 2015
Chairman's Statement
Performance
As indicated with our preliminary results announcement and
subsequently, Chaintek's trading environment for the reporting
period to 30 June has been tough. This is reflected in the revenues
which in total are 25 per cent below those for the same period in
2014 with a significant downturn both in the inventory solutions
division of the Company and in the logistics services activity.
EBITDA is consequently down 54 per cent to RMB 67.9 million and
profit before tax down 56 per cent to RMB 64.2 million with a
pretax profit margin of 49 per cent. The cash position of RMB 514.1
million at 30 June 2015 is 25.9 per cent higher than that at the
same time in 2014 and has been further augmented by the expected
reimbursement of RMB 273 million payment made by the Company to the
Fujian Jinjiang Industrial Development Park Construction Company in
2013 for the Land Use Rights of a parcel of land at Cizao, Jinjiang
City, originally planned as a new logistics park. That strong cash
position will enable the Company to develop its strategic growth
plan particularly in the context of increasing demand by Chinese
consumers for lower cost Chinese manufactured products in second
and third tier cities. Management predicted the downturn of
consumer trends as manufacturing companies started to restructure
and as a result, the Group has concentrated on preparing to achieve
three primary goals of achieving national coverage, diversifying
its customer base and servicing E-commerce companies.
Outlook and Strategy
During the interim period the Company established a new regional
distribution center in Changsha, a strategically positioned mega
conurbation 1,600km south east of Beijing in order to expand
capacity and meet the changing needs of a customer manufacturing
base. With the extra cash available from the land use rights
repayment, the Company is also now looking in the Wuhan area on the
Yangtze River for another important hub in Central China. These are
important steps towards national coverage. The Company also has
taken the strategic decision to subsidise the transport companies
on whom it so critically depends. Helping relationships in
difficult times is very important in China and this has been a
calculated decision to support companies on whom it will remain
very dependent in the foreseeable future.
Despite the difficulties, I endorse the comments of Chaintek's
co-founder, Shufang Zhuang, that the Company is building a solid
foundation for growth in logistics and inventory solutions on a
transnational basis generated by the e-commerce opportunities. With
its substantial cash reserves and a clear strategy, this belief is
achievable. I thank shareholders for their continuing support for
the Company through a challenging period.
The Company retains strong cash reserves crucial for achieving
its growth objectives referred to above.
William Knight
(MORE TO FOLLOW) Dow Jones Newswires
September 14, 2015 02:00 ET (06:00 GMT)
Non-Executive Chairman
14 September 2015
Interim consolidated statement of financial position
(All amounts in RMB unless otherwise stated)
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
Assets
Non-Current
Land use right prepayments 359,362,932 302,101,252 360,337,726
Property, plant and
equipment 88,431,582 78,848,520 75,965,619
-------------- ------------ --------------
447,794,514 380,949,772 436,303,345
Current
Land use right prepayments 2,124,639 669,911 2,098,482
Trade and other receivables 82,836,572 111,544,544 95,098,771
Cash and cash equivalents 514,062,756 411,673,282 472,166,608
-------------- ------------ --------------
599,023,967 523,887,737 569,363,861
-------------- ------------ --------------
Total assets 1,046,818,481 904,837,509 1,005,667,206
============== ============ ==============
Equity and Liabilities
Capital and reserves
Share capital 411,202 371,872 382,249
Share premium 127,911,900 95,869,252 105,291,900
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 872,481,889 752,041,230 847,400,679
-------------- ------------ --------------
Total equity 1,028,607,227 876,084,590 980,877,064
============== ============ ==============
Liabilities
Current
Trade and other payables 8,756,213 9,621,334 11,477,171
Current tax payable 9,455,041 19,131,585 13,312,971
-------------- ------------ --------------
Total liabilities 18,211,254 28,752,919 24,790,142
-------------- ------------ --------------
Total equity and
liabilities 1,046,818,481 904,837,509 1,005,667,206
============== ============ ==============
Interim consolidated statement of comprehensive income
(All amounts in RMB unless otherwise stated)
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
30 June 30 June 31 December
2015 2014 2014
Revenue 129,951,014 173,803,692 363,665,980
Cost of sales (30,534,072) (23,066,718) (51,861,544)
------------- ------------- -------------
Gross profit 99,416,942 150,736,974 311,804,436
Other income 862,042 4,686,414 1,333,460
Distribution expenses (5,054,299) (882,772) (1,133,985)
Administrative expenses (31,031,126) (9,890,310) (24,629,064)
------------- ------------- -------------
Profit before taxation 64,193,559 144,650,306 287,374,847
Income tax expense (16,463,396) (35,682,754) (73,299,898)
------------- ------------- -------------
Profit for the period
/year 47,730,163 108,967,552 214,074,949
Other comprehensive
income: - - -
Other comprehensive
income (at nil tax)
Total comprehensive
income for the
------------- ------------- -------------
period/ year 47,730,163 108,967,552 214,074,949
============= ============= =============
Earnings per share
(RMB)
- Basic 1.62 3.98 3.79
- Diluted 1.53 3.75 3.68
============= ============= =============
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
2014 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 year
* Profit for the year - - - - - - 214,074,949 214,074,949
Transactions with owners
recognised directly in
equity
Contributions by and
distributions
to owners
* Dividends 24,995 38,453,529 - - - - (44,858,100) (6,379,576)
--------- ------------- ---------- ---------- ---------- ----------- --------------- --------------
Balance as at 31 December
2014 382,249 105,291,900 (204,100) 5,000,000 9,821,903 13,184,433 847,400,679 980,877,064
Total comprehensive income
for the period
* Profit for the period - - - - - - 47,730,163 47,730,163
Transactions with owners
recognised directly in
equity
Contributions by and
distributions
to owners
* Dividends 28,953 22,620,000 - - - - (22,648,953) -
--------- ------------- ---------- ---------- ---------- ----------- --------------- --------------
Balance as at 30 June 2015
(Unaudited) 411,202 127,911,900 (204,100) 5,000,000 9,821,903 13,184,433 872,481,889 1,028,607,227
--------- ------------- ---------- ---------- ---------- ----------- --------------- --------------
Unaudited
Balance as at 1 January
2014 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 year
* 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 30 June 2014
(Unaudited) 371,872 95,869,252 (204,100) 5,000,000 9,821,903 13,184,433 752,041,230 876,084,590
--------- ------------- ---------- ---------- ---------- ----------- --------------- --------------
Interim consolidated statement of cash flow
(All amounts in RMB unless otherwise stated)
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
30 June 30 June 31 December
2015 2014 2014
Cash Flows from Operating
Activities
Profit before taxation 64,193,559 144,650,306 287,374,847
Adjustments for:
Amortisation of land
use rights prepayments 1,198,637 334,956 669,911
Depreciation of property,
plant and equipment 3,387,871 3,103,452 6,203,360
Loss on disposal of
property, plant and
equipment - 84,222 84,223
Interest income (862,042) (578,897) (1,333,460)
------------- -------------- --------------
Operating profit before
working capital
changes 67,918,025 147,594,039 292,998,881
Changes in trade and
other receivables 12,262,199 (14,356,492) 2,089,281
Changes in trade and
other payables (2,720,958) (2,111,751) (255,914)
------------- -------------- --------------
Cash generated from
operations 77,459,266 131,125,796 294,832,248
Income tax paid (20,321,326) (31,621,087) (75,056,845)
------------- -------------- --------------
Net cash generated from
operating activities 57,137,940 99,504,709 219,775,403
(MORE TO FOLLOW) Dow Jones Newswires
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Cash Flows from Investing
Activities
Acquisition of property,
plant and equipment (15,853,834) (1,653,604) (1,870,612)
Acquisition of land
use rights (250,000) - (60,000,000)
Proceeds from disposal
of property, plant
and equipment - 24,500 24,500
Interest received 862,042 578,897 1,333,460
------------- -------------- --------------
Net cash used in investing
activities (15,241,792) (1,050,207) (60,512,652)
Cash Flows from Financing
Activity
Dividends paid, representing
cash used in financing
activity - (6,064,653) (6,379,576)
Net increase in cash
and cash equivalents 41,896,148 92,389,849 152,883,175
Cash and cash equivalents
at beginning of
period/ year 472,166,608 319,283,433 319,283,433
------------- -------------- --------------
Cash and cash equivalents
at end of
period/ year 514,062,756 411,673,282 472,166,608
============= ============== ==============
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 Floor 4, Willow House,
Cricket Square, PO Box 2804, Grand Cayman, KY1-1112, 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 2015 (hereafter the 'interim period'). The interim financial
statements have been approved for issue by the Board of Directors
on 14 September 2015.
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 information (the interim
financial statements) is for the six months ended 30 June 2015 and
is 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 statements
for the year ending 31 December 2015. The financial information for
the period ended 30 June 2015 is unaudited and has not been
reviewed by the Company's auditors.
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 24 to the full
financial statement for the year ended 31 December 2014.
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
Group.
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 2014.
7. Land use rights prepayments
RMB
Cost
At 1 January 2014 306,495,525
Additions 60,000,000
--------------
At 31 December 2014 366,495,525
Additions 250,000
--------------
At 30 June 2015 366,745,525
==============
Accumulated amortisation
At 1 January 2014 3,389,406
Amortisation for the
year 669,911
--------------
At 31 December 2014 4,059,317
Amortisation for the
period 1,198,637
--------------
At 30 June 2015 5,257,954
==============
Carrying amount
At 31 December 2014 303,106,119
At 30 June 2015 361,487,571
==============
Presented as:
At 31 December 2014
Current assets 2,098,482
Non-current assets 360,337,726
--------------
362,436,208
==============
At 30 June 2015
Current assets 2,124,639
Non-current assets 359,362,932
--------------
361,487,571
==============
In 2014, the Group purchased a transit warehouse for the
logistics services division from a third party for RMB 75.8 million
of which RMB 60 million was paid in 2014 to secure the facility.
Based on the agreement, the Group had the right to commence
operations at this warehouse from the date the deposit was paid.
The balance of RMB15.8 million was paid during the period when the
land use rights ("LUR") confirmation and other administrative
procedures were completed.
(MORE TO FOLLOW) Dow Jones Newswires
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The Company requested an independent market valuation for the
newly acquired premises to analyse the total cost of RMB75.8
million between land use rights and property and this valuation
shows that the LUR element within total cost paid is in excess of
the RMB60 million value shown above. The allocation of cost above
is based on the proportion of land and building cost in accordance
with the independent market valuation report. In 2014, the
directors allocated all of the RMB 60 million deposit to land use
rights. As the warehouse was not in operational use until just
before the year end of 2014, no amortisation has been charged on
the allocated land use rights and in the event that some element of
the deposit had been allocated to property no depreciation would
have been charged on the property and therefore the current method
of allocation has no impact on recorded net assets or results.
Included in the above figures is Land Use Rights ("LUR") at a
cost and net book value of RMB273 million which cost was fully paid
during 2013 for a parcel of land in Cizao Town, Jinjiang City,
Fujian Province, China. The payments were made to Fujian Jinjiang
Industrial Park Development and Construction Co., Ltd. ("LDC"), a
land development company established and owned by Local Government
("LDC"). The formal LUR Certificate that is required before the
Group is able to use the land has still to be issued. Consequent to
the delay in the issue of the formal LUR Certificate, the Group
signed a supplementary agreement with the LDC dated 6 March 2015.
This agreement confirmed, inter alia, that the LUR in respect of
the parcel of land specified in the initial purchase agreement is
not now able to be obtained from the LDC, that the LDC is seeking
to locate an acceptable alternate parcel of land for the Group and
that the Group has the right to request full payment of RMB273
million from the LDC at any time up to the date that a formal LUR
Certificate is issued by the LDC.
After the period end, the Group applied to the LDC for the full
refund of RMB273 million. The full amount of RMB273 million was
received subsequent to first half year to end-June.
.
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 2014 75,152,222 1,767,506 13,036,385 6,299,280 96,255,393
Additions 936,522 477,734 - 456,356 1,870,612
Disposals - - - (498,815) (498,815)
----------- ---------- ----------- ---------- --------------
At 31 December 2014 76,088,744 2,245,240 13,036,385 6,256,821 97,627,190
Additions 15,550,000 187,435 - 116,399 15,853,834
At 30 June 2015 91,638,744 2,432,675 13,036,385 6,373,220 113,481,024
=========== ========== =========== ========== ==============
Accumulated depreciation
At 1 January 2014 8,483,017 693,595 3,025,303 3,646,388 15,848,303
Depreciation charge
for the year 3,613,795 267,802 842,046 1,479,717 6,203,360
Disposals - - - (390,092) (390,092)
----------- ---------- ----------- ---------- ------------
At 31 December 2014 12,096,812 961,397 3,867,349 4,736,013 21,661,571
Depreciation charge
for the period 2,108,031 135,637 421,048 723,155 3,387,871
At 30 June 2015 14,204,843 1,097,034 4,288,397 5,459,168 25,049,442
=========== ========== =========== ========== ============
Net book value
At 31 December 2014 63,991,932 1,283,843 9,169,036 1,520,808 75,965,619
=========== ========== =========== ========== ============
At 30 June 2015 77,433,901 1,335,641 8,747,988 914,052 88,431,582
=========== ========== =========== ========== ============
Please also refer to Note 7 above in respect of the transit
warehouse purchased in 2014.
9. Earnings per share
6 months 12 months 6 months
to to 31 December to
30 June 2014 30 June 2014
2015
----------------------------- ----------- ---------------- --------------
Net profit after
taxation (RMB) 47,730,163 214,074,949 108,967,552
----------------------------- ----------- ---------------- --------------
Weighted average
number of Ordinary
Shares used in calculation
of basic earnings
per share 29,492,535 56,526,046 27,402,572
----------------------------- ----------- ---------------- --------------
Effect of dilutive
potential Ordinary
Shares from weighted
average number of
Warrants 1,683,850 1,683,850 1,683,850
----------------------------- ----------- ---------------- --------------
Weighted average
number of Ordinary
Shares used in calculation
of diluted earnings
per share 31,176,385 58,209,896 29,086,422
----------------------------- ----------- ---------------- --------------
Earnings per share:
----------------------------- ----------- ---------------- --------------
Basic (RMB) 1.62 3.79 3.98
----------------------------- ----------- ---------------- --------------
Diluted (RMB) 1.53 3.68 3.75
----------------------------- ----------- ---------------- --------------
10. Dividends
On 16 March 2015, the Group announced a final scrip dividend of
4 pence net per share at the reference price set at 49.6 pence, in
respect of the year ended 31 December 2014, paid on 20 May 2015 to
shareholders on the register on 24 April 2015. In consequence, a
total of 4,735,767 new ordinary shares was issued on 20 May 2015 in
respect of the scrip dividend. No interim dividend is proposed in
respect of the current period (2014: interim scrip dividend of 2
pence or 1 pence cash alternative).
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.
(c) Corporate - includes investment holdings and Corporate
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.
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 30 June 31 Dec to 30 June 31 Dec to 30 31 Dec
2015 2014 2015 2014 June 2014
2015
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Sales to external
customers 110,868 313,278 19,083 50,388 129,951 363,666
------------ ------------ ------------ ------------ ---------- ------------
Segment revenue 110,868 313,278 19,083 50,388 129,951 363,666
Segment results 91,556 286,427 8,721 26,624 100,277 313,051
Reconciling
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September 14, 2015 02:00 ET (06:00 GMT)
items (36,084) (25,676)
---------- ------------
Profit before
taxation 64,193 287,375
Income tax
expense (16,463) (73,300)
---------- ------------
Profit for
the period/
year 47,730 214,075
---------- ------------
Assets and
liabilities:
Segment assets 133,229 149,889 378,496 367,910 511,725 517,799
Unallocated
assets 514,063 472,167
Reconciling
items 21,030 15,701
---------- ------------
Total assets 1,046,818 1,005,667
---------- ------------
Segment liabilities 4,784 5,473 866 1,537 5,650 7,010
Unallocated
liabilities 9,455 13,313
Reconciling
items 3,106 4,467
---------- ------------
Total liabilities 18,211 24,790
---------- ------------
Other segment
information:
Non-current
assets 69,306 72,724 356,182 346,205 425,488 418,929
Reconciling
items 22,307 17,374
---------- ------------
447,795 436,303
---------- ------------
Acquisition
of land use
rights 250 60,000 - - 250 60,000
Acquisition
of property,
plant and equipment 15,728 589 57 930 15,785 1,519
Reconciling
items 69 352
---------- ------------
15,854 1,871
---------- ------------
Depreciation 395 525 2,332 4,094 2,727 4,619
Reconciling
items 661 1,584
---------- ------------
3,388 6,203
---------- ------------
Amortisation
of land use
rights prepayment 933 140 224 449 1,157 589
Reconciling
items 41 81
---------- ------------
699 670
---------- ------------
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 30 to to 30 to to 30 to
June 30 June June 30 June June 30 June
2015 2014 2015 2014 2015 2014
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Sales to external
customers 110,868 149,109 19,083 24,695 129,951 173,804
---------- ---------- ---------- ---------- ---------- ----------
Segment revenue 110,868 149,109 19,083 24,695 129,951 173,804
Segment results 91,556 138,775 8,721 12,451 100,277 151,226
Reconciling
items (36,084) (6,576)
---------- ----------
Profit before
taxation 64,193 144,650
Income tax
expense (16,463) (35,682)
---------- ----------
Profit for
the period 47,730 108,968
---------- ----------
Assets and
liabilities:
Segment assets 133,229 104,059 378,496 372,909 511,725 476,968
Unallocated
assets 514,063 411,673
Reconciling
items 21,030 16,197
---------- ----------
Total assets 1,046,818 904,838
---------- ----------
Segment liabilities 4,784 4,725 866 1,114 5,650 5,839
Unallocated
liabilities 9,455 19,132
Reconciling
items 3,106 3,782
---------- ----------
Total liabilities 18,211 28,753
---------- ----------
Other segment
information:
Non-current
assets 69,306 14,557 356,182 348,303 425,488 362,860
Reconciling
items 22,307 18,090
---------- ----------
447,795 380,950
---------- ----------
Acquisition
of land use
rights 250 - - - 250 -
Acquisition
of property,
plant and equipment 15,728 587 57 791 15,785 1,378
Reconciling
items 69 276
---------- ----------
15,854 1,654
---------- ----------
Depreciation 395 261 2,332 2,155 2,727 2,416
Reconciling
items 661 687
---------- ----------
3,388 3,103
---------- ----------
Amortisation
of land use
rights prepayment 933 70 224 224 1,157 294
Reconciling
items 41 41
---------- ----------
1,198 335
---------- ----------
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