TIDMHAIK
RNS Number : 8715K
HaiKe Chemical Group Ltd.
27 September 2016
HAIKE CHEMICAL GROUP LIMITED
INTERIM CONSOLIDATED RESULTS FOR THE SIX MONTHSED 30 JUNE
2016
(UNAUDITED)
HaiKe Chemical Group Ltd. ("HaiKe" or "the Company" or "the
Group"), the AIM quoted (AIM: HAIK) specialty chemical company
based in Shandong Province, China, today announces its unaudited
consolidated results for the six months ended 30 June 2016.
In order to better position the business in a fiercely
competitive market, the Board in Q3 of 2015 took the decision to
focus on higher margin speciality chemical products, product
innovation and cost controls. These actions began to have a
positive impact in Q4 2015 and have enabled the Group to deliver a
satisfactory, profitable performance for the first half of
2016.
Financial highlights
-- Total revenues decreased by 9.0% to CNY350.7million (H1 2015: CNY385.4 million)
-- Gross profit increased by 47.6% to CNY61.2million (H1 2015: profit of CNY41.5 million)
-- Profit for the period from continuing operations was CNY11.4
million (H1 2015: profit of CNY95,000)
-- Cash and cash equivalents balance as at 30 June 2016 was
CNY73.5 million (31 December 2015: CNY CNY35.4 million)
-- Total borrowings as at 30 June 2016 were CNY80.0 million (31
December 2015: CNY80.0 million)
Operational highlights
-- Move to focus on higher-end specialty chemical products has enhanced business performance
-- Significant rise in gross margins enhanced by increased sales
of higher margin product mix and decline in prices of raw
materials
-- Stringent cost controls and a reduction in the average
balance of loans outstanding reduced interest expenses by 68.0%
year-on-year to CNY1.9 million for H1 2016 (H1 2015: CNY5.9
million)
Outlook
-- Trading conditions expected to remain challenging
-- Optimization of product mix and new product development
continues to be a core focus to drive business performance
-- Focus on domestic and international marketing campaigns to grow revenue
-- Trading in July has continued to be profitable, however an
expected loss was recorded in August due to a planned shutdown of
its DiMethyl Carbonate ("DMC") facility for routine annual
maintenance
Mr. Xiaohong Yang, Executive Chairman, said:
"I am pleased to report the satisfactory performance for the
Group over the first half of 2016, especially given the challenging
trading environment. The improvement in profitability was driven by
the decisive actions taken by the Board last year to better
position the business in the current environment and improve
performance. We are pleased these are starting to bear fruit and we
will continue our efforts in this area. The Group has entered the
second half of the year in a strong position and while we believe
market conditions will remain difficult, we are well-positioned and
look to the future with confidence."
For further information, please contact:
HaiKe Chemical Yolanda Zhang
Group yolanda.zhang@haikegroup.com +86 158 0546 2695
Richard Johnson /
Stockdale Securities Antonio Bossi +44 (0) 20 7601 6100
Shan Shan Willenbrock
/
Emma Crawshaw
Cardew Group HaiKe@cardewgroup.com +44 (0) 20 7930 0777
CHAIRMAN'S STATEMENT
1. Review of operating results
In H1 2016, the Group sold 68,000 tons of specialty chemicals,
representing a volume gain of 10.2% when compared to the same
period in the previous year. Sales of high-end specialty chemicals
accounted for 3.4% of total sales in H1 2016, compared to 2.7% in
H1 2015. While both overall sales volumes and the proportion of
high-end speciality chemicals sold in H1 2016 increased, when
compared to the prior year period, the fall in crude oil prices
over the same period had a negative effect on selling prices, as
detailed below. This contributed to lower average realized prices
for the period.
The price of crude oil fell significantly in H1 2016, achieving
an average barrel price of $41.2 over the period, 30.6% lower than
in H1 2015. This decline affected Group selling prices in two ways:
depressing selling prices of downstream derivative products, which
affected our specialty chemical products; and, by benefitting rival
manufacturers of Isopropyl alcohol, who adopt a different
production process which is more sensitive to oil price
fluctuations. These rival manufacturers initiated a price war
during 2015, as the oil price began to fall, and this continued
into the first half of 2016 in an attempt to gain market share in
what had become an oversupplied market of mid to lower-end
specialty chemicals, chiefly due to the slowing Chinese
economy.
In order to maintain market share we continued to suppress our
selling prices over the period, with the shift towards more
high-end speciality chemicals to address the oversupply of the mid
to lower-end speciality chemicals market.
Average Realized
Sales Volume Price
('000 ton) (CNY/ton)
6 months 6 months Change 6 months 6 months Change
ended ended y-o-y ended ended y-o-y
30-Jun-16 30-Jun-15 (%) 30-Jun-16 30-Jun-15 (%)
DiMethyl
Carbonate 24 23 +4.4% 3,782 3,872 -2.3%
Propylene
glycol 19 17 +7.5% 6,618 8,496 -22.1%
Isopropyl
alcohol 24 19 +23.7% 4,705 5,726 -17.8%
Diisopropyl
ether 1 2 -30.0% 9,688 11,319 -14.4%
----------- ----------- ------- ----------- ----------- -------
Total 68 62 +10.2% 5,013 6,008 -16.6%
2. Financial Analysis
Turnover
The Group's turnover decreased by 9.0% to CNY350.7 million for
the first half of 2016 (H1 2015: CNY385.4 million) as a result of a
reduction in selling prices. Trading revenues from HaiKe Trading,
the trading arm of the Company, decreased to CNY1.8 million in the
period (H1 2015: CNY21.7 million).
Gross Profit
Gross profit was CNY61.2 million for H1 2016, up 47.6% compared
with the same period in 2015 (H1 2015: CNY41.5 million). The growth
in gross profit was mainly attributable to increased sales of
higher margin product mix and a decline in sales cost. Sales of
high-end specialty chemicals accounted for 3.4% of total sales in
H1 2016, compared to 2.7% in H1 2015. The cost of sales decreased
15.8% compared to the same period in the previous year. Cost of
materials accounted for 81% of total cost. The Company correctly
judged price trends through analysis of the raw material market,
reducing inventory when the price of raw materials was high and
taking advantage of lower prices to increase stock. The price of
Propylene Oxide and Propylene, the two main raw materials, deceased
24.7% and 31.6% respectively in the period under review.
Selling, General and Administrative Expenses
Selling and distribution expenses increased by 19.0% to CNY20.8
million in H1 2016 (H1 2015: CNY17.5 million) as we continued with
aggressive sales and marketing efforts to counteract sluggish
market conditions. General and administrative expenses increased to
CNY25.2 million (H1 2015: CNY20.4 million) which was mainly
attributable to an increase in labour cost as a result of an
increase in domestic inflation.
Net Interest Expenses
Interest income decreased by 68.4% year-on-year to CNY0.9
million for H1 2016 (H1 2015: CNY2.9 million) due to exchange rate
gains.
Interest expenses decreased by 68.0% year-on-year to CNY1.9
million for H1 2016 (H1 2015: CNY5.9million). This was mainly due
to a decrease in the average balance of loans outstanding.
Profit Before Taxation
Profit before taxation was CNY13.8 million for H1 2016 (H1 2015:
CNY666,000). In order to maintain market share the Company
increased its sales volume. The Company improved earnings although
the average realized price decreased. Interest expenses decreased
as a result of a decrease in the average balance of loans
outstanding compared with the same period in 2015.
Income Tax
Income tax charge was CNY2.4 million for H1 2016, as compared to
CNY571,000 for the same period in the previous year.
Profit from Continuing Operations
Profit for the half year was CNY11.4 million (H1 2015: profit of
CNY95,000).
Cash and Cash Equivalents
Cash and cash equivalents increased to CNY73.5 million as at 30
June 2016 compared to CNY35.4 million as at 31 December 2015. The
increase in cash and cash equivalents was due to the decline of
working capital and profit improvement.
Bank Loans
Bank loans were CNY80.0 million as at 30 June 2016, unchanged
from31 December 2015 (CNY 80.0 million).
Cash Flow from Continuing Operations
Cash flow from operating activities was CNY68.0 million for the
six months ended 30 June 2016, compared to CNY531.9 million for the
same period in 2015. In H1 2015 working capital was used to repay a
net loan of CNY 520.5 million.
3. Outlook
The Group recorded an unaudited profit of CNY1.4 million and
loss of CNY3.0 million for July and August 2016 respectively. The
expected loss incurred in August was due to a planned one-month
shutdown of a production facility which manufactures DMC for
routine annual maintenance, however we expect the improvement in
product mix and cost saving initiatives will continue to drive
profitability from September. We expect market conditions to remain
challenging. The collapse in the crude oil price has made
conditions difficult for the specialty chemicals industry in China
and the domestic economy has had a negative impact on demand. At
the industry level we are facing increasing competition,
particularly at the mid to lower end of the market, and we believe
companies will increasingly have to develop their own niche through
technological innovation to deliver growth. To ensure the Group is
well positioned to continue to deliver a profitable performance in
a tough operating environment, management efforts will remain
focused on:
-- improving the product mix towards higher margin speciality chemical products
-- continued stringent cost controls
-- strengthen sales efforts to speed up product inventory turnover
-- developing and introducing new products to the domestic
market to diversify our product offering
4. People
On behalf of the Board, I would like to sincerely thank Mr.
George Zeng for his commitment and outstanding contribution to the
business over the last five years. The Board has initiated a
comprehensive search for a new Chief Financial Officer, who would
be expected to join the Board, and a further announcement will be
made in due course.
Xiaohong Yang
Executive Chairman
Condensed consolidated statement of comprehensive income
For the six months ended 30 June 2016
6 months 6 months ended Year ended
ended
30-Jun-16 30-Jun-15 31-Dec-15
Note (Unaudited) (Unaudited) (Audited)
CNY'000 CNY'000 CNY'000
------------ --------------- -----------
Revenue 350,706 385,427 727,521
Cost of sales (289,521) (343,960) (643,092)
------------ --------------- -----------
Gross profit 61,185 41,467 84,429
Other operating
income (387) 112 485
Administrative expenses (25,160) (20,392) (41,175)
Selling and distribution
expenses (20,843) (17,514) (34,749)
------------ --------------- -----------
Profit from operations 14,795 3,673 8,990
Finance expenses (1,877) (5,872) (20,742)
Finance income 906 2,865 17,529
------------ --------------- -----------
Profit / (loss)
before tax 13,824 666 5,777
Tax expense 7 (2,435) (571) (1,709)
Profit/(Loss) for
the period 11,389 95 4,068
------------ --------------- -----------
Other comprehensive
profit, net of tax
Items that will
be reclassified
subsequently to
profit or loss
Exchange difference
arising from consolidation - - -
------------ --------------- -----------
Total comprehensive
profit for the period,
net of tax 11,389 95 4,068
------------ --------------- -----------
Profit / (loss)
for the period attributable
to:
Owners of parent 11,372 94 4,059
Non-controlling
interest 17 1 9
------------ --------------- -----------
11,389 95 4,068
------------ --------------- -----------
Total comprehensive
profit for the period
attributable to: 11,372 94 4,059
Owners of parent 17 1 9
------------ --------------- -----------
Non-controlling
interests 11,389 95 4,068
------------ --------------- -----------
Earnings per share
for profit attributable
to the
ordinary equity
holders of the parent
during the period
Basic CNY0.297 CNY0.002 CNY0.106
Diluted CNY0.297 CNY0.002 CNY0.106
------------ --------------- -----------
Condensed consolidated Statement of Financial Position
As at 30 June 2016
6 months 6 months Year ended
ended ended
30-Jun-16 30-Jun-15 31-Dec-15
Notes (Unaudited) (Unaudited) (Audited)
CNY'000 CNY'000 CNY'000
--------------------------------- --------------------------------- ------------
ASSETS
Non-current assets
Property, plant
and equipment 148,632 136,533 135,164
Intangible assets 11,465 12,111
Investments in
equity-accounted
associates
Deferred tax assets 7
160,097 136,533 147,275
--------------------------------- --------------------------------- ------------
Current assets
Inventories 33,296 41,296 28,595
Trade and other
receivables 105,941 174,598 101,307
Amounts due from
related parties 580,931 364,803 402,535
Income tax receivable -
Restricted cash 7,612 24,471 13,259
Cash and cash
equivalents 73,541 43,628 35,405
---------------------------------
801,321 648,796 581,101
--------------------------------- --------------------------------- ------------
Total assets 961,418 785,329 728.376
--------------------------------- --------------------------------- ------------
LIABILITIES
Current liabilities
Short-term loan 80,000 182,362 80,000
Trade and other
payables 180,202 343,058 89,182
Income tax payable 6,749 4,668
--------------------------------- --------------------------------- ------------
Amounts due to
related parties 568,654 158,778 440,029
--------------------------------- ---------------------------------
835,605 684,198 613,879
--------------------------------- --------------------------------- ------------
Non-current
liabilities
Long-term loan
Deferred income 2,192 1,200 2,250
--------------------------------- ---------------------------------
2,192 1,200 2,250
--------------------------------- --------------------------------- ------------
Total liabilities 837,797 685,398 616,129
--------------------------------- --------------------------------- ------------
CAPITAL AND RESERVES
Share capital 598 598 598
Share premium 1,564,667 1,564,686 1,564,667
Other reserves 1,818 1,818 1,818
Foreign currency
translation reserve (587) (587) (587)
Statutory reserves 32,268 31,575 32,268
Accumulated losses (1,475,228) (1,498,208) (1,486,585)
--------------------------------- --------------------------------- ------------
Equity attributable
to equity holders
of the parent 123,536 99,882 112,179
Non-controlling
interest 85 49 68
--------------------------------- ---------------------------------
Total equity 123,621 99,931 112,247
--------------------------------- --------------------------------- ------------
Total liabilities
and equity 961,418 785,329 728,376
--------------------------------- --------------------------------- ------------
Condensed consolidated Statement of Changes in Equity
For the 6 months ended 30 June 2016
Attributable to equity holders of the parent
For the 6 months Foreign
ended 30 June 2016 Share Share Other currency Statutory Accumulated Non-controlling Total
Unaudited capital premium reserves translation reserves losses Total interest equity
CNY'000 CNY'000 CNY'000 reserve CNY'000 CNY'000 CNY'000 CNY'000 CNY'000
--------- -------------- ---------- --------------- ----------- --------------------- ---------------- --------------------- ----------
Balance as at 1 January
2016 598 1,564,667 1,818 (587) 32,268 (1,486,585) 112,179 68 112,247
Transfer to statutory
reserves
Previous year adjustment (15) (15) (15)
Transactions with
owners - - - - (15) (15) - (15)
Profit for the year 11,372 11,372 17 11,389
Other comprehensive
profit - - - - -
- Foreign currency
translation - - -
Total comprehensive
profit for the year - - - - - 11,372 11,372 17 11,389
Balance as at 30 June
2016 598 1,564,667 1,818 (587) 32,268 (1,475,228) 123,536 85 123,621
--------- -------------- ---------- --------------- ----------- --------------------- ---------------- --------------------- ----------
Attributable to equity holders of the parent
For the 6 months Foreign
ended 30 June 2015 Share Share Other currency Statutory Accumulated Non-controlling Total
Unaudited capital premium reserves translation reserves losses Total interest equity
CNY'000 CNY'000 CNY'000 reserve CNY'000 CNY'000 CNY'000 CNY'000 CNY'000
--------- -------------- ---------- --------------- ----------- --------------------- ---------------- --------------------- ----------
Balance as at 1 January
2015 598 1,564,686 1,818 (587) 31,575 (1,498,313) 99,777 48 99,825
Transfer to statutory
reserves -
Transactions with
owners - - - - - - -
Profit for the year 94 94 1 95
Other comprehensive
profit 11 11 - 11
- Foreign currency
translation - - - - - - -
Total comprehensive
profit for the year - - - - - 105 105 1 106
Balance as at 30 June
2015 598 1,564,686 1,818 (587) 31,575 (1,498,208) 99,882 49 99,931
--------- -------------- ---------- --------------- ----------- --------------------- ---------------- --------------------- ----------
For the year ended Attributable to equity holders of
31 December 2015 the parent
Audited
Foreign
Share Share Other currency Statutory Accumulated Non-controlling Total
capital premium reserves translation reserves losses Total interest equity
CNY'000 CNY'000 CNY'000 reserve CNY'000 CNY'000 CNY'000 CNY'000 CNY'000
--------- -------------- ---------- --------------- ----------- --------------------- ---------------- --------------------- ----------
Balance as at 1 January
2015 598 1,564,686 1,818 (587) 31,575 (1,498,313) 99,777 48 99,825
Transfer to statutory
reserves - (19) - 693 (674) - 11 11
Previous year adjustment 8,343 8,343 8,354
Transactions with
owners - (19) - - 693 7,669 8,343 11 8,354
Profit for the year 4,059 4,059 9 4,068
Other comprehensive
profit - - - - - 0
- Foreign currency
translation - - - - - (64)
Total comprehensive
profit for the year - - - - - 4,059 4,059 9 4,068
Balance
as at 31
December
2015 598 1,564,667 1,818 (587) 32,268 (1,486,585) 112,179 68 112,247
--------- -------------- ---------- --------------- ----------- --------------------- ---------------- --------------------- ----------
Condensed consolidated Statement of Cash Flow
For the 6 months ended 30 June 2016
6 months 6 months Year
ended ended ended
------------ ------------ ----------
30-Jun-16 30-Jun-15 31-Dec-15
------------ ------------ ----------
(Unaudited) (Unaudited) (Audited)
------------ ------------ ----------
CNY'000 CNY'000 CNY'000
------------ ------------ ----------
Profit /(loss) before tax 13,824 666 5,777
------------ ------------ ----------
Adjustments for: - -
------------ ------------ ----------
Amortisation of intangible
assets 646 201 802
------------ ------------ ----------
Provisions for doubtful
debts 136 136
------------ ------------ ----------
Depreciation of property,
plant and equipment 12,860 12,104 24,413
------------ ------------ ----------
Loss on disposal of property,
plant and equipment (472) (28) (51)
------------ ------------ ----------
Amortisation of deferred
capital grants 250 1,000
------------ ------------ ----------
Interest income (114) (284) (12,790)
------------ ------------ ----------
Finance expense 953 5,906 20,742
------------ ------------ ----------
Operating cash flows before
working capital changes 28,083 18,565 40,029
------------ ------------ ----------
Working capital changes:
------------ ------------ ----------
(Increase)/decrease in:
------------ ------------ ----------
Inventories (4,701) (10,098) 2,603
------------ ------------ ----------
Trade and other receivables (4,634) (50,945) 22,346
------------ ------------ ----------
Movement in related parties'
balances (49,803) 577,234 809,285
------------ ------------ ----------
Restricted cash 5,647 (7,851) 3,361
------------ ------------ ----------
Increase/(decrease) in:
------------ ------------ ----------
Trade and other payables 91,020 5,025 (238,707)
------------ ------------ ----------
Cash generated from operations 65,612 531,930 638,917
------------ ------------ ----------
Income tax paid 2,388 - 283
------------ ------------ ----------
Net cash generated from
operating activities 68,000 531,930 639,200
------------ ------------ ----------
6 months 6 months Year
ended ended ended
------------ ------------ ----------
30-Jun-16 30-Jun-15 31-Dec-15
------------ ------------ ----------
(Unaudited) (Unaudited) (Audited)
------------ ------------ ----------
Notes CNY'000 CNY'000 CNY'000
------------ ------------ ----------
Cash flow generated from
operating activities 68,000 531,930 639,200
------------ ------------ ----------
Cash flow from investing
activities
------------ ------------ ----------
Purchase of property,
plant and equipment (29,085) (1,971) (12,818)
------------ ------------ ----------
Purchase of intangible
assets -
------------ ------------ ----------
Interest received 114 284 12,790
------------ ------------ ----------
Government grant received 60 414 459
------------ ------------ ----------
Purchase of shares in
subsidiary from minorities -
------------ ------------ ----------
Cash flow (used in) / generated
from investing activities (28,911) (1,273) 431
------------ ------------ ----------
Cash flow from financing
activities
------------ ------------ ----------
Capital injection from
minority shareholders in
subsidiaires
------------ ------------ ----------
Proceeds from bank borrowings 80,000 40,000 80,000
------------ ------------ ----------
Repayment of bank borrowings (80,000) (560,526) (702,888)
------------ ------------ ----------
Loans(from)/to related
parties
------------ ------------ ----------
Interest paid (953) (5,906) (20,742)
------------ ------------ ----------
Dividends paid to non-controlling
interest - -
------------ ------------ ----------
Cash flow (used in) /generated
from financing activities (953) (526,432) (643,630)
------------ ------------ ----------
Net (decrease) /increase
in cash and cash equivalents 38,136 4,225 (3,999)
------------ ------------ ----------
Cash at beginning of period 35,405 39,404 39,404
------------ ------------ ----------
Foreign currency translation
differences
------------ ------------ ----------
Cash at end of year 73,541 43,628 35,405
------------ ------------ ----------
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL INFORMATION
FOR SIX MONTHSED 30 JUNE 2016
(UNAUDITED)
1. General information
HaiKe Chemical Group Ltd. ("the Company") is a public limited
company, incorporated in the Cayman Islands on 20 June 2006, and is
quoted on AIM. The address of the registered office is Scotia
Center 4th Floor, P.O. Box 2804, George Town, Grand Cayman, Cayman
Islands.
The Company's ultimate parent company is HiTech Chemical
Investment Ltd, a company incorporated in the British Virgin
Islands.
The principal activities of the Company are manufacturing of
specialty chemical products.
The principal place of business of the Company is Shengli
Industrial Park, Dongying City, Shandong Province, China.
The interim consolidated financial information of the Company
for the six months ended 30 June 2016 comprises the Company and its
subsidiary undertakings ("the Group").
2. Accounting policies
The consolidated financial statements of the Company have been
prepared in accordance with those International Financial Reporting
Standards and Interpretations in force ("IFRS"), as adopted by the
European Union.
The principal accounting policies adopted in the preparation of
the interim financial statements have been consistently applied in
the Company's latest annual audited consolidated financial
statements and are expected to be used for Company's annual
consolidated financial statements for the year ending 31 December
2016.
Financial information for the six months ended 30 June 2016 and
30 June 2015 is unaudited and does not constitute the Company's
financial statements for these periods.
Comparative financial information for the full year ended 31
December 2015 has been derived from the audited financial
statements for that period. The Board of Directors approved the
interim statements on 19 September 2015.
3. Related Party Transactions
The Company undertook a restructuring in 2014 which resulted in
the divestment of the Group's refinery and biochemical assets to
leave a smaller, more focused specialty chemicals business. The
disposed companies and HaiKe are members of the group controlled by
HiTech Chemical Investment Ltd. Therefore, in accordance with
IAS24, the disposed companies and Haike are related parties.
On 20 July 2016 the Company announced an unaudited revenue
figure of CNY 526.9 million for H1 2016, which did not incorporate
a net-off of transactions between Haike and two companies, Shandong
Hi-Tech Chemical Group Ltd. and Haiyuan Trading Pte. Ltd., which
were disposed companies in the restructuring. Revenue recognition
is applied in line with IAS 18 - transactions between Haike and
related parties, where Haike acts in a capacity as an agent and
gross inflows do not result in increases in equity are not
recognised as revenue. The Company made a corrective announcement
on 6 September 2016.
The immediate and ultimate parent company is HiTech Chemical
Investment Ltd., a company incorporated in British Virgin Islands.
Related parties include companies that fall under the common
control provisions of IAS24. Details of transactions with related
parties are as follows:
Sales, purchase of goods and loans
In H1 2016, the Group made the following sales, purchase and
funds transfer with related parties:
Sales Purchase Loan from Loan to Loan repayment Total
---------------------------------------------- -------- --------- ---------- -------- --------------- ----------
30-06-2016 CNY'000 CNY'000 CNY'000 CNY'000 CNY'000 CNY'000
---------------------------------------------- -------- --------- ---------- -------- --------------- ----------
Shareholder - - - 8 - 8
Bright Century Global Holdings Limited - - 189,704 - - 189,704
Haike Holding Hongkong Limited - - 10 87,250 - 87,260
Haike International Holding Limited - - - 10 - 10
Haiyuan Trading Pte.Ltd - - - 173,513 - 173,513
HiTech Chemical Investment Ltd. - - - 396 - 396
Jumbo Light Hong Kong Limited - - - 211,660 - 211,660
Dongying Hi-tech Qifen Co., Ltd - 71,576 - 101,068 - 172,644
Shandong Hi-tech Ruilin Chemical Co., Ltd 284 8,821 59,069 - - 68,174
Dongying He-bang Chemical Co., Ltd - 587 40,392 - - 40,979
Dongying Tiandong Biochemical Co., Ltd - - 7,344 3,209 - 10,553
Shandong Hi-tech Chemical Group Ltd - 3,810 266,500 3,477 - 273,787
Shanghai Yuanchuan Chemical Ltd - - 5,552 - - 5,552
Dongying Hi-tech Transport Co.,Ltd. - 554 83 - - 637
Shandong Hi-Tech Shengli Electrochemical Co.,
Ltd - - - 340 - 340
---------------------------------------------- -------- --------- ---------- -------- --------------- ----------
284 85,348 568,654 580,931 - 1,235,217
---------------------------------------------- -------- --------- ---------- -------- --------------- ----------
The sales of goods to the related parties are based on the
market price.
4. Subsequent Event
No subsequent event occurred after the reporting period.
5. Capital commitments
Capital expenditure contracted for property, plant and equipment
in continuing operations as at 30 June 2016, but not recognized in
the financial statements, was CNY10.2 million (31 December 2015:
CNY3.5 million).
6. Acquisitions and disposals of items of property, plant and equipment
Acquisitions of items of property, plant and equipment were
CNY29.1 million (H1 2015: CNY2.0 million). Loss on disposals of
items of property, plant and equipment was CNY472,000 (H1 2015:
CNY28,000).
7. Taxation
Major components of income tax expense/(credit)
The major components of income tax expense are as follows:
6 months 6 months Year ended
ended ended
30-Jun-16 30-Jun-15 31-Dec-15
(Unaudited) (Unaudited) (Audited)
CNY'000 CNY'000 CNY'000
------------ ------------ -----------
Current income tax 2,435 571 1,709
Deferred tax:
Originating and reversal - - -
of temporary differences
------------ ------------
Income tax recognised
in income statement 2,435 571 1,709
------------ ------------ -----------
Relationship between tax expense and accounting
(loss)/profit
Reconciliation between tax expense and the accounting profit
multiplied by the applicable corporate tax rate is as follows:
6 months 6 months Year ended
ended ended
30-Jun-16 30-Jun-15 31-Dec-15
(Unaudited) (Unaudited) (Audited)
CNY'000 CNY'000 CNY'000
--------------------------- ------------ -----------
Accounting profit
before income tax 13,824 666 5,777
Tax at respective
companies' domestic
income tax rate 3,456 167 1,444
Nondeductible expenses (1,021) 405 265
Income tax expense
recognized in income
statement 2,435 572 1,709
--------------------------- ------------ -----------
8. Profit per share from continuing operations
Earnings for the purpose of basic and diluted earnings per share
are the net profit for six months ended 30 June 2016 attributable
to equity holders of the parent of CNY11,372,000 (for the six
months ended 30 June 2015: profit of CNY94,000; for the year ended
31 December 2015: profit of CNY4,059,000).
The profit from continuing operations for the financial periods
attributable to equity holders of the parent was as follows:
profit per share from
continuing operations
6 months 6 months Year ended
ended ended
30-Jun-16 30-Jun-15 31-Dec-15
(Unaudited) (Unaudited) (Audited)
CNY'000 CNY'000 CNY'000
------------ ------------ -----------
profit per share from
continuing operations
attributable to equity
holders of the parent 11,372 94 4,059
------------ ------------ -----------
Number of ordinary shares 6 months 6 months Year ended
ended ended
30-Jun-16 30-Jun-15 31-Dec-15
(Unaudited) (Unaudited) (Audited)
'000 '000 '000
------------ ------------ -----------
Weighted average number
of ordinary shares - basic
& diluted
38,354 38,354 38,354
------------ ------------ -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BRGDCRGDBGLL
(END) Dow Jones Newswires
September 27, 2016 02:36 ET (06:36 GMT)
Haike Chemical (LSE:HAIK)
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부터 5월(5) 2024 으로 6월(6) 2024
Haike Chemical (LSE:HAIK)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024