CHINA AVIATION OIL (SINGAPORE) CORPORATION LTD PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2, Q3), HALF-YEAR AND FULL YEAR RESULTS
1(a) An income statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year.
These figures have not been audited:
Group1Q 2017 1Q 2016 Variance + / - | |
US$'000 US$'000 % | |
Revenue (Note 1) | 3,311,163 1,464,239 126.14% |
Cost of sales | (3,295,694) (1,451,061) 127.12% |
Gross Profit | 15,469 13,178 17.39% |
Other income (Note 2) | 787 131 500.76% |
Administrative expenses | (3,748) (3,410) 9.91% |
Other operating expenses (Note 3) | (422) 935 NM |
Finance costs | (630) (142) 343.66% |
Operating Profit | 11,456 10,692 7.15% |
Share of results of associates (net of tax) (Note 4) | 14,899 14,179 5.08% |
Profit before tax | 26,355 24,871 5.97% |
Tax expense (Note 5) | (1,067) (722) 47.78% |
Profit for the period | 25,288 24,149 4.72% |
Attributable to: | |
Owners of the Company | 25,288 24,149 4.72% |
Consolidated statement of comprehensive income (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year.
Consolidated Statement of Comprehensive Income Group 1Q 2017 1Q 2016 Variance + / - US$'000 US$'000 % PROFIT FOR THE PERIOD 25,288 24,149 4.72% Other comprehensive income Items that are or may be reclassified subsequently to profit or loss:Translation differences relating to financial statements of foreign
associates (Note (a)) | 3,213 2,369 35.63% |
Other comprehensive income for the period, net of tax | 3,213 2,369 35.63% |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 28,501 26,518 7.48% |
Total comprehensive income attributable to: Owners of the parent | 28,501 26,518 7.48% |
Note (a): For the three months ended 31 March 2017, RMB and Korean Won appreciated by approximately 0.69% (2016: 0.65%) and 7.23% (2016: 3.53%) respectively against US Dollar at end of December 2016 giving rise to the translation gain on foreign associates denominated in RMB and Korean Won to US Dollar.
On the disposal of foreign associates or loss of significant influence over foreign associates, all of the accumulated translation differences in respect of the foreign associates will be reclassified to profit or loss.
Profit before income tax is derived at after crediting / (charging):
Group | ||
1Q 2017 | 1Q 2016 | Var |
US$'000 | US$'000 | + / - % |
(165) | (176) | -6.25% |
(61) | (195) | -68.72% |
726 | 196 | 270.41% |
(308) | (3) | NM |
61 | (65) | NM |
- | 1,140 | NM |
Depreciation of property, plant and equipment Amortisation of intangible assets
Bank interest income Interest expense
Net foreign exchange gain/(loss)
Write back of allowance for doubtful debts
Note 1: RevenueGroup | ||
1Q 2017 | 1Q 2016 | Var |
+ / - | ||
US$'000 | US$'000 | % |
2,376,490 | 1,253,763 | 89.55% |
934,673 | 210,476 | 344.08% |
3,311,163 | 1,464,239 | 126.14% |
Revenue from middle distillates Revenue from other oil products
The increase in revenue was primarily due to the increase in trading volume.
Note 2: Other incomeGroup | ||
1Q 2017 | 1Q 2016 | Var |
+ / - | ||
US$'000 | US$'000 | % |
726 | 196 | 270.41% |
61 | (65) | NM |
787 | 131 | 500.76% |
Bank interest income
Net foreign exchange gain/(loss)
Note 3: Other operating expensesExcluding the recovery of monies due from MF Global of US$1.14 million in 1Q 2016, other operating expenses for 1Q 2016 would be US$205,000. Compared to US$422,000 for 1Q 2017, the increase in other operating expenses would have been 105.85%.
Note 4: Share of results of associatesGroup | ||
1Q 2017 | 1Q 2016 | Var |
+ / - | ||
US$'000 | US$'000 | % |
12,946 | 12,087 | 7.11% |
782 | 894 | -12.53% |
41 | 70 | -41.43% |
1,335 | 1,356 | -1.55% |
(205) | (228) | 10.09% |
14,899 | 14,179 | 5.08% |
Shanghai Pudong International Airport Aviation Fuel Supply Company Ltd ("Pudong")
China National Aviation Fuel TSN-PEK Pipeline Transportation Corporation Ltd ("TSN-PEKCL")
China Aviation Oil Xinyuan Petrochemicals Co. Ltd ("Xinyuan") Oilhub Korea Yeosu Co., Ltd ("OKYC")
CNAF Hong Kong Refuelling Limited ("CNAF HKR")
Note 5: Tax expenseThe tax expense was mainly attributable to the recognition of deferred tax liabilities on the Company's share of undistributed retained earnings from associates and provision of income tax by a subsidiary during the period. The undistributed retained earnings from associates in China is subject to withholding tax.
NM denotes "not meaningful"
1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at end of the immediately preceding financial year.
Statement of Financial Position | |
Group Company | |
As at As at As at As at | |
31 Mar 17 31 Dec 16 31 Mar 17 31 Dec 16 | |
US$'000 US$'000 US$'000 US$'000 | |
(unaudited) (audited) (unaudited) (audited) | |
ASSETS | |
Non-current assets | |
Property, plant and equipment | 5,547 5,654 5,453 5,555 |
Intangible assets | 1,633 1,580 452 399 |
Subsidiaries | - - 37,975 37,975 |
Associates | 296,113 281,010 82,625 82,625 |
Trade and other receivables | - - 35,480 35,480 |
Deferred tax assets | 7,604 7,604 7,600 7,600 |
310,897 295,848 169,585 169,634 | |
Current assets | |
Inventories | 121,801 170,733 113,510 164,809 |
Trade and other receivables | 792,027 590,554 642,546 568,230 |
Cash and cash equivalents | 276,143 287,286 196,198 244,164 |
1,189,971 1,048,573 952,254 977,203 | |
Total assets | 1,500,868 1,344,421 1,121,839 1,146,837 |
Share capital 215,573 215,573 215,573 215,573 Reserves 462,613 434,112 288,854 277,331
Total equity 678,186 649,685 504,427 492,904 Non-current liabilitiesDeferred tax liabilities 7,036 6,311 - -
Current liabilities | ||||
Trade and other payables | 764,802 | 587,810 | 617,412 | 553,933 |
Loans and borrowings | 50,000 | 100,000 | - | 100,000 |
Current tax liabilities 844 615 - - | ||||
815,646 | 688,425 | 617,412 | 653,933 | |
Total liabilities | 822,682 | 694,736 | 617,412 | 653,933 |
Total equity and liabilities | 1,500,868 | 1,344,421 | 1,121,839 | 1,146,837 |
China Aviation Oil (Singapore) Corp. Ltd. published this content on 31 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 20 April 2017 07:27:16 UTC.
Original documenthttp://media.corporate-ir.net/media_files/IROL/16/164043/2017/CAO Results_1Q2017.pdf
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