CHINA AVIATION OIL (SINGAPORE) CORPORATION LTD (Company Registration No. 199303293Z) Second Quarter/Half Year Financial Statement For The Period Ended 30 June 2017

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:

Consolidated Statement of Profit or Loss

Group Group 2Q 2017 2Q 2016 Variance 1H 2017 1H 2016 Variance US$'000 US$'000 + / - % US$'000 US$'000 + / - %

Revenue (Note 1) 3,672,653 3,023,349 21.48% 6,983,816 4,487,588 55.63% Cost of sales (3,662,088) (3,013,448) 21.52% (6,957,782) (4,464,509) 55.85%

Gross Profit

10,565

9,901

6.71%

26,034

23,079

12.80%

Other income (Note 2)

1,213

323

275.54%

2,000

454

340.53%

Administrative expenses

(3,847)

(3,883)

-0.93%

(7,595)

(7,293)

4.14%

Other operating expenses (Note 3)

(165)

(719)

-77.05%

(587)

216

NM

Finance costs

(417)

(223)

87.00%

(1,047)

(365)

186.85%

Operating Profit

7,349

5,399

36.12%

18,805

16,091

16.87%

Share of results of associates (net of tax)

(Note 4)

18,304

19,368

-5.49%

33,203

33,547

-1.03%

Profit before tax

25,653

24,767

3.58%

52,008

49,638

4.77%

Tax expense (Note 5)

(1,063)

(1,146)

-7.24%

(2,130)

(1,868)

14.03%

Profit for the period

24,590

23,621

4.10%

49,878

47,770

4.41%

Attributable to:

Owners of the Company

24,590

23,621

4.10%

49,878

47,770

4.41%

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

Group

2Q 2017

2Q 2016

Variance

1H 2017

1H 2016

Variance

US$'000 US$'000 + / - % US$'000 US$'000 + / - % PROFIT FOR THE PERIOD 24,590 23,621 4.10% 49,878 47,770 4.41% Other comprehensive income/(loss): Items that are or may be reclassified subsequently to profit or loss:

Translation differences relating to financial

statements of foreign associates (note (a)) 1,254 (6,607) NM 4,467 (4,238) NM

Other comprehensive income/(loss) for the period, net of tax 1,254 (6,607) NM 4,467 (4,238) NM TOTAL COMPREHENSIVE INCOME FOR

THE PERIOD 25,844 17,014 51.90% 54,345 43,532 24.84%

Total comprehensive income attributable to:

Owners of the parent 25,844 17,014 51.90% 54,345 43,532 24.84%

Note (a): For the six months ended 30 June 2017, RMB and Korean Won appreciated by approximately 2.08% (2016: -2.60%) and 4.82% (2016: 2.35%) 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 that foreign associates will be reclassified to profit or loss.

Profit before income tax is derived at after crediting / (charging):

Group

Group

2Q 2017

2Q 2016

Var

1H 2017

1H 2016

Var

US$'000

US$'000

+ / - %

US$'000

US$'000

+ / - %

(168)

(178)

-5.62%

(333)

(354)

-5.93%

(67)

(116)

-42.24%

(128)

(311)

-58.84%

(271)

(26)

942.31%

(579)

(29)

NM

1,293

287

350.52%

2,019

483

318.01%

-

-

-

-

1,140

-

(123)

36

NM

(104)

(29)

258.62%

Depreciation of property, plant and equipment

Amortisation of intangible assets Interest expense

Bank interest income

Write back of allowance for doubtful debts Net foreign exchange (loss)/gain

Note 1: Revenue

Group

Group

2Q 2017

2Q 2016

Var

1H 2017

1H 2016

Var

US$'000

US$'000

+ / - %

US$'000

US$'000

+ / - %

2,504,789

2,055,743

21.84%

4,881,279

3,309,506

47.49%

1,167,864

967,606

20.70%

2,102,537

1,178,082

78.47%

3,672,653

3,023,349

21.48%

6,983,816

4,487,588

55.63%

Revenue from middle distillates Revenue from other oil products

Note 2: Other income

Group

Group

2Q 2017

2Q 2016

Var

1H 2017

1H 2016

Var

US$'000

US$'000

+ / - %

US$'000

US$'000

+ / - %

1,293

287

350.52%

2,019

483

318.01%

43

-

-

85

-

-

(123)

36

NM

(104)

(29)

258.62%

1,213

323

275.54%

2,000

454

340.53%

Bank interest income Other income

Net foreign exchange (loss)/gain

Note 3: Other operating expenses

The recovery of monies due from MF Global was US$1.14 million in last year's 1H 2016. Excluding this amount, other operating expenses for 1H 2017 would be a reduction of 35.87% compared to 1H 2016.

Note 4: Share of results of associates

Group

Group

2Q 2017

2Q 2016

Var

1H 2017

1H 2016

Var

US$'000

US$'000

+ / - %

US$'000

US$'000

+ / - %

16,092

17,519

-8.15%

29,038

29,606

-1.92%

781

912

-14.36%

1,563

1,806

-13.46%

195

50

290.00%

236

120

96.67%

1,404

1,143

22.83%

2,739

2,499

9.60%

(168)

(256)

34.38%

(373)

(484)

22.93%

18,304

19,368

-5.49%

33,203

33,547

-1.03%

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 expense

The 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 incorporated 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

30 Jun 17 31 Dec 16 30 Jun 17 31 Dec 16

US$'000 US$'000 US$'000 US$'000

(unaudited) (audited) (unaudited) (audited)

ASSETS

Non-current assets

Property, plant and equipment

5,464 5,654 5,377 5,555

Intangible assets

1,566 1,580 385 399

Subsidiaries

- - 37,975 37,975

Associates

270,873 281,010 82,625 82,625

Trade and other receivables

- - 35,480 35,480

Deferred tax assets

7,604 7,604 7,600 7,600

285,507 295,848 169,442 169,634

Current assets

Inventories

118,174 170,733 95,588 164,809

Trade and other receivables

996,818 590,554 951,552 568,230

Cash and cash equivalents

260,320 287,286 233,911 244,164

1,375,312 1,048,573 1,281,051 977,203

Total assets

1,660,819 1,344,421 1,450,493 1,146,837

EQUITY AND LIABILITIES

Equity attributable to owners of the Company

Share capital

215,573 215,573 215,573 215,573

Reserves

460,781 434,112 309,997 277,331

Total equity

676,354 649,685 525,570 492,904

Non-current liabilities

Deferred tax liabilities

5,724 6,311 - -

Current liabilities

Trade and other payables

977,760 587,810 924,923 553,933

Loans and borrowings

- 100,000 - 100,000

Current tax liabilities

981 615 - -

978,741 688,425 924,923 653,933

Total liabilities

984,465 694,736 924,923 653,933

Total equity and liabilities

1,660,819 1,344,421 1,450,493 1,146,837

China Aviation Oil (Singapore) Corp. Ltd. published this content on 27 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 03 August 2017 08:23:05 UTC.

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