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 IncomeGroup | Group | ||||
2Q 2017 | 2Q 2016 | Variance | 1H 2017 | 1H 2016 | Variance |
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 FORTHE 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: RevenueGroup | 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 incomeGroup | 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 expensesThe recovery of monies due from MF Global was US$1.14 million in last year's 1H 2016. Excluding this amount, other operating expenses for 1H 2017 would be a reduction of 35.87% compared to 1H 2016.
Note 4: Share of results of associatesGroup | Group | ||||
2Q 2017 | 2Q 2016 | Var | 1H 2017 | 1H 2016 | Var |
US$'000 | US$'000 | + / - % | US$'000 | US$'000 | + / - % |
16,092 | 17,519 | -8.15% | 29,038 | 29,606 | -1.92% |
781 | 912 | -14.36% | 1,563 | 1,806 | -13.46% |
195 | 50 | 290.00% | 236 | 120 | 96.67% |
1,404 | 1,143 | 22.83% | 2,739 | 2,499 | 9.60% |
(168) | (256) | 34.38% | (373) | (484) | 22.93% |
18,304 | 19,368 | -5.49% | 33,203 | 33,547 | -1.03% |
Shanghai Pudong International Airport Aviation Fuel Supply Company Ltd ("Pudong")
China National Aviation Fuel TSN-PEK
Pipeline Transportation Corporation Ltd ("TSN-PEKCL")
China Aviation Oil Xinyuan Petrochemicals
Co. Ltd ("Xinyuan")
Oilhub Korea Yeosu Co., Ltd ("OKYC") CNAF Hong Kong Refuelling Limited ("CNAF HKR")
Note 5: Tax expenseThe tax expense was mainly attributable to the recognition of deferred tax liabilities on the Company's share of undistributed retained earnings from associates and provision of income tax by a subsidiary during the period. The undistributed retained earnings from associates incorporated in China is subject to withholding tax.
NM denotes "not meaningful"
1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at end of the immediately preceding financial year.
Statement of Financial Position | |
Group Company | |
As at As at As at As at | |
30 Jun 17 31 Dec 16 30 Jun 17 31 Dec 16 | |
US$'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.
Original documenthttp://media.corporate-ir.net/media_files/IROL/16/164043/2017/CAO Results_2Q2017.pdf
Public permalinkhttp://www.publicnow.com/view/EB312C30941CEB297BD8BC726C653F2F880FB898