CITIC RESOURCES HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
CITIC RESOURCES HOLDINGS LIMITED(incorporated in Bermuda with limited liability)
(Stock Code: 1205)
ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016The board of directors (the "Board") of CITIC Resources Holdings Limited (the "Company") announces the consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2016.
FINANCIAL HIGHLIGHTS Year ended 31 December | 2016 | 2015 | Change |
HK$ million | HK$ million | ||
Revenue | 2,956.7 | 3,713.1 | (20.4%) |
EBITDA 1 | 1,803.7 | (3,062.5) | N/A |
Adjusted EBITDA 2 | 1,100.2 | (551.1) | N/A |
Profit/(loss) attributable to shareholders | 363.0 | (6,104.9) | N/A |
1 profit/(loss) before tax + finance costs + depreciation + amortisation + asset impairment losses, net
2 EBITDA + (share of depreciation, amortisation, finance costs, asset impairment losses, income tax expense/(credit) and non-controlling interests of a joint venture) + fair value loss/(gain) on financial asset at fair value through profit or loss
Profit attributable to shareholders achieved in challenging operating environment
Program of cost controls reduced impact of low oil and commodities prices and narrowed operating losses
Share of profit from investment in the Karazhanbas oilfield
Reduction in share of loss from interest in CITIC Dameng Holdings Limited ("CDH")
Fair value gain from shareholding in Alumina Limited ("AWC")
FINANCIAL RESULTS CONSOLIDATED INCOME STATEMENT | |||
Year ended 31 December | |||
Notes | 2016 HK$'000 | 2015 HK$'000 | |
REVENUE | 3 | 2,956,732 | 3,713,127 |
Cost of sales | (3,056,734) | (4,031,442) | |
Gross loss | (100,002) | (318,315) | |
Other income and gains | 4 | 1,327,438 | 245,298 |
Selling and distribution costs | (18,791) | (16,373) | |
General and administrative expenses | (338,596) | (373,101) | |
Other expenses, net | (79,182) | (1,434,865) | |
Finance costs Share of profit/(loss) of: An associate | 5 | (276,240) (29,562) | (323,724) (352,817) |
A joint venture | 210,922 | (1,858,634) | |
695,987 | (4,432,531) | ||
Provision for impairment of items of property, plant and equipment | (226,200) | (940,038) | |
Provision for impairment of other assets | - | (411,060) | |
Provision for impairment of an associate | - | (330,040) | |
Provision for impairment of inventories | (125,763) | (389,704) | |
PROFIT/(LOSS) BEFORE TAX | 6 | 344,024 | (6,503,373) |
Income tax credit | 7 | 217 | 331,453 |
PROFIT/(LOSS) FOR THE YEAR | 344,241 | (6,171,920) | |
ATTRIBUTABLE TO: Shareholders of the Company | 362,985 | (6,104,909) | |
Non-controlling interests | (18,744) | (67,011) | |
344,241 | (6,171,920) | ||
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO | |||
ORDINARY SHAREHOLDERS OF THE COMPANY | 8 | HK cents | HK cents |
Basic | 4.62 | (77.63) | |
Diluted | 4.62 | (77.63) |
Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods:
Available-for-sale investment:
Changes in fair value | (490) | (460) |
Income tax effect | 147 | 138 |
(343) | (322) | |
Cash flow hedges: Effective portion of changes in fair value of | ||
hedging instruments arising during the year Reclassification adjustment for losses included in the consolidated income statement | 6,646 868,924 | (224,064) 60,785 |
Income tax effect | (262,671) | 59,040 |
612,899 | (104,239) | |
Exchange differences on translation of foreign operations | (371,011) | (508,445) |
Net other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods | 241,545 | (613,006) |
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Re-measurement gain on defined benefit plan:
Changes in fair value | 7,401 | 10,484 |
Income tax effect | (2,220) | (3,145) |
Net other comprehensive income not to be reclassified to
profit or loss in subsequent periods 5,181 7,339
OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF TAX 246,726 (605,667) TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR 590,967 (6,777,587) ATTRIBUTABLE TO:Shareholders of the Company | 637,372 | (6,688,269) |
Non-controlling interests | (46,405) | (89,318) |
590,967 | (6,777,587) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 December | ||
Notes | 2016 HK$'000 | 2015 HK$'000 |
NON-CURRENT ASSETS Property, plant and equipment | 4,674,326 | 5,988,583 |
Prepaid land lease payments | 16,415 | 18,786 |
Goodwill | 24,682 | 24,682 |
Other assets | 289,988 | 270,149 |
Investment in an associate | 905,841 | 994,020 |
Investment in a joint venture | 173,942 | - |
Financial assets at fair value through profit or loss | 2,880,665 | 1,835,713 |
Available-for-sale investment | 784 | 1,274 |
Prepayments, deposits and other receivables | 83,260 | 180,932 |
Deferred tax assets | 319,466 | 580,885 |
Total non-current assets | 9,369,369 | 9,895,024 |
CURRENT ASSETS Inventories | 577,698 | 648,616 |
Trade and notes receivables 10 | 643,767 | 482,950 |
Prepayments, deposits and other receivables | 1,453,071 | 1,693,416 |
Financial assets at fair value through profit or loss | 3,029 | 3,029 |
Derivative financial instruments | 60,826 | 298 |
Other assets | - | 42,996 |
Cash and cash equivalents | 1,160,989 | 1,300,197 |
Total current assets | 3,899,380 | 4,171,502 |
CURRENT LIABILITIES Accounts payable 11 | 130,891 | 449,818 |
Tax payable | 142 | 853 |
Accrued liabilities and other payables | 565,039 | 417,061 |
Derivative financial instruments | 10,387 | 40,814 |
Bank borrowings | 1,371,809 | 1,356,249 |
Finance lease payables | 13,102 | 12,473 |
Provisions | 44,670 | 45,285 |
Total current liabilities | 2,136,040 | 2,322,553 |
NET CURRENT ASSETS | 1,763,340 | 1,848,949 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 11,132,709 | 11,743,973 |
CITIC Resources Holdings Limited published this content on 17 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 19 February 2017 13:18:05 UTC.
Original documenthttp://resources.citic/eng/ir/announcements/ew_01205ann-20170217.pdf
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