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.

GCL-Poly Energy Holdings Limited

保 利 協 鑫 能 源 控 股 有 限 公 司

(incorporated in the Cayman Islands with limited liability)

(Stock code: 3800)

ANNUAL RESULTS ANNOUNCEMENT FOR YEAR ENDED 31 DECEMBER 2016

FINANCIAL HIGHLIGHTS

Year ended 31 December

2016 2015 % of

RMB'million RMB'million

(Restated)

Changes

Continuing operations

Revenue

22,024.5

20,484.4

7.5%

Gross profit

7,044.2

5,740.9

22.7%

Profit the year

2,307.0

2,291.1

0.7%

Profit for the year attributable to

owners of the Company

2,099.3

2,139.0

-1.9%

The basic earnings per share and diluted earnings per share for 2016 decreased to RMB11.41 cents and RMB11.41 cents (2015: RMB13.69 cents and RMB12.72 cents) respectively due to the effect of rights issue completed in 2016.

The profit for the year in 2015 included one-off compensation income arising from the amendment of settlement deed amounting to RMB1,160 million.

Discontinued operations

The loss for the year attributable to owners of the Company amounted to RMB69.9 million in 2016 (2015: Profit of RMB286.3 million).

Continuing and discontinued operations

The profit for the year attributable to owners of the Company for 2016 amounted to RMB2,029.4 million (2015: RMB2,425.2 million). The basic earnings per share and diluted earnings per share for 2016 are RMB11.03 cents and RMB11.03 cents (2015: RMB15.52 cents and RMB14.52 cents) respectively.

Business segment operating results from continuing operations:

  • Profit from solar materials business increased by 23.9% to RMB2,319.5 million (2015: RMB1,872.4 million).

  • Profit from new energy business increased by 309.8% to RMB243.6 million (2015: RMB59.4 million).

The board of directors (the ''Board'' or the ''Directors'') of GCL-Poly Energy Holdings Limited (the ''Company'' or ''GCL-Poly'') announces the audited consolidated results of the Company and its subsidiaries (the ''Group or ''GCL-Poly'') for the year ended 31 December 2016 together with the restated comparative figures for the corresponding period in the previous year as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2016

Notes

2016

RMB'000

2015

RMB'000

(Restated)

Continuing operations

Revenue

2

22,024,537

20,484,445

Cost of sales

(14,980,339)

(14,743,575)

Gross profit

7,044,198

5,740,870

Other income

Compensation income arising from the amendment of settlement deed

3

6

926,431

-

908,578

1,160,000

Distribution and selling expenses

(72,631)

(61,971)

Administrative expenses

(1,847,030)

(1,502,829)

Finance costs

4

(2,149,266)

(2,194,727)

Other expenses, gains and losses, net

5

(1,091,067)

(1,224,640)

Share of profits (losses) of joint ventures

33,489

(49,859)

Profit before tax

2,844,124

2,775,422

Income tax expense

7

(537,172)

(484,299)

Profit for the year from continuing operations

8

2,306,952

2,291,123

Discontinued operations

(Loss) profit for the year from discontinued operations

14

(112,208)

435,601

Profit for the year

2,194,744

2,726,724

Other comprehensive income

Item that may be reclassified subsequently to profit or loss:

Exchange differences arising on translation

31,233

7,812

Total comprehensive income for the year

2,225,977

2,734,536

Note

2016

RMB'000

2015

RMB'000

(Restated)

Profit (loss) for the year attributable to owners of the Company

- from continuing operations

2,099,295

2,138,966

- from discontinued operations

(69,883)

286,254

Profit for the year attributable to owners of the Company

2,029,412

2,425,220

Profit (loss) for the year attributable to non-controlling interests

- from continuing operations

207,657

152,157

- from discontinued operations

(42,325)

149,347

Profit for the year attributable to non-controlling interests

165,332

301,504

2,194,744

2,726,724

Total comprehensive income for the year attributable to: Owners of the Company

2,064,780

2,420,755

Non-controlling interests

161,197

313,781

2,225,977

2,734,536

2016

RMB cents

2015

RMB cents

(Restated)

Earnings per share

From continuing and discontinued operations Basic

10

11.03

15.52

Diluted

11.03

14.52

From continuing operations

Basic 11.41 13.69

Diluted 11.41 12.72

GCL-Poly Energy Holdings Ltd. published this content on 29 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 March 2017 13:14:15 UTC.

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