NINE DRAGONS PAPER (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.
(Incorporated in Bermuda with limited liability)
(Stock Code: 2689) UNAUDITED INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2016 FINANCIAL HIGHLIGHTSSales increased by 17.3% to approximately RMB19,125.0 million.
Gross profit rose by 23.4% to approximately RMB3,490.8 million.
Gross margin increased from 17.3% to 18.3%.
The exchange losses on operating and financial activities before tax for the Period decreased very substantially by approximately RMB971.8 million or 90.1% to approximately RMB107.1 million as compared to the corresponding period last year.
Profit attributable to equity holders of the Company for the Period was approximately RMB1,914.7 million.
If the exchange losses on operating and financing activities net of tax were excluded, the profit attributable to equity holders of the Company for the Period was approximately RMB2,002.2 million increased by 51.4% as compared to the corresponding period last year, due to stable growth of the revenue of the Group.
The net bank borrowings to total equity ratio decreased to approximately 71.2%.
Basic earnings per share increased by RMB0.34 to approximately RMB0.41.
Interim dividend per share of RMB5.0 cents (equivalent to approximately HK5.65 cents).
The board of directors ("Board") of Nine Dragons Paper (Holdings) Limited (the "Company") is pleased to announce the unaudited consolidated interim results of the Company and its subsidiaries (the "Group" or "ND Paper") for the six months ended 31 December 2016 (the "Period"), together with the comparative figures for the corresponding period of the last year.
* for identification purpose only
Unaudited | ||||||
Six months ended 31 December | ||||||
2016 | 2015 | |||||
Note | RMB'000 | RMB'000 | ||||
Sales | 5 | 19,125,024 | 16,310,521 | |||
Cost of goods sold | 6 | (15,634,210 | (13,482,631 | |||
Gross profit | 3,490,814 | 2,827,890 | ||||
Other income, other expense and other gains - net | 470,510 | 319,138 | ||||
Exchange losses on operating activities - net | (191,794 | (116,839 | ||||
Selling and marketing costs | 6 | (499,560 | (378,653 | |||
Administrative expenses | 6 | (534,016 | (538,270 | |||
Operating profit | 2,735,954 | 2,113,266 | ||||
Finance income | 7 | 74,531 | 49,065 | |||
Finance costs | 7 | (573,162 | (652,290 | |||
Finance costs - net | (498,631 | (603,225 | ||||
Exchange gains/(losses) on financing activities - net | 84,732 | (962,057 | ||||
Share of profit of an associate and a joint venture - net | 45,070 | 18,895 | ||||
Profit before income tax | 2,367,125 | 566,879 | ||||
Income tax expense | 8 | (448,041 | (239,221 | |||
Profit for the Period | 1,919,084 | 327,658 | ||||
Profit attributable to: | ||||||
- Equity holders of the Company | 1,914,683 | 312,023 | ||||
- Non-controlling interests | 4,401 | 15,635 | ||||
1,919,084 | 327,658 | |||||
Basic earnings per share for profit attributable to equity holders of the Company (expressed in RMB per share) | 9 | 0.41 | 0.07 | |||
Diluted earnings per share for profit attributable to equity holders of the Company (expressed in RMB per share) | 9 | 0.41 | 0.07 | |||
)
) )Details of dividends to equity holders of the Company attributable to the profit for the Period are set out in Note 10.
Unaudited | |||
Six months ended 31 December | |||
2016 | 2015 | ||
RMB'000 | RMB'000 | ||
Profit for the Period | 1,919,084 | 327,658 | |
Other comprehensive income: | |||
(items that may be reclassified subsequently to profit or loss) | |||
- Currency translation differences | 29,817 | 17,735 | |
Total comprehensive income for the Period | 1,948,901 | 345,393 | |
Total comprehensive income attributable to: | |||
- Equity holders of the Company | 1,937,097 | 325,551 | |
- Non-controlling interests | 11,804 | 19,842 | |
1,948,901 | 345,393 | ||
31 December 2016 | 30 June 2016 | |||
Note | RMB'000 | RMB'000 | ||
(Unaudited) | (Audited) | |||
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 11 | 45,727,229 | 44,860,821 | |
Land use rights | 11 | 1,541,393 | 1,521,765 | |
Intangible assets | 12 | 229,365 | 245,275 | |
Investment in an associate and a joint venture | 110,479 | 65,759 | ||
Other receivables | 14 | 23,500 | 47,500 | |
Deferred income tax assets | 100 | 15,884 | ||
47,632,066 | 46,757,004 | |||
Current assets | ||||
Inventories | 13 | 3,147,241 | 3,605,520 | |
Trade and bills receivables | 14 | 5,317,837 | 4,597,675 | |
Other receivables and prepayments | 14 | 1,031,390 | 954,649 | |
Tax recoverable | 44,544 | 46,665 | ||
Restricted cash | 31,898 | 53,634 | ||
Short-term bank deposits | 17,800 | 274,008 | ||
Cash and cash equivalents | 5,880,072 | 11,002,470 | ||
15,470,782 | 20,534,621 | |||
Total assets | 63,102,848 | 67,291,625 | ||
EQUITY | ||||
Capital and reserves attributable to equity holders of the Company | ||||
Share capital | 15 | 9,220,436 | 9,208,587 | |
Other reserves | 836,531 | 1,323,109 | ||
Retained earnings | 17,457,206 | 15,542,523 | ||
27,514,173 | 26,074,219 | |||
Non-controlling interests | 344,653 | 346,642 | ||
Total equity | 27,858,826 | 26,420,861 | ||
ND - Nine Dragons Paper Holdings Limited published this content on 23 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 February 2017 12:32:03 UTC.
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