China Singyes Solar Technologs Hldgs : 2018 Interim Results

2018 Interim Results
29 Aug 2018

Financial Highlights:

(RMB, unaudited)	2017 Interim	2018 Interim	Change
Revenue (including tariff adjustment)	RMB2,979 million	RMB3,106 million	+4.3%
Profit attributable to owners of the Company	RMB80 million	RMB228 million	+185.7 %

Gross profit margin:

	2017 Interim	2018 Interim
Solar EPC	25.3%	30.3%
Curtain wall & green buildings	16.0%	12.4%
Sale of electricity (including tariff adjustment)	62.6%	67.6%

(Hong Kong, August 28, 2018) As a professional renewable energy solution provider and building contractor, China Singyes Solar Technologies Holdings Limited (the 'Company' or 'Singyes', together with its subsidiaries, the 'Group', Stock Code: 0750.HK) today announced its unaudited interim results as of June 30, 2018.

The Group's revenue grew by 4.3% to RMB3,106 million. The adjusted EBITDA increased 23.4% to RMB628 million. The profit attributable to owners of the Company was RMB228 million.

New energy business
The total revenue generated from new energy business was RMB2,181 million, up by 11.2%. Sales of EPC business increased 16.8% to RMB1,801 million, with gross profit margin stood at 30.3%.

As of the end of June 2018, the Group held a total of 467.8MW solar projects, of which 327.7MW was grid-connected. The remaining 140.1MW was pending for grid-connection or was under construction. As announced by the Company on June 12, 2018, the Group disposed a 25MW solar PV power station in Minqing county, Gansu Province for a consideration of RMB203,750,000. A deposit of approximately RMB80 million has been received and the unaudited post-tax profit would be RMB3.45 million, upon completion of the transaction.

Sale of renewable energy goods amounted to RMB224 million. Sale of electricity (including tariff adjustment) was RMB146 million, with gross profit margin reaching 67.6%.

Conventional curtain wall and green building business
The focus of conventional curtain wall and green building business was on building key infrastructure projects. The interim revenue amounted to RMB865 million.

As most of the overseas projects will commence in the second half of the year, thus, causing the drop in sales in the first six months.

Overseas business

In early 2018, the Group has signed an MOU with Tonga Power Limited to develop an 80MWh Energy Storage System solution through a micro-grid controller system. The project is expected to complete by 2020.

Currently, Singyes Solar has a number of overseas processing orders for curtain wall products which most will be handled in the following six months. The covered markets include Australia and New Zealand.

Singyes Solar's Chairman, Mr. Liu Hongwei, said: 'In the first six months, the Group continued to focus on developing green buildings and new energy business. By leveraging opportunities arising in renewable energy sector in countries under the 'Belt and Road' Initiative, we believe there will be a parallel development in our domestic and overseas businesses.'