China Merchants Port : 2021 Interim Results Announcement

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 Hong Kong with limited liability under the Companies Ordinance)

(Stock Code: 00144)

• Throughput of containers handled reached 66.51 million TEUs, up 21.2% (2020: 54.87 million TEUs)
• Throughput of bulk cargos handled reached 284 million tonnes, up 42.8% (2020: 199 million tonnes)
• Profit attributable to equity holders of the Company amounted to HK$4,711 million, up 204.7% (2020: HK$1,546 million)
• Recurrent profit attributable to equity holders of the Company
• • HK$4,530 million, up 221.5% (2020: HK$1,409 million)
  • HK$4,448 million, up 100.9%, from ports operation (2020: HK$2,214 million)
• Basic earnings per share amounted to 128.67 HK cents, up 187.0% (2020: 44.83 HK cents)
• Interim dividend of 22 HK cents per share (2020: 18 HK cents per share)

2021 INTERIM RESULTS ANNOUNCEMENT

The Board of Directors (the "Board") of China Merchants Port Holdings Company Limited (the "Company") is pleased to announce the unaudited consolidated interim results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2021 together with the comparative figures for the corresponding period in 2020 as follows:

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CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SIX MONTHS ENDED 30 JUNE 2021

		Unaudited
	Note	2021			2020
		HK$'million HK$'million
Revenue	2	5,663			4,077
Cost of sales		(3,016)		(2,403)
Gross profit		2,647			1,674
Other income and other gains, net	4	283			600
Administrative expenses		(680)		(630)
Finance income	5	192			118
Finance costs	5	(847)		(930)
Finance costs, net	5	(655)		(812)
Share of profits less losses of
Associates		4,145			1,417
Joint ventures		61			182
		4,206			1,599
Profit before taxation		5,801			2,431
Taxation	6	(527)		(430)
Profit for the period	7	5,274			2,001
Attributable to:
Equity holders of the Company		4,711			1,546
Owners of perpetual capital securities		113			-
Non-controlling interests		450			455
Profit for the period		5,274			2,001
Dividends	8	823			649
Earnings per share for profit attributable to
equity holders of the Company	9
Basic (HK cents)		128.67			44.83

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CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2021

	Unaudited
	2021			2020
	HK$'million HK$'million
Profit for the period	5,274			2,001
Other comprehensive income/(expense)
Items that may be reclassified subsequently to profit or loss:
Exchange differences from retranslation of
investments in subsidiaries, associates and joint ventures	528			(2,673)
Release of reserves upon deemed disposal of a subsidiary	(3)		-
Release of reserves upon deemed disposal of partial
interest in an associate	(16)		-
Item that will not be reclassified subsequently to profit or loss:
Share of other reserves of associates	(1)		(4)
Total other comprehensive income/(expense) for the period, net of tax	508			(2,677)
Total comprehensive income/(expense) for the period
5,782			(676)
Total comprehensive income/(expense) attributable to:
Equity holders of the Company	5,139			(657)
Owners of perpetual capital securities	113			-
Non-controlling interests	530			(19)
	5,782			(676)

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021

		Unaudited		Audited
		30 June	31 December
	Note	2021	2020
		HK$'million HK$'million
ASSETS
Non-current assets
Goodwill		5,954	5,759
Intangible assets		9,348	9,369
Property, plant and equipment		26,784	26,509
Right-of-use assets		16,373	16,553
Investment properties		8,996	8,918
Interests in associates		69,366	67,426
Interests in joint ventures		9,130	9,091
Other financial assets		7,234	7,258
Other non-current assets		1,330	1,305
Deferred tax assets		506	420
		155,021	152,608
Current assets
Inventories		145	179
Other financial assets		689	81
Debtors, deposits and prepayments	10	7,241	5,493
Taxation recoverable		7	8
Cash and bank balances		8,086	11,290
		16,168	17,051
Non-current assets held for sale		408	405
		16,576	17,456
Total assets		171,597	170,064

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		Unaudited		Audited
		30 June	31 December
	Note	2021		2020
		HK$'million HK$'million
EQUITY
Capital and reserves attributable to
equity holders of the Company
Share capital		42,521		42,521
Reserves		47,842		43,501
Proposed dividend	8	823		1,867
		91,186		87,889
Perpetual capital securities		6,238		6,237
Non-controlling interests		19,997		19,509
Total equity		117,421		113,635
LIABILITIES
Non-current liabilities
Bank and other borrowings		23,147		30,240
Lease liabilities		910		886
Other non-current liabilities		5,919		5,229
Deferred tax liabilities		4,725		4,482
		34,701		40,837
Current liabilities
Creditors and accruals	11	4,170		4,152
Dividend payable to ordinary shareholders
of the Company		1,867			-
Bank and other borrowings		11,014		8,952
Lease liabilities		39		76
Taxation payable		2,385		2,412
		19,475		15,592
Total liabilities		54,176		56,429
Total equity and liabilities		171,597		170,064
Net current (liabilities)/assets		(2,899)	1,864
Total assets less current liabilities		152,122		154,472
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