China Singyes Solar Technologs Hldgs : Announcements and Notices - Announcement of Final Results for the Year Ended 31 December 2018

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China Singyes Solar Technologies Holdings Limited

中國 興 業太 陽 能 技術 控 股 有 限公 司

(incorporated in Bermuda with limited liability)

(Stock Code: 750)

ANNOUNCEMENT OF FINAL RESULTS

FOR THE YEAR ENDED 31 DECEMBER 2018

The board of directors (the "Director") of China Singyes Solar Technologies Holdings Limited (the "Company") is pleased to announce the consolidated results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2018.

FINANCIAL HIGHLIGHTS

		Year ended 31 December
		2018		2017
		RMB'000	RMB'000
Revenue	4,416,563		5,675,386
Adjusted EBITDA*	97,922		1,001,206
Profit/(loss) before tax	(562,959)	270,378
Income tax expense	109,268		119,972
Profit/(loss) attributable to owners of the Company	(678,801)	143,797
Gross profit margin (including tariff adjustment)	17.1%		22.3%
Adjusted EBITDA margin	2.2%		17.6%
Earnings/(loss) per share attributable to
	ordinary equity holders
	- Basic	RMB(0.814)	RMB0.172
	- Diluted	RMB(0.814)	RMB0.172
Final dividend per share proposed	Nil	HK$0.03

• Earnings before interest, tax, depreciation and amortisation, fair value gains on conversion rights of convertible bonds, and gain on disposal of property, plant and equipment

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOME
		Year ended 31 December
		2018		2017
	Notes	RMB'000	RMB'000
Revenue	3	4,416,563		5,675,386
Cost of sales		(3,795,662)	(4,536,529)
Gross profit		620,901		1,138,857
Tariff adjustment	3	164,021		166,682
Other income and gains		58,574		178,887
Selling and distribution expenses		(101,774)	(155,265)
Administrative expenses		(358,076)	(358,039)
Impairment loss on financial and contract assets		(325,561)	(5,151)
Other expenses		(149,673)	(76,428)
Finance costs		(477,243)	(621,333)
Share of profits/(losses) of associates		5,872		(13,059)
Fair value gains on conversion rights of
convertible bonds		-	15,227
Profit/(loss) before tax	4	(562,959)	270,378
Income tax expense	5	(109,268)	(119,972)
Profit/(loss) for the year		(672,227)	150,406
Other comprehensive income/(loss):

Other comprehensive income/(loss) that may be

• reclassified to profit or loss in subsequent years:
• Available-for-sale investments:

Changes in fair value

-

2,882

Other comprehensive income/(loss) that will not to be

• reclassified to profit or loss in subsequent years:
• Change in fair value of equity instruments

		at fair value through other comprehensive income	(7,915)	-
Exchange differences on translation of
		financial statements	(112,339)	110,479
Other comprehensive income/(loss) for the year	(120,254)	113,361
Total comprehensive income/(loss) for the year	(792,481)	263,767

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				Year ended 31 December
				2018		2017
			Note	RMB'000	RMB'000
Profit/(loss) attributable to:
Owners of the Company		(678,801)	143,797
	Non-controlling interests		6,574		6,609
				(672,227)	150,406
Total comprehensive income/(loss) attributable to:
Owners of the Company		(800,117)	257,902
	Non-controlling interests		7,636		5,865
				(792,481)	263,767
Earnings/(loss) per share attributable to ordinary
equity holders of the Company
		- Basic	7	RMB(0.814)	RMB0.172
		- Diluted	7	RMB(0.814)	RMB0.172

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
			As at 31 December
			2018	2017
	Notes	RMB'000		RMB'000
Non-current assets
Property, plant and equipment			4,475,179	4,283,977
Investment properties			74,344	75,183
Prepaid land lease payments			211,413	198,964
Intangible assets			2,058	2,815
Payments in advance			13,513	18,645
Investments in associates	8		4,429	(1,443)
Investment in a joint venture			6,370		-
Deferred tax assets			1,557	49,051
Available-for-sale investments			-	57,569
Equity investments designated at fair
value through other comprehensive income			5,657		-
Financial assets at fair value through profit or loss			24,265		-
Goodwill			6,448		-
Pledged deposits			-	14,650
Total non-current assets			4,825,233	4,699,411
Current assets
Inventories			69,592	111,803
Construction contracts			-	976,179
Contract assets			2,119,517		-
Trade and bills receivables	9		3,389,476	3,751,855
Prepayments, deposits and other receivables	9		596,568	952,651
Available-for-sale investments			-	208,234
Pledged deposits			180,590	472,372
Cash and cash equivalents			216,151	1,202,423
Total current assets			6,571,894	7,675,517

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		As at 31 December
		2018		2017
	Notes	RMB'000	RMB'000
Current liabilities
Trade and bills payables	10	901,520		1,294,073
Other payables and accruals	10	449,257		549,511
Contract liabilities		105,067		-
Bank advances for discounted bills		-	13,722
Interest-bearing bank and other loans		2,956,804		1,265,188
Tax payable		20,317		40,741
Derivative financial instruments		-	34,005
Convertible bonds	11	96,000		-
Senior notes	12	2,850,012		1,239,028
Provision		81,289		-
Total current liabilities		7,460,266		4,436,268
Net current assets/(liabilities)		(888,372)	3,239,249
Total assets less current liabilities		3,936,861		7,938,660
Non-current liabilities
Convertible bonds	11	-	80,819
Senior notes	12	-	1,677,498
Interest-bearing bank and other loans		-	1,438,922
Deferred tax liabilities		87,680		86,860
Deferred income		157,449		164,228
Total non-current liabilities		245,129		3,448,327
Net assets		3,691,732		4,490,333
Equity attributable to owners of the Company
Issued capital	13	55,785		55,785
Reserves		3,535,106		4,345,753
		3,590,891		4,401,538
Non-controlling interests		100,841		88,795
Total equity		3,691,732		4,490,333

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