Concord New Energy : 2022 Interim Results Announcement

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Concord New Energy Group Limited

協合新能源集團有限公司*

(Incorporated in Bermuda with limited liability)

(Stock code: 182)

ANNOUNCEMENT OF INTERIM RESULTS

FOR THE SIX MONTHS ENDED 30 JUNE 2022

The board of directors (the "Directors") of Concord New Energy Group Limited (the "Company") announces the unaudited consolidated interim results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2022, together with the comparative figures for the corresponding period in 2021. These consolidated financial statements are unaudited but have been reviewed by the Company's audit committee.

*for identification purpose only

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the six months ended 30 June 2022 - Unaudited

		2022	2021
	Notes	RMB'000	RMB'000
			(Restated)
Revenue	2,3	1,339,182	973,014
Cost of sales and services rendered		(542,636)	(334,363)
		───────────	───────────
Gross profit		796,546	638,651
Other income	4	25,981	25,462
Other gains and losses, net	5	30,132	(732)
Impairment losses under expected credit loss model, net of
reversal	6	-	10,830
Distribution and selling expenses		(6,894)	(5,859)
Administrative expenses		(187,085)	(135,091)
Finance costs	7	(257,004)	(208,255)
Share of profit of joint ventures, net		104,212	112,348
Share of profit of associates, net		7,241	7,476
		───────────	───────────
Profit before income tax		513,129	444,830
Income tax expense	8	(42,932)	(27,028)
		───────────	───────────
Profit for the period		470,197	417,802
		═══════════	═══════════
Profit or the period attributable to:
Equity shareholders of the Company		443,179	404,344
Non-controlling interests		27,018	13,458
		───────────	───────────
		470,197	417,802
		═══════════	═══════════
Earnings per share
Basic(RMB cents)	9(a)	5.01	4.91
		═══════════	═══════════
Diluted(RMB cents)	9(b)	4.99	4.87
		═══════════	═══════════

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2022 - Unaudited

	2022	2021
	RMB'000	RMB'000
		(Restated)
Profit for the period	470,197	417,802
	--------------------	--------------------
Other comprehensive income:
Item that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations	15,661	4,088
	───────────	───────────
Other comprehensive income for the period, net of tax	15,661	4,088
	--------------------	--------------------
Total comprehensive income for the period	485,858	421,890
	═══════════	═══════════
Total comprehensive income attributable to:
Equity shareholders of the Company	460,250	408,148
Non-controlling interests	25,608	13,742
	───────────	───────────
	485,858	421,890
	═══════════	═══════════

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2022 - Unaudited

		30 June	31 December
		2022	2021
		Unaudited	Audited
	Notes	RMB'000	RMB'000
			(Restated)
ASSETS
Non-current assets
Property, plant and equipment		12,621,200	11,849,709
Right-of-use assets		532,304	530,534
Intangible assets		792,834	817,455
Interests in associates		517,270	510,030
Interests in joint ventures		1,377,413	1,273,201
Financial assets at fair value through profit or loss		63,553	76,631
Prepayments, deposits and other receivables		1,869,849	1,354,914
Finance lease receivables		130,566	91,426
Loan receivables		52,231	49,663
Deferred tax assets		42,982	37,738
		───────────	───────────
		18,000,202	16,591,301
		--------------------	--------------------
Current assets
Inventories		30,376	27,679
Contract assets	11	386,616	345,848
Trade and bills receivable	12	1,712,866	1,795,948
Prepayments, deposits and other receivables		736,346	981,583
Finance lease receivables		21,823	17,171
Loan receivables		15,673	9,909
Amounts due from associates		82,911	84,758
Amounts due from joint ventures		32,619	29,184
Financial assets at fair value through profit or loss		276,282	10,000
Cash and cash equivalents		3,258,167	3,510,470
Restricted deposits		1,095,739	640,967
		───────────	───────────
		7,649,418	7,453,517
		--------------------	--------------------
Assets classified as held for sale	13	1,170,377	-
		--------------------	--------------------
		8,819,795	7,453,517
		───────────	───────────
Total assets		26,819,997	24,044,818
		═══════════	═══════════
LIABILITIES
Non-current liabilities
Bank borrowings		1,092,488	765,496
Other borrowings		9,193,052	8,786,142
Senior notes		573,849	544,107
Lease liabilities		106,646	77,066
Deferred tax liabilities		38,150	38,089
Deferred government grants		5,040	5,215
Payables for construction in progress,
other payables and accruals		499,786	541,364
Financial guarantee contract liabilities		17,619	17,115
		───────────	───────────
		11,526,630	10,774,594
		--------------------	--------------------

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 30 June 2022 - Unaudited
		30 June	31 December
		2022	2021
		Unaudited	Audited
	Notes	RMB'000	RMB'000
			(Restated)
Current liabilities
Trade and bills payable	14	1,609,006	1,078,538
Payables for construction in progress,
other payables and accruals		3,083,267	3,016,253
Contract liabilities		160,960	139,301
Amounts due to associates		204	-
Amounts due to joint ventures		157	155
Bank borrowings		1,003,269	526,106
Other borrowings		606,892	861,763
Senior notes		17,925	17,029
Lease liabilities		12,118	11,411
Financial guarantee contract liabilities		7,535	7,319
Current income tax liabilities		33,477	49,462
		───────────	───────────
		6,534,810	5,707,337
		--------------------	--------------------
Liabilities associated with assets classified as held for sale	13	925,683	-
		--------------------	--------------------
		7,460,493	5,707,337
		───────────	───────────
Total liabilities		18,987,123	16,481,931
		═══════════	═══════════
Net current assets		1,359,302	1,746,180
		═══════════	═══════════
Total assets less current liabilities		19,359,504	18,337,481
		═══════════	═══════════
Net assets		7,832,874	7,562,887
		═══════════	═══════════
EQUITY
Share capital	15	77,443	77,499
Reserves		7,563,407	7,336,427
		───────────	───────────
Total equity attributable to equity shareholders of the
Company		7,640,850	7,413,926
Non-controlling interests		192,024	148,961
		───────────	───────────
Total equity		7,832,874	7,562,887
		═══════════	═══════════

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