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.
海航實業集團股份有限公司
HNA HOLDING GROUP CO. LIMITED(Incorporated in Hong Kong with limited liability)
(Stock Code: 521) UPDATE ON VERY SUBSTANTIAL ACQUISITIONReference is made to the announcements of HNA Holding Group Co. Limited (the "Company") dated 9 April 2017 and 26 July 2017 and the circular of the Company dated 30 June 2017 (the "Circular"). Unless otherwise defined, capitalised terms used herein shall have the same meaning as those defined in the Circular.
FINANCIAL RESULTS OF CWT FOR THE SECOND QUARTER AND HALF YEAR ENDED 30 JUNE 2017The Company noted that on 1 August 2017 (after trading hours of SGX-ST), CWT has published, among other things, its unaudited financial statements for the second quarter and half year ended 30 June 2017 (the "Relevant Period") on the website of SGX-ST (www.sgx.com) and on the website of CWT (www.cwtlimited.com) (the "Financial Statements"). A copy of the Financial Statements (in English) has been reproduced in this announcement. As the Financial Statements have only been made available by CWT in the English language, the Company is arranging for the Financial Statements to be translated into the Chinese language, and will make a further announcement reproducing the Financial Statements in Chinese as soon as practicable.
Meanwhile, the Company has extracted below, from a media release published by CWT today (the "Media Release"), certain financial highlights and performance highlights of CWT's results for the Relevant Period:
"Singapore, 1 August 2017 - CWT Limited ("CWT or the "Group") (SGX:C14), a leading provider of integrated logistics solutions and Singapore's largest home-grown logistics provider, today announced financial results for the second quarter ("2Q2017") and half year ended 30 June 2017 ("1H2017").Financial Highlights | % Change | % Change | ||||
In S$'000 unless otherwise stated | 2Q2017 | 2Q2016 | +/(-) | 1H2017 | 1H2016 | +/(-) |
Revenue | 2,586,060 | 2,366,495 | 9 | 5,192,226 | 4,242,016 | 22 |
Gross Profit | 85,024 | 67,098 | 27 | 167,567 | 150,716 | 11 |
Operating Profit Before Tax | 60,655 | 20,376 | 198 | 97,577 | 55,734 | 75 |
Profit Before Tax | 60,168 | 18,176 | 231 | 96,616 | 52,312 | 85 |
Taxation | (9,841) | (3,184) | 209 | (14,597) | (12,243)+ | 19 |
Operating Profit After Tax | 50,814 | 17,192 | 196 | 82,980 | 47,949 | 73 |
Profit After Tax | 50,327 | 14,992 | 236 | 82,019 | 40,069 | 105 |
Operating Profit After Tax and Non-Controlling Interests | 50,422 | 15,853 | 218 | 81,109 | 45,431 | 79 |
Net Profit Attributable to Owners | 49,948 | 13,653 | 266 | 80,161 | 37,343 | 115 |
Earnings Per Ordinary Share (cents) | 8.32 | 2.27 | 267 | 13.35 | 6.22 | 115 |
Net Asset Value Per Ordinary Share (cents) | - | - | - | 151.4* | 134.7** | 12 |
+ Includes $4.2 million withholding tax on dividend received from an overseas subsidiary in first quarter 2016
* As at 30 June 2017
** As at 30 June 2016
Group CEO CommentsLoi Pok Yen, CWT Group CEO, said, "Our strong performance in the quarter was led by Engineering Services and Commodity Marketing amidst sluggish overall market conditions. We are executing to our strategy, accelerating business synergies and investing in growth while realising profit improvement opportunities embedded in our business."
2Q2017 Financial ResultsFor the three months ended 30 June 2017, revenue increased 9% to S$2.6 billion, gross profit expanded 27% to S$85.0 million and profit after tax surged 236% to S$50.3 million quarter-on- quarter. Net profit attributable to common shareholders was S$49.9 million for the quarter, or earnings of 8.32 cents per ordinary share, compared with S$13.7 million, or 2.27 cents per ordinary share, for the same period in 2016.
The surge in performance was contributed significantly by Engineering Services arising from the finalisation of a design-and-build project as well as Commodity Marketing. The stellar second quarter results were achieved despite a generally weaker market sentiment which affected Logistics Services and less trade services opportunities which weakened Financial Services.
1H2017 Financial ResultsFor the six months ended 30 June 2017, CWT reported revenue of S$5.2 billion and gross profit of S$167.6 million, up 22% and 11% respectively from the same period in 2016. The strong results from both quarters in the first half of 2017 drove profit after tax to a record high S$82.0 million, a 105% increase over the previous corresponding period.
Net profit attributable to common shareholders increased 115% to S$80.2 million for the half year, or earnings of 13.35 cents per ordinary share, compared with S$37.3 million, or 6.22 cents per ordinary share, for the same period in 2016. Engineering Services and Commodity Marketing were the key contributors to the Group's solid performance for the half year.
As at 30 June 2017, CWT has cash and cash equivalents of S$260.5 million, total equity of S$925.7 million and S$3.8 billion in total assets. There were approximately 600.3 million ordinary shares issued and outstanding at the end of first half 2017.
Logistics Capacity ExpansionThe construction of CWT mega integrated logistics hub is in progress. Levels 1 and 2 of the warehouse obtained TOP on 16 Feb 2017, while levels 3, 5, 6 and 7 obtained TOP on 2 May 2017. The warehouse is targeted to complete by third quarter 2017."
GENERALThe Media Release and the Financial Statements have been made available by CWT on website of SGX-ST (www.sgx.com) and on the website of CWT (www.cwtlimited.com). Shareholders and potential investors should refer to the full text of the Media Release and the Financial Statements. Where any information in this announcement has been extracted or reproduced from published or publicly available information sources (including the Media Release and the Financial Statements), the Directors are not responsible for the content of such extracted or reproduced information. The English text of the Media Release and the Financial Statements is the official text and accordingly the English text of such documents shall prevail over any Chinese translation in the event of inconsistency.
Warning: The Offer will not be made unless and until the Pre-Conditions are fulfilled or waived by the Offeror (as applicable) on or before the Long-Stop Date. Accordingly, all references to the Offer in the Circular refer to a possible voluntary general offer which will only be made if and when such Pre-Conditions are fulfilled or waived by the Offeror (as applicable). Nothing herein shall constitute an offer to sell or a solicitation of an offer to subscribe for the securities of the Company and/or CWT. Shareholders and potential investors of the Company should exercise caution when dealing with the Shares.By order of the Board
HNA HOLDING GROUP CO. LIMITED Xu HaohaoExecutive Director
Hong Kong, 1 August 2017
As at the date of this announcement, the Board comprises Mr. Zhao Quan (Executive Director and Co-Chairman), Mr. Wang Shuang (Executive Director and Co-Chairman), Mr. Xu Haohao (Executive Director and Executive President), Mr. Leung Shun Sang, Tony (Non-executive Director), Mr. Wang Hao (Non-executive Director), Mr. Leung Kai Cheung (Independent Non-executive Director), Mr. Liem Chi Kit, Kevin (Independent Non-executive Director) and Mr. Lam Kin Fung, Jeffrey (Independent Non-executive Director).
HNA Holding Group Co. Ltd. published this content on 02 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 01 August 2017 22:41:07 UTC.
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