GCL Poly Energy : Announcements and Notices - Annual Results Announcement for Year Ended 31 December 2018

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GCL-Poly Energy Holdings Limited

保利協鑫能源控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 3800)

ANNUAL RESULTS ANNOUNCEMENT

FOR YEAR ENDED 31 DECEMBER 2018

Financial Highlights
	Year ended 31 December
	2018	2017	% of changes
	RMB'million	RMB'million
Continuing operations
Revenue	20,565.4	23,794.5	-13.6%
Gross profit	5,032.9	8,198.7	-38.6%
(Loss) profit for the year	(458.4)	2,274.1	-120.2%
(Loss) profit for the year attributable to
owners of the Company	(693.4)	1,926.4	-136.0%

The basic loss per share and diluted loss per share for 2018 decreased to RMB3.81 cents and RMB3.84 cents respectively (2017: basic earnings per share of RMB10.44 cents and diluted earnings per share of RMB10.37 cents).

Discontinued operations

There is no discontinued operation during the year.

The profit attributable to owners of the Company from discontinued operations for 2017 amounted to RMB48 million.

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The profit attributable to owners of the Company from both continuing and discontinued operation for 2017 amounted to RMB1,974.4 million.

Major business segments operating results from continuing operations:

•Profit from new energy business decreased by 17.0% to RMB707.9 million (2017: RMB852.4 million).

•Loss from solar material business amounted to RMB1,011.4 million (2017: profit of RMB1,263.6 million).

The board of directors (the "Board" or the "Directors") of GCL-Poly Energy Holdings Limited (the "Company" or "GCL-Poly") announces the audited consolidated results of the Company and its subsidiaries (the "Group" or "GCL-Poly") for the year ended 31 December 2018 together with the comparative figures for the corresponding period in the previous year as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2018

		2018		2017
	NOTES	RMB'000		RMB'000
Continuing operations
Revenue	2	20,565,435		23,794,455
Cost of sales		(15,532,570)		(15,595,756)
Gross profit		5,032,865		8,198,699
Other income	3	890,844		843,063
Distribution and selling expenses		(113,271)		(119,140)
Administrative expenses		(2,019,564)		(2,188,439)
Finance costs	4	(3,419,011)		(2,541,020)
Impairment losses on financial assets, net of
reversal		247,235		43,246
Other expenses, gains and losses, net	5	(1,289,968)		(1,351,368)
Share of profits of associates		139,246		8,444
Share of profits of joint ventures		20,829		18,517

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		2018			2017
	NOTES	RMB'000			RMB'000
(Loss) profit before tax		(510,795)			2,912,002
Income tax credit (expense)	6	52,361			(637,880)
(Loss) profit for the year from continuing
operations	7	(458,434)			2,274,122
Discontinued operations
Profit for the year from discontinued operations		-			77,112
(Loss) profit for the year		(458,434)			2,351,234
Other comprehensive income (expense):
Items that will not be reclassified to profit or
loss:
Fair value loss on:
Investments in equity instruments at fair
value through other comprehensive
income		(34,672)			-
Financial liabilities designated as at fair
value through profit or loss attributable to
changes in credit risk		(108)			-
		(34,780)			-
Items that may be reclassified subsequently to
profit or loss:
Exchange differences arising on translation of
foreign operations		67,605			(143,387)
Fair value loss on investments in debt
instruments measured at fair value through
other comprehensive income		(3,540)			-
		64,065			(143,387)
Other comprehensive income (expense)
for the year		29,285			(143,387)
Total comprehensive (expense) income
for the year		(429,149)			2,207,847

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		2018			2017
	NOTE	RMB'000			RMB'000
(Loss) profit for the year attributable to
owners of the Company:
- from continuing operations		(693,399)			1,926,373
- from discontinued operations		-			48,025
(Loss) profit for the year attributable to owners
of the Company		(693,399)			1,974,398
Profit for the year attributable to non-
controlling interests:
- from continuing operations		234,965			347,749
- from discontinued operations		-			29,087
Profit for the year attributable to
non-controlling interests		234,965			376,836
		(458,434)			2,351,234
Total comprehensive (expense) income for the
year attributable to:
Owners of the Company		(681,533)			1,879,998
Non-controlling interests		252,384			327,849
		(429,149)			2,207,847
		2018			2017
		RMB cents			RMB cents
(Loss) earnings per share	9
From continuing and discontinued operations
Basic		(3.81)			10.70
Diluted		(3.84)			10.62
From continuing operations
Basic		(3.81)			10.44
Diluted		(3.84)			10.37

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 31 DECEMBER 2018

		2018		2017
	NOTE	RMB'000		RMB'000
NON-CURRENT ASSETS
Property, plant and equipment		70,999,823		63,780,283
Investment properties		70,460		75,116
Prepaid lease payments		1,106,622		1,177,644
Goodwill		-		176,528
Other intangible assets		801,307		853,552
Interests in associates		1,814,544		1,073,100
Interests in joint ventures		777,596		776,999
Available-for-sale investments		-		442,322
Other financial assets at fair value through
profit or loss		315,918		131,689
Equity instruments at fair value through other
comprehensive income		90,716		-
Convertible bonds receivable		76,001		-
Deferred tax assets		364,041		260,200
Deposits, prepayments and other non-current
assets		3,727,637		6,083,415
Contract assets		4,236,405		-
Amounts due from related companies	12	302,628		151,700
Pledged and restricted bank deposits		935,469		1,186,848
		85,619,162		76,169,396

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