GCL Poly Energy : Announcements and Notices - Interim Results Announcement for Six Months Ended 30 June 2019

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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)

INTERIM RESULTS ANNOUNCEMENT

FOR SIX MONTHS ENDED 30 JUNE 2019

FINANCIAL HIGHLIGHTS
	Six months ended 30 June
	2019	2018	% of changes
	RMB'million	RMB'million
	(Unaudited)	(Unaudited)
Revenue	10,001.8	11,031.6	-9.3%
Gross profit	2,354.2	3,327.1	-29.2%
(Loss) profit for the period	(751.4)	563.5	-233.3%
(Loss) profit for the period
attributable to owners of the
Company	(997.5)	382.0	-361.1%

The basic loss per share and diluted loss per share for the six months ended 30 June 2019 were RMB5.51 cents (Six months ended 30 June 2018: earnings per share and diluted earnings per share of RMB2.08 cents).

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Business segment operating results:

• Solar Material business resulted a loss of RMB1,311.0 million (Six months ended 30 June 2018: profit of RMB256.2 million).
• Segment result from New Energy business increased by 19.0% to profit of RMB554.1 million (Six months ended 30 June 2018: profit of RMB465.5 million).
• Segment result from Solar Farm business decreased by 6.6% to profit of RMB63.6 million (Six months ended 30 June 2018: profit of RMB68.1 million).

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The board of directors (the "Board" or the "Directors") of GCL-Poly Energy Holdings Limited (the "Company" or "GCL-Poly") announces the unaudited condensed interim consolidated results of the Company and its subsidiaries (the "Group" or "GCL-Poly") for the six months ended 30 June 2019 together with the comparative figures for the corresponding period in the previous year as follows:

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2019

		Six months ended 30 June
		2019		2018
	NOTES	RMB'000		RMB'000
		(Unaudited)	(Unaudited)
Revenue	3	10,001,835		11,031,580
Cost of sales		(7,647,662)	(7,704,471)
Gross profit		2,354,173		3,327,109
Other income		441,325		386,762
Distribution and selling expenses		(70,263)	(51,126)
Administrative expenses		(1,133,581)	(861,401)
Finance costs		(1,982,234)	(1,589,997)
Impairment losses under expected credit loss
model, net of reversal		(12,574)	148,293
Other expenses, gains and losses, net	4	(457,720)	(762,349)
Share of profits of associates		140,625		43,604
Share of (losses) profits of joint ventures		(24,665)	13,562
(Loss) profit before tax		(744,914)	654,457
Income tax expense	5	(6,448)	(90,936)
(Loss) profit for the period		(751,362)	563,521

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	Six months ended 30 June
	2019			2018
		RMB'000	RMB'000
		(Unaudited)	(Unaudited)
Other comprehensive 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	(17,738)	(44,410)
Financial liabilities designated as at fair value
through profit or loss attributable to changes in		-
credit risk		(108)
	(17,738)	(44,518)
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translation of foreign
operations	(1,242)	9,171
Cumulative loss reclassified to profit or loss on sale
of investments in debt instruments measured at
fair value through other comprehensive income
upon disposal	3,540			-
	2,298			9,171
Other comprehensive expense for the period	(15,440)	(35,347)
Total comprehensive (expense) income
for the period	(766,802)	528,174

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		Six months ended 30 June
		2019		2018
	NOTE	RMB'000	RMB'000
		(Unaudited)	(Unaudited)
(Loss) profit for the period attributable to:		(997,530)
Owners of the Company		382,013
Non-controlling interests		246,168		181,508
		(751,362)	563,521
Total comprehensive (expense) income for the
period attributable to:		(1,012,953)
Owners of the Company		340,771
Non-controlling interests		246,151		187,403
		(766,802)	528,174
		RMB cents	RMB cents
		(Unaudited)	(Unaudited)
(Loss) earnings per share	8	(5.51)
Basic		2.08
Diluted		(5.51)	2.08

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