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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  GCL-Poly Energy Holdings Limited    3800   KYG3774X1088

GCL-POLY ENERGY HOLDINGS LIMITED

(3800)
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GCL Poly Energy : SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO THE ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2019

08/21/2020 | 05:55am EST

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.

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)

SUPPLEMENTAL ANNOUNCEMENT

IN RELATION TO THE ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2019

Reference is made to the annual report of GCL-Poly Energy Holdings Limited (the "Company" and, together with its subsidiaries, the "Group") for the year ended 31 December 2019 (the "2019 Annual Report"). Unless otherwise defined, capitalized terms used herein shall have same meanings as those defined in the 2019 Annual Report.

In addition to the information disclosed in the 2019 Annual Report, the board of directors of the Company (the "Board") would like to provide additional information and breakdown in relation to (i) "Other Income" and (ii) "Other Expenses, Gains and Losses, Net" of the Group's consolidated financial statements.

  1. OTHER INCOME

The Board would like to provide additional information and breakdown in respect of "Compensation income" and "Others" items, included in the notes on "Other Income" set out in note 7 to the consolidated financial statements of the 2019 Annual Report as follows:

2019

2018

RMB'000

RMB'000

Government grants

175,374

254,634

Interest income

- bank and other interest income

165,631

148,723

- debt instruments at FVTOCI

393

4,908

Interest arising from contracts containing significant

118,218

111,287

financing component

Sales of scrap materials

113,699

184,342

Management and consultancy fee income

88,936

65,489

Rental income

24,106

33,809

Forfeitures of deposits from customers

72,613

28,782

1

Compensation income (Note 1)

6,615

1,100

Others (Note 2)

53,161

57,770

818,746

890,844

Note 1:

In August 2019, the power generator and related equipment of a solar farm located in Shandong Province, the PRC, was damaged during typhoon. The Group has insurance policies in place to cover damages to property, plant and equipment incidental to typhoon and the related compensation will be recognised only when the compensation becomes receivable. The Group received approximately RMB6,615,000 from insurance claim as of 31 December 2019 which was recognised as compensation income.

Note 2:

2019

2018

RMB'000

RMB'000

Other compensation income

20,165

11,864

Waiver of other payables

8,719

22,444

Service income

987

9,509

Dividend income

2,973

3,987

Disposal of a greenfield project

10,860

-

Sundry income

9,457

9,966

53,161

57,770

II. OTHER EXPENSES, GAINS AND LOSSES, NET

The Board would like to provide additional information in respect of "Others" item included in the note on "Other Expenses, Gains and Losses, Net" set out in note 9B to the consolidated financial statements of the 2019 Annual Report as follows:

2019

2018

RMB'000

RMB'000

Research and development costs

736,522

521,442

Exchange loss, net

126,622

479,501

(Gain) loss on fair value change of convertible bonds

(29,820)

1,910

receivable

Loss on fair value change of convertible bonds payables

-

46,292

Gain on fair value change of other financial assets at

(42,300)

(84,420)

FVTPL

Loss on fair value change of held for trading

28,053

15,201

investments

Loss on fair value change of derivative financial

107,389

10,112

instruments

Impairment loss on goodwill

-

176,528

Impairment loss on property, plant and equipment

2,130,780

526,105

Impairment loss on other intangible assets

479,091

-

2

Gain on disposal of property, plant and equipment

(55,173)

(583)

Bargain purchase from business combination

(73,858)

-

Gain on disposal of subsidiaries

(4,405,876)

(444,868)

Gain on disposal of joint ventures

(35,263)

-

Gain on disposal of solar farm projects, net

(26,926)

(35,146)

Loss on deemed disposal of an associate

-

77,894

Others (Note)

2,576

-

(1,058,183)

1,289,968

Note:

Amount being loss on disposal of right-of-use assets in 2019.

The above additional information does not affect any other information contained in the 2019 Annual Report. Save as disclosed above, the remaining contents of the 2019 Annual Report remain unchanged.

By order of the Board

GCL-Poly Energy Holdings Limited

保利協鑫能源控股有限公司

Zhu Gongshan

Chairman

Hong Kong, 21 August 2020

As at the date of this announcement, the Board comprises Mr. Zhu Gongshan (Chairman), Mr. Zhu Zhanjun, Mr. Zhu Yufeng, Ms. Sun Wei, Mr. Yeung Man Chung, Charles, Mr. Jiang Wenwu and Mr. Zheng Xiongjiu as executive directors; Ir. Dr. Ho Chung Tai, Raymond, Mr. Yip Tai Him, Dr. Shen Wenzhong and Mr. Wong Man Chung, Francis as independent non-executive directors.

3

Disclaimer

GCL-Poly Energy Holdings Ltd. published this content on 21 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 August 2020 09:55:13 UTC


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Sales 2020 15 323 M 2 333 M 2 333 M
Net income 2020 -1 220 M -186 M -186 M
Net Debt 2020 50 333 M 7 662 M 7 662 M
P/E ratio 2020 -5,15x
Yield 2020 -
Capitalization 11 451 M 1 745 M 1 743 M
EV / Sales 2020 4,03x
EV / Sales 2021 3,61x
Nbr of Employees 10 730
Free-Float 69,8%
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Number of Analysts 8
Average target price 0,39 CNY
Last Close Price 0,43 CNY
Spread / Highest target 245%
Spread / Average Target -10,2%
Spread / Lowest Target -64,6%
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NameTitle
Zhan Jun Zhu CEO, Executive Director & Executive President
Gong Shan Zhu Chairman
Man Chung Yeung CFO, Secretary & Executive Director
Yu Feng Zhu Executive Director
Tai Him Yip Independent Non-Executive Director
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