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.
(A joint stock limited company incorporated in the People's Republic of China)
(Stock Code: 00323)
SUMMARY OF 2016 INTERIM RESULTS ANNOUNCEMENT §1 IMPORTANT NOTICEThis summary of 2016 interim results announcement is from the full text of the interim report. To fully understand the details, investors should read the full text of the interim report, which is also published on the Stock Exchange of Hong Kong Limited and the websites designated by the China Securities Regulatory Commission, including the website of the Shanghai Stock Exchange.
The interim financial reports of the Company are unaudited but reviewed by the Audit Committee of the Company.
Mr. Ding Yi, the person-in-charge of the Company, Mr. Qian Haifan, the person- in-charge of accounting operations, and Mr. Xing Qunli, the person-in-charge of the Accounting Department, make representations in respect of the truthfulness, accuracy and completeness of the financial statements contained in this interim report.
No appropriation of fund on a non-operating basis by the controlling shareholder or its related parties was found.
There is no violation of regulations, decisions or procedures in relation to provisions of external guarantees.
A Share The Shanghai Stock Exchange Magang stock 600808
H Share The Stock Exchange of Hong Kong Limited
Maanshan Iron & Steel 00323
Contact people and details | Company Secretary | Representative for |
Securities Affairs | ||
Name | Hu Shunliang | He Hongyun |
Telephone | 86-555-2888158/2875251 | 86-555-2888158/2875251 |
Fax | 86-555-2887284 | 86-555-2887284 |
Email address | mggfdms@magang.com.cn | mggfdms@magang.com.cn |
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The company's major accounting data
Unit: RMB
End of the reporting periodEnd of the previous year
Increase/ (decrease) at the end of the reporting period as compared over the end of the previous year (%) (Unaudited) (Audited)Total assets 59,565,048,326 62,454,465,955 decreased
by 4.6 percentage points
Net assets attributable to equity holders 18,955,533,931 18,455,838,015 increased
by 2.7 percentage points
Reporting period (Jan to Jun)Corresponding period of the previous year
Increase/ (decrease) at the reporting period as compared to the corresponding period of the previous year (%) (Unaudited) (Unaudited)Net cash flows from operating activities
527,215,501 4,628,267,978 -88.6Revenue 21,001,162,560 23,447,520,693 -10.4
Net profit/(loss) attributable to equity holders of the Company
Net profit/(loss) excluding non- recurring gains or losses attributable to equity holders of the Company
Return on net assets (weighted average) (%)
Basic earning/(loss) per share (RMB/share)
Diluted earning/(loss) per share (RMB/share)
452,752,971 -1,236,592,427 - 469,788,228 -1,345,735,510 - 2.42 -5.46 increased by 7.88 percentage points 0.059 -0.161 - 0.059 -0.161 - - Holdings of top ten shareholders
Total number of shareholders at the end of the reporting period (Accounts)
283,941
Holdings of top ten shareholdersUnit: Share
Name of shareholder
Type of
shareholders Percentage
(%)
Total number of shares held
Number of shares under restricted condition
for sales
Number of pledged or frozen shares
Magang (Group) Holding Co., Limited | State-owned shareholder | 45.54 | 3,506,467,456 | 0 | Nil | 0 |
Hong Kong Securities Clearing Company | Foreign shareholder | 22.21 | 1,710,144,900 | 0 | Unknown | Unknown |
Nominees Limited | ||||||
Central Huijin Investment Ltd. | State-owned shareholder | 1.85 | 142,155,000 | 0 | Unknown | Unknown |
China Securities Finance Corporation Limited | State-owned shareholder | 1.14 | 88,096,538 | 0 | Unknown | Unknown |
Bosera Funds - Agricultural Bank of China | Unknown | 0.44 | 33,609,200 | 0 | Unknown | Unknown |
(ABC) - Bosera China Securities Finance Asset Management Plan
GF Fund Management - ABC - GF China | Unknown | 0.44 | 33,609,200 | 0 | Unknown | Unknown |
Securities Finance Asset Management Plan | ||||||
ICBCCS - ABC - ICBCCS China Securities | Unknown | 0.44 | 33,609,200 | 0 | Unknown | Unknown |
Finance Asset Management Plan | ||||||
Harvest Fund - ABC - Harvest China Securities | Unknown | 0.44 | 33,609,200 | 0 | Unknown | Unknown |
Finance Asset Management Plan | ||||||
Dacheng Fund - ABC - Dacheng China | Unknown | 0.44 | 33,609,200 | 0 | Unknown | Unknown |
Securities Finance Asset Management Plan | ||||||
E Fund - ABC - E Fund China Securities | Unknown | 0.44 | 33,609,200 | 0 | Unknown | Unknown |
Finance Asset Management Plan |
Notes on the above
shareholders' affiliated
relation or concerned action
Magang (Group) Holding Co., Ltd. has no affiliated relation with any of the other foregoing shareholders, nor is it a person acting in concerned action; however, it is not in the knowledge of the Company whether there is any affiliated relation among other foregoing shareholders and whether they are persons acting in concerned action.
§3 MANAGEMENT DISCUSSION AND ANALYSIS- Board's discussion and analysis on operation during the reporting period
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The macro environment for production and operation
During the period under review, China's overall national economic performance remained steady. GDP grew by 6.7%, down 0.3 percentage point compared with the same period of last year; while fixed asset investment across the country grew by 9%, down 2.4 percentage points compared with the same period of last year. Although both production volume of and demand for steel products in China decreased, as the reformation in the supply side started to show initial results, gradual improvement could be seen in the balance between the demand and supply in some parts of the country, leading to a significant increase in steel price. At the end of April, due to a rapid increase in crude steel output, steel price declined rapidly thereafter. The consolidated price index for domestic steel products as at the end of June was 68.69 points, up 3% compared with the same period of last year, or
12.32 points up over that as at the end of last year, representing an increase of 21.86%. According to China Iron and Steel Association (CISA), member companies posted an average profit margin of 0.97% in the first half of this year, indicating a year-on-year improvement, but it was still at a relatively low level in the industrial sector.
As for imports and exports, according to CISA, exported steel products during the first half of 2016 amounted to 57,120,000 tonnes, an increase of 9% compared with the same period of last year, while imported steel products amounted to 6,460,000 tonnes, a decrease of 2.8% compared with the same period of last year. The net export of equivalent crude steel amounted to 52,550,000 tonnes, an increase of 10.7% compared with the same period of last year.
- Production and operation of the Company
During the reporting period, the Company has seized the favorable market opportunity, vigorously adjusted our product structure, looked into the potential to increase cost efficiency, enhanced the level of lean operation and achieved a turnaround in our results.
Maanshan Iron & Steel Company Limited published this content on 30 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 August 2016 13:13:05 UTC.
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