Tianjin Port Development : Announcements and Notices - Interim Results for the Six Months Ended 30 June 2019

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.

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 03382)

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019

HIGHLIGHTS

• Total cargo throughput handled was 198.04 million tonnes, of which total container throughput was 8.315 million TEUs.
• Revenue was HK$7,086 million.
• Profit attributable to equity holders of the Company was HK$299 million.
• Basic earnings per share was HK4.9 cents.

The board of directors (the "Board") of Tianjin Port Development Holdings Limited (the "Company") is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2019 as follows:

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CONDENSED CONSOLIDATED INCOME STATEMENT

For the six months ended 30 June 2019

		Unaudited
		Six months ended 30 June
		2019			2018
	Note	HK$'000	HK$'000
Revenue	3	7,085,540			7,495,582
Business tax and surcharge		(5,610)		(8,052)
Cost of sales		(5,636,479)		(5,929,032)
Gross profit		1,443,451			1,558,498
Other income and gains	4	227,828			128,644
Administrative expenses		(703,185)		(750,679)
Net impairment losses on financial assets		(3,518)		(15,061)
Other operating expenses		(18,715)		(52,421)
Operating profit		945,861			868,981
Finance costs	5	(338,637)		(303,458)
Share of net profit of associates and joint ventures
accounted for using the equity method		266,354			254,231
Profit before income tax		873,578			819,754
Income tax	7	(206,881)		(46,613)
Profit for the period		666,697			773,141
Profit attributable to:
Equity holders of the Company		298,911			406,072
Non-controlling interests		367,786			367,069
		666,697			773,141
Earnings per share	9
Basic (HK cents)		4.9			6.6
Diluted (HK cents)		4.9			6.6

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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2019

	Unaudited
	Six months ended 30 June
	2019			2018
	HK$'000	HK$'000
Profit for the period	666,697			773,141
Other comprehensive income/(loss)
Items that will not be reclassified to profit or loss:
Changes in the fair value of financial assets at fair value
through other comprehensive income	261,161			(106,648)
Income tax relating to these items	(65,491)		24,862
Items that may be reclassified subsequently to profit or loss:
Currency translation differences	(114,365)		(238,546)
Other comprehensive income/(loss) for the period, net of tax	81,305			(320,332)
Total comprehensive income for the period	748,002			452,809
Total comprehensive income attributable to:
Equity holders of the Company	312,006			260,992
Non-controlling interests	435,996			191,817
	748,002			452,809

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2019

		Unaudited		Audited
		30 June		31 December
		2019	2018
	Note	HK$'000		HK$'000
ASSETS
Non-current assets
Land use rights	2(a)	-	5,897,291
Property, plant and equipment		20,538,436	18,803,723
Right-of-use assets		7,020,860		-
Intangible assets		59,387	60,069
Investments accounted for using the equity method		4,987,796	5,524,722
Financial assets at fair value through other
comprehensive income		763,675	509,111
Deferred income tax assets		52,879	54,091
		33,423,033	30,849,007
Current assets
Inventories		300,707	318,441
Trade and other receivables	10	3,468,630	3,301,211
Restricted bank deposits		45,920	19,193
Time deposits with maturity over three months		251,222	1,115,043
Cash and cash equivalents		10,233,773	9,868,107
		14,300,252	14,621,995
Total assets		47,723,285	45,471,002
EQUITY
Equity attributable to equity holders of the Company
Share capital		615,800	615,800
Other reserves		3,705,285	3,702,402
Retained earnings		8,037,419	7,906,069
		12,358,504	12,224,271
Non-controlling interests		14,394,659	13,665,161
Total equity		26,753,163	25,889,432

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2019

		Unaudited	Audited
		30 June	31 December
		2019	2018
	Note	HK$'000	HK$'000
LIABILITIES
Non-current liabilities
Borrowings		8,528,348		9,050,608
Lease liabilities		775,318		-
Deferred income tax liabilities		273,317		220,084
Other long-term liabilities		24,415		25,533
		9,601,398		9,296,225
Current liabilities
Trade and other payables	11	4,776,303		3,785,951
Current income tax liabilities		134,412		99,150
Borrowings		6,149,805		6,400,244
Lease liabilities		308,204		-
		11,368,724		10,285,345
Total liabilities		20,970,122		19,581,570
Total equity and liabilities		47,723,285		45,471,002
Net current assets		2,931,528		4,336,650
Total assets less current liabilities		36,354,561		35,185,657

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