SIIC ENVIRONMENT HOLDINGS LTD.
(Incorporated in the Republic of Singapore)
(Company Registration No: 200210042R)
Unaudited Financial Statements and Dividend Announcement for the Third Quarter and Nine Months ended 30 September 2013
7 November 2013
Table of Contents
Page No
Consolidated Statement of Comprehensive Income 1
Statements of Financial Position 4
Consolidated Statement of Cash Flows 6
Statements of Changes in Equity 8
Review of Performance 14
Outlook 23
Board Confirmation 26
Page 1 of 26
SIIC Environment Holdings Ltd.
(Incorporated in the Republic of Singapore)
(Company Registration No. 200210042R)
Third Quarter of Financial Year 2013 Financial Statements And Dividend Announcement
PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2, Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS
1(a) A statement of comprehensive income (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year.
UNAUDITED RESULTS FOR THE THIRD QUARTER (“3QFY2013”) AND NINE MONTHS ENDED 30 SEPTEMBER 2013 (“9MFY2013”)
Group
3 Months Ended
Changes
9 Months Ended
Changes
Note
30.09.13
30.09.12
30.09.13
30.09.12
RMB’000
RMB’000
%
RMB’000
RMB’000
%
Revenue
(A)
279,653
186,254
50.1
777,889
522,660
48.8
Cost of sales
(188,100)
(105,289)
78.7
(520,382)
(303,163)
71.7
Gross profit
(B)
91,553
80,965
13.1
257,507
219,497
17.3
Other operating income
(i)/(C)
1,400
3,077
(54.5)
9,244
13,302
(30.5)
Selling and distribution expenses
(D)
(4,054)
(4,433)
(8.5)
(10,627)
(13,426)
(20.8)
Administrative expenses
(E)
(26,387)
(27,800)
(5.1)
(79,036)
(70,066)
12.8
Profit from operations
62,512
51,809
20.7
177,088
149,307
18.6
Finance income
(ii)/(F)
48,253
17,942
>100.0
142,875
47,451
>100.0
Finance expenses
(iii)/(G)
(30,854)
(27,221)
13.3
(93,805)
(70,381)
33.3
Other income
(iv)/(H)
897
1,520
(41.0)
5,390
5,272
2.2
Other expenses
(v)/(I)
(1,347)
(1,033)
30.4
(3,908)
(5,583)
(30.0)
Share of results of associate
(J)
121
67
80.6
370
67
>100.0
Share of results of jointly controlled entity
(K)
1,078
2,051
(47.4)
6,770
5,802
16.7
Profit before tax
(vi)
80,660
45,135
78.7
234,780
131,935
78.0
Income tax expense
(vii)/(L)
(26,833)
(5,476)
>100.0
(65,374)
(26,261)
>100.0
Profit for the period
53,827
39,659
35.7
169,406
105,674
60.3
Other comprehensive income:
Foreign currency translation, net of tax
5,533
(5,882)
N.M.
11,040
(6,341)
N.M.
Total comprehensive income for the period
59,360
33,777
75.7
180,446
99,333
81.7
Profit for the period attributable to:
Owners of the Company
38,304
28,647
33.7
118,810
73,343
62.0
Non-controlling interests
15,523
11,012
41.0
50,596
32,331
56.5
53,827
39,659
35.7
169,406
105,674
60.3
Total comprehensive income attributable to:
Owners of the Company
43,837
22,765
92.6
129,850
67,002
93.8
Non-controlling interests
15,523
11,012
41.0
50,596
32,331
56.5
59,360
33,777
75.7
180,446
99,333
81.7
N.M. – Not Meaningful
Page 2 of 26
Notes:
1(a)(i) Other operating income includes the following:
3 Months Ended
9 Months Ended
30.09.13
30.09.12
30.09.13
30.09.12
RMB’000
RMB’000
RMB’000
RMB’000
Installation of water meters
296
776
4,215
10,183
Handling fees
343
1,169
1,226
1,279
Other income
761
1,132
3,803
1,840
1,400
3,077
9,244
13,302
1(a)(ii) Finance income includes the following:
3 Months Ended
9 Months Ended
30.09.13
30.09.12
30.09.13
30.09.12
RMB’000
RMB’000
RMB’000
RMB’000
Financial income from service concession arrangements
47,065
17,320
139,638
45,325
Interest income from bank balances and others
1,188
622
3,237
2,126
48,253
17,942
142,875
47,451
1(a)(iii) Finance expenses include the following:
3 Months Ended
9 Months Ended
30.09.13
30.09.12
30.09.13
30.09.12
RMB’000
RMB’000
RMB’000
RMB’000
Interest expenses on interest-bearing loans and borrowings(a)
(29,020)
(26,494)
(89,443)
(67,642)
Financial expenses on amortisation of bonds
-
(312)
-
(1,434)
Finance expense on finance lease commitments
(1,404)
-
(3,044)
-
Others
(430)
(415)
(1,318)
(1,305)
(30,854)
(27,221)
(93,805)
(70,381)
(a) Interest expenses on interest-bearing loans and borrowings include interest expenses of RMB7,237,000 (9MFY2012: RMB7,230,000) and RMB9,747,000 (9MFY2012: RMB 1,359,000) that relate to the loans due to S.I. Infrastructure Holdings Limited (“SII”) and SIHL Finance Limited (“SIHLFL”) respectively. Both SII and SIHLFL are wholly owned subsidiaries of the Company’s intermediate holding company, Shanghai Industrial Holdings Limited (“SIHL”).
1(a)(iv) Other income includes the following:
3 Months Ended
9 Months Ended
30.09.13
30.09.12
30.09.13
30.09.12
RMB’000
RMB’000
RMB’000
RMB’000
Government subsidies
670
1,470
5,046
3,852
Compensation income
-
-
-
1,245
Other income
227
50
344
175
897
1,520
5,390
5,272
Page 3 of 26
Notes:
1(a)(v) Other expenses include the following:
3 Months Ended
9 Months Ended
30.09.13
30.09.12
30.09.13
30.09.12
RMB’000
RMB’000
RMB’000
RMB’000
Fair value loss on derivative instrument
-
-
-
(2,975)
Other expenses
(1,347)
(1,033)
(3,908)
(2,608)
(1,347)
(1,033)
(3,908)
(5,583)
1(a)(vi) Profit before tax is arrived at after charging/(crediting) the following:
3 Months Ended
9 Months Ended
30.09.13
30.09.12
30.09.13
30.09.12
RMB’000
RMB’000
RMB’000
RMB’000
Amortisation of intangible assets/ land use rights (Note M)
11,107
7,267
32,738
24,261
Depreciation of investment properties
47
47
142