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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Auhua Clean | LSE:ACE | London | Ordinary Share | JE00B6ZBFF95 | ORD SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMACE
RNS Number : 6402A
Auhua Clean Energy Plc
30 September 2015
AUHUA CLEAN ENERGY PLC
(the "Company", "Auhua" or the "Group")
INTERIM RESULTS
30 September 2015: Auhua Clean Energy plc (AIM: ACE), the AIM quoted environmental technology group based in the Shandong Province of Eastern China today announces its unaudited results for the six months ended 30 June 2015.
Highlights
-- Revenue remained stable at RMB 112.8 million: GBP 12.1 million (30 June 2014: RMB 116.2 million: GBP 11.1 million).
-- Strong focus on selling to property developers resulted in a 2.3% increase in number of units sold to 37,356 (30 June 2014: 36,500).
-- Order book increased by 67% to RMB 133.5 million as at 30 June 2015: GBP 13.9 million (30 June 2014: RMB 80.0 million: GBP 7.6 million).
-- Gross profit remained stable at RMB 49.1 million: GBP 5.3 million (30 June 2014: RMB 50.9 million: GBP 4.8 million) as did gross margins at 44% (30 June 2014: 44%).
-- Net profit before tax remained stable at RMB 24.8 million: GBP 2.6 million (30 June 2014: RMB 25.6 million: GBP 2.4 million).
-- Net assets increased by 21% to RMB 286.3 million: GBP 29.7 million (30 June 2014: RMB 236.8 million: GBP 22.6 million).
-- Cash balances dipped to RMB 36.9 million at 30 June 2014: GBP 3.8 million (30 June 2014: RMB 45.5 million: GBP 4.3 million).
-- Earnings per share at the half year of RMB 0.18: GBP 0.02 (30 June 2014: RMB 0.21: GBP 0.02). -- Successful fund raise with gross proceeds of GBP 1.72 million in June 2015. -- Post-period event:
- Investment of USD 700,000 secured for Taiwan Ziolar, resulting in the cessation of Taiwan Ziolar as a wholly-owned subsidiary of the Group.
Outlook
-- China property decline appears to be bottoming out but outlook remains challenging.
-- Strong order book and a steady balance sheet, supported by proven technical capabilities and an established brand reputation will enable the Group to continue to maintain good revenues and profits.
David Sumner, non-executive Chairman of Auhua, said, "I am pleased to report a solid set of results for the six months ended 30 June 2015. In spite of a bearish property sector in China, we have continued to maintain strong revenues and excellent margins.
The Shandong province, where Auhua operates, is the leader in China's solar thermal initiatives and Auhua's products are currently the only five star rated split-unit solar water heaters. This gives us a competitive advantage and our strategic focus remains to continue investing in research and development to ensure we remain on the cutting-edge of solar thermal technological innovation."
* All RMB amounts translated using an exchange rate:
RMB 1 : GBP 0.10376 (as at 30 June 2015)
RMB 1 : GBP 0.09527 (as at 30 June 2014)
Further information
Auhua Clean Energy David Sumner Non-executive +971 555 923198 plc Chairman davidjsumner@auhuacleanenergy.com -------------------------- ---------------------------- ----------------------------------- Philip Secrett / Grant Thornton UK Maureen Tai / Jamie LLP (Nominated Adviser) Barklem +44 (0)20 7383 5100 -------------------------- ---------------------------- ----------------------------------- WH Ireland Tim Feather/ Mark (Broker) Leonard +44 (0)20 7220 1666 -------------------------- ---------------------------- -----------------------------------
Notes to Editors:
About Auhua Clean Energy
Auhua Clean Energy is an environmental technology group based in the Shandong Province of Eastern China specialising in the development and application of green energy and energy efficient solar water heating solutions. In particular, the Group is focused on the manufacture and sale of split-unit solar water heating systems.
Auhua Clean Energy operates through its wholly owned subsidiaries Shandong Auhua New Energy Co., Ltd and Weihua Auhua New Energy Co., Ltd., of which Auhua Holdings Pte Ltd is the intermediate holding company.
Chairman's Statement
Business Review
On behalf of the Board of Directors, I am pleased to present the unaudited accounts for the Group for the six month period ended 30 June 2015.
The Group has maintained a strong level of sales over the previous 6 months despite the economic downturn in China, with revenue remaining stable at RMB 112.8 million: GBP 12.1 million (30 June 2014: RMB 116.2 million: GBP 11.1 million).
Gross profits also remained stable at RMB 49.1 million: GBP 5.2 million (30 June 2014: RMB 50.9 million: GBP 4.8 million) as did gross margins of 44% (30 June 2014: 44%), despite the Group targeting larger property developers in China who are often more price sensitive. Net profit after tax was RMB 17.0 million: GBP 1.8 million (30 June 2014: RMB 17.4 million: GBP 1.7 million).
Financial Performance
Gross profit remained stable at RMB 49.1 million: GBP 5.2 million (30 June 2014: RMB 50.9 million: GBP 4.8 million) as did gross margins of 44% (30 June 2014: 44%) despite the Group offering discounted prices to secure projects with larger property developers who were also rolling out large scale low cost housing.
Administrative expenses fell during the period by RMB 0.8 million (GBP 0.1 million) to RMB 12.2 million (GBP 1.3 million), whilst profit before tax remained steady at RMB 24.8 million: GBP 2.6 million (30 June 2014: RMB 25.6 million: GBP 2.4 million)
The Group's trade receivables increased to RMB 120.8 million: GBP 12.5 million (H1 2014: RMB 84.5 million: GBP 8.1 million) due to the tight domestic debt markets affecting our customers. In shifting our focus to the larger property developers, we have provided some of our larger clients with longer credit terms. Some of our customers have also slowed down their property roll-out plans and have requested longer installation periods and commissioning phases, thereby affecting the collection period. As a result, our debtor days increased from 129 days for FY 2014 to 191 days for H1 2015 (131 days for H1 2014) with 35% of debtors being less than 180 days. Overall, trade receivables represent 107% of our H1 2015 turnover (H1 2014: 72%).
90 - 180 Total < 90 days days >180 days ------------------------- ------------- ---------------- --------- ---------- H12015 (RMB ' million) 120.8 10.8 31.0 79.0 ------------------------- ------------- ---------------- --------- ---------- 100% 9% 26% 65% ------------------------- ------------- ---------------- --------- ---------- FY2014 (RMB ' million) 90.7 44.8 15.3 30.6 ------------------------- ------------- ---------------- --------- ---------- 100% 49% 17% 34% ------------------------- ------------- ---------------- --------- ----------
Inventory levels increased to RMB 11.1 million: GBP 1.1 million (FY 2014: RMB 7.0 million: GBP 0.7 million) and due to these relatively low levels we do not hedge against raw material price fluctuations. Inventory was kept low despite the increase in activity due to the increase in trade receivables and the Group's prudent cash management policy.
As such, the Group maintained a strong financial position with a balance sheet debt ratio of 22.1%. Cash and cash equivalents held at 30 June 2015 were RMB 36.9 million: GBP 3.8 million compared to RMB 45.5 million: GBP 4.3 million at 30 June 2014.
Currently, the Group has a combined capacity of an estimated 90,000 units per annum but has the potential to increase production capacity by a further 60,000 units in the factory in Weihai city.
China Property Market
The Chinese property market appears to be bottoming out. Prices of new homes in 288 cities rose by an average of 0.07 per cent in August 2015 from a year earlier, the first year-on-year rise since November 2014 (according to a recent poll by the property services firm, China Real Estate Information Corporation (CRIC). Many cities in China have started to loosen the property restrictions imposed over the last year.
The relaxing of property restrictions is still expected to have a muted response due to China's GDP slowing down and its PMI dropping to 47, its lowest since 2009. As such, the Company has seen many of its contracts delayed and its order book increase by over 50%.
Taiwan Ziolar
In September 2015, Taiwan Ziolar secured further investment from an independent investor. The Company's ownership has been significantly diluted as a result of the investment and Taiwan Ziolar is now an affiliate of the Company. The Group has negotiated an arrangement with Taiwan Ziolar and its new majority shareholders such that the Group will benefit from the use of the intellectual property if Taiwan Ziolar is successful in the development of its technologies in the future. The Group has not made any provisions for its Taiwan Ziolar investment for 1H 2015 but will review its investment value for the full financial year ending 31 December 2015.
Outlook
Despite the challenges of the Chinese property market, the Company continues to maintain its sales. Attempts to enter into the UAE solar water heating market have progressed well but securing firm orders has taken longer than anticipated. In time, the Group expects the Chinese market to improve and for its investment in the UAE to be realised, however this is not expected to take place during 2015.
Nevertheless, the Directors remain confident of the Group's prospects as it continues to have good revenues, a strong order book and a sound balance sheet, supported by proven technical capabilities and an established brand reputation in China.
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September 30, 2015 02:03 ET (06:03 GMT)
David Sumner
Non-executive Chairman
Auhua Clean Energy Plc
Unaudited Consolidated Statement of Comprehensive Income
For the six month period ended 30 June 2015
Six months Six months 30 30 June 2014 Year ended June 2015 Unaudited 31 December Unaudited 2014 Audited RMB'000 Notes RMB'000 RMB'000 Turnover 2 112,778 116,172 248,865 Cost of sales (63,692) (65,303) (152,794) =============== ================ ============== Gross pro t 49,086 50,869 96,071 Distribution and selling expenses (11,731) (11,712) (19,516) Administrative expenses (12,166) (12,950) (27,206) =============== ================ ============== Pro t from operations 23,897 26,207 49,349 Other income - - 34 Finance costs (413) (636) (1,145) Unrealised foreign exchange (loss)/gain 7 (15) (20) =============== ================ ============== Pro t before tax 24,783 25,556 48,218 Income tax expense 3 (7,787) (8,140) (15,688) =============== ================ ============== Profit for the period, attributable to equity holders of the parent 16,996 17,416 32,530 =============== ================ ============== Other comprehensive income * Exchange differences on translating foreign operations 652 (195) 580 Total comprehensive income, net of tax, attributable to equity holders of the parent 17,648 17,221 33,110 Earnings per share (RMB) from continuing operations: =============== ================ ============== Basic and diluted 9 0.18 0.21 0.37 =============== ================ ==============
Unaudited Consolidated Statement of Changes in Equity
For the six month period ended 30 June 2015
Foreign currency Share based Stated Retained Capital translation payment capital profits reserve reserve reserve Total equity RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 At 1 January 2014 25,239 163,070 2,100 1,090 257 191,756 Comprehensive income Profit for the period - 17,416 - - - 17,416 Other comprehensive income Foreign currency translation differences - - - (195) - (195) --------- --------- --------- ------------- ------------ ------------- Total comprehensive income - 17,416 - (195) - 17,221 Transaction with owners 27,777 - - - - 27,777 At 30 June 2014 53,016 180,486 2,100 895 257 236,754 ========= ========= ========= ============= ============ ============= At 1 January 2015 53,016 195,600 2,100 1,670 257 252,643 Comprehensive income Profit for the period - 16,996 - - - 16,996 Other comprehensive income Foreign currency translation differences - - - 652 - 652 --------- --------- --------- ------------- ------------ ------------- Total comprehensive income - 16,996 - 652 - 17,648 Transaction with owners 16,018 - - - - 16,018 At 30 June 2015 69,034 212,596 2,100 2,322 257 286,310 ========= ========= ========= ============= ============ =============
Consolidated Statement of Financial Position
As at 30 June 2015
As at As at As at 30 June 30 June 31 December 2015 2014 2014 Unaudited Unaudited Audited Notes RMB'000 RMB'000 RMB'000 Assets Non-current assets Property, plant and equipment 4 75,527 74,208 77,386 Prepaid lease payments 14,857 15,179 15,072 Other intangible assets 5 28,948 30,444 29,556 ---------- ---------- ------------- 119,332 119,831 122,014 ---------- ---------- ------------- Current assets Inventories, at cost 11,075 7,035 11,208 Trade and other receivables 200,368 104,062 124,666 Cash and cash equivalents 36,896 45,483 46,998 ---------- 248,339 156,580 182,872 ---------- ---------- ------------- Total assets 367,671 276,411 304,886 ========== ========== ============= Equity and liabilities Stated capital 6 69,034 53,016 53,016 Share based payment reserve 7 257 257 257 Statutory surplus reserve 7 2,100 2,100 2,100 Foreign currency translation reserve 2,322 895 1,670 Retained profits 212,596 180,486 195,600 ---------- 286,310 236,754 252,643 ---------- Current liabilities Trade and other payables 67,201 24,147 30,044 Short term loans 67 - 8,411 Provision for taxation 5,093 6,510 4,788 ---------- 72,361 30,657 43,243 ---------- ---------- ------------- Non-current liabilities Long term loans 9,000 9,000 9,000 Total equity and liabilities 367,671 276,411 304,886 ========== ========== =============
Consolidated Statement of Cash Flows
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September 30, 2015 02:03 ET (06:03 GMT)
For the six month period ended 30 June 2015
Six months Six months Year ended ended ended 31 December 30 June 2015 30 June 2014 2014 Unaudited Unaudited Audited RMB'000 RMB'000 RMB'000 CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period before tax 24,783 25,556 48,218 Adjustments for: Depreciation 1,859 1,195 4,808 Amortisation 823 161 1,156 Interest expenses 413 636 1,145 ---------------- ---------------- ------------- Operating cash flows before working capital changes 27,878 27,548 55,327 (Increase)/decrease in inventories 134 (714) (4,887) Increase in trade and other receivables (39,904) (17,790) (49,576) Increase in trade and other payables 2,997 10,035 23,798 _______________________________________ Cash generated from operations (8,895) 19,079 24,661 Interest paid (413) (636) (1,145) Corporate tax paid (7,483) (9,536) (18,805) Net cash generated from operating activities (16,791) 8,907 4,712 CASH FLOWS FROM INVESTING ACTIVITIES Payment for construction in progress - (8,258) (15,049) Proceeds from disposal of property, plant and equipment - - - Purchase of property, plant and equipment - - - Net cash used in investing activities - (8,258) (15,049) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from term loan - - 11,143 Repayments of term loans (7,878) (5,450) (5,450) Proceeds from stated capital 16,018 - - (Repayment)/proceeds of loans from directors/related party (2,197) 1,813 2,694 Loans from related parties 94 - 236 Net cash from financing activities 6,037 (3,637) 8,623 ---------------- ---------------- ------------- NET DECREASE IN CASH AND CASH EQUIVALENTS (10,754) (2,988) (1,714) Exchange gains/(loss) on cash and cash equivalents 652 (195) 46 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 46,998 48,666 48,666 ---------------- ---------------- ------------- CASH AND CASH EQUIVALENTS AT END OF PERIOD 36,896 45,483 46,998 ---------------- ---------------- -------------
Basis of Presentation and Summary of Significant Accounting Policies
1. General information and principal activities
The financial information for the six months ended 30 June 2015 and 30 June 2014 set out in this interim financial information is unaudited and does not constitute statutory financial statements. The financial information for the year ended 31 December 2014 set out in this interim financial information does not comprise the Group's statutory financial statements but has been extracted from those financial statements.
The directors approved the interim financial information for the six months ended 30 June 2015 on 29 September 2015.
Copies of this interim financial information will be available on the Company's website:
www.auhuacleanenergy.com.
The interim financial information has been prepared in accordance with the principles of IFRS as adopted by the European Union. The standards have been applied consistently (except as otherwise stated).
The statutory financial statements for the year ended 31 December 2014, which have been filed at Jersey Registrar of Companies, were prepared under IFRS and IFRIC interpretations as adopted by the European Union.
The accounting policies adopted by the Group in this interim financial information is consistent with those set out in the Annual Report for the year ended 31 December 2014, have been consistently applied to all periods presented and are consistent with those accounting policies the Group expects to be using in the Annual Report for the year ended 31 December 2015.
2. Operating segments
For the purpose of IFRS 8, the chief operating decision-maker ("CODM"), who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors. Auhua is an environmental technology group specialising in the development and application of green energy and energy efficient solar water heating solutions. The Group's revenue and profit before taxation were all derived from its principal activity. Revenues from all periods were derived from external customers based in China. The operations are based in China and its assets and liabilities related to this single business segment. The CODM therefore considers that the business of the Group comprises a single activity and that therefore only one reportable segment exists.
3. Taxation
A reconciliation between tax expense and the product of accounting profit multiplied by the applicable corporate tax rates is as follows:-
Six months ended Six months ended Year ended 30 June 2015 30 June 2014 31 Dec 2014 Unaudited Unaudited Audited RMB'000 RMB'000 RMB'000 Accounting profit before tax 24,783 25,556 48,218 Tax at the domestic rates applicable to profits in the countries where the Group operates (25%) 6,196 6,389 12,055 Adjustments: - Non-deductible expenses 1,453 1,751 2,551 - Others - - 1,082 Income tax expenses recognised in the income statement 7,649 8,140 15,688
No deferred tax assets or liabilities are recognised, principally as result of the taxable profit for the Group equating to accounting profit.
4. Property, plant and equipment Machinery Construction Buildings & equipment Motor vehicles in progress Total RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 Cost At 1 January 2014 28,922 35,911 34 18,314 83,181 Disposals - - - - - Additions - - - 8,258 8,258 --------------------------- ---------- ------------- --------------- ------------- -------- At 30 June 2014 28,922 35,911 34 26,572 91,439 =========================== ========== ============= =============== ============= ======== Accumulated Depreciation At 1 January 2014 2,249 13,768 19 - 16,036 Charge for the period 1,174 21 - - 1,195 Disposals - - - - - --------------------------- ---------- At 30 June 2014 3,423 13,789 19 - 17,231 =========================== ========== ============= =============== ============= ======== Cost At 1 January 2014 28,922 35,911 34 18,314 83,181 Disposals - - - - - Additions - - - 15,049 15,049 --------------------------- ---------- ------------- --------------- ------------- -------- At 31 December 2014 28,922 35,911 34 33,363 98,230 =========================== ========== ============= =============== ============= ======== Accumulated Depreciation At 1 January 2014 2,249 13,768 19 - 16,036 Charge for the period 940 2,862 6 - 3,808 Provision for diminution - 1,000 - - 1,000
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Disposals - - - - - --------------------------- At 31 December 2014 3,189 17,630 25 - 20,844 =========================== ========== ============= =============== ============= ======== Cost At 1 January 2015 28,922 35,911 34 33,363 98,230 Disposals - - - - - Additions - - - - - --------------------------- ---------- ------------- --------------- ------------- -------- At 30 June 2015 28,922 35,911 34 33,363 98,230 =========================== ========== ============= =============== ============= ======== Accumulated Depreciation At 1 January 2015 3,189 17,630 25 - 20,844 Charge for the period 305 1,550 4 - 1,859 Disposals - - - - - --------------------------- ---------- ------------- --------------- ------------- At 30 June 2015 3,494 19,180 29 - 22,703 =========================== ========== ============= =============== ============= ======== Net Book Value At 30 June 2014 25,499 22,122 15 26,572 74,208 =========================== ========== ============= =============== ============= ======== At 31 December 2014 25,733 18,281 9 33,363 77,386 =========================== ========== ============= =============== ============= ======== At 30 June 2015 25,428 16,731 5 33,363 75,527 =========================== ========== ============= =============== ============= ======== 5. Other intangible assets Intellectual property Goodwill Total Cost RMB'000 RMB'000 RMB'000 At 1 January 2014 - - - Additions 24,316 6,128 30,444 ------------------- ---------------------- --------- -------- At 30 June 2014 24,316 6,128 30,444 =================== ====================== ========= ======== Amortisation At 1 January 2014 - - - Charge for the - - - period ------------------- ---------------------- --------- -------- At 30 June 2014 - - - =================== ====================== ========= ======== Cost At 1 January 2014 - - - Additions 24,316 6,128 30,444 ------------------- ---------------------- --------- -------- At 31 December 2014 24,316 6,128 30,444 =================== ====================== ========= ======== - Amortisation At 1 January 2014 - - - Charge for the year 888 - 888 ------------------- ---------------------- --------- -------- At 31 December 2014 888 - 888 =================== ====================== ========= ======== Cost At 1 January 2015 24,316 6,128 30,444 ------------------- ---------------------- --------- -------- At 30 June 2015 24,316 6,128 30,444 =================== ====================== ========= ======== - Amortisation At 1 January 2015 888 - 888 Charge for the period 608 - 608 ------------------- ---------------------- --------- -------- At 30 June 2015 1,496 - 1,496 =================== ====================== ========= ======== Net Book Value At 30 June 2014 24,318 6,128 30,444 ================= ======= ====== ======= At 31 December 2014 23,428 6,128 29,556 ================= ======= ====== ======= At 30 June 2015 22,820 6,128 28,948 ================= ======= ====== =======
The goodwill is primarily attributable to expected synergies arising from the acquisition, which is not separately recognised.
Goodwill
The recoverable amount of goodwill of RMB 6.1 million at 30 June 2015 is determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five year period. Cash flow projections beyond the five year timeframe are extrapolated by applying a flat growth rate in perpetuity. The pre-tax discount rate applied to the cash flow projections is 11%. As a result of the analysis, management did not identify any impairment to the goodwill.
Event after the period end
In September 2015, Taiwan Ziolar secured further investment of USD 700,000 from an independent investor. The Company's ownership has been significantly diluted as a result of the investment and Taiwan Ziolar is now an affiliate of the Company.
6. Stated capital Issued, called up and fully paid No. of shares RMB'000 As at 1 January 2015 89,472,245 53,016 Ordinary shares in relation to the fund raise on 19 June 2015 38,322,221 16,018 As at 30 June 2015 127,794,466 69,034 7. Reserves 7.1 Capital reserve
According to the relevant PRC regulations and the Articles of Association, a company is required to transfer 10% of its profit after income tax to the statutory surplus reserve until the reserve balance reaches 50% of its registered capital. The transfer to this reserve must be made before the distribution of dividends to equity owners. Statutory surplus reserve can be used to make good previous years' losses, if any, and may be converted into paid-in capital in proportion to the existing interests of equity owners, provided that the balance after such conversion is not less than 25% of the registered capital.
7.2 Share based payment reserve
During 2012 the Company granted Northland Capital Partners Limited an option to subscribe for 635,650 ordinary shares at 40 pence at any time during the period of three years following admission. These were granted in respect of the services they provided during the listing of the Company on the Alternative Investment Market. These options have been valued at the fair value of the services received. At the period ending 30 June 2015, these options remain unexercised.
31 December 30 June 2015 30 June 2014 2014 RMB'000 RMB'000 RMB'000 257 257 257 257 257 257
Movement in the year:
The following table illustrates the number and weighted average exercise prices ("WAEP") of, and movements in, share options during the year:
WAEP Number (pence) Outstanding as at 1 January 2015 635,650 0.4 Granted during the year - - ------------------------------------ ---------- ---------- Options outstanding as at 30 June 2015 635,650 0.4 ------------------------------------ ---------- ---------- Exercisable as at 30 June 2015 - - ------------------------------------ ---------- ---------- 8. Related party transactions
a) Related parties are entities with common direct or indirect shareholders and/or previous and/or current directors. Parties are considered to be related if one party has the ability to control the other party in making financial and operating decisions.
Certain of Group's transactions and arrangements are with related parties and the effect of these on the basis determined between the parties is reflected in the financial statements. The balances are unsecured, interest-free and repayable on demand unless otherwise stated.
30 June 2015 30 June 2014 31 December 2014 RMB'000 RMB'000 RMB'000 Director- Chen Anxiang Shareholder loan 50 50 50 Director- Tham Wai Mun Raphael Shareholder loan 135 1,820 2,352 Director- David Sumner Shareholder loan 1,060 506 1,089
b) Key management personnel compensation is analysed as follows:
31 December 30 June 2015 30 June 2014 2014 RMB'000 RMB'000 RMB'000 Remuneration 781 926 1,585 Other benefits - 13 14 781 939 1,599 ============= ============= ============
Key management personnel are the Directors.
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