Share Name Share Symbol Market Type Share ISIN Share Description
China New LSE:CNEL London Ordinary Share JE00B3RWLF12 ORD 0.025P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 1.525p 1.45p 1.60p 1.525p 1.525p 1.525p 75,000 07:45:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 918.3 42.2 10.5 0.1 7.49

China New Energy Ltd Half-year Report

19/09/2017 7:01am

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China New Energy Ltd

19 September 2017

19 September 2017

China New Energy Limited

("China New Energy" "CNE" or "the Group")

Half-yearly report for the six months to 30 June 2017

China New Energy Limited (AIM: CNEL), the engineering and technology solutions provider to the bioenergy sector, announces its unaudited half-yearly results for the six months ended 30 June 2017.

Financial Highlights

-- Revenue of RMB 68.76m (GBP7.73m) (H1 2016: RMB 45.4m (GBP5.11m)), which represents a 51% increase over the same period last year

   --      Gross profit of RMB 16.6m (GBP1.87m) (H1 2016: RMB 16.2m (GBP1.82m)) 
   --      Net Profit of RMB 10.6m (GBP1.19m) (H1 2016: RMB 11.3m (GBP1.27m)) 
   --      Earnings per share of RMB 0.023 (0.26p) (H1 2016 RMB 0.029 (0.33p)) 

RMB8.89: GBP GBP1 used as an indicative exchange rate.

Yu Weijun, Chairman, commented:

"I am very pleased to report that, based on contracts from China, the Company has had its third successive profitable half year and is demonstrating a return to sustained profitability. The bioenergy industry still faces many headwinds due to the low-oil price, however, regulatory changes are helping drive our domestic business. The company has a current order book and work in progress of RMB 255 million (c. GBP28.7m) to be fulfilled in 2017/18, and I am optimistic that the business outlook is for sustained revenue growth.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

 
 China New Energy           www.chinanewenergy.co.uk 
  Limited 
 Richard Bennett            Tel: +44 (0)20 7148 3148 
                             or rbennett@zkty.com.cn 
 Nick Brooks                Tel: +44 (0) 7920 060218 
                              or nbrooks@zkty.com.cn 
 Derek Cen                  Tel: +86 (0)20 8705 8986 
                                or cendl@zkty.com.cn 
 
 Cairn Financial Advisers      Tel: +44 20 7213 0880 
  LLP (NOMAD) 
 Jo Turner / Sandy 
  Jamieson 
 
 Daniel Stewart and            Tel: +44 20 7776 6550 
  Co (Broker) 
 David Lawman 
 
 

Chairman's Statement

On behalf of the Board, I am very pleased to present the unaudited half-yearly results for the six months period ended 30 June 2017.

Financial Review

Revenue for the first six months of the year has grown to RMB 68.76m (H1 2016: RMB 45.4m), an increase of approximately 51%. A significant driver of the increase in revenue was the change of rules pertaining to the types of feedstock that may be used to produce ethanol in China, which stimulated new orders from existing clients including Jilin Boda and COFCO. The Company's order book is currently RMB 255m of which RMB 41m is carried forward from 2016 and the remainder is new orders in H1 2017 that are expected to be fulfilled in 2017 and 2018.

The Group's gross profit also increased in the period to RMB 16.6m (H1 2016: RMB 16.2m) which resulted in the Group returning a net profit in the period of RMB 10.6m (H1 2016: RMB 11.3m). The gross margin has decreased to 24.1% from 35.8%, which the board believes is temporary and specifically relates to competitive bidding on the COFCO contract.

Selling and distribution expenses increased by 30% to RMB 3.1m (H1 2016: RMB 2.39m) while administrative expenses decreased by 47% to RMB 2.5m (H1 2016: RMB 4.76m). The Group's other income was RMB 0.7m (H1 2016: RMB 2.89m). The other expenses were RMB 0.68m (H1 2016: RMB 0.55m). Finance expense increased to RMB 0.4m (H1 2016: RMB 0.14m).

Operational Review

CNE is a market leader in China at designing and building biorefineries that convert agricultural feedstock such as corn, cassava and sugarcane into ethanol. We have completed more than 180 projects in China and around the world. The Group principally provides EPC (Equipment, Procurement and Construction) services and VAS (Value Added Service) to ethanol and biobutanol producers. The EPC team primarily designs and builds commercial-scale biorefineries that convert feedstock into ethanol for both the biofuel and edible alcohol markets, whilst the VAS team provide services and technology to optimise the ethanol production at existing biorefineries.

As a result of recent policy changes that allows approximately 300 million tonnes of accumulated agricultural feedstocks to be converted to ethanol and animal feed, China currently represents the largest potential market for the Group. This provides an immediate opportunity for alcohol and fuel ethanol producers to increase their production capacity and expand their production. As a leading provider of bioenergy technology in China, the Group expects to bid for more upcoming contracts with existing clients and domestic ethanol producers including COFCO Group, Jilin Boda Biochemical Company, Inner Mongolia Liniu Biochemical Group.

To meet this market growth, during the first half of the year the Group recruited more than 20 technicians and engineers to fulfil the current and anticipated future orders.

The Group's strategy remains to diversify into international markets. However, progress is slower than anticipated including contracts already won and most, notably, the Group is still awaiting a project start date from the Supercare Group in Ghana. Elsewhere in sub-Sharan Africa, Sunbird Bioenergy Africa ("Sunbird") continues to make progress with their projects and reaffirmed their commitment to developing an ethanol project in Zambia at the Luapula Investment Conference in July. CNE remains optimistic about tendering for the ethanol distillery and associated plant in due course, and will update the market as contractual developments take place.

Corporate Development.

With the return to profitability, the Directors are reviewing a number of initiatives to support the continued growth of the Group and the value created is reflected in the share price. These include:

-- Implementing a share option scheme to attract, retain and motivate new and current employees

   --      Strategic acquisitions 

-- Requesting shareholder permission by way of an EGM to use free cash for a share buy-back program

Outlook

After the downturn in the bioenergy market in the past few years, we are beginning to see an increased demand for our products and services. This is attributed to the economic recovery in the industry and the change of rules pertaining to ethanol feedstock usage in China.

China remains an important participant in the global energy market and is very focussed on delivering renewable energy to both reduce emissions and increase energy security and reliance on importing fossil fuels. We note the country recently signed the Paris Climate Change Agreement, and also announced its intention to rollout a national ethanol-fuel blending (E10) program. Ethanol is widely considered to be one of the key alternatives to fossil fuel and a pathway to lower emissions.

The company intends to continue its research and development activities in partnership with institutions including Guangzhou Institute of Energy Conversion ("GIEC"), part of the Chinese Academy of Sciences, to commercialise advanced alternative and renewable energy technologies for the bioenergy market.

Internationally, we continue to promote our products and services through our partners. We continue to see an interest in our existing 1(st) generation bioenergy technology in emerging markets such as Africa and South East Asia. We also see an increased interest in 2(nd) generation bioenergy technology in developed markets which is also being aided by changes in the regulatory environment to support biofuel production.

The Board are very pleased with our current progress and profitability. The board is also confident about the increased interest in the bioenergy sector and our pipeline of sales opportunities. However, we continue to maintain a cautious business approach due to the macro-economic climate and continued low-oil prices.

Yu Weijun

Chairman

19 September 2017

Consolidated Statement of Financial Position

 
                                             Unaudited    Unaudited     Audited 
                                            Six months   Six months        Year 
                                                 to 30        to 30       to 31 
                                                  June         June    December 
                                                  2017         2016        2016 
                                     Note      RMB'000      RMB'000     RMB'000 
 Non-current assets 
 Property, plant and 
  equipment                                      3,905        4,921       4,774 
 Intangible assets                              14,858       12,107      14,541 
 Trade receivables 
 Investments in subsidiaries 
                                                18,763       17,028      19,315 
                                           -----------  -----------  ---------- 
 
 Current assets 
 Inventories                                     8,527        7,576       3,438 
 Due from customers 
  for construction contracts                    52,703       29,796      35,713 
 Trade and other receivables                   154,201       97,524      73,217 
 Notes receivables 
 Cash and cash equivalents                      12,917       19,918      13,854 
                                               228,348      154,814     126,222 
                                           -----------  -----------  ---------- 
 
 Current liabilities 
 Trade and other payables                      128,923      104,143      91,976 
 Due to customers for 
  construction contracts                        88,107       46,777      30,215 
 Provision for liabilities                                               10,000 
 Income tax payable                              8,797        8,783       8,776 
 Short-term borrowing 
                                               225,827      159,703     140,967 
                                           -----------  -----------  ---------- 
 
 Net current assets/(liabilities)                2,521      (4,922)    (14,745) 
 
 Non-current liabilities 
 Deferred tax liabilities 
 
 
 Net assets                                     21,284       12,106       4,570 
                                           -----------  -----------  ---------- 
 
 Equity 
 Share Capital                        3          1,541        1,445       1,441 
 Share premium                                  68,805       63,208      62,905 
 Combination reserve                          (33,156)     (33,156)    (33,156) 
 Warrants reserve                                             1,673 
 Statutory reserve                              12,328       12,328      12,328 
 Convertible bonds 
  reserve 
 Own shares 
 Accumulated earnings/(losses)                (52,458)     (57,028)    (63,039) 
 Foreign currency translation 
  reserve                                       24,224       23,636      24,091 
                                                21,284       12,106       4,570 
                                           ===========  ===========  ========== 
 

Consolidated Statement of Comprehensive Income

 
                                                   Unaudited                   Unaudited                   Audited 
                                  Six months to 30 June 2017  Six months to 30 June 2016  Year to 31 December 2016 
                            Note                     RMB'000                     RMB'000                   RMB'000 
 
Revenue                                               68,760                      45,369                    78,584 
Cost of sales                                       (52,191)                    (29,123)                    51,586 
 
Gross profit/(loss)                                   16,569                      16,246                    26,998 
 
Other operating income                                   732                       2,888                     3,204 
Selling and distribution 
 expenses                                            (3,100)                     (2,391)                   (4,868) 
Administrative expenses                              (2,539)                     (4,756)                   (7,576) 
Other operating expenses                               (676)                       (554)                   (9,696) 
Finance expenses                                       (403)                       (138)                   (1,494) 
Bad debt provision(net)                                  (2)                                               (2,715) 
Impairment loss                                                                                              (242) 
Other gains and losses 
                                  --------------------------  --------------------------  ------------------------ 
 
 
(Loss)/ Profit before 
 income tax                                           10,581                      11,295                     3,611 
Income tax expense 
Deferred tax expenses 
                                  --------------------------  --------------------------  ------------------------ 
 
(Loss)/Profit for the 
 financial period                                     10,581                      11,295                     3,611 
                                  --------------------------  --------------------------  ------------------------ 
 
Other comprehensive 
income: 
Exchange difference                                      133                         189                       405 
 
Total comprehensive income 
 for the financial year                               10,714                      11,484                     4,106 
                                  --------------------------  --------------------------  ------------------------ 
 
Total comprehensive income 
 attributable to equity 
 holder                                               10,714                      11,484                     4,106 
                                  ==========================  ==========================  ======================== 
 
Earnings/(loss) per share 
(RMB): 
Basic                       6                          0.023                       0.029                     0.009 
Diluted                     6                          0.023                       0.029                     0.009 
                                  ==========================  ==========================  ======================== 
 
 

Consolidated Statement of Cash flows

 
                                 Unaudited     Unaudited     Audited 
                                Six months    Six months        Year 
                                     to 30         to 30       to 31 
                                      June          June    December 
                                      2017          2016        2016 
                                   RMB'000       RMB'000     RMB'000 
 
 Operating activities 
 Profit/(loss) 
  before income 
  tax                               10,581        11,295       3,611 
 Adjustments 
  for: 
 Depreciation 
  and amortisation                 (1,272)         (349)       2,565 
 
   Bad debt provision(net) 
 Loss/(gain) 
  on disposal 
  of property, 
  plant and equipment                               (26)       1,548 
 Loss/(gain) 
  on disposal 
  of financial 
  assets                                                     (2,359) 
 Interest income                      (27)          (27)        (55) 
 Finance expense                       535           562         537 
 Impairment loss                                               (124) 
 Exchange difference                 (133)          (50)         405 
                              ------------  ------------  ---------- 
 Operating cash 
  flows before 
  movements in 
  working capital                   12,521        11,405       6,128 
 
 Decrease/(increase) 
  in inventories                   (5,089)         2,362       6,258 
 Construction 
  work-in-progress                (16,990)        19,211     (5,473) 
 Trade and other 
  receivables                     (80,984)      (54,372)    (23,745) 
 Notes receivables                                   444 
 Trade and other 
  payables                          26,947        13,986       8,466 
 Decrease/(increase) 
  in due to 
  customers for 
  construction                      57,892                     2,649 
 
   Cash generated 
   from/(used in) 
   operations                      (5,703)       (6,964)       5,717 
 Income taxes 
  paid                                  21             7 
 Dividend received 
                              ------------  ------------  ---------- 
 Net cash from/(used 
  in) operating 
  activities                       (5,682)       (6,957)       5,717 
 
 Investing activities 
 Proceeds from disposal 
  of property, plant 
  and equipment 
 Purchase of property, 
  plant and equipment                (139)         1,694     (1,965) 
 Expenditure 
  on intangible 
  assets                             (581)         (310)     (3,701) 
                                     (720)         1,384     (5,666) 
 Net cash from/(used 
  in) investing activities 
                              ------------  ------------  ---------- 
 Financing activities 
 Short-term borrowing 
 Repayment of borrowings 
 Proceeds from issuance 
  of shares                          6,000         6,600       6,293 
 Redemption of convertible                             - 
  bonds 
 Interest received                                    27          55 
 Interest paid                       (535)         (562)       (537) 
 
 Net cash from/(used 
  in) financing activities           5,465         6,065     (5,811) 
                              ------------  ------------  ---------- 
 
 Net increase/(decrease) 
  in cash and cash 
  equivalents                        (937)           492       5,572 
 Cash and bank balances 
  at beginning of 
  period                            13,854        19,426      19,426 
 Effect of foreign 
  exchange rate changes 
  in cash and bank 
  balances 
 Cash and cash equivalents 
  at end of period                  12,917        19,918      13,854 
                              ============  ============  ========== 
 

Consolidated Statement of Changes in Equity

 
 
                                                                                                                                Foreign 
                                                                                                              Accumulated      currency 
                                 Share                  Share                 Statutory   Warrants      Own     earnings/   translation 
                               capital                premium   Combination     reserve    reserve   shares      (losses)       reserve     Total 
                               RMB'000                RMB'000       RMB'000     RMB'000                           RMB'000       RMB'000   RMB'000 
 Balance 
  at 31 December 
  2015                           1,357                 56,696      (33,156)      12,328      1,673               (68,323)        23,686   (5,739) 
                  --------------------  ---------------------  ------------  ----------  ---------  -------  ------------  ------------  -------- 
 Profit for 
  the period                         -                      -             -           -          -        -         3,611                   3,611 
 Exchange 
  difference 
  arising 
  on the 
  translation                        -                      -             -           -          -        -                         405       405 
                  --------------------  ---------------------  ------------  ----------  ---------  -------  ------------  ------------  -------- 
 Transfer 
  warrant 
  reserve                                                                                  (1,673)                  1,673 
 Total 
  comprehensive 
  income for 
  the period                         -                      -             -           -    (1,673)        -         5,284           405     4,016 
 Issue of 
  shares, 
  net of share 
  issue costs                       84                  6,209                                                                               6,293 
 Shares granted 
  to 
  Cancellation 
  of EBT 
 Balance 
  at Dec. 
  2016                           1,441                 62,905       -33,156      12,328                          (63,039)        24,091     4,570 
                  --------------------  ---------------------  ------------  ----------  ---------  -------  ------------  ------------  -------- 
 Profit for 
  the period                         -                      -             -           -          -        -        10,581                  10,581 
 Exchange 
  difference 
  arising 
  on the 
  translation                        -                      -             -           -          -        -                         133       133 
                  --------------------  ---------------------  ------------  ----------  ---------  -------  ------------  ------------  -------- 
 Total 
  comprehensive 
  income for 
  the period                         -                      -             -           -          -        -        10,581           133    10,714 
 Issue of 
  warrants                                                                                                                            -         - 
 Issue of 
  shares, 
  net of share 
  issue costs                      100                  5,900                                                                         -     6,000 
 Transfer 
  to statutory 
  reserve                                                                                                                             -         - 
 Balance 
  at 30 June 
  2017                           1,445                 63,208       -33,156      12,328      1,673               (57,028)        23,636    21,284 
                  --------------------  ---------------------  ------------  ----------  ---------  -------  ------------  ------------  -------- 
 

Notes to the Interim Financial Information - Period ended 30 June 2017

   1.         General information 

The Group (or "CNE") with registration number 93306 was incorporated in Jersey on 2 May 2006 as an investment holding Group. The Group is domiciled in Jersey with its registered office at Queensway House, Hilgrove Street, St Helier, Jersey JE1 1ES.

The principal activities of its main subsidiary, Guangdong Zhongke Tianyuan New Energy Science and Technology Co Ltd. ("ZKTY") are engaged in turnkey technology solutions to manufacturers of ethanol, edible alcohol and acetic acid from a range of bio-resources including corn, sugarcane, cassava and other bio-resources.

The principal place of business is located at No 4, Nengyuan Road, Wushan, Tianhe District, Guangzhou, People's Republic of China ("PRC").

2. Basis of preparation

The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union. The principal accounting policies used in preparing the interim results are those the Group expects to apply in its financial statements for the year ending 31 December 2017 and are unchanged from those disclosed in the Group's Report and Financial Statements for the year ended 31 December 2016, except for the following additional accounting policies:

Basis of consolidation

The Group includes the assets and liabilities of the Employee Benefit Trust ("EBT") within its Statement of Financial Position. In the event of the winding up of the Group, neither the shareholders nor the creditors would be entitled to the assets of the EBT.

Long-term incentive scheme charge

The fair value of the employee services received in exchange for the grant of shares or share options is recognised as an expense.

The total amount to be expensed over the performance period, from grant date to vesting date, is determined by reference to the fair value of the shares determined at the date the employee is deemed to be fully aware of their potential entitlement and all conditions of vesting.

Own shares

Company shares held by the EBT are deducted from the shareholders' funds and classified as Own Shares until such time as they vest unconditionally to participating employees and their families.

This interim financial information has not been reviewed or audited by the Group's auditors. The comparatives for the period ended 31 December 2016 are not the Group's full statutory accounts for that period but have been extracted from those financial statements. A copy of the statutory financial statements for that period, which were prepared under IFRS, has been delivered to the Companies Registry. The auditors' report on those accounts was unqualified.

Whilst the financial information included in this Interim Financial information has been prepared in accordance with the recognition and measurement criteria of IFRS, it does not include sufficient information to comply with IFRS.

This interim report was approved by the Board of directors on 19 September 2017.

3. Ordinary shares

 
                       Number 
                        of Shares      Share Capital      Share premium 
                                       GBP       RMB      GBP       RMB 
                                       '000      '000     '000      '000 
 As at 30 December 
  2016                 444,447,541              1,445             63,208 
 Placing on 22 
  March 2017            46,808,809        12      100       690    5,900 
 As at 30 June 
  2017                 491,256,350              1,541             68,805 
 

The substantial shareholders have not changed from 30 June 2017 we outlined in the annual report.The Group has one class of ordinary shares which carry no right to fixed income.

4. Property, plant and equipment

 
                           Plant and machinery   Motor Vehicles   Office equipment         Leasehold          Total 
                                                                                         improvements 
                                 RMB'000            RMB'000           RMB'000               RMB'000          RMB'000 
 As at 30 June 2017 
 
   Cost 
 
   At 1 January 2017                     3,227            8,391                834                   6,247    18,699 
 Additions                                 131                -                  8                       -       138 
 Disposals                                   -                                   - 
 
 At 30 June 2017                         3,358            8,391                842                   6,247    18,837 
 
 Accumulated 
 depreciation 
 At 1 January 2017                       2,803            6,901                604                   3,617    13,925 
 Charged for the year                      143              689                 28                     147     1,007 
 Disposals                                   -                                   -                       - 
 
 At 30 June 2017                         2,946            7,590                632                   3,764    14,932 
 
 
   Carrying amount 
 At 1 January 2017                         424            1,490                230                   2,630     4,774 
                          ====================  ===============  =================  ======================  ======== 
 
 At 30 June 2017                           412              801                209                   2,483     3,905 
                          ====================  ===============  =================  ======================  ======== 
 

5. Intangible assets

 
                        Computer                  Patents            Technology Knowhow    Land use management      Development cost             Total 
                        software 
                        RMB'000                   RMB'000                 RMB'000                RMB'000                RMB'000                 RMB'000 
 
 Cost 
 Balance 
  at beginning 
  of year                            60                      6,936                                        3,613                  5,865                  16,474 
 Additions                            -                        581                    -                       -                                            581 
 Transfer 
 Balance 
  at end 
  of year                            60                      7,517                    -                   3,613                  5,865                  17,055 
                -----------------------  -------------------------  -------------------  ----------------------  ---------------------  ---------------------- 
 
 Accumulated 
  amortisation 
 Balance 
  at beginning 
  of year                            57                      1,034                                          842                      -                   1,933 
 Amortisation 
  for the 
  year                                                       (232)                    -                    (32)                                          (264) 
 Balance 
  at end 
  of year                            57                      1,266                    -                     874                                          2,197 
                -----------------------  -------------------------  -------------------  ----------------------  ---------------------  ---------------------- 
 
   Carrying 
   amount 
 As at 
  31 Dec 
  2016                                3                      5,902                    -                   2,771                  5,865                  14,541 
                =======================  =========================  ===================  ======================  =====================  ====================== 
 
 As at 
  30 June 
  2017                                3                      6,251                    -                   2,739                  5,865                  14,858 
                =======================  =========================  ===================  ======================  =====================  ====================== 
 

6. Earnings per share

Earnings per share ("EPS") on a basic and diluted basis are as follows:

Earnings per share ("EPS") on a basic and diluted basis are as follows:

 
                         Earnings          Weighted       Earning per     Earnings          Weighted       Earning per 
                                     average number            shares                 average number            shares 
                                          of shares                                        of shares 
                       Six months        Six months        Six months   Six months        Six months        Six months 
                       to 30 June        to 30 June        to 30 June   to 30 June        to 30 June        to 30 June 
                             2017              2017              2017         2016              2016              2016 
                        Unaudited         Unaudited         Unaudited    Unaudited         Unaudited         Unaudited 
                          RMB'000           RMB'000           RMB'000      RMB'000           RMB'000           RMB'000 
 Earnings/(loss)per 
  share-basic              10,714       470,348,415             0.023       11,484       401,723,797             0.029 
 Potentially                    -                 -                 -            -                                   - 
 dilutive shares 
                                                                                    ---------------- 
 Earnings/(loss)per 
  share-diluted            10,714       470,348,415             0.023       11,484       401,723,797             0.029 
                      ===========  ================  ================  ===========  ================  ================ 
 

7. Directors' interests

The following Directors have held office during the period and their interests as at 30 June 2017, all of which are beneficial unless otherwise stated, whether direct or indirect, of the Directors and their families in the issued share capital of the company and options over Ordinary Shares which had been granted, are as follows:

 
 Director                  Number of Ordinary      Percentage of 
                                       Shares    Ordinary Shares 
 Yu Weijun                         90,932,440             18.51% 
 Tang Zhaoxing                     48,000,000              9.77% 
 Nicholas Brooks                      105,000              0.02% 
 Richard Bennett                            -                  - 
 

8. Business Segment

A business segment is a Group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that is subject to risks and returns that are different from those of segments operating in other economic environments.

The Group's revenue breakdown by geographical location is determined based on its customers' country of incorporation. The Group's cost of sales and operating expenses are aggregated on a cumulative basis and are not attributable to specific geographical regions. Therefore, a breakdown of gross profit for the financial years by geographical regions is not shown.

 
 
   Geographical Segment 
   Revenue                   6 months ended 
                          -------------------- 
                           30 June   30 June 
                              2017      2016 
                           RMB'000   RMB'000 
 
  PRC                       66,986    37,167 
  Thailand                      93 
  Canada                     1,681     8,202 
 
 
                            68,760    45,369 
 
 

The CNE Group's assets, liabilities and capital expenditure are almost entirely attributable to a single business segment of provision of technology and engineering services to ethanol, ethanol downstream product and biobutanol producers. Therefore, the CNE Group does not have separately reportable business segments under IFRS 8 Segmental Reporting.

This information is provided by RNS

The company news service from the London Stock Exchange

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