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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jetion Solar | LSE:JHL | London | Ordinary Share | VGG5113P1009 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 77.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMJHL RNS Number : 4892T Jetion Solar Holdings Limited 29 September 2010 +-------------------------------+--------------------------------------+ | For immediate release | 29th September, 2010 | +-------------------------------+--------------------------------------+ Jetion Solar Holdings Limited ("Jetion" or the "Company") Interim Results Jetion Solar Holdings Limited (AIM:JHL), the manufacturer of high quality solar cells and modules, announces today its unaudited interim results for the six months ended 30th June, 2010 Financial Highlights · Turnover US$146.7m (H1 2009: US$55.9m) · Gross profit US$ 28.0m (H1 2009: US$ 10.1m) · Pre-tax profit US$4.8m (H1 2009 : US$3.2m) · Post-tax profit US$4.1m (H1 2009: US$2.4m) · Gross margin 19.1% (H1 2009: 18.1%) · Basic earnings per share US cents 5.44 (H1 2009: US cents 3.28) Operating Highlights · Sales volume 83.0MW (H1 2009: 37.1MW) up 123.7% - Export sales volume increased to 79.5MW (H1 2009: 11.6MW) - China sales volume decreased to 3.5MW (H1 2009: 25.5MW) · Production volume: - Solar cell output 60.1MW (H1 2009: 41.7MW) - Solar module output 84.1MW (H1 2009: 11.3MW) · Average efficiency rate of monocrystalline silicon solar cell production lines exceeded 17.5% during the period (H1 2009: 17.0%) Regarding the outlook Chairman Gabriel Kow said: "During the second half of the year we have installed two new lines, both of which are being utilised at full capacity and will therefore enable us to drive our revenue. In addition, because of our expertise and long-standing customer relationships which have allowed us to secure some longer term contracts, and despite some margin pressures and the challenging market conditions, we remain confident of meeting our expectations for the fullyear. +---------------------------------+---------------------------------+ | | | | | | | Jetion Solar Holdings Limited | +44 (0) 20 7466 5000 | | (today only) | | +---------------------------------+---------------------------------+ | Gabriel Kow | | +---------------------------------+---------------------------------+ | Eric Chan | | +---------------------------------+---------------------------------+ | Raymond Wong | | | | | +---------------------------------+---------------------------------+ | Evolution Securities Ltd | +44 (0) 20 7071 4300 | | (Nominated adviser) | | +---------------------------------+---------------------------------+ | Tom Worlledge | | +---------------------------------+---------------------------------+ | Tim Redfern | | +---------------------------------+---------------------------------+ | Esther Lee | | +---------------------------------+---------------------------------+ | | | +---------------------------------+---------------------------------+ | Buchanan Communications | +44 (0) 20 7466 5000 | +---------------------------------+---------------------------------+ | Mark Edwards | | +---------------------------------+---------------------------------+ | Christian Goodbody | | +---------------------------------+---------------------------------+ Chairman's Statement Results I am delighted to report that during H1 of 2010 Jetion Solar grew both its sales revenue and volume significantly, by 162.4% and 123.7% respectively, compared with the same period last year with the result that, despite incurring significant foreign exchange losses, we have generated a profit before tax of US$4.8m, up over 50% on 2009 (US$3.2m). The growth in sales revenue and volume reflects the operational strength of our business, and moreover, with two new production lines having been installed since the 2010 half year end and two further production lines currently being installed, volumes are expected to increase. The strong sales of modules that we experienced in the first quarter of the year has continued through the remainder of the first half, albeit that some 94.4% of our sales were denominated in Euro, which has remained weaker than last year and therefore had a significant impact on our overall profitability. Offsetting this however, the product mix has changed in favour of the more profitable modules against the lower margin solar cells, allowing us to achieve an improvement in gross margin from 18.1% to 19.1%. During the period we acquired the remaining 49% of Jetion Solar (Europe) that we did not already own and the increase in distribution costs from US$0.8m to US$2.5m reflects both the increased level of activity and the fact that we are now presenting the results of Jetion Solar (Europe) from the second quarter of 2010 on a line-by-line basis. The Company incurred a significant foreign exchange loss of US$13.2m on Euro assets, being receivables and cash. The Company has reduced its holding of foreign currency since the period end and increasingly utilises forward foreign exchange contracts to manage its exposure to the Euro, thereby reducing the risk of such losses in the future. Market overview National governments in the major photovoltaic ("PV") markets have been gradually reducing the subsidies provided to PV installers with the consequence that selling prices of solar modules are already on a downward trend, particularly in Germany which is our most important market. At the same time, we are seeing an increase in wafer prices, already up by as much as 40% since May 2010, and therefore expect margins to be reduced in the second half of this year. This pressure on margins will be exacerbated by the number of new entrants to the domestic solar markets, which is increasing solar cell and module production capacity. However, we believe that the expertise and quality control that Jetion Solar is able to offer will help to retain business and, to some extent, maintain margins. Current trading and outlook During the second half of the year we have already installed two new lines and expect two further lines to complete installation by the end of October, almost all of which we expect to be fully utilised thereby enabling us to drive our revenue. In addition, because of the expertise and long-standing customer relationships which have allowed us to maintain our customer base and despite the margin pressures referred to above we remain confident of meeting our expectations for the full year. We have implemented a series of cost cutting measures and efficiencies to ensure that our production and operational costs are maintained at a minimum. Jetion Europe We announced in April that we had completed the acquisition of Jetion Solar (Europe) for a consideration satisfied by the issue of 1,132,000 new ordinary shares. Jetion Solar (Europe) has been very important in building our European business and providing solar installation expertise. Hong Kong Listing We announced earlier this month that we had decided to postpone indefinitely the proposed listing on the Hong Kong Stock Exchange. The original rationale for the listing was that it would provide the Company with better visibility in its trading markets, increase liquidity in the shares and provide additional access to capital sources. However, the board considers that the prevailing volatile economic conditions and weak stock market sentiment do not provide the right conditions for such a move. Board Changes We have announced today that Eric Chan, our CFO, has tendered his resignation owing to family circumstances and will be leaving the Company with effect from 31st October 2010. We thank Eric for his considerable contribution over the period that he has worked for Jetion Solar and we send him and his family our very best wishes. We are pleased however to announce the appointment of Grace Zhang as Deputy CFO with effect from 1st October 2010. Grace is a qualified Chinese CPA who has worked for Jetion Solar for almost three years and we are confident that the transition that is required following Eric's departure will be smooth and incur no disruption to our business. Finally I would like to take this opportunity to thank our management and staff for their efforts and perseverance in the execution of the company's strategies. Their commitment has been essential to the success of Jetion Solar and in particular to the considerable growth that we have achieved this year when trading circumstances have been very testing. I also thank our shareholders for their continued support at this time. Gabriel Kow 29 September 2010 CEO's Review In H1 2010, solar cell output was 60.1MW and solar module output was 84.1MW, 44.1% and 644.3% respectively higher than in the same period of last year, enabling us to increase sales revenue to US$146.7m, 162.4% up on H1 2009. We also achieved an increase in our gross profit margin to 19.1%, from 18.1% in the same period last year. However, the gradual reduction of subsidies on feed-in tariff in Europe and increased production capacity in China is imposing selling price pressure with the result that average selling prices are likely to fall from the current level. We are examining all options to achieve reasonable price agreements for all parties. The increase in sales revenues was driven by a 123.7% improvement in volumes, which, in turn, was as a result of strong demand for modules from Europe with our principal customers based in Germany, Italy and the Czech Republic. Furthermore the increasing demand from new manufacturers is driving up solar wafer prices, which have risen by some 40% since May 2010 and also putting pressure on our gross margins. It is difficult to pass such price increases onto our customers when there are, at the same time, increasing supply sources available to them. However, we believe that as our production volumes increase our negotiating strength for the purchasing of raw materials, including wafers, will improve. In H2 2010 we have installed two new production lines thereby increasing our solar cell capacity to 150MW and solar module capacity to 200MW. Another 50MW of cell capacity is currently being installed. We are confident that we will fill the order book sufficiently to utilise this additional capacity, bringing economies of scale, improvement to our negotiating position in the procurement process and reducing the per unit cost. We remain committed to increasing our technological advantage and anticipate further increasing our solar cell conversion efficiency rate which will reduce the consumption of silicon material per watt. Alina Xu 29 September 2010 CFO's Review The recovery of the solar market in Europe, which had begun in H2 2009, continued into H1 2010 and this has resulted in significantly increased sales to $146.7m compared to $55.9m in H1 2009. Solar module shipments increased to 79.4MW from 11.6MW in H1 2009. The increased level of sales led to a higher gross margin, 19.1% compared with 18.1% in 2009 as the cost absorption rate was enhanced. In April 2010 the Company completed the acquisition of the 49% of Jetion Solar (Europe) that it did not already own and we are therefore now including its results from Q2 2010 on a consolidated line by line basis. Further details of the accounting treatment for the consolidation of Jetion Solar (Europe) are set out in note 10 to the accompanying financial statements. As Jetion Solar (Europe) is essentially a sales and consultancy operation, its principal costs are in relation to distribution and this has resulted in a significant increase in the reported distribution costs. Some $1.4m of the $4.8m of administrative expenses relates to the costs of the previously proposed listing in Hong Kong. We have increased our investment in research and development which is important to maintain our technological advantage. The additional $3.3m incurred in H1 2010 over the same period last year was largely invested in improving our average efficiency rate which rose from 17.0% to over 17.5%. The Group suffered a substantial foreign exchange loss, amounting to some $13.2m, due to the drop in the value of the Euro against the US Dollar in H1 2010. The share of losses in Jetion Solar (Europe) relates to the period prior to its acquisition on 1st April, 2010. Jetion Solar (Europe) has contributed positively to the results of Jetion Solar in H1 2010 and we expect this to continue. But due to adverse weather in Europe the sales activity at Jetion Solar (Europe) was low in Q1 2010. This, together with depressed unit selling prices, resulted in a loss of US$0.2m from Jetion Solar (Europe) in Q1 2010. However, since completion of the acquisition, Jetion Solar (Europe)'s turnover in Q2 2010 has picked up steadily to a level that is nearly twice that being achieved in Q1 2010. Prepayment for acquisition of fixed assets of US$19.2m mainly relates to the installation of further cell production facilities due to be completed by the end of October 2010. The balance sheet as at 30 June, 2010 remains strong, with cash balances and pledged bank deposit of US$107.7m, compared to US$43.7m in 30 June, 2009 and $55.2m at 31 December 2009. This is partially offset by an increase in bank loans to US$60.4m from US$33.5m a year ago and from $14.5m at 31 December 2009 for short term operational needs. Eric Chan 29 September 2010 +--------------------------------------------------------------------------------+ | Consolidated income statement | | for the six months ended 30 June 2010 | | (Expressed in United States dollars) | +--------------------------------------------------------------------------------+ +---------------------------+------+----------------------+----------------------+---------------------+ | | | Six | Six | Year | | | | months | months | | +---------------------------+------+----------------------+----------------------+---------------------+ | | | ended 30 | ended 30 | ended | | | | | | 31 | +---------------------------+------+----------------------+----------------------+---------------------+ | | | June | June | December | +---------------------------+------+----------------------+----------------------+---------------------+ | | | 2010 | 2009 | 2009 | +---------------------------+------+----------------------+----------------------+---------------------+ | | | (unaudited) | (unaudited) | (audited) | +---------------------------+------+----------------------+----------------------+---------------------+ | |Note | $'000 | $'000 | $'000 | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | Turnover | | 146,723 | 55,943 | 176,770 | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | Cost of sales | | (118,735) | (45,839) | (135,368) | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | Gross profit | | 27,988 | 10,104 | 41,402 | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | Other operating income | | 291 | 113 | 241 | +---------------------------+------+----------------------+----------------------+---------------------+ | Other operating expenses | | (191) | (2,710) | (7,379) | +---------------------------+------+----------------------+----------------------+---------------------+ | Distribution costs | | (2,498) | (847) | (3,501) | +---------------------------+------+----------------------+----------------------+---------------------+ | Administrative expenses | | (4,765) | (4,138) | (8,701) | +---------------------------+------+----------------------+----------------------+---------------------+ | Research and development | | (3,663) | (321) | (1,784) | | expenses | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | Profit from operating | | 17,162 | 2,201 | 20,278 | | activities | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | | | | ------------- | ------------- | ------------- | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | Interest income | | 582 | 204 | 303 | +---------------------------+------+----------------------+----------------------+---------------------+ | Interest expenses | | (1,185) | (533) | (747) | +---------------------------+------+----------------------+----------------------+---------------------+ | Net foreign exchange | | (13,241) | 814 | 1,204 | | (loss)/gain | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | Net financing | | (13,844) | 485 | 760 | | (expenses)/income | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | | | | ------------- | ------------- | ------------- | +---------------------------+------+----------------------+----------------------+---------------------+ | Share of (losses)/profits | | | | | | of jointly | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | controlled entity | | (197) | 486 | 265 | +---------------------------+------+----------------------+----------------------+---------------------+ | Gain on deemed disposal | | | | | | of jointly | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | controlled entity | | | | | | arising from | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | business combination | | 1,722 | | | | | | | - | - | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | | | 1,525 | 486 | 265 | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | | | | ------------- | ------------- | ------------- | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | Profit before taxation | | 4,843 | 3,172 | 21,303 | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | Income tax | 4 | (776) | (735) | (3,970) | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | Profit for the period | | | | | | attributable | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | to equity shareholders | | | | | | of | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | the Company | | 4,067 | 2,437 | 17,333 | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | | | | ======== | ======== | ======== | +---------------------------+------+----------------------+----------------------+---------------------+ | Earnings per share | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | Basic and diluted | | | | | | earnings per | | | | | +---------------------------+------+----------------------+----------------------+---------------------+ | share (US cents) | 6 | 5.44 | 3.28 | 23.36 | +---------------------------+------+----------------------+----------------------+---------------------+ | | | | | | | | | ======== | ======== | ======= | +---------------------------+------+----------------------+----------------------+---------------------+ The notes on pages 8 to 18 form part of this interim financial report. +--------------------------------------------------------------------------------+ | Consolidated statement of comprehensive income | | for the six months ended 30 June 2010 | | (Expressed in United States dollars) | +--------------------------------------------------------------------------------+ +---------------------------------+------------------------+------------------------+-----------------------+ | | Six | Six | Year | | | months | months | | +---------------------------------+------------------------+------------------------+-----------------------+ | | ended 30 | ended 30 | ended | | | | | 31 | +---------------------------------+------------------------+------------------------+-----------------------+ | | June | June | December | +---------------------------------+------------------------+------------------------+-----------------------+ | | 2010 | 2009 | 2009 | +---------------------------------+------------------------+------------------------+-----------------------+ | | (unaudited) | (unaudited) | (audited) | +---------------------------------+------------------------+------------------------+-----------------------+ | | $'000 | $'000 | $'000 | +---------------------------------+------------------------+------------------------+-----------------------+ | | | | | +---------------------------------+------------------------+------------------------+-----------------------+ | Profit for the period | 4,067 | 2,437 | 17,333 | +---------------------------------+------------------------+------------------------+-----------------------+ | | | | | | | ------------- | ------------- | ------------- | +---------------------------------+------------------------+------------------------+-----------------------+ | Other comprehensive income for | | | | | the | | | | +---------------------------------+------------------------+------------------------+-----------------------+ | period, net of tax: | | | | +---------------------------------+------------------------+------------------------+-----------------------+ | | | | | +---------------------------------+------------------------+------------------------+-----------------------+ | Exchange differences on | | | | | translation of: | | | | +---------------------------------+------------------------+------------------------+-----------------------+ | - financial statements of | (469) | 329 | 200 | | subsidiaries | | | | +---------------------------------+------------------------+------------------------+-----------------------+ | - financial statements of | | | | | joint | | | | +---------------------------------+------------------------+------------------------+-----------------------+ | controlled entity | (21) | 1 | 49 | +---------------------------------+------------------------+------------------------+-----------------------+ | | | | | +---------------------------------+------------------------+------------------------+-----------------------+ | | (490) | 330 | 249 | +---------------------------------+------------------------+------------------------+-----------------------+ | | | | | | | ------------- | ------------- | ------------- | +---------------------------------+------------------------+------------------------+-----------------------+ | Release of exchange reserve | | | | | upon | | | | +---------------------------------+------------------------+------------------------+-----------------------+ | deemed disposal of jointly | | | | | controlled | | | | +---------------------------------+------------------------+------------------------+-----------------------+ | entity arising from business | | | | +---------------------------------+------------------------+------------------------+-----------------------+ | combination | 2 | | | | | | - | - | +---------------------------------+------------------------+------------------------+-----------------------+ | | ------------- | ------------- | ------------- | +---------------------------------+------------------------+------------------------+-----------------------+ | | | | | +---------------------------------+------------------------+------------------------+-----------------------+ | Total comprehensive income for | | | | +---------------------------------+------------------------+------------------------+-----------------------+ | the period | 3,579 | 2,767 | 17,582 | +---------------------------------+------------------------+------------------------+-----------------------+ | | ======== | ======== | ======== | +---------------------------------+------------------------+------------------------+-----------------------+ The notes on pages 8 to 18 form part of this interim financial report. +--------------------------------------------------------------------------------+ | Consolidated balance sheet at 30 June 2010 | | (Expressed in United States dollars) | +--------------------------------------------------------------------------------+ +---------------------------+------+---------------------+--------------------+---------------------+ | | | At | At 31 | At | +---------------------------+------+---------------------+--------------------+---------------------+ | | | 30 June | December | 30 June | +---------------------------+------+---------------------+--------------------+---------------------+ | | | 2010 | 2009 | 2009 | +---------------------------+------+---------------------+--------------------+---------------------+ | | | (unaudited) | (audited) | (unaudited) | +---------------------------+------+---------------------+--------------------+---------------------+ | |Note | $'000 | $'000 | $'000 | +---------------------------+------+---------------------+--------------------+---------------------+ | Non-current assets | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | Property, plant and | 7 | 52,681 | 43,152 | 43,345 | | equipment | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | Lease prepayments | | 2,689 | 2,720 | 2,747 | +---------------------------+------+---------------------+--------------------+---------------------+ | Prepayments for | | | | | | acquisition of | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | property, plant and | | 19,214 | 7,255 | 239 | | equipment | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | Prepayments for raw | | 17,071 | 16,519 | | | materials | | | | - | +---------------------------+------+---------------------+--------------------+---------------------+ | Intangible assets | | 1,385 | 1,926 | 2,488 | +---------------------------+------+---------------------+--------------------+---------------------+ | Goodwill | 10 | 3,346 | | | | | | | - | - | +---------------------------+------+---------------------+--------------------+---------------------+ | Interest in a jointly | 10 | | | 344 | | controlled entity | | - | - | | +---------------------------+------+---------------------+--------------------+---------------------+ | | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | | | 96,386 | 71,572 | 49,163 | +---------------------------+------+---------------------+--------------------+---------------------+ | | | | | | | | | ------------- | ------------- | ------------- | +---------------------------+------+---------------------+--------------------+---------------------+ | Current assets | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | Inventories | | 34,521 | 19,471 | 11,585 | +---------------------------+------+---------------------+--------------------+---------------------+ | Trade and other | | 44,430 | 44,601 | 50,300 | | receivables | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | Current tax recoverable | | 237 | | | | | | | - | - | +---------------------------+------+---------------------+--------------------+---------------------+ | Pledged bank deposits | 8 | 70,708 | 30,156 | 21,628 | +---------------------------+------+---------------------+--------------------+---------------------+ | Cash and cash equivalents | | 36,985 | 25,087 | 22,125 | +---------------------------+------+---------------------+--------------------+---------------------+ | | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | | | 186,881 | 119,315 | 105,638 | +---------------------------+------+---------------------+--------------------+---------------------+ | | | | | | | | | ------------- | ------------- | ------------- | +---------------------------+------+---------------------+--------------------+---------------------+ | Current liabilities | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | Bank loans | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | - unsecured | | 35,797 | 14,505 | 3,175 | +---------------------------+------+---------------------+--------------------+---------------------+ | - secured | | 24,605 | | 30,300 | | | | | - | | +---------------------------+------+---------------------+--------------------+---------------------+ | Trade and other payables | | 91,819 | 47,900 | 7,506 | +---------------------------+------+---------------------+--------------------+---------------------+ | Amount due to a | | | | 979 | | shareholder | | - | - | | +---------------------------+------+---------------------+--------------------+---------------------+ | Current tax payable | | | 2,477 | 679 | | | | - | | | +---------------------------+------+---------------------+--------------------+---------------------+ | | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | | | 152,221 | 64,882 | 42,639 | +---------------------------+------+---------------------+--------------------+---------------------+ | | | | | | | | | ------------- | ------------- | ------------- | +---------------------------+------+---------------------+--------------------+---------------------+ | | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | Net current assets | | 34,660 | 54,433 | 62,999 | +---------------------------+------+---------------------+--------------------+---------------------+ | | | | | | | | | ------------- | ------------- | ------------- | +---------------------------+------+---------------------+--------------------+---------------------+ | | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | Total assets less current | | 131,046 | 126,005 | 112,162 | | liabilities | | | | | +---------------------------+------+---------------------+--------------------+---------------------+ | | | | | | | | | ------------- | ------------- | ------------- | +---------------------------+------+---------------------+--------------------+---------------------+ +--------------------------------------------------------------------------------+ | Consolidated balance sheet at 30 June 2010 (continued) | | (Expressed in United States dollars) | +--------------------------------------------------------------------------------+ +---------------------------+------+---------------------+---------------------+--------------------+ | | | At | At 31 | At | +---------------------------+------+---------------------+---------------------+--------------------+ | | | 30 June | December | 30 June | +---------------------------+------+---------------------+---------------------+--------------------+ | | | 2010 | 2009 | 2009 | +---------------------------+------+---------------------+---------------------+--------------------+ | | | (unaudited) | (audited) | (unaudited) | +---------------------------+------+---------------------+---------------------+--------------------+ | |Note | $'000 | $'000 | $'000 | +---------------------------+------+---------------------+---------------------+--------------------+ | Non-current liabilities | | | | | +---------------------------+------+---------------------+---------------------+--------------------+ | | | | | | +---------------------------+------+---------------------+---------------------+--------------------+ | Deferred tax liabilities | | 653 | 957 | 1,929 | +---------------------------+------+---------------------+---------------------+--------------------+ | | | | | | | | | ------------- | ------------- | ------------- | +---------------------------+------+---------------------+---------------------+--------------------+ | | | | | | +---------------------------+------+---------------------+---------------------+--------------------+ | Net assets | | 130,393 | 125,048 | 110,233 | +---------------------------+------+---------------------+---------------------+--------------------+ | | | | | | | | | ======== | ======== | ======== | +---------------------------+------+---------------------+---------------------+--------------------+ | Capital and reserves | 9 | | | | +---------------------------+------+---------------------+---------------------+--------------------+ | | | | | | +---------------------------+------+---------------------+---------------------+--------------------+ | Share capital | | | | | | | | - | - | - | +---------------------------+------+---------------------+---------------------+--------------------+ | Reserves | | 130,393 | 125,048 | 110,233 | +---------------------------+------+---------------------+---------------------+--------------------+ | | | | | | +---------------------------+------+---------------------+---------------------+--------------------+ | Total equity attributable | | | | | | to equity | | | | | +---------------------------+------+---------------------+---------------------+--------------------+ | shareholders of the | | 130,393 | 125,048 | 110,233 | | Company | | | | | +---------------------------+------+---------------------+---------------------+--------------------+ | | | | | | | | | ======== | ======== | ======== | +---------------------------+------+---------------------+---------------------+--------------------+ The notes on pages 8 to 18 form part of this interim financial report. +--------------------------------------------------------------------------------+ | Consolidated statement of changes in equity | | for the six months ended 30 June 2010 | | (Expressed in United States dollars) | +--------------------------------------------------------------------------------+ +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | General | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | Share | Share | Capital | reserve | Exchange | Retained | Total | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | capital | premium | reserve | fund | reserve | earnings | equity | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | Note | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Balance at 1 January 2009 | | | 62,951 | 958 | 3,887 | 8,903 | 30,767 | 107,466 | | | | - | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Changes in equity for the six | | | | | | | | | | months | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | ended 30 June 2009: | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Total comprehensive income for | | | | | | 330 | 2,437 | 2,767 | | the period | | - | - | - | - | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Balance at 30 June 2009 | | | 62,951 | 958 | 3,887 | 9,233 | 33,204 | 110,233 | | (unaudited) | | - | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | | | | ========= | ========= | ========= | ========= | ========= | ========= | ========= | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Balance at 1 July 2009 | | | 62,951 | 958 | 3,887 | 9,233 | 33,204 | 110,233 | | | | - | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Changes in equity for the six | | | | | | | | | | months | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | ended 31 December 2009: | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Total comprehensive income for | | | | | | (81) | 14,896 | 14,815 | | the period | | - | - | - | - | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Appropriation | | | | | 2,924 | | (2,924) | | | | | - | - | - | | - | | - | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Balance at 31 December 2009 | | | 62,951 | 958 | 6,811 | 9,152 | 45,176 | 125,048 | | (audited) | | - | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | | | | ========= | ========= | ========= | ========= | ========= | ========= | ========= | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Balance at 1 January 2010 | | | 62,951 | 958 | 6,811 | 9,152 | 45,176 | 125,048 | | | | - | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Changes in equity for the six | | | | | | | | | | months | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | ended 30 June 2010: | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Total comprehensive income for | | | | | | (488) | 4,067 | 3,579 | | the period | | - | - | - | - | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Issuance of shares | 10 | | 1,766 | | | | | 1,766 | | | | - | | - | - | - | - | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | Balance at 30 June 2010 | | | 64,717 | 958 | 6,811 | 8,664 | 49,243 | 130,393 | | (unaudited) | | - | | | | | | | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ | | | | | | | | | | | | | ========= | ========= | ========= | ========= | ========= | ========= | ========= | +---------------------------------+----------+-----------+-----------------------+------------------------+-----------------------+--------------------------+------------------------+-----------------------+ The notes on pages 8 to 18 form part of this interim financial report. +--------------------------------------------------------------------------------+ | Consolidated cash flow statement | | for the six months ended 30 June 2010 | | (Expressed in United States dollars) | +--------------------------------------------------------------------------------+ +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | Six | Six | Year | | | | months | months | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | ended | ended | ended | | | | 30 | 30 | 31 | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | June | June | December | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | 2010 | 2009 | 2009 | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | (unaudited) | (unaudited) | (audited) | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | Note | $'000 | $'000 | $'000 | +------------------------+--------+-----------------------+-------------------------+------------------------+ | Operating | | | | | | activities | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | Profit | | 4,843 | 3,172 | 21,303 | | before | | | | | | taxation | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | Adjustments | | | | | | for: | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | - | | 2,793 | 3,425 | 5,255 | | Depreciation | | | | | | and | | | | | | amortisation | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | - Loss | | | | | | on | | | | | | disposal | | | | | | of | | | | | | property, | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | plant | | | | 9 | | and | | - | - | | | equipment | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | - | | | | | | Cash-settled | | | | | | share-based | | | | | | payment | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | 23 | (54) | 56 | | expenses | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | - | | | | | | Impairment | | | | | | losses on | | | | | | trade and | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | | 2,401 | 6,505 | | other | | - | | | | receivables | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | - | | 1,185 | 533 | 747 | | Interest | | | | | | expense | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | - | | (183) | (204) | (303) | | Interest | | | | | | income | | | | | | from | | | | | | bank | | | | | | deposits | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | - Gain | | | | | | on | | | | | | deemed | | | | | | disposal | | | | | | of | | | | | | jointly | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | | | | | controlled | | | | | | entity | | | | | | arising | | | | | | from | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | (1,722) | | | | business | | | - | - | | combination | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | - | | | | | | Share | | | | | | of | | | | | | losses/(profits) | | | | | | of jointly | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | 197 | (486) | (265) | | controlled | | | | | | entity | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | - | | | | | | (Reversal)/elimination | | | | | | of | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | | | | | transactions | | | | | | with jointly | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | (904) | 160 | 899 | | controlled | | | | | | entity | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | - Net | | | | | | fair | | | | | | value | | | | | | (gain)/losses | | | | | | of | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | (399) | 115 | | | foreign | | | | - | | exchange | | | | | | contracts | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | - | | (54) | (4) | (211) | | Foreign | | | | | | exchange | | | | | | gain | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | Operating | | | | | | profit | | | | | | before | | | | | | changes | | | | | | in | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | 5,779 | 9,058 | 33,995 | | working | | | | | | capital | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | Increase | | | | | | in | | | | | | non-current | | | | | | prepayments | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | for | | (554) | | (5,950) | | raw | | | - | | | materials | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | Increase | | (4,330) | (1,752) | (9,631) | | in | | | | | | inventories | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | Decrease/(increase) | | | | | | in trade and | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | other | | 4,747 | 4,400 | (7,083) | | receivables | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | Increase | | 22,701 | 570 | 40,747 | | in trade | | | | | | and | | | | | | other | | | | | | payables | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | Net | | 28,343 | 12,276 | 52,078 | | cash | | | | | | generated | | | | | | from | | | | | | operations | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | Income | | (3,794) | (3,129) | (5,537) | | tax | | | | | | paid | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | Net | | | | | | cash | | | | | | generated | | | | | | from | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | operating | | 24,549 | 9,147 | 46,541 | | activities | | | | | +------------------------+--------+-----------------------+-------------------------+------------------------+ | | | | | | | | | ------------- | ------------- | ------------- | +------------------------+--------+-----------------------+-------------------------+------------------------+ +--------------------------------------------------------------------------------+ | Consolidated cash flow statement | | for the six months ended 30 June 2010 (continued) | | (Expressed in United States dollars) | +--------------------------------------------------------------------------------+ +---------------------------+------+---------------------+-----------------------+----------------------+ | | | Six | Six | Year | | | | months | months | | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | ended | ended 30 | ended | | | | 30 | | 31 | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | June | June | December | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | 2010 | 2009 | 2009 | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | (unaudited) | (unaudited) | (audited) | +---------------------------+------+---------------------+-----------------------+----------------------+ | |Note | $'000 | $'000 | $'000 | +---------------------------+------+---------------------+-----------------------+----------------------+ | Investing activities | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | Payment for the | | | | | | acquisition of | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | property, plant and | | (19,716) | (2,178) | (8,193) | | equipment | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | Proceeds from disposal of | | | | | | property, | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | plant and equipment | | | | 173 | | | | - | - | | +---------------------------+------+---------------------+-----------------------+----------------------+ | Cash inflow from | | | | | | acquisition of | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | subsidiaries | 10 | 2,721 | | | | | | | - | - | +---------------------------+------+---------------------+-----------------------+----------------------+ | Interest received | | 183 | 204 | 303 | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | Net cash used in | | | | | | investing | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | activities | | (16,812) | (1,974) | (7,717) | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | | | | | | | ------------ | ------------- | ------------- | +---------------------------+------+---------------------+-----------------------+----------------------+ | Financing activities | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | Release of pledged | | 64,396 | 37,257 | 8,077 | | deposits | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | Placement of pledged | | (104,952) | (31,657) | (10,986) | | deposits | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | Proceeds from bank loans | | 74,608 | 33,475 | 21,789 | +---------------------------+------+---------------------+-----------------------+----------------------+ | Repayment of bank loans | | (28,704) | (44,835) | (52,150) | +---------------------------+------+---------------------+-----------------------+----------------------+ | Repayment of amount due | | | | | | to | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | a shareholder | | | | (979) | | | | - | - | | +---------------------------+------+---------------------+-----------------------+----------------------+ | Interest paid | | (1,185) | (533) | (747) | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | Net cash generated | | | | | | from/(used in) | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | financing activities | | 4,163 | (6,293) | (34,996) | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | | ------------- | ------------- | | | | ------------ | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | Net increase in cash and | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | cash equivalents | | 11,900 | 880 | 3,828 | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | Cash and cash equivalents | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | at 1 January | | 25,087 | 21,180 | 21,180 | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | Effect of foreign | | | | | | exchange | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | rate changes | | (2) | 65 | 79 | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | Cash and cash equivalents | | | | | +---------------------------+------+---------------------+-----------------------+----------------------+ | at 30 June/31 December | | 36,985 | 22,125 | 25,087 | +---------------------------+------+---------------------+-----------------------+----------------------+ | | | ======== | | | | | | | ======== | ======== | +---------------------------+------+---------------------+-----------------------+----------------------+ The notes on pages 8 to 18 form part of this interim financial report. +--------------------------------------------------------------------------------+ | Notes to the unaudited interim financial report | | (Expressed in United States dollars) | +--------------------------------------------------------------------------------+ 1 Basis of preparation This interim financial report has been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting", promulgated by the International Accounting Standards Board ("IASB"). It was authorised for issue on 29 September 2010. The interim financial report has been prepared in accordance with the same accounting policies as adopted in the 2009 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2010 annual financial statements. Details of these changes in accounting policies are set out in note 2. The preparation of an interim financial report in conformity with IAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates. The interim financial report contains consolidated financial statements and selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the 2009 annual financial statements. The consolidated interim financial statements and notes thereon do not include all of the information required for full set of financial statements prepared in accordance with International Financial Reporting Standard ("IFRSs"). The interim financial report is unaudited, but has been reviewed by KPMG in accordance with International Standard on Review Engagements 2410 "Review of interim financial information performed by the independent auditor of the entity" issued by the International Auditing and Assurance Standards Board. 2 Changes in accounting policies The Group has adopted all relevant new and revised IFRSs and IASs, amendments and interpretations, which are effective for accounting periods beginning on or after 1 January 2010. The adoption of these new and revised standards, amendments and interpretations has no significant impact on the Group's results of operations and financial position for the current or comparative periods, except for the following development which is relevant to the Group's financial statements: 2 Changes in accounting policies (continued) IFRS 3 (revised 2008), Business combinations As a result of the adoption of IFRS 3 (revised 2008), any business combination occurring on or after 1 January 2010 will be recognised in accordance with the new requirements and detailed guidance contained in IFRS 3 (revised 2008). These include the following changes in accounting policies relevant to the Group: - Transaction costs that the Group incurs in connection with a business combination, such as finder's fees, legal fees, due diligence fees and other professional and consulting fees, will be expensed as incurred, whereas previously they were accounted for as part of the cost of the business combination and therefore impacted the amount of goodwill recognised. No significant transaction costs were incurred in connection with the business combination which occurred in the current period. - If the Group holds interests in the acquiree immediately prior to obtaining control, these interests will be treated as if disposed of and re-acquired at fair value on the date of obtaining control. Previously, the step-up approach would have been applied, whereby goodwill was computed as if accumulated at each stage of the acquisition. As a result of this new policy, the Group's profit before taxation for the six months ended 30 June 2010 increased by approximately $1.7 million and goodwill increased by the same amount. - Contingent consideration will be measured at fair value at the acquisition date. Any subsequent changes in the measurement of that contingent consideration will be recognised in profit or loss, unless they arise from obtaining additional information about facts and circumstances that existed at the acquisition date within 12 months from the date of acquisition (in which case they will be recognised as an adjustment to the cost of the business combination). Previously, contingent consideration was recognised at the acquisition date only if payment of the contingent consideration was probable and it could be measured reliably. All subsequent changes in the measurement of contingent consideration and from its settlement were previously recognised as an adjustment to the cost of the business combination and therefore impacted the amount of goodwill recognised. The fair value of the contingent consideration in connection with the business combination which occurred in the current period is estimated to be insignificant. In accordance with the transitional provisions in IFRS 3 (revised 2008), these new accounting policies will be applied prospectively to any business combinations in the current or future periods. No adjustments have been made to the carrying values of assets and liabilities that arose from business combinations whose acquisition dates preceded the application of this revised standard. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. 3 Segment reporting The Group manages its business by business operations. In a manner consistent with the way in which information is reported internally to the Group's most senior executive management for the purposes of resource allocation and performance assessment, there is one reportable segment identified for the Group. The Group's operations are regarded as a single business segment, engages in the manufacturing and trading of solar cells and modules and the provision of related processing services. In addition, the Group's turnover and operating profit are mainly derived from its operations in the People's Republic of China ("PRC"). In prior periods, the Group's senior executive management monitored the results, assets and liabilities on the following bases: Segment assets include all tangible and intangible assets with the exception of interest in a jointly controlled entity. Segment liabilities include all liabilities with the exception of deferred income relating to jointly controlled entity and deferred taxation. Segment profit is determined based on profit after taxation, excluding the Group's share of profits or losses of jointly controlled entity, elimination of transactions with jointly controlled entity and deferred taxation. In order to improve the assessment of segment performance, subsequent to the acquisition of Jetion Solar (Europe) Limited as disclosed in note 10, the Group's senior executive management monitors the results, assets and liabilities attributable to the reportable segment which are presented in the same way in the Group's consolidated income statement and balance sheet. 4 Income tax +---------------------------------+----------------------+----------------------+--------------------+ | | Six | Six | Year | | | months | months | | +---------------------------------+----------------------+----------------------+--------------------+ | | ended | ended | ended | | | 30 | 30 | 31 | +---------------------------------+----------------------+----------------------+--------------------+ | | June | June | December | +---------------------------------+----------------------+----------------------+--------------------+ | | 2010 | 2009 | 2009 | +---------------------------------+----------------------+----------------------+--------------------+ | | (unaudited) | (unaudited) | (audited) | +---------------------------------+----------------------+----------------------+--------------------+ | | $'000 | $'000 | $'000 | +---------------------------------+----------------------+----------------------+--------------------+ | Current tax | | | | +---------------------------------+----------------------+----------------------+--------------------+ | | | | | +---------------------------------+----------------------+----------------------+--------------------+ | Current year - PRC Enterprise | 174 | 1,024 | 4,165 | | Income Tax | | | | +---------------------------------+----------------------+----------------------+--------------------+ | | | | | +---------------------------------+----------------------+----------------------+--------------------+ | Deferred tax | | | | +---------------------------------+----------------------+----------------------+--------------------+ | | | | | +---------------------------------+----------------------+----------------------+--------------------+ | Origination and reversal of | | | | | temporary | | | | +---------------------------------+----------------------+----------------------+--------------------+ | differences | (304) | (289) | (1,261) | +---------------------------------+----------------------+----------------------+--------------------+ | | | | | +---------------------------------+----------------------+----------------------+--------------------+ | Withholding tax paid | 906 | | 1,066 | | | | - | | +---------------------------------+----------------------+----------------------+--------------------+ | | | | | +---------------------------------+----------------------+----------------------+--------------------+ | Total income tax expense | 776 | 735 | 3,970 | +---------------------------------+----------------------+----------------------+--------------------+ | | | | ======== | | | ======== | ======== | | +---------------------------------+----------------------+----------------------+--------------------+ 4 Income tax (continued) (a) Pursuant to the approval document obtained from the relevant tax authorities in the PRC, the subsidiary in the PRC is entitled to a tax concession period whereby the subsidiary is fully exempted from PRC enterprise income tax for the two years starting from its first profit-making year, followed by a 50% reduction in the PRC enterprise income tax rate for the next three years. The standard income tax rate in the PRC is 25%. The first profit-making year of the subsidiary was 2006 so that the subsidiary was fully exempted from PRC enterprise income tax from 1 January 2006 to 31 December 2007 and is subject to a preferential tax rate of 12.5% from 1 January 2008 to 31 December 2010. Pursuant to the rules and regulations of Liechtenstein, Jetion Solar (Europe) Limited, a subsidiary of the Group, is not subject to any income tax in Liechtenstein. Taxation for subsidiaries of the Group in Germany, Luxembourg and Italy was charged at a corporate income tax rate of 15%, 21% and 27.5% respectively during the period. No provision for income tax has been made for the subsidiaries in Germany, Luxembourg or Italy as these subsidiaries did not have assessable income that is subject to income tax during the period. (b) The Corporate Income Tax Law of the PRC also imposes a withholding tax at 10%, unless reduced by a tax treaty or agreement, for dividends distributed by a PRC-resident enterprise to its immediate holding company outside the PRC from earnings generated on or after 1 January 2008. Under the Agreement between the Mainland of China and Hong Kong Special Administration Region for the Avoidance of Double Taxation and Prevention of Fiscal Evasion, or Mainland China/HKSAR DTA, Hong Kong tax residents which hold 25% or more of a PRC enterprise are entitled to a reduced dividend withholding tax rate of 5%. Undistributed earnings generated prior to 1 January 2008 are exempted from such withholding tax under CaiShui [2008] No. 1 Notice on Certain Preferential Corporate Income Tax Policies. Accordingly, Jetion Solar (Hong Kong) Limited, a subsidiary of the Company, is subject to 5% withholding tax on dividends receivable from Jetion Solar (China) Co., Ltd ("Jetion China") in respect of its profits earned since 1 January 2008. 5 Dividend The directors do not recommend the payment of an interim dividend for the six months ended 30 June 2010 (six months ended 30 June 2009: $Nil; year ended 31 December 2009: $Nil). 6 Earnings per share (a) Basic earnings per share The calculation of basic earnings per share is based on the profit attributable to ordinary equity shareholders of the Company of $4,067,000 (six months ended 30 June 2009: $2,437,000 (unaudited); year ended 31 December 2009: $17,333,000 (audited)) and the weighted average of 74,775,676 ordinary shares (30 June 2009: 74,209,676 shares (unaudited); year ended 31 December 2009: 74,209,676 shares (audited)) in issue during the interim period. (b) Diluted earnings per share Diluted earnings per share for the six months ended 30 June 2010, 30 June 2009 and year ended 31 December 2009are not presented as there were no dilutive potential ordinary shares during all periods. 7 Property, plant and equipment During the six months ended 30 June 2010, the Group acquired property, plant and equipment with an aggregate cost of $11,851,000 (six months ended 30 June 2009: $2,228,000 (unaudited),year ended 31 December 2009: $3,975,000 (audited); in which $3,976,000 was acquired through the acquisition of subsidiaries (see note 10). Certain property, plant and equipment of $8,011,000 (31 December 2009: $4,730,000 (audited); 30 June 2009: $3,403,000 (unaudited)) and lease prepayments of $2,689,000 (31 December 2009: $696,000 (audited); 30 June 2009: $1,324,000 (unaudited)) were pledged to banks to secure bank loans of $7,323,000 (31 December 2009: $Nil (audited); 30 June 2009: $2,928,000 (unaudited)) and banking facilities as at 30 June 2010. 8 Pledged bank deposits Pledged bank deposits represent bank deposits of the Group pledged as security for bank loans of $17,282,000 (31 December 2009: $Nil (audited); 30 June 2009: $27,372,000 (unaudited)), forward foreign exchange contracts with notional amount of RMB180,056,000 (equivalent to $26,374,000) (31 December 2009: $Nil (audited); 30 June 2009: $Nil (unaudited) and issuance of bills payable of $69,552,000 (31 December 2009: $37,316,000 (audited); 30 June 2009: $Nil (unaudited). The pledged bank deposits will be released upon the settlement of relevant bank loans, forward foreign exchange contracts and other banking facilities. 9 Capital and reserves During the six months ended 30 June 2010, 1,132,000 shares were issued for acquisition of subsidiaries (see note 10). The fair value of the shares of $1,766,000 was credited to the share premium account. These 1,132,000 shares of nil par value rank pari passu with the existing ordinary shares of the Company in all respects. No shares were issued during the six months ended 30 June 2009 and year ended 31 December 2009. 10 Acquisition of subsidiaries During the six months ended 30 June 2010, the Group entered into a sale and purchase agreement with the venturers of the 51% owned jointly controlled entity of the Group, Jetion Solar (Europe) Limited, to acquire the remaining equity interest in Jetion Solar (Europe) Limited satisfied by the issue of 1,132,000 new shares of the Company of nil par value. In addition, in accordance with the sale and purchase agreement, if the Company is not successfully listed on the Main Board of the Stock Exchange of Hong Kong Limited ("SEHK") or equivalent stock market by 31 December 2011 ("the failure event"), the Group is required to issue an additional 1,132,000 shares ("Contingent Consideration") to the venturers. The acquisition was completed on 1 April 2010. The fair value of the consideration was approximately $1,766,000, which was determined based on the quoted market price of the shares at the date of acquisition. The Contingent Consideration is recognised at fair value at the acquisition date. The fair value of Contingent Consideration is estimated to be insignificant since the Directors considered the failure event is improbable based on the progress of the listing plan as at the date of acquisition. On the acquisition, Jetion Solar (Europe) Limited became a wholly-owned subsidiary of the Group. The acquisition is expected to provide the Group with better management control over the operations in Europe, enhanced profits for the Group and future business opportunities. On 22 September 2010, the Group entered into a supplemental agreement with the venturers to amend the date of the above failure event from 31 December 2011 to 31 December 2012. 10 Acquisition of a subsidiary (continued) The principal activity of Jetion Solar (Europe) Limited and its subsidiaries are the distribution of solar modules. The contributions to the Group's revenue and profit for the period from Jetion Solar (Europe) Limited and its subsidiaries since the date of acquisition are approximately $26,906,000 and $1,712,000 respectively. If the acquisition had occurred on 1 January 2010, revenue and net profit of the Group for the six months ended 30 June 2010 would have been approximately $131,614,000 and $4,369,000 respectively. Details of net assets acquired and goodwill are as follows: +-----------------------------+-------------+-------------------------+-------------------------+ | | Carrying | Fair | | | | | value | | +-----------------------------+-------------+-------------------------+-------------------------+ | | amount | adjustment | Fair | | | | | value | +-----------------------------+-------------+-------------------------+-------------------------+ | | (unaudited) | (unaudited) | (unaudited) | +-----------------------------+-------------+-------------------------+-------------------------+ | | $'000 | $'000 | $'000 | +-----------------------------+-------------+-------------------------+-------------------------+ | | | | | +-----------------------------+-------------+-------------------------+-------------------------+ | Property, plant and | 3,976 | | 3,976 | | equipment | | - | | +-----------------------------+-------------+-------------------------+-------------------------+ | Intangible assets | - | 25 | 25 | +-----------------------------+-------------+-------------------------+-------------------------+ | Inventories | 10,723 | | 10,723 | | | | - | | +-----------------------------+-------------+-------------------------+-------------------------+ | Trade and other receivables | 4,582 | | 4,582 | | | | - | | +-----------------------------+-------------+-------------------------+-------------------------+ | Cash and cash equivalents | 2,721 | | 2,721 | | | | - | | +-----------------------------+-------------+-------------------------+-------------------------+ | Trade and other payables | (21,769) | | | | | | - | (21,769) | +-----------------------------+-------------+-------------------------+-------------------------+ | | | | | +-----------------------------+-------------+-------------------------+-------------------------+ | Net assets acquired | 233 | 25 | 258 | +-----------------------------+-------------+-------------------------+-------------------------+ | | ======== | | | | | | ======== | | +-----------------------------+-------------+-------------------------+-------------------------+ | Goodwill arising from acquisition | | | | | | 3,346 | +-------------------------------------------+-------------------------+-------------------------+ | | | | +-------------------------------------------+-------------------------+-------------------------+ | | | 3,604 | +-------------------------------------------+-------------------------+-------------------------+ | | | | | | | ======== | +-------------------------------------------+-------------------------+-------------------------+ | Satisfied by: | | | +-------------------------------------------+-------------------------+-------------------------+ | | | | +-------------------------------------------+-------------------------+-------------------------+ | Fair value of consideration | | 1,766 | +-------------------------------------------+-------------------------+-------------------------+ | Fair value of net assets of 51% equity | | | | interest | | | +-------------------------------------------+-------------------------+-------------------------+ | held immediately prior to the | | | | acquisition | | 1,838 | +-------------------------------------------+-------------------------+-------------------------+ | | | | +-------------------------------------------+-------------------------+-------------------------+ | | | 3,604 | +-------------------------------------------+-------------------------+-------------------------+ | | | | | | | ======== | +-------------------------------------------+-------------------------+-------------------------+ | Net cash inflow in respect of the | | | | acquisition | | | +-------------------------------------------+-------------------------+-------------------------+ | of subsidiaries | | 2,721 | +-------------------------------------------+-------------------------+-------------------------+ | | | | | | | ======== | +-----------------------------+-------------+-------------------------+-------------------------+ Trade and other receivables represent gross contractual amounts and approximate fair value of the receivables. The balances of the receivables were considered fully recoverable as at the date of acquisition. 10 Acquisition of a subsidiary (continued) The goodwill is attributable mainly to the benefit of skills and technical talent of the acquired business's work force and the synergies expected to be achieved from integrating the entities into the Group's existing businesses. The goodwill is not deductible for tax purposes. The recoverable amount of goodwill is estimated annually whether or not there is any indication of impairment. No indication of impairment of goodwill was noted as at 30 June 2010. 11 Capital commitments Capital commitments in respect of the purchase of property, plant and equipment outstanding at 30 June 2010 not provided for were as follows: +------------------------------+----------------------+----------------------+-------------------------+ | | At | At 31 | At | +------------------------------+----------------------+----------------------+-------------------------+ | | 30 June | December | 30 June | +------------------------------+----------------------+----------------------+-------------------------+ | | 2010 | 2009 | 2009 | +------------------------------+----------------------+----------------------+-------------------------+ | | (unaudited) | | (unaudited) | | | | (audited) | | +------------------------------+----------------------+----------------------+-------------------------+ | | $'000 | $'000 | $'000 | +------------------------------+----------------------+----------------------+-------------------------+ | | | | | +------------------------------+----------------------+----------------------+-------------------------+ | Authorised and contracted | 12,322 | 20,808 | 291 | | for | | | | +------------------------------+----------------------+----------------------+-------------------------+ | | | | | | | ======== | ======== | ======== | +------------------------------+----------------------+----------------------+-------------------------+ 12 Contingent liabilities (a) Financial guarantee issued As at 31 December 2009 and 30 June 2009, Jetion China has issued a single guarantee to a bank in respect of a banking facility granted to a related party, Jiangyin Xingyuan Accessory Household Appliances Co., Ltd. ("Xingyuan"). The directors did not consider it probable that a claim would be made against the Group under the guarantee. The maximum liability of the Group at 31 December 2009 and 30 June 2009 under the single guarantee issued was the outstanding amount of the facility drawn down by the related party of $2,344,000 (audited) and $2,342,000 (unaudited) respectively. Such guarantee was released during the current period. No other guarantee was issued as at 30 June 2010. (b) Outstanding legal cases (i) In March 2010, a writ was issued against Jetion China, a wholly owned subsidiary of the Company, in respect of Jetion China's failure to repay $3,043,000 (including overdue interest of $268,000) for the purchase of a software package by Jetion China for a consideration of $2,775,000 in 2007 ("the Claim"). The Claim is made on the basis of a debt assignment from the software supplier to the plaintiff and allegedly Jetion China has a debt repayment obligation in favour of the plaintiff. Based on a legal opinion from Jiangsu Tianyi Law Firm ("?????????") and available information on hand, the directors are of the opinion that there is no merit in the claim and, therefore, do not consider any provision in respect of the claim to be necessary. 12 Contingent liabilities(continued) (b) Outstanding legal cases (continued) (ii) Subsequent to the balance sheet date, a claim for damages was sent to Jetion China by a supplier through their lawyers in respect of Jetion China's failure to purchase the committed quantities of solar wafers in year 2009 as set out in the supply agreement dated 23 July 2008. A claim of $1,476,000 was made by the supplier, and no formal legal proceedings have been instigated. Based on the legal advice and available information up to date, the directors are of the opinion that there is no merit in the claim and, therefore, no provision is considered necessary as at the balance sheet date. 13 Material related party transactions During the six months ended 30 June 2010, 30 June 2009 and year ended 31 December 2009, transactions with the following parties are considered to be related party transactions: +--------------------------+-------------------------------------------+ | Name of party | Relationship | +--------------------------+-------------------------------------------+ | | | +--------------------------+-------------------------------------------+ | Ming He Ni ("Mr Ni") | Former director of Jetion China | +--------------------------+-------------------------------------------+ | | | +--------------------------+-------------------------------------------+ | Li Jin Gai ("Mr Gai") | Former Chief Executive Officer and | | | director of the | | | Company | +--------------------------+-------------------------------------------+ | | | +--------------------------+-------------------------------------------+ | Xingyuan | Controlled by a sister of a director of | | | the Company | +--------------------------+-------------------------------------------+ | | | +--------------------------+-------------------------------------------+ | Wuxi Sundy Technology | Controlled by members of the families of | | Company | Mr Gai | +--------------------------+-------------------------------------------+ | Limited (Wuxi Sundy") | and Mr Ni | +--------------------------+-------------------------------------------+ | | | +--------------------------+-------------------------------------------+ | Yang Jiezhen | Equity shareholder of the Company | +--------------------------+-------------------------------------------+ | | | +--------------------------+-------------------------------------------+ | Jetion Solar (Europe) | Jointly controlled entity of the Group | | Limited | prior | +--------------------------+-------------------------------------------+ | | to 1 April 2010 (the date of | | | acquisition) (see note 10) | +--------------------------+-------------------------------------------+ 13 Material related party transactions (continued) (a) Key management personnel remuneration Remuneration for key management personnel of the Group for the six months ended 30 June 2010 is as follows: +---------------------------------+------------------------+-----------------------+------------------------+ | | Six | Six | Year | | | months | months | | +---------------------------------+------------------------+-----------------------+------------------------+ | | ended | ended | ended | | | 30 | 30 | 31 | +---------------------------------+------------------------+-----------------------+------------------------+ | | June | June | December | +---------------------------------+------------------------+-----------------------+------------------------+ | | 2010 | 2009 | 2009 | +---------------------------------+------------------------+-----------------------+------------------------+ | | (unaudited) | (unaudited) | (audited) | +---------------------------------+------------------------+-----------------------+------------------------+ | | $'000 | $'000 | $'000 | +---------------------------------+------------------------+-----------------------+------------------------+ | | | | | +---------------------------------+------------------------+-----------------------+------------------------+ | Basic salaries, allowances and | | | | | benefits | | | | +---------------------------------+------------------------+-----------------------+------------------------+ | in kind | 511 | 498 | 1,168 | +---------------------------------+------------------------+-----------------------+------------------------+ | Share-based payments | 9 | (20) | 7 | +---------------------------------+------------------------+-----------------------+------------------------+ | | | | | +---------------------------------+------------------------+-----------------------+------------------------+ | | 520 | 478 | 1,175 | +---------------------------------+------------------------+-----------------------+------------------------+ | | | | | | | ======== | ======== | ======== | +---------------------------------+------------------------+-----------------------+------------------------+ (b) Transactions with related parties +------------+--------+-------------------+------------------------+-----------------------+--------+--------+--------+--------+--------+ | | | Six | Six | Year | | | | months | months | | +------------+--------+-------------------+------------------------+-----------------------+ | | | ended | ended | ended | | | | 30 | 30 | 31 | +------------+--------+-------------------+------------------------+-----------------------+ | | | June | June | December | +------------+--------+-------------------+------------------------+-----------------------+ | | | 2010 | 2009 | 2009 | +------------+--------+-------------------+------------------------+-----------------------+ | | | (unaudited) | (unaudited) | (audited) | +------------+--------+-------------------+------------------------+-----------------------+ | | Note | $'000 | $'000 | $'000 | +------------+--------+-------------------+------------------------+-----------------------+ | Trade | | | | | | related: | | | | | +------------+--------+-------------------+------------------------+-----------------------+ | | | | | | +------------+--------+-------------------+------------------------+-----------------------+ | Sales | | | | | | of | | | | | | goods | | | | | | to | | | | | | Jetion | | | | | | Solar | | | | | +------------+--------+-------------------+------------------------+-----------------------+ | | (ii) | 14,879 | 7,171 | 38,405 | | (Europe) | | | | | | Limited | | | | | +------------+--------+-------------------+------------------------+-----------------------+ | | | | | | +------------+--------+-------------------+------------------------+-----------------------+ | Sales | | | 133 | 133 | | | | | | | of | | - | | | | | | | | | goods | | | | | | | | | | | to | | | | | | | | | | | Wuxi | | | | | | | | | | | Sundy | | | | | | | | | | +------------+--------+-------------------+------------------------+-----------------------+--------+--------+--------+--------+--------+ | Processing | | | | | | service | | | | | | received | | | | | | from | | | | | +------------+--------+-------------------+------------------------+-----------------------+ | Wuxi | | | 31 | 31 | | Sundy | | - | | | +------------+--------+-------------------+------------------------+-----------------------+ | | | | | | +------------+--------+-------------------+------------------------+-----------------------+ | Purchases | | | | | | of goods | | | | | | from Wuxi | | | | | +------------+--------+-------------------+------------------------+-----------------------+ | | | | 2 | 11 | | Sundy | | - | | | +------------+--------+-------------------+------------------------+-----------------------+ | | | | | ======= | | | | ======= | ======= | | +------------+--------+-------------------+------------------------+-----------------------+--------+--------+--------+--------+--------+ 13 Material related party transactions (continued) (b) Transactions with related parties(continued) Notes: (i) The directors of the Company are of the opinion that the above trading transactions were made in accordance with normal commercial terms and were priced with reference to prevailing market prices and in the ordinary course of business. (ii) As disclosed in note 10, Jetion Solar (Europe) Limited became a wholly-owned subsidiary of the Group on 1 April 2010. As such, the sales amount with Jetion Solar (Europe) Limited disclosed above relate to the period from 1 January 2010 to the date of acquisition. As disclosed in note 12(a), Jetion China had issued a single guarantee to a bank in respect of a banking facility granted to Xingyuan as at 31 December 2009 and 30 June 2009. Such guarantee was released during the current period. No other guarantee was issued as at 30 June 2010. On the other hand, Xingyuan guaranteed bank loans and banking facilities of Jetion China amounting to $11,718,000 (31 December 2009: $46,140,000 (audited); 30 June 2009: $3,175,000 (unaudited)) as at 30 June 2010. (c) Amount due from related party +------------------------------+-------------+----------------------+-----------------------+ | | At | At 31 | At | +------------------------------+-------------+----------------------+-----------------------+ | | 30 June | December | 30 June | +------------------------------+-------------+----------------------+-----------------------+ | | 2010 | 2009 | 2009 | +------------------------------+-------------+----------------------+-----------------------+ | | (unaudited) | (audited) | (unaudited) | +------------------------------+-------------+----------------------+-----------------------+ | | $'000 | $'000 | $'000 | +------------------------------+-------------+----------------------+-----------------------+ | Trade related: | | | | +------------------------------+-------------+----------------------+-----------------------+ | | | | | +------------------------------+-------------+----------------------+-----------------------+ | Jetion Solar (Europe) | | 15,057 | 6,297 | | Limited | - | | | +------------------------------+-------------+----------------------+-----------------------+ | | | | | | | ======== | ======== | ======== | +------------------------------+-------------+----------------------+-----------------------+ Amounts due from Jetion Solar (Europe) Limited as at 31 December 2009 and 30 June 2009 were unsecured, interest free and had no fixed terms of repayment. (d) Amount due to a related party +------------------------------+-------------+-----------+-------------------------+ | | At | At 31 | At | +------------------------------+-------------+-----------+-------------------------+ | | 30 June | December | 30 June | +------------------------------+-------------+-----------+-------------------------+ | | 2010 | 2009 | 2009 | +------------------------------+-------------+-----------+-------------------------+ | | (unaudited) | (audited) | (unaudited) | +------------------------------+-------------+-----------+-------------------------+ | | $'000 | $'000 | $'000 | +------------------------------+-------------+-----------+-------------------------+ | Non-trade related: | | | | +------------------------------+-------------+-----------+-------------------------+ | | | | | +------------------------------+-------------+-----------+-------------------------+ | Yang Jiezhen | | | 979 | | | - | - | | +------------------------------+-------------+-----------+-------------------------+ | | | | | | | ======== | ======== | ======== | +------------------------------+-------------+-----------+-------------------------+ Amount due to a related party is unsecured, interest free and repayable on demand This information is provided by RNS The company news service from the London Stock Exchange END IR QKLBLBKFXBBD
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