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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tinci Hldgs | LSE:TNCI | London | Ordinary Share | HK0000034816 | ORD 1P (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTNCI
RNS Number : 9462N
Tinci Holdings Ltd
13 September 2013
FOR IMMEDIATE RELEASE 13(th.) September 2013
TINCI HOLDINGS LTD
INTERIM RESULTS
FOR THE 6 MONTHS ENDED 30 JUNE 2013
Tinci Holdings Ltd. (the "Company" or "Tinci") (TNCI), the AIM quoted environmental engineering company, today announces its unaudited interim results for the six months ended 30 June 2013.
Highlights:
-- Turnover of RMB 30.3 million against RMB 21.8 million in the first half of 2012.
-- Challenging market environment continues to make it difficult to win profitable new projects. One major new project won in the half year.
-- Profit before tax of RMB 2.23 million (2012: Loss before tax of RMB 0.44 million).
-- Company continues to concentrate on developing Flue Gas Desulphurisation ("FGD") joint ventures in niche markets, in particular with China National Petroleum Corporation.
Commenting on the results David Steeds, Chairman, said;
"The results for the first six months of 2013 showed a substantial improvement on the corresponding period in 2012. However, it continues to be difficult for Tinci's core FGD business to win new contracts at reasonable margins. The management team has worked hard to cut costs to maintain profit margins.
We were delighted to win a contract for RMB 44.2 million with Wusha Cogeneration in Foshan during the period.
The management continues to work on a number of joint ventures with our established partners in niche markets, particularly with China National Petroleum Corporation."
For further information, please visit www.tinciholdings.com or contact:
Tinci Holdings Ltd
David Steeds Tel: +44 (0)7836 578222 Joshua Cheng Tel: +1 512 577 4613
Westhouse Securities Limited
Martin Davison Tel: +44 (0) 20 7601 6100
Overview of Operating Performance
Trading in the first half of 2013 was considerably stronger than for the same period in 2012. Costs were also kept under firm control so that a small profit is being reported in these results to 30 June 2013.
During the period the Company won one major new contract with Wusha Cogeneration in Foshan. The contract is for the retrofitting of two 300MW FGD plants and has a value of RMB44.2 million.
In the difficult market environment the Company again found it hard to win new customers at sensible profit margins.
As reported previously, the Company's management has concluded that it is unlikely to expand its business simply by offering FGD in power plants, where it is in competition with the power companies' in-house FGD subsidiaries. The Company intends instead to focus its FGD business in China on the petrochemical sector, building on its good relations with China National Petroleum Corporationas well as existing clients with established and reliable relationships.
The Company's Order Book at 30 June 2013 amounted to RMB 91 million compared to RMB 56 million at 31 December 2012. RMB 44 million of the current order book relates to the new contract in Foshan.
Future Developments
Early indications are that trading in the second half of 2013 will be satisfactory and the result for the whole year is expected to show a small profit, although it is too early to provide a clear prediction of the financial results for the full year. Operating cash flow is expected to be marginally positive for the full year.
Meanwhile, the Company will continue to concentrate its resources on developing its various joint ventures, particularly its catalytic refinery project with China National Petroleum Corporation, in the hope of achieving a breakthrough in one of these new businesses while maintaining a stable income from FGD in the current year.
Financial Performance
Revenue in the first half of 2013 increased by 39% from RMB 21.8 million in the same period of 2012 to RMB 30.3 million. Profit before tax was RMB 2.23 million compared with a loss before tax of RMB 0.44 million for the same period last year.
Operating cash flow was negative in the first six months of 2013 due to a large increase in accounts receivable in the period. The outflow from operations of RMB 19.4 million compares with an outflow of RMB 0.7 million in the comparative period.
The Company aims to improve its financial performance by focusing on collecting receivables, cutting
costs, and improving project management.
Outlook
The Board expects the difficult conditions in the FGD market to persist through the remainder of 2013 and
into 2014. The Company will continue to concentrate its efforts on:
-- Developing FGD joint ventures in niche areas with established customers/partners.
-- Developing its investment in JiangSu AnDy in speciality chemical products, which is meeting its internal targets for its first year of operation
-- Promoting co-operation with China National Petroleum Corporation on a catalytic refining project
-- Cutting costs and improving receivables collection. -- Improving project management with effective budgeting and cost control.
Tinci Holdings Limited
Unaudited Interim Financial Information
For the six months ended 30 June 2013
Tinci Holdings Limited
Condensed consolidated statement of comprehensive income(Unaudited)
for the six months ended 30 June 2013
Six months Year ended Six months ended 30 31 December ended 30 Note June 2013 2012 June 2012 (unaudited) (audited) (unaudited) RMB'000 RMB'000 RMB'000 Turnover 30,289 55,275 21,854 Other revenue 558 1,043 271 Raw material and consumables used -21,991 -41,356 -15,724 Staff costs and benefits expenses -2,653 -8,351 -2,812 Depreciation and amortisation expenses -570 -1,137 -568 Other operating expenses -4,450 -8,705 -3,470 ------------ ------------- ------------ Profit/(loss) from operations 1,183 -3,231 -449 Exchange loss -7 -114 -2 Finance costs -43 -84 -103 Non-operating income 550 - 75 Share of profit of an associate 322 519 228 Share of profit/(losses) of a jointly controlled entity 225 13 -193 ------------ ------------- ------------ Profit/(loss) on ordinary activities before taxation 2,230 -2,897 -444 Taxation -264 -62 -30 ------------ ------------- ------------ Profit/(loss) on ordinary activities after taxation 1,966 -2,959 -474 ============ ============= ============ Profit /(loss) for the period/year 1,966 -2,959 -474 Other comprehensive (loss)/income Currency translation adjustments -23 6 -20 Total comprehensive income/(loss) for the period/year 1,943 -2,953 -494 ============ ============= ============ Total comprehensive income/(loss) attributable to: Shareholders of the company 1,943 -2,953 -494 Profit/(loss) per ordinary share Basic and diluted profit/(loss) per share (Renminbi) 6 0.037 -0.06 -0.009
Tinci Holdings Limited
Condensed consolidated statement of financial position(Unaudited)
asat 30 June 2013
At 30 At 31 At 30 December June 2013 2012 June 2012 (unaudited) (audited) (unaudited) RMB'000 RMB'000 RMB'000 Non-current assets Land use rights 363 369 375 Property, plant and equipment 10,166 10,474 10,904 Intangible assets 1,399 1,555 1,710 Interest in an associate 17,329 17,007 39,256 Interest in a jointly controlled entity 1,117 892 686 Deferred tax assets 4,965 4,965 4,464 Total non-current assets 35,339 35,262 57,395 ------------ ---------- ------------ Current assets Amount due from customers for contract work 232 15,802 143 Trade and other receivables, deposits and prepayment 192,471 160,679 171,341 Derivative financial instrument - 17 - Restricted bank balances 7,554 13,041 1,706 Cash and bank balances 8,219 22,277 7,132 Total current assets 208,476 211,816 180,322 ------------ ---------- ------------ Total assets 243,815 247,078 237,717 Current liabilities Trade and other payables -89,662 -91,478 -92,090 Bills payable -11,652 -14,705 -2,681 Tax payable 59 -278 130 Total current liabilities -101,255 -106,461 -94,641 ------------ ---------- ------------ Net assets 142,560 140,617 143,076 ============ ========== ============ Equity Share capital 7,796 7,796 7,796 Share premium 18,078 18,078 18,078 Reverse acquisition reserve 42,644 42,644 42,644 Share options reserve 802 802 819 Translation reserve -269 -246 -272 Retained earnings 73,509 71,543 74,011 Total shareholders' equity 142,560 140,617 143,076 ============ ========== ============
Tinci Holdings Limited
Condensed consolidated statement of changes in shareholders' equity(Unaudited)
for the six months ended 30 June 2013
Six months Year ended Six months ended 30 31 December ended 30 June 2013 2012 June 2012 (unaudited) (audited) (unaudited) RMB'000 RMB'000 RMB'000 Shareholders' equity as at the beginning of the period/year 140,617 143,570 143,570 ------------ ------------- ------------ Profit/(loss) for the period/year 1,966 -2,959 -474 Other comprehensive (loss)/income for the period/year Exchange difference arising on consolidation -23 6 -20 ------------ ------------- ------------ Total comprehensive income/(loss) for the period/year 1,943 -2,953 -494 Employee share option benefits 0 0 0 ------------ ------------- ------------ Shareholders' equity as at the end of the period/year 142,560 140,617 143,076 ============ ============= ============
Tinci Holdings Limited
Condensed consolidated cash flow statement (Unaudited)
for the six months ended 30 June 2013
Six months Six months ended Year ended ended 30 31 December 30 June 2013 2012 June 2012 (unaudited) (audited) (unaudited) RMB'000 RMB'000 RMB'000 Profit/(Loss) before taxation 2,230 -2,897 -444 Interest income -104 -36 -15 Interest expenses 43 84 103 Depreciation and amortisation expense 570 1,137 568 Unrealised gain on derivative financial instruments 0 28 0 Bad debts written off and provision for doubtful debts 2,000 2,476 0 Share of profit of an associate -322 -519 -228 Share of (profit)/losses of a jointly controlled entity -225 -12 193 ------------ ------------- ------------ Operating profit before movements in working capital 4,192 261 177 Decrease in amount due from customers for contract work 15,570 3,540 19,199 (Increase)/decrease in trade and other receivables, deposits and prepayment -33,775 4,185 -18,955 Decrease in amount due to customers for contract work - -57 -57 Decrease in trade and other payables -1,816 -2,071 -1,459 (Decrease)/Increase in bills payable -3,053 12,822 798 ------------ ------------- ------------ Cash (used in)/generated from operations -18,882 18,680 -297 Interest received 104 36 15 Interest paid -43 -84 -103 Current income tax paid -601 -466 -341 ------------ ------------- ------------ Net cash equivalents (used in)/generated from operations -19,422 18,166 -726 Cash flow from investing activities Purchases of property, plant and equipment -100 0 -22 Investment in an associate 0 15,190 0 Repayment to an associate 0 7,420 70 Amount from a related party 0 -15,000 0 Net cash (used in)/generated from investing activities -100 7,610 48 Cash flow from financing activities Movement in restricted bank balances 5,487 -10,734 601 Net cash generated from/(used in) financing activities 5,487 -10,734 601 ------------ ------------- ------------ Net (decrease)/increase in cash and cash equivalents -14,035 15,042 -77 Cash or cash equivalents at 1 January 22,277 7,229 7,229 Effect of foreign exchange rates changes-net -23 6 -20 ------------ ------------- ------------ Cash or cash equivalents at 30 June/31December 8,219 22,277 7,132 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash and bank balances 8,219 22,277 7,132
Tinci Holdings Limited
Notes to the condensed consolidated interim financial statements
for the six months ended 30 June 2013
1. General information
Tinci Holdings Ltd (the "Company") is incorporated in Hong Kong under the Hong Kong Companies Ordinance. The Company is a public listed company and its shares are quoted on the AIM market of the London Stock Exchange. The principal place of business of the Company and its subsidiaries (collectively "the Group") is Guangzhou, China.
The interim results for the six months ended 30 June 2013 are unaudited and do not constitute statutory accounts within the meaning of s.240 of the Companies Act 1985.
2. Basis of preparation
The Directors are responsible for the preparation of the Group's unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the 2012 annual financial statements. These condensed consolidated financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting".
The consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertakings.
3. Significant Accounting Policies
(a) The condensed consolidated financial statements have been prepared on the historical cost basis.
The accounting policies used in the condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2012 except for those described in note 3(b) below.
(b) The International Accounting Standards Board has issued a number of new and revised International Financial Reporting Standards ("IFRS"). In the current period, the Group initially applied the following new and revised IFRS :-
IAS 19 Employee Benefits IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other Entities IFRS 13 Fair Value Measurement Amendments to IFRSs Annual Improvements to IFRSs 2009-2011 Cycle
The initial application of these IFRS does not necessitate any material changes in the Group's accounting policies or retrospective adjustments of the comparatives presented.
(c) The Group has not early applied the new and revised standards, amendments or interpretations of IFRS that have been issued but are not yet effective at 30 June 2013. The directors of the Company anticipate that the application of these new and revised standards, amendments or interpretations will have no material impact on the results and the financial position of the Group.
Tinci Holdings Limited
Notes to the condensed consolidated interim financial statements
for the six months ended 30 June 2013
4. Foreign currency
The functional currency of the subsidiary undertakings is Renminbi ("RMB"), and the presentation currency of the Group is RMB. Transactions in currencies other than RMB are recorded at rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date, and gains or losses arising on retranslation are included in the net profit for period. Non-monetary assets and liabilities are translated using historical rates, and exchange rate differences arising are classified as equity and transferred to foreign currency translation reserve.
On consolidation, the assets and liabilities of foreign operations are translated at the exchange rate prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period/year.
For the six months ended 30 June 2013, the foreign operations' financial statements have been translated from GBP and HKD to RMB at the following exchange rates:
Period Period end Average Year end Average end Average rate rates rates rates rate rates as at Period as at Year to as at Period 30 to 31 31 30 to June 30 June December December June 30 June 2013 2013 2012 2012 2012 2012 RMB: GBP 9.4213 9.5697 10.1611 10.0336 9.8169 9.9617 RMB: HKD 0.7966 0.8034 0.8108 0.8136 0.8152 0.8126 5. Turnover
The principal activity of the Company is investment holding. The principal activities of the Group during the period were developing, selling and installing large-scale flue gas desulphurisation equipment to power stations.
Details of the principal activities of the wholly-owned subsidiaries are as follows:
Subsidiaries Principal activities World International Investment Investment holding
Limited
Guangzhou Tinci Sanhe Developing, manufacturing and installing Environmental Engineering Co. Ltd Flue Gas Desulphurisation Systems
Turnover represented the percentage of contract revenue completed and recognised.
Turnover for the period is wholly attributable to activities undertaken in China.
Tinci Holdings Limited
Notes to the condensed consolidated interim financial statements
for the six months ended 30 June 2013
6. (Loss)/profit per ordinary share Year ended 6 months ended 30 June 31 December 2013 2012 2012 (unaudited) (unaudited) (audited) Profit/(loss) on ordinary activities after taxation (in RMB'000) 1,966 -474 -2,959 =========== =========== =========== Weighted average number of ordinary shares in issue (in thousands) 52,950 52,950 52,950 =========== =========== =========== Profit/(loss) per ordinary share Basic and diluted profit/(loss) per share (in Reminbi) 0.037 -0.009 -0.06 =========== =========== =========== 7. Dividend
The Board is not recommending the payment of an interim dividend for the six months ended 30 June 2013.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFESUDFDSEEU
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