Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
中國中煤能源股份有限公司
(a joint stock company incorporated in the People's Republic of China with limited liability)
(Stock Code: 01898)
FIRST QUARTERLY REPORT 2019
Pursuant to the regulations and rules of China Securities Regulatory Commission and Shanghai Stock Exchange (the "SSE"), China Coal Energy Company Limited (the "Company" or "China Coal Energy", together with its subsidiaries, collectively the "Group") is required to publish reports on a quarterly basis.
This announcement is made pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
This announcement is a summary of the 2019 first quarterly financial report of the Company for the three months ended 31 March 2019. The full text of the quarterly financial report will be available on the website of The Stock Exchange of Hong Kong Limited (the "HKSE") on 23 April 2019. The full text of the quarterly financial report is in Chinese only.
I. | IMPORTANT NOTICE | |||||
1.1 | The board of directors and the supervisory committee of the Company together with | |||||
the directors, supervisors and the senior management thereof guarantee that the content | ||||||
of this quarterly report is true, accurate and complete and does not contain any false | ||||||
representations, misleading statements or material omissions, and severally and jointly | ||||||
accept legal responsibility for the content of this report. | ||||||
1.2 | Directors absent | |||||
Name of director | Position of | Reasons for | Name of proxy | |||
absent | director absent | absence | ||||
Leung Chong Shun | Independent director | Other work | Zhang Ke | |||
commitment | ||||||
1.3 | Li Yanjiang (the person-in-charge of the Company), Chai Qiaolin (the person-in-charge | |||||
of accounting affairs) and Zheng Weili (the person responsible for the accounting | ||||||
department, i.e. head of the accounting department) guarantee that the financial | ||||||
statements set out in this quarterly report are true, accurate and complete. | ||||||
1.4 | The first quarterly report of the Company is unaudited. |
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II.GENERAL INFORMATION OF THE COMPANY 2.1 Major financial data
Unit: RMB'000 | |||
Increase/decrease | |||
at the end of the | |||
reporting period as | |||
As at the end of | compared to the end | ||
As at the end of the | the previous year | of the previous year | |
reporting period | (Restated) | (%) | |
Total assets | 269,182,580 | 264,355,047 | 1.8 |
Net assets attributable to | |||
shareholders of the listed | |||
company | 93,742,902 | 92,107,431 | 1.8 |
From the beginning | Increase/decrease | ||
of the previous year | compared to the | ||
to the end of the | corresponding | ||
From the beginning of | corresponding period | period of the | |
the year to the end of | of the previous year | previous year | |
the reporting period | (Restated) | (%) | |
Net cash flows generated from | |||
operating activities | 4,133,840 | 832,103 | 396.8 |
From the beginning | Increase/decrease | ||
of the previous year | compared to the | ||
to the end of the | corresponding | ||
From the beginning of | corresponding period | period of the | |
the year to the end of | of the previous year | previous year | |
the reporting period | (Restated) | (%) | |
Operational revenue | 29,552,412 | 25,955,736 | 13.9 |
Net profit attributable to | |||
shareholders of the listed | |||
company | 1,541,065 | 1,391,746 | 10.7 |
Net profit attributable to | |||
shareholders of the listed | |||
company net of non-recurring | |||
gains or losses | 1,529,700 | 1,386,999 | 10.3 |
Weighted average return on net | Increased by 0.13 | ||
assets (%) | 1.66 | 1.53 | percentage point |
Basic earnings per share | |||
(RMB per share) | 0.116 | 0.105 | 10.5 |
Diluted earnings per share | |||
(RMB per share) | 0.116 | 0.105 | 10.5 |
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Non-recurring gains or losses and relevant amounts
√ Applicable □ Not applicable
Unit: RMB'000 | ||
Amount for | ||
the reporting | ||
Item | period | Explanations |
Profit and loss on disposal of non-current | ||
assets | 280 | - |
Government grants included in profit or loss | ||
for the reporting period, excluding those | ||
closely related to the Company's ordinary | ||
business and granted on an on-going basis in | ||
fixed amount or volume according to certain | ||
principles under national policies | 34,949 | - |
Net profit or loss for the period of subsidiaries | ||
formed by business combination under | ||
common control from the beginning of the | ||
period to the date of combination | -9,715 | - |
Other non-operating income and expenses apart | ||
from the foregoing | -3,161 | - |
Impact on minority shareholders' interests | ||
(after tax) | -5,108 | - |
Effect of income tax | -5,880 | - |
Total | 11,365 | - |
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2.2Major production and operational data
Unit: RMB | |||||||
January to | |||||||
January to | March, 2018 | Percentage | |||||
Item | Unit | March, 2019 | (Restated) | change % | |||
I. | Coal operations | ||||||
1. Production volume of commercial | |||||||
coal | 10,000 tonnes | 2,460 | 1,781 | 38.1 | |||
Of which: Thermal coal | 10,000 tonnes | 2,158 | 1,558 | 38.5 | |||
Coking coal | 10,000 tonnes | 302 | 223 | 35.4 | |||
2. Sales volume of commercial coal | 10,000 tonnes | 5,030 | 3,783 | 33.0 | |||
(1) Sales volume of self- | |||||||
produced coal | 10,000 tonnes | 2,382 | 1,666 | 43.0 | |||
Of which: external sales | |||||||
volume | 10,000 tonnes | 2,243 | 1,632 | 37.4 | |||
(2) | Sales volume of proprietary | ||||||
coal trading | 10,000 tonnes | 2,429 | 2,040 | 19.1 | |||
Of which: external sales | |||||||
volume | 10,000 tonnes | 2,221 | 1,846 | 20.3 | |||
(3) | Agency sales of coal | 10,000 tonnes | 219 | 77 | 184.4 | ||
II. | Coal chemical operations | ||||||
(I) | Polyolefin | ||||||
1. | Polyethylene production | ||||||
volume | 10,000 tonnes | 18.3 | 18.3 | 0.0 | |||
Sales volume | 10,000 tonnes | 17.4 | 18.9 | -7.9 | |||
2. | Polypropylene production | ||||||
volume | 10,000 tonnes | 17.6 | 18.0 | -2.2 | |||
Sales volume | 10,000 tonnes | 14.7 | 16.4 | -10.4 | |||
(II) | Urea | ||||||
1. | Production volume | 10,000 tonnes | 48.0 | 46.1 | 4.1 | ||
2. | Sales volume | 10,000 tonnes | 78.0 | 45.1 | 72.9 | ||
(III) Methanol | |||||||
1. | Production volume | 10,000 tonnes | 25.0 | 14.2 | 76.1 | ||
2. | Sales volume | 10,000 tonnes | 21.9 | 13.4 | 63.4 | ||
Of which: external sales | |||||||
volume | 10,000 tonnes | 5.2 | 1.8 | 188.9 | |||
III. Coal mining equipment operations | |||||||
1. Output value of coal mining | |||||||
equipment | RMB100 million | 20.4 | 16.4 | 24.4 | |||
Note: The sales volume of commercial coal, urea and methanol of the Company in 2019 includes the internal self-consumption, and the relative data of 2018 is adjusted correspondingly.
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2.3Major differences arising from the adoption of different accounting standards in preparing the financial statements
Unit: RMB'000 | ||||
Net profit attributable to | Net assets attributable to | |||
shareholders of the | shareholders of the | |||
listed company | listed company | |||
January to | As at 31 | |||
January to | March, 2018 | As at 31 | December 2018 | |
March, 2019 | (Restated) | March 2019 | (Restated) | |
According to PRC GAAP | 1,541,065 | 1,391,746 | 93,742,902 | 92,107,431 |
Items and amounts adjusted according to IAS: | ||||
(a) Adjustment to special funds and | ||||
deferred tax of the coal industry | 139,894 | 297,761 | 5,000 | 28,680 |
(b) Adjustment to floating of non- | ||||
tradable shares under equity split | - | - | -155,259 | -155,259 |
(c) Adjustment to government grants | 927 | 927 | -28,753 | -29,680 |
According to IAS | 1,681,886 | 1,690,434 | 93,563,890 | 91,951,172 |
Explanations on major reconciliations are as follows:
(a)Adjustment to special reserves and relevant deferred tax: special reserves comprise maintenance fee, safety fund, coal mine transformation fund, mining environmental restoration security deposit and sustainable development reserve. Under PRC GAAP, the Group should make provisions for the special reserves which will be accounted as the production cost and contributions made to the special reserves of equity attributable to shareholders. Non-capital expenditure incurred should be directly offset against special reserves upon occurrence, while capital expenditure incurred should be recorded as fixed assets upon completion, and offset against special reserves based on the cost of the fixed assets with accumulated depreciation fully recognised. After that, no subsequent provisions for depreciation would be made to the relevant fixed assets. Under IFRS, provisions made for the special reserves should be recorded as retained earnings provision while the relevant expenditures are recognised upon occurrence and the special reserves are accordingly transferred to retained earnings.
(b)Under PRC GAAP, the consideration paid by holders of non-tradable shares to holders of tradable shares in accordance with the reform proposal of equity split should be recorded as long-term equity investments in the balance sheet. Under IFRS, such consideration shall be recorded as interests of minority shareholders directly deducted from the equity attributable to shareholders.
(c)Under PRC GAAP, subsidies considered as capital investment by the government should be recorded in "capital reserve". Under IFRS, the subsidies mentioned above shall be treated as government grants.
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China Coal Energy Company Limited published this content on 23 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 April 2019 09:53:14 UTC