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Jinjiang Environment’s 1H2016 PATMI grows 20.7% to RMB256.0 million

2016-09-09 11:11:08

Total revenue increased 30.7% to RMB1,034.8 million in 1H2016; revenue from WTE business increased 37.4% to RMB911.1 million

Total waste treated increased 20.0% in 2Q2016 to 2.0 million tons from 2Q2015, bringing total waste treated to 3.7 million tons for 1H2016, an increase of 16.4% from 1H2015

Electricity generated increased 16.8% in 2Q2016 to 534.9 million kWh from 2Q2015, bringing total electricity generated to 1,007.4 million kWh for 1H2016, an increase of 13.6% from 1H2015

Profit before tax increased by 26.4% to RMB372.7 million while EBITDA rose by 28.6% to RMB581.7 million for 1H2016

Pipeline of four facilities under construction, 11 facilities in the preparatory stage and two facilities to be acquired

 

(SINGAPORE, 26 August 2016) – China Jinjiang Environment Holding Company Limited (“Jinjiang Environment” and together with its subsidiaries, the “Group”), a leading waste-to-energy (“WTE”) operator in the People’s Republic of China (“PRC”), announces its first set financial results for the half year ended 30 June 2016 (“1H2016”) after its listing on the Mainboard of the Singapore Exchange Securities Trading Limited on 3 August 2016.

 

 

Group Highlights

(RMB'000)

 

2Q2016

 

2Q2015

 

% Change

 

1H2016

 

1H2015

 

% Change

 

Revenue

 

528,712

 

416,713

 

26.9

 

1,034,751

 

791,504

 

30.7

 

Gross profit

 

241,322

 

206,423

 

16.9

 

449,496

 

398,370

 

12.8

Gross profit margin







- waste-to energy

53.7%

45.6%

8.1%

49.5%

45.5%

4.0%

- build-operate-transfer

12.8%

10.6%

2.2%

12.9%

10.8%

2.1%

- energy management

contracting

 

 

72.5%

 

 

86.0%

 

 

-13.5%

 

 

74.2%

 

 

84.0%

 

 

-9.8%


Profit before tax

207,244

164,843

25.7

372,705

294,840

26.4

EBITDA

314,812

245,895

28.0

581,691

452,501

28.6

PATMI

140,443

121,343

15.7

256,047

212,080

20.7

Earnings per Share (RMB cents)

 

 

14.04

 

 

12.13

 

 

15.7

 

 

25.60

 

 

21.21

 

 

20.7

 

 

The Group achieved a 30.7% increase in revenue in 1H2016, which was due to an increase in revenue from construction services provided under build-operate-transfer (“BOT”) concession agreements and the Group’s WTE business (excluding revenue from construction services provided under BOT concession agreements). As a result of consistent performance in both the WTE and energy management contracting (“EMC”) businesses of the Group, profit before tax increased by 26.4% to RMB372.7 million while EBITDA rose by 28.6% to RMB581.7 million for 1H2016. Overall, PATMI grew strongly by 20.7% from RMB212.1 million in 1H2015 to RMB256.0 million in 1H2016.

 

Jinjiang Environment has two main operating segments: (1) the WTE business, which includes construction services provided under BOT concession agreements, and (2) the EMC business.

 

WTE business

 

 

(1) WTE business (excluding construction services provided under BOT concession agreements)

 

 

The WTE business (excluding construction services provided under BOT concession agreements) contributed 63% and 62% of total revenue in 2Q2016 and 1H2016 respectively. Its gross profit margin improved by 8.1 percentage points from 45.6% in 2Q2015 to 53.7% in 2Q2016 and by 4.0 percentage points from 45.5% in 1H2015 to 49.5% in 1H2016, due to cost control measures to reduce operational costs, including reduction in coal costs and maintenance expenses.

 

 


Group

Group

Change

Group

Group

Change


2Q2016

2Q2015

%

1H2016

1H2015

%

Electricity generated ('000 kWh)

534,930

458,130

16.8

1,007,360

887,130

13.6

On-grid electricity supplied ('000 kWh)

406,830

348,750

16.7

752,460

673,100

11.8

Steam supplied ('000 tons)

196

135

45.2

518

355

45.9

Waste treated ('000 tons)

1,959

1,632

20.0

3,733

3,207

16.4

 

 

On-grid electricity supplied and waste treated grew 16.7% and 20.0% respectively in 2Q2016 and 11.8% and 16.4% respectively in 1H2016, in line with the increase in the supply of municipal solid waste to the WTE facilities and new facilities becoming operational. Overall, revenue increased by 4.0% from RMB615.6 million in 1H2015 to RMB640.4 million in 1H2016, backed by consistent and strong performance in the WTE services provided.


(2) Construction services provided under BOT concession agreements

 

 

Construction services provided under BOT concession agreements contributed 26% and 26% of total revenue in 2Q2016 and 1H2016 and its gross profit margin inched up by 2.2 and 2.1 percentage points for 2Q2016 and 1H2016 respectively. Revenue from construction services provided under BOT concession agreements significantly increased 468.7% from RMB47.6 million in 1H2015 to RMB270.7 million in 1H2016 mainly due to the provision of construction services for two projects in 2H2016.

 

EMC business

 

 

The EMC business contributed 11% and 12% of total revenue in 2Q2016 and 1H2016 respectively. Its gross profit margin decreased to 74.2% in 1H2016 mainly due to the expansion of the EMC business. Together with technical upgrading and increases in the number of employees, this also resulted in an increase in administrative costs.

 

Overall, with administrative cost control measures, Jinjiang Environment recorded a 20.7% increase in PATMI of RMB256.0 million for 1H2016. Administrative expenses as a percentage of revenue reduced from 9.6% in 1H2015 to 7.3% in 1H2016.

 

Commenting on the Group’s performance in 1H2016, Ms. Wang Yuanluo, Executive Chairman and Chief Executive Officer of Jinjiang Environment, said: “We have delivered encouraging growth figures shortly after our successful listing on 3 August 2016. Our ability to sustain growth stems from our stable portfolio of WTE facilities across the PRC which continues to increase due to operational ramp up and selective capacity expansion, and having a pipeline of new WTE facilities to be added to our portfolio. We have commenced trial operations at the Songyuan Xinxiang WTE Facility in August 2016, and expect to complete construction at the Hohhot New Energy WTE Facility, Qitaihe WTE Facility and Gaomi Lilangminde WTE Facility in the second half of 2016. We have commenced construction at the Zibo New Energy WTE Facility and have an additional 11 WTE facilities in the preparatory stage. We also intend to acquire the Zhuji Bafang WTE Facility and the Wenling Green Energy WTE Facility in the second half of 2016, for which we will convene an extraordinary general meeting to seek the approval of our shareholders. By end of 2016, we expect to increase our daily treatment capacity by 7,150 tons, an increase of 31% as compared to 30 June 2016. Looking forward, we will make unremitting effort to continue sustainable growth in our business, and create optimal returns for our shareholders.”

 

Going forward, Jinjiang Environment will strive to expand its scale of operations, consolidate its position as a leader in the WTE industry in the PRC and adapt its technologies internationally. Jinjiang Environment will also strive to be a comprehensive waste energy service provider through expansion into


other verticals in the WTE industry. Jinjiang Environment hopes to achieve this through the following strategies and future plans:-

 

· maintaining its market leading position through organic and inorganic growth opportunities;

· further improve its technical capabilities to enhance its operating efficiency;

· diversify in the WTE value chain and establish itself as an integrated waste management services provider offering a comprehensive suite of waste collection, transportation, pre-treatment and treatment services;

· leverage on its market position and experience to grow its EMC and third party project management business; and

· expand its business internationally, with a specific focus on South-east Asia and other developing countries.

 

As disclosed in its IPO Prospectus, Jinjiang Environment intends to recommend and distribute dividends of 50% of its net profit after tax attributable to its shareholders (excluding exceptional items) for FY2016 and FY2017 to reward its shareholders.

 

- End -

ABOUT JINJIANG ENVIRONMENT

Jinjiang Environment is the first private WTE operator in the PRC and continues to be the leading WTE operator in the PRC with the largest waste treatment capacity in operation. Jinjiang Environment’s business primarily focuses on the planning, development, construction, operation and management of WTE facilities in the PRC. It operates 17 WTE facilities in 12 provinces, autonomous regions and centrally-administered municipalities in the PRC, and has an additional (i) four WTE facilities under construction, (ii) 11 WTE facilities in the preparatory stage and (iii) two WTE facilities over which it has an option to acquire. The facilities in operation have a total installed waste treatment capacity of 23,880 tons/day. The estimated total installed waste treatment capacity of all the WTE facilities, when fully completed and acquired, will be in excess of 44,000 tons/day.


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