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Cosco Shipping Energy Transportation 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. COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* 中遠海運能源運輸股份有限公司 (a joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1138) ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018 FINANCIAL HIGHLIGHTS • Revenues of the Group increased by approximately 27% to approximately RMB12,100 million • Profit for the period attributable to owners of the Company was approximately RMB75 million • The basic and diluted earnings per share for the period were RMB1.85 cents The board (the “Board”) of directors (the “Directors”) of COSCO SHIPPING Energy Transportation Co., Ltd.* (the “Company”) is pleased to announce the annual results of the Company and its subsidiaries (together referred to as the “Group”) for the year ended 31 December 2018 (the “Reporting Period”), together with the comparative figures for the year ended 31 December 2017. - 1 - CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2018 Note 2018 2017 1 (Restated) RMB’000 RMB’000 Revenues 4 12,099,685 9,504,935 Operating costs (10,304,074) (7,251,227) Gross profit 1,795,611 2,253,708 Other income and net gains 5 221,919 878,734 Marketing expenses (22,805) (29,206) Administrative expenses (770,338) (633,986) Other expenses (31,761) (53,781) Share of profits of associates 276,245 266,902 Share of profits of joint ventures 231,906 151,591 Finance costs 6 (1,287,714) (778,949) Profit before tax 413,063 2,055,013 Income tax 7 (119,657) (161,644) Profit for the year 293,406 1,893,369 Other comprehensive income/(loss) Item that will not be reclassified subsequently to profit or loss, net of tax: Changes in the fair value of equity investments at fair value through other comprehensive income, net of tax (30,622) – Remeasurement of defined benefit plan payable (11,630) 5,670 Items that may be reclassified subsequently to profit or loss, net of tax: Exchange differences from retranslation of financial statements of subsidiaries, joint ventures and associates 343,201 (455,439) Fair value gain on available-for-sale financial assets, net of tax – 87,051 Gain/(loss) on cash flow hedges 33,929 (16,600) Hedging gain reclassified to profit or loss 56,139 44,553 Share of other comprehensive loss of associates (2,553) (8,476) Share of other comprehensive income/(loss) of joint ventures 76,449 (91,988) Other comprehensive income/(loss) for the year 464,913 (435,229) Total comprehensive income for the year 758,319 1,458,140 - 2 - Note 2018 2017 1 (Restated) RMB’000 RMB’000 Profit for the year attributable to: Equity holders of the Company 74,679 1,774,648 Non-controlling interests 218,727 118,721 Profit for the year 293,406 1,893,369 Total comprehensive income for the year attributable to: Equity holders of the Company 505,429 1,272,515 Non-controlling interests 252,890 185,625 758,319 1,458,140 Earnings per share 9 (Restated) RMB cents RMB cents – Basic and diluted 1.85 44.01 Details of the dividends for the Reporting Period are disclosed in note 8. - 3 - CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31 December 2018 31 December 31 December 2018 2017 (Restated) RMB’000 RMB’000 NON-CURRENT ASSETS Investment properties 21,286 1,136,626 Property, plant and equipment 49,330,845 44,891,193 Prepaid land lease payments 74,842 77,221 Goodwill 73,325 58,168 Investments in associates 2,363,511 2,217,731 Investments in joint ventures 2,844,733 2,216,503 Loan receivables 1,447,227 2,092,689 Available-for-sale investments – 395,717 Financial assets at fair value through other comprehensive income 268,278 – Deferred tax assets 47,568 49,906 56,471,615 53,135,754 CURRENT ASSETS Current portion of loan receivables 13,137 27,077 Inventories 926,847 656,220 Contract assets 1,057,468 – Trade and bills receivables 752,110 954,378 Prepayments, deposits and other receivables 722,721 593,551 Tax recoverable 3,587 10,536 Pledged bank deposits 858 100 Cash and cash equivalents 3,467,924 5,011,256 6,944,652 7,253,118 CURRENT LIABILITIES Trade and bills payables 1,454,436 1,046,561 Contract liabilities 59,528 – Other payables and accruals 731,296 798,647 Current portion of provision and other liabilities – 54,621 Current portion of interest-bearing bank and other borrowings 7,036,564 6,878,518 Current portion of other loans 67,493 73,615 Current portion of bonds payable 1,498,439 – Current portion of employee benefits payable 11,890 12,080 Tax payable 21,930 11,139 10,881,576 8,875,181 NET CURRENT LIABILITIES 3,936,924 1,622,063 TOTAL ASSETS LESS CURRENT LIABILITIES 52,534,691 51,513,691 - 4 - 31 December 31 December 2018 2017 (Restated) RMB’000 RMB’000 EQUITY Equity attributable to owners of the Company Shared capital 4,032,033 4,032,033 Reserves 24,159,587 23,891,210 28,191,620 27,923,243 Non-controlling interests 1,080,578 342,249 TOTAL EQUITY 29,272,198 28,265,492 NON-CURRENT LIABILITIES Provision and other liabilities 15,320 15,318 Derivative financial instruments 352,382 422,575 Interest-bearing bank and other borrowings 18,786,375 17,272,227 Other loans 1,109,592 1,068,853 Bonds payable 2,491,252 3,985,777 Employee benefits payable 141,750 130,300 Deferred tax liabilities 365,822 353,149 23,262,493 23,248,199 TOTAL EQUITY AND NON-CURRENT LIABILITIES 52,534,691 51,513,691 - 5 - Notes: 1. CORPORATE INFORMATION COSCO SHIPPING Energy Transportation Co., Ltd. (the “Company”) is a joint stock company with limited liability established in the People’s Republic of China (the “PRC”). The registered office of the Company is Room A-1015, No.188 Ye Sheng Road, China (Shanghai) Pilot Free Trade Zone, the PRC and the principal place of business is 670 Dongdaming Road, Hongkou District, Shanghai, the PRC. During the Reporting Period, the Company and its subsidiaries (together the “Group”) were involved in the following principal activities: (a) investment holding; and/or (b) oil shipment along the PRC coast and international shipment; and/or (c) vessel chartering; and/or (d) liquefied natural gas shipping and liquefied petroleum gas shipping. In accordance with the asset transfer agreement entered into between the Company and a fellow subsidiary in December 2018, the Company acquired 100% equity interest in China Shipping LNG Shipping Management (Shanghai) Co., Limited (“LNG Shipping Management”)by way of capital contribution of RMB3,253,400. The acquisition of LNG Shipping Management was completed by the end of 2018 and has been accounted for as combination of businesses under common control since the Directors consider that the Company and the fellow subsidiary are under common control of China COSCO SHIPPING Corporation Limited (“COSCO Shipping”), a state-owned enterprise established in the PRC both before and after the above mentioned acquisition. The aforementioned acquisition of LNG Shipping Management has been accounted for using the principles of merger accounting, as prescribed in Accounting Guideline 5 “Merger Accounting for Common Control Combinations” issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”). The financial information of LNG Shipping Management has been incorporated into these consolidated financial statements. As a result, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the prior years have been restated to include the operating results and cash flows of LNG Shipping Management. The consolidated statements of financial position as at 31 December 2017 and 1 January 2017 have been restated to include the assets and liabilities of LNG Shipping Management. Respective notes to the consolidated financial statements have also been restated. All significant intragroup transactions, balances, income and expenses are eliminated on combination. In March 2018, the Company entered into a capital contribution agreement to acquire 51% equity interests of COSCO PetroChina SHIPPING Co., Ltd. (“COSCO PetroChina SHIPPING”) (formerly known as Dalian PetroChina Shipping Co., Ltd.), a group of companies engaged in oil shipment activities, for a consideration of RMB396,551,000. The acquisition of COSCO PetroChina SHIPPING was completed in March 2018 and has been accounted for as an acquisition of a subsidiary. The Directors regard COSCO SHIPPING as being the Company’s parent company. The Directors regard China Shipping Group Company Limited as the immediate parent company. - 6 - The H-Shares and A-Shares of the Company are listed on the Main Board of The Stock Exchange of Hong Kong Limited and the Shanghai Stock Exchange respectively. These consolidated financial statements are presented in Renminbi (“RMB”), which is the functional currency of the Company, and all values are rounded to the nearest thousand except where otherwise indicated. These consolidated financial statements have been approved for issue by the Board on 27 March 2019. 2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Statement of compliance The consolidated financial statements for the year ended 31 December 2018 have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the HKICPA and the applicable disclosure requirements of the Hong Kong Companies Ordinance.
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