PDF《金辉集团有限公司》

JINHUI HOLDINGS COMPANY LIMITED Stock Code:

137 金辉集团有限公司股份代号:

137 INTERIM REPORT

2018 中期报告2018

1 Page Corporate Information

2 Financial Highlights

3 Management Discussion and Analysis

4 Disclosure of Interests

13 Corporate Governance

17 Supplementary Information

19 Independent Review Report

20 Condensed Consolidated Statement of Profit or Loss and ? Other Comprehensive Income

22 Condensed Consolidated Statement of Financial Position

24 Condensed Consolidated Statement of Changes in Equity

25 Condensed Consolidated Statement of Cash Flows

26 Notes to the Interim Financial Statements

27 2 BOARD OF DIRECTORS Executive Directors Ng Siu Fai, Chairman Ng Kam Wah Thomas, Managing Director Ng Ki Hung Frankie Ho Suk Lin Independent Non-executive Directors Cui Jianhua Tsui Che Yin Frank William Yau AUDIT COMMITTEE Tsui Che Yin Frank, Chairman Cui Jianhua William Yau REMUNERATION COMMITTEE Cui Jianhua, Chairman Tsui Che Yin Frank William Yau NOMINATION COMMITTEE Cui Jianhua, Chairman Tsui Che Yin Frank William Yau COMPANY SECRETARY Ho Suk Lin SHARE REGISTRAR Tricor Standard Limited Level

22 Hopewell Centre

183 Queen'

s Road East Hong Kong REGISTERED OFFICE 26th Floor Yardley Commercial Building 1-6 Connaught Road West Hong Kong AUDITOR Grant Thornton Hong Kong Limited Certified Public Accountants CONTACTS Tel: (852)

2545 0951 Fax: (852)

2541 9794 E-mail: info@jinhuiship.

com WEBSITE www.jinhuiship.com SHARE LISTING The Company'

s shares are listed on the Hong Kong Stock Exchange (stock code: 137)

3 HIGHLIGHTS FOR THE FIRST HALF OF

2018 ? Revenue for the period: HK$313 million ? Net profit attributable to shareholders for the period: HK$19 million ? Operating profit for the period: HK$50 million ? Basic earnings per share: HK$0.036 ? Gearing ratio as at

30 June 2018: 16%

4 The Board is pleased to present the interim report of Jinhui Holdings Company Limited (the Company ) and its subsidiaries (the Group ) for the six months ended

30 June 2018. INTERIM RESULTS The Group'

s revenue for the first half of

2018 was HK$312,736,000 whereas HK$267,513,000 was reported in the same period of 2017. The net profit attributable to shareholders of the Company for the first half of

2018 was HK$18,907,000 while a net loss of HK$35,983,000 was reported in the first half of

2017 due to the recognition of impairment loss on assets held for sale (disposed vessels) of HK$49,149,000 in the first half of 2017. Basic earnings per share was HK$0.036 for the six months ended

30 June

2018 as compared to basic loss per share of HK$0.068 for the corresponding period in 2017. INTERIM DIVIDEND The Board has resolved not to recommend the payment of any interim dividend for the six months ended

30 June

2018 (30/6/2017: nil). BUSINESS REVIEW Chartering freight and hire. The Group operates its worldwide shipping activities through Jinhui Shipping and Transportation Limited ( Jinhui Shipping ), an approximately 55.69% owned subsidiary of the Company, whose shares are listed on the Oslo Stock Exchange, Norway. Dry bulk shipping market improved remarkably in the first half of 2018, driven mainly by strong Chinese dry bulk imports and limited tonnage growth and high level of demolitions activities. Both Baltic Dry Index ( BDI ) and charter rates across all vessel classes had been showing encouraging improvements when comparing the first half of 2017. The average of BDI for the first half of

2018 was 1,217 points, which compares to

975 points in the same period in 2017. Average daily time charter equivalent rates ( TCE )

2018 1st half

2017 1st half

2017 US$ US$ US$ Post-Panamax fleet 11,722 7,399 8,645 Supramax / Handysize fleet 9,725 7,015 8,063 In average 9,892 7,044 8,111

5 Key Performance Indicators for Shipping Business

2018 1st half

2017 1st half

2017 HK$'

000 HK$'

000 HK$'

000 Average daily TCE

77 55

63 Daily vessel running cost

30 28

30 Daily vessel depreciation

16 16

16 Daily vessel finance cost

3 5

4 49

49 50 Average utilization rate 99% 99% 99% As at

30 June 2018, the Group had twenty three owned vessels. The average daily TCE earned by the Group'

s owned vessels increased 40% to US$9,892 (approximately HK$77,000) for the first half of

2018 as compared to US$7,044 (approximately HK$55,000) for the first half of 2017. Daily vessel running cost increased 10% from US$3,535 (approximately HK$28,000) for the first half of

2017 to US$3,872 (approximately HK$30,000) for the first half of

2018 due to mild inflation in crew wages, and repair and maintenance expenses being booked during this time of the fiscal year. Subsequent to the reporting date, the Group had disposed of three vessels aged above

15 years. We will continue with our cost reduction effort, striving to maintain a highly competitive cost structure when stacked against other market participants. Daily vessel finance cost decreased 42% from US$620 (approximately HK$5,000) for the first half of

2017 to US$362 (approximately HK$3,000) for the first half of 2018. The decrease was mainly attributable to ........