PDF《中国光大国际有限公司》

1 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.

CHINA EVERBRIGHT INTERNATIONAL LIMITED 中国光大国际有限公司 (Incorporated in Hong Kong with limited liability) (Stock Code : 257)

2012 RESULTS ANNOUNCEMENT

2012 ANNUAL RESULTS The board of directors (the Board ) of China Everbright International Limited (the Company ) announces the consolidated results of the Company and its subsidiaries (collectively the Group ) for the year ended

31 December

2012 with comparative figures for the year ended

31 December

2011 as follows: FINANCIAL HIGHLIGHTS Operating results achieved new height with profit attributable to equity shareholders exceeding HK$1 billion Establishing a new era of development with fruitful market development and strong financial foundation ? Turnover from continuing operations decreased by 2% to HK$3,409,938,000 (2011 (restated): HK$3,486,697,000) ? EBITDA on recurring basis increased by 21% to HK$1,564,705,000 (2011 (restated): HK$1,292,214,000) ? Profit attributable to equity shareholders increased by 40% to HK$1,123,269,000 (2011: HK$801,441,000) ? Final dividend of HK3.0 cents per share (2011: HK2.5 cents per share)

2 Consolidated income statement For the year ended

31 December

2012 2012

2011 Note HK$'

000 HK$'

000 (restated - see note 8) Continuing operations Turnover

3 3,409,938 3,486,697 Direct costs and operating expenses (1,726,266) (2,048,378) 1,683,672 1,438,319 Other revenue

4 106,929 58,727 Other loss

4 (10,022) (943) Administrative expenses (297,377) (235,823) Profit from operations 1,483,202 1,260,280 Finance costs 5(a) (312,640) (240,778) 1,170,562 1,019,502 Share of result of associate

6 - - Profit before taxation

5 1,170,562 1,019,502 Income tax

7 (266,554) (254,713) Profit from continuing operations 904,008 764,789 Discontinued operation Profit from discontinued operation (net of tax)

8 250,096 80,475 Profit for the year 1,154,104 845,264

3 Consolidated income statement (continued) For the year ended

31 December

2012 2012

2011 Note HK$'

000 HK$'

000 (restated - see note 8) Attributable to: Equity shareholders of the Company -Continuing operations 881,239 737,061 -Discontinued operation 242,030 64,380 1,123,269 801,441 Non-controlling interests -Continuing operations 22,769 27,728 -Discontinued operation 8,066 16,095 30,835 43,823 Profit for the year 1,154,104 845,264 Earnings per share

10 Basic -Continuing operations HK23.26 cents HK20.10 cents -Discontinued operation HK6.39 cents HK1.76 cents HK29.65 cents HK21.86 cents Diluted -Continuing operations HK23.14 cents HK19.94 cents -Discontinued operation HK6.35 cents HK1.74 cents HK29.49 cents HK21.68 cents

4 Consolidated statement of comprehensive income For the year ended

31 December

2012 2012

2011 HK$'

000 HK$'

000 Profit for the year 1,154,104 845,264 Other comprehensive income for the year: Exchange differences on translation of financial statements of subsidiaries 82,527 242,019 Changes in fair value of available-for-sale securities 10,396 (69,011) Reclassification adjustment for amounts transferred to profit or loss : - upon disposal of available-for-sale securities - 1,030 - impairment loss on available-for-sale securities 9,994 - Tax effect relating to changes in fair value of available-for-sale securities (2,528) 15,739 Exchange reserve realised on disposal of subsidiaries (96,560) - 3,829 189,777 Total comprehensive income for the year 1,157,933 1,035,041 Attributable to: Equity shareholders of the Company 1,127,677 972,367 Non-controlling interests 30,256 62,674 Total comprehensive income for the year 1,157,933 1,035,041

5 Consolidated balance sheet At

31 December

2012 2012

2011 Note HK$'

000 HK$'

000 HK$'

000 HK$'

000 Non-current assets Fixed assets - Investment properties 10,731 10,509 - Other property, plant and equipment 1,422,515 845,511 - Interest in leasehold land held for own use under operating leases 37,801 31,577 1,471,047 887,597 Intangible assets 613,564 1,069,730 Goodwill 20,793 46,133 Interest in associate - - Other financial assets 196,692 184,284 Other receivables and deposits

11 2,603,369 2,181,165 Gross amounts due from customers for contract work

12 6,889,550 5,963,047 Finance lease receivables 21,384 21,608 Deferred tax assets 27,508 12,836 11,843,907 10,366,400 Current assets Inventories 65,317 43,475 Debtors, other receivables, deposits and prepayments

11 1,207,000 1,016,164 Gross amounts due from customers for contract work

12 643,800 553,177 Tax recoverable 26,118 - Finance lease receivables

463 432 Pledged bank deposits 46,289 215,670 Deposits with bank 943,352 - Cash and cash equivalents 1,806,868 1,684,299 4,739,207 3,513,217 Current liabilities Bank loans - Secured 604,162 507,152 - Unsecured 1,031,224 556,928 1,635,386 1,064,080 Creditors, other payables and accrued expenses

13 1,190,736 1,423,305 Current taxation 58,179 52,101 2,884,301 2,539,486 Net current assets 1,854,906 973,731

6 Consolidated balance sheet (continued) At

31 December

2012 2012

2011 Note HK$'

000 HK$'

000 HK$'

000 HK$'

000 Total assets less current liabilities 13,698,813 11,340,131 Non-current liabilities Bank loans - Secured 3,104,148 3,012,588 - Unsecured 1,264,817 1,016,341 4,368,965 4,028,929 Other loans - 55,350 Loan from ultimate holding company - 122,022 Deferred tax liabilities 659,439 472,266 5,028,404 4,678,567 NET ASSETS 8,670,409 6,661,564 CAPITALAND RESERVES Share capital 403,841 367,546 Reserves 7,945,918 5,822,478 Total equity attributable to equity shareholders of the Company 8,349,759 6,190,024 Non-controlling interests 320,650 471,540 TOTAL EQUITY 8,670,409 6,661,564

7 Notes: 1. Basis of preparation The financial statements have been prepared in accordance with the same accounting policies adopted in the

2011 annual financial statements, except for the changes in accounting policies set out in note 2. The financial statements have been reviewed by the Company'

s audit committee. The financial information set out in this announcement does not constitute the Group'

s statutory financial statements for the year ended

31 December 2012, but is derived from those financial statements. 2. Changes in accounting policies The Hong Kong Institute of Certified Public Accountants ( HKICPA ) has issued several amendments to Hong Kong Financial Reporting Standards ( HKFRSs ) that are first effective for the current accounting period of the Group and the Company. Of these, the following developments are relevant to the Group'

s financial statements: - Amendments to HKFRS 7, Financial instruments: Disclosures - Transfers of financial assets - Amendments to HKAS 12, Income taxes - Deferred tax: Recovery of underlying assets The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. Amendments to HKFRS 7, Financial instruments: Disclosures The amendments to HKFRS

7 require certain disclosures to be included in the financial statements in respect of transferred financial assets that are not derecognised and for any continuing involvement in transferred assets that are derecognised in their entirety, irrespective of when the related transfer transaction occurred. However, an entity needs not provide the disclosures for the comparative period in the first year of adoption. The Group did not have any significant transfers of financial assets in previous periods or the current period which require disclosure in the current accounting period under the amendments. Amendments to HKAS 12, Income taxes Under HKAS 12, deferred tax is required to be measured with reference to the tax consequences that would follow from the manner in which the entity expects to recover the carrying amount of the assets in question. In this regard, the amendments to HKAS

12 introduced a rebuttable presumption that the carrying amount of investment property carried at fair value under HKAS 40, Investment property, will be recovered through sale. This presumption is rebutted on a property-by-property basis if the investment property in question is depreciable and is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale.

8 2. Changes in accounting policies (continued) Amendments to HKAS 12, Income taxes (continued) The Group'

s investment properties are located in the PRC. As a result of adopting the amendments to HKAS 12, the Group has determined that each of these properties are held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time and consequently the presumption in the amended HKAS

12 is rebutted for these properties. As a result, the Group continues to measure the deferred tax relating to these properties using the tax rate that would apply as a result of recovering their value through use. 3. Turnover and segment reporting (a) Turnover Continuing operations The principal activities of the Group are construction, environmental energy project operation (waste-to-energy power plants, hazardous waste landfill and industrial solid waste landfill), environmental water project operation (waste-water treatment plants and reusable water treatment plants), alternative energy project operation (methane-to-energy power plants, photovoltaic energy projects, biomass power generation plant and waste water source heat pump projects), environmental technology and construction management, property investments and investment holding. Turnover represents the revenue from construction services, revenue from environmental energy project, environmental water project and alternative energy project operation services, finance income and rental income. The amount of each significant category of revenue recognised in turnover during the year is as follows:

2012 2011 HK$'

000 HK$'

000 Revenue from environmental energy project construction services 932,978 1,536,109 Revenue from environmental water project construction services 530,231 128,876 Revenue from alternative energy project construction services 138,741 453,626 Revenue from environmental........