| Code: 87244 |

TIN news:  The board of directors of COSCO Pacific Limited (the “Company”) presents the unaudited condensed consolidated results of the Company and its subsidiaries (the “Group”) for the three months ended 31 March 2016.
Results Highlights
For the three months ended 31 March 2016, profit attributable to equity holders of the Company increased by 31.4% to US$109,060,000 (corresponding period of 2015: US$82,976,000). Excluding the gain on disposal of all the shares in Florens Container Holdings Limited (“FCHL”, representing the container leasing, management and sales, and related businesses of the Group) and profit for the period, profit attributable to equity holders of the Company decreased by 25.8% to US$42,966,000 (corresponding period of 2015: US$57,943,000).
# On 18 March 2016, the Company completed its acquisition of all the issued shares in China Shipping Ports Development Co., Limited (“CSPD”). The adoption of merger accounting has resulted in changes to the presentation of certain comparative figures which have been reclassified to conform to the current year’s presentation.
# The Group’s total container throughput of its terminals business grew by 2.9% year-on-year to 22,239,180 TEU (corresponding period of 2015: 21,602,746 TEU). Equity throughput rose by 3.1% to 6,868,963 TEU (corresponding period of 2015: 6,660,132 TEU). Uncertain global economic outlook and negative growth in China’s foreign trade have constituted downward pressure to the Group’s container terminals business.
# On 24 March 2016, the Company completed the disposal of all the issued shares in FCHL. FCHL ceased to be a subsidiary of the Company. As a result of the disposal, the Group is expected to recognise a gain of approximately US$59,021,000. For the three months ended 31 March 2016, profit from FCHL attributable to equity holders of the Company amounted to US$7,073,000 (corresponding period of 2015: US$25,033,000).
Unaudited Condensed Consolidated Balance Sheet
As at 31 March 2016
Unaudited Condensed Consolidated Income Statement
For the three months ended 31 March 2016
Notes:
1. On 18 March 2016, the Company completed its acquisition of all the issued shares in CSPD for a total consideration of US$1,161,963,000 (subject to completion accounts adjustments). The Company acquired 51% and 49% of the shares in CSPD from China Shipping (Hong Kong) Holdings Co., Limited and China Shipping Container Lines Company Limited, respectively. CSPD therefore became a wholly owned subsidiary of the Company after the completion of the acquisition. The Company’s acquisition of CSPD is considered to be a business combination under common control as their respective ultimate holding companies are both under the common control of the State-owned Assets Supervision and Administration Commission of the State Council. As such, the consolidated financial statements for the three months ended 31 March 2015 and the financial position as at 31 December 2015 disclosed in these consolidated financial statements have been restated as a result of adoption of merger accounting, as if the business combinations had been occurred from the beginning of the earliest financial years presented. The adoption of merger accounting has resulted in changes to the presentation of certain comparative figures which have been reclassified to conform to the current year’s presentation.
2. On 24 March 2016, the Company completed the disposal of all the issued shares in FCHL (representing the container leasing, management and sales, and related businesses of the Group) to China Shipping Container Lines (Hong Kong) Co., Limited (“CSCLHK”) for a total consideration of US$1,223,725,000 (subject to completion accounts adjustments). The FCHL’s shareholder’s loans in the aggregate sum of US$285,000,000 were transferred on the same day to CSCLHK at the consideration of US$285,000,000. Upon completion of the disposal, FCHL ceased to be a subsidiary of the Company. The disposal gain and operation result of FCHL are disclosed as discontinued operation as container leasing, management and sales, and related businesses constitute a separate business within the Group.
3. Since the transactions listed in the above items 1 and 2 are completed, a special cash dividend of HK80 cents per share is to be distributed.
4. Basic earnings per share is calculated by dividing the profit attributable to the equity holders of the Company by the weighted average number of ordinary shares in issue during the three months ended 31 March 2016 of 2,966,559,439 (corresponding period of 2015: 2,940,437,862). For the three months ended 31 March 2016 and for the three months ended 31 March 2015, as the Company’s outstanding share options did not have a dilutive effect on the earnings per share, the diluted earnings per share is equal to the basic earnings per share.
5. The accounting policies adopted in preparing the financial information for the three months ended 31 March 2016 are consistent with those used in the annual consolidated financial statements of the Group for the year ended 31 December 2015.
The financial information for the three months ended 31 March 2016 is based on the internal records and financial data of the Group and are unaudited.
Operational Highlights
For the three months ended 31 March 2016, the total throughput of the Group’s terminals business rose 2.9% to 22,239,180 TEU (corresponding period of 2015: 21,602,746 TEU).
The Group’s terminal companies in mainland China, Hong Kong and Taiwan handled a total of 19,139,395 TEU (corresponding period of 2015: 19,077,672 TEU), an increase of 0.3%; of which, the Group’s terminal companies in mainland China handled a total of 18,167,083 TEU (corresponding period of 2015: 18,005,317 TEU), an increase of 0.9%. The throughput of overseas terminals rose by 22.8% to 3,099,785 TEU (corresponding period of 2015: 2,525,074 TEU).
The throughput of Kumport Liman Hizmetleri ve Lojistik Sanayi ve Ticaret A.Ş (“Kumport Terminal”) in Turkey and CJ Korea Express Busan Container Terminal Corp. (“Busan Terminal”) in Korea were included in the Group’s accounts from 1 January 2016. The throughput of Kumport Terminal and Busan Terminal were 199,270 TEU and 455,052 TEU respectively.
For the three months ended 31 March 2016, the Group’s equity throughput increased by 3.1% to 6,868,963 TEU (corresponding period of 2015: 6,660,132 TEU).

Send Comment

Latest news The most viewed news The most popular topics
Book introduction Magazine introduction Transportation weekly

Multimedia