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China New Energy Ltd (CNEL)

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Monday 24 September, 2018

China New Energy Ltd

Half-year Report

RNS Number : 6159B
China New Energy Ltd
24 September 2018
 

24 September 2018

 

China New Energy Limited

("China New Energy" "CNE" or "the Group")

 

 

 

 

Half-yearly report for the six months to 30 June 2018

 

China New Energy Limited (AIM: CNEL), the engineering and technology solutions provider to the bioenergy sector, announces its unaudited half-yearly results for the six months ended 30 June 2018.

 

Financial Highlights

·      Revenue of RMB 71.37m (£8.25m) (H1 2017: RMB 68.76m (£7.73m)), which represents a 3.8% increase over the same period last year

·      Gross profit of RMB 23.5m (£2.72m) (H1 2017: RMB 16.6m (£1.87m))

·      Net Profit of RMB 10.4m (£1.2m) (H1 2017: RMB 10.6m (£1.19m))

·      Earnings per share of RMB 0.024 (0.27p) (H1 2017 RMB 0.023 (0.26p))

 

RMB8.6551: GBP £1 used as an indicative exchange rate.   

 

Yu Weijun, Chairman, commented: "I am very pleased to report that the Company's continued revenue growth and profitability. Recent changes in domestic biofuel policy continue to drive demand for biorefinery projects in China, and we continue to see renewed interest in international biofuel and biochemical projects as the rising oil price makes them commercially viable again. The company has a current order book and work in progress of RMB 294 million (c. £34m) to be fulfilled by December 2019, and I am confident that the business outlook is for continued profitability."

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

Enquiries:

 

China New Energy Limited

www.chinanewenergy.co.uk

Richard Bennett

Tel: +44 (0)20 7148 3148 or [email protected]

 

 

Derek Cen

Tel: +86 (0)20 8705 8986 or [email protected]

 

 

Cairn Financial Advisers LLP (NOMAD)

Tel: +44 20 7213 0880

Jo Turner / Sandy Jamieson 

 

 

 

Daniel Stewart and Co (Broker)

Tel: +44 20 7776 6550

David Lawman

 

 

 

 

Chairman's Statement

 

Financial Review

 

Revenue for the first six months of the year has grown to RMB 71.37m (H1 2017: RMB 68.76m), an increase of approximately 3.8%.

 

We are pleased to report that CNE's success has continued in the first half of 2018. Again, this continues to be driven by a recent change of policy in China to increase the production of fuel ethanol, which resulted in winning and delivering a number contracts with a mix of existing and new customers, including Heilongjiang Hongzhan, Liaoyuan Jiufeng, Liaoyuan Jiufeng and Henan Mengzhou Houruan amongst others.

 

The Group's gross profit also increased in the period to RMB 23.5m (H1 2017: RMB 16.6m) which resulted in the Group keeping a net profit in the period of RMB 10.5m (H1 2017: RMB 10.6m). The gross margin has increased to 32.9% from 24.1%, which indicates a better financial performance in the H1 year.

 

Selling and distribution expenses decreased by 7% to RMB 2.9m (H1 2017: RMB 3.1m). The administrative expenses increased by 151% to RMB 6.4m (H1 2017: RMB 2.5m), this is mainly due to increased staffing and settlement of the  Tangshan Chenhong legal case. The other expenses were RMB 1.6m (H1 2017: RMB 0.68m). Finance expense increased to RMB 0.7m (H1 2017: RMB 0.4m).

 

Sales Pipeline

 

The order book and work in progress is up to RMB 294 million (c. £34m) to be fulfilled by December 2019, including a new contract win in Russia. The historic business cycle of the Company is that it normally wins business in the first half of the year and collects revenue in the second half of the year as the projects are completed. As such, management expect year end performance to be similar to 2017.

 

Products and Services

                                                       

CNE is a market leader in China, with an estimated 60% market share, at designing and building biorefineries that convert agricultural feedstock such as corn, cassava and sugarcane into ethanol. We have completed more than 200 projects in China and around the world. The Group principally provides EPC (Equipment, Procurement and Construction) services and VAS (Value Added Services) to ethanol and biochemical producers. The EPC team primarily designs and builds commercial-scale biorefineries that convert feedstock into ethanol and other biochemicals for both the biofuel, and food & beverage (alcohol) market sectors, whilst the VAS team provides services and technology to optimise the ethanol and biochemical production and energy efficiency of existing biorefineries.

 

The Group's strategy is to:

 

1) Sell engineering and construction contracts to develop biorefinery and biochemical projects. The Company is focusing on fuel, biochemical and food & beverage (alcohol) projects in China and other developed markets, and 1st generation biorefinery projects in emerging markets including Africa, Eastern Europe and Asia.

 

2) Sell VAS and maintenance services to existing and new customers. In particular, the board sees opportunities to sell energy efficiency technology to reduce operating costs for customers.

 

3) Maintain our cost leadership position in the industry through relentless focus on operational efficiency in order to support project developers competing in a (relatively) low crude oil price environment.

 

4) Commercialise 2nd generation and biochemical technologies to enable our clients to further add-value to organic feedstocks and produce a wider range of biofuel and biochemical products.

 

5) Where appropriate, explore acquiring equity interest in selected biorefinery projects. The board seeks to broaden from engineering and construction contracts where income can be uneven and develop operating businesses with consistent recurring income.

 

Business Development

 

The business development team continue to focus on both domestic and international market opportunities. The recent policy change in China that allows accumulated agricultural feedstocks to be converted to ethanol and animal feed continues to be the main driver for new domestic projects and project upgrades. Internationally, the Company won a new contract in Russia, and continues to pursue opportunities in South Asia and Sub-Saharan Africa.

 

 

Outlook

 

The rise in oil prices and increased demand for low-carbon alternative transportation fuels has renewed interest in the ethanol sector. China has committed to widening the ethanol blending mandate to include additional provinces, and lobby groups in the USA are making the case for E15 which will increase the ethanol/petrol blending ratio from 10% to 15%.

 

These macroeconomic trends are directly translating directly into orders for CNE as biofuel, beverage and biochemical companies increase production capacity to meet the forecast demand. I am confident of continued profitability and the Group's prospects in 2018 and beyond.

 

On behalf of the Board, I would like to extend my appreciation to our valued shareholders, supportive business partners and associates, insightful management and dedicated staff for all their contribution and commitment towards the Company. I would also like to thank the Board of Directors for their invaluable counsel in steering the Group through this exciting time.

 

 

 

Yu Weijun

Chairman

 

24 September 2018

Consolidated
Statement of Financial Position

 

 

Unaudited

 

Unaudited

 

Audited

Six months to 30 June

 

Six months to 30 June

 

Year to 31 December

 

 

2018

 

2017

 

2017

 

Note

RMB'000

 

RMB'000

 

RMB'000

Non-current assets

 

 

 

 

 

 

Property, plant and equipment

 

3,327

 

3,905

 

3,854

Intangible assets

 

16,759

 

14,858

 

15,814

Trade receivables

 

 

 

 

 

 

Investments in subsidiaries

 

 

 

 

 

 

 

 

20,086

 

18,763

 

19,315

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Inventories

 

10,768

 

8,527

 

18,745

Due from customers for construction contracts

 

66,434

 

52,703

 

55,866

Trade and other receivables

 

148,788

 

154,201

 

92,791

Notes receivables

 

 

 

 

 

 

Cash and cash equivalents

 

23,620

 

12,917

 

19,368

 

 

249,610

 

228,348

 

186,770

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Trade and other payables

 

142,112

 

128,923

 

96,632

Due to customers for construction contracts

 

50,700

 

88,107

 

31,055

Provision for liabilities

 

5,873

 

 

 

15,873

Income tax payable

 

12,825

 

8,797

 

12,014

Short-term borrowing

 

9,258

 

 

 

7,447

 

 

220,768

 

225,827

 

163,021

 

 

 

 

 

 

 

Net current assets/(liabilities)

 

28,842

 

2,521

 

23,749

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

Deferred tax liabilities

 

2,125

 

 

 

2,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

46,803

 

21,284

 

41,292

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Share Capital

3

1,541

 

1,541

 

1,541

Share premium

 

68,830

 

68,805

 

68,830

Combination reserve

 

(33,156)

 

(33,156)

 

(33,156)

Warrants reserve

 

 

 

 

 

 

Statutory reserve

 

12,328

 

12,328

 

12,328

Share-based payment reserve

 

528

 

 

 

528

Treasury shares

 

-4,941

 

 

 

 

Accumulated earnings/(losses)

 

(22,555)

 

(52,458)

 

(32,954)

Foreign currency translation reserve

 

24,228

 

24,224

 

24,175

 

 

46,803

 

21,284

 

41,292

 

 

 

Consolidated Statement of Comprehensive Income

 

 

 

Unaudited

 

Unaudited

 

Audited

Six months to 30 June 2018

 

Six months to 30 June 2017

 

Year to 31  December 2017

 

Note

RMB'000

 

RMB'000

 

RMB'000

 

 

 

 

 

 

 

Revenue

 

71,371

 

68,760

 

252,400

Cost of sales

 

(47,861)

 

(52,191)

 

178,802

 

 

 

 

 

 

 

Gross profit/(loss)

 

23,510

 

16,569

 

73,598

 

 

 

 

 

 

 

Other operating income

 

66

 

732

 

7,642

Selling and distribution expenses

 

(2,882)

 

(3,100)

 

(5,890)

Administrative expenses

 

(6,381)

 

(2,539)

 

(5,044)

Other operating expenses

 

(1,634)

 

(676)

 

(7,150)

Finance expenses

 

                     (682)

 

                     (403)

 

(609)

Bad debt provision(net)

 

 

 

(2)

 

(26,828)

Share-based payments

 

 

 

 

 

(528)

Other gains and losses

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss)/ Profit before income tax

 

 

 

 

 

 

11,997

 

10,581

 

35,191

Income tax expense

 

(1,597)

 

 

 

(2,981)

Deferred tax expenses

 

 

 

 

 

(2,125)

 

 

 

 

 

 

 

(Loss)/Profit for the financial period

 

10,400

 

10,581

 

30,085

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

Exchange difference

 

53

 

133

 

84

 

 

10,453

 

10,714

 

30,169

Total comprehensive income for the financial year

 

 

 

 

10,453

 

10,714

 

30,169

Total comprehensive income attributable to equity holder

 

 

 

 

 

 

 

 

 

Earnings/(loss) per share (RMB):

 

 

 

 

 

 

Basic

6

0.024

 

0.023

 

0.07

Diluted

6

0.024

 

0.023

 

0.06

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Cash flows

 

 

 

Unaudited

 

Unaudited

 

Audited

Six months to 30 June

 

Six months to 30 June

 

Year to 31 December

 

 

2018

 

2017

 

2016

 

 

RMB'000

 

RMB'000

 

RMB'000

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

Profit/(loss) before income tax

 

      10,400

 

      10,581

 

35,191

Adjustments for:

 

 

 

 

 

 

Depreciation and amortisation

 

1,013

 

1,272

 

1,846

 

Share-based payment

 

 

 

 

 

528

Loss/(gain) on disposal of property, plant and equipment

 

 

 

 

 

 

(20)

Income tax

 

1,597

 

 

 

 

Interest income

 

(56)

 

(27)

 

(57)

Finance expense

 

591

 

562

 

666

Impairment loss

 

(10,000) 

 

 

 

 

Exchange difference

 

53

 

133

 

84

Operating cash flows before movements in working capital

 

 

 

3,597

 

12,521

 

38,238

 

 

 

 

 

 

 

Decrease/(increase) in inventories

 

7,977

 

(5,089)

 

(15,307)

Construction work-in-progress

 

(10,568)

 

(16,990)

 

(19,313)

Trade and other receivables

 

(55,997)

 

(80,984)

 

(19,574)

Notes receivables

 

 

 

 

 

 

Trade and other payables

 

45,480

 

26,947

 

4,913

Decrease/(increase) in due to

customers for construction

 

 

19,645

 

 

57,892

 

 

 

 

Increase in provision

 

 

 

 

 

 

 

 

5,873

Income taxes paid

 

963

 

21

 

 

Deferred tax reversed

 

(1,749) 

 

 

 

 

Net cash from/(used in) operating activities

 

9,348

 

(5,682)

 

5,170

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

Proceeds from disposal of property, plant and equipment

29

 

 

 

 

 

Purchase of property, plant and equipment

(205)

 

1,694

(139)

(413)

Expenditure on intangible assets

 

(1,255)

 

(581)

 

(1,864)

 

Net cash from/(used in) investing activities

(1,431)               

 

(720)

           

(2,277)

 

 

 

 

 

Financing activities

 

 

 

        

 

Short-term borrowing

1,811

 

 

 

 

Shares buy-back

(4,941)

 

 

 

 

Proceeds from issuance of shares

 

 

6,000

 

6,025

Proceeds from disposal off plant &equipment

 

 

 

 

98

Interest received

56

 

 

 

57

Interest paid

 

(591)

 

(535)

 

(666)

 

 

 

 

 

 

Net cash from/(used in) financing activities

(3,665)

 

5,465

 

(5,514)

 

 

 

 

 

Net increase/(decrease) in cash and cash equivalents

4,252

 

(937)

 

   1,933

 

Cash and bank balances at beginning of period

19,368

 

13,854

 

2,654

Effect of foreign exchange rate changes in cash and bank balances

 

 

 

 

 

Cash and cash equivalents at end of period

23,620

 

12,917

 

721

 

 

 

 

Consolidated Statement of Changes in Equity

 

 

Share capital

 

Share premium

 

Combination

 

Statutory reserve

 

Treasury shares

 

Share-based payment reserve

 

Accumulated earnings/ (losses)

 

Foreign currency translation reserve

 

Total

 

 

 

RMB'000

 

RMB'000

 

RMB'000

 

RMB'000

 

 

 

 

 

RMB'000

 

RMB'000

 

RMB'000

 

Balance at 31 December 2017

 

1,441

 

62,905

 

-33,156

 

12,328

 

 

 

 

 

(63,039)

 

24,091

 

4,570

 

Profit for the period

 

-

 

-

 

-

 

-

 

-

 

528

 

30,085

 

 

 

30,613

 

Exchange difference arising on the translation

 

-

 

-

 

-

 

-

 

-

 

-

 

 

 

84

 

84

 

Transfer warrant reserve

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income for the period

 

-  

 

-  

 

-  

 

-  

 

  

 

528 

 

30,085

 

84

 

30,697

 

Issue of shares, net of share issue costs

 

100

 

5,925

 

 

 

 

 

 

 

 

 

 

 

 

 

6,025

 

Shares granted to

Cancellation of EBT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Dec. 2017

 

1,541

 

68,830

 

-33,156

 

12,328

 

 

 

528

 

(32,954)

 

24,175

 

41,292

 

Profit for the period

 

-

 

-

 

-

 

-

 

-

 

-

 

10,400

 

 

 

10,400

 

Exchange difference arising on the translation

 

-

 

-

 

-

 

-

 

-

 

-

 

 

 

53

 

53

 

Total comprehensive income for the period

 

-  

 

-  

 

-  

 

-  

 

-  

 

-  

 

10,400

 

53

 

10,453

 

Issue of warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

-  

 

Issue of shares, net of share issue costs

 

                

 

               

 

 

 

 

 

 

 

 

 

 

 

-

 

  

 

Shares buy-back

 

 

 

 

 

 

 

 

 

(4,942)

 

 

 

 

 

-

 

(4,942)  

 

Balance at 30 June 2018

 

1,541

 

68,830

 

-33,156

 

12,328

 

(4,942)

 

528

 

(22,554)

 

24,228

 

46,803

 

 

 

Notes to the Interim Financial Information - Period ended 30 June 2018

 1.         General information

           

The Group (or "CNE") with registration number 93306 was incorporated in Jersey on 2 May 2006 as an investment holding Group. The Group is domiciled in Jersey with its registered office at Queensway House, Hilgrove Street, St Helier, Jersey JE1 1ES. 

 

The principal activities of its main subsidiary, Guangdong Zhongke Tianyuan New Energy Science and Technology Co Ltd. ("ZKTY") are engaged in turnkey technology solutions to manufacturers of ethanol, edible alcohol and acetic acid from a range of bio-resources including corn, sugarcane, cassava and other bio-resources.

        

The principal place of business is located at No 4, Nengyuan Road, Wushan, Tianhe District, Guangzhou, People's Republic of China ("PRC").

 

2. Basis of preparation

 

The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union. The principal accounting policies used in preparing the interim results are those the Group expects to apply in its financial statements for the year ending 31 December 2017 and are unchanged from those disclosed in the Group's Report and Financial Statements for the year ended 31 December 2016, except for the following additional accounting policies:

 

Basis of consolidation

The Group includes the assets and liabilities of the Employee Benefit Trust ("EBT") within its Statement of Financial Position. In the event of the winding up of the Group, neither the shareholders nor the creditors would be entitled to the assets of the EBT.

 

Long-term incentive scheme charge

The fair value of the employee services received in exchange for the grant of shares or share options is recognised as an expense.

 

The total amount to be expensed over the performance period, from grant date to vesting date, is determined by reference to the fair value of the shares determined at the date the employee is deemed to be fully aware of their potential entitlement and all conditions of vesting.

 

Own shares

Company shares held by the EBT are deducted from the shareholders' funds and classified as Own Shares until such time as they vest unconditionally to participating employees and their families.

 

Treasury shares

Treasury shares are common stocks that have been repurchased by the company and held in the company's treasury. Treasury shares are not considered in paying dividends, voting, or calculating earnings per share. It may be retired or reissued. On the balance sheet, treasury shares are listed under shareholders' equity as a negative number.

 

This interim financial information has not been reviewed or audited by the Group's auditors. The comparatives for the period ended 31 December 2017 are not the Group's full statutory accounts for that period but have been extracted from those financial statements. A copy of the statutory financial statements for that period, which were prepared under IFRS, has been delivered to the Companies Registry. The auditors' report on those accounts was unqualified.

 

Whilst the financial information included in this Interim Financial information has been prepared in accordance with the recognition and measurement criteria of IFRS, it does not include sufficient information to comply with IFRS.

 

This interim report was approved by the Board of directors on 19 September 2018.

 

 

3. Ordinary shares

 

 

 

 Number of Shares

 Share Capital

 Share premium

 

 

 £ '000

 RMB '000

 £ '000

 RMB '000

As at 30 December 2016

  444,447,541

 

1,445

 

63,208

Placing on 22 March 2017

46,808,809

12

100

690

5,900

As at 30 June 2017

  491,256,350

 

1,541

 

68,805

 

Shares bought back on 2 January 2018

  46,808,809

 

 

 

 

As at 30 June 2018

  491,256,350*

 

1,541

 

68,830

 

 

*The company currently holds 46,808,809 shares in treasury.

The substantial shareholders have not changed from 30 June 2018 we outlined in the annual report. The Group has one class of ordinary shares which carry no right to fixed income.

 

 

4. Property, plant and equipment

 

 

 

Plant and machinery

Motor  Vehicles

Office   equipment

Leasehold improvements

Total

 

 

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

As at 30 June 2018

 

 

 

 

 

 

 

Cost

 

 

 

 

 

 

 

At 1 January 2018

 

3,358

8,004

903

6,247

18,512

Additions

 

205

-

 

-

205

Disposals

 

-

 

29

 

29                             

 

 

 

 

 

 

 

At 30 June 2018

 

3,563

8,004

874

6,247

18,688

 

 

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

 

At 1 January 2018

 

3,103

6,979

662

3,914

14,658

Charged for the year

 

107

418

30

148

703

Disposals

 

-

 

-

-

 

 

 

 

 

 

 

 

At 30 June 2018

 

3,210

7,397

692

4,062

15,361

 

 

Carrying amount

 

 

 

 

 

 

At 1 January 2018

 

255

1,025

241

2,333

3,854

 

 

 

 

 

 

 

At 30 June 2018

 

353

607

182

2,185

3,327

 

 

5. Intangible assets

 

 

Computer software

Patents

Technology Knowhow

Land use management

Development cost

Total

 

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

 

 

 

 

 

 

 

Cost

 

 

 

 

 

 

Balance at beginning of year

                     60

               6,936

 

               3,613

               7,729

       18,338    

Additions

                     -  

                   

                  -  

                    -  

2,642              

              2,642

Transfer

 

 

 

 

(1,387)

(1,387)

Balance at end of year

                     60

               6,936

                  -  

               3,613

               8,984

            19,593

 

 

 

 

 

 

 

Accumulated amortisation

 

 

 

 

 

 

Balance at beginning of year

                     60

                  1,542

 

                  922

                    -  

             2,524

Amortisation for the year

                      

                    (253)

                  -  

                  (57)

                 

                 (310)

Balance at end of year

                     60

                  1,795

                  -  

                  979

                  

              2,834

 

Carrying amount

 

 

 

 

 

 

 

As at 31 Dec 2017

                      

                  5,394

                  -  

               2,691

               7729

              15,814

 

 

 

 

 

 

 

As at 30 June 2018

                     

               5,141

                  -  

               2,634

               8,984

              16,759

 

 

6. Earnings per share

 

Earnings per share ("EPS") on a basic and diluted basis are as follows:

 

Earnings per share ("EPS") on a basic and diluted basis are as follows:

 

Earnings

Weighted average number of shares*

Earning per shares

Earnings

Weighted average number of shares

Earning per shares

 

Six months

Six months

Six months

Six months

Six months

Six months

 

to 30 June

to 30 June

to 30 June

to 30 June

to 30 June

to 30 June

 

2018

2018

2018

2017

2017

2017

 

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

 

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

Earnings/(loss)per share-basic

10,453

444,447,541

0.024

10,714

470,348,415

0.023

Potentially dilutive shares

-

-

-

-

-

-

Earnings/(loss)per share-diluted

10,453

444,447,541

0.024

10,714

470,348,415

0.023

 

*The weighted average number of shares takes account of 46,808,809 ordinary shares repurchased by the company during the period and held in treasury.

 

 

7. Directors' interests

 

The following Directors have held office during the period and their interests as at 30 June 2018, all of which are beneficial unless otherwise stated, whether direct or indirect, of the Directors and their families in the issued share capital of the company and options over Ordinary Shares which had been granted, are as follows:

 

Director

 

Number of Ordinary Shares

 

Percentage of Ordinary Shares

Yu Weijun

 

               90,932,440

 

18.52%

Tang Zhaoxing

 

               48,000,000

 

9.77%

Nicholas Brooks

 

405,000

 

0.082%

Richard Bennett

 

325,732

 

0.066%

 

8. Business Segment

 

A business segment is a Group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that is subject to risks and returns that are different from those of segments operating in other economic environments. 

 

The Group's revenue breakdown by geographical location is determined based on its customers' country of incorporation. The Group's cost of sales and operating expenses are aggregated on a cumulative basis and are not attributable to specific geographical regions. Therefore, a breakdown of gross profit for the financial years by geographical regions is not shown.

 

 

Geographical Segment

 Revenue

6 months ended

 

30 June 2018

 

30 June 2017

 

 

RMB'000

 

RMB'000

 

 

 

 

 

 

PRC

70,764

 

66,986

 

Thailand

378

 

93

 

Myanmar

229

 

 

 

Canada

 

 

1,681

 

 

 

 

 

 

 

 

 

 

 

 

71,371

 

68,760

 

 

 

 

 

 

 

 

 

 

The CNE Group's assets, liabilities and capital expenditure are almost entirely attributable to a single business segment of provision of technology and engineering services to ethanol, ethanol downstream product and biobutanol producers.  Therefore, the CNE Group does not have separately reportable business segments under IFRS 8 Segmental Reporting


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