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Naibu Global Intl Co (NBU)

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Thursday 13 September, 2012

Naibu Global Intl Co

Half Yearly Report

RNS Number : 1129M
Naibu Global International Co PLC
13 September 2012
 



13 September 2012

 

Naibu Global International Company Plc

 

("Naibu", "the Company" or "the Group")

 

Interim Results

 

 

Naibu, the AIM traded branded sportswear manufacturer and supplier (ticker: NBU.L), is pleased to announce its unaudited interim results for the six months ended 30 June 2012.

 

Highlights

 

•           Another half-year of strong growth and product innovation as the Naibu brand continues to attract new buyers across the younger generation in China.

 

•           Fresh demand for sportswear clothing and accessories is driving growth ahead of traditional sales of footwear.

 

•           Plans are well in hand for new Group-owned production facility in Western or Central China, close to exciting, untapped markets.

 

Financial highlights

Group sales revenues RMB 0.8 billion +16.6%

Pre-tax profit RMB 185.0 million +19.3%

Group total assets RMB 1.0 billion +11.3%

 

For further information please contact:

 

Naibu Global International Company Plc

Kenny Law, Chief Financial Officer

Tel: +86 591 8820 5517/ +86 150 5948 7576/ +65 91060910

 

Daniel Stewart & Company plc

(Nominated Adviser & Broker)

Paul Shackleton / Jamie Barklem / Martin Lampshire

Tel: +44 (0) 207 776 6550

 

 

 

Notes to Editors

 

The Company was incorporated in Jersey on 15 December 2011 and was admitted to trading on AIM in April 2012.

 

The Naibu business was established by its founder, Huoyan Lin, in 2005, and is headquartered in Fuzhou, the capital city of Fujian Province, China. It has now become China's 10th largest sportswear brand, with manufacturing and design facilities, a wide distribution network and an extensive chain of branded Naibu outlets.

 

Nearly 2,940 Naibu stores can be found in cities across 21 of China's provinces and three of its municipalities, and the Company is planning an expansion programme to take it into new provinces in the near future. Focused vision and solid commitment to growth meant that by 2008 the Naibu brand was named in the independently-compiled World Brand Lab Top 500 Most Valuable Chinese Brands survey, and during 2011 the Company was identified by the consulting group Frost & Sullivan as China's 10th largest sportswear brand. Today, the Group is strongly entrenched in the Chinese sportswear market, with sales during the six months period to 30 June 2012 rising to approximately RMB 0.8 billion up 16.6% from RMB 0.7 billion during the same period for 2011.

 

Chairman's statement

 

I am pleased to report to shareholders of the Company that the steady growth shown by its financial results has laid a solid foundation for achieving the Group's business objectives in 2012.

 

Operational review

 

The Group's half-year sales achieved a year-on-year increase of 16.6% to reach a record RMB 789.0 million (approximately GBP 79.0 million). Pre-tax earnings for the same period showed a year-on-year increase of more than 19.3%, rising to RMB185.0 million (approximately GBP 18.5 million).

As China's 10th largest sportswear brand, the Group's AIM admission has further enhanced brand awareness, while strengthening the Group's position within China's sports consumer goods market.

The Group's primary target market is second and third tier cities in China where, through urbanisation, the disposable income of young consumers is on the increase. Our strategy is to use the growing awareness of the Naibu brand to further expand market share in our target market. The Group's interim results reflect the growing recognition of our brand within that target market.

 

As previously announced, the Group is currently on track with its plans to build an additional shoe production facility in Western or Central China, as foreshadowed in our Annual Report for the year ended 31 December 2011 and we expect to make a final decision during the current year.

Product range and sales

 

In 2012 H1, the Group continued to design, manufacture and supply Naibu branded sports shoes, and to design and supply Naibu branded clothing and sports accessories. During the period, the Group offered over 400 Naibu-branded products, ranging from tennis shoes and sports socks to rucksacks, basketballs and tennis rackets. The sales and marketing of these products is targeted at mass-market buyers, in particular consumers between the ages of 12 and 35, across three separate product lines under the "Vital Campus ","Urban Business Travel" and "Holiday Leisure" brands. The proportion of sales across the Vital Campus series decreased slightly to account for around 87.0% of the Group's sales (down from 90.0% in 2011 H1), while sales of the other two product lines increased to around 13.0% (2011 H1: 10.0%).

 

During the first half of 2012, the sale of shoes accounted for approximately 51.9% of the Group's revenues (2011 H1: 52.5%), clothing accounted for 46.0% (2011 H1: 45.7%), and sales of accessories made up the balance.

Shoes continued to account for the majority of the Group's sales, with first half-year sales of RMB410.0 million, accounting for 51.9% of the Group's total sales. The sale of shoes increased by 15.5% compared to the same period last year, which is slightly lower than the overall increase in sales of 16.6%. This sales growth is attributable to increases in both sales volume and unit selling price. In fact, unit price increases in shoes contributed about two-thirds of the sales growth for shoes sales.

 

The growth in sales of clothing and accessories was also significant. Sales in the first half of the year was RMB 379.1 million, accounting for 48.1% of the Group's total sales. The sales growth of accessories such as rucksacks, caps, socks and balls has been very significant with a revenue increase of RMB 3.7 million, representing a 30.1% increase compared to the same period last year. Most of the growth stemmed from increases in unit prices. The contribution from price increases for clothing sales accounts for more than one-third of the growth. Overall clothing sales has reached RMB 363.0 million, representing an increase of 17.4% compared to the same period in the previous year.

The sales increase in clothing and accessories were mainly attributable to the efforts made by Naibu branded stores. The Group, for many years, has provided training to Naibu branded stores on how to constantly improve their services, to exhibit different series of accessories and to provide rigorous training to high-quality in-stores sales teams. Consequently, when customers are in Naibu stores and are looking at our footwear, the sales teams are trained to encourage them to consider also our clothing and accessory ranges and vice versa.

 

In summary, the sales growth of 2012 H1 mirrored the pattern of 2011 H1, with growth in both unit quantity and selling price. The Group has made significant progress in terms of brand positioning, product design and marketing.

 

The Group also successfully expanded its sales network, with the five major distributors between them achieving a sales increase of nearly 17.0% over the same period last year.

 

By doing so, the Naibu brand has been further enhanced, while on the other hand, in those regions where the Group has yet to fully establish a sales network, we are now well-positioned to strengthen local resources and open new outlets. These areas are gradually catching up with and even surpassing the sales growth rate of the Group's developed markets.

During 2012 H1, the Group maintained relationships with 25 distributors, while the number of Naibu stores increased to 2,939. Through investment in television and other media advertising, Naibu branded products have gained popularity and captured market share, which in turn has enhanced the enthusiasm of our distributors to expand their scale of operations. There were 69 new stores opened by distributors and sub-distributors during 2012 H1.

 

Research and development

 

The Group continued to maintain a strong R&D team of around 93 staff at its Shishi factory, responsible for the design of all shoes and clothings, and are overseen by me personally. The R&D team comprises three divisions respectively covering product design, product development and technology development. It creates two season collections each year ("Spring and Summer" and " Autumn and Winter "). We successfully launched a number of new designs in the 2012 seasonal fairs. Naibu's distributors remained crucial to the R&D process during the year, providing market feedback and views on forward sales potential. The department plans to launch over 400 new Naibu products this year almost 90 more types than last year. Clothing will account for nearly 50.0% of the expanded product lines.

 

Manufacturing

 

The Group continues to rent two purpose-built production facilities in Jinjiang and Shishi, both in Fujian Province, operating a total of eight shoe production lines - four at each plant. Both plants functioned smoothly throughout the period, and maintained a strong momentum of growth in order to meet strong demand for the Group's products. This was achieved through the optimisation of production support systems, the improvement of equipment, enhanced production efficiencies, and an increased number of workers on the production lines. During 2012 H1, the Group employed 1,962 production staff, maintaining both the 2011 H1 level and a low staff turnover rate. Output from the manufacturing plant, where workers are engaged in stamping, sewing, stitching and moulding, accounted for approximately 72.0% of shoes produced by the Group during the year. The remaining 28.0% was sourced from OEM suppliers.

 

Sales and distribution

 

The Group continued to operate its Marketing and Sales Centre in Fuzhou, with 70 staff responsible for product sales. There are six regional sales managers responsible for individual geographic areas across Naibu's established sales network, communicating regularly with key customers and monitoring consumer trends and competitor performance. In 2012, Northern China, Eastern China and Southern China remained the main markets for Naibu. Total revenues from these three regions in 2012 H1 and 2011 H1 accounted for 67.4% and 67.2% respectively of Group sales. However, those regions whose sales are lagging - the central and northwestern parts of China - will in the near future become the focus of the Group's sales initiatives.


To protect the Naibu brand image and maintain high standards of service quality, the Group continued providing retail distributors with guidance on how products should best be presented. New store locations continued to be selected jointly by distributors and the Group, and are based on market research, estimated costs and local sales potential.

 

Over the past six months, thanks to the joint efforts of the Group, its distributors and sub-distributors, sales from Naibu stores have increased significantly. Sales at Naibu stores during 2012 H1 reached a record of close to RMB10,000 per square metre, up 7.8% from 2011 H1. This shift has paved the way for further widening of the sales base, particularly in regions such as Central China and South Western China.

 

Marketing

 

Naibu continued to invest in brand marketing and promotional work during 2012 H1. As described above, this was supported by"front-line" information on consumer and competitor trends supplied by the Group's team of regional sales managers.


In 2012 H1, to commemorate the Group's admission to AIM, the Group's R&D team launched five new styles of footwear inspired by British design. Though production levels are still relatively low, the new products have been well received by Naibu's customers. In addition to increasing sales and enhancing Naibu's brand image, these products will help create favorable conditions for the future internationalisation of Naibu's brand.

 

Management and staff

 

As at 30 June 2012, Naibu employed 2,300 staff, which is the same as last year at 30 June 2011. Of these, approximately 2,000, were employed at the Group's production facilities in Jinjiang and Shishi, and the rest at the Group's headquarters in Fuzhou. Staff turnover remained low, in large part reflecting relatively high salary levels and progressive working conditions.

 

I would like to thank all of the Group`s directors and staff members for their hard work and support. Their efforts are a key reason for our ongoing success.

 

I have no doubt that Naibu is well positioned to continue with further strong growth through the remainder of 2012 and beyond, and to deliver further value as the Group continues with its expansion into more Chinese cities and provinces.

 

Huoyan Lin

Executive Chairman

13 September 2012 

 

 

 

 

 

Financial review

 

Unaudited condensed consolidated statement of comprehensive income

For the six month period ended 30 June 2012

 

 


Notes

Six months

ended

30 June 2012

Six months

ended

30 June 2011

Year

ended

31 December

2011





Proforma

Proforma




Unaudited

Unaudited

Audited




RMB'000

RMB'000

RMB'000







Revenue



 

788,741

 

676,315

 

1,491,645

Cost of sales



 

(561,155)

 

(488,862)

 

(1,070,100)

Gross profit



 

227,586

 

187,453

 

421,545

Other income



 

525

 

234

 

825

Selling and distribution expenses



 

(29,187)

 

(25,217)

 

(58,858)

Administrative expenses



 

(13,991)

 

(7,458)

 

(18,311)

Profit before taxation



 

184,933

 

155,012

 

345,201







Income tax expense


4

 

(49,325)

 

(49,351)

 

(61,933)







Profit after taxation for the period attributable to equity holders



 

135,608

 

105,661

 

283,268

Other comprehensive income, net of tax






- Exchange differences on translating foreign operations



(1,441)

-

-

Total comprehensive income for the year attributable to equity holders of the parent



134,167

 

105,661

283,268













Earnings per share (RMB):


5




Basic



 

2.71

 

2.11

 

5.42

Diluted



 

2.71

 

2.11

 

5.42

 

 

 

 

 



Unaudited consolidated statement of financial position

As at 30 June 2012

 


 

 

 

 

Notes

As at

30 June

2012

As at

30 June

2011

As at

31 December

2011




Proforma

Proforma



Unaudited

Unaudited

Audited



RMB'000

RMB'000

RMB'000

Assets





Non-current assets





Property, plant and equipment


 

11,850

 

14,438

 

13,150



 

11,850

 

14,438

 

13,150

Current assets





Inventories


 

80,560

 

63,314

 

78,974

Trade and other receivables


 

568,838

 

478,346

 

519,858

Cash and cash equivalents


 

338,966

 

103,275

 

286,801



 

988,364

 

644,935

 

885,633

Total assets


 

1,000,214

 

659,373

 

898,783

 


 

Equity and liabilities

 

 



Current liabilities

 

 



Trade payables

 

89,193

87,906

182,339

Other payables and accruals

 

35,514

33,754

34,397

Amount due to shareholders

 

854

19

19

Income tax payable

 

26,945

22,407

24,491

 

 




 

152,506

 

144,086

 

241,246 

 

 

 

 

 




Non-current liabilities

Deferred tax

 

 

7,068

 

40,724

5,367

 

Total liabilities

 

 

159,574

 

184,810

 

246,613

Capital and reserves

 

 

 

 

Stated capital account

6

54,314

-

-

Reserves

 

120,987

96,445

122,439

Retained earnings

 

665,339

378,118

529,731

Total equity attributable to equity holders of the parent

 

840,640

474,563

652,170

 

 

 

 

 

Total equity and liabilities

 

1,000,214

659,373

898,783

 



Unaudited condensed statement of cash flows

For the six month period ended30 June 2012

 


Six months

ended

30 June 2012

Six months

ended

30 June 2011

Year

ended

31 December 2011



Proforma

Proforma


Unaudited

Unaudited

Audited


RMB'000

RMB'000

RMB'000

Cash flows from operating activities








Profit for the period

184,933

155,012

345,201





Adjustments for:




Depreciation of property, plant and equipment

1,300

1,361

2,669

Interest income

(525)

(234)

(535)





Operating profit before working capital changes:

185,708

156,139

347,335

Changes in working capital




Increase in inventories

(1,586)

(29,312)

(44,972)

Increase in trade and other receivables

(48,980)

(146,713)

(188,226)

Increase/ (decrease) in trade payables

(93,147)

7,698

102,132

 Increase in accruals and other payables

1,117

4,070

4,713

Cash generated from/ (used in) operating activities

43,112

(8,118)

220,982

 Interest received

525

234

535

 Income tax paid

(46,621)

(22,470)

(68,325)

Net cash (used in)/ generated from operating activities

 

(2,984)

 

(30,354)

 

153,192





Cash flows from investing activities




Acquisition of property, plant and equipment

-

-

(20)





Net cash used in investing activities

-

-

(20)





Cash flows from financing activities




Advances from shareholders

835

19

19

Share issue proceeds

54,314

-

-

Net cash from financing activities

55,149

19

19





Net increase in cash and cash equivalents

52,165

(30,335)

153,191





Cash and cash equivalents at the beginning of the period

 

286,801

 

133,610

 

133,610





 

Cash and cash equivalents at the end of the period

338,966

 

103,275

286,801






Unaudited condensed consolidated statement of changes in equity

For the six month period ended30 June 2012

 


Stated capital account

Statutory reserve

Retained earnings

Reconstruction reserve

Foreign

currency

translation

reserve


Total equity attributable to

equity holders

of the parent

Proforma

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000








Balance at 1 January 2012

-

88,835

529,731

31,426

2,178

652,170

 

 







 

54,314

 

-

 

-

 

(11)

 

-

 

54,303








Profit for the period

-

-

135,608

-

-

135,608

 

Other comprehensive income:







Exchange differences on translation of foreign operations

-

-

-

-

(1,441)

(1,441)

Total comprehensive income for the period

     -       

    -

135,608

-

(1,441)

134,167








Balance at 30 June 2012

54,314

88,835

665,339

31,415

737

840,640


Stated capital account

Statutory reserve

Retained earnings

Reconstruction reserve

Foreign

currency

translation

reserve


Total equity attributable to

equity holders

of the parent

Proforma - Unaudited

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000








Balance at 1 January 2011

 

-

 

62,841

 

272,457

 

31,426

 

2,178

 

368,902      

Profit for the period

-

-

105,661

-

-

  105,661

 

Other comprehensive income:







Exchange differences on translation of foreign operations

 

-

 

-

 

-

 

-

 

-

 

-

Total comprehensive income for the period

 

-

 

-

 

105,661

 

-

 

-

 

105,661








 

Balance at 30 June 2011

-

62,841

378,118

31,426

2,178

474,563


Notes to the financial information

 

1.

General information

 

The Company was incorporated in Jersey, the Channel Islands, on 15 December 2011. The Company's registered office is at Ogier House, The Esplanade, St. Helier, Jersey JE4 9WG, Channel Islands. The nature of the Company's operations and its principal activities are to act as the holding company of a group engaged in the design, manufacture and supply of Naibu branded sports shoes and the design and supply of Naibu branded clothing and accessories.

 

 

2.

Basis of preparation

 

The financial information for the six months ended 30 June 2012 set out in this interim financial information is unaudited and does not constitute statutory financial statements.  

 

The financial information for the year ended 31 December 2011 set out in this interim financial information does not comprise the Group's statutory financial statements. They have been prepared by consolidating the Company and the consolidated financial statements of Naibu HK Investment International Ltd, the subsidiary of the Company, which were both prepared under IFRS and IFRIC interpretations as adopted by the European Union. Both the Company only and the consolidated financial statements of Naibu HK Investment International Ltd have been audited for the period ended 31 December 2011, both audit reports were unqualified. On this basis, the consolidated results of the Company for the year ended 31 December 2011 have been described as audited.

 

The directors do not propose a dividend for the period.

 

The directors approved the interim financial information for the six months ended 30 June 2012 on 12 September 2012.

 

Copies of this interim financial information will be available on the Company's website:

 

The interim financial information has been prepared in accordance with IAS 34 "Interim financial reporting" as adopted by the European Union. The standards have been applied consistently (except as otherwise stated).

 

The principal accounting policies used in preparing the interim results are those the Group expect to apply in its financial statements for the year ending 31 December 2012 and are unchanged from those disclosed in the financial statements of Naibu HK Investment International Ltd except for the following additional accounting policies:

 

"The company was incorporated on 15 December 2011 and entered into an agreement to acquire the entire issued and to be issued share capital of Naibu HK Investment International Ltd on 13 February 2012. The acquisition was effected by way of issue of shares.

 

In determining the appropriate accounting treatment for this transaction, the Directors considered IFRS 3 "Business Combinations" (Revised 2008). However, they concluded that this transaction fell outside the scope of IFRS 3 (revised 2008) since the transaction described above represents a combination of entities under common control.

 

In accordance with IAS 8 "Accounting Policies, changes in accounting estimates and errors", in developing an appropriate accounting policy, the Directors have considered the pronouncements of other standard setting bodies and specifically looked to accounting principles generally accepted in the United Kingdom ("UK GAAP") for guidance (FRS 6 - Acquisitions and mergers) which does not conflict with IFRS and reflects the economic substance of the transaction.

 

Under UK GAAP, the assets and liabilities of both entities are recorded at book value, not fair value (although adjustments are made to achieve uniform accounting policies), intangible assets and contingent liabilities are recognised only to the extent that they were recognised by the legal acquire in accordance within applicable IFRS, no goodwill is recognised, any expenses of the combination are written off immediately to the income statement and comparative amounts, if applicable, are restated as if the combination had taken place at the beginning of the earliest accounting period presented.

 

Therefore, although the Group reconstruction did not become unconditional until 13 February 2012, these consolidated financial statements are presented as if the Group structure has always been in place, including the activity from incorporation of the group's principal subsidiary. Both entities had the same management as well as majority shareholders.

 

Furthermore, as the Company was incorporated on 15 December 2011, while the enlarged group had been trading for years previously, the statement of comprehensive income and consolidated statement of changes in equity and consolidated cash flow statements are proforma. On this basis, the Directors have decided that it is appropriate to reflect the combination using merger accounting principles as a group reconstruction under FRS 6 - Acquisitions and mergers in order to give a true and fair view. No fair value adjustments have been made as a result of the combination."

 

 

3.

Segmental reporting

 

The Group has adopted IFRS 8, Operating Segments for the June 2012 interim reporting. IFRS 8 requires that segments represent the level at which financial information is reported to the Board of directors ("The Board") of the Group, being the chief operating decision maker as defined in IFRS 8. The Board consists of the Chairman, the Chief Executive Officer, the Chief Financial Officer and the independent director. The Board determines the operating segments based on reports reviewed and used by the Board for strategic decision-making and resource allocation.

 

Segment information is presented in respect of the Group's geographical and operating segments. The Group's operating segments are as follows:

 

(i)         Shoes

(ii)         Apparel and accessories

 

 


Six months

ended

Six months

ended

Year

ended


30 June 2012

30 June 2011

31 December 2011


RMB'000

RMB'000

RMB'000





(i)                         

 

    409,630

 

354,758 

 

829,546

(ii)                          

379,111

321,557

662,099










788,741

676,315

1,491,645

 

 

  

 

 

         Operating Segments - Six months ended 30 June 2012

 







Shoes

Apparel and accessories

Head office

and other adjustments

Consolidated


RMB'000

RMB'000

RMB'000

RMB'000






Revenue

409,630 

379,111

-

788,741

Gross profit

103,967

123,619

-

227,586

Profits before taxation

94,038

90,895

-

184,933

Taxation

25,082

24,243

-

49,325

Net profits after tax

68,956

66,652

-

135,608

Segment assets

370,243

290,905

339,066

1,000,214

Segment liabilities

91,335

56,361

4,810

152,506

Finance income

294

231

-

525

Finance costs





Depreciation and amortisation

1,188

112

-

1,300

Capital expenditure

-

-

-

-

        

 

 

 

 

 

Operating Segments - Six months ended 30 June 2011

 







Shoes

Apparel and accessories

Head office

and other adjustments

Consolidated


RMB'000

RMB'000

RMB'000

RMB'000






Revenue            

354,758

321,557

-

676,315

Gross profit

93,166

94,287

-

187,453

Profits before taxation

76,044

78,978

(11)

155,011

Taxation

24,210

25,141

-

49,351

Net profits after tax

51,834

53,826

-

105,660

Segment assets

301,065

255,033

103,275

659,373

Segment liabilities

84,156

55,955

3,975

144,086

Finance income

123

111

-

234

Finance costs





Depreciation and amortisation

1,093

268

-

1,361

Capital expenditure

-

-

-

-

 

 

         Operating Segments - Year ended 31 December 2011

 







Shoes

Apparel and accessories

Head office

and other adjustments

Consolidated


RMB'000

RMB'000

RMB'000

RMB'000






Revenue

829,546

662,099

-

1,491,645

Gross profit

226,027

195,518

-

421,545

Profit before taxation

182,662

164,121

(1,582)

345,201

Taxation

32,772

29,445

(284)

61,933

Net profit after tax

149,890

134,676

(1,298)

283,268

Segment assets

357,807

254,075

286,901

898,783

Segment liabilities

151,089

86,182

3,975

241,246

Finance income

297

238

-

535

Finance costs





Depreciation and amortisation

2,440

229

-

2,669

Capital expenditure

20

-

-

20

 

 

4.

Taxation

 

The taxation charge for the six months ended 30 June 2012 has been based on the estimated effective rate of 25%.

 

5.

Earnings per share

 

         For the six months ended 30 June 2011 and the year ended 31 December 2011, a proforma earnings per share has been included based on the relevant number of shares in the new parent company, Naibu Global International Company plc, following the Group reorganisation (whereby the Company acquired the whole of the issued share capital of Naibu HK Investment International Ltd) but prior to the issue of shares to raise new funds at the time of the AIM listing.

 

 

  

 

(a) Basic

 

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period:

 


Six months

ended

Six months

ended

Year

ended


30 June 2012

30 June 2011

31 December 2011


RMB'000

RMB'000

RMB'000



Proforma

Proforma

Profits attributable to equity holders of the Company (RMB'000)

 135,608

105,661

283,268

Weighted average number of ordinary shares in issue ('000)

 

 

52,299

 

 

50,000

 

 

50,000





Profit per share (RMB)

2.71

2.11

5.42

  

 

 

 

(b) Diluted

 

Diluted earnings per share is calculated by adjusting the weighted number of ordinary shares in issue to assume conversion of all potential dilutive ordinary shares during the period.

 


Six months

ended

Six months

ended

Year

ended


30 June 2012

30 June 2011

31 December 2011


RMB'000

RMB'000

RMB'000



Proforma

Proforma

Profit attributable to equity holders of the Company (RMB'000)

 135,608

105,661

283,268

Weighted average number of ordinary shares in issue ('000)

 

 

52,299

 

 

50,000

 

 

50,000





Profit per share (RMB)

2.71

2.11

5.42

 

  

 

6.

Stated capital account

 

Ordinary shares of no par value

 






Issued and fully paid

Six months ended 30 June 2012








As at 1 January 2012

Number

RMB'000








Issue of shares on incorporation

2

-








Share issue (9 February 2012)

990,000

801








Share issue (13 February 2012)

9,998

8








Share split (27 February 2012)

49,000,000

-








Shares issued on admission to trading on AIM, net of issue costs

4,838,716

53,505








As at 30 June 2012

54,838,716

54,314








 

On incorporation, the company issued 2 Ordinary shares of no par value. 

 

On 8 February 2012, the Company issued 990,000 Ordinary share of no par value.

 

On 13 February 2012, the Company issued 9,998 Ordinary shares of no par value.

 

On 27 February 2012, the Company subdivided each issued Ordinary share of no par value into 50 Ordinary shares of no par value at HKD0.02 per share.     

 

The admission of the enlarged Share Capital to trading was effective on 5 April 2012 with a placing of 4,838,716 Ordinary shares of no par value at 124 pence per share (RMB 60,131,478).  The share issue costs associated with this transaction of RMB 6,626,818 (GBP 661,234) have been deducted from the Company's stated capital.     

 

Under the Memorandum of Association, the Company is authorised to issue an unlimited number of Ordinary shares of no par value. 

 

 

 

 

- Ends -


This information is provided by RNS
The company news service from the London Stock Exchange
 
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