TIDMACE
RNS Number : 6402A
Auhua Clean Energy Plc
30 September 2015
AUHUA CLEAN ENERGY PLC
(the "Company", "Auhua" or the "Group")
INTERIM RESULTS
30 September 2015: Auhua Clean Energy plc (AIM: ACE), the AIM
quoted environmental technology group based in the Shandong
Province of Eastern China today announces its unaudited results for
the six months ended 30 June 2015.
Highlights
-- Revenue remained stable at RMB 112.8 million: GBP 12.1
million (30 June 2014: RMB 116.2 million: GBP 11.1 million).
-- Strong focus on selling to property developers resulted in a
2.3% increase in number of units sold to 37,356 (30 June 2014:
36,500).
-- Order book increased by 67% to RMB 133.5 million as at 30
June 2015: GBP 13.9 million (30 June 2014: RMB 80.0 million: GBP
7.6 million).
-- Gross profit remained stable at RMB 49.1 million: GBP 5.3
million (30 June 2014: RMB 50.9 million: GBP 4.8 million) as did
gross margins at 44% (30 June 2014: 44%).
-- Net profit before tax remained stable at RMB 24.8 million:
GBP 2.6 million (30 June 2014: RMB 25.6 million: GBP 2.4
million).
-- Net assets increased by 21% to RMB 286.3 million: GBP 29.7
million (30 June 2014: RMB 236.8 million: GBP 22.6 million).
-- Cash balances dipped to RMB 36.9 million at 30 June 2014: GBP
3.8 million (30 June 2014: RMB 45.5 million: GBP 4.3 million).
-- Earnings per share at the half year of RMB 0.18: GBP 0.02 (30 June 2014: RMB 0.21: GBP 0.02).
-- Successful fund raise with gross proceeds of GBP 1.72 million in June 2015.
-- Post-period event:
- Investment of USD 700,000 secured for Taiwan Ziolar, resulting
in the cessation of Taiwan Ziolar as a wholly-owned subsidiary of
the Group.
Outlook
-- China property decline appears to be bottoming out but outlook remains challenging.
-- Strong order book and a steady balance sheet, supported by
proven technical capabilities and an established brand reputation
will enable the Group to continue to maintain good revenues and
profits.
David Sumner, non-executive Chairman of Auhua, said, "I am
pleased to report a solid set of results for the six months ended
30 June 2015. In spite of a bearish property sector in China, we
have continued to maintain strong revenues and excellent
margins.
The Shandong province, where Auhua operates, is the leader in
China's solar thermal initiatives and Auhua's products are
currently the only five star rated split-unit solar water heaters.
This gives us a competitive advantage and our strategic focus
remains to continue investing in research and development to ensure
we remain on the cutting-edge of solar thermal technological
innovation."
* All RMB amounts translated using an exchange rate:
RMB 1 : GBP 0.10376 (as at 30 June 2015)
RMB 1 : GBP 0.09527 (as at 30 June 2014)
Further information
Auhua Clean Energy David Sumner Non-executive +971 555 923198
plc Chairman davidjsumner@auhuacleanenergy.com
-------------------------- ---------------------------- -----------------------------------
Philip Secrett /
Grant Thornton UK Maureen Tai / Jamie
LLP (Nominated Adviser) Barklem +44 (0)20 7383 5100
-------------------------- ---------------------------- -----------------------------------
WH Ireland Tim Feather/ Mark
(Broker) Leonard +44 (0)20 7220 1666
-------------------------- ---------------------------- -----------------------------------
Notes to Editors:
About Auhua Clean Energy
Auhua Clean Energy is an environmental technology group based in
the Shandong Province of Eastern China specialising in the
development and application of green energy and energy efficient
solar water heating solutions. In particular, the Group is focused
on the manufacture and sale of split-unit solar water heating
systems.
Auhua Clean Energy operates through its wholly owned
subsidiaries Shandong Auhua New Energy Co., Ltd and Weihua Auhua
New Energy Co., Ltd., of which Auhua Holdings Pte Ltd is the
intermediate holding company.
Chairman's Statement
Business Review
On behalf of the Board of Directors, I am pleased to present the
unaudited accounts for the Group for the six month period ended 30
June 2015.
The Group has maintained a strong level of sales over the
previous 6 months despite the economic downturn in China, with
revenue remaining stable at RMB 112.8 million: GBP 12.1 million (30
June 2014: RMB 116.2 million: GBP 11.1 million).
Gross profits also remained stable at RMB 49.1 million: GBP 5.2
million (30 June 2014: RMB 50.9 million: GBP 4.8 million) as did
gross margins of 44% (30 June 2014: 44%), despite the Group
targeting larger property developers in China who are often more
price sensitive. Net profit after tax was RMB 17.0 million: GBP 1.8
million (30 June 2014: RMB 17.4 million: GBP 1.7 million).
Financial Performance
Gross profit remained stable at RMB 49.1 million: GBP 5.2
million (30 June 2014: RMB 50.9 million: GBP 4.8 million) as did
gross margins of 44% (30 June 2014: 44%) despite the Group offering
discounted prices to secure projects with larger property
developers who were also rolling out large scale low cost
housing.
Administrative expenses fell during the period by RMB 0.8
million (GBP 0.1 million) to RMB 12.2 million (GBP 1.3 million),
whilst profit before tax remained steady at RMB 24.8 million: GBP
2.6 million (30 June 2014: RMB 25.6 million: GBP 2.4 million)
The Group's trade receivables increased to RMB 120.8 million:
GBP 12.5 million (H1 2014: RMB 84.5 million: GBP 8.1 million) due
to the tight domestic debt markets affecting our customers. In
shifting our focus to the larger property developers, we have
provided some of our larger clients with longer credit terms. Some
of our customers have also slowed down their property roll-out
plans and have requested longer installation periods and
commissioning phases, thereby affecting the collection period. As a
result, our debtor days increased from 129 days for FY 2014 to 191
days for H1 2015 (131 days for H1 2014) with 35% of debtors being
less than 180 days. Overall, trade receivables represent 107% of
our H1 2015 turnover (H1 2014: 72%).
90 - 180
Total < 90 days days >180 days
------------------------- ------------- ---------------- --------- ----------
H12015 (RMB ' million) 120.8 10.8 31.0 79.0
------------------------- ------------- ---------------- --------- ----------
100% 9% 26% 65%
------------------------- ------------- ---------------- --------- ----------
FY2014 (RMB ' million) 90.7 44.8 15.3 30.6
------------------------- ------------- ---------------- --------- ----------
100% 49% 17% 34%
------------------------- ------------- ---------------- --------- ----------
Inventory levels increased to RMB 11.1 million: GBP 1.1 million
(FY 2014: RMB 7.0 million: GBP 0.7 million) and due to these
relatively low levels we do not hedge against raw material price
fluctuations. Inventory was kept low despite the increase in
activity due to the increase in trade receivables and the Group's
prudent cash management policy.
As such, the Group maintained a strong financial position with a
balance sheet debt ratio of 22.1%. Cash and cash equivalents held
at 30 June 2015 were RMB 36.9 million: GBP 3.8 million compared to
RMB 45.5 million: GBP 4.3 million at 30 June 2014.
Currently, the Group has a combined capacity of an estimated
90,000 units per annum but has the potential to increase production
capacity by a further 60,000 units in the factory in Weihai
city.
China Property Market
The Chinese property market appears to be bottoming out. Prices
of new homes in 288 cities rose by an average of 0.07 per cent in
August 2015 from a year earlier, the first year-on-year rise since
November 2014 (according to a recent poll by the property services
firm, China Real Estate Information Corporation (CRIC). Many cities
in China have started to loosen the property restrictions imposed
over the last year.
The relaxing of property restrictions is still expected to have
a muted response due to China's GDP slowing down and its PMI
dropping to 47, its lowest since 2009. As such, the Company has
seen many of its contracts delayed and its order book increase by
over 50%.
Taiwan Ziolar
In September 2015, Taiwan Ziolar secured further investment from
an independent investor. The Company's ownership has been
significantly diluted as a result of the investment and Taiwan
Ziolar is now an affiliate of the Company. The Group has negotiated
an arrangement with Taiwan Ziolar and its new majority shareholders
such that the Group will benefit from the use of the intellectual
property if Taiwan Ziolar is successful in the development of its
technologies in the future. The Group has not made any provisions
for its Taiwan Ziolar investment for 1H 2015 but will review its
investment value for the full financial year ending 31 December
2015.
Outlook
Despite the challenges of the Chinese property market, the
Company continues to maintain its sales. Attempts to enter into the
UAE solar water heating market have progressed well but securing
firm orders has taken longer than anticipated. In time, the Group
expects the Chinese market to improve and for its investment in the
UAE to be realised, however this is not expected to take place
during 2015.
Nevertheless, the Directors remain confident of the Group's
prospects as it continues to have good revenues, a strong order
book and a sound balance sheet, supported by proven technical
capabilities and an established brand reputation in China.
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:03 ET (06:03 GMT)
David Sumner
Non-executive Chairman
Auhua Clean Energy Plc
Unaudited Consolidated Statement of Comprehensive Income
For the six month period ended 30 June 2015
Six months Six months 30
30 June 2014 Year ended
June 2015 Unaudited 31 December
Unaudited 2014
Audited
RMB'000
Notes RMB'000 RMB'000
Turnover 2 112,778 116,172 248,865
Cost of sales (63,692) (65,303) (152,794)
=============== ================ ==============
Gross pro t 49,086 50,869 96,071
Distribution and selling
expenses (11,731) (11,712) (19,516)
Administrative expenses (12,166) (12,950) (27,206)
=============== ================ ==============
Pro t from operations 23,897 26,207 49,349
Other income - - 34
Finance costs (413) (636) (1,145)
Unrealised foreign exchange
(loss)/gain 7 (15) (20)
=============== ================ ==============
Pro t before tax 24,783 25,556 48,218
Income tax expense 3 (7,787) (8,140) (15,688)
=============== ================ ==============
Profit for the period, attributable
to equity holders of the
parent 16,996 17,416 32,530
=============== ================ ==============
Other comprehensive income
* Exchange differences on translating foreign
operations 652 (195) 580
Total comprehensive income,
net of tax, attributable
to equity holders of the
parent 17,648 17,221 33,110
Earnings per share (RMB)
from continuing operations:
=============== ================ ==============
Basic and diluted 9 0.18 0.21 0.37
=============== ================ ==============
Unaudited Consolidated Statement of Changes in Equity
For the six month period ended 30 June 2015
Foreign
currency Share based
Stated Retained Capital translation payment
capital profits reserve reserve reserve Total equity
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
At 1 January 2014 25,239 163,070 2,100 1,090 257 191,756
Comprehensive
income
Profit for the
period - 17,416 - - - 17,416
Other comprehensive
income
Foreign currency
translation differences - - - (195) - (195)
--------- --------- --------- ------------- ------------ -------------
Total comprehensive
income - 17,416 - (195) - 17,221
Transaction with
owners 27,777 - - - - 27,777
At 30 June 2014 53,016 180,486 2,100 895 257 236,754
========= ========= ========= ============= ============ =============
At 1 January 2015 53,016 195,600 2,100 1,670 257 252,643
Comprehensive
income
Profit for the
period - 16,996 - - - 16,996
Other comprehensive
income
Foreign currency
translation differences - - - 652 - 652
--------- --------- --------- ------------- ------------ -------------
Total comprehensive
income - 16,996 - 652 - 17,648
Transaction with
owners 16,018 - - - - 16,018
At 30 June 2015 69,034 212,596 2,100 2,322 257 286,310
========= ========= ========= ============= ============ =============
Consolidated Statement of Financial Position
As at 30 June 2015
As at As at As at
30 June 30 June 31 December
2015 2014 2014
Unaudited Unaudited Audited
Notes RMB'000 RMB'000 RMB'000
Assets
Non-current assets
Property, plant
and equipment 4 75,527 74,208 77,386
Prepaid lease payments 14,857 15,179 15,072
Other intangible
assets 5 28,948 30,444 29,556
---------- ---------- -------------
119,332 119,831 122,014
---------- ---------- -------------
Current assets
Inventories, at
cost 11,075 7,035 11,208
Trade and other
receivables 200,368 104,062 124,666
Cash and cash equivalents 36,896 45,483 46,998
----------
248,339 156,580 182,872
---------- ---------- -------------
Total assets 367,671 276,411 304,886
========== ========== =============
Equity and liabilities
Stated capital 6 69,034 53,016 53,016
Share based payment
reserve 7 257 257 257
Statutory surplus
reserve 7 2,100 2,100 2,100
Foreign currency
translation reserve 2,322 895 1,670
Retained profits 212,596 180,486 195,600
----------
286,310 236,754 252,643
----------
Current liabilities
Trade and other
payables 67,201 24,147 30,044
Short term loans 67 - 8,411
Provision for taxation 5,093 6,510 4,788
----------
72,361 30,657 43,243
---------- ---------- -------------
Non-current liabilities
Long term loans 9,000 9,000 9,000
Total equity and
liabilities 367,671 276,411 304,886
========== ========== =============
Consolidated Statement of Cash Flows
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:03 ET (06:03 GMT)
For the six month period ended 30 June 2015
Six months Six months Year ended
ended ended 31 December
30 June 2015 30 June 2014 2014
Unaudited Unaudited Audited
RMB'000 RMB'000 RMB'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period before tax 24,783 25,556 48,218
Adjustments for:
Depreciation 1,859 1,195 4,808
Amortisation 823 161 1,156
Interest expenses 413 636 1,145
---------------- ---------------- -------------
Operating cash flows before working
capital changes 27,878 27,548 55,327
(Increase)/decrease in inventories 134 (714) (4,887)
Increase in trade and other receivables (39,904) (17,790) (49,576)
Increase in trade and other payables 2,997 10,035 23,798
_______________________________________
Cash generated from operations (8,895) 19,079 24,661
Interest paid (413) (636) (1,145)
Corporate tax paid (7,483) (9,536) (18,805)
Net cash generated from operating activities (16,791) 8,907 4,712
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for construction in progress - (8,258) (15,049)
Proceeds from disposal of property,
plant and equipment - - -
Purchase of property, plant and equipment - - -
Net cash used in investing activities - (8,258) (15,049)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from term loan - - 11,143
Repayments of term loans (7,878) (5,450) (5,450)
Proceeds from stated capital 16,018 - -
(Repayment)/proceeds of loans from
directors/related party (2,197) 1,813 2,694
Loans from related parties 94 - 236
Net cash from financing activities 6,037 (3,637) 8,623
---------------- ---------------- -------------
NET DECREASE IN CASH AND CASH EQUIVALENTS (10,754) (2,988) (1,714)
Exchange gains/(loss) on cash and cash
equivalents 652 (195) 46
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 46,998 48,666 48,666
---------------- ---------------- -------------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD 36,896 45,483 46,998
---------------- ---------------- -------------
Basis of Presentation and Summary of Significant Accounting
Policies
1. General information and principal activities
The financial information for the six months ended 30 June 2015
and 30 June 2014 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 2014 set
out in this interim financial information does not comprise the
Group's statutory financial statements but has been extracted from
those financial statements.
The directors approved the interim financial information for the
six months ended 30 June 2015 on 29 September 2015.
Copies of this interim financial information will be available
on the Company's website:
www.auhuacleanenergy.com.
The interim financial information has been prepared in
accordance with the principles of IFRS as adopted by the European
Union. The standards have been applied consistently (except as
otherwise stated).
The statutory financial statements for the year ended 31
December 2014, which have been filed at Jersey Registrar of
Companies, were prepared under IFRS and IFRIC interpretations as
adopted by the European Union.
The accounting policies adopted by the Group in this interim
financial information is consistent with those set out in the
Annual Report for the year ended 31 December 2014, have been
consistently applied to all periods presented and are consistent
with those accounting policies the Group expects to be using in the
Annual Report for the year ended 31 December 2015.
2. Operating segments
For the purpose of IFRS 8, the chief operating decision-maker
("CODM"), who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the
Board of Directors. Auhua is an environmental technology group
specialising in the development and application of green energy and
energy efficient solar water heating solutions. The Group's revenue
and profit before taxation were all derived from its principal
activity. Revenues from all periods were derived from external
customers based in China. The operations are based in China and its
assets and liabilities related to this single business segment. The
CODM therefore considers that the business of the Group comprises a
single activity and that therefore only one reportable segment
exists.
3. Taxation
A reconciliation between tax expense and the product of
accounting profit multiplied by the applicable corporate tax rates
is as follows:-
Six months ended Six months ended Year ended
30 June 2015 30 June 2014 31 Dec 2014
Unaudited Unaudited Audited
RMB'000 RMB'000 RMB'000
Accounting profit before tax 24,783 25,556 48,218
Tax at the domestic rates
applicable to profits in the
countries where the Group
operates (25%) 6,196 6,389 12,055
Adjustments:
- Non-deductible expenses 1,453 1,751 2,551
- Others - - 1,082
Income tax expenses recognised
in the income statement 7,649 8,140 15,688
No deferred tax assets or liabilities are recognised,
principally as result of the taxable profit for the Group equating
to accounting profit.
4. Property, plant and equipment
Machinery Construction
Buildings & equipment Motor vehicles in progress Total
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Cost
At 1 January 2014 28,922 35,911 34 18,314 83,181
Disposals - - - - -
Additions - - - 8,258 8,258
--------------------------- ---------- ------------- --------------- ------------- --------
At 30 June 2014 28,922 35,911 34 26,572 91,439
=========================== ========== ============= =============== ============= ========
Accumulated Depreciation
At 1 January 2014 2,249 13,768 19 - 16,036
Charge for the period 1,174 21 - - 1,195
Disposals - - - - -
--------------------------- ----------
At 30 June 2014 3,423 13,789 19 - 17,231
=========================== ========== ============= =============== ============= ========
Cost
At 1 January 2014 28,922 35,911 34 18,314 83,181
Disposals - - - - -
Additions - - - 15,049 15,049
--------------------------- ---------- ------------- --------------- ------------- --------
At 31 December 2014 28,922 35,911 34 33,363 98,230
=========================== ========== ============= =============== ============= ========
Accumulated Depreciation
At 1 January 2014 2,249 13,768 19 - 16,036
Charge for the
period 940 2,862 6 - 3,808
Provision for diminution - 1,000 - - 1,000
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:03 ET (06:03 GMT)
Disposals - - - - -
---------------------------
At 31 December
2014 3,189 17,630 25 - 20,844
=========================== ========== ============= =============== ============= ========
Cost
At 1 January 2015 28,922 35,911 34 33,363 98,230
Disposals - - - - -
Additions - - - - -
--------------------------- ---------- ------------- --------------- ------------- --------
At 30 June 2015 28,922 35,911 34 33,363 98,230
=========================== ========== ============= =============== ============= ========
Accumulated Depreciation
At 1 January 2015 3,189 17,630 25 - 20,844
Charge for the
period 305 1,550 4 - 1,859
Disposals - - - - -
--------------------------- ---------- ------------- --------------- -------------
At 30 June 2015 3,494 19,180 29 - 22,703
=========================== ========== ============= =============== ============= ========
Net Book Value
At 30 June 2014 25,499 22,122 15 26,572 74,208
=========================== ========== ============= =============== ============= ========
At 31 December
2014 25,733 18,281 9 33,363 77,386
=========================== ========== ============= =============== ============= ========
At 30 June 2015 25,428 16,731 5 33,363 75,527
=========================== ========== ============= =============== ============= ========
5. Other intangible assets
Intellectual property Goodwill Total
Cost RMB'000 RMB'000 RMB'000
At 1 January 2014 - - -
Additions 24,316 6,128 30,444
------------------- ---------------------- --------- --------
At 30 June 2014 24,316 6,128 30,444
=================== ====================== ========= ========
Amortisation
At 1 January 2014 - - -
Charge for the - - -
period
------------------- ---------------------- --------- --------
At 30 June 2014 - - -
=================== ====================== ========= ========
Cost
At 1 January 2014 - - -
Additions 24,316 6,128 30,444
------------------- ---------------------- --------- --------
At 31 December
2014 24,316 6,128 30,444
=================== ====================== ========= ========
-
Amortisation
At 1 January 2014 - - -
Charge for the
year 888 - 888
------------------- ---------------------- --------- --------
At 31 December
2014 888 - 888
=================== ====================== ========= ========
Cost
At 1 January 2015 24,316 6,128 30,444
------------------- ---------------------- --------- --------
At 30 June 2015 24,316 6,128 30,444
=================== ====================== ========= ========
-
Amortisation
At 1 January 2015 888 - 888
Charge for the
period 608 - 608
------------------- ---------------------- --------- --------
At 30 June 2015 1,496 - 1,496
=================== ====================== ========= ========
Net Book Value
At 30 June 2014 24,318 6,128 30,444
================= ======= ====== =======
At 31 December
2014 23,428 6,128 29,556
================= ======= ====== =======
At 30 June 2015 22,820 6,128 28,948
================= ======= ====== =======
The goodwill is primarily attributable to expected synergies
arising from the acquisition, which is not separately
recognised.
Goodwill
The recoverable amount of goodwill of RMB 6.1 million at 30 June
2015 is determined based on a value in use calculation using cash
flow projections from financial budgets approved by senior
management covering a five year period. Cash flow projections
beyond the five year timeframe are extrapolated by applying a flat
growth rate in perpetuity. The pre-tax discount rate applied to the
cash flow projections is 11%. As a result of the analysis,
management did not identify any impairment to the goodwill.
Event after the period end
In September 2015, Taiwan Ziolar secured further investment of
USD 700,000 from an independent investor. The Company's ownership
has been significantly diluted as a result of the investment and
Taiwan Ziolar is now an affiliate of the Company.
6. Stated capital
Issued, called up and fully paid No. of shares RMB'000
As at 1 January 2015 89,472,245 53,016
Ordinary shares in relation to
the fund raise on 19 June 2015 38,322,221 16,018
As at 30 June 2015 127,794,466 69,034
7. Reserves
7.1 Capital reserve
According to the relevant PRC regulations and the Articles of
Association, a company is required to transfer 10% of its profit
after income tax to the statutory surplus reserve until the reserve
balance reaches 50% of its registered capital. The transfer to this
reserve must be made before the distribution of dividends to equity
owners. Statutory surplus reserve can be used to make good previous
years' losses, if any, and may be converted into paid-in capital in
proportion to the existing interests of equity owners, provided
that the balance after such conversion is not less than 25% of the
registered capital.
7.2 Share based payment reserve
During 2012 the Company granted Northland Capital Partners
Limited an option to subscribe for 635,650 ordinary shares at 40
pence at any time during the period of three years following
admission. These were granted in respect of the services they
provided during the listing of the Company on the Alternative
Investment Market. These options have been valued at the fair value
of the services received. At the period ending 30 June 2015, these
options remain unexercised.
31 December
30 June 2015 30 June 2014 2014
RMB'000 RMB'000 RMB'000
257 257 257
257 257 257
Movement in the year:
The following table illustrates the number and weighted average
exercise prices ("WAEP") of, and movements in, share options during
the year:
WAEP
Number (pence)
Outstanding as at 1 January 2015 635,650 0.4
Granted during the year - -
------------------------------------ ---------- ----------
Options outstanding as at 30 June
2015 635,650 0.4
------------------------------------ ---------- ----------
Exercisable as at 30 June 2015 - -
------------------------------------ ---------- ----------
8. Related party transactions
a) Related parties are entities with common direct or indirect
shareholders and/or previous and/or current directors. Parties are
considered to be related if one party has the ability to control
the other party in making financial and operating decisions.
Certain of Group's transactions and arrangements are with
related parties and the effect of these on the basis determined
between the parties is reflected in the financial statements. The
balances are unsecured, interest-free and repayable on demand
unless otherwise stated.
30 June 2015 30 June 2014 31 December 2014
RMB'000 RMB'000 RMB'000
Director- Chen Anxiang
Shareholder loan 50 50 50
Director- Tham Wai
Mun Raphael
Shareholder loan 135 1,820 2,352
Director- David Sumner
Shareholder loan 1,060 506 1,089
b) Key management personnel compensation is analysed as
follows:
31 December
30 June 2015 30 June 2014 2014
RMB'000 RMB'000 RMB'000
Remuneration 781 926 1,585
Other benefits - 13 14
781 939 1,599
============= ============= ============
Key management personnel are the Directors.
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:03 ET (06:03 GMT)
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