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    3983   CNE1000002D0

CHINA BLUECHEMICAL LTD.

(3983)
  Report
End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 12/01
2.35 HKD   -1.26%
10/21CHINA BLUECHEMICAL : 2021 interim report
PU
08/27China Bluechemical Ltd. Reports Earnings Results for the Half Year Ended June 30, 2021
CI
08/04China Expands Price-Gouging Probe to Fertilizer Companies
MT
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China BlueChemical : 2021 interim report

10/21/2021 | 10:44pm EST

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

中期報告

INTERIM

REPORT

2021

),4& $0%&

Contents

01

02

03

04

11

13

14

16

18

20

21

49

Financial Highlights

Operational Highlights

CEO's Report

Management Discussion and Analysis

Supplemental Information

Report on Review of Interim Financial Information Condensed Consolidated Statement of

Profit or Loss and Other Comprehensive income Condensed Consolidated Statement of Financial Position Condensed Consolidated Statement of Changes in Equity Condensed Consolidated Statement of Cash Flows Notes to the Condensed Consolidated Financial Statements Company Information

Financial Highlights

01

Financial Highlights

Selected data of condensed consolidated statement of profit or loss

For the six months ended 30 June 2021

(All amounts expressed in thousands of Renminbi, except for per share data)

Selected data

Six months ended 30 June

2021

2020

(Unaudited)

(Unaudited)

Revenue

6,109,852

4,971,572

Cost of sales

(4,665,038)

(4,286,245)

Gross profit

1,444,814

685,327

Other income, other gains and losses

60,691

59,036

Selling and distribution costs

(217,820)

(224,952)

Administrative expenses

(229,927)

(189,860)

Other expenses

(18,135)

(7,057)

Change in fair value of financial assets at fair value through profit or loss

5,085

28,774

Finance income

185,904

119,283

Finance costs

(32,395)

(38,596)

Net exchange gains

667

127

Gain on disposal of a subsidiary

68,707

-

Gain on disposal of an associate

455,103

-

Share of profits/(losses) of joint ventures

99

(133)

Share of profits of associates

908

450

Profit before income tax

1,723,701

432,399

Income tax expenses

(395,776)

(132,783)

Profit for the period

1,327,925

299,616

Profit for the period attributable to:

309,939

Owners of the Company

1,245,766

Non-controlling interests

82,159

(10,323)

1,327,925

299,616

Earnings per share attributable to ordinary owners of the Company

0.07

- Basic for the period (RMB per share)

0.27

Selected data of condensed consolidated statement of financial position

As at 30 June 2021

(All amounts expressed in thousands of Renminbi)

Selected data

30 June

31 December

2021

2020

(Unaudited)

(Audited)

Assets

8,062,308

Non-current assets

7,673,999

Current assets

12,989,597

12,685,460

Total assets

20,663,596

20,747,768

Equity and liabilities

16,606,196

15,628,137

Total equity

Non-current liabilities

194,908

216,920

Current liabilities

3,862,492

4,902,711

Total equity and liabilities

20,663,596

20,747,768

02 China BlueChemical Ltd. / Interim Report 2021

Operational Highlights

Production volume and utilisation rates of the Group's various plants

For the six months ended 30 June

Production volume (tonnes)

Utilisation rate (%)

2021

2020

Change %

2021

2020

Change

Chemical Fertilisers

Fudao Phase I

306,471

273,298

12.1

117.9

105.1

12.8

Urea

Fudao Phase II

380,834

450,303

(15.4)

95.2

112.6

(17.4)

CNOOC Tianye

-

318,133

(100.0)

-

122.4

(122.4)

CNOOC Huahe

317,158

339,109

(6.5)

122.0

130.4

(8.4)

Group total

1,004,463

1,380,842

(27.3)

85.1

117.0

(31.9)

Phosphate

DYK MAP

35,263

24,591

43.4

47.0

32.8

14.2

Fertilisers and

DYK DAP Phase I (Note 1)

152,061

140,065

8.6

86.9

80.0

6.9

Compound

DYK DAP Phase II

322,712

247,134

30.6

129.1

98.9

30.2

Fertilisers

Group total

510,036

411,790

23.9

102.0

82.4

19.6

Chemical Products

Hainan Phase I

240,040

319,158

(24.8)

80.0

106.4

(26.4)

Methanol

Hainan Phase II

362,416

431,285

(16.0)

90.6

107.8

(17.2)

CNOOC Tianye

-

55,255

(100.0)

-

55.3

(55.3)

Group total

602,456

805,698

(25.2)

75.3

100.7

(25.4)

POM

CNOOC Tianye POM

17,375

16,639

4.4

86.9

83.2

3.7

Group total

17,375

16,639

4.4

86.9

83.2

3.7

Sales volume of the Group's various plants (Unit: tonne)

For the six months ended 30 June

2021

2020

Change %

Chemical Fertilisers

Fudao Phase I

290,823

259,779

12.0

Urea

Fudao Phase II

393,886

425,799

(7.5)

CNOOC Tianye

284

287,329

(99.9)

CNOOC Huahe

338,780

356,458

(5.0)

Group total

1,023,773

1,329,366

(23.0)

Phosphate

DYK MAP

32,803

31,587

3.8

Fertilisers and

DYK DAP Phase I (Note 1)

171,478

125,043

37.1

Compound

DYK DAP Phase II

349,534

265,562

31.6

Fertilisers

Group total

553,815

422,192

31.2

Chemical Products

Hainan Phase I

238,168

281,956

(15.5)

Methanol

Hainan Phase II

339,884

410,052

(17.11)

CNOOC Tianye

-

45,104

(100.0)

Group total

578,052

737,112

(21.6)

POM

CNOOC Tianye POM

17,410

15,127

15.1

Group total

17,410

15,127

15.1

Note 1: In the first half of 2021, the DYK DAP Phase I Plant produced 27,835 tonnes of DAP and 124,226 tonnes of compound fertilisers, totaling at 152,061 tonnes, and sold 8,035 tonnes of DAP and 163,443 tonnes of compound fertilisers, totaling at 171,478 tonnes. In the first half of 2020, the DYK DAP Phase I Plant produced 21,360 tonnes of DAP and 118,705 tonnes of compound fertilisers, totaling at 140,065 tonnes, and sold 18,930 tonnes of DAP and 106,113 tonnes of compound fertilisers, totaling at 125,043 tonnes.

CEO's Report 03

CEO's Report

Dear shareholders,

In the first half of 2021, the Company adhered to the principle of strict management and control over production and operation, and further enhanced the level of production management; expanded the market and sales, effectively improved the quality and scale of self-operated trading business, continued to optimize sales channels, fully cultivated the product brand premium, and further leveraged sales as a "second engine"; kept exploring potential and increased efficiency with a view of pursuing excellence, strengthened the effectiveness and efficiency of internal management, and focused on cost reduction and efficiency enhancement in all aspects. In the first half of the year, the Company realized revenue of RMB6,110 million, representing an increase of 23.9% over the corresponding period in last year, with net profit attributable to owners of the Company of RMB1,246 million recorded, representing an increase of 301.9% over the corresponding period in last year.

The Company has been consistently upholding a philosophy of green and sustainable development over the years. It was the tenth consecutive year that the Company has been awarded the Benchmark Enterprise of Leading Energy Efficiency in the synthetic ammonia and methanol industry by China Petroleum and Chemical Industry Federation. The Company's brand value continues to increase, ranking 29th in the energy and chemical industry with a brand value of RMB3.199 billion in the 2021 China brand value evaluation.

Review of the first half of the year

During the reporting period, the Company vigorously promoted the three years action plan for national safety production special rectification (全國安全生產專項整治三年行動計劃), intensified the investigation of hidden dangers, and continued to strengthen the refined management of production. The Fudao Phase II urea plant and the Hainan Phase I methanol plant achieved a continuous operation period of 629 days and 674 days, respectively, both breaking the national record of long-term operation. At the same time, the scheduled maintenance of nine sets of plants have been carried out in an orderly manner, laying a solid foundation for stable operations afterwards. In the first half of the year, the Company produced 1,004 thousand tonnes of urea, 602 thousand tonnes of methanol, 510 thousand tonnes of phosphate fertilisers and compound fertilisers and 17 thousand tonnes of POM.

In terms of marketing, the Company fully seized the advantageous moment when prices of chemical fertilisers and chemical products rose, coordinated the domestic and foreign markets, effectively improved the quality and scale of self-operated business, intensified efforts to develop end-users, and fully tapped the brand and quality premium capabilities of fertiliser products. In the first half of the year, the Company sold 1,024 thousand tonnes of urea, 578 thousand tonnes of methanol, 554 thousand tonnes of phosphate fertilisers and compound fertilisers and 17 thousand tonnes of POM. The Company continued to optimize its product structure and the sales volume of value-added products hit a record high of 233 thousand tonnes.

The construction of the key acrylonitrile project proceeded in an orderly manner and in the same progress as planned. The Company have obtained operating licenses for hazardous chemicals over pre-sales of acrylonitrile product. The dispute over the Yangpoquan project in Shanxi has been completely resolved, and all investments plus existing debts were recovered.

Outlook for the second half of 2021

Looking forward to the second half of the year, the overseas COVID-19 pandemic situation remains severe and complex, posing certain impact on the recovery of macro economy. The overall price of fertilisers will be resilient as supported by the strong demand. The implementation of price stabilization and supply guarantee measures by the government and the adjustment of export policies across the country are expected to benefit the rational adjustments of the domestic prices. Based on the relative stable downstream demand, the price of methanol will experience volatile adjustment along with the oil price trend. For POM, we are required to focus on the impact of imports on supply and downstream demand recovery.

In the second half of the year, the Company will strictly implement the normalization requirements for epidemic prevention and control to ensure safe production; improve fine operation and supper management to realize the safe and stable operation of each production plants; continuously improve the integrity management level of equipment and facilities and increase the management of contractor to facilitate cost reduction and efficiency enhancement; make perfect preparation for selling fertiliser in the autumn and storage in the winter; increase the expansion of trading market for fertiliser and chemical products to strengthen the ability to increase the efficiency of selling and trading and enhance the profit margin of products; promote e-commerce work to enhance e-commerce risk control capabilities and user stickiness; undertake the construction of acrylonitrile project with high quality and efficiency; formulate and release the Company's 14th Five-Year Plan; to deeply explore feasible ways to make use of natural gas in the South China Sea and vigorously promote the research of carbon-rich natural gas utilization technology, and further promote the green and low-carbon development.

Hou Xiaofeng

Chief Executive Officer (CEO), President

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

China BlueChemical Ltd. published this content on 22 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2021 02:43:08 UTC.


ę Publicnow 2021
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Financials
Sales 2021 12 603 M 1 977 M 1 977 M
Net income 2021 1 935 M 304 M 304 M
Net cash 2021 2 367 M 371 M 371 M
P/E ratio 2021 4,24x
Yield 2021 12,6%
Capitalization 8 852 M 1 390 M 1 389 M
EV / Sales 2021 0,51x
EV / Sales 2022 0,49x
Nbr of Employees 4 667
Free-Float 32,4%
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Mean consensus BUY
Number of Analysts 3
Last Close Price 1,92 CNY
Average target price 3,10 CNY
Spread / Average Target 61,4%
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Managers and Directors
Xiao Feng Hou President, CEO & Executive Director
Xiao Xia Wu Chief Financial Officer, Secretary & VP
Wei Min Wang Chairman
Quan Rong Tang Chairman-Supervisory Board
Chang Chun Yu Independent Non-Executive Director
Sector and Competitors