CHINA AVIATION OIL (SINGAPORE) CORPORATION LTD
(Company Registration No. 199303293Z)
Full Year Financial Statement For The Year Ended 31 December 2020
1(a) An income statement and statement of comprehensive income, or a statement of comprehensive income, for the group, together with a comparative statement for the corresponding period of the immediately preceding financial year.
These figures have not been audited:
Consolidated Statement of Profit or Loss
2H 2020 | 2H 2019 | Variance | Jan-Dec 2020 | Jan-Dec 2019 | Variance | |
US$'000 | US$'000 | + / - % | US$'000 | US$'000 | + / - % | |
Revenue (Note 1) | 5,143,550 | 10,660,204 | -51.75% | 10,516,955 | 20,343,491 | -48.30% |
Cost of sales | (5,120,549) | (10,630,445) | -51.83% | (10,471,083) | (20,285,035) | -48.38% |
Gross Profit | 23,001 | 29,759 | -22.71% | 45,872 | 58,456 | -21.53% |
Other operating income (Note 2) | 3,408 | 1,591 | 114.20% | 6,750 | 5,815 | 16.08% |
Administrative expenses | (8,624) | (13,495) | -36.09% | (13,643) | (19,397) | -29.66% |
Other operating expenses (Note 3) | (2,957) | 5,326 | NM | (2,371) | (1,225) | 93.55% |
Finance costs | (681) | (1,572) | -56.68% | (1,158) | (2,749) | -57.88% |
Operating Profit | 14,147 | 21,609 | -34.53% | 35,450 | 40,900 | -13.33% |
Share of results of associates | ||||||
(net of tax) (Note 4) | 20,900 | 27,255 | -23.32% | 24,789 | 65,532 | -62.17% |
Profit before tax | 35,047 | 48,864 | -28.28% | 60,239 | 106,432 | -43.40% |
Tax expense (Note 5) | (2,425) | (3,818) | -36.49% | (4,046) | (6,602) | -38.72% |
Profit for the period/year | 32,622 | 45,046 | -27.58% | 56,193 | 99,830 | -43.71% |
Attributable to: | ||||||
Equity holders of the Company | 32,622 | 45,046 | -27.58% | 56,193 | 99,830 | -43.71% |
Page 1 of 19 |
Consolidated statement of comprehensive income (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year.
Consolidated Statement of Comprehensive Income
2H 2020
2H 2019
Variance Jan-Dec 2020
Jan-Dec 2019 Variance
US$'000
US$'000
+ / -%US$'000
US$'000
+ /-%PROFIT FOR THE PERIOD/YEAR
32,622
45,046
-27.58%
56,193
99,830
-43.71%
Other comprehensive income/(loss): Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign associates (Note (a))
Other comprehensive income/(loss) for the period, net of tax
21,336 21,336
(3,350)NM
(3,350)
NM
14,553 14,553
(5,565)NM
(5,565)
NM
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD/YEAR
53,958
41,696
29.41%
70,746
94,265 -24.95%
Total comprehensive income attributable to:
Owners of the Company
53,958
41,696
29.41%
70,746
94,265 -24.95%
Note (a): For the twelve months ended 31 December 2020, RMB and Korean Won appreciated by approximately 6.92% and 5.75% respectively against the US Dollar compared to end of December 2019 thereby giving rise to the translation gain on foreign associates. In comparison to FY 2019, RMB and Korean Won both depreciated by 1.62% and 3.33% respectively against the US Dollar in the same period last year.
In the event of the disposal of foreign associates or loss of significant influence over foreign associates, all of the accumulated translation differences in respect of the foreign associates will be reclassified to profit or loss.
Profit before income tax is derived at after crediting / (charging):
2H 2020 US$'000 2H 2019 US$'000 Var +/-% | Jan-Dec 2020 Jan-Dec 2019 US$'000 US$'000 Var + /- % | |
Depreciation of property, plant and equipment | (374) (396) -5.56% | (751) (781) -3.84% |
Depreciation of right-of-use assets | (5,562) (5,610) -0.86% | (11,077) (10,839) 2.20% |
Amortisation of intangible assets | (91) (131) -30.53% | (197) (260) -24.23% |
Impairment on goodwill | (914) - NM | (914) - NM |
Gain/(loss) on disposal of property, plant and equipment | - (2) NM | 4 (2) NM |
Other debtors written off | - (247) NM | - (247) NM |
Bank interest income | 2,348 1,999 17.46% | 4,604 6,475 -28.90% |
Interest expense | (35) (603) -94.20% | (90) (893) -89.92% |
Interest expense - lease liabilities | (100) (251) -60.16% | (277) (569) -51.32% |
Net foreign exchange gain/(loss) | 573 (409) NM | 1,144 (690) NM |
(Increase)/decrease in loss allowance | (1,694) 6,301 NM | (712) 73 NM |
Note 1: Revenue
2H 2020 US$'000 2H 2019 US$'000 Var +/-% | Jan-Dec 2020 Jan-Dec 2019 US$'000 US$'000 Var +/ - % | |
Revenue from middle distillates Revenue from other oil products | 2,386,099 2,757,451
| 5,629,604 4,887,351
|
5,143,550 10,660,204 -51.75% | 10,516,955 20,343,491 -48.30% |
Note 2: Other operating income
2H 2020 US$'000 2H 2019 US$'000 Var +/-% | Jan-Dec 2020 Jan-Dec 2019 US$'000 US$'000 Var + / - % | |
Bank interest income Net foreign exchange gain/(loss) Other income | 2,348 573 487 1,999 (409) 17.46% 1 NM NM | 4,604 1,144 1,002
|
3,408 1,591 114.20% | 6,750 5,815 16.08% |
Note 3: Other operating expenses
Other operating expenses for 2H 2020 was US$2.96 million compared to -US$5.33 million for 2H 2019, mainly due to the expected credit loss ("ECL") provision of US$1.69 million in 2H 2020 compared to the reversal of US$6.30 million in 2H 2019.
Note 4: Share of results of associates
2H 2020 US$'000 2H 2019 US$'000 Var +/-% | Jan-Dec 2020 Jan-Dec 2019 US$'000 US$'000 Var + / - % | |
Shanghai Pudong International Airport Aviation Fuel Supply Company Ltd ("Pudong") | 17,655 24,645 -28.36% | 19,789 58,832 -66.36% |
Other associates | 3,245 2,610 24.33% | 5,000 6,700 -25.37% |
20,900 27,255 -23.32% | 24,789 65,532 -62.17% |
Note 5: Tax expense
Tax expense mainly comprised of the recognition of deferred tax liabilities on the Company's share of undistributed retained earnings from associates and provision of taxation for current year's earnings. The undistributed retained earnings from associates is subject to withholding tax.
NM denotes "not meaningful"
1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at end of the immediately preceding financial year.
Statement of Financial Position
Group
Company
As at | As at | As at | As at | |
31 Dec 2020 | 31 Dec 2019 | 31 Dec 2020 | 31 Dec 2019 | |
US$'000 | US$'000 | US$'000 | US$'000 | |
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 4,384 | 4,905 | 4,173 | 4,647 |
Intangible assets | 481 | 1,536 | 214 | 355 |
Subsidiaries | - | - | 20,830 | 28,578 |
Associates | 304,578 | 362,040 | 304,577 | 361,312 |
Financial asset at FVTOCI | 5,500 | 5,500 | - | - |
Trade and other receivables | - | - | 5,035 | 5,035 |
Right-of-use Assets | 4,644 | 14,752 | 3,163 | 12,694 |
Deferred tax assets | 1,252 | 3,602 | 1,248 | 3,598 |
320,839 | 392,335 | 339,240 | 416,219 | |
Current assets | ||||
Inventories | 91,375 | 58,676 | 75,063 | 32,687 |
Trade and other receivables | 1,152,784 | 898,491 | 1,132,401 | 857,232 |
Contract assets | 53,845 | 144,663 | 53,845 | 133,260 |
Cash and cash equivalents | 269,107 | 378,780 | 247,472 | 340,618 |
1,567,111 | 1,480,610 | 1,508,781 | 1,363,797 | |
Total assets | 1,887,950 | 1,872,945 | 1,848,021 | 1,780,016 |
EQUITY AND LIABILITIES | ||||
Equity attributable to owners | ||||
of the Company | ||||
Share capital | 215,573 | 215,573 | 215,573 | 215,573 |
Reserves | 661,306 | 619,386 | 654,877 | 605,759 |
Total equity | 876,879 | 834,959 | 870,450 | 821,332 |
Non-current liabilities | ||||
Lease liabilities | 512 | 3,916 | 198 | 2,894 |
Deferred tax liabilities | 6,896 | 11,695 | 6,896 | 11,695 |
7,408 | 15,611 | 7,094 | 14,589 | |
Current liabilities | ||||
Trade and other payables | 988,875 | 864,463 | 967,283 | 800,688 |
Contract liabilities | 10,326 | 144,874 | 137 | 133,397 |
Lease liabilities | 4,231 | 10,973 | 3,057 | 10,010 |
Current tax liabilities | 231 | 2,065 | - | - |
1,003,663 | 1,022,375 | 970,477 | 944,095 | |
Total liabilities | 1,011,071 | 1,037,986 | 977,571 | 958,684 |
Total equity and liabilities | 1,887,950 | 1,872,945 | 1,848,021 | 1,780,016 |
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China Aviation Oil (Singapore) Corp. Ltd. published this content on 26 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 February 2021 07:46:01 UTC.