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In 2015 interim report,a steady upward growth performance
[2015-09-06]

博大綠澤國際有限公司

Broad Greenstate International Company Limited

(Stock code1253)

 

Revenue and Net Profit up more than 20% in 1H2015

***

Reached cooperation intention with Greenland on new Landscape Construction Projects

Working at rapidly expanding PPP business for broader income source

 

Results Highlights

 

RMB’000

For 6 months ended

30 June 2015

Change


2015

2014


Revenue

327,823

273,239

+20.0%

Gross Profit

115,445

98,840

+16.8%

Net profit   attributable to owners of the Parent

71,263

55,859

+27.6%

  

(26 August 2015, Hong Kong) Broad Greenstate International Company Limited (“Broad Greenstate” or “the Company”, stock code: 1253.HK), a one-stop landscape projects service solutions provider in China, is pleased to announce the unaudited interim results of the Group for the six months ended 30 June 2015 (the “Reviewing Period”).

The Group continued to focus on municipal and city level landscape projects and to provide our customers with “one-stop” service solutions, including design and planning, design refinement, construction, seedlings cultivation and maintenance. The Group generally serves as the master contractor responsible for the overall management of landscape projects. Benefiting from stable market development, the Group recorded a better-than-expected overall results for the first half year. 

After obtaining the Grade One Urban Landscape Construction Enterprises Qualification Certificate in August 2011, the Group’s ability to conduct larger scale construction projects was significantly improved. During the Reviewing Period, the Group’s income was RMB327.8 million, representing a growth of 20.0% compared with RMB273.2 million of the same period in 2014. The net profit attributable to owners of the Company increased by RMB15.4 million to RMB71.3 million as compared to RMB55.9 million in the corresponding period of last year, representing a growth of 27.6%. The Group’s gross profit was RMB115.4 million as compared to RMB98.8 million in the comparable period in 2014, representing an increase of 16.8%. 

The Group believes that Public-Private-Partnership (“PPP”) mode will become a major trend. At the end of 2014, the Ministry of Finance of the State Council successively issued documents to regulate debt financing mechanism of local government and required PPP mode to be actively and extensively applied to infrastructure and public service areas. The promotion of PPP mode in landscape industry brings more development opportunities for landscape companies which used to be heavily restrained by the payment collection. Compared to the original BT mode, in PPP mode, companies can establish project companies with share capital to operate relevant projects and absorb long-term capital, which could maintain project revenue as well as conduct project financing to avoid project risk. Currently, implementation of PPP mode in landscape industry is undergoing an exploration period, and the total investment of signed orders reached approximately RMB2 billion, which is less than 5% of the total amount of the industry. Currently, landscape enterprises are actively seeking various innovative methods. Therefore, the Group will seize this opportunity to rapidly expand PPP mode business. 

The Group also had a number of achievements in terms of business expansion during the Reviewing Period. In June 2015, the Group successfully placed shares to Greenland Financial Overseas Investment Group Co., Ltd. (“Greenland Financial”) controlled by Greenland Holding Group Company Limited (“Greenland Group”), through which obtained additional operating capital to improve financial flexibility. The placing also brought closer interaction and cooperation between two parties. Currently, both parties have been in discussions for several landscape construction projects related to property development, one of these projects has reached  cooperation intention. Relevant constructions are expected to be launched successively, which will lay out a more solid foundation for the Group’s future development. Meanwhile, during the Reviewing Period, the Group decisively terminated the acquisition of Zhejiang NITA Landscape Architecture Development Company Limited (“NITA Landscape”) with the purpose of centralizing its resource in seeking designing companies which are more suitable for our comprehensive development. In view of the termination, the Group has employed several professional landscape designers with rich experience to enhance our internal design abilities, so as to further strengthen the Group’s design advantage.

Our customers are currently classified into two categories: (1) the public sector, including urban public green areas and various theme parks; and (2) the private sector, including residential and resort landscape. We have a strong and well established customer base. Our customers mainly consist of state and local government as well as state-invested enterprises, and the projects awarded by these customers have contributed approximately 90.3% of our total revenue for the six months ended 30 June 2015.

During the Reviewing Period, the Group conducted 11 major large-scale landscaping projects with initial contract value of RMB5 million or above, the total initial contract value amounted to RMB1,186.8 million, and recognized an aggregate revenue of RMB301.9 million during the Reporting Period. As at 30 June 2015, the net value of backlog of all landscape projects awarded after adjustment was RMB430.9 million.

Looking forward, Mr. Wu Zhengping, Chairman and Executive Director of the Group commented, “Over the past half year, the landscaping market in public sector kept rapidly developing under the support of government and influence of urbanization. In respect of landscaping projects in the private sector, as the growth of investment on real estate slowed down in the first half year, growth of landscape business in private sector was being affected to certain extent. Looking ahead, due to the continuous urbanization and the increasing demand for per capita green area, the whole landscaping market will maintain at stable growth.  We will actively promote our five-year plan, with the aim to rank Top Ten among China scenery landscape design and construction entities by 2019, and to provide one-stop comprehensive landscape services to customers. In respect of business expansion, we are developing new projects in Harbin, Haikou and Sichuan and we wish to accelerate the expansion of our developing PPP projects, so as to expand our source of income through the new cooperation method.”

“Meanwhile, we are actively identifying several merger and acquisition targets relating to soil improvement, ecology management and water treatment at home and abroad so as to be the leading player in ecology rehabilitation industry focusing on technology and strive to expand to the upstream and downstream businesses of the industry chain. We are confident in the prospects of the industry, hoping to satisfy the requirement of the society and our customers through rapid and high standard development. In respect of the capital market, we hope to offer investors and shareholders with reasonable returns.” Mr. Wu continued.

 

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