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Public company info - China Solar Energy Holdings Ltd. , 00155.HK

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China Solar Energy Holdings Ltd., 00155.HK - Company Profile
Chairman -
Share Issued (share) 1,539,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Environmental Energy Material
Corporate Profile Business Summary: The Group is mainly engaged in the following activities:development, manufacturing, marketing and sale of photovoltaic solar cells, modules and panels for generating solar electric power, establishment of solar electric power generation plant and related training and consulting services (“photovoltaic business”); participation in primary and secondary securities markets. Performance for the year: For the year ended 31 March 2013, the Group recorded a total turnover of HK$180,499,000 (2012: HK$315,686,000) and a loss for the year attributable to the owners of the Company of HK$136,858,000 (2012: HK$247,443,000). Business Review: For the year ended 31 March 2013, the Group continued to engage in the photovoltaic business and the strategic investments business. Upon completion of an acquisition of 51% interest in Ying Da in September 2012, the Group commenced its new business in the farming and sales of organic hog and livestock or related products in the PRC. Photovoltaic Business During the year, the commencement of the power generation for the 2+6 megawatts (“MW”) amorphous silicon (“a-Si”) solar power project of 大理源暢光電能源有限公司 (literally translated as Dali Stream Solar Energy Co. Ltd.), the subsidiary of the Group, was postponed as the related grid connection is still under construction. The construction of the grid connection is expected to complete in late 2013 and thereafter, the project will bring positive contribution to the Group’s revenue and performance. The turnover of the photovoltaic business of the Group for the year is HK$173,948,000 (2012: HK$315,686,000), which mainly represents the income generated from sales of photovoltaic related products to Mr. Yeung Ngo, the chairman and executive director of the Company, amounted to HK$165,864,000 (2012: HK$315,601,000) pursuant to the terms of a sales agreement entered into between the Group and Mr. Yeung Ngo on 8 August 2012. The details of the sales agreement are disclosed in the announcement of the Company dated 8 August 2012 and in the circular of the Company dated 12 November 2012. The remaining turnover represents income from sales of photovoltaic products to independent third parties. For the year ended 31 March 2013, the photovoltaic business of the Group recorded a loss of HK$113,184,000 (2012: HK$230,340,000) mainly due to unfavourable selling prices of photovoltaic modules as a result of the deterioration in the macroeconomic factors and in the photovoltaic industry and the high operating costs as a result of the inflation in the PRC. Strategic Investments Business The strategic investments business represents the Group’s participation in primary and secondary securities market. During the year, no turnover was recorded by the Group’s strategic investments business (2012: Nil) and a net loss of HK$3,647,000 (2012: HK$4,787,000) was made by such business for the year ended 31 March 2013, which represents the net decrease in fair values of securities investments held for trading purpose. Material Acquisition of Subsidiaries On 17 August 2012, the Group entered into a conditional equity transfer agreement with certain independent vendors pursuant to which the Group would acquire the 51% interest in Ying Da (the “Acquisition”), an investment holding company which effectively holds the entire interest in a company in the PRC (“Target PRC”), which is principally engaged in organic livestock farming and acer truncatum cultivation and the manufacturing and trading of their related products in the PRC. The aggregate consideration of the Acquisition was HK$100 million. The aggregate consideration was partly settled by issuing the promissory notes by the Company with nominal value of HK$25,332,000 and the remaining HK$74,668,000 was settled by way of allotment and issue of 2,074,120,500 new shares of the Company at HK$0.036 per share. The Acquisition was completed on 4 September 2012. Target PRC obtained the rights to use two patents in the PRC, namely 人參保健飼料添加劑 (literally translated as Ginseng Health Feed Additives) and 植物源農藥 (literally translated as Botanical Pesticides), for a period of 25 years to facilitate the organic husbandry and farming. The Ginseng Health Feed Additives are developed based on natural herbs and are proven to be safe, non-polluting, antibacterial and anti-disease and can stimulate growth and weight gaining for livestock as well as degrade harmful drug residual left in the body of livestock due to over-usage of growth hormone and other harmful additives. The use of the Ginseng Health Feed Additives can result in improved quality and higher value of livestock raised by the Group. The Botanical Pesticides are a natural botanical extract, which is proven to be safer and non-polluting compared with conventional pesticides and can promote the growth of plants. Target PRC has developed a pilot farm for experimental organic hog raising in Chengdu, the PRC. In late 2012, the Group commenced to generate turnover from the organic hog raising business by using the two patent rights newly acquired, which contributed a turnover to the Group amounting to HK$6,551,000, being the income from the sales of hogs raised. Excluding the amortisation recognised for the related patent rights of HK$7,626,000, a profit of HK$1,898,000 was recorded for this operation for the year ended 31 March 2013. With extensive understanding to the application of thin-film photovoltaic products, the Group has developed and manufactured an a-Si power generation demo, which proved to be applicable to livestock and agricultural greenhouses. As it has been widely known that agriculture has to go indoor before it could become a modern, industrialised and technology-based industry, the management considers that the Group is the pioneer to realise such goal by applying its strength and competitive edge in thin-film photovoltaic products in agricultural development. The Acquisition is consistent with the general business development strategy of the Group and it could at the same time create synergies and enhance the growth and profitability prospect of the Group in the future. Latest Development in relation to Solar Market Limited (“Solar Market”) The acquisition of Solar Market by the Group was completed on 15 August 2011. Details of the acquisition, including details of the project undertaken by a subsidiary of Solar Market involving the construction of a power plant in Anhui Province, the PRC, are disclosed in the circular of the Company dated 14 July 2011 (the “Solar Market Circular”). The principal activities of Solar Market and its subsidiaries continued to be the construction and the operation of a solar power plant as disclosed in the Solar Market Circular. The development progress of the project is delayed as compared with the schedule disclosed on page 9 of the Solar Market Circular. The delay was primarily due to the deteriorating macroeconomic factors arisen from the debt crisis in the USA and in Europe. It is currently expected that the construction and the operation of a solar power plant by the subsidiaries of Solar Market will commence in the financial year ending 31 March 2014. Latest Development in relation to Stream Fund High-Tech Group Corp. Ltd. (“Stream Fund”) The acquisition of Stream Fund by the Group was completed on 15 April 2011. Details of the acquisition, including a production plan of Stream Fund and its subsidiaries, were disclosed in the circular of the Company dated 10 March 2011 (the “Stream Fund Circular”). The production of Stream Fund is delayed as compared with the production plan disclosed on page 136 of the Stream Fund Circular. The delay was primarily due to the reduction of the Feed-in-Tariff by the European government and the dramatic decline in the selling prices of photovoltaic modules. While the management has set up the production facility with a capacity of 5 MW in 2011, in view of the abovementioned factors (and in particular that the current selling prices of photovoltaic modules are too low for Stream Fund and its subsidiaries to generate profit from the sales of photovoltaic modules), the Company has deferred the sales of photovoltaic modules and the expansion plan for the business for two years pending the recovery of the European economy and the rebound of the selling prices of photovoltaic modules. Apart from such delay, there are no other differences between the production plan disclosed in the Stream Fund Circular and the current plan. Prospects: With the recognition of the on-grid photovoltaic electricity price by the PRC government and its continuous support for connecting the photovoltaic power generation projects to the national grid, it symbolises the full support from the PRC government on the development of the photovoltaic industry. Due to the advancement of photovoltaic technology, it is believed that the costs for photovoltaic power generation will be getting closer to that of other conventional energies, and the photovoltaic power generation would certainly evolve from an ancillary energy source to an alternative energy source in the future. After completion of the acquisition of the controlling interests in two modern agricultural patents owned by Ying Da Holdings Limited (“Ying Da”) in September 2012, the Group has become the real model for integrating the new photovoltaic energy with modern high-tech agricultural industry. The acquisition has highlighted the importance of the future development of the photovoltaic energy under the current conditions of the PRC, as well as the demand for solutions to the fundamental problems faced by modern agricultural industry, including the agricultural efficiency, ecology protection and food safety issues. It is believed that the acquisition will follow the development direction of the PRC in new photovoltaic energy and modern agriculture and the Group’s Group would be a successful model in the photovoltaic industry in the PRC. One of the subsidiaries of the Group, 江蘇源暢生態農業有限公司 (literally translated as Jiangsu Stream Eco-agriculture Limited), has recently introduced its agricultural products to the PRC market and generated sales and revenue for the Group, as well as establishing a solid foundation for the future development of the agricultural business of the Group. The Group has determined to fully demonstrate its potential and competitive advantage to make valuable contribution in the areas of new energy, new materials, bioengineering and modern eco-agriculture in the future.

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