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Public company info - China Automation Group Ltd. , 00569.HK
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China Automation Group Ltd., 00569.HK - Company Profile
Chairman XUAN Rui Guo
Share Issued (share) 1,026,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry System Applications & IT Consulting
Corporate Profile Business Summary: The Group is engaged in the provision of safety and critical control system specialized for petrochemical and railway industries, along with related maintenance and engineering services. Performance for the year: For the year ended 31 December 2018, revenue of the Group increased significantly by 54.6% to RMB1,891.1 million (2017: RMB1,223 million). The Group recorded a profit from continuing operations of RMB7.3 million for the year ended 31 December 2018 (2017: loss of RMB192.3 million). The Group recorded loss amounting to RMB18.5 million for the year ended 31 December 2018 (2017: RMB208.2 million). Loss per share (from both continuing and discontinued operations) for the year ended 31 December 2018 was RMB1.80 cents (2017: RMB20.29 cents). Business Review Revenue generated from the petrochemical segment soared 37.9% to RMB1,423.2 million (2017: RMB1,031.8 million), whereas revenue generated from the hospital services segment rose significantly by 144.7% to RMB467.9 million (2017: RMB191.2 million) for the year ended 31 December 2018. System sales and related services to the petrochemical industries Systems and software sales For the year ended 31 December 2018, revenue generated from system and software sales in relation to the petrochemical industries increased by 85.9% to RMB535.3 million (2017: RMB287.9 million). It was mainly attributable to the bottoming-out of the market and therefore more tendering and delivery activities in the petrochemical industry. Industrial control valves Revenue from the Group’s industrial control valves business increased by 24.0% to RMB580.1 million (2017: RMB467.9 million). Such increase was primarily attributable to more contracts won following the market recovery in the petrochemical industry. Provision of maintenance and engineering services For the year ended 31 December 2018, revenue generated from provision of maintenance and engineering services increased by 33.0% to RMB235.6 million (2017: RMB177.2 million). The management of the Group believes that more recurring income related to maintenance services will be generated as there will be more aged installations needed to be replaced. Design and consulting services For the year ended 31 December 2018, revenue generated from design and consulting services decreased by 26.9% to RMB72.2 million (2017: RMB98.8 million). The hospital services Pharmaceutical and healthcare services Revenue generated from the hospital services for the year ended 31 December 2018 increased significantly by 144.7% to RMB467.9 million (2017: RMB191.2 million). The significant increase was primarily due to the consolidation of hospital services business for the full year whereas it only contributed to the revenue for about five months in 2017 as the acquisition was completed on 26 July 2017. In addition, in terms of operating segment, 75.3% (2017: 84.4%) of the Group’s revenue was generated from the petrochemical segment and 24.7% (2017: 15.6%) from the hospital services segment. Prospects: The Group has undertaken a detailed strategic review of the Group for the purpose of developing business plans and strategies for its business development in the future, and determining whether any change would be appropriate or desirable in order to optimise its business. The Group has also rolled out an internal restructuring program to dispose of the non-profit making business units. As disclosed in the announcement of the Company dated 18 December 2018, the Company is contemplating disposal of the whole petrochemical business segment. If the Possible Disposal was materialized and completed, the Group’s business will solely consist of the hospital services business as described below. The board of directors (the “Board”) considers that the Possible Disposal may further enhance its growth potential and maximise value for shareholders as the petrochemical segment has been experiencing losses over the past years. In July 2017, the Group completed an acquisition of 60% equity interest in Etern Group Limited, an investment holding company holding 98% interest in Yongding Hospital, which is principally engaged in hospital business in Suzhou, China. Given the promising prospects in the healthcare services sector in China and the profitability track record of acquired hospital business, the Board considers that the hospital business will broaden the income source and enhance the financial stability of the Group, which may help to shield the Group from market pressure on its existing core businesses.

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