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Public company info - China XLX Fertiliser Ltd. , 01866.HK

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China XLX Fertiliser Ltd., 01866.HK - Company Profile
Chairman Liu Xingxu
Share Issued (share) 996,000,000
Par Currency
Par Value -0.0
Industry Fertilisers & Agricultural Chemicals
Corporate Profile Business Summary: The principal activity of the Company is investment holding. The principal activities of the Company’s subsidiaries are mainly manufacturing and trading of urea, compound fertiliser, methanol, liquid ammonia and ammonia solution, coal mining and sales of coal. Performance for the year: Revenue for the financial year ended 31 December 2016 (“FY2016”) decreased by approximately RMB77 million or approximately 1.3% from approximately RMB5,788 million in the financial year ended 31 December 2015 (“FY2015”) to approximately RMB5,711 million. Business Review: Urea Revenue derived from the sales of urea decreased by approximately RMB296 million or approximately 9.1% from approximately RMB3,236 million in FY2015 to approximately RMB2,940 million in FY2016. The decrease was mainly due to the decrease in average selling price of urea by approximately 23.3%. The decrease in average selling price of urea was offset by the increase in sales volume by approximately 404,000 tons or approximately 18.5% from approximately 2,185,000 tons in FY2015 to approximately 2,589,000 tons in FY2016 due to the commencement of production of the Xinjiang Project. Gross profit margin for urea sales decreased from approximately 27.4% in FY2015 to approximately 19% in FY2016. This was mainly due to the decrease in average selling price of urea affected by the low domestic grain prices and weak international commodity prices. The decrease was partially offset by the decrease in average cost of sales by approximately 15.0% due to the lower average coal purchase price and the outstanding performance of Plant IV and Xinjiang Project. Methanol Revenue derived from the sales of methanol decreased by approximately RMB16 million or approximately 2.9% from approximately RMB548 million in FY2015 to approximately RMB532 million in FY2016. Such decrease was mainly due to a decrease in the average selling price of methanol by approximately 1.9%. Gross profit margin for methanol increased from approximately 12.4% in FY2015 to approximately 15.0% in FY2016. This was mainly due to the decrease in average cost of sales by approximately 4.7% resulted from the weak international energy prices. Compound fertiliser Revenue derived from the sales of compound fertiliser decreased by approximately RMB108 million or approximately 6.1% from approximately RMB1,766 million in FY2015 to approximately RMB1,658 million in FY2016. Such decrease was mainly due to the decrease in average selling price of compound fertiliser by approximately 18.8%. The decrease in average selling price of compound fertiliser was offset by the increase in sales volume by approximately 128,000 tons or approximately 15.6% from approximately 820,000 tons in FY2015 to approximately 948,000 tons in FY2016 due to the expansion of sales network and increase in production capacity. Gross profit margin for compound fertiliser decreased from approximately 19.9% in FY2015 to approximately 16.8% in FY2016. This was mainly due to the decrease in average selling price by approximately 18.8% resulted from the low grain prices. The decrease was partially offset by the decrease in average cost of sales by approximately 14.1% as a result of lower raw material prices. Prospects: In 2016, the domestic urea market was affected by the adverse domestic and international macro-economic environment, the continuously declining energy prices and the decreasing domestic grain prices. In particular, coal price has rebounded since September 2016, but it did not help the urea price. The domestic urea industry as a whole has suffered severe loss, and the overall operating rate in the urea industry was less than 55%. The Group expects that the depressed domestic urea market environment will speed up consolidation within the industry and squeeze out obsolete and inefficient producers. The Group expects the profitability of the Company to make steady improvement in 2017. Despite the downturn of domestic grain prices, with the launch of production capacity reduction policy in the domestic coal industry, the domestic urea price will be supported by coal price to a certain extent in 2017. As the international energy prices gradually pick up, the domestic methanol market will also recover. The profitability of methanol and other chemical products will be improved. The Group is able to adjust its product mix and maximise the profitability of the Group in accordance with the profitability of each product. Further measures on domestic environmental protection will speed up industry consolidation and squeeze out obsolete and inefficient producers, which will gradually alleviate the overcapacity in the fertiliser industry. Leveraging on the scale advantage, technological advantage, cost leadership and differentiation advantage of the Group, the Group believe that the Group’s core competitiveness will be strengthened.

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