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Public company info - Kimou Environmental Holding Limited , 06805.HK
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Kimou Environmental Holding Limited, 06805.HK - Company Profile
Chairman ZHANG Lianghong
Share Issued (share) 1,120,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Environmental Goods
Corporate Profile Business Summary: Since the Group’s inception in 2004, it has engaged in the development and operation of electroplating industrial parks and the provision of centralized wastewater treatment services in the PRC. Performance for the year: The Group was able to record revenue of RMB640.0 million for the Year, representing an increase of RMB160.3 million or 33.4% since the year ended 31 December 2018 and the profit attributable to the equity shareholders of the Company increased to RMB55.1 million for the Year, representing an increase of RMB7.2 million or 15.0% since the year ended 31 December 2018. The unaudited adjusted profit attributable to the equity shareholders of the Company derived, and excluding one-off item relating to our Listing, was approximately RMB73.1 million, representing a growth of 40.6% as compared to year ended 31 December 2018. Business Review The Group develops and operates large-scale industrial parks in the PRC which are specifically designed for the electroplating industry. The Company’s shares (the “Shares”) have been successfully listed on the Stock Exchange since 16 July 2019 (the “Listing Date”). For the Year, the Group’s revenue was approximately RMB640.0 million (2018: RMB479.7 million), representing an increase of approximately 33.4% from that of the year ended 31 December 2018 and the profit attributable from the equity shareholders of the Company was approximately RMB55.1 million (2018: RMB47.9 million), representing an increase of approximately 15.0%. The unaudited adjusted profit attributable to the equity shareholders of the Company for the Year derived, and excluding one-off item relating to the Listing, was approximately RMB73.1 million (2018: RMB52.0 million), representing a growth of approximately 40.6% from the year ended 31 December 2018. THE ELECTROPLATING INDUSTRIAL PARKS The Group currently operates two electroplating industrial parks which are strategically located in Guangdong Province and Tianjin where most of the PRC electroplating enterprises are located in order to enjoy convenient transportation network and to have close proximity to its customers. Total leasable area and occupancy rate The Group’s Guangdong Huizhou Park, which has been in operation since 2007, is the only electroplating industrial park in Huizhou. Following the completion of the construction of two factory buildings with an aggregate ground floor area (“GFA”) of approximately 29,000 sq.m., the total leasable area of Guangdong Huizhou Park attained approximately 347,000 sq.m. and had occupancy rate of approximately 100% as at 31 December 2019. The Group’s Tianjin Bingang Park, which has been in operation since 2016, is the only largescale and one of the Group’s two electroplating industrial parks in Tianjin. As at 31 December 2019, the total leasable area was approximately 256,000 sq.m. and the occupancy rate slightly increased to approximately 67.6% as compared to approximately 61.6% as at 31 December 2018. With the Group’s extensive experience and expertise in developing and operating large scale electroplating industrial parks and in-depth understanding of the electroplating industry, the total occupancy rate of the Group as at 31 December 2019 was 86.2% as compared to approximately 82.9% as at 31 December 2018. Details of the lease term of our factory buildings are set out in note 13 to the Consolidated Financial Statements on page 94 of this annual report. Wastewater treatment capabilities The factory premises of the two electroplating industrial parks have pre-installed conduits which direct the electroplating wastewater generated by the park’s tenants to the Group’s centralised wastewater treatment facilities. The Group also built the systems for (i) recycling the treated wastewater back to the tenants for reuse; and (ii) discharging the rest of the treated wastewater through channels. These facilities are fundamental and of core importance to the daily operations of the tenants. As at 31 December 2019, the total daily wastewater treatment capacity of the Group reached 16,000 tonnes. The annual average daily wastewater treatment handling volume was approximately 8,188 tonnes and annual average utilisation rate of wastewater treatment was approximately 51.2%. As at 31 December 2019, the total daily wastewater treatment handling capacity of Guangdong Huizhou Park reached 10,000 tonnes. The annual average daily wastewater treatment handling volume was 6,856 tonnes and the annual average utilization rate of wastewater treatment was 68.6% which were at similar levels as compared with 2018. As at 31 December 2019, the total daily wastewater treatment handling capacity of Tianjin Bingang Park reached 6,000 tonnes. The annual average daily wastewater treatment processing volume was 1,332 tonnes and the annual average utilization rate of wastewater treatment was 22.2% which were at similar levels as compared with 2018. RESEARCH AND DEVELOPMENT Research and development has always been the Group’s priority and focus, which has helped the Group develop advanced technology to fulfill the tightening environmental protection standards and further improve the Group’s operating efficiency and cost effectiveness. As at 31 December 2019, the Group had obtained 44 registered patents and 12 patent applications were in the progress of registration. SALES AND MARKETING The Group conducts marketing and promotion activities and builds customers relationship through participation in domestic exhibitions and seminars. During the Year, the Group participated in ten exhibitions and one seminar. Prospects: The outbreak of the novel coronavirus has brought economic uncertainties in the PRC. The PRC government has stepped up efforts to curb the spread of the coronavirus. The manufacturing factories in the Group’s electroplating industrial parks in Guangdong Province and Tianjin have gradually resumed their business operations and productions in mid-late February 2020 while the construction work of the new electroplating industrial park in Hubei Province has been postponed due to the travel restrictions in force in Hubei Province, which will delay the commencement of its operation until late 2022. It is expected that there might be a considerable impact brought by the coronavirus on the Group’s business operations and financial performance as the consumption of fresh use water, steam and utilities by the Parks’ tenants is expected to decrease accordingly. The Group will do its utmost to ensure smooth business operations of the electroplating industrial parks and provide quality services to the parks’ tenants by closely monitoring the latest development of the economic environment in the PRC and maintaining close communications with the tenants. The Group’s electroplating industrial parks are expected to continue to provide contributions in the future especially after the enhancement of its wastewater treatment capacities and the commencement of operation of its new electroplating industrial park in Hubei Province in late 2022. On 19 February 2019, the Group won the tender for the land use right for three parcels of land for the Hubei Jingzhou Project with a total site area of 325,981 sq.m. at a total consideration of RMB65.8 million. Such transaction was completed in August 2019 when the consideration was settled in full. During the Year, the Group commenced the construction work for its third electroplating industrial park in Hubei Province. However, the construction works have been postponed following the outbreak of the coronavirus. As such, it is expected that the commencement of the operation of Hubei Jingzhou Project will be delayed until late 2022. Increasing the number of our electroplating industrial parks To cope with the Group’s business expansion and to capture future opportunities, the Group has entered into an agreement (the “New Agreement”) regarding the Sichuan Qingshen Project with the Qingshen Government. Reference is made to the voluntary announcement of the Company dated 8 November 2019 in relation to the Group entering into the New Agreement regarding the Sichuan Qingshen Project with the Qingshen Government. Pursuant to the New Agreement, the Group and the Qingshen Government have agreed to cooperate for the establishment and development of the Sichuan Qingshen Project located in the industrial development zone. The development of this Sichuan Qingshen Project will cover a proposed site area of approximately 1,170 mu (equivalent to approximately 780,000 sq.m.) with a total development cost of approximately RMB2.0 billion and an expected wastewater treatment capacity of approximately 20,000 tonnes per day. According to the New Agreement, the implementation of the Sichuan Qingshen Project will be subject to (i) obtaining environment protection assessment approval; (ii) completion of preparatory works in relation to the Sichuan Qingshen Project; and (iii) the successful acquisition of land use rights of two batches of land located in the industrial development zone. As of the date of this report, the Group does not have concrete timing for the development of the Sichuan Qingshen Project and have not incurred significant cost for the Sichuan Qingshen Project. Increase the wastewater treatment capabilities of the electroplating industrial parks The construction for additional wastewater treatment facilities in Tianjin Bingang Park has commenced since June 2018. With the impact of sub-zero temperatures in Tianjin and the complexity in the technical requirement of building wastewater treatment facilities as well as the outbreak of the coronavirus, the completion date of the construction is expected to be postponed to the fourth quarter of 2020. However, based on the present usage of fresh water and wastewater treatment requirements from our tenants in the Tianjin Bingang Park, there is spare operation capacity in our wastewater treatment facilities to cope with demand from our tenants. The management expects that the completion date of the construction of such additional wastewater treatment facilities will be postponed to the fourth quarter of 2020. To further expand the Group’s wastewater treatment capabilities to meet the demand of the tenants of Guangdong Huizhou Park, the Group has applied to the relevant government authorities to increase the maximum amount of wastewater to be treated in this park from 10,000 tonnes to 15,000 tonnes per day. As at the date of this report, the local government authorities are still considering the Group’s application. Increase the GFA available for leasing In addition to seeking new sites for development of new electroplating industrial parks, the Group has to fully utilise the existing land resources available to increase the GFA available for leasing and to increase the number of tenants that can be accommodated in the industrial parks, which in turn will generate more revenue for the Group. Details of the occupancy rate of the newly constructed two factory buildings in the Group’s Guangdong Huizhou Park are set out in the paragraph headed “The Electroplating Industrial Parks” on page 7 of this annual report. The Group plans to construct eight factory buildings in Guangdong Huizhou Park with an aggregate GFA of approximately 113,000 sq.m. and budgeted cost of approximately RMB193.6 million. The project will be divided into two phases. The first phase of the project involves the construction of four factory buildings with an aggregate GFA of approximately 48,000 sq.m. and budgeted cost of approximately RMB82.4 million. The first phase has commenced in the fourth quarter of 2019 and its estimated completion date will be the end of 2020. The second phase of the project involves the construction of four factory buildings with an aggregate GFA of approximately 65,000 sq.m. with budgeted cost of approximately RMB111.2 million which is expected to commence during the third quarter of 2020 and be completed by the third quarter of 2021.

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