On August 30th, Panda Green announced the unaudited condensed consolidated interim results of the Company and its subsidiaries for the six months ended 30 June 2019. The results showed an overall upward trend, indicating that the Company’s fundamentals have been improving. During the period, the revenue and EBITDA from the continuing operations were RMB1,093 million and RMB978 million respectively (30 June 2018: RMB973 million and RMB844 million respectively). The net profit achieved RMB114 million. The gearing ratio dropped from 76.9% to 70.3% since the end of 2018. The total electricity generated by the power plants from the continuing operations of the Group and its associates/joint ventures has increased by approximately 13%. The EBITDA margin has increased by 2%, from 87% in 1H 2018 to 89% for the period.
The improvements of the business are attributed to two reasons. Firstly, the support from shareholders. Three state-owned enterprises, namely China Merchants New Energy, China Huarong and Qingdao Construction Investment Company, currently hold more than 62% shares of the company, who rendered strong support for the company. Secondly, the new members of the board and the management went on the stage. Based on the discipline of “making progress while staying stability”, the management team strived to enhance its internal control, the corporate governance and the financial management with the aim to improve its organizational performance as a whole, as a result, managing to optimize the company’s capital and debt structure as well as the liquidity position.
As for the future, Ms. Hui Zhong, the Executive Director and Chief Executive Officer of the Company, said that the expectations of the shareholders and investors give rise to a heavy responsibility and also a driving force of the management team. For the second half of 2019, Panda Green will extend its strategy from the first half of the year to push forward the company based on four disciplines. First of all, to strengthen the risk management to set a ground for the long-term growth of the Company. Secondly, to improve the internal control and corporate governance to meet the standardized management requirement. Thirdly, to improve the competitiveness of the Company by being market-oriented. Finally, to explore innovative investment and financing models, expand investment channels and lead Panda Green on track of high-quality, high-efficiency and steady development.