AP Henderson Group Reports Second Quarter Results.Business Editors LOS ANGELES--(BUSINESS WIRE)--Aug. 29, 2003 AP Henderson Group Henderson Group plc (LSE: HGI, ASX: HGI) is a British asset management company based in the City of London. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. It is also listed on the Australian Stock Exchange. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :APHG) today announced its results for the second quarter ended June 30, 2003. AP Henderson Group is principally engaged in two industry segments: the manufacture and sale of petrochemical and agrochemical agrochemical Any chemical used in agriculture, including chemical fertilizers, herbicides, and insecticides. Most are mixtures of two or more chemicals; active ingredients provide the desired effects, and inert ingredients stabilize or preserve the active ingredients or aid products. Revenues for the three and six months ended June 30, 2003, increased by RMB RMB Right Mouse Button RMB Regional Management Board (USACE) RMB Rolf Maier Bode (musician, band) RMB Ren Min Bi (currency of People's Republic of China) 177 million (US$21.4 million) and RMB331 million (US$40 million) or 95% and 110%, respectively, compared to the same periods in 2002. Revenues from the sale of petrochemical products for the three and six months ended June 30, 2003, increased by RMB175 million (US$21 million) and RMB325 million (US$39 million) or 96% and 110%, respectively, compared to the same periods in 2002. Revenues from the sale of agrochemical products for the three and six months ended June 30, 2003, increased by RMB2.7 million (US$326 thousand) and RMB6.3 million (US$761 thousand) or 60% and 112%, respectively, compared to the same periods in 2002. The increase in revenues from the prior-year period was due primarily to an expansion of our petrochemical refinery facility in Shandong Province, People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China, in late 2002. We increased our petrochemical refinery operations from a distillation throughput capacity of 300,000 tons annually to a capacity of 1,300,000 tons annually. With increased production capacity, we were able to produce more petrochemical products to meet strong market demand. Gross profit for the three and six months ended June 30, 2003, decreased by RMB3.6 million (US$435 thousand) and increased by RMB8.7 million (US$1.1 million), compared to the same period in 2002. Net income for the three and six months ended June 30, 2003, decreased by RMB7.7 million (US$930 thousand) and RMB7 million (US$846 thousand) or 93% and 81%, respectively, compared to the same periods in 2002. The decrease in gross profit and net income was due primarily to a significant increase in the cost of raw materials. The increase, over and above the volume increase, was due to significant increases in the cost of crude oil, the main raw material used in the manufacture of petrochemical and agrochemical products. As a result of the recent U.S.-led war on terrorism Terrorist acts and the threat of Terrorism have occupied the various law enforcement agencies in the U.S. government for many years. The Anti-Terrorism and Effective Death Penalty Act of 1996, as amended by the usa patriot act in Iraq, we were unable to receive our allocation of crude oil from state-controlled oil producers in the PRC. We purchased crude oil on the open market from PRC importers who acquired the oil from producers located in Russia. The cost of the imported Russian crude oil, including the associated transportation costs, was significantly higher than the costs we had incurred in 2002 or 2001. ABOUT THE COMPANY AP Henderson Group, through its wholly-owned subsidiary, Jingbo Chemical (Bo Xing) Company Ltd., is one of the largest independent petroleum refiners and suppliers of transportation fuels, fuel oil, liquefied petroleum gas liquefied petroleum gas or LPG, mixture of gases, chiefly propane and butane, produced commercially from petroleum and stored under pressure to keep it in a liquid state. (LPG LPG: see liquefied petroleum gas. 1. LPG - Linguaggio Procedure Grafiche (Italian for "Graphical Procedures Language"). dott. Gabriele Selmi. Roughly a cross between Fortran and APL, with graphical-oriented extensions and several peculiarities. ), oxidized oxidized having been modified by the process of oxidation. oxidized cellulose see absorbable cellulose. asphalt, kerosene kerosene or kerosine, colorless, thin mineral oil whose density is between 0.75 and 0.85 grams per cubic centimeter. A mixture of hydrocarbons, it is commonly obtained in the fractional distillation of petroleum as the portion boiling off and other petrochemical products in the Shandong Province of the People's Republic of China. Its agrochemical division is a major manufacturer and supplier of insecticide insecticide Any of a large group of substances used to kill insects. Such substances are mainly used to control pests that infest cultivated plants and crops or to eliminate disease-carrying insects in specific areas. , fungicide fungicide (fŭn`jəsīd', fŭng`gə–), any substance used to destroy fungi. Some fungi are extremely damaging to crops (see diseases of plants), and others cause diseases in humans and other animals (see fungal infection). , herbicide herbicide (hr`bəsīd'), chemical compound that kills plants or inhibits their normal growth. A herbicide in a particular formulation and application can be described as selective or nonselective. and other agrochemical products in the eastern and northern parts of China. FORWARD-LOOKING STATEMENTS The statements contained in this press release that are not historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements, without limitation, regarding our expectations, beliefs, intentions or strategies regarding the future. The Company intends that such forward-looking statements be subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provided by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements relate to, among other things: (1) expected revenue and earnings growth, (2) estimates regarding the size of target markets, and (3) regulation of the Company's industries and markets by the Chinese government Ever since Republic of China founded in January 1st, 1912, China has had several regional and national governments. List
NOTE: All of our sales and expenses are denominated in renminbi ("RMB"), the national currency of the People's Republic of China. Solely for the convenience of the reader, the financial information as of June 30, 2003, has been converted into U.S. dollars at the noon buying rate in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. on such dates as certified for customs purposes by the Federal Reserve Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. of US$1.00 = RMB 8.2776 as of June 30, 2003. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at that rate or at any other certain rate as of the respective dates or at any other date.
AP Henderson Group
Consolidated Statements of Operation
(RMB000s, except per share information)
(unaudited)
For the three months ended
June 30,
2002 2003 2003
RMB RMB US$
Operating Revenues 187,169 364,577 44,044
Operating Expenses 176,328 360,780 43,585
Operating Income 10,841 3,797 3,395
Nonoperating Income
(expense), net 166 (2,227) (269)
Income before income taxes 11,007 1,570 190
Income tax expense 2,770 1,019 123
Net Income 8,237 551 67
Net Income per share - basic
& diluted 0.21 0.01 0.00
For the six months ended
June 30,
2002 2003 2003
RMB RMB US$
Operating Revenues 302,195 633,461 76,527
Operating Expenses 290,652 622,463 75,198
Operating Income 11,543 10,998 1,329
Nonoperating Income
(expense), net 241 (7,331) (886)
Income before income taxes 11,784 3,667 443
Income tax expense 3,146 2,037 246
Net Income 8,638 1,630 197
Net Income per share - basic
& diluted 0.22 0.04 0.00
All assets and operations of the Company are located in China, which is considered as one geographic location in an economic environment with similar risks and returns. |
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