August 29 (Solar) – China's Panda Green Energy Group Ltd (HKG:0686) on Friday reported a 58.5% increase in EBITDA for the first half of 2018 as a result of capacity additions and increased power generation.
The company had 2,061.6 MW of solar farms at the end of June, 96% of which in China, and 48 MW of wind capacity in Shanxi.
Despite growing revenues, higher earnings before interest, tax, depreciation and amortisation (EBITDA), and an increase in the EBITDA margin to 87% from 81%, Panda Green Energy fell to a loss attributable to shareholders of the company of CNY 87 million (USD 13m/EUR 11m). This compares to a CNY-24-million profit in the same six months of 2017. The difference is mainly due to the fact that the prior-year result included a significant bargain purchase gain of CNY 598 million and slightly lower financial costs.
Details on the company’s performance in the six months are available in the table.
|Results in CNY million, unless specified||H1 2018||H1 2017|
|(Loss) profit for the period||(87)||27|
|(Loss) profit to shareholders||(87)||24|
|(Loss) profit before income tax||(68)||38|
|Total electricity generation (in GWh)||1,546||1,003|
|– of which solar power||1,210||939|
Panda Green Energy had non-current assets of CNY 23.1 billion at the end of June 2018 and current assets of CNY 6.42 billion. Current liabilities stood at CNY 7.63 billion and non-current liabilities were CNY 15.54 billion.
(CNY 10 = USD 1.47/EUR 1.26)