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    BEWG Releases the 2017 Annual Interim Results 2017-08-30

    On August 30, 2017, Beijing Enterprises Water Group Limited (hereinafter referred to as "BEWG", stock code: HK 00371) held 2017 Annual Interim Results Conference in Hong Kong. Li Yongcheng, Vice Chairman, Deputy General Manager and Chairman of the Board of Directors of BEWG, Zhou Min, Executive Director and Chief Executive Officer, Li Li, Executive Director and Executive President, Li Haifeng, Executive Director and Executive Vice-President, Dong Huanzhang, Executive Director and Financial Director and other senior managers attended the conference.  

    In the first half of 2017, the total operating revenue of BEWG reached HKD 9.126 billion, increasing by 41% year on year if including the construction revenue of off-balance sheet projects under the fund mode. Net profit attributable to the parent company was HKD 1.914 billion, which was HKD 1.874 billion removing the fair value of derivative financial instruments and one-time factor influences, increasing by 37% year on year. The basic earnings per share for the first half of 2017 was HKD 0.2188, increasing by 21% year on year. Board of Directors of BEWG advised to distribute interim cash of HKD 0.08 per share to shareholders to give back to their continuous support for the company.

    In the first half of 2017, the business of BEWG continued to grow rapidly. For municipal water services, the net increase of water treatment was 24.83 million tons/day. As of June 30, 2017, the total contracted water volume of the group was 29.6512 million tons/day, increasing by 19% year on year; the total number of waterworks was 544, and the water plants in China have covered 27 provinces, municipalities and autonomous regions.

    In the aspect of water environment treatment, BEWG signed 7 water environment comprehensive treatment projects in the first half of 2017 with the total investment of RMB 44.74 billion. As of August 30, 2017, there were 12 signed and contract awarded projects with the total investment of RMB 50.24 billion.

    In the aspect of financing plan, BEWG publicly issued the first phase green asset support notes with the scale of RMB 2.1 billion in the first half of 2017, realizing the real off-balance sheet asset securitization channel. Meanwhile, BEWG has effectively developed the industry fund and established the fund with a total scale of about RMB 22.7 billion so far including BEWG China Life Fund of about RMB 24 billion, Chifeng Fund of about RMB 1 billion, and Tongzhou Water Fund of RMB 2.7 billion, providing sufficient funding source for the project expanding.

    Chief Executive Officer, Zhou Min said at the conference that PPP mode has been applied comprehensively in the water industry and China has been launching policies to support the development of PPP mode. Especially, National Development and Reform Commission (NDRC) issued documents to encourage the application of PPP mode to activate the existing infrastructure assets, which will further promote the development of the water industry and bring greater development opportunities for BEWG. BEWG is transforming to light asset model gradually through asset securitization, fund and other financial means and making efforts to build the outstanding operation brand of BEWG surrounding smart water management system, artificial intelligence, big data and other technical directions. BEWG will tightly seize the fund channel, make full use of favorable capital conditions, and further increase investment in the opportunity period of the rapid increase of new and stock PPP projects. In the aspect of risk control, BEWG will make investment in key cities, and guide the business to lean towards the region and city with strong economic strength and low risk by setting out investment maps, and strictly implement projects included in the national PPP project library at the same time.

    Board Chair, Li Yongcheng pointed out that the executive layer of BEWG has obtained fruitful results in the first half of 2017; one is that the water volume, contract quantity, revenue, profit and other indicators maintain rapid growth; the other is that many new explorations and attempts have been made to cope with the domestic water environment market changes. Currently, the PPP mode has been widely adopted by local governments and Ministry of Finance and NDRC, etc. have also put forward new requirements for the promotion and risks of PPP. Under such situation, relying on excellent strength, conditions and anti-risk abilities, BEWG is more conducive to seizing the opportunity in the competition. Tongzhou, Baotou and other projects gained by BEGW recently manifest the ability of BEWG. Meanwhile, facing huge market and project opportunities, BEWG provided sufficient funds for projects by fund and asset securitization and other methods, revealing excellent financial innovation ability. Under current PPP mode and fund mode, BEWG will make active attempts and efforts towards the direction of light assets to realize lower risks and better returns.
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