China Everbright International 2011 profit up 30% to HK$801.441mn

Results achieved new heights by capturing opportunities presented by national environmental protection policy under 12th five-year plan.

China Everbright International Limited (“Everbright International”) announced its audited annual results for the year ended 31 December 2011.

The Central Government has launched a series of measures to boost both the economy as well as the seven emerging strategic industries in 2011. The national emphasis of promoting energy conservation and emission reduction to spur successful transformation of Chinese economy has presented huge development opportunities to the Group. The year 2011 has witnessed a robust performance as the Group embarks on the new stage of development.

During the year, operating results of the Group achieved new heights with profit before taxation exceeding RMB1 billion for the first time, and the Group also enjoyed a greater improvement in operations efficiency in comparison to the scale of operations. In addition, the Group currently boasts its highest-ever number of projects commencing commercial operation. In 2011, there were a total of 13 projects completed construction and commenced commercial operation. They have not only generated construction service revenue to the Group, but also created a new growth driver for the Group.

During the year under review, the Group’s consolidated turnover amounted to HK$3,663,563,000, an increase of 25% from HK$2,929,415,000 of 2010. The EBITDA on recurring basis amounted to HK$1,439,571,000, a rise of 36% from HK$1,059,858,000 of last year. Profit attributable to equity shareholders of the Company for the year of 2011 was HK$801,441,000, 30% more than the HK$616,433,000 of 2010. Basic earnings per share were HK21.86 cents, HK4.94 cents more than the HK16.92 cents in the previous year.

During the year under review, to keep pace with the rapid development of the environmental protection and alternative energy industries, the Group has expanded its businesses in both domestic and overseas markets. It has captured 11 new projects commanding a total investment of approximately RMB1.873 billion. The turnover from the environmental protection and alternative energy business sectors reached HK$3,485,393,000 (construction service revenue: 61%, operation service revenue: 24%, finance income: 15%).

This marked an increase of 25% compared to 2010 and accounted for 95% of the Group’s total turnover, same as that in 2010. The EBITDA amounted to HK$1,359,579,000, a rise of 40% when compared to the previous year and accounted for 94% of the Group’s total EBITDA, according to China Everbright International report.

Up to the end of 2011, the Group has secured 59 environmental protection and alternative energy projects with a total investment of approximately RMB11.914 billion. Of these projects, those with construction already completed accounted for a total investment of approximately RMB7.785 billion, while those currently under construction have a total investment of about RMB1.298 billion. The estimated total investment of projects still in the preparatory stage was approximately RMB2.831 billion. Subsequent to 31 December 2011, the Group further secured 1 new project, namely Nanjing Waste-to-energy Project commanding a total investment of approximately RMB1,030,218,000.