Category: FIN

Steady Development with Solid Performance in 1H 2014

HONG KONG, Aug. 28, 2014 /PRNewswire/ — CNOOC Limited (the “Company”, NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its interim results for the six months ended June 30, 2014.

For the first half of the year, the Company’s total net oil and gas production reached 211.6 million barrels of oil equivalent (BOE), up 6.8% year-on-year (yoy), with 36.3 million BOE contributed by Nexen.

The Company’s average realized oil price was US$106.30 per barrel in the first half of 2014, representing an increase of 2.0% yoy, while average realized gas price rose 13.5% yoy to US$6.44 per thousand cubic feet.

Benefited from the growth of net oil and gas production and increase in realized oil and gas prices, the Company recorded RMB117.1 billion in oil and gas sales revenue, a yoy increase of 5.7%; meanwhile, net profit fell 2.3% yoy to RMB33.59 billion.

In the first half of 2014, the Company’s all-in cost was US$43.20 per BOE, up slightly by 2.0 % yoy, while operating cost was US$11.78 per BOE, up 7.0 % yoy, mainly attributable to the consolidation of two more months of Nexen’s performance.

In the area of exploration, the Company made 9 new discoveries and 23 successful appraisal wells. Among them, Lingshui 17-2, discovered by “Haiyangshiyou 981”, was successfully tested and is expected to become the first large-sized deepwater gas field made by our independent exploration activities. While Luda 16-3 South structure is expected to become a mid-sized discovery after appraisal, Kenli 16-1 structure uncovers the good exploration potential of southern slope of Laizhou Bay Sag in Bohai. Kenli 3-2 oilfields, Panyu10-2/5/8 project and Wenchang 13-6 oilfield have commenced production within the year as scheduled while other projects are progressing accordingly.

During the period, the Company continued to advance the integration of Nexen, especially in the areas of management, resources development and corporate culture. Nexen’s safety and environmental protection achieved best performance in its history in the first half of 2014. Production efficiency of Buzzard oilfield in the UK North Sea was further enhanced, while production and operation of Long Lake oil sands project achieved significant improvement. The progress of integration reached the Company’s expectation.

Mr. Wang Yilin, Chairman of the Company, said, “In the first half of 2014, the Company has executed its ‘New Leap Forward’ strategy in a solid way and achieved satisfactory results. We will endeavor to strengthen our management, enhance the growth quality and efficiency of the Company to create greater value for our shareholders.”

Mr. Li Fanrong, CEO of the Company commented, “During the first half of 2014, we have actively pushed ahead different areas of our business. Good progress was made in the production and operation and a healthy financial position was maintained. In the second half of the year, we will continue to work diligently to ensure that we meet our annual production and business targets.”

In the first half of the year, the Company’s basic earnings per share reached RMB0.75. The Board has declared an interim dividend of HK$0.25 per share (tax inclusive).

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

This press release includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, whether the transactions entered into by the Group can complete on schedule pursuant to its terms and timetable or at all, the highly competitive nature of the oil and natural gas industries, the foreign operations, environmental liabilities and compliance requirements, and economic and political conditions in the People’s Republic of China. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the 2013 Annual Report on Form 20-F filed on 17 April 2014.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

For further enquiries, please contact:

Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-6642
Fax: +86-10-8452-1441
E-mail: MR@cnooc.com.cn

Ms. Cathy Zhang
Hill+Knowlton Strategies Asia
Tel: +852-2894-6211
Fax: +852-2576-1990
E-mail: cathy.zhang@hkstrategies.com

Logo – http://www.prnasia.com/sa/200701301659.jpg

The Lombard Odier Group Reports Results for the First Half of 2014

GENEVA, Aug. 28, 2014 /PRNewswire/ —

  • Total client assets on 30 June 2014 amounted to CHF 211 billion of which assets under management were CHF 156 billion 
  • Consolidated net profit was CHF 62.5 million for the Group 
  • Fully-loaded Basel III CET1 ratio stood at 23.8%  

Assets under management and strategic diversification across three business lines 

Several years ago, Lombard Odier decided to accelerate the expansion of its private client business in Europe, Asia and Switzerland, to sharpen the scope of its asset management business and to turn its technology platform into a profit centre. This long-term strategic evolution is showing steady progress and positions the firm for the future.

As a result, today the Group is organised around three business lines with total client assets at the end of June 2014 of CHF 211.0 billion. Total client assets in the private clients business amounted to CHF 114.7 billion. Asset management clients invested CHF 47.8 billion. Technology and banking services clients entrusted an additional CHF 48.5 billion of assets to Lombard Odier.

Solid earnings 

The Group’s consolidated income in the first six months was CHF 527.1 million and the operational cost base was CHF 429.7 million. Operating cost-income ratio for the Group stood at 80%, reflecting long-term investments in three strategic areas: the private client businesses in Europe, Asia and Switzerland; asset management expertise for institutional clients; and further developments into the technology platform that Lombard Odier provides to third parties.

“These results are in line with our expectations and reflect both the investments we make towards our strategic objectives as well as the conservative use of our balance sheet,” said Patrick Odier, Senior Managing Partner. “Our Group is increasingly diversified, more international and more balanced between private and asset management clients and we are expanding our partnerships with financial services providers. Our solid net profit allows us to continue investing in all three businesses.”  

Strong and liquid balance sheet 

The consolidated balance sheet totals CHF 17.1 billion and is conservatively invested. The Group has no external debt and is well capitalised with a fully-loaded Basel III CET1 ratio of 23.8%, which is well above the FINMA’s 12% target. The Liquidity Coverage Ratio was 653%.

One of the Group’s objectives is to remain one of the best capitalised banks in the world. Lombard Odier’s strong capitalisation is a foundation of its clients’ trust in the firm.

About Lombard Odier 

Lombard Odier provides its private clients with a full range of bespoke services such as succession planning, discretionary and advisory portfolio management, tax reporting and custody services. With a view to remaining close to its clients’ needs, the Group is able to harness expertise and technology to provide wealth management solutions across the globe. Lombard Odier has developed significant private banking operations in Europe, Asia and Switzerland.

Lombard Odier Investment Managers (LOIM), the Group’s asset management unit, seeks to deliver performance by identifying sources of both risk and return through absolute return, smart beta and high conviction strategies. LOIM offers its clients a range of innovative solutions including risk-based asset allocation, thematic equity investments, convertible bonds and absolute return as well as alternative strategies.  

Lombard Odier provides its technology and banking clients with its own IT and operational infrastructure as well as global custody and reporting services.

The Lombard Odier Group has a presence in the world’s main financial centres and offers its clients a global perspective through its network of offices in 19 jurisdictions. The Group employs about 2,000 people.

The Group has a AA- Fitch rating with a “stable” outlook.

Lombard Odier is headed by eight Managing Partners, who represent up to the seventh generation of bankers running the Firm. They are both owners and managers and are involved with leading the firm’s strategy and management as well as serving clients. Since its founding in 1796, the Firm has stayed true to its primary vocation of preserving and nurturing the assets entrusted to it and helping to hand them to future generations.

For more information: http://www.lombardodier.com

Bank Lombard Odier & Co Ltd
Rue de la Corraterie 11
1204 Geneva
http://www.lombardodier.com

Warren Giles
Media Relations (English)
Tel: +41(22)709-31-57
w.giles@lombardodier.com

Christoph G. Meier
Head of Communications
Tel: +41(0)22-709-17-46
c.meier@lombardodier.com

Marionna Wegenstein
Pressverantwortliche (Deutsch)
Tel: +41(44)214-14-10
m.wegenstein@lombardodier.com

Media Relations
Tel: +41(22)709-21-21

Francois Mutter
Relations Medias (Francais)
Tel: +41(22)709-93-64
f.mutter@lombardodier.com

China Fordoo Holdings Limited (Stock Code: 2399) Announces 2014 Interim Results

— Turnover Reached RMB766.2 Million

— Gross Profit Increased by 13.0% to RMB269.1 Million

HONG KONG, Aug. 28, 2014 /PRNewswire/ — China Fordoo Holdings Limited (“Fordoo” or the “Company” and, together with its subsidiaries, the “Group”, Stock Code: 2399), a reputable menswear brand in the PRC, is pleased to announce its interim results for the period ended 30 June 2014 (the “period”).

During the period, benefited from the growing recognition of the Group’s “FORDOO” brand and an increase in the average wholesale price of products, the Group’s turnover increased to RMB766.2 million, representing an increase of 6.8% over the corresponding period last year (1H2013: RMB717.4 million). The expansion of distribution network further strengthened the profitability of the Group. Net profit increased by 8.5% to RMB128.7 million over the corresponding period in 2013. Basic and diluted earnings per share were RMB36 cents, representing an increase of 8.5% as compared to the corresponding period last year (1H2013: RMB33 cents).

Mr. Kwok Kin Sun, Executive Director, Chief Executive Officer and Chairman of the Board said, “In the first half of 2014, China’s economic growth continued to slowdown and the retail market remained weak. For the apparel retail industry, the total retail sales of garments, hats, footwear and knitwear recorded a 10.0% year-on-year increase, which was 1.9 percentage points lower than that of the corresponding period in 2013. Therefore, the Group adopted a prudent operation strategy and focused on improving the distribution channel management and enhancing product quality and design. We are very satisfied that the purchase orders from the sales fair held in March 2014 increased by 24% from the ones held in September 2013.”

Business Review

As a reputable menswear brand in the PRC, by product type, Fordoo continued to lead the market in the men’s trousers segment. In the first half of 2014, turnover from men’s trousers increased by 16.9% to RMB458.1 million as compared to the corresponding period last year (1H2013: RMB392.0 million). In addition, sales of trousers remained the major contributor to the total turnover with a proportion of 59.8%. In terms of product style, the Group maintained a healthy growth in the business formal and business casual series. The business casual series continued to be the largest turnover contributor to the Group with a proportion of 63.4% (1H2013: 61.1%).

The Group has been striving to optimize its retail and sales network for the sustainable business growth. As of 30 June 2014, the retail and distribution network of the Group further expanded to 52 distributors and 180 sub-distributors. During the period, the Group had a total 1,353 retail outlets (including 2 self-operated retail stores), representing a net increase of 53 retail outlets as at 31 December 2013, spanning over 240 cities and 31 provinces, autonomous regions and central government-administered municipalities in the PRC. The increase in retail outlets was a strategy to further penetrate into the markets in the second and third-tier cities.

In the first half of 2014, as part of the Group’s marketing and promotion plan to enhance and reinforce its brand image, the renovation of 41 existing stores had completed, and the plan for renovating another 59 stores by the end of the year remained on track. In addition, the Group continued to actively carry out regular advertising and promotion campaign through various channels, such as advertisements in fashion magazines, promotion activities in the internet and other media, as well as advertisements on large outdoor billboards in airports, highways and well-known department stores.

Prospects

Looking ahead to the second half of 2014, the Group sustains its cautiously optimistic view with respect to the growth of consumer demand in menswear market in China. It is confident that the ongoing urbanization and expanding middle class in China will generate a strong demand on apparels in the long run. Therefore, the Group maintains its target for distributors of adding approximately 200 retail outlets within the year. In the coming 2014 spring/summer sales fair to be held in September 2014, the Group will launch a new casual fashion line targeting young customers aged 18 to 30.

Mr. Kwok concluded, “Fordoo will strive to seize the opportunities arising from the continuous growth of the men’s casual wear and trousers market in PRC, as well as strengthen its cooperation with the distributors and sub-distributors. The Group will equip itself for the future development through enhancing its product design and development capability and kicking off the implementation of the ERP system. Driven by the success of men’s trousers, business formal and business casual series, it is believed that the Group could continue its sustainable growth and maximize shareholders’ returns.”

– End –

About China Fordoo Holdings Limited

Fordoo is a reputable menswear brand in the PRC. Positioned in the middle-upper menswear segment, Fordoo primarily targets men aged 30 to 60. According to Frost & Sullivan, Fordoo brand was ranked sixth in the middle-upper menswear market with a market share of 2.9%, fifth in both the middle-upper business casual menswear segment and the middle-upper business formal menswear segment with respective market share of 4.0% and 2.9%, and second in the men’s trousers category with a market share of 3.0%, all of which were in terms of retail sales in 2013. Fordoo manages and operates the business through a strategically integrated model, comprising brand management and marketing, design and product development, ordering process, procurement of raw materials, self-production and outsourced production and sales and distribution. As of 30 June 2014, Fordoo’s distribution network comprised of 52 distributors, 180 sub-distributors and 1,353 retail outlets (excluding the two self-operated stores).

Issued by Porda Havas International Finance Communications Group for and on behalf of China Fordoo Holdings Limited.