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(Incorporated in Bermuda with limited liability)
(Stock Code: 00661)
ANNOUNCEMENT OF UNAUDITED INTERIM FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2019
The board (the "Board") of directors (the "Directors") of China Daye Non-Ferrous Metals Mining Limited (the "Company") is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2019 (together with the comparative figures for the corresponding period in the previous year) as follows:
HIGHLIGHTS | ||
Six months ended 30 June | ||
2019 | 2018 | |
RMB million | RMB million | |
(Unaudited) | (Unaudited) | |
Revenue | 17,377.4 | 16,354.0 |
Gross profit | 442.3 | 349.7 |
Profit/(loss) for the period | 3.9 | (59.3) |
Profit/(loss) for the period attributable to owners | ||
of the Company | 1.3 | (68.3) |
Basic earnings/(loss) per share | RMB0.01 fen | RMB(0.38) fen |
Revenue for the six months ended 30 June 2019 increased by 6.26% to RMB17,377.4 million, compared with RMB16,354.0 million in the same period of 2018.
Gross profit for the six months ended 30 June 2019 increased by 26.5% to RMB442.3 million, compared with RMB349.7 million in the same period of 2018.
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CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the six months ended 30 June 2019
Six months ended 30 June | ||||||
2019 | 2018 | |||||
RMB' 000 | RMB' 000 | |||||
Notes | (unaudited) | (unaudited) | ||||
Revenue | 4, 5 | 17,377,369 | 16,354,037 | |||
Cost of sales and services rendered | (16,935,029) | (16,004,367) | ||||
Gross profit | 442,340 | 349,670 | ||||
Other income | 6 | 34,265 | 30,716 | |||
Selling expenses | (22,789) | (32,806) | ||||
Administrative expenses | (154,974) | (172,519) | ||||
Other operating expenses | (8,026) | (7,046) | ||||
Other gains and losses | 7 | (4,801) | (1,343) | |||
(Impairment losses)/reversal of impairment losses | ||||||
under expected credit loss model, net | (20,139) | 207 | ||||
Finance costs | 8 | (255,266) | (200,701) | |||
Share of results of joint ventures | - | (15,750) | ||||
Profit/(loss) before tax | 10,610 | (49,572) | ||||
Income tax expense | 9 | (6,709) | (9,732) | |||
Profit/(loss) and total comprehensive | ||||||
income/(expense) for the period | 10 | 3,901 | (59,304) | |||
Profit/(loss) and total comprehensive income/(expense) | ||||||
for the period attributable to: | ||||||
Owners of the Company | 1,281 | (68,287) | ||||
Non-controlling interests | 2,620 | 8,983 | ||||
3,901 | (59,304) | |||||
Earnings/(loss) per share | 12 | |||||
- Basic | RMB0.01 fen | RMB(0.38) fen | ||||
- Diluted | RMB0.01 fen | RMB(0.38) fen | ||||
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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2019
At | At | |||
30 June | 31 December | |||
2019 | 2018 | |||
RMB' 000 | RMB' 000 | |||
Notes | (unaudited) | (audited) | ||
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 6,828,566 | 7,045,432 | ||
Right-of-use assets | 835,316 | - | ||
Exploration and evaluation assets | 12,436 | 49,479 | ||
Prepaid lease payments | - | 676,764 | ||
Intangible assets | 675,213 | 623,545 | ||
Investment in joint ventures | - | - | ||
Deferred tax assets | 115,043 | 121,738 | ||
Other deposits | 14 | 37,201 | 46,916 | |
Restricted bank deposits | 15 | 43,355 | 43,355 | |
8,547,130 | 8,607,229 | |||
CURRENT ASSETS | ||||
Prepaid lease payments | - | 21,611 | ||
Inventories | 4,230,780 | 5,079,176 | ||
Trade and bills receivables | 13 | 1,308,208 | 745,415 | |
Other deposits | 14 | 55,504 | 69,095 | |
Prepayments and other receivables | 472,314 | 1,444,472 | ||
Derivative financial instruments | 252,173 | 119,966 | ||
Restricted and pledged bank deposits | 15 | 299,685 | 23,304 | |
Cash and bank balances | 15 | 1,663,796 | 861,616 | |
8,282,460 | 8,364,655 | |||
CURRENT LIABILITIES | ||||
Trade and bills payables | 16 | 1,480,759 | 1,903,197 | |
Other payables and accrued expenses | 864,406 | 815,115 | ||
Contract liabilities | 145,684 | 82,398 | ||
Lease liabilities | 4,390 | - | ||
Bank and other borrowings | 17 | 5,557,812 | 5,178,212 | |
Derivative financial instruments | 30,296 | 58,108 | ||
Early retirement obligations | 37,604 | 44,850 | ||
Current income tax liabilities | - | 1,531 | ||
8,120,951 | 8,083,411 | |||
NET CURRENT ASSETS | 161,509 | 281,244 | ||
TOTAL ASSETS LESS CURRENT LIABILITIES | 8,708,639 | 8,888,473 | ||
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At | At | |||
30 June | 31 December | |||
2019 | 2018 | |||
RMB' 000 | RMB' 000 | |||
Notes | (unaudited) | (audited) | ||
CAPITAL AND RESERVES | ||||
Share capital | 727,893 | 727,893 | ||
Share premium and reserves | 1,510,849 | 1,509,568 | ||
Equity attributable to owners of the Company | 2,238,742 | 2,237,461 | ||
Non-controlling interests | 181,173 | 178,553 | ||
TOTAL EQUITY | 2,419,915 | 2,416,014 | ||
NON-CURRENT LIABILITIES | ||||
Other payables | 287,986 | 287,855 | ||
Bank and other borrowings | 17 | 4,510,079 | 4,837,197 | |
Promissory note | 989,691 | 968,692 | ||
Lease liabilities | 138,967 | - | ||
Provisions for mine rehabilitation, | ||||
restoration and dismantling | 46,059 | 45,407 | ||
Deferred income | 186,896 | 189,768 | ||
Early retirement obligations | 129,046 | 143,540 | ||
6,288,724 | 6,472,459 | |||
8,708,639 | 8,888,473 | |||
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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2019
-
GENERAL INFORMATION
China Daye Non-Ferrous Metals Mining Limited (the "Company", together with its subsidiaries, collectively referred to as the "Group") was incorporated in Bermuda as an exempted company with limited liability and its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange").
The principal activity of the Company is investment holding. The Company's subsidiaries are principally involved in mining and processing of mineral ores and selling/trading of metal products. In the opinion of the directors of the Company (the "Directors"), the ultimate holding company of the Company is China Nonferrous Metal Mining (Group) Co., Ltd., a state-owned enterprise established in the People's Republic of China (the "PRC").
The condensed consolidated financial statements are presented in Renminbi ("RMB"), which is also the functional currency of the Company. - BASIS OF PREPARATION
The condensed consolidated financial statements of the Group for the six months ended 30 June 2019 have been prepared in accordance with Hong Kong Accounting Standard 34 ("HKAS 34") Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2018. - PRINCIPAL ACCOUNTING POLICIES
The condensed consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value, as appropriate.
Other than changes in accounting policies resulting from application of new and amendments to Hong Kong Financial Reporting Standards ("HKFRSs"), the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 June 2019 are the same as those presented in the Group's annual financial statements for the year ended 31 December 2018.
Application of new and amendments to HKFRSs
In the current interim period, the Group has applied, for the first time, the following new and amendments to HKFRSs issued by the HKICPA which are mandatory effective for the annual period beginning on or after 1 January 2019 for the preparation of the Group's condensed consolidated financial statements:
HKFRS 16 HK(IFRIC)-Int 23 Amendments to HKFRS 9 Amendments to HKAS 19 Amendments to HKAS 28 Amendments to HKFRSs
Leases
Uncertainty over Income Tax Treatments Prepayment Features with Negative Compensation Plan Amendment, Curtailment or Settlement Long-term Interests in Associates and Joint Ventures Annual Improvements to HKFRSs 2015-2017 Cycle
Except for the application of HKFRS 16, the application of other new and amendments to HKFRSs in the current period has had no material impact on the Group's financial performance and positions for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements.
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China Daye Non-Ferrous Metals Mining Ltd. published this content on 30 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2019 14:31:04 UTC