Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

CHINA SHENGMU ORGANIC MILK LIMITED

中國聖牧有機奶業有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1432) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2017

FINANCIAL HIGHLIGHTS

For the six-month period ended

June 30,

2017

June 30,

2016

Movements

RMB' 000

RMB' 000

Revenue

1,152,184

1,616,772

-28.7%

Gross profit

500,413

773,362

-35.3%

Profit for the period

131,388

534,865

-75.4%

Profit attributable to owners of the parent

6,381

402,345

-98.4%

In this announcement "we", "us" and "our" refer to the Company (as defined below) and where the context otherwise requires, the Group (as defined below).

Translated English names of Chinese natural persons, legal persons, governmental authorities, institutions or other entities for which no official English translation exist are unofficial translations for identification purpose only.

The board (the "Board") of directors (the "Directors") of China Shengmu Organic Milk Limited (the "Company" or "China Shengmu") herein presents the unaudited consolidated interim results of the Company and its subsidiaries (the "Group"or "Shengmu") for the six-month period ended June 30, 2017, together with the comparative figures for the corresponding period in 2016 as follows:

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six-month period ended

Notes

June 30,

2017

June 30,

2016

(unaudited)

(unaudited)

RMB'000

RMB'000

REVENUE

4

1,152,184

1,616,772

Cost of sales

(651,771)

(843,410)

Gross profit

500,413

773,362

Gain/(loss) arising from changes in fair value less costs to sell of biological assets

(61,925)

29,675

Other income and gains/(losses)

4

(85,435)

19,429

Selling and distribution expenses

(120,659)

(131,961)

Administrative expenses

(50,949)

(76,309)

Finance costs

(68,386)

(61,325)

Share of profits and losses of associates

(7,425)

(9,222)

PROFIT BEFORE TAX

105,634

543,649

Income tax credit/(expense)

5

25,754

(8,784)

PROFIT FOR THE PERIOD

131,388

534,865

OTHER COMPREHENSIVE INCOME

Exchange differences on translation of foreign operations

634

2,362

Net other comprehensive income to be reclassified to profit or loss in subsequent periods

634

2,362

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

132,022

537,227

For the six-month period ended

Notes

June 30,

2017

June 30,

2016

(unaudited)

(unaudited)

RMB'000

RMB'000

Profit attributable to:

Owners of the parent

6,381

402,345

Non-controlling interests

125,007

132,520

131,388

534,865

Total comprehensive income attributable to:

Owners of the parent

7,015

404,707

Non-controlling interests

125,007

132,520

132,022

537,227

Earnings per share attributable to ordinary equity holders of the parent:

6

Basic

RMB0.001

RMB0.063

Diluted

RMB0.001

RMB0.063

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at

Notes

June 30,

2017

December 31,

2016

(unaudited)

(audited)

RMB'000

RMB'000

NON-CURRENT ASSETS

Property, plant and equipment

2,711,901

2,710,368

Prepaid land lease payments

36,577

37,566

Other intangible assets

14,234

14,847

Investments in associates

105,233

112,658

Available-for-sale investments

2,007

1,427

Biological assets

8

4,170,273

3,884,257

Prepayments for property, plant and equipment and biological

assets

7,164

11,963

Long term receivables

16,484

19,684

Deferred tax assets

50,536

24,634

Other non-current assets

23,683

16,565

Total non-current assets

7,138,092

6,833,969

CURRENT ASSETS

Inventories

862,178

928,816

Trade and bills receivables

1,444,766

1,108,787

Prepayments, deposits and other receivables

442,008

393,550

Pledged deposits

82,731

66,791

Available-for-sale investments

31,000

120,000

Cash and bank balances

1,202,376

1,047,382

Total current assets

4,065,059

3,665,326

China Shengmu Organic Milk Ltd. published this content on 29 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 August 2017 15:07:09 UTC.

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