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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  CNNC International Limited    2302   KYG2352X1262

CNNC INTERNATIONAL LIMITED

(2302)
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CNNC International : Final results announcement for the year ended 31 December 2018

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03/15/2019 | 08:34am EDT

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.

CNNC INTERNATIONAL LIMITED 中核國際有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2302)

FINAL RESULTS ANNOUNCEMENT

FOR THE YEAR ENDED 31ST DECEMBER, 2018

The Board of Directors (the "Board") of CNNC International Limited (the "Company") is pleased to announce the audited consolidated results of the Company and its subsidiaries (the "Group") for the year ended 31st December, 2018 (the "Year") as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended

31st December, 2018 2017

NOTESHK$'000 HK$'000

Revenue

3

1,992,052

652,060

Cost of sales

(1,969,367)

(637,830)

Gross profit

22,685

14,230

Other income

2,464

3,601

Net exchange (losses) gains

(535)

1,104

Selling and distribution expenses

(1,982)

(850)

Administrative expenses

(18,340)

(17,828)

Profit before tax

4

4,292

257

Income tax credit

5

19,321

-

Profit for the year

23,613

257

For the year ended

31st December, 2018 2017

NOTES

HK$'000 HK$'000

Other comprehensive (expense) income

Item that will not be reclassified to profit or loss:

Exchange differences arising on translation to

presentation currency

(2,625)

3,566

Total comprehensive income

for the year attributable to owners of

the Company

20,988

3,823

Basic earnings per share

7

HK4.8 cents

HK0.1 cent

CONSOLIDATED STATEMENT OF FINANCIAL POSITIONNon-current assetsAs at 31st December, 2018 2017

NOTES

HK$'000 HK$'000

Property, plant and equipment

15,048

15,715

Exploration and evaluation assets

211,151

210,709

Deposit paid for acquisition of equity instrument

at fair value through other comprehensive

income

2,561

-

228,760

226,424

Current assets

Inventories

100,380

179,670

Trade and other receivables and prepayments

8

103,710

74,553

Bank balances and cash

177,917

247,743

382,007

501,966

Current liabilities

Trade and other payables and accruals

9

24,549

158,622

Contract liabilities

15,520

-

Amount due to an intermediate

holding company

1,910

1,907

Amount due to ultimate holding company

1,977

2,678

Amounts due to fellow subsidiaries

117

117

Income tax payable

-

19,360

44,073

182,684

Net current assets

337,934

319,282

Net assets

566,694

545,706

Capital and reserves

Share capital

4,892

4,892

Share premium and reserves

561,802

540,814

Equity attributable to owners of the Company

566,694

545,706

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31st December, 2018

  • 1. BASIS OF PREPARATION

    The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA"). In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and by the Hong Kong Companies Ordinance.

    The consolidated financial statements have been prepared on the historical cost basis at the end of each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange of goods and services.

  • 2. PRINCIPAL ACCOUNTING POLICIES

    The Group has applied the following amendments to HKFRSs issued by the HKICPA for the first time in the current year:

    New and amendments to HKFRSs that are mandatorily effective for the current year

    HKFRS 9

    Financial Instruments

    HKFRS 15

    Revenue from Contracts with Customers and the related

    Amendments

    HK(IFRIC)-Int 22

    Foreign Currency Transactions and Advance Consideration

    Amendments to HKFRS 2

    Classification and Measurement of Share-based Payment

    Transactions

    Amendments to HKFRS 4

    Applying HKFRS 9 Financial Instruments with HKFRS 4

    Insurance Contracts

    Amendments to HKAS 28

    As part of the Annual Improvements to HKFRSs 2014-2016 Cycle

    Amendments to HKAS 40

    Transfers of Investment Property

    Except as described below, the application of the new and amendments to HKFRSs in the current year had no material impact on the Group's financial performance and positions for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

    HKFRS 15 "Revenue from Contracts with Customers"

    The Group has applied HKFRS 15 for the first time in the current year. HKFRS 15 superseded HKAS 18 "Revenue", HKAS 11 "Construction Contracts" and the related interpretations.

The Group has applied HKFRS 15 retrospectively with the cumulative effect of initially applying this Standard recognised at the date of initial application, 1st January, 2018. Any difference at the date of initial application is recognised in the opening accumulated losses and comparative information has not been restated. Furthermore, in accordance with the transition provisions in HKFRS 15, the Group has elected to apply the Standard retrospectively only to contracts that are not completed at 1st January, 2018. Accordingly, certain comparative information may not be comparable as comparative information was prepared under HKAS 18 "Revenue" and HKAS 11 "Construction Contracts" and the related interpretations.

The Group recognises revenue from trading of uranium, electronics products and provision of merchandising services which arise from contracts with customers.

Summary of effects arising from initial application of HKFRS 15

As at 1st January, 2018, receipt in advance previously included in trade and other payables and accruals were reclassified to contract liabilities as follows:

Carrying amounts previously reported at 31st December, 2017

Carrying amounts under HKFRS 15 at

Reclassification

1st January, 2018*

HK$'000

HK$'000

HK$'000

Current liabilities

Trade and other payables and accruals Contract liabilities

158,622 -

(194) 194

158,428 194

* The amounts in this column are before the adjustments from the application of HKFRS 9.

The relevant impact of applying HKFRS 15 on the Group's consolidated statement of financial position as at 31st December, 2018 are as follows:

Amounts without application

As reportedAdjustmentof HKFRS 15

HK$'000

HK$'000

HK$'000

Current liabilities

Trade and other payables and accruals Contract liabilities

24,549 15,520

15,520 (15,520)

40,069 -

The application of HKFRS 15 has no other significant impact on the timing and amounts of revenue in the current year and accumulated losses at 1st January, 2018.

Disclaimer

CNNC International Ltd. published this content on 15 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 March 2019 13:33:08 UTC


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Financials
Sales 2019 3 170 M 409 M 409 M
Net income 2019 -219 M -28,3 M -28,3 M
Net Debt 2019 441 M 56,9 M 56,9 M
P/E ratio 2019 -6,69x
Yield 2019 -
Capitalization 978 M 126 M 126 M
EV / Sales 2018 0,59x
EV / Sales 2019 0,60x
Nbr of Employees 23
Free-Float 33,3%
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Managers
NameTitle
Yi Zhang Chief Executive Officer & Executive Director
Jie Zhong Non-Executive Chairman
Lei Zhang Independent Non-Executive Director
Li Guo Cui Independent Non-Executive Director
Yee Hoi Chan Independent Non-Executive Director
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