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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 : Interim results announcement for the six months ended 30th June 2019

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08/29/2019 | 07:46am 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)

INTERIM RESULTS ANNOUNCEMENT

FOR THE SIX MONTHS ENDED 30TH JUNE, 2019

The Board of Directors (the "Board") of CNNC International 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 30th June, 2019 (the "Period"), together with comparative figures for the corresponding period of 2018, as follows:

- 1 -

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six months ended 30th June, 2019

Six months ended 30th June,

2019

2018

NOTES

HK$'000

HK$'000

(unaudited)

(unaudited)

Revenue

3

1,187,537

717,899

Cost of sales

(1,172,465)

(711,694)

Gross profit

15,072

6,205

Other income and exchange gains, net

1,107

1,910

Selling and distribution expenses

(1,141)

(1,224)

Administrative expenses

(8,144)

(6,623)

Finance costs

(4,574)

-

Profit before taxation

2,320

268

Income tax (expense) credit

4

(37)

4,978

Profit for the period attributable to owners of

the Company

5

2,283

5,246

Other comprehensive income that will not be

reclassified subsequently to profit or loss

Exchange differences arising on translation to

presentation currency

820

648

Fair value gain on an equity investment at fair

value through other comprehensive income

("FVTOCI")

16,846

-

Total comprehensive income for the period,

attributable to owners of the Company

19,949

5,894

Basic earnings per share

7

HK0.47 cent

HK1.07 cents

- 2 -

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30th June, 2019

30th June,

31st December,

2019

2018

NOTES

HK$'000

HK$'000

(unaudited)

(audited)

Non-current assets

14,893

Property, plant and equipment

15,048

Exploration and evaluation assets

211,188

211,151

Investment in equity instrument at FVTOCI

462,931

-

Deposit paid for acquisition of equity

-

instrument at FVTOCI

2,561

689,012

228,760

Current assets

274,380

Inventories

100,380

Trade and other receivables and prepayments

8

67,942

103,710

Bank balances and cash

59,382

177,917

401,704

382,007

Current liabilities

39,070

Trade, bills and other payables and accruals

9

24,549

Contract liabilities

64,490

15,520

Bank borrowings

108,086

-

Amount due to ultimate holding company

1,974

1,977

Amount due to an intermediate holding

1,908

company

1,910

Amounts due to fellow subsidiaries

134

117

215,662

44,073

Net current assets

186,042

337,934

Total assets less current liabilities

875,054

566,694

Non-current liability

Bank borrowings

288,411

-

586,643

566,694

Capital and reserves

4,892

Share capital

4,892

Reserves

581,751

561,802

Equity attributable to owners of the Company

586,643

566,694

- 3 -

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30th June, 2019

  1. BASIS OF PREPARATION
    The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("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.
  2. PRINCIPAL ACCOUNTING POLICIES
    The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at fair values.
    Except as described below, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30th June, 2019 are the same as those followed in the preparation of the Group's annual financial statements for the year ended 31st December, 2018.
    Application of new accounting policy in respect of investments in equity instruments at fair value through other comprehensive income ("FVTOCI")
    Investments in equity instruments at FVTOCI is subsequently measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the FVTOCI reserve; and are not subject to impairment assessment. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investment, and will be transferred to accumulated losses.
    Dividends from these investments in equity instruments are recognised in profit or loss when the Group's right to receive the dividends is established, unless the dividends clearly represent a recovery of part of the cost of the investment. Dividends are included in the "other income" line item in profit or loss.
    Application of new and amendments to Hong Kong Financial Reporting Standards ("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 1st 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

- 4 -

Except as described below, the application of the 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.

2.1 Impacts and changes in accounting policies of application on HKFRS 16 Leases

The Group has applied HKFRS 16 for the first time in the current interim period. HKFRS 16 superseded HKAS 17 Leases ("HKAS 17"), and the related interpretations.

The Group has applied HKFRS 16 retrospectively with the cumulative effect recognised at the date of initial application, 1st January, 2019.

When applying the modified retrospective approach under HKFRS 16 at transition, the Group applied the following practical expedients to leases previously classified as operating leases under HKAS 17, on lease-by-lease basis, to the extent relevant to the respective lease contracts:

  1. relied on the assessment of whether leases are onerous by applying HKAS 37 Provisions, Contingent Liabilities and Contingent Assets as an alternative of impairment review;
  2. elected not to recognise right-of-use assets and lease liabilities for leases with lease term ends within 12 months of the date of initial application;
  3. used hindsight based on facts and circumstances as at date of initial application in determining the lease term for the Group's leases with extension and termination options.

The Group has elected the practical expedient to apply HKFRS 16 to contracts that were previously identified as leases applying HKAS 17 and HK(IFRIC)-Int 4 Determining whether an Arrangement contains a Lease and not apply this standard to contracts that were not previously identified as containing a lease. Therefore, the Group has not reassessed contracts which already existed prior to the date of initial application.

For contracts entered into or modified on or after 1st January, 2019, the Group applies the definition of a lease in accordance with the requirements set out in HKFRS 16 in assessing whether a contract contains a lease.

The Group did not recognise lease liabilities and right-of-use assets at 1st January, 2019.

3. REVENUE AND SEGMENT INFORMATION

Information reported to the Group's executive director, being the chief operating decision maker, for the purposes of resources allocation and assessment of segment performance focuses on the types of goods or services delivered or provided. The Group currently organises its operations into three operating divisions, which also represent the operating segments of the Group for financial reporting purposes, namely trading of mineral property, exploration and selling of mineral properties and supply chain. They represent three major lines of business engaged by the Group. The Group's operating and reportable segments under HKFRS 8 are as follows:

  • Trading of mineral property - trading of uranium
  • Exploration and selling of mineral properties - exploration and selling of uranium

- 5 -

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

CNNC International Ltd. published this content on 29 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2019 11:45:06 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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