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ANNUAL RESULTS ANNOUNCEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2016 RESULTSThe board of directors (the "Board") of Chaoda Modern Agriculture (Holdings) Limited (the "Company") announces the audited consolidated annual results of the Company and its subsidiaries (collectively referred to as the "Group" or "Chaoda") for the financial year ended 30 June 2016, together with the comparative figures for the previous financial year as follows:
Notes | 2016 | 2015 | |
RMB'000 | RMB'000 | ||
Revenue | 3 | 1,119,599 | 1,316,855 |
Cost of sales | (1,632,702) | (1,700,640) | |
Gross loss | (513,103) | (383,785) | |
Other revenues | 4 | 63,549 | 68,704 |
Loss arising from changes in fair value less costs to sell of biological assets | (280,835) | (503,887) | |
Selling and distribution expenses | (259,042) | (234,474) | |
General and administrative expenses | (116,075) | (119,697) | |
Research expenses | (5,214) | (6,461) | |
Other operating expenses | 6 | (2,956,908) | (5,517,294) |
Loss from operations | (4,067,628) | (6,696,894) | |
Finance costs | 7(a) | (89) | (507) |
Share of results of associates | 836 | (3,327) | |
Gain/(Loss) on disposal of available-for-sale investments | 330 | (12,489) | |
Impairment loss on available-for-sale investments | - | (51,420) | |
Loss before income tax | 7 | (4,066,551) | (6,764,637) |
Income tax expense | 8 | (416) | (774) |
Loss for the year | (4,066,967) | (6,765,411) | |
Other comprehensive income/(expense), including reclassification adjustments and net of income tax | |||
Items that may be reclassified subsequently to profit or loss: | |||
Exchange gain/(loss) on translation of financial statements of foreign operations | 8,139 | (4,908) | |
Change in fair value of available-for-sale investments | - | (50,236) | |
Release upon disposal of available-for-sale investments | (1,184) | - | |
Release upon impairment of available-for-sale investments | - | 51,420 | |
Other comprehensive income/(expense) for the year, including reclassification adjustments and net of income tax | 6,955 | (3,724) | |
Total comprehensive expense for the year | (4,060,012) | (6,769,135) | |
Loss for the year attributable to: | |||
Owners of the Company | (4,068,486) | (6,627,411) | |
Non-controlling interests | 1,519 | (138,000) | |
(4,066,967) | (6,765,411) | ||
Total comprehensive expense for the year attributable to: | |||
Owners of the Company | (4,060,005) | (6,629,868) | |
Non-controlling interests | (7) | (139,267) | |
(4,060,012) | (6,769,135) | ||
Loss per share for loss attributable to the owners of the Company during the year | |||
- Basic | 10(a) | RMB(1.24) | RMB(2.01) |
- Diluted | 10(b) | RMB(1.24) | RMB(2.01) |
Notes | 2016 | 2015 | |
RMB'000 | RMB'000 | ||
ASSETS AND LIABILITIES | |||
Non-current assets | |||
Property, plant and equipment | 2,108,972 | 3,082,171 | |
Investment properties | 82,569 | 56,686 | |
Construction-in-progress | 1,952 | 7,553 | |
Prepaid premium for land leases | 11 | 1,038,582 | 3,546,243 |
Biological assets | 203,163 | 682,521 | |
Available-for-sale investments | - | 2,408 | |
Deferred development cost | - | - | |
Deferred expenditure | 270,403 | 373,173 | |
Intangible assets | - | - | |
Interests in associates | 7,362 | 7,536 | |
3,713,003 | 7,758,291 | ||
Current assets | |||
Prepaid premium for land leases | 11 | 56,921 | 107,135 |
Biological assets | 284,326 | 283,624 | |
Inventories | 10,955 | 21,984 | |
Trade receivables | 12 | 32,895 | 35,965 |
Other receivables, deposits and prepayments | 474,435 | 446,837 | |
Cash and cash equivalents | 204,443 | 239,342 | |
1,063,975 | 1,134,887 | ||
Current liabilities | |||
Trade payables | 13 | 39,126 | 20,507 |
Other payables and accruals | 287,891 | 358,528 | |
Bank loans | - | 4,170 | |
327,017 | 383,205 | ||
Net current assets | 736,958 | 751,682 | |
Total assets less current liabilities | 4,449,961 | 8,509,973 | |
Non-current liabilities | |||
Deferred tax liabilities | 20,655 | 20,655 | |
Net assets | 4,429,306 | 8,489,318 | |
EQUITY | |||
Equity attributable to the owners of the Company | |||
Share capital | 332,787 | 332,787 | |
Reserves | 4,094,797 | 8,154,802 | |
4,427,584 | 8,487,589 | ||
Non-controlling interests | 1,722 | 1,729 | |
Total equity | 4,429,306 | 8,489,318 | |
The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs"), which collectively includes all applicable individual Hong Kong Financial Reporting Standard ("HKFRS"), Hong Kong Accounting Standard ("HKAS") and Interpretation 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 on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and by the Hong Kong Companies Ordinance.
The accounting policies have been consistently applied to all the years presented unless otherwise stated. The adoption of new and revised HKFRSs and the impacts on the Group's consolidated financial statements, if any, are disclosed in Note 2.
The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries made up to 30 June each year.
Items included in the financial statements of each of the Group's entity are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The consolidated financial statements are presented in Renminbi ("RMB") since most of the companies comprising the Group are operating in RMB environment and the functional currency of most of the companies comprising the Group is RMB.
The consolidated financial statements have been prepared under historical cost convention except for certain assets such as biological assets and financial instruments classified as available-for-sale investments which are measured at fair values.
In the application of the Group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The consolidated financial statements for the year ended 30 June 2016 were approved for issue by the Board on 23 September 2016.