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CHINA DEVELOPMENT BANK INTERNATIONAL INVESTMENT LIMITED 國開國際投資有限公司(Incorporated in the Cayman Islands with limited liability)
The board of directors (the "Board" or "Directors") of China Development Bank International Investment Limited (the "Company") announces the unaudited interim results of the Company and its subsidiaries (collectively the "Group") for the six months ended 30 June 2016 (the "Period"). The interim results for the Period have been reviewed by the audit committee and the auditor of the Company.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the six months ended 30 June 2016
Six months ended 30 JuneNOTES | 2016 HK$ (Unaudited) | 2015 HK$ (Unaudited) | |
Investment income | 4 | - | 23,140,892 |
Change in fair value of financial assets | |||
held for trading Change in fair value of investments designated | (163,785) | 1,522,671 | |
at fair value through profit or loss | 10,159,318 | 48,467,383 | |
Interest income | 135,876 | 166,969 | |
General and administrative expenses | (3,973,313) | (8,735,058) | |
Share of results of associates | 262,973 | 3,169,937 | |
Profit before taxation | 6,421,069 | 67,732,794 | |
Income tax expense | 5 | (39,308) | (2,086,025) |
NOTES 2016 2015
HK$ HK$
(Unaudited) (Unaudited) Other comprehensive (expense) income Items that may be subsequently reclassified to profit or loss:Exchange differences arising on translation
of foreign operation (1,342,021) 30,723
Other comprehensive (expense) income for the period (1,342,021) 30,723
Total comprehensive income for the period attributable to owners of the Company 5,039,740 65,677,492 Earnings per share- Basic (HK cents) 7 0.22 2.26
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAt 30 June 2016
NOTE | 30 June 2016 HK$ (Unaudited) | 31 December 2015 HK$ (Audited) | |
Non-current assets Property, plant and equipment | - | - | |
Interests in associates | 66,880,572 | 70,777,676 | |
Financial assets at fair value through profit or loss | 657,159,611 | 218,000,293 | |
Prepayment | - | 195,000,000 | |
724,040,183 | 483,777,969 | ||
Current assets Financial assets at fair value through profit or loss | - | 163,785 | |
Other receivables, prepayments and deposits | 2,936,735 | 490,971 | |
Bank balances and cash | 508,429,422 | 748,578,554 | |
511,366,157 | 749,233,310 | ||
Current liabilities Other payables and accruals | 1,413,607 | 4,097,594 | |
Tax payable | 4,700,087 | 4,419,982 | |
6,113,694 | 8,517,576 | ||
Net current assets | 505,252,463 | 740,715,734 | |
Total assets less current liabilities | 1,229,292,646 | 1,224,493,703 | |
Non-current liability Deferred taxation | 2,732,165 | 2,972,962 | |
Net assets | 1,226,560,481 | 1,221,520,741 | |
Capital and reserves Share capital | 29,022,154 | 29,022,154 | |
Reserves | 1,197,538,327 | 1,192,498,587 | |
1,226,560,481 | 1,221,520,741 | ||
Net asset value per share | 8 | 0.42 | 0.42 |
For the six months ended 30 June 2016
BASIS OF PREPARATION
The condensed consolidated financial statements 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 "Listing Rules").
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.
The accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 June 2016 are the same as those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2015.
In the current interim period, the Group has applied, for the first time, the following amendments to Hong Kong Financial Reporting Standards ("HKFRs") issued by the HKICPA that are relevant for the preparation of the Group's condensed consolidated financial statements:
Amendments to HKFRS 11 Accounting for Acquisitions of Interests in Joint Operations Amendments to HKAS 1 Disclosure Initiative
Amendments to HKAS 16 and HKAS 38 Clarification of Acceptable Methods of Depreciation and Amortisation Amendments to HKAS 16 and HKAS 41 Agriculture: Bearer Plants
Amendments to HKFRS 10, HKFRS 12 Investment Entities: Applying the Consolidation Exception and HKAS 28
Amendments to HKFRSs Annual Improvements to HKFRSs 2012-2014 Cycle
The application of the above amendments to HKFRSs in the current interim period has had no material effect on the amounts reported in these condensed consolidated financial statements and/or disclosures set out in these condensed consolidated financial statements.
The Group has not early applied the revised HKFRSs that have been issued but are not yet effective. The Directors are currently assessing the impact on the adoption of the above revised HKFRS and are yet to quantify the impact.
SEGMENT INFORMATION
The chief operating decision-maker ("CODM") has been identified as the Company's executive directors. The Group's principal activity is investment in equity instruments and other financial instruments. For the purpose of resources allocation and assessment of performance, the CODM regularly reviews the Group's investment portfolio, including financial assets at fair value through profit or loss. Information provided to the CODM includes fair value of the respective investees, the Group's financial assets at fair value through profit or loss portfolio are managed and evaluated on a total return basis. No other discrete financial information was provided to the CODM. Therefore no separate segment information is prepared by the Group.
The management determines the Group is domiciled in Hong Kong, which is the location of the Group's principal office.