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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, 2016The 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, 2016 (the "Year") as follows:
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the year ended 31st December, | ||||||
2016 | 2015 | |||||
NOTES | HK$'000 | HK$'000 | ||||
Revenue | 3 | 189,429 | 57,755 | |||
Cost of sales | (204,537 | (56,170 | ||||
Gross (loss) profit | (15,108 | 1,585 | ||||
Other income, gains and losses | 4 | 3,097 | 4,792 | |||
Selling and distribution expenses | (546 | - | ||||
Administrative expenses | (15,635 | (18,363 | ||||
Impairment loss on amount due from an associate | - | (72,898 | ||||
Share of loss of an associate | - | (135,715 | ||||
Loss before taxation | 5 | (28,192 | (220,599 | |||
Taxation | 6 | - | - | |||
Loss for the year | (28,192 | (220,599 | ||||
)
)
) ) ) )For the year ended 31st December, | ||||||
2016 | 2015 | |||||
NOTES | HK$'000 | HK$'000 | ||||
Other comprehensive income (expense) | ||||||
Item that will not be reclassified to profit or loss | ||||||
Exchange differences arising on translation to presentation currency | 190 | (112 | ||||
Total comprehensive expense for the year attributable to owners of the Company | (28,002 | (220,711 | ||||
Loss per share | ||||||
- Basic | 8 | (HK5.8 cents | (HK45.1 cents | |||
)
) ) ) ) CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAs at 31st December, | ||||
2016 | 2015 | |||
NOTES | HK$'000 | HK$'000 | ||
Non-current assets | ||||
Property, plant and equipment | 17,781 | 20,533 | ||
Exploration and evaluation assets | 207,918 | 205,786 | ||
Interest in an associate | - | - | ||
225,699 | 226,319 | |||
Current assets | ||||
Inventories | 108,500 | 29,158 | ||
Trade and other receivables and prepayments | 9 | 172,929 | 4,461 | |
Bank balances and cash | 285,020 | 348,778 | ||
566,449 | 382,397 | |||
Current liabilities | ||||
Trade and other payables and accruals | 10 | 226,175 | 16,281 | |
Amount due to intermediate holding company | 1,801 | 1,596 | ||
Amount due to ultimate holding company | 2,407 | 1,473 | ||
Amounts due to fellow subsidiaries | 522 | 121 | ||
Income tax payable | 19,360 | 19,360 | ||
250,265 | 38,831 | |||
Net current assets | 316,184 | 343,566 | ||
Net assets | 541,883 | 569,885 | ||
Capital and reserves | ||||
Share capital | 4,892 | 4,892 | ||
Reserves | 536,991 | 564,993 | ||
Equity attributable to owners of the Company | 541,883 | 569,885 | ||
-
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.
- APPLICATION OF NEW AND REVISED HKFRSs
In the current year, the Group has applied, for the first time, the following amendments to Hong Kong Accounting Standards ("HKAS(s)") and HKFRSs issued by the HKICPA.
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 HKAS 27 | Equity Method in Separate Financial Statements |
Amendments to HKFRSs | Annual Improvements to HKFRSs 2012-2014 Cycle |
Amendments to HKFRS 10, HKFRS 12 and HKAS 28 | Investment Entities: Applying the Consolidation Exception |
Amendments to HKFRS 11 | Accounting for Acquisitions of Interests in Joint Operations |
The application of the new and revised HKFRSs in the current year has 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.
The Group has not early applied the following new and revised HKFRSs that have been issued but are not yet effective:
Amendments to HKAS 7 | Disclosure Initiative1 |
Amendments to HKAS 12 | Recognition of Deferred Tax Assets for Unrealised Losses1 |
Amendments to HKFRS 2 | Classification and Measurement of Share-based Payment Transactions2 |
Amendments to HKFRS 4 | Applying HKFRS 9 Financial Instruments with HKFRS 4 Insurance Contracts2 |
Amendments to HKFRS 10 and HKAS 28 | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture4 |
Amendments to HKFRS 15 | Clarifications to HKFRS 15 Revenue from Contracts with Customers2 |
HKFRS 9 | Financial Instruments2 |
HKFRS 15 | Revenue from Contracts with Customers2 |
HKFRS 16 | Leases3 |
1 Effective for annual periods beginning on or after 1st January, 2017.
2 Effective for annual periods beginning on or after 1st January, 2018.
3 Effective for annual periods beginning on or after 1st January, 2019.
4 Effective for annual periods beginning on or after a date to be determined.