PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS
1(a)(i) An income statement and statement of comprehensive income, or a statement of comprehensive income, for the group, together with a comparative statement for the corresponding period of the immediately preceding financial year.3 Months Ended
The Group | 30 Sep 2015 | 30 Sep 2014 | Change |
RMB'000 | RMB'000 | % |
Revenue | 55,218 | 55,955 | (1.3) |
Cost of sales | (41,099) | (37,829) | 8.6 |
Gross profit | 14,119 | 18,126 | (22.1) |
Gross profit margin | 25.6% | 32.4% | (6.8) ppt |
Other items of income | |||
Interest income | 20 | 13 | 53.8 |
Other income | 881 | 199 | 342.7 |
Other items of expenses | |||
Selling and distribution expenses | (757) | (792) | (4.4) |
Administrative expenses | (7,675) | (7,921) | (3.1) |
Other operating expenses | (1,368) | (1,819) | (24.8) |
Finance cost | (552) | (488) | 13.1 |
Profit before income tax | 4,668 | 7,318 | (36.2) |
Income tax expense | (1,593) | (2,511) | (36.6) |
Profit for the financial period, representing total comprehensive income for the financial period | 3,075 | 4,807 | (36.0) |
Profit attributable to:
Owners of the Company 3,075 4,807 (36.0)
Total comprehensive income attributable to:
Owners of the Company 3,075 4,807 (36.0)
1(a)(ii) The following items (with appropriate breakdowns and explanations), if significant, must either be included in the income statement or in the notes to the income statement for the current financial period reported on and the corresponding period of the immediately preceding financial year.
The Group's total comprehensive income for the financial period is derived after charging/(crediting):
3 Months Ended
30 Sep 2015 RMB'000 | 30 Sep 2014 RMB'000 | Change % | |
Amortisation of land use rights | 135 | 671 | (79.9) |
Amortisation of prepayments | 13,759 | 3,037 | 353.0 |
Depreciation of property, plant and equipment | 2,509 | 2,326 | 7.9 |
Exchange (gain)/loss, net | (256) | 563 | n/m |
Gain on disposal of property, plant and equipment | - | (2) | n/m |
Government grants | (215) | (50) | 330.0 |
Interest income | (20) | (13) | 53.8 |
Interest expenses on bank loans | 552 | 488 | 13.1 |
n/m - not meaningful |
As at 30 Sep 2015 | As at 30 Jun 2015 | As at 30 Sep 2015 | As at 30 Jun 2015 | |
RMB'000 | RMB'000 | RMB'000 | RMB'000 | |
Non-current assets | ||||
Property, plant and equipment | 178,578 | 179,471 | 14 | 7 |
Biological assets(1) | 171,585 | 171,585 | - | - |
Land use rights | 24,421 | 24,557 | - | - |
Investments in subsidiaries | - | - | 117,266 | 117,266 |
Prepayments | 340,523 | 343,244 | - | - |
Deferred tax assets | 2,005 | 2,005 | - | - |
717,112 | 720,862 | 117,280 | 117,273 | |
Current assets Biological assets(2) | 6,858 | 6,858 | - | - |
Inventories | 13,861 | 16,424 | - | - |
Trade receivables | 24,218 | 16,312 | - | - |
Other receivables | 157,780 | 151,384 | 107,308 | 108,054 |
Tax recoverables | 63 | 63 | - | - |
Cash and bank balances | 98,683 | 27,440 | 84,593 | 4,501 |
301,463 | 218,481 | 191,901 | 112,555 | |
Less: | ||||
Current liabilities | ||||
Bank borrowings | 42,000 | 42,000 | - | - |
Trade and other payables | 14,008 | 16,203 | 772 | 977 |
Current income tax payable | 2,012 | 3,916 | 525 | 525 |
58,020 | 62,119 | 1,297 | 1,502 | |
Net current assets | 243,443 | 156,362 | 190,604 | 111,053 |
Non-current liability | ||||
Deferred tax liability | 3,711 | 3,711 | - | - |
Net assets | 956,844 | 873,513 | 307,884 | 228,326 |
Capital and reserves | ||||
Share capital | 301,346 | 221,090 | 301,346 | 221,090 |
Share-based payment reserve | 2,016 | 2,016 | 2,016 | 2,016 |
Statutory reserve | 65,338 | 65,338 | - | - |
Accumulated profits | 588,144 | 585,069 | 4,522 | 5,220 |
Total equity | 956,844 | 873,513 | 307,884 | 228,326 |
(1)This represents eucalyptus trees, moso bamboo trees and bamboo shoots in the plantations.
(2)This represents synthetic logs and mycelia of edible fungi held by the Group.
(b)(ii) Aggregate amount of group's borrowings and debt securities. Amount repayable in one year or less, or on demandAs at 30 September 2015 | As at 30 September 2014 | ||
Secured | Unsecured | Secured | Unsecured |
RMB42,000,000 | Nil | RMB30,000,000 | Nil |
As at 30 September 2015 | As at 30 September 2014 | ||
Secured | Unsecured | Secured | Unsecured |
Nil | Nil | Nil | Nil |
The Company's wholly-owned subsidiary, Wangcheng Foods Development Co., Ltd. ('Wangcheng'), has credit facilities (the 'Facilities') up to an aggregate principal amount of RMB42 million granted by China Everbright Bank and Postal Savings Bank of China (the 'Banks').
Wangcheng has pledged its buildings and land use rights as collateral for the Facilities in favour of the Banks. The Executive Chairman and Chief Executive Officer (the 'CEO') of the Company provided a personal guarantor for payment of all monies and liabilities owing by Wangcheng to China Everbright Bank, including but not limited to, payment of all monies owing or payable (whether actual or contingent) to the bank with respect to the facility offered by the bank. In addition, the CEO and his wife have jointly and severally provided a personal guarantor for the facility offered by Postal Savings Bank of China.
As at 30 September 2015, Wangcheng has drawn down an aggregate amount of RMB42 million granted by the Banks for general working capital purposes. The loans are repayable within 1 year.
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