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HK Bourse: Announcement From Xingye Copper International Group Ltd. -2-

28 Aug 2017 2:14 am
 
 
 
                                                              30 June    31 December 
                                                                 2017            2016 
                                                    Note 
                                                             RMB'000        RMB'000 
                                                           (unaudited)       (audited) 
 
 
Non-current liabilities 
                                                              100,000 
Interest-bearing borrowings                         11                         80,000 
                                                               30,962 
Contingent consideration payable                                               46,093 
                                                               52,932 
Deferred income                                                                49,449 
                                                               16,586 
Deferred tax liabilities                                                       15,241 
 
                                                              200,480         190,783 
 
Net assets                                                    975,182         885,890 
 
Capital and reserves 
                                                               75,458 
Share capital                                                                  73,687 
                                                              870,862 
Reserves                                                                      784,444 
 
Total equity attributable to equity shareholders 
  of the Company                                              946,320         858,131 
Non-controlling interests                                      28,862          27,759 
 
Total equity                                                  975,182         885,890 
 
 
 
 
                                              -4- 
NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS 
 
1.   REPORTING ENTITY AND BACKGROUND INFORMATION 
 
     Huan Yue Interactive Holdings Limited (the "Company") was incorporated in the Cayman Islands as 
     an exempted company with limited liability on 19 July 2007 under the Companies Law, Cap. 22 (Law 3 
     of 1961, as consolidated and revised) of the Cayman Islands. The Company's shares were listed on the 
     Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 27 December 
     2007 (the "Listing Date"). 
 
     The interim financial report as at and for the six months ended 30 June 2017 comprise the Company 
     and its subsidiaries (together referred to as the "Group"). The principal activities of the Group are the 
     manufacture and sales of high precision copper plates and strips, trading of raw materials, and provision 
     of processing services. After the acquisition of an online games business in August 2016, the Group's 
     activities also include developing, publishing and operating online games and provision of related services. 
 
2.   BASIS OF PREPARATION 
 
     The preliminary announcement of Company's interim results has been prepared in accordance with the 
     applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange 
     of Hong Kong Limited. 
 
     The Company's interim financial report has been prepared in accordance with International Accounting 
     Standard ("IAS") 34, Interim financial reporting, issued by the International Accounting Standards Board 
     ("IASB") and has been prepared in accordance with the same accounting policies adopted in the 2016 
     annual financial statements, except for the accounting policy changes that are expected to be reflected in 
     the 2017 annual financial statements. Details of any changes in accounting policies are set out in note 3. 
 
     The preparation of an interim financial report in conformity with IAS 34 requires management to make 
     judgments, estimates and assumptions that affect the application of policies and reported amounts of assets 
     and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates. 
 
     This interim financial report contains unaudited condensed consolidated financial statements and selected 
     explanatory notes. The notes include an explanation of events and transactions that are significant to an 
     understanding of the changes in financial position and performance of the group since the 2016 annual 
     financial statements. The condensed consolidated interim financial statements and notes thereon do not 
     include all of the information required for full set of financial statements prepared in accordance with 
     International Financial Reporting Standards ("IFRSs"). 
 
 
     In preparing the interim financial report, the Directors have given careful consideration to the future 
     liquidity of the Group for the twelve months from the end of the reporting period in light of the Group's 
     financial position and substantial capital commitment. 
 
 
 
 
                                                      -5- 
     As at 30 June 2017, the Group had net current liabilities of approximately RMB76.6 million. The Group 
     had unutilised banking facilities of RMB737.7 million as at 30 June 2017 that will not expire within 12 
     months from 30 June 2017. Taking into account the Group's financial position, results of operations and 
     credit history, the Directors considered it is unlikely that the banks will terminate the facilities granted to 
     the Group prior to their expiry and the Directors did not foresee any difficulties for the Group to renew 
     the facilities. Taking into account such, in the opinion of the Directors, the Group will have sufficient 
     working capital for the twelve months after the end of the reporting period and thus it is appropriate to 
     prepare the condensed consolidated interim financial statements on the going concern basis. 
 
3.   CHANGE IN ACCOUNTING POLICIES 
 
     The IASB has issued several amendments to IFRSs that are first effective for the current accounting 
     period of the Group. None of these developments has had a material effect on how the Group's results 
     and financial position for the current or prior periods have been prepared or presented in the Company's 
     interim financial report for the six months ended 30 June 2017. 
 
     The Group has not applied any new standard or interpretation that is not yet effective for the current 
     accounting period. 
 
4.   REVENUE AND SEGMENT REPORTING 
 
     (a)   Revenue 
 
           The principal activities of the Group are (i) the manufacture and sales of high precision copper 
           plates and strips, trading of raw materials, provision of processing services; and (ii) developing, 
           publishing and operating online games and provision of related services. 
 
           The amount of each significant category of revenue recognised during the interim period is as follows: 
 
                                                                                     Six months ended 30 June 
                                                                                         2017            2016 
                                                                                     RMB'000         RMB'000 
                                                                                   (unaudited)     (unaudited) 
 
           Copper products related: 
                                                                                     1,765,747 
             - Sales of high precision copper plates and strips                                          1,397,445 
                                                                                        98,791 
             - Processing service fees                                                                      70,368 
                                                                                       123,346 
             - Trading of raw materials                                                                     24,999 
 
                                                                                     1,987,884           1,492,812 
 
           Online games related: 
                                                                                          5,380 
             - Technical service income                                                                           - 
                                                                                          7,515 
             - Publishing and operating online games                                                              - 
                                                                                            961 
             - Others                                                                                             - 
 
                                                                                         13,856                   - 
 
                                                                                     2,001,740           1,492,812 
 
 
                                                       -6- 
(b)   Segment reporting 
 
      The Group manages its businesses by business lines. In a manner consistent with the way in which 
      information is reported internally to the Group's most senior executive management for the purposes 
      of resource allocation and performance assessment, the Group has presented the following two 
 
 
 
 

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