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HK Bourse: Announcement From Xingye Copper International Group Ltd. -4-

28 Aug 2017 2:14 am
 
 
 
                                                                                   - 
           Unrealised gain from foreign exchange forward contracts                                261 
                                                                               3,000 
           Net foreign exchange gain                                                                - 
 
                                                                              18,817 
           Finance income                                                                       1,718 
 
                                                                             (20,531) 
           Interest expenses                                                                  (22,322) 
                                                                               1,829 
           Less: interest expense capitalised*                                                  6,347 
 
                                                                             (18,702) 
           Net interest expense recognised in profit or loss                                  (15,975) 
                                                                                   - 
           Net foreign exchange loss                                                           (7,424) 
                                                                              (6,021) 
           Loss from forward exchange contracts and interest rate swap                              - 
 
                                                                             (24,723) 
           Finance costs                                                                      (23,399) 
 
                                                                               (5,906) 
           Net finance costs                                                                  (21,681) 
 
 
           *     The borrowing costs were capitalised at rates of 1.28%-6.88% per annum during the six 
                 months ended 30 June 2017 (six months ended 30 June 2016: 1.02%-5.93% per annum). 
 
 
 
 
                                                      - 10 - 
     (b)   Other items 
 
                                                                                Six months ended 30 June 
                                                                                    2017            2016 
                                                                                RMB'000         RMB'000 
                                                                              (unaudited)     (unaudited) 
 
                                                                                1,765,870 
           Cost of inventories*                                                                    1,279,010 
           Research and development expenditure 
                                                                                   74,834 
             (included in administrative expense)                                                     65,718 
                                                                                   44,373 
           Depreciation                                                                               33,173 
                                                                                        - 
           Impairment on property, plant and equipment                                                15,116 
           Amortisation 
                                                                                       179 
             - Lease prepayments                                                                         180 
                                                                                     1,728 
             - Intangible assets                                                                           - 
                                                                                     6,332 
           Government grants                                                                           3,846 
 
 
           *     Cost of inventories includes depreciation of RMB23,804,000 (six months ended 30 June 2016: 
                 RMB19,450,000), which is also included in the total amount regarding the said expenses 
                 which disclosed separately below. 
 
6.   INCOME TAX 
 
                                                                                Six months ended 30 June 
                                                                                    2017            2016 
                                                                                RMB'000         RMB'000 
                                                                              (unaudited)     (unaudited) 
 
     Current tax 
 
                                                                                   15,793 
     Provision for PRC Corporate Income Tax                                                           13,742 
                                                                                      (86) 
     Over-provision in respect of prior year                                                            (523) 
 
                                                                                   15,707             13,219 
     Deferred tax 
                                                                                     4,614 
     Origination and reversal of temporary differences                                                (1,661) 
 
                                                                                   20,321             11,558 
 
 
     The provision for PRC Corporate Income Tax is calculated by applying the estimated annual effective 
     rates of taxation that are expected to be applicable to each entity operating in the PRC. 
 
     The Group's consolidated effective tax rate for the six months ended 30 June 2017 was 21% (six months 
     ended 30 June 2016: 17%). The increase in the effective tax rate was mainly due to the expiration of the 
     preferential corporate income tax of one of the Group's major subsidiaries. 
 
 
 
 
                                                   - 11 - 
7.   EARNINGS PER SHARE 
 
     (a)   Basic earnings per share 
 
           The calculation of basic earnings per share is based on the profit attributable to ordinary equity 
           shareholders of the Company of RMB74,470,000 (six months ended 30 June 2016: RMB55,339,000) 
           and the weighted average of 826,025,589 ordinary shares (six months ended 30 June 2016: 810,995,456 
           ordinary shares) in issue during the interim period. 
 
     (b)   Diluted earnings per share 
 
           The calculation of diluted earnings per share is based on the profit attributable to ordinary equity 
           shareholders of the Company of RMB74,470,000 (six months ended 30 June 2016: RMB55,339,000) 
           and the weighted average number of ordinary shares outstanding after adjustment of all dilutive 
           potential ordinary shares of 826,141,611 ordinary shares (six months ended 30 June 2016: 810,995,456 
           ordinary shares). 
 
8.   INVENTORIES 
 
                                                                                        At                  At 
                                                                                  30 June        31 December 
                                                                                     2017                2016 
                                                                                 RMB'000            RMB'000 
                                                                               (unaudited)           (audited) 
 
                                                                                    117,655 
     Raw materials                                                                                    110,656 
                                                                                    351,102 
     Working in progress                                                                              381,816 
                                                                                    132,983 
     Finished goods                                                                                    91,425 
                                                                                        519 
     Others                                                                                               519 
 
                                                                                    602,259           584,416 
 
 
     Provisions of RMB4,199,000 (2016: RMB3,768,000) were made against those inventories with net 
     realisable value lower than their carrying value as at 30 June 2017. Except for the above, none of the 
     inventories as at 30 June 2017 was carried at net realisable value (2016: Nil). 
 
 
 
 
                                                    - 12 - 
9.   TRADE AND OTHER RECEIVABLES 
 
                                                                                           At                   At 
                                                                                     30 June         31 December 
                                                                                        2017                 2016 
                                                                                    RMB'000             RMB'000 
                                                                                  (unaudited)            (audited) 
 
 
 
 
 

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August 27, 2017 22:14 ET (02:14 GMT)
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