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HK Bourse: Announcement From Xingye Copper International Group Ltd. -5-

28 Aug 2017 2:14 am
 
 
 
                                                                                       323,689 
     Trade and bill receivables                                                                           358,093 
                                                                                         1,000 
     Deposits for metal future contracts                                                                   11,632 
                                                                                        77,616 
     VAT recoverable                                                                                       76,792 
                                                                                        12,555 
     Prepayments                                                                                           12,004 
                                                                                         1,378 
     Others                                                                                                 2,582 
 
                                                                                       416,238            461,103 
 
 
     Credit terms granted to customers ranged from 7 to 90 days depending on the customer's relationship 
     with the Group, its creditworthiness and past settlement records. 
 
     As at 30 June 2017, the Group discounted certain bank acceptance bills to banks for cash proceeds and 
     endorsed certain bank acceptance bills to suppliers for settling trade payables of the same amount on a 
     full recourse basis, with an amount of RMB5,570,000 (2016: RMB11,140,000). In the opinion of the 
     directors, the Group has not transferred the substantial risks and rewards relating to these bank acceptance 
     bills, and accordingly, it continued to recognise the full carrying amounts of these bills receivables and the 
     associated trade payables settled, and has recognised the cash received on the transfer as cash advances 
     under discounted bills. 
 
     As at 30 June 2017, the Group discounted certain bank acceptance bills to banks for cash proceeds and 
     endorsed certain bank acceptance bills to suppliers for settling trade payables of the same amount on a 
     full recourse basis. The Group has derecognised these bills receivable and the payables to suppliers in 
     their entirety. These derecognised bank acceptance bills had a maturity date of less than six months from 
     the end of the reporting period. In the opinion of the Directors, the Group has transferred substantially 
     all the risks and rewards of ownership of these bills and has discharged its obligation of the payables 
     to its suppliers, and the Group has limited exposure in respect of the settlement obligation of these bills 
     receivable under the relevant PRC rules and regulations should the issuing banks fail to settle the bills 
     on maturity date. The Group considered the issuing banks of the bills are of good credit quality and the 
     non-settlement of these bills by the issuing banks on maturity is not probable. 
 
     As at 30 June 2017, the Group's maximum exposure to loss and undiscounted cash outflow, which is same 
     as the amount payable by the Group to banks or suppliers in respect of the discounted bills and endorsed 
     bills, should the issuing banks fail to settle the bills on maturity date, amounted to RMB2,861,000 (2016: 
     RMB12,803,000). 
 
 
 
 
                                                      - 13 - 
(a)   Ageing analysis 
 
      As of the end of the reporting period, the ageing analysis of trade and bill receivables (which are 
      included in trade and other receivables), based on the invoice date and net of allowance for doubtful 
      debts, is as follows: 
 
                                                                                    At                  At 
                                                                              30 June        31 December 
                                                                                 2017                2016 
                                                                             RMB'000            RMB'000 
                                                                           (unaudited)           (audited) 
 
                                                                               304,539 
      Within   3 months                                                                           333,285 
                                                                                18,606 
      Over 3   months but less than 6 months                                                       23,949 
                                                                                   457 
 
      Over 6   months but less than 1 year                                                            792 
                                                                                    87 
      Over 1   year                                                                                    67 
 
                                                                               323,689            358,093 
 
      As at 30 June 2017, the Group's bill receivables with aggregate carrying value of approximately 
      RMB90,506,000 (2016: RMB70,023,000) were pledged to banks for issuance of bank acceptance 
      bills. 
 
(b)   Trade and bill receivables that are not impaired 
 
      The ageing analysis of trade and bill receivables that are neither individually nor collectively 
      considered to be impaired are as follows: 
 
                                                                                    At                  At 
                                                                              30 June        31 December 
                                                                                 2017                2016 
                                                                             RMB'000            RMB'000 
                                                                           (unaudited)           (audited) 
 
                                                                               316,732 
      Neither past due nor impaired                                                               350,465 
 
                                                                                  6,413 
      Less than 3 months past due                                                                    6,769 
                                                                                    544 
      Over 3 months past due                                                                           859 
 
                                                                                  6,957              7,628 
 
                                                                               323,689            358,093 
 
      Receivables that were neither past due nor impaired related to a wide range of customers for whom 
      there was no recent history of default. 
 
      Receivables that were past due but not impaired relate to a number of independent customers for 
      whom there is no recent history of default. Based on past experience, management believes that no 
      impairment allowance is necessary in respect of these balances as there has not been a significant 
      change in credit quality and the balances are still considered fully recoverable. 
 
                                               - 14 - 
10.   TRADE AND OTHER PAYABLES 
 
                                                                                         At                 At 
                                                                                   30 June       31 December 
                                                                                      2017               2016 
                                                                                  RMB'000           RMB'000 
                                                                                (unaudited)          (audited) 
 
                                                                                    535,843 
      Trade and bill payables                                                                         652,903 
                                                                                     32,251 
      Advances received from customers                                                                 37,288 
                                                                                     10,239 
      Staff benefits payable                                                                           23,225 
                                                                                     43,686 
      Payables for purchase of property, plant and equipment                                           55,839 
                                                                                          - 
      Cash consideration payable in connection with business combination                               16,638 
                                                                                          - 
      Contingent share consideration payable                                                           15,952 
                                                                                     15,392 
      Accrued expenses and others                                                                      27,747 
 
 
 
 
 

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