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HK Bourse: Results Announcement From Chaoda Modern Agriculture (Holdings) Ltd. -2-

28 Feb 2018 10:42 am
 
 
 
     The unaudited condensed consolidated interim financial statements of Chaoda Modern Agriculture 
     (Holdings) Limited (the "Company") and its subsidiaries (collectively, the "Group") for the 
     six months ended 31 December 2017 (the "Interim Financial Report") have been prepared in 
     accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the 
     Hong Kong Institute of Certified Public Accountants (the "HKICPA") and the applicable disclosure 
     requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong 
     Kong Limited. 
 
     The Interim Financial Report does not include all the information and disclosures required in the 
     annual financial statements, and should be read in conjunction with the Group's annual financial 
     statements for the year ended 30 June 2017 (the "2017 Annual Financial Statements"). 
 
     The Interim Financial Report has been prepared in accordance with the same accounting policies 
     adopted in the 2017 Annual Financial Statements, except for the adoption of the new, amended 
     or revised Hong Kong Financial Reporting Standards ("HKFRSs") (which collectively include 
     all applicable individual Hong Kong Financial Reporting Standard ( "HKFRS"), Hong Kong 
     Accounting Standard ("HKAS") and Interpretation issued by the HKICPA) as disclosed in Note 2 to 
     the Interim Financial Report. 
 
     The Interim Financial Report is unaudited but has been reviewed by Elite Partners CPA Limited in 
     accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial 
     Information Performed by the Independent Auditor of the Entity" issued by the HKICPA. 
 
2.   ADOPTION OF NEW, AMENDED OR REVISED HKFRSs 
 
     In the current interim period, the Group has applied, for the first time, all the new standards, 
     amendments and interpretations (the "new HKFRSs") issued by the HKICPA, which are relevant 
     to and effective for the Group's condensed consolidated financial statements for the annual period 
     beginning on 1 July 2017. Except as described below, the application of the new HKFRSs in the 
     current interim period has had no material effect on the amounts reported in the Interim Financial 
     Report and/or disclosures set out in the Interim Financial Report. 
 
     The Group has not early adopted certain new standards, amendments to standards and 
     interpretations that have been issued at the time of preparing the Interim Financial Report but 
     are not yet effective. The directors of the Company (the "Directors") anticipate that all of the 
     pronouncements will be adopted in the Group's accounting policy for the period beginning after the 
     effective date of the pronouncements. The Directors are also currently assessing the impact of these 
     new standards, amendments to standards and interpretations but are not yet in a position to state 
     whether they would have material impact on the results and the financial position of the Group. 
 
 
 
 
                                                 -4- 
3.   REVENUE 
 
     The principal activities of the Group are the growing and sales of crops, and the breeding and sales 
     of livestock. 
 
     Revenue represents the sales value of goods supplied to customers. The amount of each significant 
     category of revenue recognised during the period is as follows: 
 
                                                                       Six months ended 31 December 
                                                                               2017             2016 
                                                                           RMB '000         RMB '000 
 
                                                                              158,150 
     Sales of crops                                                                               517,132 
                                                                                1,380 
     Sales of livestock                                                                             2,664 
                                                                              159,530             519,796 
 
4.   SEGMENT INFORMATION 
 
     The Group identifies operating segments and prepares segment information based on the regular 
     internal financial information reported to the executive directors for their decisions about resources 
     allocation to the Group's business components and for their review of the performance of those 
     components. The business components in the internal financial information reported to the 
     executive directors are determined following the Group's major operations. 
 
     The Group's operating business are organised and managed separately according to the nature 
 
     of products, which each segment representing a strategic business segment that offers different 
     products in the People's Republic of China ("PRC") market. However, the Group's executive 
     directors considered that over 90% of the Group's revenue, operating results and assets during the 
     six months ended 31 December 2017 and 2016 were mainly derived from its growing and sales of 
     crops. Consequently, no operating segment analysis is presented. 
 
     The Company is an investment holding company and the principal place of the Group's operation 
     is in the PRC. For the purpose of segment information disclosures under HKFRS 8, the Group 
     regarded the PRC (excluding Hong Kong) as its country of domicile. 
 
     The Group's revenue from external customers by geographical location of customers is detailed 
     below: 
 
                                                                       Six months ended 31 December 
                                                                               2017             2016 
                                                                           RMB '000         RMB '000 
 
                                                                              119,075 
     The PRC (country of domicile)                                                                475,992 
                                                                               40,378 
     Hong Kong                                                                                     43,698 
                                                                                   77 
     Other                                                                                            106 
                                                                              159,530             519,796 
 
     Over 90% of the Group's non-current assets are principally attributable to the PRC, being the single 
     geographical region. 
 
 
 
 
                                                  -5- 
     Revenue from customers of the current period contributing over 10% of the Group's total revenue 
     are as follows: 
 
                                                                        Six months ended 31 December 
                                                                                2017             2016 
                                                                            RMB '000         RMB '000 
 
                                                                              19,455 
     Customer A                                                                                28,588 
                                                                              19,138 
     Customer B                                                                                29,161 
                                                                              17,155 
     Customer C                                                                                29,780 
 
5.   OTHER OPERATING EXPENSES 
 
                                                                        Six months ended 31 December 
                                                                                2017             2016 
                                                                            RMB '000         RMB '000 
 
                                                                                   - 
     Impairment loss on prepaid premium for land leases                                       279,164 
                                                                                   - 
     Impairment loss on property, plant and equipment                                         808,267 
                                                                              24,978 
     Loss on early termination of prepaid premium for land leases                                   - 
                                                                             408,330 
     Loss on disposals/write off of property, plant and equipment                                   - 
                                                                                   - 
     Impairment loss on biological assets                                                      76,821 
                                                                              23,443 
     Deferred expenditure write off                                                            57,955 
                                                                              68,398 
     Others                                                                                   105,060 
                                                                             525,149        1,327,267 
 
6.   LOSS BEFORE INCOME TAX 
 
 
 
 
 

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February 28, 2018 05:42 ET (10:42 GMT)
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