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HK Bourse: Results Announcement From Chaoda Modern Agriculture (Holdings) Ltd. -4-

28 Feb 2018 10:42 am
 
 
 
               business, an impairment loss of approximately RMB147,183,000 was recognised to impair 
               the carrying amount of property, plant and equipment of a subsidiary engaged in the breeding 
               and sales of livestock. 
 
 
 
 
                                                     -8- 
11.   PREPAID PREMIUM FOR LAND LEASES 
 
                                                      Long-term            Land 
                                                  prepaid rentals     use rights      Total 
                                                       RMB '000       RMB '000     RMB '000 
 
      Cost 
      At 1 July 2016                                   1,979,801        127,970     2,107,771 
      Early termination of leases                     (1,369,178)             -    (1,369,178) 
      Exchange realignment                                12,550              -        12,550 
      At 30 June 2017 and 1 July 2017                    623,173        127,970      751,143 
      Early termination of leases/write off             (210,073)        (2,335)    (212,408) 
      Exchange realignment                                (1,890)             -       (1,890) 
      At 31 December 2017                                411,210        125,635      536,845 
      Accumulated amortisation and 
        impairment loss 
      At 1 July 2016                                     952,364         59,904    1,012,268 
      Amortisation for the year                           40,060          4,842       44,902 
      Early termination of leases                       (975,175)             -     (975,175) 
      Impairment loss (note)                             460,097         24,380      484,477 
      Exchange realignment                                12,550              -       12,550 
      At 30 June 2017 and 1 July 2017                    489,896         89,126      579,022 
      Amortisation for the period                          4,003          2,090        6,093 
      Early termination of leases/write off              (86,338)        (2,335)     (88,673) 
      Exchange realignment                                (1,890)             -       (1,890) 
      At 31 December 2017                                405,671         88,881      494,552 
      Net carrying value as at 31 December 2017            5,539         36,754       42,293 
      Net carrying value as at 30 June 2017              133,277         38,844      172,121 
 
                                                                    31 December     30 June 
                                                                           2017       2017 
                                                                       RMB '000    RMB '000 
 
                                                                         37,856 
      Non-current portion                                                            159,937 
                                                                          4,437 
      Current portion                                                                 12,184 
      Net carrying value                                                 42,293      172,121 
 
 
 
 
                                              -9- 
      The Group's interests in long-term prepaid rentals and land use rights represent the prepaid 
      operating leases payments and their net carrying values are analysed as follows: 
 
                                                                      31 December              30 June 
                                                                             2017                2017 
                                                                         RMB '000             RMB '000 
 
      Outside Hong Kong held on: 
                                                                                  - 
      - Leases of over 50 years                                                                       - 
                                                                             42,293 
      - Leases of between 10 to 50 years                                                        172,121 
                                                                             42,293             172,121 
 
      Note: 
 
      As of the period ended 31 December 2016, an impairment loss of approximately RMB279,164,000 
      was recognised to impair the carrying amount of certain long-term prepaid rentals of subsidiaries 
      engaged in the growing and sales of crops due to the early termination of certain farmlands areas. 
      Subsequently, as of the year ended 30 June 2017, those farmland areas were fully terminated. In 
      addition, due to the integration of resources to the Group's core business, an impairment loss of 
 
      approximately RMB205,313,000 was recognised to impair the carrying amount of certain long-term 
      prepaid rentals and land use right of a subsidiary engaged in the breeding and sales of livestock. 
 
12.   BIOLOGICAL ASSETS 
 
                                                Fruit        Livestock      Vegetables           Total 
                                             RMB '000        RMB '000        RMB '000         RMB '000 
 
      At 1 July 2016 (Audited)                       -          22,094         284,326          306,420 
      Additions                                235,859          57,730         783,140        1,076,729 
      Decrease due to harvest or sales         (64,529)        (53,525)       (955,938)      (1,073,992) 
      Write off                               (171,330)              -               -         (171,330) 
      Loss arising from changes 
        in fair value less costs to sell             -         (10,693)        (53,256)         (63,949) 
      At 30 June 2017                                -          15,606          58,272           73,878 
      Additions                                      -           2,681         127,763          130,444 
      Decrease due to harvest or sales               -          (2,563)       (182,753)        (185,316) 
      Gain/(Loss) arising from changes 
        in fair value less costs to sell             -          (2,023)           1,006          (1,017) 
      At 31 December 2017                            -          13,701            4,288          17,989 
 
 
 
 
                                                - 10 - 
      Biological assets as at 31 December 2017 and 30 June 2017 are stated at fair values less costs to 
      sell and are analysed as follows: 
 
                                                                            31 December             30 June 
                                                                                   2017                2017 
                                              Livestock       Vegetables           Total               Total 
                                              RMB '000        RMB '000         RMB '000           RMB '000 
                                                                                                  (Restated) 
 
                                                 13,701                -           13,701 
      Non-current portion                                                                            15,606 
                                                      -            4,288            4,288 
      Current portion                                                                                58,272 
                                                 13,701            4,288           17,989            73,878 
 
      The fair values of livestocks and vegetables are determined by the Directors with reference to the 
      methodologies and assumptions adopted in the valuation for the year ended 30 June 2017. 
 
13.   TRADE RECEIVABLES 
 
      The Group's trading terms for its local wholesale and retail sales are mainly cash on delivery 
      whereas local sales to institutional customers and export trading companies are mainly on credit. 
      The credit period is generally for a period from one month to three months depending on the 
      customers' credit worthiness. 
 
      Ageing analysis of trade receivables (net of allowance for doubtful debts) is as follows: 
 
                                                                         31 December               30 June 
                                                                                2017                 2017 
                                                                            RMB '000              RMB '000 
 
                                                                                 7,912 
      0-1 month                                                                                      12,322 
                                                                                 7,371 
      1-3 months                                                                                      6,410 
                                                                                 3,272 
      Over 3 months                                                                                     324 
                                                                                18,555               19,056 
 
14.   TRADE PAYABLES 
 
      Ageing analysis of trade payables is as follows: 
 
                                                                         31 December               30 June 
                                                                                2017                 2017 
 
 
 
 

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