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HK Bourse: Results Announcement From Yuanshengtai Dairy Farm Ltd. -2-

28 Aug 2017 3:31 am
 
 
 
      they do not have a material impact on the interim condensed consolidated financial statements of the Group. The nature and 
      the impact of the amendments are described below: 
 
      Amendments to IAS 7 Statement of Cash Flows: Disclosure Initiative 
      The amendments require entities to provide disclosures about changes in their liabilities arising from financing activities, 
      including both changes arising from cash flows and non-cash changes (such as foreign exchange gains or losses). On initial 
      application of the amendments, entities are not required to provide comparative information for preceding periods. The Group 
      is not required to provide additional disclosures in its interim condensed consolidated financial statements, but will disclose 
      additional information in its annual consolidated financial statements for the year ending 31 December 2017. 
 
      Amendments to IAS 12 Income Taxes: Recognition of Deferred Tax Assets for Unrecognised Losses 
      The amendments clarify that an entity needs to consider whether tax law restricts the sources of taxable profits against which it 
      may make deductions on the reversal of that deductible temporary difference. Furthermore, the amendments provide guidance 
      on how an entity should determine future taxable profits and explain the circumstance in which taxable profit may include the 
      recovery of some assets for more than their carrying amount. 
 
      Entities are required to apply the amendments retrospectively. However, on initial application of the amendments, the change in 
      the opening equity of the earliest comparative period may be recognised in opening retained earnings (or in another component 
      of equity, as appropriate), without allocating the change between opening retained earnings and other components of equity. 
      Entities applying this relief must disclose that fact. 
 
      The Group applied the amendments retrospectively. However, the application has no effect on the Group's financial position 
      and performance as the Group has no deductible temporary differences or assets that are in the scope of the amendments. 
 
      Annual Improvements 2014-2016 Cycle 
 
      Amendments to International Financial Reporting Standard ("IFRS") 12 Disclosure of Interests in Other Entitles: 
      Clarification of the scope of disclosure requirements in IFRS 12 
      The amendments clarify that disclosure requirements in IFRS 12, other than those in paragraphs B10-B16, apply to an entity's 
      interest in a subsidiary, a joint venture or an associate (or a portion of its interest in a joint venture or an associate) that is 
      classified (or included in a disposal group that is classified) as held for sale. 
 
      The amendments did not have any impact on the Group. 
 
 
 
 
                                                               -4- 
2.   OPERATING SEGMENT INFORMATION 
 
     The Group is principally engaged in the production and sale of raw milk. For the purpose of resource allocation and performance 
     assessment, the Group's management focuses on the operating results of the Group. As such, the Group's resources are integrated 
     and no discrete operating segment information is available. Accordingly, no operating segment information is presented. 
 
3.   LOSS BEFORE TAX 
 
                                                                                                   Six-month period ended 30 June 
                                                                                                            2017               2016 
                                                                                                      (Unaudited)       (Unaudited) 
                                                                                                        RMB'000            RMB'000 
 
                                                                                                           262,161 
     Breeding costs to produce                                                                                                   249,708 
                                                                                                            98,618 
     Production costs for raw milk                                                                                                88,227 
 
 
                                                                                                           360,779 
     Cost of sales                                                                                                               337,935 
 
 
                                                                                                            44,660 
 
     Depreciation                                                                                                                 34,669 
                                                                                                             3,227 
     Recognition of prepaid land lease payments                                                                                    3,113 
                                                                                                               641 
     Write-down of inventories to net realisable value                                                                            18,954 
 
 
4.   INTERIM DIVIDEND 
 
     No dividend was paid or proposed by the Company during the Period (six-month period ended 30 June 2016: Nil). 
 
5.   LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT 
 
     The calculation of the basic loss per share amount for the Period is based on the loss for the Period attributable to ordinary equity 
     holders of the parent of RMB17,179,000 (unaudited) (six-month period ended 30 June 2016: RMB135,567,000 (unaudited)) and 
     the weighted average number of ordinary shares in issue of 4,638,668,000 (unaudited) (30 June 2016: 3,908,747,000 (unaudited)). 
 
     No adjustment has been made to the basic loss per share amounts for the Period (six-month period ended 30 June 2016: Nil) 
     in respect of a dilution as the impact of the share options outstanding had an anti-dilutive effect on the basic loss per share 
     amounts presented. 
 
6.   PROPERTY, PLANT AND EQUIPMENT 
 
     During the Period, the Group acquired property, plant and equipment of RMB15,266,000 (unaudited) (six-month period ended 
     30 June 2016: RMB126,559,000 (unaudited)). In addition, the Group disposed of certain property, plant and equipment with an 
     aggregate net carrying amount of RMB3,195,000 (unaudited) (six-month period ended 30 June 2016: RMB839,000 (unaudited)), 
     resulting in a loss on disposal of RMB149,000 (unaudited) (six-month period ended 30 June 2016: RMB167,000 (unaudited)). 
 
 
 
 
                                                               -5- 
7.   BIOLOGICAL ASSETS 
 
     A - Nature of activities 
 
     Dairy cows owned by the Group are primarily held to produce milk. 
 
     The quantity of dairy cows owned by the Group at 30 June 2017 and 31 December 2016 is shown below. The Group's dairy 
     cows contain heifers and calves and milkable cows. Heifers and calves held as at 30 June 2017 and 31 December 2016 were 
     dairy cows that have not had their first calves. 
 
                                                                                                 30 June 2017 31 December 2016 
                                                                                                  (Unaudited)         (Audited) 
                                                                                                       Heads             Heads 
 
     Dairy cows 
                                                                                                        27,259 
       Milkable cows                                                                                                          26,689 
                                                                                                        28,877 
       Heifers and calves                                                                                                     28,060 
 
 
                                                                                                        56,136 
     Total dairy cows                                                                                                         54,749 
 
 
     In general, the heifers are inseminated with semen when they reached approximately 13 months old. After approximately nine 
     months following a successful insemination, a calf is born and the dairy cow begins to produce raw milk and the lactation period 
     begins. A milkable cow is typically milked for approximately 305 days to 340 days before an approximately 55 days' dry period. 
 
     When a heifer begins to produce milk, it would be transferred to the category of milkable cows based on the estimated fair 
     value on the date of transfer. The sale of dairy cows is not one of the Group's principal activities and the proceeds are not 
     included as revenue. 
 
     B - Value of dairy cows 
 
     The value of dairy cows at the end of the period/year was: 
 
                                                                                                 30 June 2017 31 December 2016 
                                                                                                  (Unaudited)         (Audited) 
 
 
 
 

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