NAN NAN RESOURCES ENTERPRISE LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
NAN NAN RESOURCES ENTERPRISE LIMITED南南資源實業有限公司
(Incorporated in Bermuda with limited liability)
(Stock Code: 1229) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2017 AND RESUMPTION OF TRADINGThe board of directors (the "Board") of Nan Nan Resources Enterprise Limited (the "Company") is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 March 2017 together with the comparative figures for the previous year as follows:
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2017 | PROFIT | OR | LOSS AND | OTHER |
Notes | 2017 HK$'000 | 2016 HK$'000 | ||
Revenue | 3 | 73,024 | 59,841 | |
Cost of sales | (48,426) | (35,309) | ||
Gross profit | 24,598 | 24,532 | ||
Other revenue | 9,943 | 16,015 | ||
Selling and distribution expenses | (733) | (626) | ||
Administrative and other operating expenses | (32,245) | (27,813) | ||
Finance costs Change in fair value and loss arising from modification of convertible bonds | (176) 56,034 | (187) (73,449) | ||
Impairment loss on intangible assets and property, | ||||
plant and equipment | - | (12,012) | ||
Profit/(loss) before tax | 5 | 57,421 | (73,540) | |
Income tax expense | 6 | (9,154) | (6,068) | |
Profit/(loss) for the year | 48,267 | (79,608) | ||
Notes HK$'000 HK$'000
Other comprehensive income/(loss)Items that may be reclassified subsequently to profit or loss:
Exchange difference on translation of functional
currency to presentation currency | (5,787) | (6,316) |
Other comprehensive loss for the year, net of nil tax | (5,787) | (6,316) |
Total comprehensive income/(loss) for the year | 42,480 | (85,924) |
Profit/(loss) for the year attributable to: - Owners of the Company | 48,267 | (79,608) |
Total comprehensive income/(loss) for the year attributable to:
- Owners of the Company 42,480 (85,924)
Earnings/(loss) per share
(expressed in Hong Kong cents)
- Basic 8 6.31 (10.40)
- Diluted 8 0.65 (10.40)
CONSOLIDATED STATEMENT OF FINANCIAL AS AT 31 MARCH 2017 | POSITION | ||
Notes | 2017 HK$'000 | 2016 HK$'000 | |
Non-current assets Property, plant and equipment | 11,070 | 15,048 | |
Intangible assets Goodwill Security deposit | 37,787 - 4,601 | 43,176 - 4,546 | |
Current assets | 53,458 | 62,770 | |
Inventories | 50,923 | 47,403 | |
Trade and other receivables | 9 | 12,517 | 2,425 |
Cash and cash equivalents | 331,606 | 343,587 | |
Current liabilities | 395,046 | 393,415 | |
Convertible bond designated as financial liabilities | |||
at fair value through profit or loss | - | 317,650 | |
Trade and other payables | 10 | 56,524 | 52,668 |
Tax payable | 4,278 | 3,617 | |
(60,802) | (373,935) | ||
Net current assets | 334,244 | 19,480 | |
Total assets less current liabilities | 387,702 | 82,250 | |
Capital and reserves Share capital | 76,537 | 76,537 | |
Reserves | 38,830 | (3,650) | |
Equity attributable to owners of the Company | 115,367 | 72,887 | |
Non-current liabilities |
Convertible bond designated as financial liabilities
at fair value through profit or loss 261,616 - Provision for close down, restoration and
environmental costs | 2,802 | 2,808 |
Deferred tax liabilities | 7,917 | 6,555 |
272,335 | 9,363 | |
387,702 | 82,250 |
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BASIS OF PREPARATION
The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA"). In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and by the Hong Kong Companies Ordinance.
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APPLICATION OF NEW AND REVISED HKFRSs
In the current year, the Group has applied the following amendments to HKFRSs issued by the HKICPA. Amendments to HKAS 1 Disclosure Initiative
Amendments to HKAS 16 and HKAS 38 Clarification of Acceptable Methods of Depreciation
and Amortisation Amendments to HKAS 16 and HKAS 41 Agriculture: Bearer Plants
Amendments to HKAS 27 Equity Method in Separate Financial Statements
Amendments to HKFRSs Annual Improvements to HKFRSs 2012-2014 Cycle
Amendments to HKFRS 10, HKFRS 12 and HKAS 28
Investment Entities: Applying the Consolidation Exception
Amendments to HKFRS 11 Accounting for Acquisitions of Interests in Joint Operations
The application of the amendments to HKFRSs in the current year has had no material impact on the Group's financial performance and positions for the current and prior years and/or on the disclosures set out in these consolidated financial statements. The Group has not applied any new standard and amendments to HKFRSs that is not yet effective for the current accounting period.
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REVENUE
Revenue represents the amounts received and receivable for coal sold by the Group to outside customers, less returns, discounts allowed and value added tax.
- SEGMENT INFORMATION
The Group's operating segments, based on information reported to the chief operating decision maker who is also the executive director, for the purpose of resources allocation and performance assessment, is more specifically focused on the types of goods delivered and services provided by the Group's operating divisions.
Coal mine business is the only reportable operating segment, from which the Group derived its revenue from sale of coal. Accordingly, no further segment information is provided.
The geographical location of customers is determined based on the location where the goods are delivered. The Group's revenue and results from operations are mainly derived from activities in the People's Republic of China (the "PRC"). Activities outside the PRC are insignificant. The principal assets of the Group are also located in the PRC. Accordingly, no geographical segment information is provided.
Nan Nan Resources Enterprise Limited published this content on 22 June 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 June 2017 00:06:07 UTC.
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