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.

(Incorporated in Bermuda with limited liability)

(Stock Code: 00661)

ANNOUNCEMENT OF UNAUDITED INTERIM FINANCIAL RESULTS

FOR THE SIX MONTHS ENDED 30 JUNE 2019

The board (the "Board") of directors (the "Directors") of China Daye Non-Ferrous Metals Mining Limited (the "Company") is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2019 (together with the comparative figures for the corresponding period in the previous year) as follows:

HIGHLIGHTS

Six months ended 30 June

2019

2018

RMB million

RMB million

(Unaudited)

(Unaudited)

Revenue

17,377.4

16,354.0

Gross profit

442.3

349.7

Profit/(loss) for the period

3.9

(59.3)

Profit/(loss) for the period attributable to owners

of the Company

1.3

(68.3)

Basic earnings/(loss) per share

RMB0.01 fen

RMB(0.38) fen

Revenue for the six months ended 30 June 2019 increased by 6.26% to RMB17,377.4 million, compared with RMB16,354.0 million in the same period of 2018.

Gross profit for the six months ended 30 June 2019 increased by 26.5% to RMB442.3 million, compared with RMB349.7 million in the same period of 2018.

1

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOME

For the six months ended 30 June 2019

Six months ended 30 June

2019

2018

RMB' 000

RMB' 000

Notes

(unaudited)

(unaudited)

Revenue

4, 5

17,377,369

16,354,037

Cost of sales and services rendered

(16,935,029)

(16,004,367)

Gross profit

442,340

349,670

Other income

6

34,265

30,716

Selling expenses

(22,789)

(32,806)

Administrative expenses

(154,974)

(172,519)

Other operating expenses

(8,026)

(7,046)

Other gains and losses

7

(4,801)

(1,343)

(Impairment losses)/reversal of impairment losses

under expected credit loss model, net

(20,139)

207

Finance costs

8

(255,266)

(200,701)

Share of results of joint ventures

-

(15,750)

Profit/(loss) before tax

10,610

(49,572)

Income tax expense

9

(6,709)

(9,732)

Profit/(loss) and total comprehensive

income/(expense) for the period

10

3,901

(59,304)

Profit/(loss) and total comprehensive income/(expense)

for the period attributable to:

Owners of the Company

1,281

(68,287)

Non-controlling interests

2,620

8,983

3,901

(59,304)

Earnings/(loss) per share

12

- Basic

RMB0.01 fen

RMB(0.38) fen

- Diluted

RMB0.01 fen

RMB(0.38) fen

2

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 June 2019

At

At

30 June

31 December

2019

2018

RMB' 000

RMB' 000

Notes

(unaudited)

(audited)

NON-CURRENT ASSETS

Property, plant and equipment

6,828,566

7,045,432

Right-of-use assets

835,316

-

Exploration and evaluation assets

12,436

49,479

Prepaid lease payments

-

676,764

Intangible assets

675,213

623,545

Investment in joint ventures

-

-

Deferred tax assets

115,043

121,738

Other deposits

14

37,201

46,916

Restricted bank deposits

15

43,355

43,355

8,547,130

8,607,229

CURRENT ASSETS

Prepaid lease payments

-

21,611

Inventories

4,230,780

5,079,176

Trade and bills receivables

13

1,308,208

745,415

Other deposits

14

55,504

69,095

Prepayments and other receivables

472,314

1,444,472

Derivative financial instruments

252,173

119,966

Restricted and pledged bank deposits

15

299,685

23,304

Cash and bank balances

15

1,663,796

861,616

8,282,460

8,364,655

CURRENT LIABILITIES

Trade and bills payables

16

1,480,759

1,903,197

Other payables and accrued expenses

864,406

815,115

Contract liabilities

145,684

82,398

Lease liabilities

4,390

-

Bank and other borrowings

17

5,557,812

5,178,212

Derivative financial instruments

30,296

58,108

Early retirement obligations

37,604

44,850

Current income tax liabilities

-

1,531

8,120,951

8,083,411

NET CURRENT ASSETS

161,509

281,244

TOTAL ASSETS LESS CURRENT LIABILITIES

8,708,639

8,888,473

3

At

At

30 June

31 December

2019

2018

RMB' 000

RMB' 000

Notes

(unaudited)

(audited)

CAPITAL AND RESERVES

Share capital

727,893

727,893

Share premium and reserves

1,510,849

1,509,568

Equity attributable to owners of the Company

2,238,742

2,237,461

Non-controlling interests

181,173

178,553

TOTAL EQUITY

2,419,915

2,416,014

NON-CURRENT LIABILITIES

Other payables

287,986

287,855

Bank and other borrowings

17

4,510,079

4,837,197

Promissory note

989,691

968,692

Lease liabilities

138,967

-

Provisions for mine rehabilitation,

restoration and dismantling

46,059

45,407

Deferred income

186,896

189,768

Early retirement obligations

129,046

143,540

6,288,724

6,472,459

8,708,639

8,888,473

4

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2019

  1. GENERAL INFORMATION
    China Daye Non-Ferrous Metals Mining Limited (the "Company", together with its subsidiaries, collectively referred to as the "Group") was incorporated in Bermuda as an exempted company with limited liability and its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange").
    The principal activity of the Company is investment holding. The Company's subsidiaries are principally involved in mining and processing of mineral ores and selling/trading of metal products. In the opinion of the directors of the Company (the "Directors"), the ultimate holding company of the Company is China Nonferrous Metal Mining (Group) Co., Ltd., a state-owned enterprise established in the People's Republic of China (the "PRC").
    The condensed consolidated financial statements are presented in Renminbi ("RMB"), which is also the functional currency of the Company.
  2. BASIS OF PREPARATION
    The condensed consolidated financial statements of the Group for the six months ended 30 June 2019 have been prepared in accordance with Hong Kong Accounting Standard 34 ("HKAS 34") Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The condensed consolidated financial statements do 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 31 December 2018.
  3. PRINCIPAL ACCOUNTING POLICIES
    The condensed consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value, as appropriate.
    Other than changes in accounting policies resulting from application of new and amendments to Hong Kong Financial Reporting Standards ("HKFRSs"), the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 June 2019 are the same as those presented in the Group's annual financial statements for the year ended 31 December 2018.
    Application of new and amendments to HKFRSs
    In the current interim period, the Group has applied, for the first time, the following new and amendments to HKFRSs issued by the HKICPA which are mandatory effective for the annual period beginning on or after 1 January 2019 for the preparation of the Group's condensed consolidated financial statements:

HKFRS 16 HK(IFRIC)-Int 23 Amendments to HKFRS 9 Amendments to HKAS 19 Amendments to HKAS 28 Amendments to HKFRSs

Leases

Uncertainty over Income Tax Treatments Prepayment Features with Negative Compensation Plan Amendment, Curtailment or Settlement Long-term Interests in Associates and Joint Ventures Annual Improvements to HKFRSs 2015-2017 Cycle

Except for the application of HKFRS 16, the application of other new and amendments to HKFRSs in the current period has had no material impact on the Group's financial performance and positions for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements.

5

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China Daye Non-Ferrous Metals Mining Ltd. published this content on 30 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2019 14:31:04 UTC