REG - Asian Citrus Hldgs - Half Yearly Report <Origin Href="QuoteRef">0073.HK</Origin> - Part 2
26/02/2016 10:20
- Part 2: For the preceding part double click ID:nRSZ2838Qa
Loss for the period/year (1,621,979 ) (235,328 ) (1,223,999 )
Attributable to
Equity shareholders of the Company (1,616,300 ) (236,413 ) (1,223,371 )
Non-controlling interests (5,679 ) 1,085 (1,628 )
(1,621,979 ) (235,328 ) (1,223,999 )
RMB RMB RMB
Loss per share 10
- Basic (1.293 ) (0.189 ) (0.978 )
- Diluted (1.293 ) (0.189 ) (0.978 )
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 31 December 2015
Six months ended Year ended
31 December 30 June
2015 2014 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
Loss for the period/year (1,621,979 ) (235,328 ) (1,223,999 )
Other comprehensive income/(loss) for the period/year
Item that may be reclassified subsequently to profit or loss:
- Exchange differences on translation of financial
statements of foreign operations, net of nil tax 211 (4 ) (7 )
Total comprehensive loss for the period/year (1,621,768 ) (235,332 ) (1,224,006 )
Attributable to
Equity shareholders of the Company (1,616,089 ) (236,417 ) (1,222,378 )
Non-controlling interests (5,679 ) 1,085 (1,628 )
(1,621,768 ) (235,332 ) (1,224,006 )
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 December 2015
31 December 30 June
2015 2014 2015
(unaudited) (unaudited) (audited)
ASSETS Note RMB'000 RMB'000 RMB'000
Non-current assets
Property, plant and equipment 12 1,650,858 2,294,497 2,253,506
Land use rights 53,321 75,401 74,625
Construction-in-progress 33,297 43,610 49,430
Biological assets 13 1,013,720 1,527,411 1,332,482
Intangible assets 14 - 48,341 51,091
Deposits 18,548 7,302 11,012
Goodwill - 303,883 -
2,769,744 4,300,445 3,772,146
Current assets
Biological assets 13 155,092 152,623 264,300
Inventories 78,754 70,004 106,033
Trade and other receivables 15 133,235 186,730 194,607
Cash and cash equivalents 521,448 1,528,208 937,571
888,529 1,937,565 1,502,511
Total assets 3,658,273 6,238,010 5,274,657
EQUITY AND LIABILITIES
Equity
Share capital 12,340 12,340 12,340
Reserves 3,400,477 5,992,119 5,009,497
Total equity attributable to equity shareholders
of the Company 3,412,817 6,004,459 5,021,837
Non-controlling interests 107,846 116,238 113,525
3,520,663 6,120,697 5,135,362
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)
At 31 December 2015
31 December 30 June
2015 2014 2015
(unaudited) (unaudited) (audited)
Note RMB'000 RMB'000 RMB'000
Non-current liabilities
Obligations under finance leases 530 657 596
Current liabilities
Trade and other payables 16 136,953 116,538 138,576
Obligations under finance leases 127 118 123
137,080 116,656 138,699
Total liabilities 137,610 117,313 139,295
Total equity and liabilities 3,658,273 6,238,010 5,274,657
Net current assets 751,449 1,820,909 1,363,812
Total assets less current liabilities 3,521,193 6,121,354 5,135,958
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 December 2015
Six months ended Year ended
31 December 30 June
2015 2014 2015
(unaudited) (unaudited) (audited)
Note RMB'000 RMB'000 RMB'000
Cash flows from operating activities
Loss before income tax (1,621,979 ) (235,328 ) (1,223,999 )
Adjustments for:
Interest income 6 (4,111 ) (17,552 ) (28,273 )
Gain on disposal of land use rights 6 (6,029 ) - -
Write off of biological assets 7 - - 114,071
Impairment of goodwill 7 - - 303,883
Impairment of property, plant and equipment 7 581,498 - -
Impairment of biological assets 7 270,401 - -
Impairment of intangible assets 7 45,187 - -
Finance costs 8(a) 88 33 67
Share-based payments 8(b) 7,069 3,371 6,710
Amortisation of land use rights 8(c) 733 777 1,553
Amortisation of intangible assets 8(c) 5,904 5,374 10,824
Depreciation of property, plant and equipment 8(c) 106,941 98,955 201,098
Write off of inventories 8(c) 11,567 595 9,072
Write off of trade and other receivables 8(c) - - 2,717
Loss on disposal of property, plant and equipment 8(c) 4,081 1,245 1,905
Change in fair value of biological assets 13 190,000 40,000 242,833
Operating loss before working capital changes (408,650 ) (102,530 ) (357,539 )
Movements in working capital elements:
Biological assets 109,208 62,348 (80,579 )
Inventories 15,712 (13,212 ) (57,718 )
Trade and other receivables 61,372 (31,558 ) (42,152 )
Trade and other payables (1,412 ) 14,447 36,482
Net cash used in operating activities (223,770 ) (70,505 ) (501,506 )
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)
For the six months ended 31 December 2015
Six months ended Year ended
31 December 30 June
2015 2014 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment 278 - 14,425
Proceeds from disposal of land use rights 26,600 - -
Purchases of property, plant and equipment (18,566 ) (24,078 ) (51,396 )
Additions to construction-in-progress (54,423 ) (31,501 ) (86,240 )
Additions to intangible assets - - (8,200 )
Deposits paid for acquisition of property, plant and equipment (8,564 ) (7,302 ) (11,012 )
Net additions to biological assets (141,639 ) (160,610 ) (251,335 )
Interest received 4,111 17,552 28,273
Net cash used in investing activities (192,203 ) (205,939 ) (365,485 )
Cash flows from financing activities
Repayments of obligations under finance leases (62 ) (57 ) (113 )
Finance costs paid (88 ) (33 ) (67 )
Net cash used in financing activities (150 ) (90 ) (180 )
Net decrease in cash and cash equivalents (416,123 ) (276,534 ) (867,171 )
Cash and cash equivalents at beginning of
period/year 937,571 1,804,742 1,804,742
Cash and cash equivalents at end of period/year 521,448 1,528,208 937,571
Major non-cash transactions
During the six months ended 31 December 2015, purchases of property, plant and equipment included an amount of RMB1,028,000
(six months ended 31 December 2014: RMB1,443,000, year ended 30 June 2015: RMB1,443,000) transferred from non-current
deposits.
NOTES TO THE INTERIM FINANCIAL INFORMATION
1 GENERAL INFORMATION
The Company was incorporated in Bermuda on 4 June 2003 as an exempted company with limited liability under the Companies
Act of Bermuda and its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "HKEx") and AIM
of the London Stock Exchange.
The address of the registered office of the Company is Clarendon House, 2 Church Street, Hamilton, HM11, Bermuda. The
principal place of business of the Company is located at Suite 2609-11, 26/F., Great Eagle Centre, 23 Harbour Road,
Wanchai, Hong Kong.
The principal activities of the Group are planting, cultivation and sale of agricultural produce and manufacture and sale
of fruit juice concentrates, fruit purees, frozen fruit and vegetables.
2 BASIS OF PREPARATION
This interim financial information has been prepared in accordance with International Accounting Standard ("IAS") 34,
Interim financial reporting, issued by the International Accounting Standards Board ("IASB"), the applicable disclosure
provisions of the Rules Governing the Listing of Securities on the HKEx (the "Hong Kong Listing Rules") and the AIM Rules
issued by the London Stock Exchange. The interim financial information is presented in Renminbi ("RMB"), rounded to the
nearest thousand, unless otherwise stated.
The interim financial information has been prepared under the historical cost convention, except that certain biological
assets are carried at their fair values. The principal accounting policies adopted in the preparation of this interim
financial information are consistent with those followed in the Group's annual financial statements for the year ended 30
June 2015, except for the accounting policy changes that are expected to be reflected in the Group's annual financial
statements for the year ending 30 June 2016. Details of the applications of new and revised IFRSs are set out in note 3.
The preparation of interim financial information in conformity with IAS 34 requires management to make judgments, estimates
and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses
on a year to date basis. Actual results may differ from these estimates.
This interim financial information contains condensed consolidated financial statements and explanatory notes. The notes
include an explanation of events and transactions that are significant to an understanding of the changes in financial
position and performance of the Group since the 2015 annual financial statements. The condensed consolidated financial
statements and notes thereon do not include all of the information required for a full set of financial statements prepared
in accordance with International Financial Reporting Standards ("IFRSs").
The interim financial information is unaudited, but has been reviewed by the Company's Audit Committee. This interim
financial information has also been reviewed by the Company's auditor in accordance with International Standard on Review
Engagements 2410, Review of interim financial information performed by the independent auditor of the entity.
3 APPLICATIONS OF NEW AND REVISED IFRSs
This interim financial information has been prepared in accordance with IAS 34, Interim financial reporting, issued by the
IASB, the applicable disclosure provisions of the Hong Kong Listing Rules and the AIM Rules issued by the London Stock
Exchange. All IFRSs effective for the accounting period commencing from 1 July 2015, together with the relevant
transitional provisions, have been adopted by the Group in the preparation of this interim financial information throughout
the periods covered in this report.
The adoption of these new or revised IFRSs had no significant effect on the financial results of the current period.
Accordingly, no change in significant accounting policies and no prior period adjustment is required.
The Group has not applied or early adopted the new or revised IFRSs which are relevant to the Group that have been issued
but are not yet effective in the preparation of this interim financial information.
The Group is in the process of making an assessment of what the impact of these amendments and new standards is expected to
be in the period of initial application, but is not yet in a position to state whether these amendments and new standards
will have a significant impact on the Group's financial statements.
4 SEGMENT INFORMATION
The Group manages its businesses by lines of business. In a manner consistent with the way in which information is reported
internally to the Group's most senior executive management for the purposes of resources allocation and performance
assessment, the Group has two reportable segments. The segments are managed separately as each business offers different
products and required different business strategies. The following summary describes the operations in each of the Group's
reportable segments:
· Agricultural produce - planting, cultivation and sale of agricultural produce
· Processed fruit - manufacture and sale of fruit juice concentrates, fruit purees, frozen fruit and vegetables
The directors assess the performance of the operating segments based on a measure of reportable segment results. This
measurement basis excludes the central other income, expenses and finance costs.
Segment assets mainly exclude goodwill, certain property, plant and equipment, land use rights and other assets that are
managed on a central basis. Segment liabilities mainly exclude liabilities that are managed on a central basis.
4 SEGMENT INFORMATION (Continued)
Segment results, assets and liabilities
Six months ended 31 December 2015:
Agricultural Processed
produce fruit Total
(unaudited) (unaudited) (unaudited)
RMB'000 RMB'000 RMB'000
Results
Reportable segment revenue and
revenue from external customers 55,999 331,160 387,159
Reportable segment results# (1,522,450 ) (87,186) (1,609,636 )
Unallocated corporate expenses (19,001 )
Unallocated corporate other income 6,658
Loss before income tax (1,621,979 )
Income tax expense -
Loss for the period (1,621,979 )
Assets
Segment assets 2,302,764 1,252,645 3,555,409
Unallocated corporate assets 102,864
Total assets 3,658,273
Liabilities
Segment liabilities (118,111 ) (15,543 ) (133,654 )
Unallocated corporate liabilities (3,956 )
Total liabilities (137,610 )
Other information
Additions to segment non-current assets 50,574 22,830 73,404
# Included in reportable segment results of agricultural produce, there were impairment losses of RMB581,498,000,
RMB270,401,000 and RMB10,780,000 in respect of property, plant and equipment (note 12), biological assets (note 13) and
intangible assets (note 14) respectively.
Included in reportable segment results of processed fruit, there was an impairment loss of RMB34,407,000 in respect of
intangible assets (note 14).
4 SEGMENT INFORMATION (Continued)
Segment results, assets and liabilities(Continued)
Six months ended 31 December 2014:
Agricultural Processed
produce fruit Total
(unaudited) (unaudited) (unaudited)
RMB'000 RMB'000 RMB'000
Results
Reportable segment revenue and
revenue from external customers 340,999 243,398 584,397
Reportable segment results (227,204 ) 4,531 (222,673 )
Unallocated corporate expenses (13,908 )
Unallocated corporate other income 1,253
Loss before income tax (235,328 )
Income tax expense -
Loss for the period (235,328 )
Assets
Segment assets 4,090,087 1,695,885 5,785,972
Unallocated corporate assets 452,038
Total assets 6,238,010
Liabilities
Segment liabilities (99,556 ) (13,276 ) (112,832 )
Unallocated corporate liabilities (4,481 )
Total liabilities (117,313 )
Other information
Additions to segment non-current assets 33,313 30,994 64,307
4 SEGMENT INFORMATION (Continued)
Segment results, assets and liabilities(Continued)
Year ended 30 June 2015:
Agricultural Processed
produce fruit Total
(audited) (audited) (audited)
RMB'000 RMB'000 RMB'000
Results
Reportable segment revenue and
revenue from external customers 410,105 552,622 962,727
Reportable segment results (844,519 ) (47,853 ) (892,372 )
Unallocated corporate expenses (333,846 )
Unallocated corporate other income 2,219
Loss before income tax (1,223,999 )
Income tax expense -
Loss for the year (1,223,999 )
Assets
Segment assets 3,485,363 1,653,675 5,139,038
Unallocated corporate assets 135,619
Total assets 5,274,657
Liabilities
Segment liabilities (111,349 ) (23,453 ) (134,802 )
Unallocated corporate liabilities (4,493 )
Total liabilities (139,295 )
Other information
Additions to segment non-current assets 66,615 91,658 158,273
5 TURNOVER
Turnover represented the total invoiced value of goods supplied to customers. The amount of each significant category of
revenue recognised as turnover is as follows:
Six months ended Year ended
31 December 30 June
2015 2014 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
Sales of oranges 36,779 340,999 408,934
Sales of bananas 18,656 - -
Sales of self-bred saplings 564 - 1,171
Sales of processed fruit 331,160 243,398 552,622
387,159 584,397 962,727
6 OTHER INCOME
Six months ended Year ended
31 December 30 June
2015 2014 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
Interest income 4,111 17,552 28,273
Gain on disposal of land use rights 6,029 - -
Government grants - 30 30
Sundry income 22 19 60
10,162 17,601 28,363
7 OTHER OPERATING EXPENSES
Six months ended Year ended
31 December 30 June
2015 2014 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
Write off of biological assets - - 114,071
Write off of inventories# - 488 488
Impairment of property, plant and equipment##(note 12) 581,498 - -
Impairment of biological assets##(note 13) 270,401 - -
Impairment of intangible assets###(note 14) 45,187 - -
Impairment of goodwill - - 303,883
897,086 488 418,442
7 OTHER OPERATING EXPENSES (Continued)
# These expenses were resulted from the widespread damage caused by Typhoon Rammasun in July 2014.
## These expenses were related to the closure of Xinfeng Plantation in December 2015. The Group engaged two independent research centres, Citrus Research Institute, the national scientific research centre for citrus fruits and directly subordinated to the
Chinese Academy of Agricultural Sciences, the Ministry of Agriculture of the PRC and Guangxi Academy of Specialty Crops, the scientific research centre subordinated to the Department of Agriculture of Guangxi Zhuang Autonomous Region, the PRC, to conduct
comprehensive investigations into the extent of the infection of Huanglongbing disease at Xinfeng Plantation (the "Investigations"). According to the reports from the Investigations, Xinfeng Plantation is no longer economically productive due to the
massive infection of Huanglongbing disease and so the Board resolved to shut down Xinfeng Plantation with operations ceasing permanently. As a result, impairment losses and provisions were recognised for the six months ended 31 December 2015.
### These expenses were incurred as the directors of the Company have determined that the aggregate carrying amount of capitalised development costs is in excess of their recoverable amount based on a value in use calculation. Therefore, an impairment loss of
RMB45,187,000 is recognised for the six months ended 31 December 2015 so as to reflect the reduced recoverable amount of the intangible assets as assessed by management based on the current business and operating environment. More details are set out in
note 14.
8 LOSS BEFORE INCOME TAX
Loss before income tax is stated after charging/(crediting) the following:
Six months ended Year ended
31 December 30 June
2015 2014 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
(a) Finance costs
Bank charges 59 - -
Finance charges on obligations
under finance leases 29 33 67
88 33 67
(b) Staff costs (including directors'
emoluments)
- salaries, wages and other benefits 63,424 80,402 144,810
- share-based payments 7,069 3,371 6,710
- contributions to defined contribution
retirement plans 2,141 1,848 3,960
72,634 85,621 155,480
8 LOSS BEFORE INCOME TAX (Continued)
Six months ended Year ended
31 December 30 June
2015 2014 2015
(unaudited) (unaudited) (audited)
Note RMB'000 RMB'000 RMB'000
(c) Other items
Amortisation of land use rights 733 777 1,553
Amortisation of intangible assets 14 5,904 5,374 10,824
Auditor's remuneration 954 1,113 2,199
Cost of agricultural produce sold # 501,990 504,347 842,570
Cost of inventories of processed
fruit recognised as expenses ## 325,828 212,970 538,995
Depreciation of property, plant and
equipment 12 106,941 98,955 201,098
Add: Realisation of depreciation
previously capitalised as
biological assets 31,973 26,745 26,979
Less: Amount capitalised as biological
assets (35,339) (31,575) (58,386)
103,575 94,125 169,691
Exchange (gains) or losses, net (2,977) (1,202) 2,744
Operating lease expenses
- plantation bases 4,934 5,420 9,335
- properties 979 540 1,197
Research and development costs 16,628 2,441 8,592
Write off of inventories### 11,567 595 9,072
Write off of trade and other receivables - - 2,717
Loss on disposal of property, plant
and equipment 4,081 1,245 1,905
Gain on disposal of land use rights (6,029) - -
# Cost of agricultural produce sold includes RMB92,138,000 (six months ended 31 December 2014: RMB108,490,000, year
ended 30 June 2015: RMB170,062,000) relating to staff costs, depreciation and operating lease expenses, which were also
included in the respective total amount disclosed separately above for each of these types of expenses.
## Cost of inventories of processed fruit recognised as expenses includes RMB55,823,000 (six months ended 31 December
2014: RMB45,147,000, year ended 30 June 2015: RMB100,572,000) relating to staff costs, amortisation of land use rights,
amortisation of intangible assets and depreciation, which were also included in the respective total amount disclosed
separately above for each of these types of expenses.
### The write off of inventories for the period comprises RMB11,567,000 (six months ended 31 December 2014: RMB107,000,
year ended 30 June 2015: RMB8,584,000) included in general and administrative expenses and RMBNil (six months ended 31
December 2014: RMB488,000, year ended 30 June 2015: RMB488,000) included in other operating expenses in the condensed
consolidated statement of profit and loss.
9 INCOME TAX EXPENSE
On the basis stated below, no income tax has been provided for by the Group:
(a) Pursuant to the rules and regulations of Bermuda, the Cayman Islands and the British Virgin Islands, the Group is
not subject to any income tax in the respective tax jurisdictions.
(b) No Hong Kong profits tax has been provided for as the Group did not have assessable profits arising in or derived
from Hong Kong.
(c) No PRC enterprise income tax has been provided for as the Group did not have assessable profit in the PRC during the
period. The provision for PRC enterprise income tax is based on the respective applicable rates on the estimated assessable
income of the Group's subsidiaries in the PRC as determined in accordance with the relevant income tax laws, rules and
regulations of the PRC.
According to the PRC tax law, its rules and regulations, enterprises that engage in certain qualifying agricultural
businesses are eligible for certain tax benefits, including full enterprise income tax exemption on profits derived from
such businesses. Certain operating subsidiaries of the Group in the PRC engaged in qualifying agricultural business are
entitled to full exemption of enterprise income tax.
The applicable enterprise income tax rate of the Group's other operating subsidiaries in the PRC is 25%.
(d) PRC withholding income tax
Under the PRC tax law, profits of the Group's subsidiaries in the PRC derived since 1 January 2008 is subject to
withholding income tax at rates of 5% or 10% upon the distribution of such profits to foreign investors or companies
incorporated in Hong Kong, or for other foreign investors, respectively. Pursuant to the grandfathering arrangements of the
PRC tax law, dividends receivable by the Group from its PRC subsidiaries in respect of the undistributed profits derived
prior to 31 December 2007 are exempt from the withholding income tax. At 31 December 2015, no deferred tax liabilities have
been recognised in respect of the tax that would be payable on the unremitted profits of the PRC subsidiaries derived since
1 January 2008 as the Company is in a position to control the dividend policies of the PRC subsidiaries and no distribution
of such profits is expected to be declared from the PRC subsidiaries in the foreseeable future.
10 LOSS PER SHARE
The calculation of basic and diluted loss per share is based on the following:
Six months ended Year ended
31 December 30 June
2015 2014 2015
(unaudited) (unaudited) (audited)
RMB'000 RMB'000 RMB'000
Loss
Loss attributable to equity shareholders of the Company used in basic and diluted loss per share calculation (1,616,300) (236,413 ) (1,222,371 )
Weighted average number of shares '000 '000 '000
Weighted average number of ordinary shares used in basic and diluted loss per share calculation 1,249,638 1,249,638 1,249,638
The potential ordinary shares arising from the conversion of share options had an anti-dilutive effect on the basic loss
per share hence they were ignored in the calculation of diluted loss per share.
11 DIVIDENDS
The directors do not declare the payment of any interim dividend in respect of the six-month period ended 31 December 2015
and 2014.
12 PROPERTY, PLANT AND EQUIPMENT
Buildings Leseholdimprovements Plant andmachinery Furniture, Fixture and equipment Motorvehicles FarmlandInfrastructure and machinery Total
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Cost
At 1 July 2014 431,961 3,668 435,458 13,803 12,050 2,178,263 3,075,203
Additions 5,294 - 32,524 311 60 14,650 52,839
Transfer form construction-in-progress 4,932 - 30,609 - - 77,308 112,849
Disposals (979 ) - (34,504 ) (42 ) (97 ) (11,085 ) (46,707 )
At 30 June 2015 (audited) 441,208 3,668 464,087 14,072 12,013 2,259,136 3,194,184
Additions 6,447 - 12,246 901 - - 19,594
Transfer from construction-in-progress 4,037 - 3,469 - - 63,050 70,556
Disposals (4,658 ) - (4,400 ) (1,362 ) (4 ) - (10,424 )
At 31 December 2015 (unaudited) 447,034 3,668 475,402 13,611 12,009 2,322,186 3,273,910
Accumulated depreciation and impairment
At 1 July 2014 55,934 1,226 80,341 8,501 6,956 616,999 769,957
Charge for the year 23,471 125 50,628 1,506 1,394 123,974 201,098
Written back on disposals (343 ) - (18,842 ) (41 ) (92 ) (11,059 ) (30,377 )
At 30 June 2015 (audited) 79,062 1,351 112,127 9,966 8,258 729,914 940,678
Charge for the period 11,462 63 27,128 1,107 387 66,794 106,941
Impairment loss recognised for the
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