CHINA MERCHANTS CHINA DIRECT INVESTMENTS 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.
CHINA MERCHANTS CHINA DIRECT INVESTMENTS LIMITED
招 商 局 中 國 基 金 有 限 公 司
(Incorporated in Hong Kong with limited liability)
(Stock Code: 133)
ANNOUNCEMENT OF 2019 INTERIM RESULTS
FINANCIAL RESULTS
The Board of Directors of China Merchants China Direct Investments Limited (the "Company") announces the unaudited consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2019 as follows:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Six months ended 30 June | ||||
2019 | 2018 | |||
(unaudited) | (unaudited) | |||
NOTES | US$ | US$ | ||
Net gain (loss) on financial assets | 3 | 145,543,955 | (62,000,711) | |
at fair value through profit or loss | ||||
Investment income | 4 | 3,587,275 | 10,929,348 | |
Other gains | 824,428 | 656,419 | ||
Administrative expenses | (6,013,878) | (7,062,792) | ||
Profit (loss) before taxation | 6 | 143,941,780 | (57,477,736) | |
Taxation | 7 | (32,543,881) | 9,962,712 | |
Profit (loss) for the period | 111,397,899 | (47,515,024) | ||
Other comprehensive expense for the period | ||||
Item that will not be reclassified subsequently | ||||
to profit or loss | ||||
Exchange difference arising on translation | (2,361,607) | |||
to presentation currency | (7,714,655) | |||
Total comprehensive income (expense) for the period | 109,036,292 | (55,229,679) | ||
Profit (loss) for the period attributable | ||||
111,397,899 | ||||
to owners of the Company | (47,515,024) | |||
Total comprehensive income (expense) for the period | ||||
109,036,292 | ||||
attributable to owners of the Company | (55,229,679) | |||
Basic earnings (loss) per share | 8 | 0.731 | (0.312) | |
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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June | 31 December | |||
2019 | 2018 | |||
NOTES | (unaudited) | (audited) | ||
US$ | US$ | |||
Non-current asset | ||||
Financial assets at fair value | 698,845,479 | 579,151,538 | ||
through profit or loss | ||||
Current assets | ||||
Financial assets at fair value | 51,780,955 | 55,058,638 | ||
through profit or loss | ||||
Other receivables and prepayments | 2,493,520 | 5,239,397 | ||
Cash and cash equivalents | 75,138,064 | 48,450,040 | ||
129,412,539 | 108,748,075 | |||
Current liabilities | ||||
27,580,090 | 27,620,833 | |||
Other payables | ||||
Dividend payable | 18,279,962 | - | ||
Taxation payable | 66,794 | 396,223 | ||
45,926,846 | 28,017,056 | |||
Net current assets | 83,485,693 | 80,731,019 | ||
Total assets less current liabilities | 782,331,172 | 659,882,557 | ||
Non-current liabilities | ||||
Financial liabilities designated at fair value | 1,171,709 | 1,306,574 | ||
through profit or loss | ||||
Deferred taxation | 115,347,965 | 83,520,815 | ||
116,519,674 | 84,827,389 | |||
Net assets | 665,811,498 | 575,055,168 | ||
Capital and reserves | ||||
139,348,785 | 139,348,785 | |||
Share capital | 10 | |||
Reserves | 68,004,488 | 70,366,095 | ||
Retained profits | 10 | 458,458,225 | 365,340,288 | |
Equity attributable to owners of the Company | 665,811,498 | 575,055,168 | ||
Net asset value per share | 9 | 4.371 | 3.775 | |
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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 30 JUNE 2019
1. BASIS OF PREPARATION
The condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants ("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 "Listing Rules").
The financial information relating to the year ended 31 December 2018 that is included in this results announcement as comparative information does not constitute the Company's statutory annual consolidated financial statements for that year but is derived from those financial statements. Further information relating to these statutory financial statements is as follows:
The Company has delivered the financial statements for the year ended 31 December 2018 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance.
The Company's auditor has reported on those financial statements. The auditor's report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under sections 406(2), 407(2) or (3) of the Hong Kong Companies Ordinance.
2. PRINCIPAL ACCOUNTING POLICIES
The condensed consolidated financial information has been prepared on the historical cost basis except for certain financial instruments, which are measured at fair values, as appropriate. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
The accounting policies and methods of computation used in the condensed consolidated financial information for the six months ended 30 June 2019 are the same as those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2018.
In the current interim period, the Group has applied, for the first time, the following amendments and interpretation to Hong Kong Financial Reporting Standards ("HKFRSs") issued by the HKICPA that are relevant for the preparation of the Group's condensed consolidated financial information:
HK(IFRIC) - Int 23 Amendments to HKAS 28 Amendments to HKFRSs
Uncertainty over income tax treatments Long-term interests in associates and joint ventures Annual improvements to HKFRSs 2015 - 2017 Cycle
The application of the above amendments to HKFRSs and interpretation in the current interim period has had no material effect on the amounts reported in this condensed consolidated financial information and/or disclosures set out in this condensed consolidated financial information.
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3. NET GAIN (LOSS) ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
The following is the analysis of net gain (loss) on investments of the Group for the six months ended 30 June 2019. The amounts of realised gain (loss) represent the difference between the fair value at the beginning of the period or purchase date in the period and the disposal date of financial instruments while the amounts of unrealised gain (loss) represent the change of fair value during the period of financial instruments held by the Group as at the period end:
Six months ended 30 June | |||
2019 | 2018 | ||
(unaudited) | (unaudited) | ||
Net gain (loss) on financial assets at fair value through | US$ | US$ | |
profit or loss ("FVTPL") | |||
Listed investments | 8,272,042 | 6,813,386 | |
Realised | |||
Unrealised | 95,898,625 | (43,310,909) | |
Unlisted investments | 41,373,288 | ||
Unrealised | (25,503,188) | ||
Total | 145,543,955 | (62,000,711) | |
4. INVESTMENT INCOME
Investment income represents the income received and receivable on investments during the period as follows:
Six months ended 30 June | |||
2019 | 2018 | ||
(unaudited) | (unaudited) | ||
US$ | US$ | ||
Interest income on bank deposits | 469,810 | 350,961 | |
Dividend income on financial assets at FVTPL | 3,117,465 | 10,578,387 | |
Total | 3,587,275 | 10,929,348 | |
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5. SEGMENTAL INFORMATION
The Group's reportable segments, based on information reported to the chief operating decision maker for the purposes of resources allocation and performance assessment, are as follows:
- Financial services: investees engaged in financial services activities.
- Culture, media and consumption: investees engaged in culture, media and consumption activities.
- Information technology: investees engaged in information technology activities.
- Energy and resources: investees engaged in energy and resources activities.
The Group also invested in manufacturing, agriculture and education activities, none of these segments met the quantitative thresholds for the reportable segments in both current and prior periods. Accordingly, these were grouped in "Others" during the current period.
Information regarding the above segments is reported below.
The following is an analysis of the Group's reportable and operating segments for the period under review.
For the six months ended 30 June 2019
Reportable segments | |||||||||
Culture, | Total | ||||||||
Financial | media and | Information | Energy and | reportable | |||||
services | consumption | technology | resources | segments | Others | Total | |||
US$ | US$ | US$ | US$ | US$ | US$ | US$ | |||
Net gain (loss) on financial assets | |||||||||
at FVTPL | 112,855,052 | 20,760,479 | 12,665,387 | 1,028,801 | 147,309,719 | (1,765,764) | 145,543,955 | ||
Dividend income on financial assets | |||||||||
at FVTPL | 2,442,686 | 674,779 | - | - | 3,117,465 | - | 3,117,465 | ||
Other gains | - | 761,612 | - | - | 761,612 | - | 761,612 | ||
Segment profit (loss) | 115,297,738 | 22,196,870 | 12,665,387 | 1,028,801 | 151,188,796 | (1,765,764) | 149,423,032 | ||
Unallocated: | |||||||||
- Administrative expenses | (6,013,878) | ||||||||
- Interest income on bank deposits | 469,810 | ||||||||
- Other gains | 62,816 | ||||||||
Profit before taxation | 143,941,780 | ||||||||
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China Merchants China Direct Investments 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 10:00:04 UTC
