China Natural Resources Releases Interim Results Of Operations

HONG KONG, Dec. 4, 2014 /PRNewswire/ -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR), a company based in the People's Republic of China, today released unaudited interim financial information for the three and six months ended June 30, 2014 as follows:

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(Amounts in thousands, except share and per share data)




Three Months Ended

June 30,



Six Months Ended

June 30,




2013



2014



2014



2013



2014



2014




CNY



CNY



US$



CNY



CNY



US$


CONTINUING OPERATIONS



















REVENUE



11,791




4,684




755




15,839




7,896




1,273


COST OF SALES



(7,933)




(3,765)




(607)




(11,475)




(6,028)




(972)


GROSS PROFIT



3,858




919




148




4,364




1,868




301



























SELLING AND DISTRIBUTION EXPENSES



(27)




(21)




(3)




(63)




(50)




(8)


ADMINISTRATIVE EXPENSES



(4,344)




(2,610)




(421)




(8,519)




(5,642)




(910)


IMPAIRMENT LOSS ON PROPERTY, PLANT AND EQUIPMENT






(7,366)




(1,187)







(7,366)




(1,187)


OTHER OPERATING (EXPENSES)/INCOME, NET



158




13




2




(1,492)




293




47


OPERATING LOSS



(355)




(9,065)




(1,461)




(5,710)




(10,897)




(1,757)



























FINANCE COSTS



(90)




(97)




(16)




(180)




(194)




(31)


INTEREST INCOME



467




422




68




800




890




143


PROFIT/ (LOSS) BEFORE INCOME TAXES



22




(8,740)




(1,409)




(5,090)




(10,201)




(1,645)


INCOME TAXES EXPENSE



(252)




(106)




(17)




(385)




(256)




(41)


LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS



(230)




(8,846)




(1,426)




(5,475)




(10,457)




(1,686)



























DISCONTINUED OPERATIONS

























Loss for the period from discontinued operations, net of tax



(58,156)










(222,756)




(10,708)




(1,726)


LOSS FOR THE PERIOD



(58,386)




(8,846)




(1,426)




(228,231)




(21,165)




(3,412)



























ATTRIBUTABLE TO:

























Owners of the Company

























From continuing operations



(230)




(8,846)




(1,426)




(5,475)




(10,457)




(1,686)


From discontinued operations



(56,610)










(221,947)




(9,925)




(1,600)


Non-controlling interests



(1,546)










(809)




(783)




(126)





(58,386)




(8,846)




(1,426)




(228,231)




(21,165)




(3,412)



























LOSSES PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY:

























Basic

























- For loss from operating operations



(0.01)




(0.36)




(0.06)




(0.22)




(0.42)




(0.07)


- For loss from discontinued operations



(2.27)










(8.91)




(0.40)




(0.06)


- Net loss per share



(2.28)




(0.36)




(0.06)




(9.13)




(0.82)




(0.13)



























Diluted

























- For loss from operating operations



(0.01)




(0.36)




(0.06)




(0.22)




(0.42)




(0.07)


- For loss from discontinued operations



(2.27)










(8.91)




(0.40)




(0.06)


- Net loss per share



(2.28)




(0.36)




(0.06)




(9.13)




(0.82)




(0.13)



























LOSS FOR THE PERIOD



(58,386)




(8,846)




(1,426)




(228,231)




(21,165)




(3,412)



























Other comprehensive income/(loss):

























Items to be classified to profit or loss in subsequent period:

























Foreign currency translation adjustments



2,475




1,221




197




3,845




(3,410)




(550)


TOTAL OTHER COMPREHENSIVE INCOME/(LOSS)



2,475




1,221




197




3,845




(3,410)




(550)


TOTAL COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX



(55,911)




(7,625)




(1,229)




(224,386)




(24,575)




(3,962)



























Attributable to:

























Owners of the Company

























From continuing operations



2,139




(7,625)




(1,229)




(1,785)




(13,882)




(2,236)


From discontinued operations



(56,504)










(221,792)




(9,910)




(1,600)


Non-controlling interests



(1,546)










(809)




(783)




(126)





(55,911)




(7,625)




(1,229)




(224,386)




(24,575)




(3,962)


 

 

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

(Amounts in thousands)




December 31,



June 30,



June 30,




2013



2014



2014




CNY



CNY



US$







(Unaudited)



(Unaudited)












ASSETS










NON-CURRENT ASSETS










Property, plant and equipment



21,488




14,372




2,317


Rehabilitation fund



3,248




3,839




619


Prepayments



1,081




690




111


Deferred tax assets



1,536




1,572




253















TOTAL NON-CURRENT ASSETS



27,353




20,473




3,300















CURRENT ASSETS













Inventories



4,727




10,602




1,709


Trade and bill receivables



5,500




5,300




854


Prepayments






143




23


Other receivables



74




326




53


Due from a related party






131,000




21,118


Term deposits with an original maturity over three months



3,758




3,699




596


Cash and cash equivalents



76,591




55,082




8,880




90,650



206,152



33,233


Assets classified as held for distribution



2,906,561








TOTAL CURRENT ASSETS



2,997,211




206,152




33,233














TOTAL ASSETS



3,024,564




226,625




36,533















LIABILITIES AND EQUITY


























CURRENT LIABILITIES













Trade and bills payables



944




971




156


Other payables and accrued liabilities



19,837




14,968




2,413


Due to related companies



6,453




6,566




1,059


Taxes payable



20,725




19,012




3,064





47,959




41,517




6,692


Liabilities directly associated with the assets classified as held for distribution



2,520,185




















TOTAL CURRENT LIABILITIES



2,568,144




41,517




6,692


NON-CURRENT LIABILITIES













Due to the Shareholder



197,062




135,736




21,882


Asset retirement obligations



3,840




4,030




650















TOTAL NON-CURRENT LIABILITIES



200,902




139,766




22,532















TOTAL LIABILITIES



2,769,046




181,283




29,224















EQUITY













Issued capital



312,081




312,081




50,310


Other capital reserves



577,892




636,959




102,684


Reserves



53,059




49,019




7,902


Accumulated losses



(781,671)




(948,167)




(152,853)


Other comprehensive losses



634




(4,550)




(734)















EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY



161,995




45,342




7,309


NON-CONTROLLING INTERESTS



93,523








TOTAL EQUITY



255,518




45,342




7,309














TOTAL LIABILITIES AND EQUITY



3,024,564




226,625




36,533


 

For the convenience of the reader, amounts in Renminbi, the Chinese currency ("CNY"), have been translated into United States dollars ("US$") at the applicable rate of US$1.00 = CNY6.2031 as quoted by Bloomberg Finance L.P. as of June 30, 2014. No representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate, or at all.

The condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2014 (unaudited) and the condensed consolidated statements of financial position sheet as of June 30, 2014 (unaudited) are derived from, and should be read in conjunction with, the Company's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2014 and 2013, as filed with the Securities and Exchange Commission on December 4, 2014 under cover of Form 6-K. The results of operations for the six months ended June 30, 2014 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2014.

Mr. Feilie Li, the Company's Chairman and CEO, commented on the 2014 interim results: "We completed a spin-off of coal business held by Feishang Anthracite Resources Limited by the distribution of our 100% equity interest in Feishang Anthracite, pro rata to all our shareholders on January 22, 2014 and listing of the shares of Feishang Anthracite by introduction on the Main Board of The Stock Exchange of Hong Kong Limited. Following the Spin-Off, our sole operations consist of the operation of our non-ferrous metal mining operations at Yangchong Mine in the PRC. The Group will continue to explore opportunities to acquire projects in China that will add value to our shareholders."

About China Natural Resources, Inc.:

China Natural Resources, Inc., a British Virgin Islands corporation, through its operating subsidiaries in the People's Republic of China, is currently engaged in the acquisition and exploitation of mining rights, including the exploration, mineral extraction, processing and sale of iron, zinc and other nonferrous metals, extracted or produced at a mine located in Anhui Province in the PRC.

Forward-Looking Statements:

This press release includes forward-looking statements within the meaning of federal securities laws. These statements include, without limitation, statements regarding the intent, belief and current expectations of management with respect to the Company's policies regarding investments, dispositions, financings, conflicts of interest and other matters; and trends affecting the Company's financial condition or results of operations. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, many of which are outside of our control, and actual results may differ materially from those in the forward-looking statement. Among the risks and uncertainties that could cause our actual results to differ from our forward-looking statements are: uncertainties relating to our business operations and operating results; uncertainties regarding the governmental, economic and political environment in the People's Republic of China; uncertainties associated with metal and coal price volatility; uncertainties associated with the Company's reliance on third-party contractors and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including without limitation the information set forth in our Annual Report on Form 20-F under the heading "Risk Factors". While management believes that its assumptions forming the bases for forward looking statements are reasonable, assumed facts or bases generally vary from actual results, and there can be no assurance that the expectations or beliefs expressed in forward looking statements will be achieved or accomplished.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-natural-resources-releases-interim-results-of-operations-300005101.html

SOURCE China Natural Resources, Inc.

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