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中國粗糧王飲品控股有限公司
(Incorporated in Bermuda with limited liability)
(Stock Code: 904)Reference is made to the announcement relating to the unaudited condensed consolidated results of China Culiangwang Beverages Holdings Limited ("Company") and its subsidiaries ("Group") for the six months ended 31 October 2015 ("Interim Results Announcement") published by the Company on 18 December 2015. Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Interim Results Announcement.
The board ("Board") of directors ("Directors") of the Company wishes to clarify that after the publication of the Interim Results Announcement, re-classifications have been made to the financial statements due to an inadvertent error made on the classification of cash deposited with a securities firm.
The re-classifications have no impact on the condensed consolidated statement of profit or loss and other comprehensive income of the Company for the six months ended 31 October 2015.
The major impact of the re-classifications on the condensed consolidated statement of financial position of the Company as at 31 October 2015 is a decrease in available-for- sale financial assets by RMB44,968,000 from RMB132,777,000 to RMB87,809,000 and an increase in cash and cash equivalents by RMB44,968,000 from RMB117,706,000 to RMB162,674,000.
Set out below is a reconciliation of the condensed consolidated statement of financial position of the Company as at 31 October 2015 before and after the adjustment:
As at 31 October 2015
At At
31 October 31 October
2015 Adjustments 2015
RMB'000 RMB'000 RMB'000
(Unaudited) (Unaudited)
Before Adjusted
adjustment
Fixed assets
- Property, plant and equipment | 2,005,762 | - | 2,005,762 |
- Interest in leasehold land held for own use under operating leases | 156,839 | - 156,839 | |
Long-term prepaid rentals | 955,828 | - 955,828 | |
Available-for-sale financial assets | 132,777 | (44,968) 87,809 | |
Pledged bank deposits | 5,000 | - 5,000 | |
3,256,206 | (44,968) 3,211,238 | ||
Current assets Inventories | 13,104 | - 13,104 | |
Biological assets Current portion of long-term prepaid rentals | 122,072 97,370 | - 122,072 - 97,370 | |
Trade and other receivables | 39,697 | - 39,697 | |
Pledged bank deposits | 250,388 | - 250,388 | |
Cash and cash equivalents | 117,706 | 44,968 162,674 | |
640,337 | 44,968 685,305 | ||
Assets classified as held for sale | 2,021,335 | - 2,021,335 | |
2,661,672 | 44,968 2,706,640 |
At 31 October 2015 RMB'000 (Unaudited) Before adjustment | Adjustments RMB'000 | At 31 October 2015 RMB'000 (Unaudited) Adjusted | |
Current liabilities Bank and other borrowings | 619,890 | - | 619,890 |
Trade and other payables | 228,770 | - | 228,770 |
Income tax payable | 28,277 | - | 28,277 |
Other financial liabilities | 36,303 | - | 36,303 |
Convertible bonds | 559,846 | - | 559,846 |
Liabilities directly associated with assets | 1,473,086 | - | 1,473,086 |
classified as held for sale | 72,846 | - | 72,846 |
1,545,932 | - | 1,545,932 | |
Net current assets | 1,115,740 | 44,968 | 1,160,708 |
Total assets less current liabilities | 4,371,946 | - | 4,371,946 |
Non-current liabilities Deferred tax liabilities | 74,808 | - | 74,808 |
Bank and other borrowings | 293,400 | - | 293,400 |
368,208 | - | 368,208 | |
Net assets | 4,003,738 | - | 4,003,738 |
Capital and reserves Share capital | 492,850 | - | 492,850 |
Reserves | 3,510,888 | - | 3,510,888 |
As a result of the above adjustment, the Board would like to clarify that in the section headed "MANAGEMENT DISCUSSION AND ANALYSIS" in the Interim Results Announcement:
The first sentence of the 2nd paragraph in the sub-section headed "Securities Investments" on page 17 of the Interim Results Announcement shall be read as follows (with amendment emphasised and underlined):
"As at 31 October 2015, the total fair value of the investment portfolio held by the Group was approximately RMB87.8 million (30 April 2015: RMB42.8 million)
...."
The second and third sentences of the 1st paragraph in the sub-section headed "Group's Liquidity, Financial Resources and Capital Structure" on page 19 of the Interim Results Announcement shall be read as follows (with amendment emphasised and underlined):
"The Group had current assets of RMB2,706.6 million (30 April 2015: RMB2,055.3 million) and current liabilities of RMB1,545.9 million (30 April 2015: RMB1,522.8 million). The current ratio was 1.75 times (30 April 2015: 1.35 times)."
The first sentence of the 3rd paragraph in the sub-section headed "Issue of Notes" on page 20 of the Interim Results Announcement shall be read as follows (with amendment emphasised and underlined):
"As at 31 October 2015, the Group had pledged deposits as well as cash and cash equivalents of approximately RMB418.1 million (30 April 2015: RMB397.6 million)."
Save as disclosed in this announcement, there are no other changes to the Interim Results Announcement.
We sincerely apologise for any confusion and the inconvenience caused.
By Order of the Board
China Culiangwang Beverages Holdings Limited Sun Shao FengChairman
Hong Kong, 15 January 2016
As at the date of this announcement, the Board comprises two executive Directors, namely Mr. Sun Shao Feng (Chairman and Chief Executive Officer) and Mr. Chen Changgai; and four independent non-executive Directors, namely Mr. Hu Ji Rong, Mr. Wei Xiongwen, Mr. Zeng Shaoxiao and Ms. Yu Xiao Min.
China Culiangwang Beverages Holdings Limited issued this content on 2016-01-15 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-15 13:07:08 UTC
Original Document: http://www.chinagreen.com.hk/attachment/2016011520470100002412952_en.pdf