CNR Announces Its Results for the Six Months Ended September 30, 2013
November 29 2013 - 9:01AM
Marketwired
CNR Announces Its Results for the Six Months Ended September 30,
2013
NEW YORK, NY--(Marketwired - Nov 29, 2013) - China Metro-Rural
Holdings Limited (NYSEMKT: CNR) (the "Company") is pleased to
announce its unaudited consolidated financial results of the
Company and its subsidiaries (collectively the "Group") for the six
months ended September 30, 2013.
Major Events:
- Commencement of project in Hengyang City, Hunan Province of the
PRC During the period, the Group has commenced a new project in
Hengyang City (the "Hengyang Project") which is focused on
agricultural logistics as well as urban rural migration
re-development businesses. The planned site area of the
Hengyang Project is approximately 2.7 million square meters with
corresponding maximum gross floor area of approximately 7.5 million
square meters. The Group has already entered into auctions and
has acquired 196,606 square meters of land. The Group is also
currently in the planning stage and in the process of obtaining
various permits for the development of the Hengyang
Project. The first phase of construction with total gross
floor area of approximately 144,000 square meters is expected to
commence in the near future.
Financial Highlights: Continuing operations The Group
has two reportable operating segments, agricultural logistics
business and rural-urban migration and city re-development
business. Our agricultural logistics business is comprised of (1)
development, sales and leasing properties of integrated
agricultural logistics and trade centers and supporting facilities
and (2) property management which engages in the management of
developed properties within the logistics platforms. Our
rural-urban migration and city re-development business is comprised
of (1) servicing and assignments of development rights and (2)
development and sales of residential, commercial and other
auxiliary properties in new city center districts.
Agricultural Logistics Business
- Net revenue generated by the Group decreased from
HK$206,579,000 for the six months ended September 30, 2012 to
HK$152,471,000 for the six months ended September 30, 2013,
representing a year-over-year decrease of 26.2%.
- Sales of gross floor area decreased from 35,994 square meters
for the six months ended September 30, 2012 to 24,391 square meters
for the six months ended September 30, 2013, representing a
year-over-year decrease of 32.2%. Gross floor area sold during
the period consisted of trade centers of 24,270 square meters
(2012: 35,994 square meters). Sales for the six months ended
September 30, 2013 also included residential properties of 121
square meters.
- Gross profit percentage decreased from 37.1% for the six months
ended September 30, 2012 to 35.2% for the six months ended
September 30, 2013.
- Other income and gains, net were approximately HK$79,092,000
for the six months ended September 30, 2012. Other income and
losses, net were a loss of approximately HK$5,680,000 for the six
months ended September 30, 2013. Included in other income and
(losses)/gains, net, was a government subsidy of HK$11,657,000
(2012: HK$35,027,000) for the six months ended September 30, 2013,
representing a year-over-year decrease of 66.7%, a loss of
HK$12,623,000 (2012: a gain of HK$52,221,000) arising from fair
value changes of derivative components of convertible bonds and
warrants. Other income and (losses)/gain, net, for the six month
ended September 30, 2012 also included the transaction cost related
to the derivative components of convertible bonds of
HK$7,156,000.
- Selling expenses decreased from HK$32,123,000 for the six
months ended September 30, 2012 to HK$13,686,000 for the six months
ended September 30, 2013, representing a year-over-year decrease of
57.4%.
- Administrative expenses decreased from HK$54,155,000 for the
six months ended September 30, 2012 to HK$49,211,000 for the six
months ended September 30, 2013, representing a year-over-year
decrease of 9.1%.
- Finance income increased from HK$512,000 for the six months
ended September 30, 2012 to HK$19,943,000 for the six months ended
September 30, 2013, representing a year-over-year increase of
3,795.1%. Included in finance income was an interest income on
other receivables of HK$19,491,000 for the six months ended
September 30, 2013.
- Income tax expenses decreased from HK$21,155,000 for the six
months ended September 30, 2012 to HK$20,099,000 for the six months
ended September 30, 2013, representing a year-over-year decrease of
5.0%. The effective tax rate increase from 39.3% for the six months
ended September 30, 2012 to 480.3% for the six months ended
September 30, 2013. The increase is contributed to expenses,
including losses arising from the increase in fair value of
derivative financial liabilities, which were non-deductible for tax
purpose.
- Net profit attributable to the equity holders of the Company
was HK$24,622,000 for the six months ended September 30, 2012. Net
loss attributable to equity holders of the Company was
HK$20,584,000 for the six months ended September 30, 2013.
Rural-Urban Migration and City Re-Development
Business
Since the disposal of the Company's project in Qiqihar, the
Group continues to operate its rural-urban migration and city
re-development business through other subsidiaries and no results
were generated in the six months ended September 30, 2013 and 2012
from this business.
Discontinued operations
Rural-Urban Migration and City Re-Development Business -
Qiqihar
On November 30, 2012, the Company disposed of its entire equity
interest in China Focus City (H.K.) Holdings Limited and, in
effect, disposed of its entire equity interest in Qiqihar China
Focus City (H.K.) Holdings Limited (Group) Co., Ltd. As a result of
the disposal, our Rural-Urban Migration and City Re-development
Business - Qiqihar was classified as discontinued operations, which
comprised of (1) servicing and assignments of development rights
and (2) development and sale of residential, commercial and other
auxiliary properties in new city center district of Qiqihar City.
As the discontinued operations ceased to operate during the year
ended March 31, 2013, thus no results were generated in the six
months ended September 30, 2013.
ABOUT CHINA METRO-RURAL HOLDINGS LIMITED
China Metro-Rural Holdings Limited is a leading agricultural
logistics platform development and rural-urban migration
redevelopment company in China.
Forward-Looking Statements
This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, which are, by their nature, subject to risks and
uncertainties. This Act provides a "safe harbor" for
forward-looking statements to encourage companies to provide
prospective information about themselves so long as they identify
these statements as forward-looking and provide meaningful
cautionary statements identifying important factors that could
cause actual results to differ from the projected results. All
statements, including statements regarding industry prospects and
future results of operations or financial position, made in this
press release are forward looking.
Words such as "anticipate", "believe", "estimate", "expect",
"intend", "may", "plan", "predict", "project", "will", "would" and
similar expressions may identify forward-looking
statements. These forward-looking statements include, without
limitation, statements relating to: the Company's future
performance, the Company's expansion efforts, the state of economic
conditions, the Company's market and the governmental
policy. These forward-looking statements are based on
assumptions and analyses made by the Company in light of its
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors the
Company believes to be appropriate in particular
circumstances. However, whether actual results and
developments will meet the Company's expectations and predictions
depends on a number of known and unknown risks and uncertainties
and other factors, any or all of which could cause actual results,
performance or achievements to differ materially from the Company's
expectations, whether expressed or implied by such forward-looking
statements.
| |
|
| |
|
| CHINA METRO-RURAL HOLDINGS LIMITED |
|
| UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT |
|
| FOR THE SIX MONTHS ENDED SEPTEMBER 30 |
|
| |
|
| |
|
2013 |
|
|
2013 |
|
|
2012 |
|
| |
|
US$'000 |
|
|
HK$'000 |
|
|
HK$'000 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| |
|
(Note 2) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Continuing Operations |
|
|
|
|
|
|
|
|
|
| Revenue |
|
19,548 |
|
|
152,471 |
|
|
206,579 |
|
| Cost of sales |
|
(12,667 |
) |
|
(98,802 |
) |
|
(129,883 |
) |
| |
|
|
|
|
|
|
|
|
|
| Gross profit |
|
6,881 |
|
|
53,669 |
|
|
76,696 |
|
| |
|
|
|
|
|
|
|
|
|
| Other income, net |
|
1,548 |
|
|
12,072 |
|
|
35,621 |
|
| Other (losses)/gains, net |
|
(2,276 |
) |
|
(17,752 |
) |
|
43,471 |
|
| Selling expenses |
|
(1,755 |
) |
|
(13,686 |
) |
|
(32,123 |
) |
| Administrative expenses |
|
(6,309 |
) |
|
(49,211 |
) |
|
(54,155 |
) |
| Operating (loss)/profit |
|
(1,911 |
) |
|
(14,908 |
) |
|
69,510 |
|
| |
|
|
|
|
|
|
|
|
|
| Finance income |
|
2,557 |
|
|
19,943 |
|
|
512 |
|
| Finance costs |
|
- |
|
|
- |
|
|
(12,570 |
) |
| Finance income/(costs) -net |
|
2,557 |
|
|
19,943 |
|
|
(12,058 |
) |
| Share of losses of an associate |
|
(109 |
) |
|
(850 |
) |
|
(3,681 |
) |
| Profit before income tax |
|
537 |
|
|
4,185 |
|
|
53,771 |
|
| |
|
|
|
|
|
|
|
|
|
| Income tax expenses |
|
(2,577 |
) |
|
(20,099 |
) |
|
(21,155 |
) |
| (Loss)/profit for the period from continuing
operations |
|
(2,040 |
) |
|
(15,914 |
) |
|
32,616 |
|
| Discontinued Operations |
|
|
|
|
|
|
|
|
|
| Loss for the period from discontinued operations, net
of tax |
|
- |
|
|
- |
|
|
(10,312 |
) |
| (Loss)/profit for the period |
|
(2,040 |
) |
|
(15,914 |
) |
|
22,304 |
|
| |
|
|
|
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
|
|
|
| |
Equity holders of the Company |
|
(2,639 |
) |
|
(20,584 |
) |
|
14,310 |
|
| |
Non-controlling interests |
|
599 |
|
|
4,670 |
|
|
7,994 |
|
| |
|
(2,040 |
) |
|
(15,914 |
) |
|
22,304 |
|
| |
|
|
|
|
|
|
|
|
|
| (Loss)/earnings per share attributable to equity
holders of the Company during the period |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Basic
(loss)/earnings per share |
|
|
|
|
|
|
|
|
|
| |
From
continuing operations |
|
US$ (0.04 |
) |
|
HK$ (0.28 |
) |
|
HK$ 0.33 |
|
| |
From
discontinued operations |
|
- |
|
|
- |
|
|
HK$ (0.14 |
) |
| |
|
|
US$ (0.04 |
) |
|
HK$ (0.28 |
) |
|
HK$ 0.19 |
|
| |
Diluted loss per share |
|
|
|
|
|
|
|
|
|
| |
From
continuing operations |
|
US$ (0.04 |
) |
|
HK$ (0.28 |
) |
|
HK$ (0.20 |
) |
| |
From
discontinued operations |
|
- |
|
|
- |
|
|
HK$ (0.12 |
) |
| |
|
US$ (0.04 |
) |
|
HK$ (0.28 |
) |
|
HK$ (0.32 |
) |
The accompanying notes are an integral part of this press
release.
| |
|
| |
|
| |
|
| CHINA METRO-RURAL HOLDINGS LIMITED |
|
| UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME |
|
| FOR THE SIX MONTHS ENDED SEPTEMBER 30 |
|
| |
|
| |
|
2013 |
|
|
2013 |
|
|
2012 |
|
| |
|
US$'000 |
|
|
HK$'000 |
|
|
HK$'000 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
| |
|
(Note 2) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| (Loss)/profit for the period |
|
(2,040 |
) |
|
(15,914 |
) |
|
22,304 |
|
| Other comprehensive income/(loss), net of tax: |
|
|
|
|
|
|
|
|
|
| Items that may be reclassified to income statement |
|
|
|
|
|
|
|
|
|
| |
Exchange difference on translation of foreign
operations |
|
4,511 |
|
|
35,187 |
|
|
(4,251 |
) |
| |
|
|
|
|
|
|
|
|
|
| Total comprehensive income for the period |
|
2,471 |
|
|
19,273 |
|
|
18,053 |
|
| |
|
|
|
|
|
|
|
|
|
| Total comprehensive income/(loss) for the period
attributable to: |
|
|
|
|
|
|
|
|
|
| |
Equity holders of the Company |
|
|
|
|
|
|
|
|
|
| |
|
Continuing operations |
|
1,651 |
|
|
12,875 |
|
|
20,606 |
|
| |
|
Discontinued operations |
|
- |
|
|
- |
|
|
(10,312 |
) |
| |
|
1,651 |
|
|
12,875 |
|
|
10,294 |
|
| |
|
|
|
|
|
|
|
|
|
| |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
| |
|
Continuing operations |
|
820 |
|
|
6,398 |
|
|
7,759 |
|
| |
|
Discontinued operations |
|
- |
|
|
- |
|
|
- |
|
| |
|
820 |
|
|
6,398 |
|
|
7,759 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
2,471 |
|
|
19,273 |
|
|
18,053 |
|
The accompanying notes are an integral part of this press
release.
| |
| |
| |
| CHINA METRO-RURAL HOLDINGS LIMITED |
| UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION |
| |
| |
|
September 30, |
|
March 31, |
| |
|
2013 |
|
2013 |
|
2013 |
| |
|
US$'000 |
|
HK$'000 |
|
HK$'000 |
| |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| |
|
(Note 2) |
|
|
|
|
| |
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
|
|
| |
Investment properties |
|
72,401 |
|
564,730 |
|
553,633 |
| |
Investment properties under construction |
|
1,973 |
|
15,393 |
|
15,077 |
| |
Property, plant and equipment |
|
13,574 |
|
105,876 |
|
107,145 |
| |
Land use rights |
|
10,111 |
|
78,867 |
|
78,407 |
| |
Deposit for investment properties |
|
1,927 |
|
15,033 |
|
14,738 |
| |
Deposit for acquisition of land use rights |
|
16,420 |
|
128,073 |
|
125,556 |
| |
Interest in an associate |
|
3,330 |
|
25,970 |
|
26,298 |
| |
Deferred income tax assets |
|
349 |
|
2,724 |
|
- |
| |
Restricted and pledged bank deposits |
|
1,778 |
|
13,866 |
|
13,594 |
| |
|
121,863 |
|
950,532 |
|
934,448 |
| Current assets |
|
|
|
|
|
|
| |
Completed properties held for sale |
|
55,132 |
|
430,033 |
|
501,620 |
| |
Properties under development |
|
157,964 |
|
1,232,118 |
|
931,404 |
| |
Land use rights |
|
281 |
|
2,191 |
|
2,178 |
| |
Deposit for acquisition of land use rights |
|
82,456 |
|
643,153 |
|
- |
| |
Trade and other receivables |
|
49,763 |
|
388,155 |
|
433,507 |
| |
Restricted and pledged bank deposits |
|
4,605 |
|
35,920 |
|
35,182 |
| |
Cash and cash equivalents |
|
30,231 |
|
235,800 |
|
364,539 |
| |
|
380,432 |
|
2,967,370 |
|
2,268,430 |
| Current liabilities |
|
|
|
|
|
|
| |
Trade payables, other payables and accruals |
|
90,659 |
|
707,139 |
|
383,370 |
| |
Receipt in advance |
|
4,285 |
|
33,427 |
|
37,469 |
| |
Current income tax liabilities |
|
34,515 |
|
269,217 |
|
245,569 |
| |
Derivative financial liabilities |
|
41,942 |
|
327,145 |
|
314,522 |
| |
Bank and other borrowings |
|
73,048 |
|
569,772 |
|
286,703 |
| |
|
244,449 |
|
1,906,700 |
|
1,267,633 |
| |
|
|
|
|
|
|
| Net current assets |
|
135,983 |
|
1,060,670 |
|
1,000,797 |
| Total assets less current liabilities |
|
257,846 |
|
2,011,202 |
|
1,935,245 |
| Non-current liabilities |
|
|
|
|
|
|
| |
Deferred income tax liabilities |
|
10,866 |
|
84,755 |
|
83,090 |
| |
Bank and other borrowings |
|
42,196 |
|
329,129 |
|
297,271 |
| |
Convertible bonds |
|
42,286 |
|
329,830 |
|
306,669 |
| |
Loan from a non-controlling interest of a subsidiary |
|
7,538 |
|
58,800 |
|
58,800 |
| |
|
102,886 |
|
802,514 |
|
745,830 |
| Net assets |
|
154,960 |
|
1,208,688 |
|
1,189,415 |
The accompanying notes are an integral part of this press
release.
| |
| |
| |
| CHINA METRO-RURAL HOLDINGS LIMITED |
| UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
- (Continued) |
| |
| |
|
September 30, |
|
March 31, |
| |
|
2013 |
|
2013 |
|
2013 |
| |
|
US$'000 |
|
HK$'000 |
|
HK$'000 |
| |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
| |
|
(Note 2) |
|
|
|
|
| |
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
| Equity attributable to equity holders of the
Company |
|
|
|
|
|
|
| |
Share capital |
|
73 |
|
573 |
|
573 |
| |
Reserves |
|
150,455 |
|
1,173,546 |
|
1,160,671 |
| |
|
|
150,528 |
|
1,174,119 |
|
1,161,244 |
| Non-controlling interests |
|
4,432 |
|
34,569 |
|
28,171 |
| Total equity |
|
154,960 |
|
1,208,688 |
|
1,189,415 |
The accompanying notes are an integral part of this press
release.
| |
|
| |
|
| |
|
| CHINA METRO-RURAL HOLDINGS LIMITED |
|
| UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS |
|
| FOR THE SIX MONTHS ENDED SEPTEMBER 30 |
|
| |
|
|
|
|
2013 |
|
|
2013 |
|
|
2012 |
|
|
|
|
US$'000 |
|
|
HK$'000 |
|
|
HK$'000 |
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
(Note 2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in)/generated from operating activities |
|
(55,692 |
) |
|
(434,395 |
) |
|
1,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
(238 |
) |
|
(1,853 |
) |
|
(19,318 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated from financing activities |
|
38,803 |
|
|
302,663 |
|
|
239,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
|
(17,127 |
) |
|
(133,585 |
) |
|
220,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of the period |
|
46,736 |
|
|
364,539 |
|
|
343,578 |
|
|
Effect of foreign exchange rate changes |
|
622 |
|
|
4,846 |
|
|
(928 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of the period |
|
30,231 |
|
|
235,800 |
|
|
563,580 |
|
The accompanying notes are an integral part of this press
release.
|
|
|
|
| CHINA
METRO-RURAL HOLDINGS LIMITED |
| NOTES TO
UNAUDITED FINANCIAL INFORMATION |
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The financial information presented herein have not been audited
by an independent registered public accounting firm, but include
all material adjustments (consisting of normal recurring
adjustments) which are, in the opinion of management, necessary for
a fair statement of financial information. However, this
information is not necessarily indicative of results of any other
interim period or for the full fiscal year. The accounting
policies and basis of preparation adopted in the preparation of the
condensed consolidated income statement, condensed consolidated
statement of comprehensive income, condensed consolidated statement
of financial positions and condensed consolidated statement of cash
flows (collectively the "Condensed Statements") are consistent with
those used in the annual financial statements of the Group for the
fiscal year ended March 31, 2013.
2. US DOLLAR EQUIVALENTS
The US dollar equivalents of the figures shown in the Condensed
Statements are supplementary information and have been translated
at HK$7.8 to US$1.0, representing the rate on September 30, 2013
for U.S. dollar in New York for cable transfers in Hong Kong
dollars as certified for custom purposes by the Federal Reserve
Bank of New York. Such translation should not be construed as
representations that the Hong Kong dollar amounts represent, or
have been or could be converted into, US dollar at that or any
other rate.
CONTACT: China Metro-Rural Holdings Limited Investor Relations
Department Phone: (852) 2111 3815 E-mail: Email Contact
www.chinametrorural.com www.nlc88.com
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