China Natural Resources, Inc. Announces 2014 Results Of Operations
HONG KONG, April 27, 2015 /PRNewswire/ -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR), a company based in the People's Republic of China, today announced its results of operations for the year ended December 31, 2014 as follows.
| CHINA NATURAL RESOURCES, INC. |
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| CONSOLIDATED STATEMENTS OF PROFIT OR LOSS |
||||||||||||||||||||||||
| YEARS ENDED DECEMBER 31, 2012, 2013 AND 2014 |
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| (Amounts in thousands, except share and per share data) |
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| Year Ended December 31, |
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| 2012 |
2013 |
2014 |
2014 |
|||||||||||||||||||||
| CNY |
CNY |
CNY |
US$ |
|||||||||||||||||||||
| CONTINUING OPERATIONS |
||||||||||||||||||||||||
| REVENUES |
14,728 |
41,360 |
8,303 |
1,338 |
||||||||||||||||||||
| COST OF SALES |
(9,036) |
(25,101) |
(6,563) |
(1,058) |
||||||||||||||||||||
| GROSS PROFIT |
5,692 |
16,259 |
1,740 |
280 |
||||||||||||||||||||
| SELLING AND DISTRIBUTION EXPENSES |
(193) |
(124) |
(80) |
(13) |
||||||||||||||||||||
| ADMINISTRATIVE EXPENSES |
(19,425) |
(17,906) |
(12,226) |
(1,969) |
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| IMPAIRMENT LOSS ON PROPERTY, PLANT AND EQUIPMENT |
(393) |
— |
(8,065) |
(1,300) |
||||||||||||||||||||
| WRITE-DOWN OF INVENTORIES TO NET REALIZABLE VALUE |
— |
— |
(9,299) |
(1,499) |
||||||||||||||||||||
| OTHER OPERATING (EXPENSES) / INCOME, NET |
(2,064) |
(1,104) |
554 |
89 |
||||||||||||||||||||
| OPERATING LOSS |
(16,383) |
(2,875) |
(27,376) |
(4,412) |
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| FINANCE COSTS |
(325) |
(360) |
(392) |
(63) |
||||||||||||||||||||
| FOREIGN EXCHANGE DIFFERENCE, NET |
— |
2,445 |
— |
— |
||||||||||||||||||||
| INTEREST INCOME |
1,574 |
1,814 |
1,602 |
258 |
||||||||||||||||||||
| NON-OPERATING EXPENSES, NET |
(222) |
(167) |
(218) |
(35) |
||||||||||||||||||||
| (LOSS) / PROFIT BEFORE INCOME TAX FROM CONTINUING OPERATIONS |
(15,356) |
857 |
(26,384) |
(4,252) |
||||||||||||||||||||
| INCOME TAX BENEFIT / (EXPENSE) |
965 |
(2,142) |
(6,839) |
(1,102) |
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| LOSS FOR THE YEAR FROM CONTINUING OPERATIONS |
(14,391) |
(1,285) |
(33,223) |
(5,354) |
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| DISCONTINUED OPERATIONS |
||||||||||||||||||||||||
| Loss for the year from discontinued operations, net of tax |
(67,056) |
(334,537) |
(10,708) |
(1,726) |
||||||||||||||||||||
| LOSS FOR THE YEAR |
(81,447) |
(335,822) |
(43,931) |
(7,080) |
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| ATTRIBUTABLE TO: |
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| Owners of the Company |
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| From continuing operations |
(14,391) |
(1,285) |
(33,223) |
(5,354) |
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| From discontinued operations |
(75,312) |
(334,119) |
(9,925) |
(1,600) |
||||||||||||||||||||
| Non-controlling interests |
8,256 |
(418) |
(783) |
(126) |
||||||||||||||||||||
| (81,447) |
(335,822) |
(43,931) |
(7,080) |
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| LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: |
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| Basic |
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| - For loss from continuing operations |
(0.58) |
(0.05) |
(1.33) |
(0.21) |
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| - For loss from discontinued operations |
(3.02) |
(13.41) |
(0.40) |
(0.06) |
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| - Net loss per share |
(3.60) |
(13.46) |
(1.73) |
(0.27) |
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| Diluted |
||||||||||||||||||||||||
| - For loss from continuing operations |
(0.58) |
(0.05) |
(1.33) |
(0.21) |
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| - For loss from discontinued operations |
(3.02) |
(13.41) |
(0.40) |
(0.06) |
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| - Net loss per share |
(3.60) |
(13.46) |
(1.73) |
(0.27) |
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The consolidated statements of profits or loss of the Company for the years ended December 31, 2012, 2013 and 2014 have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The consolidated statements of profits or loss have been derived from and should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2014 as filed with the Securities and Exchange Commission on April 27, 2015 under cover of Form 20-F.
Mr. Li Feilie, the Company's Chairman, commented on the results: "following the spin-off to shareholders and listing on The Stock Exchange of Hong Kong Limited of the Company's shares in its former coal segment, the Company has only one iron mine operating in mainland China. While the depressed market price for non-ferrous metals continues to put pressure on our industry; and the designation of three of our mining areas as exploration-free zones has temporarily slowed our growth, we continue to seek potential projects in the PRC to enhance shareholder values."
For the convenience of the reader, amounts in Chinese Yuan ("CNY") have been translated into United States dollars ("US$") at the rate of US$1.00=CNY6.2055 quoted by Bloomberg Finance L.P. on December 31, 2014. The CNY is not freely convertible into foreign currencies and no representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate, or at all.
About China Natural Resources:
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 identification, 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 mines primarily 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 forward-looking statements are based upon assumptions believed to be reliable, but involve risks and uncertainties that may cause actual results of operations to differ materially from the forward-looking statements. Among the risks and uncertainties that could cause our actual results to differ from our forward-looking statements are our intent, belief and current expectations as to business operations and operating results of the Company, uncertainties regarding the governmental, economic, legal and political circumstances in the People's Republic of China, risks and hazards associated with the Company's mining activities, uncertainties associated with ore reserve estimates, uncertainties associated with metal and coal price volatility, uncertainties associated with the Company's reliance on third-party contractors, uncertainties relating to possible future increases in operating expenses, including costs of labor and materials, and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Although the Company's management believes that the expectations reflected in forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to be accurate.
SOURCE China Natural Resources, Inc.
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