Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019 | |
Document And Entity Information | |
Entity Registrant Name | CHINA NATURAL RESOURCES INC |
Entity Central Index Key | 0000793628 |
Document Type | 6-K/A |
Amendment Description | Explanatory Note: On October 31, 2019, China Natural Resources, Inc. (the "Company") furnished a Form 6-K including interim financial statements for the three and six months ended June 30, 2019. This Form 6-K/A is furnished to include as exhibits the XBRL Data Files for the interim financial statements. The XBRL Data Files should be read in conjunction with the interim financial statements included in the Form 6-K furnished on October 31, 2019. |
Document Period End Date | Jun. 30, 2019 |
Amendment Flag | true |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2019 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS (UNAUDITED) ¥ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($)$ / shares | Jun. 30, 2019CNY (¥)¥ / shares | Jun. 30, 2018CNY (¥)¥ / shares | Jun. 30, 2019USD ($)$ / shares | Jun. 30, 2019CNY (¥)¥ / shares | Jun. 30, 2018CNY (¥)¥ / shares | |
CONTINUING OPERATIONS | ||||||
Revenue | ¥ 1,403 | ¥ 1,403 | ||||
Cost of sales | (1,377) | (1,377) | ||||
GROSS PROFIT | 26 | 26 | ||||
Administrative expenses | (1,295) | (1,272) | (2,933) | (3,287) | ||
OPERATING LOSS | (1,269) | (1,272) | (2,907) | (3,287) | ||
Finance costs | (19) | (41) | (3) | |||
Interest income | 7 | 4 | 16 | |||
Non-operating expenses, net | (143) | (286) | ||||
LOSS BEFORE INCOME TAX | (1,288) | (1,408) | (2,944) | (3,560) | ||
Income tax expense | ||||||
LOSS FOR THE PERIOD | (1,288) | (1,408) | (2,944) | (3,560) | ||
Other comprehensive loss that may be reclassified to profit or loss in subsequent periods: | ||||||
Exchange differences on translation of foreign operations | (127) | (101) | (33) | (95) | ||
TOTAL OTHER COMPREHENSIVE LOSS | (127) | (101) | (33) | (95) | ||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX | ¥ (1,415) | ¥ (1,509) | ¥ (2,977) | ¥ (3,655) | ||
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: Basic | ||||||
- Net loss per share | ¥ / shares | ¥ (0.05) | ¥ (0.06) | ¥ (0.12) | ¥ (0.14) | ||
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: Diluted | ||||||
- Net loss per share | ¥ / shares | ¥ (0.05) | ¥ (0.06) | ¥ (0.12) | ¥ (0.14) | ||
USD [Member] | ||||||
CONTINUING OPERATIONS | ||||||
Revenue | $ | $ 204 | $ 204 | ||||
Cost of sales | $ | (201) | (201) | ||||
GROSS PROFIT | $ | 3 | 3 | ||||
Administrative expenses | $ | (188) | (427) | ||||
OPERATING LOSS | $ | (185) | (424) | ||||
Finance costs | $ | (3) | (6) | ||||
Interest income | $ | 1 | |||||
Non-operating expenses, net | $ | ||||||
LOSS BEFORE INCOME TAX | $ | (188) | (429) | ||||
Income tax expense | $ | ||||||
LOSS FOR THE PERIOD | $ | (188) | (429) | ||||
Other comprehensive loss that may be reclassified to profit or loss in subsequent periods: | ||||||
Exchange differences on translation of foreign operations | ¥ (18) | ¥ (5) | ||||
TOTAL OTHER COMPREHENSIVE LOSS | $ | (18) | (5) | ||||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX | $ | $ (206) | $ (434) | ||||
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: Basic | ||||||
- Net loss per share | $ / shares | $ (0.01) | $ (0.02) | ||||
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY: Diluted | ||||||
- Net loss per share | $ / shares | $ (0.01) | $ (0.02) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) ¥ in Thousands, $ in Thousands | Jun. 30, 2019USD ($) | Jun. 30, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
NON-CURRENT ASSETS | |||
Property, plant and equipment | ¥ | ¥ 244 | ¥ 275 | |
Right-of-use Assets | ¥ | 1,192 | ||
TOTAL NON-CURRENT ASSETS | ¥ | 1,436 | 275 | |
CURRENT ASSETS | |||
Trade receivables | ¥ | 297 | ||
Prepayments | ¥ | 57 | 39 | |
Other receivables | ¥ | 647 | 636 | |
Cash and cash equivalents | ¥ | 4,386 | 6,793 | |
TOTAL CURRENT ASSETS | ¥ | 5,387 | 7,468 | |
TOTAL ASSETS | ¥ | 6,823 | 7,743 | |
CURRENT LIABILITIES | |||
Trade payables | ¥ | 366 | 100 | |
Other payables and accrued liabilities | ¥ | 1,418 | 1,639 | |
Taxes payable | ¥ | 16,788 | 16,788 | |
Lease liabilities | ¥ | 1,265 | ||
Due to a related company | ¥ | 4,747 | 4,041 | |
Due to the Shareholder | ¥ | 6,977 | 6,973 | |
TOTAL CURRENT LIABILITIES | ¥ | 31,561 | 29,541 | |
NON-CURRENT LIABILITIES | |||
Lease liabilities | ¥ | 37 | ||
TOTAL NON-CURRENT LIABILITIES | ¥ | 37 | ||
TOTAL LIABILITIES | ¥ | 31,598 | 29,541 | |
DEFICIENCY IN ASSETS | |||
Issued capital | ¥ | 312,081 | 312,081 | |
Reserves | ¥ | (336,856) | (333,879) | |
TOTAL DEFICIENCY IN ASSETS | ¥ | (24,775) | (21,798) | |
TOTAL LIABILITIES AND EQUITY | ¥ | ¥ 6,823 | ¥ 7,743 | |
USD [Member] | |||
NON-CURRENT ASSETS | |||
Property, plant and equipment | $ | $ 36 | ||
Right-of-use Assets | $ | 174 | ||
TOTAL NON-CURRENT ASSETS | $ | 210 | ||
CURRENT ASSETS | |||
Trade receivables | $ | 43 | ||
Prepayments | $ | 8 | ||
Other receivables | $ | 94 | ||
Cash and cash equivalents | $ | 639 | ||
TOTAL CURRENT ASSETS | $ | 784 | ||
TOTAL ASSETS | $ | 994 | ||
CURRENT LIABILITIES | |||
Trade payables | $ | 53 | ||
Other payables and accrued liabilities | $ | 207 | ||
Taxes payable | $ | 2,445 | ||
Lease liabilities | $ | 184 | ||
Due to a related company | $ | 691 | ||
Due to the Shareholder | $ | 1,016 | ||
TOTAL CURRENT LIABILITIES | $ | 4,596 | ||
NON-CURRENT LIABILITIES | |||
Lease liabilities | $ | 5 | ||
TOTAL NON-CURRENT LIABILITIES | $ | 5 | ||
TOTAL LIABILITIES | $ | 4,601 | ||
DEFICIENCY IN ASSETS | |||
Issued capital | $ | 45,448 | ||
Reserves | $ | (49,055) | ||
TOTAL DEFICIENCY IN ASSETS | $ | (3,607) | ||
TOTAL LIABILITIES AND EQUITY | $ | $ 994 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019CNY (¥) | Jun. 30, 2018CNY (¥) | |
ForeignCurrencyLineItems [Line Items] | |||
NET CASH FLOWS USED IN OPERATING ACTIVITIES | ¥ | ¥ (2,577) | ¥ (4,817) | |
INVESTING ACTIVITIES | |||
Proceeds from disposal of Double Grow International Limited | ¥ | 9,377 | ||
NET CASH FLOWS FROM INVESTING ACTIVITIES | ¥ | 9,377 | ||
FINANCING ACTIVITIES | |||
Repayments to related companies | ¥ | (4) | (11,886) | |
Repayments to the Shareholder | ¥ | (4,875) | ||
Payments of interest expenses of lease liabilities | ¥ | (37) | ||
Payments of principal portion of lease liabilities | ¥ | (501) | ||
Advances from related companies | ¥ | 710 | 664 | |
NET CASH FLOWS (USED IN) /FROM FINANCING ACTIVITIES | ¥ | 168 | (16,097) | |
NET DECREASE IN CASH AND CASH EQUIVALENTS | ¥ | (2,409) | (11,537) | |
NET FOREIGN EXCHANGE DIFFERENCE | ¥ | 2 | 140 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | ¥ | 6,793 | 18,878 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | ¥ | ¥ 4,386 | ¥ 7,481 | |
USD [Member] | |||
ForeignCurrencyLineItems [Line Items] | |||
NET CASH FLOWS USED IN OPERATING ACTIVITIES | $ | $ (374) | ||
INVESTING ACTIVITIES | |||
Proceeds from disposal of Double Grow International Limited | $ | |||
NET CASH FLOWS FROM INVESTING ACTIVITIES | $ | |||
FINANCING ACTIVITIES | |||
Repayments to related companies | $ | (1) | ||
Repayments to the Shareholder | $ | |||
Payments of interest expenses of lease liabilities | $ | (5) | ||
Payments of principal portion of lease liabilities | $ | (73) | ||
Advances from related companies | $ | 103 | ||
NET CASH FLOWS (USED IN) /FROM FINANCING ACTIVITIES | $ | 24 | ||
NET DECREASE IN CASH AND CASH EQUIVALENTS | $ | (350) | ||
NET FOREIGN EXCHANGE DIFFERENCE | $ | |||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | $ | 989 | ||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | $ 639 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2019 | |
BASIS OF PRESENTATION [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION Basis of consolidation Management has prepared the accompanying unaudited condensed consolidated financial statements for the three-month and six-month periods ended June 30, 2019, and these operating results are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The condensed consolidated statement of financial position at December 31, 2018 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by International Financial Reporting Standards (IFRS) for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the annual report on Form 20-F of China Natural Resources, Inc. (CHNR or the Company) for the year ended December 31, 2018 (the 2018 Annual Report). The condensed consolidated financial statements include the accounts of CHNR and those subsidiaries in which CHNR has direct or indirect controlling interests (collectively referred to as the Group). The Companys subsidiaries as of December 31, 2018 are as described in the 2018 Annual Report. For the convenience of readers, amounts in Renminbi, the Chinese currency (CNY), have been translated into United States dollars (US$) at the applicable rate of US$1.00 = CNY6.8668 as quoted by www.ofx.com as of June 30, 2019, except as disclosed otherwise. No representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate, or at all. Going concern As of June 30, 2019, the Group had net current liabilities of CNY26.17million (US$3.81 million), and shareholders deficiency in assets of CNY24.78 million (US$3.61 million). In view of these circumstances, the Directors have given consideration to the future liquidity and performance of the Group and its available sources of finance in assessing whether the Group will have sufficient financial resources to continue as a going concern. The Group has obtained confirmations of continuous financial support from Feishang Group Limited (Feishang Group or the Shareholder) and Feishang Enterprise Group Limited (Feishang Enterprise), entities controlled by Mr. Li Feilie, the principal beneficial shareholder of the Company, which have stated that Feishang Group and Feishang Enterprise would provide continuous financial support to the Group in relation to the going concern of its operations, including payments on debts and will not recall any amounts due to them until the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. Accordingly, in the opinion of the Directors, it is appropriate for the condensed consolidated financial statements to be prepared on a going concern basis. Changes in accounting policies IFRS 16 Leases IFRS 16 supersedes IAS 17 Leases Determining whether an Arrangement contains a Lease Operating Leases - Incentives Evaluating the Substance of Transactions Involving the Legal Form of a Lease The Group adopted IFRS 16 using the modified retrospective method of adoption with the date of initial application of January 1 , New definition of a lease Under IFRS 16, a contract is, or contains a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset. The Group elected to use the transition practical expedient allowing the standard to be applied only to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were not reassessed. Therefore, the definition of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after January 1 , At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their standalone prices. A practical expedient is available to a lessee, which the Group has adopted, not to separate non-lease components and to account for the lease and the associated non-lease components (e.g., property management services for leases of properties) as a single lease component. As a lessee Leases previously classified as operating leases Nature of the effect of adoption of IFRS 16 The Group has lease contracts for office buildings. As a lessee, the Group previously classified leases as either finance leases or operating leases based on the assessment of whether the lease transferred substantially all the rewards and risks of ownership of assets to the Group. Under IFRS 16, the Group applies a single approach to recognize and measure right-of-use assets and lease liabilities for all leases, except for two elective exemptions for leases of low value assets (elected on a lease by lease basis) and short-term leases (elected by class of underlying asset). The Group has elected not to recognize right-of-use assets and lease liabilities for (i) leases of low-value assets (e.g., laptop computers and telephones); and (ii) leases, that at the commencement date, have a lease term of 12 months or less. Instead, the Group recognizes the lease payments associated with those leases as an expense on a straight-line basis over the lease term. Impacts on transition Lease liabilities at January 1, 2019 were recognized based on the present value of the remaining lease payments, discounted using the incremental borrowing rate at January 1, 2019 and included in lease liabilities. The right-of-use assets for all leases were measured at the amount of the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to the lease recognized in the statement of financial position immediately before January 1, 2019. The Group elected to present the right-of-use assets separately in the statement of financial position. The Group has used the following elective practical expedients when applying IFRS 16 at January 1, 2019: · Used a single discount rate to a portfolio of leases with reasonably similar characteristics · Applied the short-term leases exemptions to leases with lease term that ends within 12 months at the date of initial application · Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application · Used hindsight in determining the lease term where the contract contains options to extend or terminate the lease The impacts arising from the adoption of IFRS 16 as at January 1, 2019 are as follows: Increase CNY (Unaudited) Assets Increase in right-of-use assets 1,803 Increase in total assets 1,803 Liabilities Increase in the non-current portion of lease liabilities 593 Increase in the current portion of lease liabilities 1,210 Increase in total liabilities 1,803 The lease liabilities as at January 1, 2019 reconciled to the operating lease commitments as at December 31 , CNY (Unaudited) Operating lease commitments as at December 31, 2018 1,891 Weighted average incremental borrowing rate as at January 1, 2019 4.75 % Discounted operating lease commitments and lease liabilities as at January 1, 2019 1,803 Summary of new accounting policies The accounting policy for leases as disclosed in the annual financial statements for the year ended December 31, 2018 is replaced with the following new accounting policies upon adoption of IFRS 16 from January 1, 2019: Right-of-use assets Right-of-use assets are recognized at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life and the lease term. Lease liabilities Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in future lease payments arising from a change in an index or rate, a change in the lease term, a change in the in-substance fixed lease payments or a change in assessment to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of certain offices and apartments for employees (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). The Group also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below CNY35,000). Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Significant judgment in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. Amounts recognized in the interim condensed consolidated statements of financial position and profit or loss The carrying amounts of the Groups right-of-use assets and lease liabilities, and the movement during the period are as follows: Right-of-use assets Building Total Lease liabilities CNY CNY CNY As at January 1, 2019 1,803 1,803 1,803 Addition Depreciation expense (611 ) (611 ) Interest expense 37 Payments (538 ) As at June 30, 2019 1,192 1,192 1,302 |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2019 | |
Revenue [abstract] | |
REVENUE | 2. REVENUE Six months ended June 30, 2018 2019 2019 CNY CNY US$ (Unaudited) (Unaudited) (Unaudited) Revenue from contracts with customers Sale of copper ores 1,403 204 (i) Disaggregated revenue information Six months ended June 30, 2018 2019 2019 CNY CNY US$ (Unaudited) (Unaudited) (Unaudited) Type of goods Sale of copper ores 1,403 204 Geographic market Mainland China 1,403 204 Timing of revenue recognition Goods transferred at a point in time 1,403 204 (ii) Performance obligations Information about the Groups performance obligations is summarized below: Sale of copper ores The performance obligation is satisfied upon delivery of the copper ores and payment is generally due within 30 days from delivery. |
LOSS PER SHARE
LOSS PER SHARE | 6 Months Ended |
Jun. 30, 2019 | |
Earnings per share [abstract] | |
LOSS PER SHARE | 3. LOSS PER SHARE Basic loss per share amounts are calculated using the weighted average number of 24,910,916 (June 30, 2018: 24,910,916) common shares outstanding during the period. The Company did not have any potentially dilutive issuances during the six months ended June 30, 2018 and 2019. Accordingly, the diluted loss per share amounts are the same as the basic loss per share amounts. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 4. PROPERTY, PLANT AND EQUIPMENT December 31, June 30, June 30, 2018 2019 2019 CNY CNY US$ (Audited) (Unaudited) (Unaudited) At cost: Buildings 43 43 7 Machinery and equipment 889 891 130 Motor vehicles 279 279 40 Accumulated depreciation, depletion and amortization (936 ) (969 ) (141 ) 275 244 36 |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY BALANCES AND TRANSACTIONS | 5. RELATED PARTY BALANCES AND TRANSACTIONS In addition to the transactions detailed elsewhere in these condensed financial statements, the Group had the following transactions with related parties during the period. (a) Commercial transactions with related companies are summarized as follows: Six months ended June 30, 2018 2019 2019 CNY CNY US$ Notes (Unaudited) (Unaudited) (Unaudited) CHNRs share of office rental, rates and others to Anka Consultants Limited (Anka) i (686 ) (748 ) (109 ) Shenzhen Feishang Management and Consulting Co., Limited's share of office rental to Feishang Enterprise ii (83 ) (83 ) (12 ) (769 ) (831 ) (121 ) (i) Represents payments to Anka, a private Hong Kong company that is owned by two Directors of the Company, pursuant to an office sharing agreement. (ii) Represents payments to Feishang Enterprise, a company controlled by Mr. Li Feilie, the Companys principal beneficial owner, pursuant to the office sharing agreement. (b) Balances with related companies and the Shareholder: The Companys balances with related companies are unsecured and non-interest bearing. The related parties and the Shareholder have confirmed their continuous financial support to the Group in relation to the going concern of its operations and that they will not recall any amounts due to them, including lease liabilities due to them until the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. The balances are summarized as follows: December 31, June 30, June 30, 2018 2019 2019 CNY CNY US$ (Audited) (Unaudited) (Unaudited) Current: Payable to a related company: Feishang Enterprise 4,041 4,747 691 Payable to the Shareholder: Feishang Group 6,973 6,977 1,016 Lease liabilities to related parties Feishang Enterprise 284 41 Anka 1,018 148 1,302 189 |
INCOME TAX EXPENSE
INCOME TAX EXPENSE | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of income tax expense [Abstract] | |
INCOME TAX EXPENSE | 6. INCOME TAX EXPENSE Effective from January 1, 2008, the PRCs statutory corporate income tax (CIT) rate is 25%. The Companys PRC subsidiaries are subject to income tax at 25% on their respective taxable incomes as calculated in accordance with the CIT Law and its relevant regulations. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | 7. SUBSEQUENT EVENTS The Company has no material subsequent events. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Basis Of Presentation | |
IFRS 16 Leases | IFRS 16 Leases IFRS 16 supersedes IAS 17 Leases Determining whether an Arrangement contains a Lease Operating Leases - Incentives Evaluating the Substance of Transactions Involving the Legal Form of a Lease The Group adopted IFRS 16 using the modified retrospective method of adoption with the date of initial application of January 1 , New definition of a lease Under IFRS 16, a contract is, or contains a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset. The Group elected to use the transition practical expedient allowing the standard to be applied only to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were not reassessed. Therefore, the definition of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after January 1 , At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their standalone prices. A practical expedient is available to a lessee, which the Group has adopted, not to separate non-lease components and to account for the lease and the associated non-lease components (e.g., property management services for leases of properties) as a single lease component. As a lessee Leases previously classified as operating leases Nature of the effect of adoption of IFRS 16 The Group has lease contracts for office buildings. As a lessee, the Group previously classified leases as either finance leases or operating leases based on the assessment of whether the lease transferred substantially all the rewards and risks of ownership of assets to the Group. Under IFRS 16, the Group applies a single approach to recognize and measure right-of-use assets and lease liabilities for all leases, except for two elective exemptions for leases of low value assets (elected on a lease by lease basis) and short-term leases (elected by class of underlying asset). The Group has elected not to recognize right-of-use assets and lease liabilities for (i) leases of low-value assets (e.g., laptop computers and telephones); and (ii) leases, that at the commencement date, have a lease term of 12 months or less. Instead, the Group recognizes the lease payments associated with those leases as an expense on a straight-line basis over the lease term. Impacts on transition Lease liabilities at January 1, 2019 were recognized based on the present value of the remaining lease payments, discounted using the incremental borrowing rate at January 1, 2019 and included in lease liabilities. The right-of-use assets for all leases were measured at the amount of the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to the lease recognized in the statement of financial position immediately before January 1, 2019. The Group elected to present the right-of-use assets separately in the statement of financial position. The Group has used the following elective practical expedients when applying IFRS 16 at January 1, 2019: · Used a single discount rate to a portfolio of leases with reasonably similar characteristics · Applied the short-term leases exemptions to leases with lease term that ends within 12 months at the date of initial application · Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application · Used hindsight in determining the lease term where the contract contains options to extend or terminate the lease The impacts arising from the adoption of IFRS 16 as at January 1, 2019 are as follows: Increase CNY (Unaudited) Assets Increase in right-of-use assets 1,803 Increase in total assets 1,803 Liabilities Increase in the non-current portion of lease liabilities 593 Increase in the current portion of lease liabilities 1,210 Increase in total liabilities 1,803 The lease liabilities as at January 1, 2019 reconciled to the operating lease commitments as at December 31 , CNY (Unaudited) Operating lease commitments as at December 31, 2018 1,891 Weighted average incremental borrowing rate as at January 1, 2019 4.75 % Discounted operating lease commitments and lease liabilities as at January 1, 2019 1,803 |
Summary of new accounting policies | Summary of new accounting policies The accounting policy for leases as disclosed in the annual financial statements for the year ended December 31, 2018 is replaced with the following new accounting policies upon adoption of IFRS 16 from January 1, 2019: |
Right-of-use assets | Right-of-use assets Right-of-use assets are recognized at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life and the lease term. |
Lease liabilities | Lease liabilities Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in future lease payments arising from a change in an index or rate, a change in the lease term, a change in the in-substance fixed lease payments or a change in assessment to purchase the underlying asset. |
Short-term leases and leases of low-value assets | Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of certain offices and apartments for employees (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). The Group also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below CNY35,000). Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. |
Significant judgment in determining the lease term of contracts with renewal options | Significant judgment in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. |
Amounts recognized in the interim condensed consolidated statements of financial position and profit or loss | Amounts recognized in the interim condensed consolidated statements of financial position and profit or loss The carrying amounts of the Groups right-of-use assets and lease liabilities, and the movement during the period are as follows: Right-of-use assets Building Total Lease liabilities CNY CNY CNY As at January 1, 2019 1,803 1,803 1,803 Addition Depreciation expense (611 ) (611 ) Interest expense 37 Payments (538 ) As at June 30, 2019 1,192 1,192 1,302 |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
BASIS OF PRESENTATION [Abstract] | |
Schedule of Impacts Arising from the Adoption of IFRS 16 | The impacts arising from the adoption of IFRS 16 as at January 1, 2019 are as follows: Increase CNY (Unaudited) Assets Increase in right-of-use assets 1,803 Increase in total assets 1,803 Liabilities Increase in the non-current portion of lease liabilities 593 Increase in the current portion of lease liabilities 1,210 Increase in total liabilities 1,803 |
Schedule of Lease Liabilities Reconciled to the Operating Lease Commitments | The lease liabilities as at January 1, 2019 reconciled to the operating lease commitments as at December 31 , CNY (Unaudited) Operating lease commitments as at December 31, 2018 1,891 Weighted average incremental borrowing rate as at January 1, 2019 4.75 % Discounted operating lease commitments and lease liabilities as at January 1, 2019 1,803 |
Schedule of Carrying Amounts of the Group's Right-of-use Assets and Lease Liabilities | The carrying amounts of the Groups right-of-use assets and lease liabilities, and the movement during the period are as follows: Right-of-use assets Building Total Lease liabilities CNY CNY CNY As at January 1, 2019 1,803 1,803 1,803 Addition Depreciation expense (611 ) (611 ) Interest expense 37 Payments (538 ) As at June 30, 2019 1,192 1,192 1,302 |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue [abstract] | |
Schedule of Revenue from Contracts with Customers | Six months ended June 30, 2018 2019 2019 CNY CNY US$ (Unaudited) (Unaudited) (Unaudited) Revenue from contracts with customers Sale of copper ores 1,403 204 |
Schedule of Disaggregated Revenue Information | Disaggregated revenue information Six months ended June 30, 2018 2019 2019 CNY CNY US$ (Unaudited) (Unaudited) (Unaudited) Type of goods Sale of copper ores 1,403 204 Geographic market Mainland China 1,403 204 Timing of revenue recognition Goods transferred at a point in time 1,403 204 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property Plant and Equipment | December 31, June 30, June 30, 2018 2019 2019 CNY CNY US$ (Audited) (Unaudited) (Unaudited) At cost: Buildings 43 43 7 Machinery and equipment 889 891 130 Motor vehicles 279 279 40 Accumulated depreciation, depletion and amortization (936 ) (969 ) (141 ) 275 244 36 |
RELATED PARTY BALANCES AND TR_2
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Commercial Transactions with Related Parties | Commercial transactions with related companies are summarized as follows: Six months ended June 30, 2018 2019 2019 CNY CNY US$ Notes (Unaudited) (Unaudited) (Unaudited) CHNRs share of office rental, rates and others to Anka Consultants Limited (Anka) i (686 ) (748 ) (109 ) Shenzhen Feishang Management and Consulting Co., Limited's share of office rental to Feishang Enterprise ii (83 ) (83 ) (12 ) (769 ) (831 ) (121 ) (i) Represents payments to Anka, a private Hong Kong company that is owned by two Directors of the Company, pursuant to an office sharing agreement. (ii) Represents payments to Feishang Enterprise, a company controlled by Mr. Li Feilie, the Companys principal beneficial owner, pursuant to the office sharing agreement. |
Schedule of Group Payables with Related Parties | The Companys balances with related companies are unsecured and non-interest bearing. The related parties and the Shareholder have confirmed their continuous financial support to the Group in relation to the going concern of its operations and that they will not recall any amounts due to them, including lease liabilities due to them until the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. The balances are summarized as follows: December 31, June 30, June 30, 2018 2019 2019 CNY CNY US$ (Audited) (Unaudited) (Unaudited) Current: Payable to a related company: Feishang Enterprise 4,041 4,747 691 Payable to the Shareholder: Feishang Group 6,973 6,977 1,016 Lease liabilities to related parties Feishang Enterprise 284 41 Anka 1,018 148 1,302 189 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) (Narrative) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Exchange rate | 1 | 1 | |
Net current liabilities | ¥ 26,170 | ||
Shareholder's deficiency in assets | (24,775) | ¥ (21,798) | |
Lease Term | 12 months | ||
Threshold for office equipment considered of low value applied for lease of low-value assets recognition exemption | ¥ 35 | ||
USD [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Exchange rate | 6.8668 | 6.8668 | |
Net current liabilities | $ | $ 3,810 | ||
Shareholder's deficiency in assets | $ | $ (3,607) |
BASIS OF PRESENTATION (Schedule
BASIS OF PRESENTATION (Schedule of impacts arising of the adoption of IFRS 16) (Details) - IFRS 16 [Member] ¥ in Thousands | Dec. 31, 2018CNY (¥) |
Assets | |
Increase in right-of-use assets | ¥ 1,803 |
Increase in total assets | 1,803 |
Liabilities | |
Increase in the non-current portion of lease liabilities | 593 |
Increase in the current portion of lease liabilities | 1,210 |
Increase in total liabilities | ¥ 1,803 |
BASIS OF PRESENTATION (Schedu_2
BASIS OF PRESENTATION (Schedule of Lease Liabilities Reconciled to the Operating Lease Commitments) (Details) ¥ in Thousands | Dec. 31, 2018CNY (¥) |
BASIS OF PRESENTATION [Abstract] | |
Operating lease commitments as at December 31, 2018 | ¥ 1,891 |
Weighted average incremental borrowing rate as at January 1, 2019 | 4.75% |
BASIS OF PRESENTATION (Schedu_3
BASIS OF PRESENTATION (Schedule of right-of-use assets and lease liabilities) (Details) ¥ in Thousands | 6 Months Ended |
Jun. 30, 2019CNY (¥) | |
Lease liabilities [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Lease liabilities, as at January 1, 2019 | ¥ 1,803 |
Interest expense | 37 |
Payments | (538) |
Lease liabilities, as at June 30, 2019 | 1,302 |
Right-of-use assets [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, as at January 1, 2019 | 1,803 |
Addition | |
Depreciation expense | (611) |
Right-of-use assets, as at June 30, 2019 | 1,192 |
Right-of-use assets [member] | Buildings [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right-of-use assets, as at January 1, 2019 | 1,803 |
Addition | |
Depreciation expense | (611) |
Right-of-use assets, as at June 30, 2019 | ¥ 1,192 |
REVENUE (Schedule of Revenue fr
REVENUE (Schedule of Revenue from contracts with customers) (Details) - Sale of copper ores [Member] ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019CNY (¥) | Jun. 30, 2018CNY (¥) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | ¥ | ¥ 1,403 | ||
USD [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ | $ 204 |
REVENUE (Schedule of Disaggrega
REVENUE (Schedule of Disaggregated revenue information) (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019CNY (¥) | Jun. 30, 2018CNY (¥) | |
Sale of copper ores [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | ¥ | ¥ 1,403 | ||
Sale of copper ores [Member] | USD [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ | $ 204 | ||
Sale of copper ores [Member] | Type of goods [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | ¥ | 1,403 | ||
Sale of copper ores [Member] | Type of goods [Member] | USD [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ | 204 | ||
Mainland China [Member] | Geographic market [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | ¥ | 1,403 | ||
Mainland China [Member] | USD [Member] | Geographic market [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ | 204 | ||
Goods transferred at a point in time [Member] | Timing of revenue recognition [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | ¥ | ¥ 1,403 | ||
Goods transferred at a point in time [Member] | USD [Member] | Timing of revenue recognition [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ | $ 204 |
LOSS PER SHARE (Details) (Narra
LOSS PER SHARE (Details) (Narrative) - shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings per share [abstract] | ||
Weighted average number of common shares | 24,910,916 | 24,910,916 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Schedule of Property Plant and Equipment) (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2019USD ($) | Jun. 30, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | ¥ | ¥ 244 | ¥ 275 | |
USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ | $ 36 | ||
Cost [Member] | Buildings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | ¥ | 43 | 43 | |
Cost [Member] | Buildings [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ | 7 | ||
Cost [Member] | Machinery and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | ¥ | 891 | 889 | |
Cost [Member] | Machinery and equipment [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ | 130 | ||
Cost [Member] | Motor vehicles [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | ¥ | 279 | 279 | |
Cost [Member] | Motor vehicles [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ | 40 | ||
Accumulated depreciation and amortization and impairment losses [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | ¥ | ¥ (969) | ¥ (936) | |
Accumulated depreciation and amortization and impairment losses [Member] | USD [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ | $ (141) |
RELATED PARTY BALANCES AND TR_3
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Commercial Transactions with Related Parties) (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2019CNY (¥) | Jun. 30, 2018CNY (¥) | ||
Disclosure of transactions between related parties [line items] | ||||
CHNR's share of office rental, rates and others to Anka Consultants Limited ('Anka') | ¥ | [1] | ¥ (748) | ¥ (686) | |
Shenzhen Feishang Management and Consulting Co., Limited's share of office rental to Feishang Enterprise | ¥ | [2] | (83) | (83) | |
Total of commercial transactions with related companies | ¥ | ¥ (831) | ¥ (769) | ||
USD [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
CHNR's share of office rental, rates and others to Anka Consultants Limited ('Anka') | $ | [1] | $ (109) | ||
Shenzhen Feishang Management and Consulting Co., Limited's share of office rental to Feishang Enterprise | $ | [2] | (12) | ||
Total of commercial transactions with related companies | $ | $ (121) | |||
[1] | Represents payments to Anka, a private Hong Kong company that is owned by two Directors of the Company, pursuant to an office sharing agreement. | |||
[2] | Represents payments to Feishang Enterprise, a company controlled by Mr. Li Feilie, the Company's principal beneficial owner, pursuant to the office sharing agreement. |
RELATED PARTY BALANCES AND TR_4
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Group Payables with Related Parties) (Details) ¥ in Thousands, $ in Thousands | Jun. 30, 2019USD ($) | Jun. 30, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Current: | |||
Lease liabilities to related parties | ¥ | ¥ 1,302 | ||
USD [Member] | |||
Current: | |||
Lease liabilities to related parties | $ | $ 189 | ||
Feishang Enterprise [Member] | |||
Current: | |||
Payable to a related company: | ¥ | 4,747 | 4,041 | |
Lease liabilities to related parties | ¥ | 284 | ||
Feishang Enterprise [Member] | USD [Member] | |||
Current: | |||
Payable to a related company: | $ | 691 | ||
Lease liabilities to related parties | $ | 41 | ||
Feishang Group [Member] | |||
Current: | |||
Payable to the Shareholder: | ¥ | 6,977 | 6,973 | |
Feishang Group [Member] | USD [Member] | |||
Current: | |||
Payable to the Shareholder: | $ | 1,016 | ||
Anka [Member] | |||
Current: | |||
Lease liabilities to related parties | ¥ | ¥ 1,018 | ||
Anka [Member] | USD [Member] | |||
Current: | |||
Lease liabilities to related parties | $ | $ 148 |
INCOME TAX EXPENSE (Details) (N
INCOME TAX EXPENSE (Details) (Narrative) | 12 Months Ended |
Dec. 31, 2008 | |
PRC | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Applicable tax rate | 25.00% |