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consolidated )Tj 0 Tw 0 -1.167 TD (financial statements.)Tj /T1_1 1 Tf 0 -2.333 TD (CHARGES ON THE GROUP\222S ASSETS)Tj /T1_0 1 Tf 0.061 Tc 0.07 Tw T* [(As)12.2 ( at)12.3 ( 3)12.2 (1)12.3 ( December)12.3 ( 2)12.2 (0)12.3 (1)12.2 (8)12.3 (,)12.2 ( land)12.2 ( use)12.2 ( rights)12.3 ( with)12.3 ( a)12.3 ( total)12.3 ( net)12.3 ( book)12.3 ( value)12.3 ( of)12.2 ( approximately)36 ( )]TJ 0.025 Tc 0 -1.167 TD (RMB58,781,000 \(2017: approximately RMB60,223,000\), property, plant and\ machinery with )Tj 0.093 Tc T* [(a)13 ( t)0.5 (ot)0.5 (al)13 ( n)0.5 (et)13 ( b)0.5 (oo)0.5 (k)12.9 ( )0.5 (va)0.5 (lu)0.5 (e)12.9 ( )0.5 (of)13 ( )0.5 (ap)0.5 (pr)0.5 (ox)0.5 (im)0.5 (at)0.5 (el)0.5 (y)12.9 ( )0.5 (RM)0.5 (B)12.9 (1)13 (,)12.9 (1)13 (3)12.9 (0)13 (,)12.9 (4)13 (3)12.9 (6)13 (,)12.9 (0)13 (0)12.9 (0)13 ( \()13 (2)12.9 (0)13 (1)12.9 (7)12.9 (:)13 ( a)0.5 (p)0.5 (pr)0.5 (ox)0.5 (ima)0.5 (t)0.5 (el)0.5 (y)68 ( )]TJ 0.051 Tc 0 -1.167 TD [(RMB)12.2 (1)12.1 (,)12.1 (1)12.1 (6)12.1 (8)12.2 (,)12.1 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were pledged )Tj 0 -1.167 TD (as collateral for the Group\222s borrowings and notes payable.)Tj ET endstreamendobj75 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 67 \226)Tj /T1_1 1 Tf -0.025 Tw -18.766 58.583 Td (PRODUCTS)Tj /T1_0 1 Tf 0 Tw 0 -2.333 TD (Sales of the Group\222s products for the year 2017 and 2018 are as follo\ws:)Tj /T1_1 1 Tf 10.8 0 0 12 217.6783 643.0479 Tm (Turnover in year 2018)Tj /T1_0 1 Tf 12.905 0 Td (Turnover in year 2017)Tj /T1_1 1 Tf -0.025 Tw 11.864 2.333 Td (Percentage)Tj 0 Tw 0.383 -1.167 Td (Change in )Tj -0.025 Tw 0.61 -1.167 Td (turnover)Tj /T1_2 1 Tf -25.451 -1.167 Td (RMB\222000)Tj 0 Tw 4.838 0 Td (Composite %)Tj /T1_3 1 Tf -0.025 Tw 7.928 0 Td (RMB\222000)Tj 0 Tw 4.726 0 Td (Composite %)Tj 0 Tc 11.077 0 Td (%)Tj /T1_0 1 Tf 0.025 Tc -43.786 -2.333 Td (BB & compound fertilizers)Tj /T1_1 1 Tf -0.025 Tw 16.548 0 Td (39,000)Tj 7.874 0 Td (1.3)Tj /T1_0 1 Tf 4.724 0 Td (31,000)Tj 7.874 0 Td (0.8)Tj 6.574 0 Td (26)Tj -43.594 -1.167 Td (Urea)Tj /T1_1 1 Tf 16.023 0 Td (472,000)Tj 7.874 0 Td (15.2)Tj /T1_0 1 Tf 4.724 0 Td (562,000)Tj 7.874 0 Td (15.3)Tj 6.716 0 Td (\(16\))Tj -43.211 -1.167 Td (Ammonia)Tj /T1_1 1 Tf 16.023 0 Td (395,000)Tj 7.874 0 Td (12.7)Tj /T1_0 1 Tf 4.724 0 Td (460,000)Tj 7.874 0 Td (12.5)Tj 6.716 0 Td (\(14\))Tj -43.211 -1.167 Td (Methenol)Tj /T1_1 1 Tf 16.023 0 Td (777,000)Tj 7.874 0 Td (25.1)Tj /T1_0 1 Tf 4.724 0 Td (731,000)Tj 7.874 0 Td (19.9)Tj 0 Tc 0 Tw 7.624 0 Td (6)Tj 0.025 Tc -44.119 -1.167 Td (Polyphenylene sulfide)Tj /T1_1 1 Tf -0.025 Tw 16.548 0 Td (53,000)Tj 7.874 0 Td (1.7)Tj /T1_0 1 Tf 4.724 0 Td (82,000)Tj 7.874 0 Td (2.2)Tj 6.191 0 Td (\(35\))Tj 0 Tw -43.211 -1.167 Td (Others \227 Trading)Tj /T1_1 1 Tf -0.025 Tw 15.223 0 Td (1,365,000)Tj 8.674 0 Td (44.0)Tj /T1_0 1 Tf 3.924 0 Td (1,812,000)Tj 8.674 0 Td (49.3)Tj 6.716 0 Td (\(25\))Tj 0 Tw 12 0 0 12 56.6929 505.0878 Tm (Others are trading of methanol, urea, ammonia and various kind of 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The major reasons o\f decrease in cost of )Tj 0 Tw 0 -1.167 TD (sales were due to the decrease in trading portion of the turnover.)Tj 0.024 Tc 0 -2.333 TD [(Gross profit margin of the Group increased approximately from 0.9% in 20\17 to 7.2% in 2018.)-1 ( )]TJ 0.025 Tc 0 -1.167 TD (The increase in the gross profit margin was due to the increase in selli\ng price of products.)Tj 0.061 Tc 0.07 Tw 0 -2.333 TD [(During)12.6 ( the)12.6 ( year)12.6 ( under)12.6 ( review,)12.6 ( distribution)12.6 ( costs)12.7 ( decreased)12.7 ( approximately)12.6 ( by)12.6 ( 2)12.6 (0)12.6 (.)12.6 (7)12.6 (%)12.6 ( as)36 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.167 TD [(compared)7 ( )0.5 (with)7 ( )0.5 (last)7 ( )0.5 (year)0.5 (.)6.9 ( )0.6 (The)7 ( )0.5 (decrease)7 ( )0.5 (in)7 ( )0.5 (distribution)7 ( )0.5 (cost)7 ( )0.5 (was)7 ( )0.5 (due)7 ( )0.5 (to)7 ( )0.5 (the)7 ( )0.5 (decrease)7 ( )0.5 (in)7 ( )0.5 (sales.)7 ( )]TJ 0.025 Tc 0.04 Tw T* (The ratio of the distribution costs over sales was 1.08% in 2018 which w\as 0.07% lower than )Tj 0 Tw 0 -1.167 TD (those in 2017.)Tj 0 -2.333 TD [(I)0.5 (n)0.5 ( )0.5 (c)0.6 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (r)0.6 (is)0.6 (o)0.5 (n)0.5 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (h)0.6 ( )0.5 (l)0.5 (a)0.5 (s)0.5 (t)0.5 ( )0.5 (y)0.6 (e)0.5 (a)0.5 (r)0.5 (,)0.5 ( )0.5 (t)0.6 (h)0.5 (e)0.5 (r)0.5 (e)0.5 ( )0.6 (w)0.5 (a)0.5 (s)0.5 ( )0.5 (a)0.6 (n)0.5 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (r)0.5 (e)0.6 (a)0.5 (s)0.5 (e)0.5 ( )0.6 (i)0.5 (n)0.5 ( )0.5 (a)0.5 (d)0.5 (m)0.5 (i)0.5 (n)0.6 (i)0.5 (s)0.5 (t)0.5 (r)0.5 (a)0.5 (t)0.6 (i)0.5 (v)0.5 (e)0.5 ( )0.5 (e)0.5 (x)0.5 (p)0.6 (e)0.5 (n)0.5 (s)0.5 (e)0.5 (s)0.5 ( )0.6 (o)0.5 (f)0.5 ( )0.5 (t)0.5 (h)0.5 (e)0.5 ( )0.6 (G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)0.5 ( )0.6 (b)0.5 (y )]TJ 0.067 Tc 0.07 Tw 0 -1.167 TD [(approximately)12.2 ( 5)12.2 (.)12.2 (1)12.2 (%)12.2 ( from)12.2 ( approximately)12.2 ( RMB)12.2 (1)12.2 (2)12.1 (6)12.2 (.)12.2 (9)12.2 ( million)12.2 ( in)12.2 ( 2)12.2 (0)12.2 (1)12.2 (7)12.2 ( to)12.2 ( approximately)42 ( )]TJ 0.048 Tc 0 -1.167 TD [(RMB)12.8 (1)12.9 (3)12.8 (3)12.8 (.)12.9 (4)12.8 ( million)12.8 ( in)12.8 ( 2)12.8 (0)12.8 (1)12.9 (8)12.8 (.)12.9 ( The)12.8 ( increase)12.8 ( in)12.8 ( administrative)12.9 ( expenses)12.9 ( is)12.9 ( mainly)12.9 ( due)12.8 ( to)12.8 ( the)23.1 ( )]TJ 0.025 Tc 0 Tw T* (written off of certain prepayment in 2018.)Tj 0.041 Tc 0.07 Tw 0 -2.333 TD [(Other)12 ( loss)12 ( decreased)12.1 ( from)12.1 ( a)12.1 ( loss)12.1 ( of)12.1 ( approximately)12.1 ( RMB)12 (1)12.1 (7)12.1 (3)12 (.)12.1 (3)12 ( million)12.1 ( in)12.1 ( 2)12.1 (0)12 (1)12.1 (7)12 ( to)12 ( a)12 ( loss)12 ( of)16.1 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.167 TD [(a)0.6 (p)0.5 (p)0.5 (r)0.6 (o)0.5 (x)0.6 (i)0.5 (m)0.6 (a)0.5 (t)0.6 (e)0.5 (l)0.6 (y)5 ( )0.5 (R)0.5 (M)0.6 (B)5 (2)5 (4)5 (.)5 (4)5 ( )0.5 (m)0.5 (i)0.6 (l)0.5 (l)0.6 (i)0.5 (o)0.6 (n)5 ( )0.5 (i)0.5 (n)5 ( )0.5 (2)5 (0)5 (1)5 (8)5 (.)5 ( )0.5 (I)0.6 (t)5 ( )0.5 (w)0.5 (a)0.6 (s)5 ( )0.5 (m)0.5 (a)0.6 (i)0.5 (n)0.6 (l)0.5 (y)5 ( )0.5 (d)0.6 (u)0.5 (e)5 ( )0.5 (t)0.6 (o)5 ( )0.5 (t)0.5 (h)0.6 (e)5 ( )0.5 (l)0.5 (o)0.6 (s)0.5 (s)5 ( )0.5 (f)0.6 (r)0.5 (o)0.6 (m)5 ( )0.5 (t)0.5 (h)0.6 (e)5 ( )0.5 (c)0.6 (h)0.5 (a)0.5 (n)0.6 (g)0.6 (e)0.5 (s)5 ( )0.5 (i)0.6 (n)5 ( )]TJ 0.024 Tc 0 Tw 0 -1.167 TD [(fair value on derivative financial assets decreased in 2018 as compare t\o those in 2017. Details)-1 ( )]TJ 0.063 Tc 0.07 Tw 0 -1.167 TD [(are)12.4 ( set)12.4 ( out)12.4 ( in)12.4 ( Note)12.4 ( 9)12.3 ( to)12.4 ( consolidated)12.4 ( financial)12.4 ( statement.)12.4 ( Other)12.4 ( expenses)12.3 ( amounted)12.4 ( to)38 ( )]TJ 0.061 Tc T* [(a)0.5 (pp)0.5 (r)0.5 (ox)0.5 (im)0.5 (a)0.5 (te)0.5 (l)0.5 (y)12.9 ( )0.5 (RM)0.5 (B)13 (2)12.9 (1)13 (8)13 (.)12.9 (4)13 ( m)0.5 (il)0.5 (l)0.5 (io)0.5 (n)12.9 ( )0.5 (i)0.5 (n)12.9 ( )0.5 (2)12.9 (0)13 (1)13 (8)12.9 ( )0.5 (\()12.9 (2)13 (0)13 (1)12.9 (7)13 (:)12.9 ( )0.5 (a)0.5 (pp)0.5 (r)0.5 (ox)0.5 (im)0.5 (a)0.5 (te)0.5 (ly)13 ( )0.5 (RM)0.5 (B)13 (0)12.9 (.)13 (3)13 ( m)0.5 (il)0.5 (l)0.5 (io)0.5 (n\))0.5 (.)13 ( T)0.5 (he)36.1 ( )]TJ 0.025 Tc 0.02 Tw 0 -1.167 TD (increase in other expenses in 2018 was mainly due to the impairment loss\es on the production )Tj 0.082 Tw 0 -1.167 TD (equipments of phosphoric acid plant and the phase II of Dazhou plant. De\tails are set out in )Tj 0 Tw T* (Note 10 to consolidated financial statement.)Tj 0.054 Tc 0.07 Tw 0 -2.333 TD [(The)12.1 ( Group\222s)12.2 ( income)12.1 ( tax)12.1 ( expenses)12.1 ( in)12.1 ( 2)12.1 (0)12.1 (1)12.1 (8)12.1 ( amounted)12.1 ( to)12.1 ( approximately)12.1 ( RMB)12.1 (0)12.1 (.)12.1 (6)12.1 ( million.)29 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (Details of tax schemes are set out in Note 12 to consolidated financial \statements.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.333 TD (Dividends)Tj /T1_0 1 Tf 0.023 Tw T* (Considering the Group\222s result during the year under review, the Dire\ctors do not recommend )Tj 0.026 Tw 0 -1.167 TD (the payment of any final dividend for the year ended 31st December 2018.\ The Group has not )Tj 0 Tw T* (declared any dividend for the year ended 31st December 2018 \(2017: Nil\)\.)Tj ET endstreamendobj73 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 65 \226)Tj 0.042 Tc 0.07 Tw -18.766 58.583 Td [(T)0.5 (h)0.5 (e)13 ( )0.5 (Co)0.5 (m)0.5 (p)0.5 (a)0.5 (ny)13 ( )0.5 (i)0.5 (s)13 ( )0.5 (c)0.5 (on)0.5 (d)0.5 (u)0.5 (c)0.5 (t)0.5 (in)0.5 (g)13 ( )0.5 (e)0.5 (x)0.5 (t)0.5 (en)0.5 (s)0.5 (i)0.5 (v)0.5 (e)13 ( r)0.5 (e)0.5 (s)0.5 (e)0.5 (a)0.5 (r)0.5 (c)0.5 (h)13 ( )0.5 (on)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (pr)0.5 (o)0.5 (p)0.5 (o)0.5 (se)0.5 (d)13 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (s)0.5 (tr)0.5 (u)0.5 (c)0.5 (t)0.5 (io)0.5 (n)13 ( )0.5 (o)0.5 (f)13 ( t)0.5 (h)0.5 (e)13 ( )0.5 (a)0.5 (b)0.5 (ov)0.5 (e)17.1 ( )]TJ 0.025 Tc 0.046 Tw 0 -1.167 TD (three new projects, which have not only fully utilized the existing reso\urces of the Company, )Tj 0.068 Tc 0.07 Tw T* [(but)12.4 ( also)12.5 ( enriched)12.4 ( the)12.4 ( product)12.4 ( mix)12.4 ( of)12.4 ( the)12.4 ( Company,)12.4 ( extended)12.4 ( the)12.5 ( industrial)12.4 ( chain)12.4 ( and)43.1 ( )]TJ 0.038 Tc 0 -1.167 TD [(optimized)12.3 ( the)12.3 ( industrial)12.3 ( structure.)12.3 ( The)12.3 ( commencement)12.2 ( of)12.3 ( production)12.2 ( of)12.3 ( these)12.3 ( projects)12.3 ( will)13 ( )]TJ 0.024 Tc 0 Tw 0 -1.167 TD [(allow Ko Yo Group to turn challenges into opportunities and enter into a\ positive development)-1 ( )]TJ 0.025 Tc 0.038 Tw T* [(trend, )0.5 (thereby )0.5 (transforming )0.5 (from )0.5 (a )0.5 (traditional )0.5 (chemical )0.5 (enterprise )0.5 (to )0.5 (a )0.5 (large )0.5 (modern )0.5 (chemical )]TJ -0.025 Tw 0 -1.167 TD (enterprise.)Tj /T1_1 1 Tf 0 -2.333 TD (APPRECIATION)Tj /T1_0 1 Tf 0.035 Tw 0 -2.333 TD (Looking back to the past year, the chemical fertilizers and chemicals in\dustries experienced a )Tj 0.042 Tw 0 -1.167 TD (progressive recovery. Under the leadership of our management and with th\e concerted efforts )Tj 0.05 Tc 0.07 Tw 0 -1.167 TD [(o)0.5 (f)13 ( )0.5 (al)0.5 (l)13 ( )0.5 (of)13 ( )0.5 (o)0.5 (u)0.5 (r)13 ( s)0.5 (t)0.5 (a)0.5 (f)0.5 (f)0.5 (,)12.9 ( )0.5 (w)0.5 (e)13 ( )0.5 (a)0.5 (c)0.5 (ti)0.5 (v)0.5 (e)0.5 (l)0.5 (y)12.9 ( )0.5 (o)0.5 (r)0.5 (g)0.5 (an)0.5 (i)0.5 (z)0.5 (e)0.5 (d)13 ( p)0.5 (r)0.5 (o)0.5 (d)0.5 (uc)0.5 (t)0.5 (i)0.5 (on)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( s)0.5 (a)0.5 (l)0.5 (e)0.5 (s)13 ( )0.5 (op)0.5 (e)0.5 (r)0.5 (a)0.5 (ti)0.5 (o)0.5 (n)13 ( )0.5 (wi)0.5 (t)0.5 (h)13 ( )0.5 (a)12.9 ( )0.5 (f)0.5 (o)0.5 (c)0.5 (u)0.5 (s)12.9 ( )0.5 (o)0.5 (n)25 ( )]TJ 0.025 Tc 0.011 Tw 0 -1.167 TD [(efficiencies and achieved improvement in operation. This )0.5 (coming )0.5 (year is a )0.5 (crucial year )0.5 (for )0.5 (the )]TJ 0.042 Tw T* (Group to start a \223new journey for new leap-forward\224. It is also a \year for us to work together )Tj 0.037 Tw 0 -1.167 TD (and embark on a new venture. We will seize new opportunities and overcom\e new challenges )Tj 0.01 Tw 0 -1.167 TD [(under )0.5 (the )0.5 (plan )0.5 (and leadership of )0.6 (the )0.5 (Board )0.5 (and )0.5 (strive )0.5 (to )0.5 (achieve )0.5 (the )0.5 (objective )0.5 (of )0.5 (\223stable, )0.5 (long-)]TJ 0.03 Tc 0.078 Tw T* [(term)5 ( )0.5 (and)5 ( )0.5 (optimization)5 ( )0.5 (at)5 ( )0.5 (full)5 ( )0.5 (capacity\224.)5 ( )0.5 (Meanwhile,)5 ( )0.5 (the)5 ( )0.5 (construction)5 ( )0.5 (and)4.9 ( )0.5 (commencement)5 ( )0.5 (of)5 ( )]TJ 0.025 Tc 0.057 Tw 0 -1.167 TD (production of the Group\222s new projects will bring new profit growth t\o us and definitely and )Tj 0.048 Tc 0.07 Tw 0 -1.167 TD [(substantially)12.6 ( enhance)12.6 ( our)12.6 ( core)12.6 ( competitiveness,)12.6 ( and)12.6 ( hence)12.5 ( lay)12.6 ( a)12.6 ( solid)12.6 ( foundation)12.6 ( for)12.6 ( our)23 ( )]TJ 0.025 Tc 0.062 Tw T* (constant and stable development. We have reasons to firmly believe that \with the continuous )Tj 0.039 Tc 0.07 Tw 0 -1.167 TD [(improvement)12.6 ( in)12.6 ( macro-economic)12.6 ( conditions)12.6 ( and)12.6 ( our)12.6 ( own)12.6 ( efforts,)12.6 ( the)12.6 ( Group)12.5 ( will)12.6 ( gradually)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (overcome the difficulties and have a more promising future.)Tj 0.011 Tw 0 -2.333 TD (I would like to take this opportunity to express my sincere appreciation\ on behalf of all fellow )Tj 0.029 Tc 0.079 Tw 0 -1.167 TD [(members)4 ( )0.5 (of)4 ( )0.5 (the)4.1 ( )0.5 (Board)4 ( )0.5 (to)4 ( )0.5 (all)4 ( )0.5 (shareholders,)4 ( )0.5 (our)4 ( )0.5 (clients,)3.9 ( )0.6 (the)4 ( )0.5 (management)4 ( )0.5 (and)4 ( )0.5 (the)4 ( )0.5 (staff.)4.1 ( )0.5 (Thank)4 ( )]TJ 0.034 Tc 0.074 Tw T* [(you)9 ( )0.5 (for)9 ( )0.5 (your)9 ( )0.5 (wholehearted)9 ( )0.5 (dedication)9 ( )0.5 (for)9 ( )0.5 (the)9.1 ( )0.5 (year.)9 ( )0.5 (As)9 ( )0.5 (always,)9 ( )0.5 (we)9 ( )0.5 (will)9 ( )0.5 (strive)9 ( )0.5 (to)9 ( )0.5 (bring)9 ( )0.5 (more)9 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (benefits and returns to our shareholders and the society.)Tj /T1_1 1 Tf 0 -2.333 TD (BUSINESS REVIEW)Tj 0 -2.333 TD (FINANCIAL PERFORMANCE)Tj -0.025 Tw T* (Results)Tj /T1_0 1 Tf 0.041 Tc 0.07 Tw 0 -2.333 TD [(For)12.1 ( the)12.1 ( year)12 ( ended)12 ( 3)12.1 (1)12 (st)12.1 ( December)12.1 ( 2)12 (0)12.1 (1)12.1 (8)12 (,)12.1 ( the)12.1 ( Group)12.1 ( remained)12.1 ( focused)12 ( on)12.1 ( manufacture)12 ( and)16 ( )]TJ 0.056 Tc 0 -1.167 TD [(distributi)0.5 (on)12.9 ( of)12.9 ( chemic)0.5 (al)12.9 ( fertili)0.5 (zers)12.9 ( an)0.5 (d)12.9 ( chemical)13 ( products,)12.9 ( in)0.5 (cluding)12.9 ( BB)12.9 ( Fe)0.5 (rtilizers)12.9 ( )0.5 (and)31 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (complex fertilizers, methanol, polyphenylene sulfide, urea and ammonia.)Tj 0.05 Tc 0.07 Tw 0 -2.333 TD [(During)12.9 ( the)12.9 ( year)12.9 ( under)12.9 ( review,)12.9 ( the)13 ( Group)12.8 ( )0.5 (recorded)12.9 ( turnov)0.5 (er)12.9 ( of)12.9 ( approxima)0.5 (tely)12.9 ( RMB)12.9 (3)12.9 (,)12.9 (1)12.9 (0)12.9 (1)25 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.167 TD [(million,)1.9 ( )0.5 (a)2 ( )0.5 (decrease)2 ( )0.5 (of)2 ( 1)2 (5)2 (.)2 (7)2 (%)2 ( )0.5 (as)2 ( )0.5 (compared)2 ( )0.5 (to)2 ( )0.5 (last)2 ( year.)1.9 ( )0.5 (The)2 ( )0.5 (decrease)2 ( )0.5 (in)1.9 ( )0.5 (turnover)2 ( )0.5 (was)2 ( )0.5 (mainly)2 ( )]TJ 0.025 Tc 0.042 Tw T* [(due )0.5 (to the )0.5 (decrease in )0.5 (trading )0.5 (portion )0.5 (of )0.5 (the )0.5 (turnover. )0.5 (The )0.5 (loss attributable )0.5 (to )0.5 (shareholders )0.5 (of )]TJ 0.073 Tw 0 -1.167 TD (the Company amounted to approximately RMB348 million, representing a dec\rease a loss of )Tj 0.034 Tc 0.074 Tw 0 -1.167 TD [(approximately)9 ( )0.5 (RMB)9 (1)9 (0)9 (6)9 ( )0.5 (million)9 ( )0.5 (as)9 ( )0.5 (compared)9 ( )0.5 (to)9 ( )0.5 (last)9 ( )0.5 (year.)9 ( )0.5 (Basic)9 ( )0.5 (loss)9 ( )0.5 (per)9 ( )0.5 (share)9 ( )0.5 (amounted)9 ( )0.5 (to)9 ( )]TJ 0.025 Tc 0 Tw T* (approximately RMB0.081.)Tj ET endstreamendobj72 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 64 \226)Tj /T1_1 1 Tf -18.766 58.583 Td (II.)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Proposing to devote more efforts in developing the fine chemicals indust\ry and )Tj 0 -1.167 TD (leading Ko Yo Group on the robust development trajectory)Tj /T1_2 1 Tf 0 -2.333 TD (1.)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (The 300,000-tonnes-per-year ethylene glycol project of Dazhou Plant)Tj /T1_0 1 Tf 0.059 Tc 0.07 Tw 0 -2.333 TD [(The)12.7 ( project)12.8 ( principally)12.8 ( proposes)12.7 ( to)12.7 ( make)12.8 ( full)12.8 ( use)12.7 ( of)12.8 ( the)12.7 ( existing)12.7 ( equipment)12.7 ( of)34 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.167 TD [(Dazhou)6.1 ( )0.5 (Company)6 ( )0.5 (and)6 ( )0.5 (hence)6 ( )0.5 (enjoys)6.1 ( )0.5 (a)6 ( )0.5 (low)6 ( )0.5 (investment)6 ( )0.5 (cost)6 ( )0.5 (and)6 ( )0.5 (a)6.1 ( )0.5 (short)6 ( )0.5 (construction)6 ( )]TJ 0.048 Tc 0.07 Tw 0 -1.167 TD [(cycle.)12.3 ( The)12.4 ( production)12.4 ( of)12.4 ( ethylene)12.4 ( glycol)12.3 ( with)12.4 ( the)12.4 ( use)12.4 ( of)12.4 ( dimethyl)12.4 ( oxalate)12.4 ( in)12.4 ( the)23.1 ( )]TJ 0.025 Tc 0.042 Tw T* [(project )0.6 (has )0.5 (the )0.6 (advantages )0.5 (of )0.6 (lower )0.5 (energy )0.6 (consumption )0.6 (and )0.6 (lower )0.5 (cost )0.6 (as )0.5 (compared )]TJ 0.042 Tc 0.07 Tw 0 -1.167 TD [(to)12.7 ( the)12.8 ( use)12.7 ( of)12.8 ( petroleum)12.7 ( ethylene.)12.7 ( Coupled)12.7 ( with)12.7 ( the)12.7 ( low)12.7 ( investment,)12.6 ( low)12.7 ( financial)17 ( )]TJ 0.025 Tc 0.05 Tw 0 -1.167 TD (costs, low depreciation, low repairing costs and low labour costs, the p\roject has the )Tj 0.03 Tw T* (advantage of low overall costs. The production capacity of ethylene glyc\ol in Asia is )Tj 0.043 Tw 0 -1.167 TD (far lower than the demand and thus relies heavily on imports, among whic\h China is )Tj 0.059 Tc 0.07 Tw 0 -1.167 TD [(t)0.5 (h)0.6 (e)13 ( )0.5 (l)0.5 (a)0.6 (r)0.5 (g)0.5 (e)0.6 (s)0.5 (t)13 ( )0.5 (i)0.6 (m)0.5 (p)0.5 (o)0.5 (r)0.6 (t)0.5 (i)0.5 (n)0.5 (g)13.1 ( )0.5 (c)0.5 (o)0.6 (u)0.5 (n)0.5 (t)0.5 (r)0.5 (y)13.1 ( )0.5 (w)0.5 (h)0.5 (e)0.6 (r)0.5 (e)13.1 ( )0.5 (t)0.5 (h)0.5 (e)0.6 (r)0.5 (e)13 ( )0.6 (i)0.5 (s)13 ( )0.6 (p)0.5 (r)0.5 (o)0.5 (l)0.6 (o)0.5 (n)0.5 (g)0.5 (e)0.6 (d)13 ( )0.5 (s)0.5 (h)0.6 (o)0.5 (r)0.5 (t)13 ( )0.6 (s)0.5 (u)0.5 (p)0.5 (p)0.6 (l)0.5 (y)13 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.5 (h)0.6 (e)0.5 (a)0.5 (v)0.6 (y)34 ( )]TJ T* [(rel)0.5 (iance)12.9 ( on)13 ( imports.)13 ( The)12.9 ( c)0.5 (onstructi)0.5 (on)12.9 ( and)12.9 ( c)0.5 (ommence)0.5 (ment)12.9 ( of)13 ( producti)0.5 (on)13 ( of)12.9 ( the)34.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (project will bring new profit growth to the Company.)Tj /T1_2 1 Tf -1.89 -2.333 Td (2.)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (The 20,000-tonnes-per-year anthraquinone project in the new material fac\tory)Tj /T1_0 1 Tf 0.073 Tc 0.07 Tw 0 -2.333 TD [(With)12.6 ( the)12.7 ( application)12.6 ( of)12.6 ( mature)12.7 ( domestic)12.6 ( technology,)12.6 ( the)12.7 ( project)12.7 ( proposes)12.7 ( to)48 ( )]TJ 0.025 Tc 0.068 Tw 0 -1.167 TD (implement technology upgrade on the existing equipment of Guangan New Ma\terial )Tj 0.079 Tw 0 -1.167 TD (and hence enjoys a low investment cost, a short construction cycle and l\ow product )Tj 0.036 Tw 0 -1.167 TD (cost. The project adopts advanced processing techniques with high automa\tic control )Tj 0.027 Tc 0.081 Tw T* [(level)2 ( )0.5 (of)2 ( safety)2 ( )0.5 (technology,)2 ( )0.5 (low)2 ( )0.5 (impact)2 ( )0.5 (on)2 ( )0.5 (the)2 ( )0.5 (environment)2 ( )0.5 (and)2 ( )0.5 (high)2 ( )0.5 (added)1.9 ( )0.5 (value)2 ( )0.5 (of)2 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.167 TD [(products. The )0.5 (upgraded )0.5 (equipment can adjust )0.5 (the )0.5 (anthraquinone )0.5 (and )0.5 (PPS )0.5 (level )0.5 (of )0.5 (the )]TJ 0.052 Tc 0.07 Tw 0 -1.167 TD [(p)0.5 (r)0.5 (o)0.5 (du)0.5 (c)0.5 (t)0.5 (s)13 ( )0.5 (ba)0.5 (s)0.5 (e)0.5 (d)13 ( )0.5 (on)13 ( )0.5 (m)0.5 (a)0.5 (r)0.5 (ke)0.6 (t)12.9 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (di)0.5 (t)0.5 (i)0.5 (o)0.5 (ns)0.5 (.)13 ( )0.5 (A)0.5 (n)0.5 (th)0.5 (r)0.5 (a)0.5 (q)0.5 (u)0.5 (in)0.5 (o)0.5 (n)0.5 (e)13 ( )0.5 (w)0.5 (il)0.5 (l)13 ( )0.5 (b)0.5 (e)13 ( m)0.5 (a)0.5 (i)0.5 (n)0.5 (ly)13 ( )0.5 (u)0.5 (s)0.5 (e)0.5 (d)12.9 ( )0.5 (a)0.5 (s)13 ( )0.5 (t)0.5 (h)0.5 (e)27 ( )]TJ 0.064 Tc T* [(carrier)12.3 ( of)12.2 ( hydrogen)12.2 ( peroxide)12.3 ( synthesis.)12.2 ( With)12.2 ( increasing)12.2 ( demand)12.2 ( for)12.2 ( hydrogen)39 ( )]TJ 0.025 Tc 0.044 Tw 0 -1.167 TD (peroxide in the domestic market, the demand for anthraquinone is also gr\owing. The )Tj 0.05 Tw 0 -1.167 TD (construction and commencement of production of the project will enrich t\he product )Tj 0.059 Tc 0.07 Tw T* [(mix)12.6 ( of)12.7 ( the)12.7 ( Company,)12.7 ( increase)12.6 ( the)12.7 ( added)12.6 ( value)12.7 ( of)12.6 ( its)12.6 ( products)12.6 ( and)12.6 ( enhance)12.6 ( the)34 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (Company\222s anti-risk capabilities.)Tj /T1_2 1 Tf -1.89 -2.333 Td (3.)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (The 600,000-tonnes-per-year caprolactam project of Guangan Plant)Tj /T1_0 1 Tf 0.026 Tc 0.082 Tw 0 -2.333 TD [(The)1 ( )0.5 (Group)1 ( )0.5 (proposes)1 ( )0.5 (to)1 ( )0.5 (develop)1 ( )0.5 (the)1 ( )0.5 (6)1 (0)1 (0)1 (,)1 (0)1 (0)1 (0)1 (-tonnes-per-year)1 ( )0.5 (caprolactam)1 ( )0.5 (project)1 ( )0.5 (by)1 ( )]TJ 0.053 Tc 0.07 Tw 0 -1.167 TD [(utilizing)12.5 ( the)12.5 ( production)12.5 ( buffer)12.6 ( synthetic)12.6 ( ammonia)12.6 ( of)12.5 ( Guangan)12.5 ( Ko)12.6 ( Yo)12.6 ( Chemical)28 ( )]TJ 0.047 Tc 0 -1.167 TD [(Industry)12.8 ( Co.,)12.9 ( Ltd.)12.9 ( The)12.8 ( project)12.8 ( adopts)12.9 ( the)12.8 ( mainstream)12.9 ( caprolactam)12.9 ( process)12.9 ( in)12.9 ( the)22 ( )]TJ 0.025 Tc 0.02 Tw 0 -1.167 TD (world and features the advantage of easily accessible raw materials as w\ell as mature )Tj 0.04 Tc 0.07 Tw T* [(and)12.3 ( reliable)12.4 ( process.)12.3 ( Domestically,)12.3 ( caprolactam)12.3 ( is)12.3 ( mainly)12.3 ( used)12.4 ( for)12.3 ( manufacturing)15 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.167 TD [(Nylon)3 ( )0.5 (6)3 (.)3 ( )0.5 (With)3 ( )0.5 (the)3 ( )0.5 (steadily)3 ( )0.5 (growing)2.9 ( )0.5 (consumption)3 ( )0.5 (of)3 ( )0.5 (Nylon)3 ( )0.5 (6)3 ( )0.5 (at)3 ( )0.5 (a)3 ( )0.5 (rate)3 ( )0.5 (of)3.1 ( )0.5 (over)3 ( )0.5 (1)3 (0)3.1 (%,)3 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (the demand for caprolactam also increases continuously.)Tj ET endstreamendobj70 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 63 \226)Tj /T1_1 1 Tf -18.766 58.583 Td (OBJECTIVES AND STRATEGIES)Tj /T1_0 1 Tf 0.046 Tc 0.07 Tw 0 -2.333 TD [(I)0.5 (n)13 ( )0.5 (2)12.9 (0)13 (1)13 (8)13 (,)12.9 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (c)0.5 (he)0.5 (m)0.5 (i)0.5 (c)0.5 (a)0.5 (l)13 ( f)0.5 (e)0.5 (r)0.5 (t)0.5 (i)0.5 (li)0.5 (z)0.5 (e)0.5 (r)0.5 (s)13 ( )0.5 (a)0.5 (nd)13 ( )0.5 (c)0.5 (h)0.5 (e)0.5 (mi)0.5 (c)0.5 (a)0.5 (l)0.5 (s)13 ( )0.5 (in)0.5 (d)0.5 (u)0.5 (s)0.5 (tr)0.5 (i)0.5 (e)0.5 (s)13 ( )0.5 (c)0.5 (on)0.5 (t)0.5 (i)0.5 (n)0.5 (ue)0.5 (d)13 ( )0.5 (t)0.5 (o)12.9 ( )0.5 (r)0.5 (e)0.5 (c)0.5 (o)0.5 (v)0.5 (e)0.5 (r)12.9 ( )0.5 (w)0.5 (h)0.5 (i)0.5 (l)0.5 (s)0.5 (t)12.9 ( )0.5 (t)0.5 (h)0.5 (e)21 ( )]TJ 0.057 Tc 0 -1.167 TD [(Group\222s)12.6 ( production)12.6 ( and)12.6 ( operation)12.7 ( improved)12.6 ( gradually.)12.7 ( Looking)12.6 ( ahead)12.7 ( to)12.6 ( 2)12.7 (0)12.6 (1)12.7 (9)12.6 (,)12.6 ( we)12.7 ( will)32 ( )]TJ 0.025 Tc 0.031 Tw 0 -1.167 TD (capitalize on opportunities arising from the recovery of the chemical fe\rtilizers and chemicals )Tj 0 Tw T* (industries and help the Company to turnaround from the current predicame\nt and pave way for )Tj 0 -1.167 TD (its healthy growth by implementing the following strategies and measures\.)Tj /T1_1 1 Tf 0 -2.333 TD (I.)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Stabilizing and optimizing existing business, and transforming the manag\ement )Tj 0 -1.167 TD (model with a focus on efficiencies to realise safe, environmentally-frie\ndly and stable )Tj 0 -1.167 TD (operation in the long term.)Tj /T1_0 1 Tf 0.056 Tc 0.07 Tw 0 -2.333 TD [(1)31 (.)]TJ /Span<>> BDC 0.8 0 Td ( )Tj EMC 1.09 0 Td [(Ensure)12.2 ( compliance)12.2 ( with)12.2 ( laws)12.2 ( and)12.2 ( regulations)12.2 ( in)12.2 ( respect)12.2 ( of)12.2 ( safe)12.2 ( production)12.1 ( and)31 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (environmental management.)Tj 0.042 Tc 0.07 Tw -1.89 -2.333 Td [(2)17 (.)]TJ /Span<>> BDC 0.8 0 Td ( )Tj EMC 1.09 0 Td [(Solve)12.2 ( the)12.1 ( problem)12.2 ( of)12.2 ( insufficient)12.2 ( supply)12.1 ( of)12.1 ( natural)12.2 ( gas)12.2 ( from)12.2 ( various)12.1 ( aspects,)12.1 ( and)17 ( )]TJ 0.049 Tc T* [(e)0.6 (n)0.5 (s)0.6 (u)0.5 (r)0.5 (e)13.1 ( )0.5 (e)0.6 (x)0.5 (i)0.6 (s)0.5 (t)0.6 (i)0.5 (n)0.5 (g)13.1 ( )0.5 (f)0.6 (a)0.5 (c)0.6 (i)0.5 (l)0.6 (i)0.5 (t)0.5 (i)0.6 (e)0.5 (s)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13.1 ( )0.5 (e)0.6 (q)0.5 (u)0.6 (i)0.5 (p)0.5 (m)0.6 (e)0.5 (n)0.6 (t)13 ( )0.6 (a)0.5 (r)0.6 (e)13 ( )0.6 (o)0.5 (p)0.5 (e)0.6 (r)0.6 (a)0.5 (t)0.5 (i)0.6 (n)0.5 (g)13.1 ( )0.5 (a)0.6 (t)13 ( )0.6 (f)0.5 (u)0.5 (l)0.6 (l)13 ( )0.6 (c)0.5 (a)0.6 (p)0.5 (a)0.6 (c)0.5 (i)0.6 (t)0.5 (i)0.6 (e)0.5 (s)13 ( )0.6 (a)0.6 (s)13 ( )0.6 (f)0.5 (a)0.5 (r)13.1 ( )0.5 (a)0.6 (s)24 ( )]TJ 0.025 Tc 0 Tw T* (possible in the long term.)Tj 0.053 Tw -1.89 -2.333 Td (3.)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td [(Adjust the marketing team and )0.5 (marketing )0.5 (model )0.5 (to achieve more transparent pricing )]TJ 0.024 Tc 0 Tw T* [(policies and clearer information, thereby realising a new customer-orien\ted marketing)-1 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.167 TD (model.)Tj 0.026 Tc 0.082 Tw -1.89 -2.333 Td [(4)1 (.)]TJ /Span<>> BDC 0.8 0 Td ( )Tj EMC 1.09 0 Td [(Improve)1 ( )0.5 (the)1 ( )0.5 (performance)1 ( )0.5 (incentive)1 ( )0.5 (mechanism)1 ( )0.5 (and)1 ( )0.5 (broaden)1 ( )0.5 (promotion)1 ( )0.5 (channels)1 ( )0.5 (for)1 ( )]TJ 0.025 Tc 0 Tw T* (cadre and staff members to fully motivate all staff.)Tj -1.89 -2.333 Td (5.)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Focus on efficiencies and minimize non-production expenses.)Tj 0.024 Tc -1.89 -2.333 Td [(6)-1 (.)]TJ /Span<>> BDC 0.8 0 Td ( )Tj EMC 1.09 0 Td [(Actively dispose of idle assets, reduce liabilities and improve the effi\ciency of capital)-1 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.167 TD (utilisation.)Tj 0.045 Tw -1.89 -2.333 Td (7.)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Propose to carry out appropriate technological upgrade by leveraging the\ advantages )Tj 0.044 Tc 0.07 Tw T* [(of)12.4 ( the)12.5 ( Company)12.4 ( in)12.4 ( aspects)12.4 ( such)12.5 ( as)12.4 ( existing)12.4 ( facilities,)12.5 ( equipment)12.4 ( and)12.4 ( natural)12.5 ( gas,)19.1 ( )]TJ 0.052 Tc 0 -1.167 TD [(thereby)12.4 ( extending)12.4 ( the)12.4 ( industry)12.4 ( chain,)12.5 ( increasing)12.5 ( the)12.5 ( output)12.5 ( of)12.5 ( high)12.5 ( value-added)27 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (products and entering into a virtuous cycle.)Tj ET endstreamendobj69 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 62 \226)Tj /T1_1 1 Tf -18.766 58.583 Td (III.)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (The excess production capacity of synthetic ammonia eased off, leading t\o stable )Tj 0 -1.167 TD (downstream demand and high price)Tj /T1_0 1 Tf 0.062 Tc 0.07 Tw 0 -2.333 TD [(According)12.2 ( to)12.1 ( the)12.1 ( statistics)12.1 ( from)12.1 ( An)12.1 ( Yun)12.1 ( Si,)12.1 ( total)12.1 ( production)12.1 ( capacity)12.2 ( of)12.1 ( synthetic)37 ( )]TJ 0.025 Tc 0.021 Tw 0 -1.167 TD (ammonia decreased by 6.4% year-on-year to approximately 66.89 million to\nnes in 2018. )Tj 0.05 Tc 0.07 Tw 0 -1.167 TD [(T)0.5 (h)0.6 (e)13 ( )0.5 (p)0.5 (r)0.6 (o)0.5 (d)0.5 (u)0.5 (c)0.6 (t)0.5 (i)0.5 (o)0.5 (n)13.1 ( )0.5 (v)0.5 (o)0.5 (l)0.6 (u)0.5 (m)0.5 (e)13 ( )0.6 (o)0.5 (f)13 ( )0.6 (s)0.5 (y)0.5 (n)0.5 (t)0.6 (h)0.5 (e)0.5 (t)0.5 (i)0.6 (c)13 ( )0.5 (a)0.6 (m)0.5 (m)0.5 (o)0.5 (n)0.6 (i)0.5 (a)13 ( )0.6 (e)0.5 (x)0.5 (c)0.5 (e)0.6 (e)0.5 (d)0.5 (e)0.6 (d)13 ( )0.5 (a)0.6 (p)0.5 (p)0.5 (r)0.5 (o)0.6 (x)0.5 (i)0.5 (m)0.5 (a)0.6 (t)0.5 (e)0.5 (l)0.6 (y)13 ( )0.5 (5)13 (6)13 (.)13.1 (0)13 (1)13 ( )0.5 (m)0.6 (i)0.5 (l)0.5 (l)0.5 (i)0.6 (o)0.5 (n)25 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.167 TD (tonnes, representing a year-on-year decrease of 1.6%. The demand for syn\thetic ammonia )Tj 0.049 Tc 0.07 Tw T* [(remained)12.5 ( stable)12.5 ( at)12.5 ( approximately)12.5 ( 5)12.5 (5)12.5 (.)12.5 (6)12.5 (0)12.5 ( million)12.5 ( tonnes,)12.5 ( while)12.5 ( the)12.5 ( manufacturing)12.5 ( and)24 ( )]TJ 0.025 Tc 0.003 Tw 0 -1.167 TD (social sectors maintained a low inventory level that was higher than tha\t in 2017. In 2018, )Tj 0.036 Tw 0 -1.167 TD [(the demand for synthetic ammonia )0.5 (was supported by the easing overcapacity of synthetic )]TJ 0.033 Tc 0.075 Tw T* [(ammonia,)8 ( )0.5 (the)8 ( )0.5 (stable)8.1 ( )0.5 (demand)7.9 ( )0.6 (for)8 ( )0.5 (downstream)8 ( )0.5 (products)8 ( )0.6 (such)8 ( )0.5 (as)8 ( )0.5 (urea,)8 ( )0.5 (phosphamidon)8 ( )0.5 (and)8 ( )]TJ 0.025 Tc 0.003 Tw 0 -1.167 TD (ammonium nitrate, as well as the export of phosphamidon. As a result, th\e selling price of )Tj 0.008 Tw 0 -1.167 TD (synthetic ammonia remained high for the year. The ex-factory price of sy\nthetic ammonia )Tj 0.068 Tw T* (in Southwest region increased to approximately RMB3,500/tonne from RMB2,\800/tonne )Tj 0.05 Tc 0.07 Tw 0 -1.167 TD [(a)0.5 (t)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (b)0.5 (e)0.5 (g)0.5 (i)0.5 (n)0.5 (ni)0.5 (n)0.5 (g)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (y)0.5 (e)0.5 (a)0.5 (r)0.5 (.)13 ( )0.5 (Th)0.5 (e)13 ( )0.5 (p)0.5 (r)0.5 (i)0.5 (c)0.5 (e)13 ( )0.5 (s)0.5 (ta)0.5 (r)0.5 (t)0.5 (e)0.5 (d)13 ( )0.5 (t)0.5 (o)13 ( f)0.5 (a)0.5 (l)0.5 (l)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (O)0.5 (ct)0.5 (o)0.5 (b)0.5 (e)0.5 (r)13 ( )0.5 (w)0.5 (h)0.5 (e)0.5 (n)12.9 ( )0.5 (m)0.5 (a)0.5 (n)0.5 (u)0.5 (f)0.5 (a)0.5 (c)0.5 (t)0.5 (ur)0.5 (e)0.5 (s)25 ( )]TJ 0.076 Tc 0 -1.167 TD [(predicted)12.4 ( that)12.4 ( synthetic)12.4 ( ammonia)12.4 ( would)12.3 ( generate)12.4 ( more)12.4 ( profits,)12.4 ( which)12.4 ( led)12.3 ( to)12.3 ( the)51 ( )]TJ 0.025 Tc 0.027 Tw T* (oversupply in general. In view of the steady increase in downstream dema\nd, the price of )Tj 0.054 Tc 0.07 Tw 0 -1.167 TD [(synthetic)12.9 ( ammonia)12.8 ( continued)12.8 ( to)12.8 ( rise)12.8 ( to)12.9 ( approximately)12.9 ( RMB)12.8 (3)12.8 (,)12.8 (7)12.8 (0)12.8 (0)12.8 (/tonne.)12.8 ( The)12.8 ( higher)29 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (operating rate of enterprises has resulted in declining price.)Tj 0.063 Tw 0 -2.333 TD (In 2019, given the easing supply of natural gas and stabilising coal sup\ply, the synthetic )Tj 0.027 Tw 0 -1.167 TD (ammonia market will generally perform better than in 2017, but slightly \lag behind 2018. )Tj 0.07 Tc 0.07 Tw T* [(This)12.8 ( is)12.7 ( mainly)12.7 ( caused)12.7 ( by)12.7 ( the)12.7 ( following)12.7 ( factors:)12.7 ( firstly,)12.7 ( safety)12.7 ( and)12.7 ( environmental)45 ( )]TJ 0.025 Tc 0.017 Tw 0 -1.167 TD (protection requirements will remain stringent and the addition of produc\tion capacity will )Tj 0.054 Tc 0.07 Tw 0 -1.167 TD [(be)12.3 ( limited,)12.3 ( yet,)12.3 ( operating)12.3 ( rate)12.4 ( of)12.3 ( synthetic)12.3 ( ammonia)12.3 ( enterprises)12.4 ( will)12.3 ( rise)12.4 ( due)12.3 ( to)12.3 ( the)29 ( )]TJ 0.039 Tc T* [(increase)12.8 ( in)12.9 ( gas)12.9 ( supply;)12.8 ( secondly,)12.9 ( in)12.9 ( terms)12.9 ( of)12.9 ( supply)12.9 ( and)12.9 ( demand,)12.9 ( even)12.9 ( with)12.8 ( the)12.8 ( stable)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD [(d)0.5 (e)0.6 (m)0.5 (a)0.6 (n)0.6 (d)0.5 ( )0.6 (f)0.5 (o)0.6 (r)0.5 ( )0.5 (u)0.6 (r)0.5 (e)0.6 (a)0.6 (,)0.5 ( )0.6 (p)0.5 (h)0.6 (o)0.5 (s)0.6 (p)0.5 (h)0.6 (a)0.5 (m)0.6 (i)0.5 (d)0.6 (o)0.5 (n)0.6 ( )0.5 (a)0.6 (n)0.5 (d)0.6 ( )0.5 (a)0.6 (m)0.5 (m)0.6 (o)0.5 (n)0.6 (i)0.5 (u)0.5 (m)0.6 ( )0.5 (n)0.6 (i)0.5 (t)0.6 (r)0.5 (a)0.6 (t)0.5 (e)0.6 (,)0.6 ( )0.5 (t)0.5 (h)0.6 (e)0.5 ( )0.6 (i)0.5 (n)0.6 (c)0.6 (r)0.5 (e)0.6 (a)0.5 (s)0.6 (i)0.5 (n)0.6 (g)0.5 ( )0.6 (s)0.5 (u)0.6 (p)0.5 (p)0.6 (l)0.5 (y)0.5 ( )0.6 (o)0.5 (f)0.6 ( )0.6 (s)0.5 (y)0.5 (n)0.6 (t)0.5 (h)0.6 (e)0.5 (t)0.6 (i)0.5 (c )]TJ 0.03 Tw 0 -1.167 TD [(ammonia will lead )0.5 (to the decline in price; thirdly, )0.5 (it is unlikely that the )0.5 (price of synthetic )]TJ 0.033 Tw T* (ammonia, which is determined by the cost of natural gas and coal, will d\rop significantly )Tj 0.04 Tc 0.071 Tw 0 -1.167 TD [(as)12.1 ( )0.6 (there)12 ( )0.6 (will)12.1 ( )0.5 (be)12 ( )0.6 (product)12 ( )0.6 (change)12.1 ( )0.6 (and)12 ( )0.6 (production)12 ( )0.6 (load)12 ( )0.5 (adjustment)12 ( )0.6 (in)12.1 ( )0.5 (the)12.1 ( )0.5 (market)12.1 ( )0.5 (when)12 ( )0.6 (it)15 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.167 TD [(reaches)12.8 ( the)12.8 ( break-even)12.7 ( point;)12.8 ( fourthly,)12.7 ( the)12.8 ( stable)12.8 ( demand)12.8 ( from)12.8 ( the)12.8 ( ammonia)12.8 ( solution)19 ( )]TJ 0.025 Tc 0 Tw T* (industry will provide some support to the synthetic ammonia market.)Tj ET endstreamendobj65 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 61 \226)Tj 0.039 Tc 0.07 Tw -16.876 58.583 Td [(In)12.2 ( 2)12.2 (0)12.3 (1)12.2 (9)12.3 (,)12.2 ( the)12.3 ( urea)12.3 ( market)12.2 ( will)12.2 ( be)12.3 ( affected)12.3 ( by)12.2 ( the)12.3 ( following)12.2 ( key)12.3 ( factors:)12.2 ( 1)12.2 (.)12.3 ( Global)12.3 ( food)14 ( )]TJ 0.024 Tc 0 Tw 0 -1.167 TD [(production fails to keep pace with the demand and food shortage will boo\st food price and)-1 ( )]TJ 0.046 Tc 0.07 Tw T* [(in)12.5 ( turn)12.6 ( the)12.5 ( demand)12.5 ( for)12.6 ( and)12.6 ( price)12.6 ( of)12.5 ( chemical)12.6 ( fertilizers;)12.6 ( 2)12.5 (.)12.6 ( The)12.6 ( PRC)12.6 ( must)12.6 ( secure)12.6 ( the)21 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.167 TD [(supply)2 ( )0.5 (of)2 ( )0.5 (chemical)2 ( fertilizers)1.9 ( )0.5 (to)2 ( )0.5 (ensure)2 ( )0.5 (sufficient)1.9 ( )0.5 (supply)2 ( of)2 ( )0.5 (agricultural)2 ( products,)2 ( )0.5 (hence)2 ( )]TJ 0.051 Tc 0.07 Tw 0 -1.167 TD [(t)0.5 (h)0.6 (e)0.5 (r)0.5 (e)13.1 ( )0.5 (w)0.6 (i)0.5 (l)0.5 (l)13.1 ( )0.5 (b)0.5 (e)13.1 ( )0.5 (s)0.5 (t)0.6 (a)0.5 (b)0.5 (l)0.6 (e)13 ( )0.6 (a)0.5 (g)0.5 (r)0.6 (i)0.5 (c)0.5 (u)0.6 (l)0.5 (t)0.5 (u)0.6 (r)0.5 (a)0.5 (l)13.1 ( )0.5 (d)0.5 (e)0.6 (m)0.5 (a)0.6 (n)0.5 (d)13 ( )0.5 (f)0.6 (o)0.5 (r)13 ( )0.6 (n)0.5 (i)0.5 (t)0.6 (r)0.5 (o)0.5 (g)0.6 (e)0.5 (n)13 ( )0.6 (f)0.5 (e)0.6 (r)0.5 (t)0.5 (i)0.6 (l)0.5 (i)0.5 (z)0.6 (e)0.5 (r)0.5 (s)13.1 ( )0.5 (i)0.6 (n)13 ( )0.5 (C)0.6 (h)0.5 (i)0.5 (n)0.5 (a)0.6 (;)13 ( )0.5 (3)13.1 (.)13 ( )0.5 (S)0.6 (u)0.5 (r)0.5 (g)0.6 (i)0.5 (n)0.5 (g)26 ( )]TJ 0.025 Tc 0.035 Tw T* (industrial demand will become an important driver for growth in the dome\stic demand of )Tj 0.047 Tc 0.07 Tw 0 -1.167 TD [(nitrogen)12.6 ( fertilizers;)12.6 ( 4)12.7 (.)12.6 ( The)12.6 ( total)12.7 ( production)12.6 ( capacity)12.6 ( of)12.6 ( nitrogen)12.6 ( fertilizers)12.7 ( will)12.7 ( be)12.6 ( in)22 ( )]TJ 0.025 Tc 0.004 Tw 0 -1.167 TD (decline as there is only limited additional capacity given the restricti\ons on efficiency and )Tj 0.011 Tw T* (location as well as higher barriers to entry; 5. The recovery of crude o\il price will support )Tj 0.05 Tc 0.07 Tw 0 -1.167 TD [(market)12.3 ( price.)12.3 ( The)12.4 ( PRC)12.3 ( nitrogen)12.3 ( fertilizer)12.3 ( industry)12.3 ( is)12.3 ( expected)12.3 ( to)12.2 ( maintain)12.3 ( a)12.3 ( general)25 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.167 TD [(balance between )0.5 (supply and )0.5 (demand )0.5 (in )0.5 (2019. )0.5 (While )0.5 (the market )0.5 (will )0.5 (perform steadily, )0.5 (it )]TJ 0 Tw T* (may see a retreat in profitability from 2018.)Tj /T1_1 1 Tf -1.89 -2.333 Td (II.)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (The launch of the new downstream MTO/MTP facilities in 2018 boosted the \methanol )Tj -0.025 Tw T* (industry)Tj /T1_0 1 Tf 0.025 Tw 0 -2.333 TD (According to the statistics of Sublime China Information, the total prod\uction capacity of )Tj 0.03 Tc 0.078 Tw 0 -1.167 TD [(methanol)5 ( )0.5 (in)5 ( )0.5 (the)5 ( )0.5 (PRC)5 ( )0.5 (was)5 ( )0.5 (8)5 (1)4.9 (.)5 (4)5.1 (2)5 ( )0.5 (million)5 ( )0.5 (tonnes)5 ( )0.5 (in)5 ( )0.5 (2)5 (0)5 (1)5 (8)5 (,)5 ( )0.5 (including)5 ( )0.5 (new)5 ( )0.5 (capacity)5 ( )0.5 (of)5 ( )0.5 (5)5 (.)5 (8)5 (5)5 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.167 TD [(m)0.5 (i)0.6 (l)0.5 (l)0.6 (i)0.5 (o)0.6 (n)6.9 ( )0.6 (t)0.5 (o)0.5 (n)0.6 (n)0.5 (e)0.6 (s)0.5 (.)7 ( )0.5 (T)0.6 (h)0.5 (e)7 ( )0.5 (t)0.6 (o)0.5 (t)0.6 (a)0.5 (l)7 ( )0.5 (p)0.6 (r)0.5 (o)0.6 (d)0.5 (u)0.5 (c)0.6 (t)0.6 (i)0.5 (o)0.5 (n)7 ( )0.5 (v)0.6 (o)0.5 (l)0.6 (u)0.5 (m)0.5 (e)7.1 ( )0.5 (w)0.5 (a)0.6 (s)7 ( )0.5 (a)0.5 (p)0.6 (p)0.5 (r)0.6 (o)0.5 (x)0.6 (i)0.5 (m)0.5 (a)0.6 (t)0.5 (e)0.6 (l)0.6 (y)6.9 ( )0.6 (5)6.9 (5)7 (.)7 (6)7 (5)7 (6)7 (6)7 ( )0.5 (m)0.6 (i)0.5 (l)0.6 (l)0.5 (i)0.6 (o)0.5 (n)7 ( )0.5 (t)0.5 (o)0.6 (n)0.5 (n)0.6 (e)0.5 (s)7 ( )]TJ 0.025 Tc 0.078 Tw 0 -1.167 TD (for the year, representing an increase of approximately 25.25% year-on-y\ear. In view of )Tj 0.073 Tw T* (the limited supply of natural gas in the country, methanol import reache\d approximately )Tj 0.033 Tw 0 -1.167 TD (7.429 million tonnes for the year, down 8.79% year-on-year. In 2018, met\hanol price fell )Tj 0.001 Tw 0 -1.167 TD (after a rise. In the first three quarters, the methanol price remained a\t a high level with the )Tj 0.035 Tw T* (southwestern market saw as high as over RMB3300/tonne. The price then de\clined in the )Tj 0 Tw 0 -1.167 TD (fourth quarter due to the US-China trade war and falling crude oil price\.)Tj 0.003 Tw 0 -2.333 TD (In 2019, the overall methanol market is expected to outperform 2017 but \lag behind 2018, )Tj 0.067 Tw 0 -1.167 TD [(mainly for )0.5 (the following )0.5 (reasons: firstly, )0.5 (the )0.5 (stiff )0.5 (prices of )0.5 (coal and )0.5 (natural gas )0.5 (using as )]TJ 0.032 Tc 0.076 Tw 0 -1.167 TD [(upstream)7 ( )0.5 (raw)7 ( )0.5 (materials)7 ( )0.5 (will)7 ( )0.5 (provide)7 ( )0.5 (strong)6.9 ( )0.5 (support)7 ( )0.6 (to)7 ( )0.5 (the)7 ( )0.5 (cost)7 ( )0.5 (of)7 ( )0.5 (methanol)7 ( )0.5 (production;)7 ( )]TJ 0.038 Tc 0.07 Tw T* [(secondly,)12.7 ( the)12.7 ( demand)12.7 ( for)12.7 ( methanol)12.7 ( will)12.7 ( steadily)12.8 ( increase,)12.7 ( attributable)12.8 ( to)12.7 ( the)12.7 ( launch)12.7 ( of)13 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.167 TD [(new)6.1 ( downstream)6 ( )0.5 (alkene)6.1 ( )0.5 (facilities,)6 ( )0.5 (the)6 ( )0.5 (high)6 ( )0.5 (operating)6 ( )0.5 (rate)6 ( )0.5 (of)6 ( )0.5 (acetate)6 ( )0.5 (enterprises)6 ( )0.5 (and)6 ( )0.5 (the)6 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.167 TD [(d)0.5 (e)0.6 (v)0.5 (e)0.5 (l)0.5 (o)0.5 (p)0.6 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.6 (o)0.5 (f)13 ( )0.6 (m)0.5 (e)0.5 (t)0.5 (h)0.5 (a)0.6 (n)0.5 (o)0.5 (l)13 ( )0.6 (f)0.5 (u)0.5 (e)0.5 (l)0.6 (;)13 ( )0.5 (t)0.5 (h)0.5 (i)0.6 (r)0.5 (d)0.5 (l)0.5 (y)0.5 (,)13.1 ( )0.5 (c)0.5 (r)0.6 (u)0.5 (d)0.5 (e)13 ( )0.5 (o)0.6 (i)0.5 (l)13 ( )0.5 (p)0.5 (r)0.6 (i)0.5 (c)0.5 (e)13.1 ( )0.5 (m)0.5 (a)0.5 (y)13.1 ( )0.5 (b)0.5 (e)0.5 (c)0.6 (o)0.5 (m)0.5 (e)13 ( )0.6 (s)0.5 (t)0.5 (e)0.5 (a)0.6 (d)0.5 (y)0.5 (,)13 ( )0.6 (w)0.5 (h)0.5 (i)0.5 (c)0.6 (h)13 ( )0.5 (w)0.6 (i)0.5 (l)0.5 (l)14 ( )]TJ 0.045 Tc T* [(h)0.5 (e)0.6 (l)0.5 (p)13 ( )0.6 (s)0.5 (t)0.5 (a)0.6 (b)0.5 (i)0.5 (l)0.5 (i)0.6 (s)0.5 (e)13 ( )0.6 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (p)0.5 (r)0.6 (i)0.5 (c)0.5 (e)0.6 (s)13 ( )0.5 (o)0.6 (f)13 ( )0.5 (c)0.6 (h)0.5 (e)0.6 (m)0.5 (i)0.5 (c)0.5 (a)0.6 (l)0.5 (s)0.6 (;)13 ( )0.5 (f)0.5 (o)0.6 (u)0.5 (r)0.5 (t)0.6 (h)0.5 (l)0.5 (y)0.5 (,)13.1 ( )0.5 (e)0.5 (n)0.6 (v)0.5 (i)0.5 (r)0.6 (o)0.5 (n)0.5 (m)0.5 (e)0.6 (n)0.5 (t)0.5 (a)0.6 (l)13 ( )0.5 (i)0.6 (n)0.5 (s)0.5 (p)0.5 (e)0.6 (c)0.5 (t)0.6 (i)0.5 (o)0.5 (n)13 ( )0.6 (w)0.5 (i)0.5 (l)0.6 (l)13 ( )0.5 (r)0.5 (e)0.6 (m)0.5 (a)0.6 (i)0.5 (n)20 ( )]TJ 0.025 Tc 0.034 Tw 0 -1.167 TD [(stringent )0.5 (and the )0.5 (operating )0.5 (rate )0.5 (of )0.5 (some )0.5 (enterprises )0.5 (will )0.5 (be )0.5 (affected )0.5 (by the elimination )0.5 (of )]TJ 0.026 Tc 0.082 Tw 0 -1.167 TD [(backward)1 ( )0.5 (production)1 ( )0.5 (capacity)1 ( )0.5 (and)1 ( )0.5 (business)1 ( )0.5 (relocation.)1 ( )0.5 (The)1 ( )0.5 (subsequent)0.9 ( )0.6 (methanol)1 ( )0.5 (market)1 ( )]TJ 0.039 Tc 0.07 Tw T* [(will)12.5 ( be)12.4 ( primarily)12.5 ( influenced)12.4 ( by)12.4 ( crude)12.5 ( oil)12.5 ( price,)12.4 ( commodity)12.5 ( price,)12.5 ( China-United)12.5 ( States)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (relations and the macroeconomics of China.)Tj ET endstreamendobj50 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj51 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj52 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj53 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj54 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj96 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 60 \226)Tj 0.002 Tw -18.766 58.583 Td (Dazhou Plant resumed production in February 2018. The facilities were un\der stable operation )Tj 0.014 Tw 0 -1.167 TD (and passed the inspection and acceptance of the Central Environmental In\spection Group. The )Tj 0 Tw T* (annual maintenance was commenced on 1 December as planned.)Tj 0.052 Tc 0.07 Tw 0 -2.333 TD [(Due)12.3 ( to)12.4 ( the)12.4 ( adjustment)12.3 ( of)12.3 ( the)12.3 ( Group)12.3 ( development)12.3 ( strategy,)12.3 ( Guangan)12.4 ( New)12.4 ( Material)12.3 ( Plant)27 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (ceased operation in late June 2018.)Tj 0.058 Tw 0 -2.333 TD [(Sales )0.5 (were )0.5 (able )0.5 (to )0.5 (keep )0.5 (pace )0.5 (with )0.5 (production. )0.5 (The )0.5 (Group )0.5 (further )0.5 (optimized )0.5 (the )0.5 (sales )0.5 (market, )]TJ 0.039 Tw 0 -1.167 TD (and products with higher selling prices recorded the best growth in term\s of market share. As )Tj 0.017 Tw 0 -1.167 TD (a result, the sales revenue and profit of self-owned products improved d\rastically. Meanwhile, )Tj 0.022 Tw 0 -1.167 TD (the OEM and trading business met the targets with regard to sales volume\ and efficiency. The )Tj 0.028 Tc 0.08 Tw T* [(market)3 ( )0.5 (prices)3 ( )0.5 (of)3 ( )0.5 (urea,)3 ( )0.5 (liquid)3 ( )0.5 (ammonia)3 ( )0.5 (and)2.9 ( )0.6 (methanol)2.9 ( )0.6 (rebounded)3 ( )0.5 (and)3 ( )0.5 (reached)3 ( )0.5 (their)3 ( )0.5 (highest)3 ( )0.5 (in)3 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.167 TD (recent years, and the gross profit of self-owned products grew from the \same period last year, )Tj 0 Tw 0 -1.167 TD (leading to far less loss for 2018 as compared to 2017.)Tj 0.03 Tw 0 -2.333 TD [(Considering the )0.5 (Group\222s )0.5 (results during )0.5 (the year )0.5 (under )0.5 (review, the )0.5 (Board )0.5 (does not )0.5 (recommend )]TJ 0.071 Tw 0 -1.167 TD (the payment of any final dividend for the year ended 31 December 2018. T\he Group has not )Tj 0 Tw T* (declared any dividend for the year ended 31 December 2018 \(2017: Nil\).\)Tj /T1_1 1 Tf -0.025 Tw 0 -2.333 TD (PROSPECT)Tj 0 Tw T* (Industry Overview and Outlook)Tj /T1_2 1 Tf 0 -2.333 TD (I.)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Effective reduction of urea production capacity resulted in supply and d\emand )Tj 0 -1.167 TD (equilibrium and surging price of nitrogen fertilizer in 2018)Tj /T1_0 1 Tf 0.044 Tc 0.07 Tw 0 -2.333 TD [(According)12.6 ( to)12.7 ( the)12.7 ( China)12.7 ( Nitrogen)12.6 ( Fertilizer)12.7 ( Industry)12.7 ( Association,)12.6 ( given)12.6 ( the)12.6 ( change)12.7 ( of)19 ( )]TJ 0.057 Tc 0 -1.167 TD [(business)12.3 ( of)12.2 ( some)12.3 ( enterprises)12.3 ( and)12.3 ( the)12.3 ( phase-out)12.2 ( of)12.3 ( old)12.3 ( facilities,)12.3 ( exiting)12.3 ( production)32 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.167 TD [(capacity)4 ( )0.5 (slightly)4 ( )0.5 (exceeded)4 ( )0.5 (the)4.1 ( )0.5 (addition)4 ( )0.6 (of)4 ( )0.6 (new)4 ( )0.6 (capacity,)4 ( )0.5 (leading)4 ( )0.5 (to)4 ( )0.5 (the)4.1 ( )0.5 (decrease)4 ( )0.5 (in)4 ( )0.5 (urea)4 ( )]TJ T* [(production)4 ( )0.5 (capacity)4 ( )0.5 (in)4 ( )0.5 (2)4 (0)4 (1)4 (8)4 (.)4 ( )0.5 (From)4 ( )0.5 (January)4 ( )0.5 (to)4 ( )0.5 (December,)4 ( )0.5 (total)4 ( )0.5 (urea)4 ( )0.5 (production)4 ( )0.5 (capacity)4 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.167 TD [(was)12.8 ( at)12.8 ( approximately)12.8 ( 6)12.8 (9)12.8 (.)12.8 (5)12.7 (4)12.8 ( million)12.8 ( tonnes,)12.8 ( representing)12.8 ( a)12.8 ( decrease)12.8 ( of)12.8 ( approximately)21 ( )]TJ 0.025 Tc 0.001 Tw 0 -1.167 TD (4.4% from last year. At the same time, total urea production volume drop\ped significantly )Tj 0.026 Tc 0.082 Tw T* [(to)1 ( )0.5 (only)1 ( )0.5 (around)1 ( )0.5 (5)1 (2)1 (.)1 (0)1 (7)1 ( )0.5 (million)1 ( )0.5 (tonnes.)1 ( )0.5 (The)1 ( )0.5 (average)1 ( )0.5 (operating)1 ( )0.5 (rate)1 ( )0.5 (of)1 ( )0.5 (urea)1 ( )0.5 (enterprises)1 ( )0.5 (was)1 ( )]TJ 0.025 Tc 0.046 Tw 0 -1.167 TD (approximately 58% for the year. In line with the diminishing urea demand\ from the PRC )Tj 0.056 Tc 0.07 Tw 0 -1.167 TD [(agricultural)12.2 ( sector)12.2 ( over)12.2 ( recent)12.2 ( years,)12.2 ( the)12.2 ( domestic)12.1 ( agricultural)12.2 ( demand)12.2 ( declined)12.2 ( by)31 ( )]TJ 0.026 Tc 0.082 Tw T* [(approximately)1 ( )0.5 (1)1 (%)1.1 ( )0.5 (in)1 ( )0.5 (2)1 (0)1 (1)1 (8)1 (.)1 ( )0.5 (In)1 ( )0.5 (terms)1 ( )0.5 (of)1 ( )0.5 (raw)1.1 ( )0.5 (materials,)1 ( )0.5 (coal-to-gas)1 ( )0.5 (conversion)1 ( )0.5 (has)1 ( )0.5 (fueled)1 ( )]TJ 0.049 Tc 0.07 Tw 0 -1.167 TD [(natural)12.7 ( gas)12.8 ( consumption)12.7 ( and)12.8 ( continued)12.8 ( to)12.8 ( tighten)12.8 ( the)12.7 ( supply)12.8 ( of)12.7 ( gas)12.8 ( for)12.8 ( the)12.8 ( chemical)24 ( )]TJ 0.041 Tc 0 -1.167 TD [(fertilizer)12.4 ( industry,)12.4 ( hence)12.4 ( gas)12.4 ( price)12.4 ( was)12.4 ( on)12.4 ( the)12.3 ( rise)12.4 ( in)12.4 ( the)12.3 ( second)12.4 ( half)12.3 ( of)12.3 ( the)12.4 ( year.)12.3 ( The)16 ( )]TJ 0.032 Tc 0.076 Tw T* [(reduction)7 ( )0.5 (of)7 ( )0.5 (excess)7 ( )0.5 (coal)7 ( )0.5 (production)6.9 ( )0.6 (capacity)7 ( )0.5 (achieved)7 ( )0.5 (great)6.9 ( )0.5 (progress)7 ( )0.5 (while)7 ( )0.5 (coal)7 ( )0.5 (import)7 ( )]TJ 0.059 Tc 0.07 Tw 0 -1.167 TD [(tightened.)12.7 ( Domestic)12.7 ( coal-based)12.7 ( urea)12.7 ( manufactures)12.7 ( recorded)12.7 ( a)12.7 ( turnaround)12.7 ( in)12.7 ( profit;)34 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.167 TD [(however,)1 ( )0.5 (the)1 ( )0.5 (high)1 ( )0.5 (cost)1 ( )0.5 (of)1 ( )0.5 (coal)1 ( )0.5 (as)1 ( )0.5 (raw)1 ( )0.5 (materials)1 ( )0.5 (capped)0.9 ( )0.6 (the)1 ( )0.6 (improvement)1 ( )0.5 (in)1 ( )0.5 (profitability)1 ( )]TJ 0.061 Tc 0.07 Tw T* [(for)12.7 ( the)12.7 ( urea)12.6 ( sector)12.6 ( as)12.6 ( a)12.6 ( whole.)12.6 ( In)12.6 ( 2)12.6 (0)12.6 (1)12.7 (8)12.6 (,)12.6 ( the)12.6 ( average)12.6 ( selling)12.6 ( price)12.7 ( of)12.6 ( domestic)12.7 ( urea)36.1 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.167 TD [(increased)11 ( )0.5 (by)11 ( )0.5 (2)11 (0)11 (.)11 (8)11 (%)11 ( )0.5 (year-on-year)11 ( )0.5 (to)11 ( )0.5 (RMB)11.1 (1)10.9 (,)11 (9)11 (4)11 (1)11 (/tonne)11 ( )0.5 (and)10.9 ( )0.5 (exceeded)11 ( )0.5 (the)11 ( )0.5 (annual)11 ( )0.5 (average)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (price since 2013.)Tj ET endstreamendobj95 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 59 \226)Tj /T1_1 1 Tf -18.766 58.583 Td (CHAIRMAN\222S STATEMENT)Tj 0 -2.333 TD (TO SHAREHOLDERS)Tj /T1_0 1 Tf 0.071 Tc 0.07 Tw 0 -2.333 TD [(It\222s)12.2 ( my)12.3 ( honour)12.2 ( to)12.3 ( report)12.3 ( to)12.2 ( you)12.2 ( the)12.2 ( results)12.3 ( of)12.2 ( Ko)12.2 ( Yo)12.3 ( Chemical)12.3 ( \(Group\))12.2 ( Limited)12.2 ( \(the)46.1 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.167 TD [(\223Company\224\))5 ( )0.5 (together)5 ( )0.5 (with)4.9 ( )0.5 (its)5 ( )0.5 (subsidiaries)5 ( )0.5 (\(collectively,)5 ( )0.5 (the)5 ( )0.5 (\223Group\224\))5 ( )0.5 (for)5 ( )0.5 (the)5 ( )0.5 (year)5.1 ( )0.5 (ended)5 ( )0.5 (3)5 (1)5 ( )]TJ 0.025 Tc 0.045 Tw 0 -1.167 TD (December 2018. I wish to express sincere appreciation on behalf of the B\oard of Directors to )Tj 0.076 Tw 0 -1.167 TD [(all shareholders )0.5 (and friends from all )0.5 (sectors of the )0.5 (society who concern )0.5 (for the development )]TJ 0 Tw T* (of the Group.)Tj 0.064 Tc 0.07 Tw 0 -2.333 TD [(In)12.6 ( 2)12.6 (0)12.7 (1)12.6 (8)12.7 (,)12.7 ( the)12.7 ( macro-economic)12.7 ( conditions)12.6 ( showed)12.7 ( signs)12.7 ( of)12.7 ( improvement.)12.7 ( Driven)12.7 ( by)12.6 ( the)39 ( )]TJ 0.025 Tc 0.01 Tw 0 -1.167 TD (commitment of the state to safety and environmental protection, the grea\t progress of coal and )Tj 0.05 Tc 0.07 Tw 0 -1.167 TD [(urea)12.5 ( enterprises)12.5 ( in)12.5 ( reducing)12.5 ( production)12.5 ( capacity)12.5 ( and)12.5 ( the)12.4 ( stable)12.5 ( downstream)12.5 ( demand,)12.4 ( the)25.1 ( )]TJ 0.025 Tc 0.001 Tw 0 -1.167 TD (chemical fertilizer and chemicals industry greatly recovered and prices \for synthetic ammonia, )Tj 0.049 Tc 0.07 Tw T* [(urea)12.7 ( and)12.6 ( methanol)12.7 ( products)12.7 ( saw)12.7 ( significant)12.7 ( growth.)12.7 ( Nonetheless,)12.7 ( insufficient)12.7 ( gas)12.7 ( supply)24 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.167 TD [(during)4 ( )0.5 (the)4 ( )0.5 (heating)4 ( )0.5 (period)4 ( )0.5 (at)4 ( )0.5 (the)4 ( )0.5 (beginning)4 ( )0.5 (and)4 ( )0.5 (the)4 ( )0.5 (end)4 ( )0.6 (of)4 ( )0.6 (the)4 ( )0.5 (year)4 ( )0.5 (led)4 ( )0.5 (to)4 ( )0.5 (limited)4 ( )0.5 (gas)4.1 ( )0.5 (supply)4 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.167 TD [(and)12.8 ( production)12.8 ( suspension)12.8 ( in)12.8 ( Dazhou)12.8 ( Plant)12.7 ( and)12.8 ( Guangan)12.8 ( Plant,)12.8 ( which)12.8 ( failed)12.8 ( to)12.7 ( meet)12.7 ( their)15 ( )]TJ 0.038 Tc T* [(annual)12.4 ( targets)12.5 ( of)12.5 ( equipment)12.5 ( utilization)12.4 ( rate)12.4 ( and)12.4 ( production)12.4 ( volume.)12.4 ( As)12.4 ( a)12.4 ( result,)12.5 ( the)12.4 ( Group)13 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (remained in a loss position despite having largely improved from last ye\ar.)Tj 0.042 Tc 0.07 Tw 0 -2.333 TD [(For)12.7 ( the)12.8 ( year)12.8 ( ended)12.8 ( 3)12.7 (1)12.8 ( December)12.8 ( 2)12.8 (0)12.7 (1)12.8 (8)12.8 (,)12.8 ( the)12.8 ( audited)12.8 ( loss)12.8 ( attributable)12.8 ( to)12.8 ( shareholders)12.8 ( of)12.8 ( the)17 ( )]TJ 0.025 Tc 0.079 Tw 0 -1.167 TD (Group amounted to approximately RMB348 million. Basic loss per share was\ approximately )Tj 0.063 Tc 0.071 Tw 0 -1.167 TD [(RMB)12.1 (8)12 (.)12.1 (1)12.1 ( )0.5 (cent)12.1 ( )0.5 (\()12.1 (2)12.1 (0)12 (1)12.1 (7)12 (:)12.1 ( )0.5 (loss)12.1 ( )0.5 (of)12 ( )0.6 (RMB)12.1 (1)12.1 (0)12 (.)12.1 (6)12 ( )0.6 (cent\).)12.1 ( )0.5 (The)12.1 ( )0.6 (Group\222s)12.1 ( )0.6 (turnover)12 ( )0.6 (was)12.1 ( )0.6 (approximately)38 ( )]TJ 0.025 Tc 0.059 Tw T* [(RMB3,101 million, which represents )0.5 (a decrease )0.5 (of 15.7% as compared )0.5 (to RMB3,678 million )]TJ 0.051 Tc 0.07 Tw 0 -1.167 TD [(f)0.5 (o)0.5 (r)13 ( t)0.5 (h)0.5 (e)13 ( )0.5 (s)0.5 (a)0.5 (me)13 ( )0.5 (p)0.5 (e)0.5 (r)0.5 (i)0.5 (od)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (2)12.9 (0)13 (1)13 (7)13 (.)13 ( )0.5 (Th)0.5 (e)13 ( )0.5 (G)0.5 (r)0.5 (ou)0.5 (p)0.5 (\222)0.5 (s)13 ( )0.5 (sa)0.6 (le)0.5 (s)13 ( )0.5 (v)0.5 (o)0.5 (lu)0.5 (m)0.5 (e)13 ( )0.5 (\()0.5 (e)0.5 (xc)0.5 (l)0.5 (u)0.5 (d)0.5 (i)0.5 (ng)13 ( )0.5 (t)0.5 (r)0.5 (a)0.5 (di)0.5 (n)0.5 (g)0.5 (\))13 ( a)0.5 (m)0.5 (o)0.5 (u)0.5 (n)0.5 (t)0.5 (ed)13 ( )0.5 (t)0.5 (o)26 ( )]TJ 0.025 Tc 0.08 Tw 0 -1.167 TD (approximately 738,000 tonnes, representing a decrease of approximately 2\6.8% as compared )Tj 0 Tw T* (to 1,008,000 tonnes for last year.)Tj 0.027 Tc 0.081 Tw 0 -2.333 TD [(Led)2 ( )0.5 (by)1.9 ( )0.5 (the)2 ( management,)2 ( )0.5 (all)2 ( )0.5 (staff)2 ( of)2 ( )0.5 (the)2 ( )0.5 (Group)2 ( )0.5 (devoted)1.9 ( )0.5 (great)2 ( )0.5 (efforts)2 ( )0.5 (to)1.9 ( )0.5 (production)2 ( )0.5 (and)2 ( )0.5 (sales)2 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.167 TD [(through)1 ( )0.5 (market-driven)1 ( )0.5 (approach)1 ( )0.5 (and)1 ( )0.5 (safety)1 ( )0.5 (and)1 ( )0.5 (environmental)1 ( )0.5 (protection)1 ( )0.5 (measures;)1 ( )0.5 (with)1 ( )0.5 (the)1 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.167 TD [(g)0.6 (o)0.5 (a)0.6 (l)13 ( )0.6 (o)0.6 (f)13 ( )0.6 (m)0.5 (a)0.6 (n)0.6 (a)0.5 (g)0.6 (e)0.6 (m)0.5 (e)0.6 (n)0.5 (t)13.1 ( )0.6 (e)0.5 (n)0.6 (h)0.5 (a)0.6 (n)0.6 (c)0.5 (e)0.6 (m)0.6 (e)0.5 (n)0.6 (t)13 ( )0.6 (d)0.6 (u)0.5 (r)0.6 (i)0.5 (n)0.6 (g)13 ( )0.6 (t)0.6 (h)0.5 (e)13.1 ( )0.6 (p)0.5 (e)0.6 (r)0.5 (i)0.6 (o)0.6 (d)13 ( )0.6 (u)0.5 (n)0.6 (d)0.5 (e)0.6 (r)13.1 ( )0.5 (r)0.6 (e)0.6 (v)0.5 (i)0.6 (e)0.6 (w)0.5 (.)13.1 ( )0.5 (T)0.6 (h)0.6 (i)0.5 (s)13.1 ( )0.5 (h)0.6 (a)0.6 (s)13 ( )0.6 (r)0.6 (e)0.5 (s)0.6 (u)0.5 (l)0.6 (t)0.6 (e)0.5 (d)13.1 ( )0.5 (i)0.6 (n)13 ( )0.6 (t)0.6 (h)0.5 (e)14 ( )]TJ 0.045 Tc 0 -1.167 TD [(improvement)12.8 ( in)12.8 ( operating)12.8 ( results.)12.9 ( There)12.8 ( was)12.9 ( no)12.8 ( major)12.8 ( safety)12.8 ( incident)12.8 ( in)12.8 ( the)12.8 ( year)12.9 ( and)12.8 ( the)20.1 ( )]TJ 0.067 Tc T* [(Group)12.8 ( has)12.8 ( done)12.8 ( well)12.8 ( in)12.8 ( terms)12.8 ( of)12.8 ( environmental)12.8 ( protection)12.8 ( while)12.8 ( maintaining)12.8 ( a)12.7 ( stable)42 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.167 TD (workforce.)Tj 0.004 Tw 0 -2.333 TD (The KAM facilities in Guangan Plant were launched successfully and in co\ntinuous operation. )Tj 0.024 Tc 0 Tw 0 -1.167 TD [(I)0.5 (n)0.5 ( )0.5 (a)0.5 (d)0.5 (d)0.5 (i)0.5 (t)0.5 (i)0.5 (on)0.5 ( )0.5 (t)0.5 (o)0.5 ( )0.5 (t)0.5 (h)0.5 (e)0.5 ( )0.5 (I)0.5 (S)0.5 (O)0.5 (9)0.5 (0)0.5 (0)0.5 (1)0.5 ( )0.5 (q)0.5 (u)0.5 (a)0.5 (li)0.5 (t)0.6 (y )0.5 (m)0.5 (a)0.5 (n)0.5 (a)0.5 (g)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 ( )0.5 (s)0.5 (y)0.5 (s)0.5 (t)0.5 (e)0.5 (m)0.5 (,)0.5 ( )0.5 (I)0.5 (S)0.5 (O)0.5 (1)0.5 (4)0.5 (0)0.5 (0)0.5 (1)0.5 ( e)0.6 (nv)0.6 (ir)0.5 (o)0.5 (n)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 (a)0.5 (l)0.5 ( )0.5 (m)0.5 (a)0.5 (n)0.5 (a)0.5 (g)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.5 (t)-1 ( )]TJ 0.065 Tc 0.07 Tw 0 -1.167 TD [(system)12.6 ( and)12.7 ( ISO)12.7 (5)12.6 (0)12.7 (0)12.6 (0)12.7 (1)12.6 ( energy)12.6 ( management)12.6 ( system)12.6 ( accreditation,)12.7 ( the)12.7 ( Group)12.6 ( passed)12.6 ( the)40 ( )]TJ 0.036 Tc 0.072 Tw T* [(assessment)11 ( )0.5 (and)11 ( )0.5 (obtained)11 ( )0.5 (the)11 ( )0.5 (certification)11 ( )0.5 (of)11 ( )0.5 (Class)11 ( )0.5 (III)11 ( )0.5 (Production)11 ( )0.5 (Safety)11 ( )0.5 (Standardization.)11 ( )0.5 (It)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (also passed the inspection and acceptance of the Central Environmental I\nspection Group.)Tj ET endstreamendobj94 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 58 \226)Tj /T1_1 1 Tf -18.766 58.583 Td (Responsibilities of Directors for the Consolidated Financial Statements)Tj /T1_0 1 Tf 0.059 Tw 0 -2.333 TD (The directors are responsible for the preparation of the consolidated fi\nancial statements that )Tj 0.067 Tc 0.07 Tw 0 -1.167 TD [(give)12.8 ( a)12.7 ( true)12.7 ( and)12.7 ( fair)12.7 ( view)12.8 ( in)12.7 ( accordance)12.8 ( with)12.8 ( HKFRSs)12.8 ( issued)12.8 ( by)12.7 ( the)12.7 ( HKICPA)12.7 ( and)12.8 ( the)42 ( )]TJ 0.024 Tc 0 Tw 0 -1.167 TD [(disclosure requirements of the Hong Kong Companies Ordinance, and for su\ch internal control)-1 ( )]TJ 0.042 Tc 0.07 Tw T* [(as)12.2 ( the)12.2 ( directors)12.2 ( determine)12.2 ( is)12.2 ( necessary)12.2 ( to)12.2 ( enable)12.2 ( the)12.2 ( preparation)12.2 ( of)12.2 ( consolidated)12.1 ( financial)17 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (statements that are free from material misstatement, whether due to frau\d or error.)Tj 0.015 Tc 0.014 Tw 0 -2.333 TD (In preparing the consolidated financial statements, the directors are re\sponsible for assessing the )Tj 0.014 Tc 0 Tw 0 -1.167 TD [(Group\222s ability to continue as a going concern, disclosing, as applic\able, matters related to going)-1 ( )]TJ 0.026 Tc 0.072 Tw 0 -1.167 TD [(concern)11 ( )0.5 (and)11 ( )0.5 (using)11 ( )0.5 (the)11 ( )0.5 (going)11 ( )0.5 (concern)11 ( )0.5 (basis)11 ( )0.5 (of)11.1 ( accounting)11 ( )0.5 (unless)11 ( )0.5 (the)11.1 ( )0.5 (directors)11 ( )0.5 (either)11 ( )0.5 (intend)11 ( )0.5 (to)11 ( )]TJ 0.015 Tc 0 Tw T* (liquidate the Group or to cease operations, or have no realistic alterna\tive but to do so.)Tj /T1_1 1 Tf 0.025 Tc 0 -2.333 TD (Auditor\222s Responsibilities for the Audit of the Consolidated Financia\l Statements)Tj /T1_0 1 Tf 0.037 Tc 0.071 Tw T* [(Our)12 ( )0.5 (objectives)12 ( )0.5 (are)12.1 ( )0.5 (to)12.1 ( )0.5 (obtain)12 ( )0.5 (reasonable)12 ( )0.5 (assurance)12 ( )0.5 (about)12 ( )0.5 (whether)12 ( )0.5 (the)12 ( )0.5 (consolidated)12 ( )0.5 (financial)12 ( )]TJ 0.025 Tc 0.041 Tw 0 -1.167 TD (statements as a whole are free from material misstatement, whether due t\o fraud or error, and )Tj 0.001 Tw T* (to issue an auditor\222s report that includes our opinion. We report our\ opinion solely to you, as a )Tj 0.017 Tw 0 -1.167 TD (body, and for no other purpose. We do not assume responsibility towards \or accept liability to )Tj 0.052 Tc 0.07 Tw 0 -1.167 TD [(any)12.5 ( other)12.5 ( person)12.4 ( for)12.4 ( the)12.5 ( contents)12.5 ( of)12.5 ( this)12.4 ( report.)12.5 ( Reasonable)12.5 ( assurance)12.5 ( is)12.4 ( a)12.5 ( high)12.4 ( level)12.5 ( of)27 ( )]TJ 0.045 Tc T* [(assurance,)12.3 ( but)12.3 ( is)12.3 ( not)12.3 ( a)12.3 ( guarantee)12.3 ( that)12.2 ( an)12.3 ( audit)12.3 ( conducted)12.3 ( in)12.3 ( accordance)12.3 ( with)12.3 ( HKSAs)12.3 ( will)20 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.167 TD [(alwa)0.5 (ys)4 ( )0.5 (detec)0.5 (t)4 ( )0.5 (a)4 ( )0.5 (mater)0.5 (ial)4 ( )0.5 (missta)0.5 (tement)4 ( )0.5 (w)0.5 (hen)4 ( )0.5 (it)4 ( )0.5 (exis)0.5 (ts.)4 ( )0.5 (Missta)0.5 (tements)4 ( )0.5 (c)0.5 (an)4 ( )0.5 (arise)4.1 ( )0.5 (from)4 ( )0.5 (fra)0.5 (ud)4.1 ( )0.5 (or)4 ( )]TJ 0.025 Tc 0.013 Tw 0 -1.167 TD (error and are considered material if, individually or in the aggregate, \they could reasonably be )Tj 0.016 Tw T* (expected to influence the economic decisions of users taken on the basis\ of these consolidated )Tj 0 Tw 0 -1.167 TD (financial statements.)Tj 0.061 Tc 0.07 Tw 0 -2.333 TD [(A)12.6 ( further)12.6 ( description)12.6 ( of)12.6 ( our)12.6 ( responsibilities)12.6 ( for)12.6 ( the)12.6 ( audit)12.6 ( of)12.6 ( the)12.6 ( consolidated)12.6 ( financial)36 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (statements is located at the HKICPA\222s website at:)Tj -0.025 Tw 0 -2.333 TD (http://www.hkicpa.org.hk/en/standards-and-regulations/standards/auditing\-assurance/auditre/)Tj 0 Tw 0 -2.333 TD (This description forms part of our auditor\222s report.)Tj ET endstreamendobj93 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 57 \226)Tj /T1_1 1 Tf -18.766 58.583 Td (Mining Right)Tj /T1_0 1 Tf 0 -2.333 TD (Refer to Notes 19 and 21 to the consolidated financial statements)Tj 0.015 Tc 0.024 Tw 0 -2.333 TD (The Group tested the amount of mining right for impairment. This impairm\ent test is significant )Tj 0.029 Tc 0.07 Tw 0 -1.167 TD [(t)0.5 (o)13 ( )0.6 (o)0.5 (u)0.5 (r)13 ( )0.6 (a)0.5 (u)0.5 (d)0.5 (i)0.6 (t)13 ( )0.5 (b)0.5 (e)0.6 (c)0.5 (a)0.5 (u)0.6 (s)0.5 (e)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.6 (b)0.5 (a)0.5 (l)0.5 (a)0.6 (n)0.5 (c)0.5 (e)13.1 ( )0.5 (o)0.5 (f)13 ( )0.6 (m)0.5 (i)0.5 (n)0.5 (i)0.6 (n)0.5 (g)13 ( )0.5 (r)0.6 (i)0.5 (g)0.5 (h)0.5 (t)13 ( )0.6 (o)0.5 (f)13 ( )0.6 (a)0.5 (p)0.5 (p)0.5 (r)0.5 (o)0.6 (x)0.5 (i)0.5 (m)0.5 (a)0.6 (t)0.5 (e)0.5 (l)0.6 (y)13 ( )0.5 (R)0.5 (M)0.6 (B)13 (3)13 (0)13 (9)13 (,)13.1 (7)13 (5)13 (5)13 (,)13 (0)13.1 (0)13 (0)13 ( )0.5 (a)0.6 (s)13 ( )0.5 (a)0.6 (t)13 ( )0.5 (3)13 (1)14 ( )]TJ 0.028 Tc 0 -1.167 TD [(December)12.3 ( 2)12.3 (0)12.3 (1)12.3 (8)12.3 ( is)12.3 ( material)12.3 ( to)12.3 ( the)12.3 ( consolidated)12.3 ( financial)12.3 ( statements.)12.3 ( In)12.3 ( addition,)12.3 ( the)12.3 ( Group\222s)13 ( )]TJ 0.015 Tc 0 Tw 0 -1.167 TD (impairment test involves application of judgement and is based on assump\tions and estimates.)Tj 0.025 Tc 0 -2.333 TD (Our audit procedures included, among others:)Tj 0.064 Tw 0 -2.333 TD (\227)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Assessing the competence, independence and integrity of the external val\uer engaged by )Tj -0.025 Tw 0 -1.167 TD (client;)Tj 0.031 Tc 0.077 Tw -1.89 -2.333 Td (\227)Tj /Span<>> BDC 1.025 0 Td ( )Tj EMC 0.865 0 Td [(Obtaining)6 ( )0.5 (the)6 ( )0.5 (external)6 ( )0.5 (valuation)6 ( )0.5 (reports)6 ( )0.5 (and)6 ( )0.5 (communicating)6 ( )0.5 (with)6 ( )0.5 (the)6 ( )0.5 (external)6 ( )0.5 (valuer)6 ( )0.5 (to)6 ( )]TJ 0.025 Tc 0.069 Tw T* (discuss and challenge the valuation process, methodologies used and mark\et evidence to )Tj 0 Tw 0 -1.167 TD (support significant judgments and assumptions applied in the valuation m\odel;)Tj -1.89 -2.333 Td (\227)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Checking key assumptions and input data in the valuation model to suppor\ting evidence;)Tj -1.89 -2.333 Td (\227)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Checking arithmetical accuracy of the valuation model; and)Tj 0.052 Tc 0.07 Tw -1.89 -2.333 Td (\227)Tj /Span<>> BDC 1.025 0 Td ( )Tj EMC 0.865 0 Td [(Assessing)12.7 ( the)12.7 ( disclosure)12.7 ( of)12.6 ( the)12.7 ( impairment)12.7 ( test)12.7 ( for)12.7 ( mining)12.7 ( right)12.7 ( in)12.6 ( the)12.7 ( consolidated)27 ( )]TJ 0.025 Tc 0 Tw T* (financial statements.)Tj 0.027 Tc 0.081 Tw -1.89 -2.333 Td [(We)2 ( )0.5 (consider)2 ( )0.5 (that)2 ( )0.5 (the)2 ( Group\222s)2 ( )0.5 (impairment)2 ( )0.5 (test)2 ( )0.5 (for)2 ( )0.5 (mining)2 ( )0.5 (right)2.1 ( is)2 ( )0.5 (supported)2 ( )0.5 (by)2 ( )0.5 (the)2 ( )0.5 (available)2 ( )]TJ 0.025 Tc -0.025 Tw T* (evidence.)Tj /T1_1 1 Tf 0 Tw 0 -2.333 TD (Other Information in the Annual Report)Tj /T1_0 1 Tf 0.029 Tc 0.079 Tw T* [(The)4.1 ( )0.5 (directors)4 ( )0.5 (are)4 ( )0.5 (responsible)4 ( )0.5 (for)4 ( )0.5 (the)4 ( )0.5 (other)4 ( )0.5 (information.)4 ( )0.5 (The)4 ( )0.5 (other)4 ( )0.5 (information)4 ( )0.5 (comprises)4 ( )0.5 (all)4 ( )]TJ 0.06 Tc 0.07 Tw 0 -1.167 TD [(t)0.5 (h)0.5 (e)13 ( )0.5 (i)0.5 (nf)0.5 (o)0.5 (r)0.5 (m)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (i)0.5 (n)13 ( t)0.5 (h)0.5 (e)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)0.5 (\222)0.5 (s)13 ( )0.5 (a)0.5 (n)0.5 (nu)0.5 (a)0.5 (l)13 ( )0.5 (r)0.5 (e)0.5 (p)0.5 (o)0.5 (r)0.5 (t)0.5 (,)13 ( )0.5 (bu)0.5 (t)13 ( )0.5 (d)0.5 (o)0.5 (e)0.5 (s)13 ( )0.5 (n)0.5 (o)0.5 (t)13 ( )0.5 (in)0.5 (c)0.5 (l)0.5 (u)0.5 (d)0.5 (e)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (s)0.5 (ol)0.5 (i)0.5 (d)0.5 (a)0.5 (t)0.5 (e)0.5 (d)35 ( )]TJ 0.025 Tc 0.048 Tw T* [(financial )0.5 (statements and )0.5 (our )0.5 (auditors\222 )0.5 (report )0.5 (thereon. The )0.5 (other )0.5 (information )0.5 (is )0.5 (expected to )0.5 (be )]TJ 0 Tw 0 -1.167 TD (made available to us after the date of this auditor\222s report.)Tj 0.017 Tw 0 -2.333 TD (Our opinion on the consolidated financial statements does not cover the \other information and )Tj 0 Tw 0 -1.167 TD (we will not express any form of assurance conclusion thereon.)Tj 0.071 Tw 0 -2.333 TD (In connection with our audit of the consolidated financial statements, o\ur responsibility is to )Tj 0.052 Tc 0.07 Tw 0 -1.167 TD [(read)12.2 ( the)12.2 ( other)12.2 ( information)12.2 ( identified)12.2 ( above)12.2 ( when)12.2 ( it)12.1 ( becomes)12.2 ( available)12.2 ( and,)12.1 ( in)12.2 ( doing)12.2 ( so,)27 ( )]TJ 0.057 Tc 0 -1.167 TD [(consider)12.3 ( whether)12.3 ( the)12.3 ( other)12.3 ( information)12.3 ( is)12.3 ( materially)12.3 ( inconsistent)12.3 ( with)12.3 ( the)12.3 ( consolidated)32 ( )]TJ 0.055 Tc T* [(fina)0.5 (ncial)12.9 ( sta)0.5 (tement)0.5 (s)12.9 ( or)12.9 ( our)12.9 ( )0.5 (knowledg)0.5 (e)12.9 ( obtaine)0.5 (d)12.9 ( in)12.9 ( the)12.9 ( )0.5 (audit,)12.9 ( or)13 ( otherw)0.5 (ise)12.9 ( app)0.5 (ears)12.9 ( to)12.9 ( )0.5 (be)30 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (materially misstated.)Tj ET endstreamendobj92 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 56 \226)Tj /T1_1 1 Tf -18.766 58.583 Td (Key Audit Matters)Tj /T1_0 1 Tf 0.07 Tc 0.07 Tw 0 -2.333 TD [(Key)13 ( audi)0.5 (t)12.9 ( matt)0.5 (ers)12.9 ( a)0.5 (re)12.9 ( t)0.5 (hose)12.9 ( )0.5 (matter)0.5 (s)12.9 ( tha)0.5 (t,)12.9 ( in)12.9 ( )0.5 (our)12.9 ( pr)0.5 (ofess)0.5 (ional)12.9 ( )0.5 (judgmen)0.5 (t,)12.9 ( we)0.5 (re)12.9 ( of)13 ( most)45 ( )]TJ 0.025 Tc 0.054 Tw 0 -1.167 TD (significance in our audit of the consolidated financial statements of th\e current period. These )Tj 0 Tw 0 -1.167 TD (matters were addressed in the context of our audit of the consolidated f\inancial statements as a )Tj 0.021 Tw T* (whole, and in forming our opinion thereon, and we do not provide a separ\ate opinion on these )Tj 0.046 Tc 0.07 Tw 0 -1.167 TD [(matters.)12.8 ( In)12.7 ( addition)12.8 ( to)12.8 ( the)12.8 ( matter)12.8 ( described)12.8 ( in)12.7 ( the)12.8 ( Material)12.8 ( Uncertainty)12.8 ( Related)12.7 ( to)12.8 ( Going)21 ( )]TJ 0.025 Tc 0.044 Tw 0 -1.167 TD [(Concern section, )0.5 (we have determined )0.5 (the matters described )0.5 (below to be )0.5 (the key audit )0.5 (matters )]TJ 0 Tw T* (to be communicated in our report.)Tj /T1_1 1 Tf 0 -2.333 TD (Property, Plant And Equipment)Tj /T1_2 1 Tf T* (Refer to Note 17 to the consolidated financial statements)Tj /T1_0 1 Tf 0.073 Tc 0.07 Tw 0 -2.333 TD [(The)12.2 ( Group)12.2 ( tested)12.2 ( the)12.3 ( amount)12.2 ( of)12.2 ( property,)12.2 ( plant)12.2 ( and)12.3 ( equipment)12.3 ( for)12.3 ( impairment.)12.3 ( This)48.1 ( )]TJ 0.068 Tc 0 -1.167 TD [(impairment)12.2 ( test)12.2 ( is)12.2 ( significant)12.2 ( to)12.2 ( our)12.2 ( audit)12.2 ( because)12.2 ( the)12.3 ( balance)12.2 ( of)12.2 ( property,)12.2 ( plant)12.2 ( and)43 ( )]TJ 0.039 Tc 0 -1.167 TD [(equipment)12.6 ( of)12.6 ( approximately)12.6 ( RMB)12.6 (2)12.6 (,)12.6 (4)12.6 (7)12.6 (6)12.6 (,)12.6 (6)12.6 (1)12.6 (4)12.6 (,)12.6 (0)12.6 (0)12.6 (0)12.7 ( as)12.6 ( at)12.6 ( 3)12.6 (1)12.6 ( December)12.6 ( 2)12.6 (0)12.6 (1)12.6 (8)12.6 ( is)12.6 ( material)12.6 ( to)12.6 ( the)14 ( )]TJ 0.074 Tc T* [(consolidated)12.8 ( financial)12.8 ( statements.)12.8 ( In)12.8 ( addition,)12.8 ( the)12.8 ( Group\222s)12.9 ( impairment)12.8 ( test)12.9 ( involves)49 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (application of judgement and is based on assumptions and estimates.)Tj 0 -2.333 TD (Our audit procedures included, among others:)Tj 0 -2.333 TD (\227)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Assessing the identification of the related cash generating units;)Tj -1.89 -2.333 Td (\227)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Assessing the arithmetical accuracy of the value-in-use calculations;)Tj -1.89 -2.333 Td (\227)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Comparing the actual cash flows with the cash flow projections;)Tj 0.034 Tc 0.074 Tw -1.89 -2.333 Td (\227)Tj /Span<>> BDC 1.025 0 Td ( )Tj EMC 0.865 0 Td [(Assessing)9 ( )0.5 (the)9 ( )0.5 (reasonableness)9.1 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (key)8.9 ( )0.5 (assumptions)9 ( )0.5 (\(including)9 ( )0.5 (revenue)9 ( )0.5 (growth,)9 ( )0.5 (profit)9 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (margins, terminal growth rates and discount rates\);)Tj 0.027 Tw -1.89 -2.333 Td (\227)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Engaging our own valuer to assist us in assessing the reasonableness of \the discount rate; )Tj -0.025 Tw T* (and)Tj 0 Tw -1.89 -2.333 Td (\227)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Checking input data to supporting evidence.)Tj 0.062 Tw -1.89 -2.333 Td (We consider that the Group\222s impairment test for property, plant and \equipment is supported )Tj 0 Tw T* (by the available evidence.)Tj ET endstreamendobj45 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj46 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj47 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj48 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj49 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj102 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 55 \226)Tj /T1_1 1 Tf -18.766 58.583 Td (EXTRACT OF INDEPENDENT AUDITOR\222S REPORT)Tj /T1_0 1 Tf 0.068 Tw 0 -2.333 TD (The following is the extract of the independent auditor\222s report from\ the external auditors of )Tj 0 Tw 0 -1.167 TD (the Company:)Tj /T1_1 1 Tf -0.025 Tw 0 -2.333 TD (Opinion)Tj /T1_0 1 Tf 0.03 Tc 0.078 Tw 0 -2.333 TD [(We)5.1 ( )0.5 (have)5 ( )0.5 (audited)5 ( )0.5 (the)5.1 ( )0.5 (consolidated)5 ( )0.5 (financial)5 ( )0.5 (statements)5 ( )0.5 (of)5 ( )0.5 (Ko)5 ( )0.5 (Yo)5 ( )0.5 (Chemical)5 ( )0.5 (\(Group\))5.1 ( )0.5 (Limited)5.1 ( )]TJ 0.024 Tc 0 Tw 0 -1.167 TD [(\(the \223Company\224\) and its subsidiaries \(collectively referred to \as the \223Group\224\), which comprise)-1 ( )]TJ 0.025 Tc 0.024 Tw 0 -1.167 TD (the consolidated statement of financial position as at 31 December 2018,\ and the consolidated )Tj 0.024 Tc 0 Tw 0 -1.167 TD [(statement of profit or loss and other comprehensive income, consolidated\ statement of changes)-1 ( )]TJ 0.027 Tc 0.081 Tw T* [(in)2 ( )0.5 (equity)2 ( )0.5 (and)2 ( )0.5 (consolidated)2 ( )0.5 (statement)2 ( )0.5 (of)2 ( cash)2 ( )0.5 (flows)2 ( for)2 ( the)2.1 ( year)2 ( )0.5 (then)2 ( )0.5 (ended,)2 ( )0.5 (and)2 ( )0.5 (notes)2 ( )0.5 (to)2 ( )0.5 (the)2.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.167 TD (consolidated financial statements, including a summary of significant ac\counting policies.)Tj 0.069 Tc 0.07 Tw 0 -2.333 TD [(In)12.9 ( our)12.9 ( )0.5 (opinion,)12.9 ( the)12.9 ( consoli)0.5 (dated)12.9 ( financ)0.5 (ia)0.5 (l)12.9 ( stateme)0.5 (nts)12.9 ( give)12.9 ( a)12.9 ( true)13 ( and)12.9 ( fair)12.9 ( )0.5 (view)12.9 ( of)12.9 ( the)44 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.167 TD [(consolidated )0.5 (financial )0.5 (position )0.5 (of )0.6 (the )0.6 (Group )0.6 (as )0.5 (at )0.5 (31 )0.5 (December )0.5 (2018, )0.5 (and )0.5 (of )0.5 (its )0.6 (consolidated )]TJ 0.027 Tc 0.081 Tw 0 -1.167 TD [(f)0.5 (i)0.5 (n)0.5 (a)0.5 (nc)0.6 (ia)0.5 (l)2 ( )0.5 (p)0.5 (e)0.5 (r)0.5 (f)0.5 (o)0.5 (r)0.5 (ma)0.5 (n)0.5 (c)0.5 (e)2 ( )0.5 (a)0.5 (n)0.5 (d)2 ( )0.5 (i)0.5 (t)0.5 (s)2 ( )0.5 (c)0.5 (on)0.5 (s)0.5 (o)0.5 (l)0.5 (i)0.5 (d)0.5 (a)0.5 (te)0.6 (d)1.9 ( )0.5 (c)0.5 (a)0.5 (s)0.5 (h)2 ( )0.5 (f)0.5 (l)0.5 (o)0.5 (w)0.5 (s)2 ( )0.5 (fo)0.5 (r)2 ( )0.5 (t)0.5 (h)0.5 (e)2 ( )0.5 (y)0.5 (e)0.5 (a)0.5 (r)2 ( )0.5 (th)0.5 (e)0.5 (n)2 ( )0.5 (e)0.5 (n)0.5 (d)0.5 (e)0.5 (d)2 ( )0.5 (in)2 ( )0.5 (a)0.5 (c)0.5 (c)0.5 (o)0.5 (r)0.5 (d)0.5 (a)0.5 (n)0.5 (c)0.5 (e)2 ( )]TJ 0.058 Tc 0.07 Tw T* [(with)12.1 ( Hong)12.1 ( Kong)12.1 ( Financial)12.1 ( Reporting)12.1 ( Standards)12.1 ( \(\223HKFRSs\224\))12.1 ( issued)12.1 ( by)12.1 ( the)12.1 ( Hong)12.1 ( Kong)33 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.167 TD (Institute of Certified Public Accountants \(the \223HKICPA\224\) and hav\e been properly prepared in )Tj 0 Tw 0 -1.167 TD (compliance with the disclosure requirements of the Hong Kong Companies O\rdinance.)Tj /T1_1 1 Tf 0 -2.333 TD (Basis For Opinion)Tj /T1_0 1 Tf 0.036 Tc 0.072 Tw 0 -2.333 TD [(We)11.1 ( conducted)11 ( )0.5 (our)11 ( )0.5 (audit)11 ( )0.5 (in)11 ( )0.5 (accordance)11 ( )0.5 (with)11 ( )0.5 (Hong)11 ( )0.5 (Kong)11 ( )0.5 (Standards)11 ( )0.5 (on)11 ( )0.5 (Auditing)11 ( )0.5 (\(\223HKSAs\224\))11 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.167 TD (issued by the HKICPA. Our responsibilities under those standards are fur\ther described in the )Tj 0.028 Tc 0.08 Tw 0 -1.167 TD [(Auditor\222s)3 ( )0.5 (Responsibilities)3 ( for)3 ( )0.5 (the)3 ( )0.5 (Audit)3 ( )0.5 (of)3 ( )0.5 (the)3.1 ( )0.5 (Consolidated)3 ( )0.5 (Financial)3 ( )0.5 (Statements)3.1 ( )0.5 (section)3 ( )0.5 (of)3 ( )]TJ 0.024 Tc 0 Tw T* [(our report. We are independent of the Group in accordance with the HKICP\A\222s Code of Ethics)-1 ( )]TJ 0.083 Tc 0.07 Tw 0 -1.167 TD [(for)12.1 ( Professional)12.1 ( Accountants)12.2 ( \(the)12.2 ( \223Code\224\),)12.2 ( and)12.1 ( we)12.2 ( have)12.1 ( fulfilled)12.1 ( our)12.1 ( other)12.1 ( ethical)58 ( )]TJ 0.044 Tc 0 -1.167 TD [(responsibilities)12.1 ( in)12.1 ( accordance)12.1 ( with)12.1 ( the)12.1 ( Code.)12.1 ( We)12.1 ( believe)12.1 ( that)12.1 ( the)12.2 ( audit)12.1 ( evidence)12.1 ( we)12.1 ( have)19.1 ( )]TJ 0.025 Tc 0 Tw T* (obtained is sufficient and appropriate to provide a basis for our opinio\n.)Tj /T1_1 1 Tf 0 -2.333 TD (Material Uncertainty Related To Going Concern)Tj /T1_0 1 Tf 0.04 Tc 0.07 Tw T* [(We)12.3 ( draw)12.3 ( attention)12.3 ( to)12.3 ( Note)12.3 ( 2)12.2 ( to)12.3 ( the)12.3 ( consolidated)12.2 ( financial)12.3 ( statements)12.3 ( which)12.3 ( states)12.3 ( that)12.3 ( the)15 ( )]TJ 0 -1.167 TD [(Group)12.8 ( incurred)12.8 ( a)12.8 ( loss)12.8 ( of)12.8 ( approximately)12.8 ( RMB)12.8 (3)12.8 (4)12.9 (8)12.8 (,)12.8 (2)12.9 (8)12.8 (6)12.8 (,)12.9 (0)12.8 (0)12.8 (0)12.9 ( for)12.8 ( the)12.9 ( year)12.9 ( ended)12.8 ( 3)12.9 (1)12.8 ( December)15 ( )]TJ 0.025 Tc 0.082 Tw T* [(2018 )0.5 (and )0.5 (as )0.5 (at )0.5 (31 )0.5 (December )0.5 (2018, )0.5 (the )0.5 (Group\222s )0.5 (current )0.5 (liabilities )0.5 (exceeded )0.5 (its )0.5 (current )0.6 (assets )]TJ 0.031 Tc 0.077 Tw 0 -1.167 TD [(by)6 ( )0.5 (approximately)6.1 ( RMB)6 (1)6 (,)6 (9)6 (4)6 (0)6 (,)6 (6)6 (6)6.1 (0)6 (,)6 (0)6 (0)6 (0)6 (,)6 ( )0.5 (despite)6 ( )0.5 (the)6 ( )0.5 (Group)6 ( )0.5 (had)5.9 ( )0.6 (a)6 ( )0.5 (net)6 ( )0.5 (operating)6 ( )0.5 (cash)6 ( )0.5 (inflow)6 ( )0.5 (of)6 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.167 TD [(approximately)1 ( )0.5 (RMB)1.1 (5)1 (3)1 (,)1 (7)1 (0)1 (9)1 (,)1 (0)1 (0)1 (0)1 ( )0.5 (during)1 ( )0.6 (the)1 ( )0.5 (year.)1 ( )0.5 (These)1 ( )0.5 (conditions)1 ( )0.5 (indicate)1 ( )0.6 (the)1 ( )0.5 (existence)1 ( )0.5 (of)1 ( )0.5 (a)1 ( )]TJ 0.025 Tc 0.02 Tw T* [(material )0.5 (uncertainty which )0.5 (may )0.5 (cast significant )0.5 (doubt about )0.5 (the )0.5 (Group\222s ability )0.5 (to continue )0.5 (as )]TJ 0 Tw 0 -1.167 TD (a going concern. 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cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 630.0159 Tm ( )Tj ET q 1 0 0 1 479.0551 630.2489 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 630.0159 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 433.7165 607.6989 Tm (966,450)Tj /T1_0 1 Tf 6.287 0 Td (1,158,151)Tj ET q 1 0 0 1 408.1889 603.2398 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 603.0068 Tm ( )Tj ET q 1 0 0 1 479.0551 603.2398 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 603.0068 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 580.6898 Tm (Current assets)Tj /T1_0 1 Tf T* (Other receivables)Tj /T1_1 1 Tf -0.025 Tw 37.285 0 Td (368)Tj /T1_0 1 Tf 7.087 0 Td (489)Tj 0 Tw -44.371 -1.2 Td (Derivative financial assets)Tj /T1_1 1 Tf 0 Tc 38.335 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.712 0 Td (41,670)Tj 0 Tw -43.046 -1.2 Td (Cash and cash equivalents)Tj /T1_1 1 Tf -0.025 Tw 37.81 0 Td (19)Tj /T1_0 1 Tf 7.087 0 Td (19)Tj ET q 1 0 0 1 408.1889 540.2308 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 539.9979 Tm ( )Tj ET q 1 0 0 1 479.0551 540.2308 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 539.9979 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 452.2165 517.6808 Tm (387)Tj /T1_0 1 Tf 5.762 0 Td (42,178)Tj ET q 1 0 0 1 408.1889 513.2218 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 512.9888 Tm ( )Tj ET q 1 0 0 1 479.0551 513.2218 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 512.9888 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 490.6718 Tm (Total assets)Tj -0.025 Tw 35.435 0 Td (966,837)Tj /T1_0 1 Tf 6.287 0 Td (1,200,329)Tj ET 1.11 w q 1 0 0 1 408.1889 486.021 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 483.921 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 483.593 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 486.021 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 483.921 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 483.593 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 79.3701 461.276 Tm (EQUITY)Tj 0 Tw T* (Capital and reserves attributable to equity holders of the Company)Tj /T1_0 1 Tf T* (Share capital)Tj /T1_1 1 Tf -0.025 Tw 35.435 0 Td (368,394)Tj /T1_0 1 Tf 7.087 0 Td (368,394)Tj -42.521 -1.2 Td (Reserves)Tj /T1_1 1 Tf 35.435 0 Td (215,012)Tj /T1_0 1 Tf 7.087 0 Td (563,221)Tj ET 0.5 w q 1 0 0 1 408.1889 420.817 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 420.584 Tm ( )Tj ET q 1 0 0 1 479.0551 420.817 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 420.584 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 398.2669 Tm (Total equity)Tj -0.025 Tw 35.435 0 Td (583,406)Tj /T1_0 1 Tf 7.087 0 Td (931,615)Tj ET q 1 0 0 1 408.1889 393.8079 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 393.5749 Tm ( )Tj ET q 1 0 0 1 479.0551 393.8079 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 393.5749 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 79.3701 371.2579 Tm (LIABILITIES)Tj 0 Tw T* (Non-current liabilities)Tj /T1_0 1 Tf T* (Convertible bonds)Tj /T1_1 1 Tf -0.025 Tw 35.435 0 Td (136,528)Tj /T1_0 1 Tf 7.087 0 Td (124,191)Tj ET q 1 0 0 1 408.1889 342.7988 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 342.5658 Tm ( )Tj ET q 1 0 0 1 479.0551 342.7988 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 342.5658 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 320.2488 Tm (Current liabilities)Tj /T1_0 1 Tf T* (Accruals and other payables)Tj /T1_1 1 Tf -0.025 Tw 35.96 0 Td (66,539)Tj /T1_0 1 Tf 7.087 0 Td (49,123)Tj 0 Tw -43.046 -1.2 Td (Short-term borrowings)Tj /T1_1 1 Tf 0 Tc 38.335 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 5.237 0 Td (6,663)Tj 0 Tw -43.571 -1.2 Td (Financial guarantee liabilities)Tj /T1_1 1 Tf -0.025 Tw 35.435 0 Td (180,364)Tj /T1_0 1 Tf 7.612 0 Td (88,737)Tj ET q 1 0 0 1 408.1889 279.7898 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 279.5568 Tm ( )Tj ET q 1 0 0 1 479.0551 279.7898 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 279.5568 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 433.7165 257.2398 Tm (246,903)Tj /T1_0 1 Tf 7.087 0 Td (144,523)Tj ET q 1 0 0 1 408.1889 252.7807 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 252.5477 Tm ( )Tj ET q 1 0 0 1 479.0551 252.7807 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 252.5477 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 230.2307 Tm (Total liabilities)Tj -0.025 Tw 35.435 0 Td (383,431)Tj /T1_0 1 Tf 7.087 0 Td (268,714)Tj ET 1.11 w q 1 0 0 1 408.1889 225.5799 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 223.4799 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 223.1519 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 225.5799 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 223.4799 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 223.1519 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 200.8349 Tm (Total equity and liabilities)Tj -0.025 Tw 35.435 0 Td (966,837)Tj /T1_0 1 Tf 6.287 0 Td (1,200,329)Tj ET 1.11 w q 1 0 0 1 408.1889 196.1841 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 194.0841 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 193.7561 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 196.1841 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 194.0841 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 193.7561 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 171.4391 Tm (Net current liabilities)Tj -0.025 Tw 35.052 0 Td (\(246,516\))Tj /T1_0 1 Tf 7.087 0 Td (\(102,345\))Tj ET 1.11 w q 1 0 0 1 408.1889 166.7883 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 164.6883 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 164.3603 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 166.7883 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 164.6883 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 164.3603 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 142.0432 Tm (Total assets less current liabilities)Tj -0.025 Tw 35.435 0 Td (719,934)Tj /T1_0 1 Tf 6.287 0 Td (1,055,806)Tj ET 1.11 w q 1 0 0 1 408.1889 137.3924 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 135.2924 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 134.9644 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 137.3924 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 135.2924 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 134.9644 Tm ( )Tj ET endstreamendobj98 0 obj<>endobj99 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 52 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (38.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (RELATED-PARTY TRANSACTIONS)Tj /T1_0 1 Tf 0.043 Tc 0.07 Tw 0 -2.4 TD [(At)12.2 ( 3)12.2 (1)12.1 ( December)12.1 ( 2)12.2 (0)12.1 (1)12.2 (8)12.2 (,)12.1 ( long-term)12.1 ( borrowings)12.2 ( of)12.2 ( approximately)12.2 ( RMB)12.1 (2)12.2 (6)12.2 (3)12.1 (,)12.2 (4)12.2 (6)12.1 (0)12.2 (,)12.2 (0)12.1 (0)12.2 (0)12.2 ( \()12.2 (2)12.2 (0)12.2 (1)12.1 (7)12.2 (:)12.1 ( approximately)17.9 ( )]TJ 0.042 Tc 0 -1.2 TD [(RMB)12.9 (1)12.9 (7)12.9 (9)12.9 (,)12.9 (9)12.9 (6)12.9 (0)12.9 (,)12.9 (0)12.9 (0)12.9 (0)12.9 (\))12.9 ( a)0.5 (nd)13 ( s)0.5 (hort-term)12.9 ( borrowings)12.9 ( of)13 ( approximately)12.9 ( RMB)12.9 (5)12.9 (9)12.9 (6)12.9 (,)12.9 (4)12.9 (4)12.9 (0)12.9 (,)12.9 (0)12.9 (0)12.9 (0)12.9 ( \()12.9 (2)12.9 (0)12.9 (1)12.9 (7)12.9 (:)12.9 ( )0.5 (appr)0.5 (oximately)17 ( )]TJ 0.025 Tc 0.027 Tw T* (RMB712,490,000\) were guaranteed by Mr. Li Weiruo with no charge. In the\ opinion of the directors of the )Tj 0.051 Tc 0.07 Tw T* [(Company,)12.2 ( the)12.2 ( fair)12.2 ( value)12.2 ( of)12.2 ( guarantee)12.2 ( provided)12.2 ( by)12.2 ( Mr.)12.1 ( Li)12.1 ( Weiruo)12.2 ( is)12.2 ( insignificant)12.1 ( to)12.1 ( the)12.2 ( Group.)12.1 ( Such)26 ( )]TJ 0.025 Tc 0 Tw T* (guarantee has not been accounted for by the Group.)Tj /T1_1 1 Tf -2.268 -2.4 Td (39.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (KEY MANAGEMENT COMPENSATION \(EXCLUDING DIRECTORS\222 EMOLUMENTS\))Tj ET 0 0 0 0 k /GS1 gs 402.52 619.008 70.866 -12 re 402.52 607.008 70.866 -12 re 402.52 595.008 70.866 -12 re 402.52 583.008 70.866 -12 re 402.52 571.008 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 10 0 0 10 446.9665 608.7079 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.4 Td (Salaries and other short-term employee benefits)Tj /T1_1 1 Tf -0.025 Tw 36.485 0 Td (2,062)Tj /T1_0 1 Tf 7.087 0 Td (3,303)Tj ET 0 0 0 1 K 1.11 w q 1 0 0 1 408.1889 568.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 565.9571 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 565.6292 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 568.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 565.9571 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 565.6292 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 56.6929 545.0121 Tm (40.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS)Tj /T1_0 1 Tf 0 -2.4 TD (Changes in liabilities arising from financing activities)Tj T* (The following table shows the Group changes in liabilities arising from \financing activities during the year:)Tj ET 0 0 0 0 k /GS1 gs 331.654 336.303 70.866 -12 re 402.52 336.303 70.866 -12 re 473.386 336.303 70.866 -12 re 331.654 324.303 70.866 -12 re 402.52 324.303 70.866 -12 re 473.386 324.303 70.866 -12 re 331.654 312.303 70.866 -12 re 402.52 312.303 70.866 -12 re 473.386 312.303 70.866 -12 re 331.654 300.303 70.866 -12 re 402.52 300.303 70.866 -12 re 473.386 300.303 70.866 -12 re 331.654 288.303 70.866 -12 re 402.52 288.303 70.866 -12 re 473.386 288.303 70.866 -12 re 331.654 276.303 70.866 -24 re 402.52 276.303 70.866 -24 re 473.386 276.303 70.866 -24 re 331.654 249.294 70.866 -12 re 402.52 249.294 70.866 -12 re 473.386 249.294 70.866 -12 re 331.654 237.294 70.866 -12 re 402.52 237.294 70.866 -12 re 473.386 237.294 70.866 -12 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 9.5 0 0 10 346.4536 449.0121 Tm (Convertible)Tj 2.648 -1.2 Td (bonds)Tj 5.307 3.6 Td (Long-term )Tj 3.148 -1.2 Td (and)Tj -3.172 -1.2 Td (short-term)Tj -0.28 -1.2 Td (borrowings)Tj 10.196 3.6 Td (Total )Tj -1.762 -1.2 Td (liabilities)Tj 0 Tw -2.546 -1.2 Td (from financing)Tj -0.025 Tw 2.684 -1.2 Td (activities)Tj /T1_3 1 Tf -14.955 -1.2 Td (RMB\222000)Tj 7.46 0 Td (RMB\222000)Tj 7.46 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -44.3 -2.4 Td (At 1 January 2017)Tj -0.025 Tw 30.019 0 Td (115,296)Tj 6.66 0 Td (2,104,935)Tj 7.46 0 Td (2,220,231)Tj 0 Tw -44.138 -1.2 Td (Changes in cash flows)Tj 0 Tc 32.919 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.702 0 Td (\(18,160\))Tj 7.46 0 Td (\(18,160\))Tj 0 Tw -45.08 -1.2 Td (Non-cash changes)Tj 0 -1.2 TD (\227 interest charged)Tj -0.025 Tw 30.544 0 Td (27,901)Tj 0 Tc 0 Tw 9.835 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.085 0 Td (27,901)Tj 0.024 Tc 0 Tw -45.463 -1.2 Td (\227 reallocation to interest payables including in other payables)Tj 0.025 Tc -0.025 Tw 30.161 0 Td (\(17,967\))Tj 0 Tc 0 Tw 10.218 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.702 0 Td (\(17,967\))Tj 0 Tw -45.08 -1.2 Td (\227 converted during the year)Tj -0.025 Tw 30.686 0 Td (\(1,039\))Tj 0 Tc 0 Tw 9.693 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.227 0 Td (\(1,039\))Tj ET 0.5 w q 1 0 0 1 337.3228 336.5531 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 331.6536 336.3201 Tm ( )Tj ET q 1 0 0 1 408.189 336.5531 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 336.3201 Tm ( )Tj ET q 1 0 0 1 479.0551 336.5531 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3859 336.3201 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 9.5 0 0 10 79.3701 314.0031 Tm (At 31 December 2017 and 1 January 2018)Tj -0.025 Tw 30.019 0 Td (124,191)Tj 6.66 0 Td (2,086,775)Tj 7.46 0 Td (2,210,966)Tj 0 Tw -44.138 -1.2 Td (Changes in cash flows)Tj 0 Tc 32.919 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.702 0 Td (\(69,686\))Tj 7.46 0 Td (\(69,686\))Tj 0 Tw -45.08 -1.2 Td (Non-cash changes)Tj T* (\227 interest charged)Tj -0.025 Tw 30.544 0 Td (30,305)Tj 0 Tc 0 Tw 9.835 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.085 0 Td (30,305)Tj 0 Tw -45.463 -1.2 Td (\227 )Tj /Span<>> BDC ( )Tj EMC 1.3 0 Td (reallocation to interest payables including )Tj 0 Tc ( )Tj 0.025 Tc /Span<>> BDC T* ( )Tj EMC 1.025 0 Td (in other payables)Tj -0.025 Tw 27.836 0 Td (\(17,968\))Tj 0 Tc 0 Tw 10.218 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.702 0 Td (\(17,968\))Tj ET q 1 0 0 1 337.3228 249.544 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 331.6536 249.311 Tm ( )Tj ET q 1 0 0 1 408.189 249.544 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 249.311 Tm ( )Tj ET q 1 0 0 1 479.0551 249.544 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3859 249.311 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 9.5 0 0 10 79.3701 226.994 Tm (At 31 December 2018)Tj -0.025 Tw 30.019 0 Td (136,528)Tj 6.66 0 Td (2,017,089)Tj 7.46 0 Td (2,153,617)Tj ET 1.11 w q 1 0 0 1 337.3228 222.3432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 220.2432 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.095 0 0 0.1 396.7982 219.9152 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.189 222.3432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 220.2432 cm 0 0 m 59.528 0 l S Q BT 0.095 0 0 0.1 467.6643 219.9152 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 222.3432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 220.2432 cm 0 0 m 59.528 0 l S Q BT 0.095 0 0 0.1 538.5305 219.9152 Tm ( )Tj ET endstreamendobj97 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 51 \226)Tj /T1_1 1 Tf 0.668 Tw 10 0 0 10 56.6929 728.7079 Tm (37.)Tj /Span<>> BDC ( )Tj EMC (COMMITMENTS )Tj 0 Tw 2.268 -2.6 Td (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Capital commitments)Tj ET 0 0 0 0 k /GS1 gs 402.52 688.008 70.866 -12 re 402.52 676.008 70.866 -12 re 402.52 664.008 70.866 -12 re 402.52 652.008 70.866 -12 re 402.52 640.008 70.866 -12 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 10 0 0 10 446.9665 677.7079 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf -39.616 -2.4 Td (Constructions-in-progress:)Tj 0 Tw 0 -1.2 TD (Contracted but not provided for)Tj /T1_1 1 Tf -0.025 Tw 33.167 0 Td (120,132)Tj /T1_0 1 Tf 7.087 0 Td (127,285)Tj ET 0 0 0 1 K 1.11 w q 1 0 0 1 408.189 625.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 622.9571 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 622.6292 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 625.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 622.9571 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 622.6292 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 601.0121 Tm (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Commitments under operating leases)Tj /T1_0 1 Tf 0.053 Tw 0 -2.4 TD (The Group leases offices under non-cancellable operating lease agreement\. The lease term is 2 years, )Tj 0 Tw 0 -1.2 TD (and the majority of lease agreements are renewable at the end of the per\iod at market rate.)Tj 0.066 Tw 0 -2.5 TD (The Group had future aggregate minimum lease payments under non-cancella\ble operating leases for )Tj 0 Tw 0 -1.2 TD (land and buildings are as follows:)Tj ET 0 0 0 0 k /GS1 gs 402.52 514.312 70.866 -12 re 402.52 502.312 70.866 -12 re 402.52 490.312 70.866 -12 re 402.52 478.312 70.866 -12 re 402.52 466.312 70.866 -12 re 402.52 451.303 70.866 -12 re 402.52 439.303 70.866 -12 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 446.9665 504.0121 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -39.616 -2.4 Td (Not later than 1 year)Tj /T1_1 1 Tf -0.025 Tw 35.017 0 Td (871)Tj /T1_0 1 Tf 7.087 0 Td (242)Tj 0 Tw -42.104 -1.2 Td (More than 1 year but not exceeding 2 years)Tj /T1_1 1 Tf -0.025 Tw 35.017 0 Td (239)Tj /T1_0 1 Tf 0 Tc 0 Tw 8.137 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0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 554.5432 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 473.3858 554.2152 Tm ( )Tj 0.025 Tc 0.041 Tw 10 0 0 10 79.3701 533.5981 Tm (As at 31 December 2018, the Group had total unused tax losses of approxi\mately RMB998,715,000 \(2017: )Tj 0.041 Tc 0.07 Tw 0 -1.2 TD [(approximately)12.8 ( RMB)12.9 (9)12.8 (3)12.9 (9)12.8 (,)12.9 (1)12.8 (0)12.9 (8)12.8 (,)12.8 (0)12.9 (0)12.8 (0)12.9 (\).)12.9 ( No)12.9 ( deferred)12.8 ( tax)12.9 ( asset)12.9 ( has)12.9 ( been)12.9 ( recognised)12.8 ( in)12.9 ( respect)12.8 ( of)12.9 ( tax)12.9 ( losses)12.9 ( of)16 ( )]TJ 0.025 Tc 0.028 Tw T* (certain subsidiaries of approximately RMB590,859,000 \(2017: approximate\ly RMB541,944,000\) due to the )Tj 0.063 Tc 0.07 Tw T* [(unpredictability)12.8 ( of)12.8 ( future)12.7 ( profit)12.8 ( streams)12.8 ( of)12.8 ( these)12.8 ( subsidiaries.)12.8 ( Deferred)12.8 ( tax)12.8 ( asset)12.8 ( of)12.8 ( approximately)38 ( )]TJ 0.025 Tc 0.081 Tw T* (RMB101,964,000 \(2017: approximately RMB99,291,000\) has been recognised\ in respect of the tax losses )Tj 0.049 Tc 0.07 Tw 0 -1.2 TD [(of)12.3 ( certain)12.3 ( subsidiaries)12.4 ( of)12.4 ( approximately)12.4 ( RMB)12.4 (4)12.4 (0)12.3 (7)12.4 (,)12.4 (8)12.3 (5)12.4 (6)12.4 (,)12.3 (0)12.4 (0)12.4 (0)12.4 ( \()12.4 (2)12.4 (0)12.3 (1)12.4 (7)12.4 (:)12.3 ( approximately)12.4 ( RMB)12.4 (3)12.3 (9)12.4 (7)12.3 (,)12.4 (1)12.4 (6)12.3 (4)12.4 (,)12.4 (0)12.3 (0)12.4 (0)12.4 (\))12.4 ( as)24 ( )]TJ 0.025 Tc 0.027 Tw 0 -1.2 TD [(management )0.5 (considered )0.5 (it )0.5 (is )0.5 (probable )0.5 (that )0.5 (these )0.5 (subsidiaries )0.5 (can )0.5 (generate )0.5 (sufficient )0.5 (taxable )0.5 (profit )0.5 (to )0.5 (utilise )]TJ 0 Tw T* (the above tax loss of approximately RMB407,856,000.)Tj /T1_1 1 Tf -2.268 -2.4 Td (35.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (TRADE AND OTHER PAYABLES)Tj ET 0 0 0 0 k /GS1 gs 402.52 411.898 70.866 -12 re 402.52 399.898 70.866 -12 re 402.52 387.898 70.866 -12 re 402.52 375.898 70.866 -12 re 402.52 363.898 70.866 -12 re 402.52 351.898 70.866 -12 re 402.52 339.898 70.866 -12 re 402.52 327.898 70.866 -12 re 402.52 315.898 70.866 -12 re 402.52 303.898 70.866 -3.009 re 402.52 300.889 70.866 -12 re 402.52 288.889 70.866 -12 re 402.52 276.889 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 10 0 0 10 446.9665 401.5982 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_3 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_2 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.4 Td (Trade payables )Tj /T1_2 1 Tf (\(Note a\))Tj /T1_1 1 Tf -0.025 Tw 35.96 0 Td (18,980)Tj /T1_0 1 Tf 7.087 0 Td (61,006)Tj 0 Tw -43.046 -1.2 Td (Construction payable)Tj /T1_1 1 Tf -0.025 Tw 35.435 0 Td (137,899)Tj /T1_0 1 Tf 7.087 0 Td (246,747)Tj 0 Tw -42.521 -1.2 Td (Accrued expenses)Tj /T1_1 1 Tf -0.025 Tw 35.435 0 Td (127,871)Tj /T1_0 1 Tf 7.612 0 Td (93,610)Tj 0 Tw -43.046 -1.2 Td (Interest payables)Tj /T1_1 1 Tf -0.025 Tw 36.485 0 Td (6,896)Tj /T1_0 1 Tf 6.562 0 Td (18,821)Tj 0 Tw -43.046 -1.2 Td (Other taxes payable)Tj /T1_1 1 Tf -0.025 Tw 35.96 0 Td (27,610)Tj /T1_0 1 Tf 7.612 0 Td (5,339)Tj -43.571 -1.2 Td (Others)Tj /T1_1 1 Tf 36.485 0 Td (6,613)Tj /T1_0 1 Tf 7.087 0 Td (9,324)Tj ET 0.5 w q 1 0 0 1 408.1889 301.1392 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 300.9062 Tm ( )Tj ET q 1 0 0 1 479.0551 301.1392 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 300.9062 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 433.7165 278.5892 Tm (325,869)Tj /T1_0 1 Tf 7.087 0 Td (434,847)Tj ET 1.11 w q 1 0 0 1 408.1889 273.9384 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 271.8384 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 271.5104 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 273.9384 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 271.8383 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 271.5103 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 250.8933 Tm (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Trade payables)Tj /T1_0 1 Tf 0 -2.4 TD (The ageing analysis of trade payables of the Group is as follows:)Tj ET 0 0 0 0 k /GS1 gs 402.52 213.193 70.866 -12 re 402.52 201.193 70.866 -12 re 402.52 189.193 70.866 -12 re 402.52 177.193 70.866 -12 re 402.52 165.193 70.866 -12 re 402.52 153.193 70.866 -12 re 402.52 141.193 70.866 -12 re 402.52 129.193 70.866 -3.009 re 402.52 126.184 70.866 -12 re 402.52 114.184 70.866 -12 re 402.52 102.184 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 446.9665 202.8933 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_3 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_2 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -39.616 -2.4 Td (Less than 1 year)Tj /T1_1 1 Tf -0.025 Tw 33.692 0 Td (18,980)Tj /T1_0 1 Tf 7.087 0 Td (60,881)Tj 0 Tw -40.779 -1.2 Td (More than 1 year but not exceeding 2 years)Tj /T1_1 1 Tf 0 Tc 36.067 0 Td (\226)Tj /T1_0 1 Tf 7.087 0 Td (3)Tj 0.025 Tc -43.154 -1.2 Td (More than 2 years but not exceeding 3 years)Tj /T1_1 1 Tf 0 Tc 36.067 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 6.037 0 Td (122)Tj 0 Tw -42.104 -1.2 Td (More than 3 years)Tj /T1_1 1 Tf 0 Tc 36.067 0 Td (\226)Tj /T1_0 1 Tf 7.087 0 Td (\226)Tj ET 0.5 w q 1 0 0 1 408.1889 126.4343 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 467.6615 126.2013 Tm ( )Tj ET q 1 0 0 1 479.0551 126.4343 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 126.2013 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 438.9665 103.8843 Tm (18,980)Tj /T1_0 1 Tf 7.087 0 Td (61,006)Tj ET 1.11 w q 1 0 0 1 408.1889 99.2335 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 97.1335 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 96.8055 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 99.2335 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 97.1335 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 96.8055 Tm ( )Tj 0.025 Tc 10 0 0 10 102.0472 76.1884 Tm (All of the carrying amounts of the Group\222s trade payables are denomin\ated in RMB.)Tj ET endstreamendobj105 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 48 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (34.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (DEFERRED INCOME TAX)Tj /T1_0 1 Tf 0 -2.4 TD (There were no offsetting of deferred income tax assets and liabilities i\n 2018 and 2017.)Tj ET 0 0 0 0 k /GS1 gs 402.52 691.008 70.866 -12 re 402.52 679.008 70.866 -12 re 402.52 667.008 70.866 -12 re 402.52 655.008 70.866 -12 re 402.52 643.008 70.866 -12 re 402.52 631.008 70.866 -12 re 402.52 619.008 70.866 -3.009 re 402.52 615.999 70.866 -12 re 402.52 603.999 70.866 -12 re 402.52 591.999 70.866 -5.396 re 402.52 586.603 70.866 -12 re 402.52 574.603 70.866 -12 re 402.52 562.603 70.866 -12 re 402.52 550.603 70.866 -12 re 402.52 538.603 70.866 -3.009 re 402.52 535.594 70.866 -12 re 402.52 523.594 70.866 -12 re 402.52 511.594 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 446.9665 680.7079 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.4 Td (Deferred tax assets:)Tj 0 -1.2 TD (\227 To be recovered after more than 12 months)Tj /T1_1 1 Tf -0.025 Tw 35.435 0 Td (101,912)Tj /T1_0 1 Tf 7.612 0 Td (99,399)Tj 0 Tw -43.046 -1.2 Td (\227 To be recovered within 12 months)Tj /T1_1 1 Tf -0.025 Tw 37.81 0 Td (52)Tj /T1_0 1 Tf 7.087 0 Td (52)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 408.1889 616.2489 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 616.0159 Tm ( )Tj ET q 1 0 0 1 479.0551 616.2489 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 616.0159 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 433.7165 593.6989 Tm (101,964)Tj /T1_0 1 Tf 7.612 0 Td (99,451)Tj ET 1.11 w q 1 0 0 1 408.1889 589.0481 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 586.9481 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 586.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 589.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 586.948 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 586.6201 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 564.303 Tm (Deferred tax liabilities:)Tj T* (\227 To be settled after more than 12 months)Tj /T1_1 1 Tf -0.025 Tw 35.577 0 Td (\(74,730\))Tj /T1_0 1 Tf 7.087 0 Td (\(71,616\))Tj 0 Tw -42.663 -1.2 Td (\227 To be settled within 12 months)Tj /T1_1 1 Tf 0 Tc 38.335 0 Td (\226)Tj /T1_0 1 Tf 7.087 0 Td (\226)Tj ET 0.5 w q 1 0 0 1 408.1889 535.844 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 467.6615 535.611 Tm ( )Tj ET q 1 0 0 1 479.0551 535.844 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 535.611 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 435.1366 513.2939 Tm (\(74,730\))Tj /T1_0 1 Tf 7.087 0 Td (\(71,616\))Tj ET 1.11 w q 1 0 0 1 408.1889 508.6432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 506.5432 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 506.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 508.6432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 506.5432 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 506.2152 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 485.5981 Tm (The movements in deferred income tax assets and liabilities are as follo\ws:)Tj 0 -2.4 TD (Deferred income tax assets:)Tj ET 0 0 0 0 k /GS1 gs 331.654 343.493 70.866 -12 re 402.52 343.493 70.866 -12 re 473.386 343.493 70.866 -12 re 331.654 331.493 70.866 -12 re 402.52 331.493 70.866 -12 re 473.386 331.493 70.866 -12 re 331.654 319.493 70.866 -12 re 402.52 319.493 70.866 -12 re 473.386 319.493 70.866 -12 re 331.654 304.484 70.866 -12 re 402.52 304.484 70.866 -12 re 473.386 304.484 70.866 -12 re 331.654 292.484 70.866 -12 re 402.52 292.484 70.866 -12 re 473.386 292.484 70.866 -12 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 379.6804 437.5982 Tm (Tax)Tj -0.797 -1.2 Td (losses)Tj 0.005 Tc -0.005 Tw 5.735 1.2 Td (Deferred)Tj 0 Tw -2.654 -1.2 Td (subsidy income)Tj 0.025 Tc -0.025 Tw 11.228 0 Td (Total)Tj /T1_3 1 Tf -15.833 -1.2 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.4 Td (At 1 January 2017)Tj -0.025 Tw 28.873 0 Td (80,501)Tj 8.412 0 Td (212)Tj 5.762 0 Td (80,713)Tj 0 Tw -43.046 -1.2 Td (Credited to profit or loss)Tj -0.025 Tw 28.873 0 Td (18,790)Tj 8.554 0 Td (\(52\))Tj 5.62 0 Td (18,738)Tj ET 0.5 w q 1 0 0 1 337.3228 373.1391 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 396.7953 372.9061 Tm ( )Tj ET q 1 0 0 1 408.1889 373.1391 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 467.6615 372.9061 Tm ( )Tj ET q 1 0 0 1 479.0551 373.1391 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 538.5276 372.9061 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 350.5891 Tm (At 31 December 2017)Tj -0.025 Tw 28.873 0 Td (99,291)Tj 8.412 0 Td (160)Tj 5.762 0 Td (99,451)Tj ET 1.11 w q 1 0 0 1 337.3228 345.9383 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 343.8383 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 396.7953 343.5103 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.1889 345.9383 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 343.8383 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 467.6615 343.5103 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 345.9383 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 343.8383 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 538.5276 343.5103 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 321.1933 Tm (At 1 January 2018)Tj -0.025 Tw 28.873 0 Td (99,291)Tj 8.412 0 Td (160)Tj 5.762 0 Td (99,451)Tj 0 Tw -43.046 -1.2 Td (Credited to profit or loss)Tj -0.025 Tw 29.398 0 Td (2,565)Tj 8.029 0 Td (\(52\))Tj 6.145 0 Td (2,513)Tj ET 0.5 w q 1 0 0 1 337.3228 304.7343 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 396.7953 304.5013 Tm ( )Tj ET q 1 0 0 1 408.1889 304.7343 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 467.6615 304.5013 Tm ( )Tj ET q 1 0 0 1 479.0551 304.7343 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 538.5276 304.5013 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 282.1842 Tm (At 31 December 2018)Tj -0.025 Tw 28.348 0 Td (101,856)Tj 8.937 0 Td (108)Tj 5.237 0 Td (101,964)Tj ET 1.11 w q 1 0 0 1 337.3228 277.5334 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 275.4334 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 396.7953 275.1054 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.1889 277.5334 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 275.4334 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 467.6615 275.1054 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 277.5334 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 275.4334 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 538.5276 275.1054 Tm ( )Tj ET endstreamendobj104 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 47 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Convertible bonds 2)Tj /T1_0 1 Tf 0.031 Tw 0 -2.4 TD (On 15 January 2016, the convertible bonds in the aggregate principal amo\unt of HK$23,200,000 have been )Tj 0.034 Tc 0.074 Tw 0 -1.2 TD [(successfully)9 ( )0.5 (placed)9 ( )0.5 (by)9 ( )0.5 (the)9 ( )0.5 (Placing)9 ( )0.5 (Agent)9 ( )0.5 (to)9 ( )0.5 (two)9 ( )0.5 (Subscribers)9 ( )0.5 (pursuant)8.9 ( )0.6 (to)9 ( )0.5 (the)9 ( )0.5 (terms)9 ( )0.5 (and)9 ( )0.5 (conditions)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )]TJ 0.025 Tc 0 Tw T* (Placing Agreement. The convertible bonds are non-interest bearing. The c\onvertible bonds can be converted )Tj 0.054 Tw T* [(into )0.5 (ordinary )0.5 (shares )0.5 (at )0.5 (a )0.5 (conversion )0.5 (price )0.5 (of HKD0.40 )0.5 (from )0.5 (the )0.5 (day )0.5 (immediately )0.5 (following )0.5 (the )0.5 (date )0.5 (of )0.5 (the )]TJ 0.032 Tw T* (issue of convertible bonds to the maturity date which is 14 January 2019\. If the convertible bonds have not )Tj 0.015 Tw T* (been converted, they will be redeemed at par on 14 January 2019 in RMB u\sing a pre-determined fixed rate )Tj 0.039 Tc 0.07 Tw T* [(of)13 ( e)0.5 (xc)0.5 (h)0.5 (ang)0.5 (e)12.9 ( )0.5 (of)13 ( R)0.5 (MB)13 (1)12.9 (.)13 (0)12.9 (0)13 ( to)13 ( H)0.5 (K)0.5 (D)12.9 (1)13 (.)12.9 (1)12.9 (9)13 (7)12.9 (6)13 (.)12.9 ( )0.5 (In)0.5 (te)0.5 (re)0.5 (st)12.9 ( )0.5 (w)0.5 (ill)13 ( b)0.5 (e)12.9 ( )0.5 (pa)0.5 (id)13 ( a)0.5 (nn)0.5 (ua)0.5 (ll)0.5 (y)12.9 ( i)0.5 (n)12.9 ( )0.5 (RM)0.5 (B)12.9 ( )0.5 (us)0.5 (in)0.5 (g)12.9 ( a)13 ( )0.5 (pr)0.5 (e-)0.5 (de)0.5 (te)0.5 (rm)0.5 (ine)0.5 (d)14 ( )]TJ 0.025 Tc 0 Tw T* (fixed rate of exchange of RMB1.00 to HKD1.1976 until the maturity date.)Tj ET 0 0 0 0 k /GS1 gs 331.654 490.603 70.866 -12 re 402.52 490.603 70.866 -12 re 473.386 490.603 70.866 -12 re 331.654 478.603 70.866 -12 re 402.52 478.603 70.866 -12 re 473.386 478.603 70.866 -12 re 331.654 466.603 70.866 -12 re 402.52 466.603 70.866 -12 re 473.386 466.603 70.866 -12 re 331.654 454.603 70.866 -12 re 402.52 454.603 70.866 -12 re 473.386 454.603 70.866 -12 re 331.654 439.594 70.866 -12 re 402.52 439.594 70.866 -12 re 473.386 439.594 70.866 -12 re 331.654 427.594 70.866 -12 re 402.52 427.594 70.866 -12 re 473.386 427.594 70.866 -12 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 358.1705 596.7079 Tm (Liability)Tj -1.054 -1.2 Td (component)Tj 8.994 1.2 Td (Equity)Tj -1.907 -1.2 Td (component)Tj 9.631 0 Td (Total)Tj /T1_2 1 Tf -15.833 -1.2 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.4 Td (At 1 January 2017)Tj -0.025 Tw 29.398 0 Td (8,780)Tj 7.087 0 Td (5,956)Tj 6.562 0 Td (14,736)Tj 0 Tw -43.046 -2.4 Td (Interest expense accrued)Tj -0.025 Tw 29.398 0 Td (2,008)Tj 0 Tc 0 Tw 8.937 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.237 0 Td (2,008)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 337.3228 520.2489 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 331.6535 520.0159 Tm ( )Tj ET q 1 0 0 1 408.1889 520.2489 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 520.0159 Tm ( )Tj ET q 1 0 0 1 479.0551 520.2489 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3858 520.0159 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 497.6989 Tm (At 31 December 2017)Tj -0.025 Tw 28.873 0 Td (10,788)Tj 7.612 0 Td (5,956)Tj 6.562 0 Td (16,744)Tj ET 1.11 w q 1 0 0 1 337.3228 493.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 490.948 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 331.6535 490.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.1889 493.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 490.948 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 490.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 493.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 490.948 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3858 490.62 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 468.303 Tm (At 1 January 2018)Tj -0.025 Tw 28.873 0 Td (10,788)Tj 7.612 0 Td (5,956)Tj 6.562 0 Td (16,744)Tj 0 Tw -43.046 -2.4 Td (Interest expense accrued)Tj -0.025 Tw 29.398 0 Td (2,466)Tj 0 Tc 0 Tw 8.937 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.237 0 Td (2,466)Tj ET 0.5 w q 1 0 0 1 337.3228 439.844 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 331.6535 439.611 Tm ( )Tj ET q 1 0 0 1 408.1889 439.844 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 439.611 Tm ( )Tj ET q 1 0 0 1 479.0551 439.844 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3858 439.611 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 417.294 Tm (At 31 December 2018)Tj -0.025 Tw 28.873 0 Td (13,254)Tj 7.612 0 Td (5,956)Tj 6.562 0 Td (19,210)Tj ET 1.11 w q 1 0 0 1 337.3228 412.6432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 410.5432 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 331.6535 410.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.1889 412.6432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 410.5432 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 410.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 412.6432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 410.5432 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3858 410.2152 Tm ( )Tj 0.025 Tc 0.078 Tw 10 0 0 10 79.3701 389.5981 Tm (The principal amount of the convertible bonds as at 31 December 2018 is \approximately RMB13,360,000 )Tj 0 Tw T* (\(2017: approximately RMB13,360,000\).)Tj /T1_1 1 Tf -2.268 -2.4 Td (33.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (DEFERRED SUBSIDY INCOME)Tj /T1_0 1 Tf 0 -2.4 TD (Government grant for production facilities)Tj ET 0 0 0 0 k /GS1 gs 402.52 315.898 70.866 -12 re 402.52 303.898 70.866 -12 re 402.52 291.898 70.866 -12 re 402.52 279.898 70.866 -12 re 402.52 267.898 70.866 -12 re 402.52 255.898 70.866 -3.009 re 402.52 252.889 70.866 -12 re 402.52 240.889 70.866 -12 re 402.52 228.889 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 446.9665 305.5981 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_3 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_2 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.4 Td (At 1 January )Tj /T1_1 1 Tf -0.025 Tw 36.485 0 Td (1,276)Tj /T1_0 1 Tf 7.087 0 Td (1,930)Tj 0 Tw -43.571 -1.2 Td (Subsidy income recognised)Tj /T1_1 1 Tf -0.025 Tw 36.902 0 Td (\(654\))Tj /T1_0 1 Tf 7.087 0 Td (\(654\))Tj ET 0.5 w q 1 0 0 1 408.189 253.1391 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6616 252.9061 Tm ( )Tj ET q 1 0 0 1 479.0551 253.1391 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 252.9061 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 230.5891 Tm (At 31 December )Tj /T1_1 1 Tf -0.025 Tw 37.285 0 Td (622)Tj /T1_0 1 Tf 6.287 0 Td (1,276)Tj ET 1.11 w q 1 0 0 1 408.189 225.9383 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 223.8383 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6616 223.5103 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 225.9383 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 223.8383 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 223.5103 Tm ( )Tj ET endstreamendobj103 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 46 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (32.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (CONVERTIBLE BONDS)Tj ET 0 0 0 0 k /GS1 gs 402.52 715.008 70.866 -12 re 402.52 703.008 70.866 -12 re 402.52 691.008 70.866 -12 re 402.52 679.008 70.866 -12 re 402.52 667.008 70.866 -12 re 402.52 655.008 70.866 -12 re 402.52 643.008 70.866 -3.009 re 402.52 639.999 70.866 -12 re 402.52 627.999 70.866 -12 re 402.52 615.999 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 10 0 0 10 446.9665 704.7079 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_1 1 Tf 0 Tw -41.883 -2.4 Td (Liability component)Tj 0 -1.2 TD (Convertible bonds 1)Tj -0.025 Tw 35.435 0 Td (123,274)Tj /T1_0 1 Tf 7.087 0 Td (113,403)Tj /T1_1 1 Tf 0 Tw -42.521 -1.2 Td (Convertible bonds 2)Tj -0.025 Tw 35.96 0 Td (13,254)Tj /T1_0 1 Tf 7.087 0 Td (10,788)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 408.1889 640.2489 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 640.0159 Tm ( )Tj ET q 1 0 0 1 479.0551 640.2489 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 640.0159 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 433.7165 617.6989 Tm (136,528)Tj /T1_0 1 Tf 7.087 0 Td (124,191)Tj ET 1.11 w q 1 0 0 1 408.1889 613.0481 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 610.9481 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 610.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 613.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 610.948 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 610.6201 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 590.0031 Tm (Convertible bonds 1)Tj /T1_0 1 Tf 0.042 Tc 0.07 Tw 0 -2.4 TD [(On)13 ( 1)12.9 (3)13 ( Nov)0.5 (emb)0.5 (er)12.9 ( )0.5 (2)12.9 (0)12.9 (1)13 (4)12.9 (,)12.9 ( t)0.5 (he)12.9 ( )0.5 (Com)0.5 (pany)13 ( is)0.5 (sue)0.5 (d)12.9 ( c)0.5 (onve)0.5 (rti)0.5 (ble)13 ( bon)0.5 (ds)12.9 ( )0.5 (to)12.9 ( A)0.5 (sia)13 ( Pa)0.5 (cif)0.5 (ic)12.9 ( )0.5 (Re)0.5 (sour)0.5 (ces)13 ( D)0.5 (eve)0.5 (lopm)0.5 (ent)17 ( )]TJ 0.082 Tc 0 -1.2 TD [(Investment)12.6 ( Limited,)12.5 ( with)12.5 ( a)12.6 ( principal)12.6 ( amount)12.6 ( of)12.6 ( HKD)12.6 (8)12.5 (3)12.6 (2)12.5 (,)12.6 (0)12.5 (0)12.6 (0)12.5 (,)12.6 (0)12.6 (0)12.5 (0)12.6 ( \(equivalent)12.6 ( to)12.6 ( approximately)57 ( )]TJ 0.043 Tc T* [(RMB)12.3 (6)12.2 (6)12.3 (5)12.2 (,)12.3 (6)12.2 (0)12.3 (0)12.2 (,)12.3 (0)12.2 (0)12.3 (0)12.2 (\))12.3 ( pursuant)12.3 ( to)12.2 ( the)12.3 ( subscription)12.3 ( agreement)12.2 ( entered)12.3 ( into)12.3 ( between)12.2 ( the)12.3 ( Company)12.3 ( and)12.2 ( Asia)18.1 ( )]TJ 0.025 Tc 0.065 Tw T* (Pacific Resources Development Investment Limited on 30 July 2014. The co\nvertible bonds bears interest )Tj 0.043 Tc 0.07 Tw T* [(at)12.9 ( 7)12.8 (%)12.8 ( per)12.8 ( annum)12.8 ( on)12.9 ( the)12.9 ( principal)12.8 ( amount)12.9 ( of)12.8 ( the)12.8 ( convertible)12.8 ( bonds)12.9 ( outstanding)12.8 ( from)12.9 ( time)12.8 ( to)12.9 ( time.)12.8 ( The)18 ( )]TJ 0.034 Tc 0.074 Tw T* [(convertible)9 ( )0.5 (bonds)9 ( )0.5 (can)9 ( )0.5 (be)9 ( )0.5 (converted)9 ( )0.5 (into)9 ( )0.5 (ordinary)9 ( )0.5 (shares)9 ( )0.5 (at)9 ( )0.5 (a)9 ( )0.5 (conversion)9 ( )0.5 (price)9 ( )0.5 (of)9 ( )0.5 (HKD)9 (0)9 (.)9 (3)9 (2)9 ( )0.5 (from)8.9 ( )0.5 (the)9 ( )0.5 (day)9 ( )]TJ 0.025 Tc 0.006 Tw T* (immediately following the date of the issue of convertible bonds to the \maturity date which is 12 November )Tj 0.014 Tw T* [(2024. If the convertible bonds have not been converted, they will be red\eemed at )0.5 (par )0.5 (on 12 )0.5 (November )0.5 (2024 )]TJ 0.048 Tc 0.07 Tw T* [(in)12.1 ( RMB)12.2 ( using)12.1 ( a)12.2 ( predetermined)12.2 ( fixed)12.2 ( rate)12.2 ( of)12.2 ( exchange)12.1 ( of)12.1 ( RMB)12.1 (1)12.2 (.)12.2 (0)12.1 (0)12.2 ( to)12.2 ( HKD)12.2 (1)12.2 (.)12.1 (2)12.2 (5)12.2 (.)12.2 ( Interest)12.2 ( will)12.1 ( be)12.2 ( paid)23 ( )]TJ 0.025 Tc 0.008 Tw T* (annually in RMB using a pre-determined fixed rate of exchange of RMB1.00\ to HKD1.25 until the maturity )Tj -0.025 Tw T* (date.)Tj ET 0 0 0 0 k /GS1 gs 331.654 291.898 70.866 -12 re 402.52 291.898 70.866 -12 re 473.386 291.898 70.866 -12 re 331.654 279.898 70.866 -12 re 402.52 279.898 70.866 -12 re 473.386 279.898 70.866 -12 re 331.654 267.898 70.866 -12 re 402.52 267.898 70.866 -12 re 473.386 267.898 70.866 -12 re 331.654 255.898 70.866 -12 re 402.52 255.898 70.866 -12 re 473.386 255.898 70.866 -12 re 331.654 243.898 70.866 -12 re 402.52 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-43.046 -1.2 Td (Interest expense charged to accrued expense)Tj -0.025 Tw 28.49 0 Td (\(17,967\))Tj 0 Tc 0 Tw 9.845 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.329 0 Td (\(17,967\))Tj 0 Tw -42.663 -1.2 Td (Converted during the year)Tj -0.025 Tw 29.015 0 Td (\(1,039\))Tj 7.087 0 Td (\(2,115\))Tj 7.087 0 Td (\(3,154\))Tj ET 0.5 w q 1 0 0 1 337.3228 321.544 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 331.6535 321.311 Tm ( )Tj ET q 1 0 0 1 408.1889 321.544 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 321.311 Tm ( )Tj ET q 1 0 0 1 479.0551 321.544 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3858 321.311 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 298.994 Tm (At 31 December 2017)Tj -0.025 Tw 28.348 0 Td (113,403)Tj 7.087 0 Td (218,947)Tj 7.087 0 Td (332,350)Tj ET 1.11 w q 1 0 0 1 337.3228 294.3432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 292.2432 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 331.6535 291.9152 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.1889 294.3432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 292.2432 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 291.9152 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 294.3432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 292.2432 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3858 291.9152 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 269.5982 Tm (At 1 January 2018)Tj -0.025 Tw 28.348 0 Td (113,403)Tj 7.087 0 Td (218,947)Tj 7.087 0 Td (332,350)Tj 0 Tw -42.521 -2.4 Td (Interest expense accrued)Tj -0.025 Tw 28.873 0 Td (27,839)Tj 0 Tc 0 Tw 9.462 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.712 0 Td (27,839)Tj 0 Tw -43.046 -1.2 Td (Interest expense charged to accrued expense)Tj -0.025 Tw 28.49 0 Td (\(17,968\))Tj 0 Tc 0 Tw 9.845 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.329 0 Td (\(17,968\))Tj ET 0.5 w q 1 0 0 1 337.3228 229.1392 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 396.7953 228.9062 Tm ( )Tj ET q 1 0 0 1 408.1889 229.1392 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 467.6615 228.9062 Tm ( )Tj ET q 1 0 0 1 479.0551 229.1392 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 538.5276 228.9062 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 206.5891 Tm (At 31 December 2018)Tj -0.025 Tw 28.348 0 Td (123,274)Tj 7.087 0 Td (218,947)Tj 7.087 0 Td (342,221)Tj ET 1.11 w q 1 0 0 1 337.3228 201.9383 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 199.8383 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 396.7953 199.5103 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.1889 201.9383 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 199.8383 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 467.6615 199.5103 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 201.9383 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 199.8383 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 538.5276 199.5103 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 0.04 Tw 10 0 0 10 79.3701 178.8933 Tm (The principal amount of the convertible bonds as at 31 December 2018 is \approximately RMB256,685,000 )Tj 0 Tw T* (\(2017: approximately RMB256,685,000\).)Tj ET endstreamendobj35 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 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Td (Within 1 year)Tj /T1_1 1 Tf -0.025 Tw 33.167 0 Td (433,921)Tj /T1_0 1 Tf 7.087 0 Td (345,960)Tj 0 Tw -40.254 -1.2 Td (Between 1 and 2 years)Tj /T1_1 1 Tf -0.025 Tw 33.167 0 Td (101,500)Tj /T1_0 1 Tf 7.087 0 Td (162,961)Tj 0 Tw -40.254 -1.2 Td (Between 2 and 3 years)Tj /T1_1 1 Tf -0.025 Tw 33.692 0 Td (95,000)Tj /T1_0 1 Tf 6.562 0 Td (105,000)Tj 0 Tw -40.254 -1.2 Td (Between 3 and 5 years)Tj /T1_1 1 Tf -0.025 Tw 33.167 0 Td (147,000)Tj /T1_0 1 Tf 7.087 0 Td (170,000)Tj 0 Tw -40.254 -1.2 Td (Over 5 years)Tj /T1_1 1 Tf 0 Tc 36.067 0 Td (\226)Tj /T1_0 1 Tf 7.087 0 Td (\226)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 408.189 556.2489 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 402.5197 556.0159 Tm ( )Tj ET q 1 0 0 1 479.0551 556.2489 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 556.0159 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 433.7166 533.6989 Tm (777,421)Tj /T1_0 1 Tf 7.087 0 Td (783,921)Tj 0 Tw -40.254 -1.2 Td (Within 1 year included in current liabilities)Tj /T1_1 1 Tf -0.025 Tw 32.784 0 Td (\(433,921\))Tj /T1_0 1 Tf 7.087 0 Td (\(345,960\))Tj ET q 1 0 0 1 408.189 517.2398 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 517.0068 Tm ( )Tj ET q 1 0 0 1 479.0551 517.2398 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 517.0068 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 433.7166 494.6898 Tm (343,500)Tj /T1_0 1 Tf 7.087 0 Td (437,961)Tj ET 1.11 w q 1 0 0 1 408.189 490.039 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 487.939 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 487.611 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 490.039 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 487.939 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 487.611 Tm ( )Tj 0.025 Tc 10 0 0 10 102.0472 466.994 Tm (All of the Group\222s long-term bank borrowings are denominated in RMB.)Tj 0.044 Tc 0.07 Tw T* [(The)12.5 ( carrying)12.5 ( amounts)12.6 ( of)12.6 ( the)12.5 ( long-term)12.5 ( borrowings)12.6 ( approximate)12.6 ( to)12.6 ( their)12.6 ( fair)12.5 ( values)12.5 ( as)12.5 ( the)12.5 ( market)19 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (borrowing interest rate approximates to their effective interest rates.)Tj /T1_1 1 Tf -2.268 -2.4 Td (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Short-term borrowings)Tj /T1_0 1 Tf 0.024 Tc 0 -2.4 TD (An analysis of the carrying amounts of the short-term borrowings by natu\re and currency is as follows:)Tj ET 0 0 0 0 k /GS1 gs 402.52 369.294 70.866 -12 re 402.52 357.294 70.866 -12 re 402.52 345.294 70.866 -12 re 402.52 333.294 70.866 -12 re 402.52 321.294 70.866 -12 re 402.52 309.294 70.866 -3.009 re 402.52 306.285 70.866 -12 re 402.52 294.285 70.866 -12 re 402.52 282.285 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 446.9665 358.994 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -39.616 -2.4 Td (At fixed rates in HKD)Tj /T1_1 1 Tf 0 Tc 36.067 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 5.237 0 Td (6,664)Tj 0 Tw -41.304 -1.2 Td (At fixed rates in RMB)Tj /T1_1 1 Tf -0.025 Tw 32.367 0 Td (1,239,668)Tj /T1_0 1 Tf 7.087 0 Td (1,296,190)Tj ET 0.5 w q 1 0 0 1 408.189 306.5349 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6616 306.3019 Tm ( )Tj ET q 1 0 0 1 479.0551 306.5349 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 306.3019 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 425.7166 283.9849 Tm (1,239,668)Tj /T1_0 1 Tf 7.087 0 Td (1,302,854)Tj ET 1.11 w q 1 0 0 1 408.189 279.3341 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 277.2341 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6616 276.9061 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 279.3341 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 277.2341 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 276.9061 Tm ( )Tj 0.038 Tc 0.07 Tw 10 0 0 10 102.0472 256.2891 Tm [(The)12.3 ( short-term)12.4 ( borrowings)12.3 ( were)12.3 ( issued)12.3 ( at)12.4 ( interest)12.3 ( rates)12.4 ( which)12.4 ( range)12.3 ( from)12.3 ( 4)12.4 (.)12.3 (3)12.3 (5)12.4 (%)12.3 ( to)12.3 ( 1)12.3 (1)12.4 (.)12.3 (5)12.3 (0)12.4 (%)12.3 ( \()12.4 (2)12.3 (0)12.4 (1)12.3 (7)12.3 (:)13 ( )]TJ 0.025 Tc 0.08 Tw 0 -1.2 TD (4.35% to 15.00%\) per annum. The fair value of short-term borrowings app\roximate to their carrying )Tj -0.025 Tw T* (amounts.)Tj ET endstreamendobj111 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 44 \226)Tj /T1_1 1 Tf 10 0 0 10 102.0472 728.7079 Tm (\(iii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Contributed surplus)Tj /T1_0 1 Tf 0 -2.4 TD (Contributed surplus of approximately RMB37,162,000 was resulted from the\ reorganization prior )Tj 0.083 Tw 0 -1.2 TD [(to )0.5 (the )0.5 (listing, )0.5 (and )0.5 (represents )0.5 (the difference )0.5 (between )0.5 (the )0.6 (nominal )0.5 (value )0.5 (of )0.5 (the )0.5 (shares )0.5 (issued )0.5 (and )]TJ 0 Tw T* (the underlying assets of the acquired subsidiary.)Tj /T1_1 1 Tf -2.268 -2.4 Td (\(iv\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Transfer of equity interest to NCI)Tj /T1_0 1 Tf 0.043 Tw 0 -2.4 TD [(Ko )0.5 (Yo )0.5 (Ko )0.5 (Chang )0.6 (was )0.5 (established )0.5 (by )0.5 (the )0.5 (Group )0.5 (with )0.5 (fully )0.5 (paid )0.5 (share )0.6 (capital )0.6 (of )0.5 (RMB10,000,000 )]TJ 0 Tw 0 -1.2 TD (in May 2012.)Tj 0.035 Tc 0.073 Tw 0 -2.4 TD [(On)10 ( )0.5 (1)10 (9)10 ( )0.5 (October)10 ( )0.5 (2)10 (0)10.1 (1)10 (2)10 (,)10 ( )0.5 (the)10 ( )0.5 (Group)10 ( )0.5 (transferred)10 ( )0.5 (3)10 (6)10 (%)10.1 ( )0.5 (equity)10 ( )0.5 (interest)10 ( )0.5 (in)10 ( )0.5 (Ko)10 ( )0.5 (Yo)10 ( )0.5 (Ko)10 ( )0.5 (Chang)10 ( )0.5 (at)10 ( )0.5 (a)10 ( )0.5 (cash)10 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.2 TD (consideration of RMB1 to Changsha Research Institute of Mining and Metal\lurgy Co., Ltd. The )Tj 0 Tw T* (resulting loss of approximately RMB3,600,000 is recorded in equity, as a\ transaction with NCI.)Tj 0.056 Tc 0.07 Tw 0 -2.4 TD [(On)12.4 ( 2)12.4 (8)12.4 ( April)12.4 ( 2)12.4 (0)12.4 (1)12.4 (4)12.4 (,)12.4 ( the)12.5 ( Group)12.4 ( transferred)12.5 ( 9)12.4 (%)12.4 ( equity)12.4 ( interest)12.4 ( in)12.4 ( Ko)12.4 ( Yo)12.4 ( Ko)12.4 ( Chang)12.4 ( at)12.5 ( a)12.4 ( cash)31 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.2 TD [(consideration )0.5 (of )0.5 (approximately )0.6 (RMB900,000 )0.5 (to )0.6 (Changsha )0.5 (Haosheng )0.5 (Chemical )0.6 (Technology )0.5 (Co., )]TJ 0 Tw T* (Ltd. The resulting gain of RMB91,000 is recorded in equity, as a transac\tion with NCI.)Tj /T1_2 1 Tf 0.668 Tw -6.803 -2.4 Td (31.)Tj /Span<>> BDC ( )Tj EMC (BORROWINGS)Tj ET 0 0 0 0 k /GS1 gs 402.52 487.008 70.866 -12 re 402.52 475.008 70.866 -12 re 402.52 463.008 70.866 -12 re 402.52 451.008 70.866 -12 re 402.52 439.008 70.866 -3.009 re 402.52 435.999 70.866 -12 re 402.52 423.999 70.866 -12 re 402.52 411.999 70.866 -3.009 re 402.52 408.99 70.866 -12 re 402.52 396.99 70.866 -12 re 402.52 384.99 70.866 -3.009 re 402.52 381.981 70.866 -12 re 402.52 369.981 70.866 -12 re 402.52 357.981 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 10 0 0 10 446.9665 476.7079 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_1 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.4 Td (Non-current portion of long-term bank borrowings )Tj /T1_3 1 Tf (\(Note a\))Tj /T1_2 1 Tf -0.025 Tw 35.435 0 Td (343,500)Tj /T1_0 1 Tf 7.087 0 Td (437,961)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 408.1889 436.2489 cm 0 0 m 59.528 0 l S Q BT /T1_2 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 436.0159 Tm ( )Tj ET q 1 0 0 1 479.0551 436.2489 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 436.0159 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 413.6989 Tm (Current portion of long-term bank borrowings )Tj /T1_3 1 Tf (\(Note a\))Tj /T1_2 1 Tf -0.025 Tw 35.435 0 Td (433,921)Tj /T1_0 1 Tf 7.087 0 Td (345,960)Tj ET q 1 0 0 1 408.1889 409.2398 cm 0 0 m 59.528 0 l S Q BT /T1_2 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 409.0068 Tm ( )Tj ET q 1 0 0 1 479.0551 409.2398 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 409.0068 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 386.6898 Tm (Short-term borrowings )Tj /T1_3 1 Tf (\(Note b\))Tj /T1_2 1 Tf -0.025 Tw 34.635 0 Td (1,239,668)Tj /T1_0 1 Tf 7.087 0 Td (1,302,854)Tj ET q 1 0 0 1 408.1889 382.2308 cm 0 0 m 59.528 0 l S Q BT /T1_2 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 381.9978 Tm ( )Tj ET q 1 0 0 1 479.0551 382.2308 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 381.9978 Tm ( )Tj /T1_2 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 425.7165 359.6808 Tm (2,017,089)Tj /T1_0 1 Tf 7.087 0 Td (2,086,775)Tj ET 1.11 w q 1 0 0 1 408.1889 355.0299 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 352.9299 cm 0 0 m 59.528 0 l S Q BT /T1_2 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 352.6019 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 355.0299 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 352.9299 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 352.6019 Tm ( )Tj 0.047 Tc 0.07 Tw 10 0 0 10 79.3701 331.9849 Tm [(The)12.7 ( borrowings)12.7 ( are)12.7 ( secured)12.7 ( by)12.7 ( bank)12.7 ( deposits)12.7 ( of)12.7 ( approximately)12.7 ( RMB)12.7 (2)12.7 (4)12.7 (,)12.7 (3)12.7 (3)12.7 (9)12.7 (,)12.7 (0)12.7 (0)12.7 (0)12.7 ( \()12.7 (2)12.7 (0)12.7 (1)12.7 (7)12.7 (:)12.8 ( approximately)21.9 ( )]TJ 0.087 Tc T* [(RMB)12.3 (1)12.3 (1)12.3 (,)12.3 (5)12.3 (9)12.3 (6)12.3 (,)12.4 (0)12.2 (0)12.4 (0)12.3 (\),)12.3 ( property,)12.4 ( plant)12.3 ( and)12.3 ( equipment)12.3 ( with)12.3 ( a)12.4 ( total)12.3 ( net)12.3 ( book)12.3 ( value)12.3 ( of)12.3 ( approximately)62 ( )]TJ 0.025 Tc 0.042 Tw T* (RMB1,130,436,000 \(2017: approximately RMB1,168,227,000\), investment pr\operties with a total net book )Tj 0.073 Tw T* (value of approximately RMB59,538,000 \(2017: approximately RMB11,618,000\\), mining right with a total )Tj 0 Tw T* [(n)0.5 (e)0.5 (t)0.5 ( )0.6 (b)0.5 (o)0.5 (o)0.5 (k)0.5 ( )0.5 (v)0.6 (a)0.5 (l)0.5 (u)0.5 (e)0.5 ( )0.5 (o)0.6 (f)0.5 ( )0.5 (a)0.5 (p)0.6 (p)0.5 (r)0.5 (o)0.5 (x)0.5 (i)0.5 (m)0.5 (a)0.6 (t)0.5 (e)0.5 (l)0.5 (y)0.5 ( )0.5 (R)0.6 (M)0.5 (B)0.5 (3)0.5 (0)0.5 (9)0.6 (,)0.5 (7)0.5 (5)0.5 (5)0.5 (,)0.5 (0)0.5 (0)0.6 (0)0.5 ( )0.5 (\()0.5 (2)0.5 (0)0.5 (1)0.5 (7)0.6 (:)0.5 ( )0.5 (a)0.5 (p)0.5 (p)0.5 (r)0.6 (o)0.5 (x)0.5 (i)0.5 (m)0.5 (a)0.6 (t)0.5 (e)0.5 (l)0.5 (y)0.5 ( )0.5 (R)0.6 (M)0.5 (B)0.5 (2)0.5 (9)0.5 (7)0.5 (,)0.5 (3)0.6 (0)0.5 (0)0.5 (,)0.5 (0)0.5 (0)0.5 (0)0.5 (\))0.6 (,)0.5 ( )0.5 (l)0.5 (a)0.5 (n)0.5 (d)0.6 ( )0.5 (u)0.5 (s)0.5 (e)0.5 ( )0.6 (r)0.5 (i)0.5 (g)0.5 (h)0.5 (t)0.5 (s )]TJ 0.04 Tw T* (with total net book value of approximately RMB58,781,000 \(2017: approxi\mately RMB60,223,000\), 100% )Tj 0.05 Tc 0.07 Tw T* [(equity)12.2 ( interest)12.2 ( in)12.2 ( Guangan)12.2 ( New)12.2 ( Material)12.2 ( \()12.2 (2)12.2 (0)12.2 (1)12.1 (7)12.2 (:)12.2 ( 1)12.2 (0)12.2 (0)12.2 (%)12.2 ( equity)12.2 ( interest)12.2 ( in)12.2 ( Guangan)12.2 ( New)12.2 ( Material\))12.2 ( and)25 ( )]TJ 0.025 Tc 0 Tw T* (guaranteed by Mr. Li Weiruo and the Company.)Tj ET endstreamendobj110 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 43 \226)Tj /T1_1 1 Tf 0.696 Tw 10 0 0 10 79.3701 728.7079 Tm (\(b\))Tj /Span<>> BDC ( )Tj EMC (Company )Tj ET 0 0 0 0 k /GS1 gs 221.102 514.603 53.858 -12 re 274.961 514.603 53.858 -12 re 328.819 514.603 53.858 -12 re 382.677 514.603 53.858 -12 re 436.535 514.603 53.858 -12 re 490.394 514.603 53.858 -12 re 221.102 502.603 53.858 -12 re 274.961 502.603 53.858 -12 re 328.819 502.603 53.858 -12 re 382.677 502.603 53.858 -12 re 436.535 502.603 53.858 -12 re 490.394 502.603 53.858 -12 re 221.102 490.603 53.858 -12 re 274.961 490.603 53.858 -12 re 328.819 490.603 53.858 -12 re 382.677 490.603 53.858 -12 re 436.535 490.603 53.858 -12 re 490.394 490.603 53.858 -12 re 221.102 478.603 53.858 -24 re 274.961 478.603 53.858 -24 re 328.819 478.603 53.858 -24 re 382.677 478.603 53.858 -24 re 436.535 478.603 53.858 -24 re 490.394 478.603 53.858 -24 re 221.102 454.603 53.858 -3.009 re 274.961 454.603 53.858 -3.009 re 328.819 454.603 53.858 -3.009 re 382.677 454.603 53.858 -3.009 re 436.535 454.603 53.858 -3.009 re 490.394 454.603 53.858 -3.009 re 221.102 451.594 53.858 -12 re 274.961 451.594 53.858 -12 re 328.819 451.594 53.858 -12 re 382.677 451.594 53.858 -12 re 436.535 451.594 53.858 -12 re 490.394 451.594 53.858 -12 re 221.102 439.594 53.858 -13 re 274.961 439.594 53.858 -13 re 328.819 439.594 53.858 -13 re 382.677 439.594 53.858 -13 re 436.535 439.594 53.858 -13 re 490.394 439.594 53.858 -13 re 221.102 426.594 53.858 -5.396 re 274.961 426.594 53.858 -5.396 re 328.819 426.594 53.858 -5.396 re 382.677 426.594 53.858 -5.396 re 436.535 426.594 53.858 -5.396 re 490.394 426.594 53.858 -5.396 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 8 0 0 10 248.4916 668.7079 Tm (Share)Tj -1.494 -1.2 Td (premium)Tj 5.298 1.2 Td (Contributed)Tj 2.21 -1.2 Td (surplus)Tj 4.522 4.8 Td (Share-based)Tj -0.496 -1.2 Td (compensation)Tj 2.765 -1.2 Td (reserve)Tj 0 Tw -0.474 -1.2 Td (\227 share)Tj -0.025 Tw 0.471 -1.2 Td (options)Tj 4.466 4.8 Td (Share-based)Tj -0.496 -1.2 Td (compensation)Tj 2.765 -1.2 Td (reserve)Tj 0 Tw -2.765 -1.2 Td (\227 convertible)Tj -0.025 Tw 3.367 -1.2 Td (bonds)Tj 3.473 1.2 Td (Accumulated )Tj 3.402 -1.2 Td (losses)Tj 6.868 0 Td (Total)Tj /T1_2 1 Tf -35.321 -1.2 Td (RMB\222000)Tj 6.732 0 Td (RMB\222000)Tj 6.732 0 Td (RMB\222000)Tj 6.732 0 Td (RMB\222000)Tj 6.732 0 Td (RMB\222000)Tj 6.732 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -50.529 -2.4 Td (At 1 January 2017)Tj -0.025 Tw 16.706 0 Td (1,406,774)Tj 8.057 0 Td (37,162)Tj 6.732 0 Td (28,269)Tj 6.207 0 Td (227,018)Tj 6.349 0 Td (\(681,839\))Tj 6.315 0 Td (1,017,384)Tj 0 Tw -50.367 -2.4 Td (Total comprehensive loss for )Tj 0 Tc ( )Tj 0.025 Tc 0.999 -1.2 Td (the year)Tj 0 Tc 19.406 0 Td (\226)Tj 6.732 0 Td (\226)Tj 6.732 0 Td (\226)Tj 6.732 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.449 0 Td (\(454,339\))Tj 6.732 0 Td (\(454,339\))Tj 0 Tw -50.784 -2.4 Td (Issue of shares:)Tj 0.999 -1.2 Td (\226 Conversion of bonds)Tj -0.025 Tw 17.556 0 Td (2,291)Tj 0 Tc 0 Tw 8.582 0 Td (\226)Tj 6.732 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.499 0 Td (\(2,115\))Tj 0 Tc 0 Tw 8.965 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.682 0 Td (176)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 226.7717 544.2489 cm 0 0 m 42.52 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 221.1024 544.0159 Tm ( )Tj ET q 1 0 0 1 280.63 544.2489 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 274.9607 544.0159 Tm ( )Tj ET q 1 0 0 1 334.4883 544.2489 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 328.819 544.0159 Tm ( )Tj ET q 1 0 0 1 388.3465 544.2489 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 382.6772 544.0159 Tm ( )Tj ET q 1 0 0 1 442.2048 544.2489 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 436.5355 544.0159 Tm ( )Tj ET q 1 0 0 1 496.0631 544.2489 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 490.3938 544.0159 Tm ( )Tj 0.025 Tc 8 0 0 10 102.0473 521.6989 Tm (At 31 December 2017)Tj -0.025 Tw 16.706 0 Td (1,409,065)Tj 8.057 0 Td (37,162)Tj 6.732 0 Td (28,269)Tj 6.207 0 Td (224,903)Tj 5.549 0 Td (\(1,136,178\))Tj 7.915 0 Td (563,221)Tj ET 1.11 w q 1 0 0 1 226.7717 517.048 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 226.7717 514.948 cm 0 0 m 42.52 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 221.1024 514.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 280.63 517.048 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 280.63 514.948 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 274.9607 514.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 334.4883 517.048 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 334.4883 514.948 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 328.819 514.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 388.3465 517.048 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 388.3465 514.948 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 382.6772 514.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 442.2048 517.048 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 442.2048 514.948 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 436.5355 514.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 496.0631 517.048 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 496.0631 514.948 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 490.3938 514.6201 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 8 0 0 10 102.0473 492.303 Tm (At 1 January 2018)Tj -0.025 Tw 16.706 0 Td (1,409,065)Tj 8.057 0 Td (37,162)Tj 6.732 0 Td (28,269)Tj 6.207 0 Td (224,903)Tj 5.549 0 Td (\(1,136,178\))Tj 7.915 0 Td (563,221)Tj 0 Tw -51.167 -2.4 Td (Total comprehensive loss for )Tj 0 Tc ( )Tj 0.025 Tc 0.999 -1.2 Td (the year)Tj 0 Tc 19.406 0 Td (\226)Tj 6.732 0 Td (\226)Tj 6.732 0 Td (\226)Tj 6.732 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.357 0 Td (20,185)Tj 6.732 0 Td (20,185)Tj ET 0.5 w q 1 0 0 1 226.7717 451.844 cm 0 0 m 42.52 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 221.1024 451.611 Tm ( )Tj ET q 1 0 0 1 280.63 451.844 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 274.9607 451.611 Tm ( )Tj ET q 1 0 0 1 334.4883 451.844 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 328.819 451.611 Tm ( )Tj ET q 1 0 0 1 388.3465 451.844 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 382.6772 451.611 Tm ( )Tj ET q 1 0 0 1 442.2048 451.844 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 436.5355 451.611 Tm ( )Tj ET q 1 0 0 1 496.0631 451.844 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 490.3938 451.611 Tm ( )Tj 0.025 Tc 8 0 0 10 102.0473 428.294 Tm (At 31 December 2018)Tj -0.025 Tw 16.706 0 Td (1,409,065)Tj 8.057 0 Td (37,162)Tj 6.732 0 Td (28,269)Tj 6.207 0 Td (224,903)Tj 5.549 0 Td (\(1,115,993\))Tj 7.915 0 Td (583,406)Tj ET 1.11 w q 1 0 0 1 226.7717 423.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 226.7717 421.5432 cm 0 0 m 42.52 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 221.1024 421.2151 Tm ( )Tj ET 1.11 w q 1 0 0 1 280.63 423.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 280.63 421.5432 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 274.9607 421.2151 Tm ( )Tj ET 1.11 w q 1 0 0 1 334.4883 423.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 334.4883 421.5432 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 328.819 421.2151 Tm ( )Tj ET 1.11 w q 1 0 0 1 388.3465 423.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 388.3465 421.5432 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 382.6772 421.2151 Tm ( )Tj ET 1.11 w q 1 0 0 1 442.2048 423.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 442.2048 421.5432 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 436.5355 421.2151 Tm ( )Tj ET 1.11 w q 1 0 0 1 496.0631 423.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 496.0631 421.5432 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 490.3938 421.2151 Tm ( )Tj /T1_3 1 Tf 0.025 Tc 10 0 0 10 102.0474 400.5981 Tm (\(i\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Merger reserve)Tj /T1_0 1 Tf 0.033 Tc 0.075 Tw 0 -2.4 TD [(Merger)8.1 ( )0.5 (reserve)8 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (Group)8 ( )0.5 (represents)8 ( )0.5 (the)8.1 ( )0.5 (difference)8 ( )0.5 (between)8 ( )0.5 (the)8 ( )0.5 (nominal)8.1 ( )0.5 (value)8 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (share)8 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.2 TD [(capital)12.2 ( issued)12.2 ( by)12.2 ( the)12.2 ( Company)12.2 ( and)12.2 ( share)12.2 ( capital)12.1 ( and)12.2 ( share)12.2 ( premium)12.2 ( of)12.2 ( a)12.2 ( subsidiary)12.2 ( acquired)15 ( )]TJ 0.025 Tc 0 Tw T* (through an exchange of shares.)Tj /T1_3 1 Tf -2.268 -2.4 Td (\(ii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Reserve fund)Tj /T1_0 1 Tf 0.034 Tc 0.074 Tw 0 -2.4 TD [(The)9 ( )0.5 (appropriation)9 ( )0.5 (represents)9 ( )0.6 (the)9 ( )0.5 (profit)9 ( )0.5 (appropriation)9 ( )0.5 (to)9 ( )0.5 (reserve)9.1 ( )0.5 (fund)9 ( )0.5 (and)9 ( )0.6 (enterprise)9 ( )0.5 (expansion)9 ( )]TJ 0.025 Tc 0.009 Tw 0 -1.2 TD (fund made by the subsidiaries of the Company established in Mainland Chi\na. These subsidiaries )Tj 0.038 Tc 0.07 Tw T* [(a)0.5 (r)0.5 (e)13 ( )0.5 (g)0.6 (o)0.5 (v)0.5 (e)0.5 (r)0.5 (n)0.5 (e)0.5 (d)13 ( )0.5 (b)0.5 (y)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (l)0.5 (a)0.5 (w)0.5 (s)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (r)0.5 (e)0.6 (g)0.5 (u)0.5 (l)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (M)0.6 (a)0.5 (i)0.5 (n)0.5 (l)0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (C)0.5 (h)0.5 (i)0.5 (n)0.5 (a)13.1 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (t)0.5 (h)0.5 (e)0.5 (i)0.5 (r)13 ( )0.5 (a)0.5 (r)0.6 (t)0.5 (i)0.5 (c)0.5 (l)0.5 (e)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (a)0.6 (s)0.5 (s)0.5 (o)0.5 (c)0.5 (i)0.5 (a)0.5 (t)0.5 (i)0.6 (o)0.5 (n)0.5 (.)13 ( )]TJ 0.041 Tc T* [(They)12.3 ( are)12.3 ( required)12.3 ( to)12.3 ( provide)12.4 ( for)12.3 ( certain)12.3 ( statutory)12.3 ( funds,)12.4 ( namely,)12.3 ( reserve)12.3 ( fund)12.3 ( and)12.3 ( enterprise)16 ( )]TJ 0.061 Tc T* [(expansion)12.4 ( fund)12.4 ( which)12.4 ( are)12.4 ( appropriated)12.4 ( from)12.4 ( net)12.4 ( profit)12.4 ( after)12.5 ( taxation)12.4 ( but)12.4 ( before)12.5 ( dividend)36 ( )]TJ 0.058 Tc T* [(distribution)12.3 ( based)12.3 ( on)12.4 ( the)12.3 ( local)12.4 ( statutory)12.3 ( financial)12.3 ( statements)12.3 ( prepared)12.3 ( in)12.3 ( accordance)12.4 ( with)33 ( )]TJ 0.029 Tc 0.079 Tw T* [(accounting)4 ( )0.5 (principles)4 ( )0.5 (and)4 ( )0.5 (relevant)4.1 ( )0.5 (financial)4 ( )0.5 (regulations)4 ( )0.5 (applicable)4 ( )0.5 (to)4 ( )0.5 (enterprises)4.1 ( )0.5 (established)4 ( )0.5 (in)4 ( )]TJ 0.025 Tc 0.031 Tw T* (Mainland China. They are required to allocate at least 10% of their net \profit to the reserve fund )Tj 0.057 Tc 0.07 Tw T* [(until)12.4 ( the)12.4 ( balance)12.4 ( of)12.4 ( such)12.4 ( fund)12.4 ( has)12.4 ( reached)12.3 ( 5)12.3 (0)12.4 (%)12.3 ( of)12.3 ( its)12.4 ( registered)12.4 ( capital.)12.4 ( Appropriation)12.4 ( of)32 ( )]TJ 0.029 Tc 0.079 Tw T* [(enterprise)4.1 ( )0.5 (expansion)4 ( )0.5 (fund)4 ( )0.5 (is)4 ( )0.5 (determined)4 ( )0.5 (at)4 ( )0.5 (the)4.1 ( )0.5 (discretion)4 ( )0.5 (of)4 ( )0.5 (its)4 ( )0.6 (directors.)4 ( )0.5 (The)4 ( )0.5 (reserve)4 ( )0.5 (fund)4 ( )0.5 (can)4 ( )]TJ 0.025 Tc 0.047 Tw T* (only be used, upon approval by the relevant authorities, to offset accum\ulated losses or increase )Tj 0.038 Tw T* (capital. The enterprise expansion fund can only be used to increase capi\tal upon approval by the )Tj 0 Tw T* (relevant authorities.)Tj ET endstreamendobj109 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 42 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (29.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (SHARE-BASED PAYMENT)Tj /T1_0 1 Tf 0.056 Tw 0 -2.4 TD [(All share )0.5 (options )0.5 (have duration period of 10 )0.5 (years from the )0.5 (date of grant and the options can be )0.5 (exercised )]TJ 0 Tw 0 -1.2 TD (from the date of grant.)Tj /T1_1 1 Tf 0 -2.4 TD (New Share Option Scheme)Tj /T1_0 1 Tf 0.063 Tc 0.07 Tw T* [(On)12.2 ( 1)12.3 (8)12.2 ( September)12.3 ( 2)12.3 (0)12.3 (0)12.2 (8)12.3 (,)12.3 ( the)12.3 ( Company)12.2 ( adopted)12.3 ( a)12.3 ( new)12.3 ( share)12.3 ( option)12.3 ( scheme)12.3 ( \(the)12.3 ( \223New)12.3 ( Share)12.3 ( Option)38 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (Scheme\224\). The details of share options outstanding are as follows:)Tj /T1_1 1 Tf 0 -3.6 TD (Date of grant)Tj 12.544 1.2 Td (14 January )Tj -0.025 Tw 2.956 -1.2 Td (2010)Tj 0 Tw 3.219 1.2 Td (23 November)Tj -0.025 Tw 3.868 -1.2 Td (2010)Tj 0 Tw 4.849 1.2 Td (28 March)Tj -0.025 Tw 2.238 -1.2 Td (2013)Tj 0 Tw 5.706 1.2 Td (22 June)Tj -0.025 Tw 1.381 -1.2 Td (2016)Tj 6.784 0 Td (Total)Tj /T1_0 1 Tf 0 Tw -43.543 -2.4 Td (Exercise price)Tj 1.001 -1.2 Td (\(HKD per option\))Tj -0.025 Tw 14.749 0 Td (1.15)Tj 7.612 0 Td (1.1)Tj 6.037 0 Td (0.595)Tj 7.087 0 Td (0.151)Tj 0 Tw -36.485 -2.4 Td (Remaining life)Tj 13.654 0 Td (1.04 year)Tj 7.087 0 Td (1.90 year)Tj 7.087 0 Td (4.24 year)Tj 6.673 0 Td (7.47 years)Tj -34.5 -2.4 Td (Granted to)Tj 12.743 0 Td (5 executive)Tj -0.661 -1.2 Td (directors and)Tj 0.216 -1.2 Td (8 employees)Tj 6.426 2.4 Td (3 independent)Tj -0.025 Tw 2.239 -1.2 Td (directors)Tj 0 Tw 5.954 1.2 Td (4 executive)Tj -0.661 -1.2 Td (directors and)Tj -0.445 -1.2 Td (2 independent)Tj 0.445 -1.2 Td (directors and)Tj -0.309 -1.2 Td (21 employees)Tj 8.057 4.8 Td (1 executive)Tj -0.247 -1.2 Td (director and)Tj -0.198 -1.2 Td (3 employees)Tj -33.558 -4.8 Td (1 January 2017 and )Tj 0 Tc ( )Tj 0.025 Tc 1.001 -1.2 Td (31 December 2017)Tj -0.025 Tw 12.374 0 Td (4,700,000)Tj 7.087 0 Td (1,600,000)Tj 6.562 0 Td (10,000,000)Tj 7.612 0 Td (1,900,000)Tj 6.562 0 Td (18,200,000)Tj ET 0 0 0 1 K 1.11 w q 1 0 0 1 195.5906 424.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 195.5906 421.9571 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 189.9213 421.6291 Tm ( )Tj ET 1.11 w q 1 0 0 1 266.4567 424.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 266.4567 421.9571 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 260.7874 421.6291 Tm ( )Tj ET 1.11 w q 1 0 0 1 337.3228 424.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 421.9571 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 331.6536 421.6291 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.189 424.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 421.9571 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 421.6291 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 424.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 421.9571 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3859 421.6291 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 399.3121 Tm (1 January 2018)Tj -0.025 Tw 13.375 0 Td (4,700,000)Tj 7.087 0 Td (1,600,000)Tj 6.562 0 Td (10,000,000)Tj 7.612 0 Td (1,900,000)Tj 6.562 0 Td (18,200,000)Tj -41.196 -1.2 Td (Lapsed)Tj 13.792 0 Td (\(800,000\))Tj 7.087 0 Td (\(800,000\))Tj 6.287 0 Td (\(3,800,000\))Tj 7.887 0 Td (\(400,000\))Tj 6.287 0 Td (\(5,800,000\))Tj ET 0.5 w q 1 0 0 1 195.5906 382.853 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 189.9213 382.62 Tm ( )Tj ET q 1 0 0 1 266.4567 382.853 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 260.7874 382.62 Tm ( )Tj ET q 1 0 0 1 337.3228 382.853 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 331.6536 382.62 Tm ( )Tj ET q 1 0 0 1 408.189 382.853 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 382.62 Tm ( )Tj ET q 1 0 0 1 479.0551 382.853 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3859 382.62 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 360.303 Tm (31 December 2018)Tj -0.025 Tw 13.375 0 Td (3,900,000)Tj 7.887 0 Td (800,000)Tj 6.287 0 Td (6,200,000)Tj 7.087 0 Td (1,500,000)Tj 6.562 0 Td (12,400,000)Tj ET 1.11 w q 1 0 0 1 195.5906 355.6522 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 195.5906 353.5522 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 189.9213 353.2242 Tm ( )Tj ET 1.11 w q 1 0 0 1 266.4567 355.6522 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 266.4567 353.5522 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 260.7874 353.2242 Tm ( )Tj ET 1.11 w q 1 0 0 1 337.3228 355.6522 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 353.5522 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 331.6536 353.2242 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.189 355.6522 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 353.5522 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 353.2242 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 355.6522 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 353.5522 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3859 353.2242 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 0.668 Tw 10 0 0 10 56.693 332.6072 Tm (30.)Tj /Span<>> BDC ( )Tj EMC (RESERVES)Tj 0.752 Tw 2.268 -2.6 Td (\(a\))Tj /Span<>> BDC ( )Tj EMC (Group)Tj /T1_0 1 Tf 0.057 Tc 0.07 Tw 2.268 -2.4 Td [(The)12.1 ( amounts)12.1 ( of)12.1 ( the)12.1 ( Group\222s)12.2 ( reserves)12.2 ( and)12.2 ( movements)12.1 ( therein)12.1 ( are)12.1 ( presented)12.1 ( in)12.1 ( the)12.1 ( consolidated)32 ( )]TJ 0.025 Tc 0.055 Tw 0 -1.2 TD (statement of profit or loss and other comprehensive income and consolida\ted statement of changes in )Tj -0.025 Tw T* (equity.)Tj ET endstreamendobj108 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 41 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Conversion of bonds)Tj /T1_0 1 Tf 0.014 Tw 0 -2.4 TD (No convertible bonds were exercised during the year ended 31 December 20\18. During the year ended )Tj 0.039 Tc 0.07 Tw 0 -1.2 TD [(3)12.8 (1)12.9 ( December)12.9 ( 2)12.8 (0)12.9 (1)12.8 (7)12.8 (,)12.9 ( the)12.8 ( convertible)12.9 ( bonds)12.8 ( holders)12.8 ( exercised)12.8 ( certain)12.8 ( convertible)12.8 ( bonds)12.8 ( to)12.8 ( subscribe)14 ( )]TJ 0.025 Tc 0 Tw T* (9,687,500 ordinary shares at an exercise price at HKD0.32 per share.)Tj /T1_2 1 Tf 0 -2.4 TD (Capital management)Tj /T1_0 1 Tf 0.027 Tc 0.081 Tw T* [(The)2 ( Group\222s)2 ( )0.5 (objectives)2 ( )0.5 (when)2 ( )0.5 (managing)2 ( )0.5 (capital)2 ( are)2 ( )0.5 (to)2 ( )0.5 (safeguard)2 ( )0.5 (the)2 ( )0.5 (Group\222s)2 ( )0.5 (ability)2.1 ( to)2 ( continue)2 ( )0.5 (as)2 ( a)2.1 ( )]TJ 0.025 Tc 0.079 Tw 0 -1.2 TD (going concern in order to provide returns for shareholders and benefits \for other stakeholders and to )Tj 0 Tw T* (maintain an optimal capital structure to reduce the cost of capital.)Tj 0.057 Tw 0 -2.4 TD (In order to maintain or adjust the capital structure, the Group may issu\e new shares, borrow or repay )Tj 0 Tw 0 -1.2 TD (debts or adjust the amount of dividends paid to shareholders.)Tj 0.032 Tc 0.076 Tw 0 -2.6 TD [(Consistent)7 ( )0.5 (with)7 ( )0.5 (others)7 ( )0.5 (in)7 ( )0.5 (the)7 ( )0.5 (industry,)7 ( )0.5 (the)7 ( )0.5 (Group)7 ( )0.5 (monitors)7.1 ( )0.5 (capital)7 ( )0.5 (on)7 ( )0.5 (the)7 ( )0.5 (basis)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.5 (gearing)7.1 ( )0.5 (ratio.)7 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.2 TD (This ratio is calculated as net debt divided by total capital. Net debt \is calculated as total borrowings )Tj 0.032 Tc 0.076 Tw T* [(less)7 ( )0.5 (cash)7 ( )0.5 (and)7 ( )0.5 (cash)7 ( )0.5 (equivalents)7 ( )0.5 (and)7 ( )0.5 (pledged)7 ( )0.5 (bank)7 ( )0.5 (deposits.)7 ( )0.5 (Total)7 ( )0.5 (capital)7 ( )0.5 (is)7 ( )0.5 (calculated)7 ( )0.5 (as)7 ( )0.5 (\223equity\224)7 ( )0.5 (as)7 ( )]TJ 0.025 Tc 0 Tw T* (shown in the consolidated statement of financial position plus net debt.\)Tj 0 -2.4 TD (The gearing ratio as at 31 December were as follows:)Tj ET 0 0 0 0 k /GS1 gs 402.52 473.008 70.866 -12 re 402.52 461.008 70.866 -12 re 402.52 449.008 70.866 -12 re 402.52 437.008 70.866 -12 re 402.52 425.008 70.866 -12 re 402.52 413.008 70.866 -12 re 402.52 401.008 70.866 -3.009 re 402.52 397.999 70.866 -12 re 402.52 385.999 70.866 -12 re 402.52 373.999 70.866 -12 re 402.52 361.999 70.866 -12 re 402.52 349.999 70.866 -12 re 402.52 337.999 70.866 -3.009 re 402.52 334.99 70.866 -12 re 402.52 322.99 70.866 -12 re 402.52 310.99 70.866 -12 re 402.52 298.99 70.866 -3.009 re 402.52 295.981 70.866 -12 re 402.52 283.981 70.866 -12 re 402.52 271.981 70.866 -5.396 re 402.52 266.585 70.866 -12 re 402.52 254.585 70.866 -12 re 402.52 242.585 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 446.9665 462.7079 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -39.616 -2.4 Td (Short-term borrowings)Tj /T1_1 1 Tf -0.025 Tw 32.367 0 Td (1,239,668)Tj /T1_0 1 Tf 7.087 0 Td (1,302,854)Tj 0 Tw -39.454 -1.2 Td (Long-term borrowings)Tj /T1_1 1 Tf -0.025 Tw 33.167 0 Td (777,421)Tj /T1_0 1 Tf 7.087 0 Td (783,921)Tj 0 Tw -40.254 -1.2 Td (Convertible bonds)Tj /T1_1 1 Tf -0.025 Tw 33.167 0 Td (136,528)Tj /T1_0 1 Tf 7.087 0 Td (124,191)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 408.189 398.2489 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6616 398.0159 Tm ( )Tj ET q 1 0 0 1 479.0551 398.2489 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 398.0159 Tm ( )Tj 0.025 Tc 10 0 0 10 102.0473 375.6989 Tm (Total borrowings)Tj /T1_1 1 Tf -0.025 Tw 32.367 0 Td (2,153,617)Tj /T1_0 1 Tf 7.087 0 Td (2,210,966)Tj -39.454 -1.2 Td (Less:)Tj 0 Tw 0 -1.2 TD (Cash and cash equivalents)Tj /T1_1 1 Tf -0.025 Tw 33.834 0 Td (\(4,545\))Tj /T1_0 1 Tf 6.562 0 Td (\(16,312\))Tj 0 Tw -40.396 -1.2 Td (Pledged bank deposits)Tj /T1_1 1 Tf -0.025 Tw 33.309 0 Td (\(24,339\))Tj /T1_0 1 Tf 7.087 0 Td (\(11,596\))Tj ET q 1 0 0 1 408.189 335.2398 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6616 335.0068 Tm ( )Tj ET q 1 0 0 1 479.0551 335.2398 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 335.0068 Tm ( )Tj 0.025 Tc 10 0 0 10 102.0473 312.6898 Tm (Net debt)Tj /T1_1 1 Tf -0.025 Tw 32.367 0 Td (2,124,733)Tj /T1_0 1 Tf 7.087 0 Td (2,183,058)Tj 0 Tw -39.454 -1.2 Td (Total equity)Tj /T1_1 1 Tf -0.025 Tw 33.167 0 Td (585,211)Tj /T1_0 1 Tf 7.087 0 Td (933,497)Tj ET q 1 0 0 1 408.189 296.2307 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6616 295.9977 Tm ( )Tj ET q 1 0 0 1 479.0551 296.2308 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 295.9978 Tm ( )Tj 0.025 Tc 10 0 0 10 102.0473 273.6808 Tm (Total capital)Tj /T1_1 1 Tf -0.025 Tw 32.367 0 Td (2,709,944)Tj /T1_0 1 Tf 7.087 0 Td (3,116,555)Tj ET 1.11 w q 1 0 0 1 408.189 269.03 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 266.93 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6616 266.602 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 269.0299 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 266.9299 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 266.6019 Tm ( )Tj 0.025 Tc 10 0 0 10 102.0473 244.2849 Tm (Gearing ratio)Tj /T1_1 1 Tf -0.025 Tw 34.517 0 Td (78%)Tj /T1_0 1 Tf 7.254 0 Td (70%)Tj ET 1.11 w q 1 0 0 1 408.189 239.6341 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 237.5341 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 237.2061 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0552 239.6341 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0552 237.5341 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 237.2061 Tm ( )Tj 0.025 Tc 10 0 0 10 102.0473 216.5891 Tm (The increase in the gearing ratio resulted mainly from the increase in l\oss for the year.)Tj ET endstreamendobj30 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj31 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj32 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj33 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj34 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj117 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 40 \226)Tj /T1_1 1 Tf -0.025 Tw 10 0 0 10 56.6929 728.7079 Tm (25.)Tj /Span<>> BDC ( )Tj EMC 0 Tw 2.268 0 Td (DERIVATIVE FINANCIAL ASSETS)Tj /T1_0 1 Tf 0.073 Tc 0.07 Tw 0 -2.5 TD [(On)12.3 ( 1)12.4 (8)12.3 ( January)12.4 ( 2)12.3 (0)12.4 (1)12.3 (5)12.4 (,)12.3 ( the)12.4 ( Company)12.4 ( and)12.4 ( Asia)12.4 ( Pacific)12.3 ( Resources)12.4 ( Development)12.3 ( Investment)12.4 ( Limited)48 ( )]TJ 0.025 Tc 0.057 Tw 0 -1.25 TD (\(\223Subscriber\224\) entered into the put option agreement pursuant to\ which the Subscriber has unconditionally )Tj 0.005 Tw T* [(and irrevocably )0.5 (granted the put )0.5 (option to )0.5 (the Company entitling the Company, )0.5 (at any time )0.5 (during )0.5 (the period )]TJ 0.014 Tw T* [(between 18 January 2015 and 17 January 2018, on one or more than one occ\asion, to require )0.5 (the Subscriber )]TJ 0.03 Tc 0.078 Tw T* [(to)5 ( )0.5 (subscribe)5 ( )0.5 (from)5 ( )0.5 (the)5 ( )0.5 (Company)5 ( )0.5 (the)5.1 ( )0.5 (convertible)5 ( )0.5 (bonds)5 ( )0.5 (in)5 ( )0.5 (the)5 ( )0.5 (aggregate)5 ( )0.5 (principal)5 ( )0.5 (amount)5 ( )0.5 (of)5 ( )0.5 (no)5 ( )0.5 (more)5 ( )0.5 (than)5 ( )]TJ 0.041 Tc 0.07 Tw T* [(HK$)12.3 (1)12.2 (,)12.3 (4)12.2 (4)12.3 (0)12.2 (,)12.2 (0)12.3 (0)12.2 (0)12.3 (,)12.2 (0)12.3 (0)12.2 (0)12.3 (.)12.2 ( The)12.2 ( Convertible)12.3 ( Bonds,)12.2 ( when)12.3 ( issued,)12.3 ( will)12.2 ( bear)12.3 ( an)12.3 ( interest)12.2 ( of)12.3 ( 7)12.3 (%)12.3 ( per)12.3 ( annum)12.3 ( with)12.2 ( a)16 ( )]TJ 0.025 Tc 0.008 Tw T* (conversion price of HK$1.80 for each share of the Company and will matur\e on the tenth anniversary of the )Tj 0 Tw T* (date of issue. The movement of which is set out below:)Tj ET 0 0 0 0 k /GS1 gs 402.52 602.008 70.866 -12 re 402.52 590.008 70.866 -12 re 402.52 578.008 70.866 -12 re 402.52 566.008 70.866 -12 re 402.52 554.008 70.866 -12 re 402.52 542.008 70.866 -3.009 re 402.52 538.999 70.866 -12 re 402.52 526.999 70.866 -12 re 402.52 514.999 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 446.9665 591.7079 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.4 Td (Opening balance at 1 January )Tj /T1_1 1 Tf -0.025 Tw 35.96 0 Td (41,670)Tj /T1_0 1 Tf 6.562 0 Td (227,378)Tj 0 Tw -42.521 -1.2 Td (Fair value debited to profit or loss)Tj /T1_1 1 Tf -0.025 Tw 35.577 0 Td (\(41,670\))Tj /T1_0 1 Tf 6.562 0 Td (\(185,708\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 408.1889 539.2489 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 539.0159 Tm ( )Tj ET q 1 0 0 1 479.0551 539.2489 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 539.0159 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 516.6989 Tm (At 31 December)Tj /T1_1 1 Tf 0 Tc 38.335 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.712 0 Td (41,670)Tj ET 1.11 w q 1 0 0 1 408.1889 512.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 509.948 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 509.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 512.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 509.948 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 509.62 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 56.6929 488.503 Tm (26.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (PLEDGED BANK DEPOSITS)Tj /T1_0 1 Tf 0.015 Tw 0 -2.5 TD (The deposits are denominated in RMB and pledged for certain bank borrowi\ngs. The effective interest rates )Tj 0 Tw 0 -1.25 TD (on pledged bank deposits are ranging from 0.15% to 2.80% \(2017: 0.15% t\o 2.80%\).)Tj /T1_1 1 Tf -2.268 -2.5 Td (27.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (CASH AND CASH EQUIVALENTS)Tj /T1_0 1 Tf 0 -2.5 TD (The weighting average effective interest rate on cash at bank at 31 Dece\mber 2018 is 0.35% \(2017: 0.35%\).)Tj /T1_1 1 Tf -2.268 -2.45 Td (28.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (SHARE CAPITAL)Tj /T1_0 1 Tf T* (Movements of the share capital of the Company are as follows:)Tj ET 0 0 0 0 k /GS1 gs 260.787 325.303 70.866 -12 re 402.52 325.303 70.866 -12 re 260.787 313.303 70.866 -12 re 402.52 313.303 70.866 -12 re 260.787 301.303 70.866 -12 re 402.52 301.303 70.866 -12 re 260.787 289.303 70.866 -24 re 402.52 289.303 70.866 -24 re 260.787 265.303 70.866 -12 re 402.52 265.303 70.866 -12 re 260.787 253.303 70.866 -5.396 re 402.52 253.303 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 10 0 0 10 291.7291 327.003 Tm (Number of shares)Tj 15.196 0 Td (Share capital)Tj -0.025 Tw -13.846 -1.2 Td (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_1 1 Tf 7.087 0 Td (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -21.093 -1.2 Td (\222000)Tj /T1_3 1 Tf 7.087 0 Td (\222000)Tj /T1_2 1 Tf 4.845 0 Td (HKD\222000)Tj /T1_3 1 Tf 7.143 0 Td (HKD\222000)Tj /T1_0 1 Tf -41.827 -2.4 Td (Authorised )Tj 0 Tc 0 Tw 4.969 0 Td ( )Tj 0.025 Tc -3.968 -1.2 Td (\(Ordinary share of HK$0.10 each\):)Tj -1.001 -1.2 Td (At the beginning and the end of the year)Tj /T1_1 1 Tf -0.025 Tw 20.461 0 Td (8,000,000)Tj /T1_0 1 Tf 7.087 0 Td (8,000,000)Tj /T1_1 1 Tf 7.887 0 Td (800,000)Tj /T1_0 1 Tf 7.087 0 Td (800,000)Tj ET 1.11 w q 1 0 0 1 266.4567 250.3522 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 266.4567 248.2522 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 260.7874 247.9242 Tm ( )Tj ET 1.11 w q 1 0 0 1 337.3228 250.3522 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 248.2522 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 331.6535 247.9242 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.1889 250.3522 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 248.2522 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 402.5197 247.9242 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 250.3522 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 248.2522 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 247.9242 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 226.3072 Tm (Ordinary shares, issued and fully paid:)Tj ET 0 0 0 0 k /GS1 gs 260.787 200.107 70.866 -12 re 402.52 200.107 70.866 -12 re 260.787 188.107 70.866 -12 re 402.52 188.107 70.866 -12 re 260.787 176.107 70.866 -12 re 402.52 176.107 70.866 -12 re 260.787 164.107 70.866 -12 re 402.52 164.107 70.866 -12 re 260.787 152.107 70.866 -12 re 402.52 152.107 70.866 -12 re 260.787 140.107 70.866 -12 re 402.52 140.107 70.866 -12 re 260.787 128.107 70.866 -3.009 re 402.52 128.107 70.866 -3.009 re 260.787 125.098 70.866 -12 re 402.52 125.098 70.866 -12 re 260.787 113.098 70.866 -12 re 402.52 113.098 70.866 -12 re 260.787 101.098 70.866 -5.396 re 402.52 101.098 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 10 0 0 10 291.7291 201.8072 Tm (Number of shares)Tj 15.196 0 Td (Share capital)Tj -0.025 Tw -13.846 -1.2 Td (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_1 1 Tf 7.087 0 Td (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -21.093 -1.2 Td (\222000)Tj /T1_3 1 Tf 7.087 0 Td (\222000)Tj /T1_2 1 Tf 4.789 0 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.4 Td (At the beginning of the year)Tj /T1_1 1 Tf -0.025 Tw 20.461 0 Td (4,298,043)Tj /T1_0 1 Tf 7.087 0 Td (4,288,355)Tj /T1_1 1 Tf 7.887 0 Td (368,394)Tj /T1_0 1 Tf 7.087 0 Td (367,531)Tj 0 Tw -42.521 -1.2 Td (Issue of shares:)Tj 0 -1.2 TD (\227 Conversion of bonds )Tj /T1_3 1 Tf (\(Note a\))Tj /T1_1 1 Tf 0 Tc 24.161 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 5.237 0 Td (9,688)Tj /T1_1 1 Tf 0 Tc 0 Tw 8.937 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 6.037 0 Td (863)Tj ET 0.5 w q 1 0 0 1 266.4567 125.3481 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 260.7874 125.1151 Tm ( )Tj ET q 1 0 0 1 337.3228 125.3481 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 331.6535 125.1151 Tm ( )Tj ET q 1 0 0 1 408.1889 125.3481 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 402.5197 125.1151 Tm ( )Tj ET q 1 0 0 1 479.0551 125.3481 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 125.1151 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 102.7981 Tm (At the end of the year)Tj /T1_1 1 Tf -0.025 Tw 20.461 0 Td (4,298,043)Tj /T1_0 1 Tf 7.087 0 Td (4,298,043)Tj /T1_1 1 Tf 7.887 0 Td (368,394)Tj /T1_0 1 Tf 7.087 0 Td (368,394)Tj ET 1.11 w q 1 0 0 1 266.4567 98.1473 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 266.4567 96.0473 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 260.7874 95.7193 Tm ( )Tj ET 1.11 w q 1 0 0 1 337.3228 98.1473 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 96.0473 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 331.6535 95.7193 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.1889 98.1473 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 96.0473 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 402.5197 95.7193 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 98.1473 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 96.0473 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 95.7193 Tm ( )Tj ET endstreamendobj116 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 39 \226)Tj 10 0 0 10 79.3701 728.7079 Tm (Reconciliation of loss allowance for trade receivables:)Tj ET 0 0 0 0 k /GS1 gs 402.52 715.008 70.866 -12 re 402.52 703.008 70.866 -12 re 402.52 691.008 70.866 -12 re 402.52 679.008 70.866 -12 re 402.52 667.008 70.866 -12 re 402.52 655.008 70.866 -12 re 402.52 643.008 70.866 -3.009 re 402.52 639.999 70.866 -12 re 402.52 627.999 70.866 -12 re 402.52 615.999 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 446.9665 704.7079 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.4 Td (At the beginning of the year, as previously stated)Tj /T1_1 1 Tf -0.025 Tw 36.485 0 Td (7,153)Tj /T1_0 1 Tf 7.087 0 Td (6,867)Tj 0 Tw -43.571 -1.2 Td (Increase in loss allowance for the year)Tj /T1_1 1 Tf 0 Tc 38.335 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 6.037 0 Td (286)Tj 0 Tw -44.371 -1.2 Td (Write off during the year)Tj /T1_1 1 Tf -0.025 Tw 36.102 0 Td (\(7,153\))Tj /T1_0 1 Tf 0 Tc 0 Tw 9.32 0 Td (\226)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 408.1889 640.2489 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 402.5197 640.0159 Tm ( )Tj ET q 1 0 0 1 479.0551 640.2489 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 640.0159 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 617.6989 Tm (At the end of the year)Tj /T1_1 1 Tf 0 Tc 38.335 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 5.237 0 Td (7,153)Tj ET 1.11 w q 1 0 0 1 408.1889 613.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 610.948 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 610.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 613.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 610.948 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 610.6201 Tm ( )Tj 0.025 Tc 0.009 Tw 10 0 0 10 79.3701 590.0031 Tm (The Group\222s credit risk is primarily attributable to its trade receiv\ables. In order to minimise credit risk, the )Tj 0.008 Tw 0 -1.2 TD (directors have delegated a team to be responsible for the determination \of credit limits, credit approvals and )Tj 0.031 Tc 0.077 Tw T* [(other)6.1 ( )0.5 (monitoring)6 ( )0.5 (procedures.)6 ( )0.5 (In)6 ( )0.5 (addition,)6 ( )0.5 (the)6 ( )0.5 (directors)6 ( )0.5 (review)6 ( )0.5 (the)6 ( )0.6 (recoverable)6 ( )0.5 (amount)6 ( )0.5 (of)6 ( )0.5 (each)6 ( )0.5 (individual)6 ( )]TJ 0.025 Tc 0.003 Tw T* (trade debt regularly to ensure that adequate impairment losses are recog\nised for irrecoverable debts. In this )Tj 0 Tw T* (regard, the directors consider that the Group\222s credit risk is signif\icantly reduced.)Tj 0.066 Tc 0.07 Tw 0 -2.4 TD [(The)12.8 ( Group)12.9 ( has)12.9 ( no)12.8 ( significant)12.8 ( concentration)12.9 ( of)12.9 ( credit)12.9 ( risk,)12.8 ( with)12.8 ( exposure)12.9 ( spread)12.9 ( over)12.9 ( a)12.9 ( number)12.9 ( of)41 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (counterparties and customers.)Tj 0.055 Tw 0 -2.4 TD (The Group applies the simplified approach under HKFRS 9 to provide for e\xpected credit losses using the )Tj 0.044 Tc 0.07 Tw 0 -1.2 TD [(lifetime)12.2 ( expected)12.1 ( loss)12.2 ( provision)12.1 ( for)12.1 ( all)12.2 ( trade)12.1 ( receivables.)12.1 ( To)12.1 ( measure)12.2 ( the)12.1 ( expected)12.2 ( credit)12.1 ( losses,)12.1 ( trade)19 ( )]TJ 0.051 Tc T* [(receivables)12.9 ( have)12.9 ( been)12.8 ( grouped)12.8 ( based)12.9 ( on)12.8 ( shared)12.8 ( credit)12.9 ( risk)12.9 ( characteristics)12.9 ( and)12.8 ( the)12.8 ( days)12.8 ( past)12.8 ( due.)12.8 ( The)26 ( )]TJ 0.025 Tc 0 Tw T* (weighted average expected credit losses also incorporate forward looking\ information.)Tj ET 0 0 0 0 k /GS1 gs 331.654 396.303 70.866 -12 re 402.52 396.303 70.866 -12 re 473.386 396.303 70.866 -12 re 331.654 384.303 70.866 -12 re 402.52 384.303 70.866 -12 re 473.386 384.303 70.866 -12 re 331.654 372.303 70.866 -12 re 402.52 372.303 70.866 -12 re 473.386 372.303 70.866 -12 re 331.654 360.303 70.866 -12 re 402.52 360.303 70.866 -12 re 473.386 360.303 70.866 -12 re 331.654 348.303 70.866 -5.396 re 402.52 348.303 70.866 -5.396 re 473.386 348.303 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 360.361 410.0031 Tm (Current)Tj 0 Tw 4.325 1.2 Td (Over 365 days)Tj 2.652 -1.2 Td (past due)Tj -0.025 Tw 8.468 0 Td (Total)Tj 0 Tw -43.543 -2.4 Td (At 31 December 2018)Tj T* (Weighted average expected loss rate)Tj -0.025 Tw 30.223 0 Td (0%)Tj 7.087 0 Td (0%)Tj 0 Tw -37.31 -1.2 Td (Receivable amount )Tj /T1_2 1 Tf -0.025 Tw (\(RMB\222000\))Tj /T1_1 1 Tf 30.723 0 Td (54)Tj 0 Tc 0 Tw 7.612 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.562 0 Td (54)Tj 0 Tw -44.896 -1.2 Td (Loss allowance )Tj /T1_2 1 Tf -0.025 Tw (\(RMB\222000\))Tj /T1_1 1 Tf 0 Tc 0 Tw 31.248 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj ET 1.11 w q 1 0 0 1 337.3228 345.3523 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 343.2523 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 331.6535 342.9243 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.1889 345.3523 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 343.2523 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 342.9243 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 345.3523 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 343.2523 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3858 342.9243 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 320.6073 Tm (At 31 December 2017)Tj T* (Weighted average expected loss rate)Tj -0.025 Tw 30.39 0 Td (0%)Tj 6.037 0 Td (100%)Tj 0 Tw -36.427 -1.2 Td (Receivable amount )Tj /T1_3 1 Tf -0.025 Tw (\(RMB\222000\))Tj /T1_0 1 Tf 29.398 0 Td (9,271)Tj 7.087 0 Td (7,153)Tj 6.562 0 Td (16,424)Tj 0 Tw -43.046 -1.2 Td (Loss allowance )Tj /T1_3 1 Tf -0.025 Tw (\(RMB\222000\))Tj /T1_0 1 Tf 0 Tc 0 Tw 31.248 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.237 0 Td (7,153)Tj 7.087 0 Td (7,153)Tj ET 1.11 w q 1 0 0 1 337.3228 279.9565 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 277.8564 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 331.6535 277.5284 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.1889 279.9565 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 277.8564 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 277.5284 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 279.9565 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 277.8564 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3858 277.5284 Tm ( )Tj ET endstreamendobj115 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 38 \226)Tj /T1_1 1 Tf 0.668 Tw 10 0 0 10 56.6929 728.7079 Tm (23.)Tj /Span<>> BDC ( )Tj EMC (INVENTORIES)Tj ET 0 0 0 0 k /GS1 gs 402.52 715.008 70.866 -12 re 402.52 703.008 70.866 -12 re 402.52 691.008 70.866 -12 re 402.52 679.008 70.866 -12 re 402.52 667.008 70.866 -12 re 402.52 655.008 70.866 -3.009 re 402.52 651.999 70.866 -12 re 402.52 639.999 70.866 -12 re 402.52 627.999 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 10 0 0 10 446.9665 704.7079 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.4 Td (Raw materials)Tj /T1_1 1 Tf -0.025 Tw 35.96 0 Td (51,628)Tj /T1_0 1 Tf 7.087 0 Td (57,629)Tj 0 Tw -43.046 -1.2 Td (Finished goods)Tj /T1_1 1 Tf -0.025 Tw 35.96 0 Td (12,155)Tj /T1_0 1 Tf 7.087 0 Td (13,195)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 408.1889 652.2489 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 652.0159 Tm ( )Tj ET q 1 0 0 1 479.0551 652.2489 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 652.0159 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 438.9665 629.6989 Tm (63,783)Tj /T1_0 1 Tf 7.087 0 Td (70,824)Tj ET 1.11 w q 1 0 0 1 408.1889 625.0481 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 622.9481 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 622.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 625.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 622.948 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 622.6201 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 602.0031 Tm (There is no inventory written down as at 31 December 2018 \(2017: Nil\).\)Tj /T1_1 1 Tf -2.268 -2.4 Td (24.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (TRADE AND OTHER RECEIVABLES)Tj ET 0 0 0 0 k /GS1 gs 402.52 564.303 70.866 -12 re 402.52 552.303 70.866 -12 re 402.52 540.303 70.866 -12 re 402.52 528.303 70.866 -12 re 402.52 516.303 70.866 -12 re 402.52 504.303 70.866 -3.009 re 402.52 501.294 70.866 -12 re 402.52 489.294 70.866 -12 re 402.52 477.294 70.866 -12 re 402.52 465.294 70.866 -12 re 402.52 453.294 70.866 -12 re 402.52 441.294 70.866 -12 re 402.52 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59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 384.9062 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 387.3342 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 385.2342 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 384.9062 Tm ( )Tj 0.025 Tc 0.028 Tw 10 0 0 10 79.3701 364.2891 Tm [(As at 31 December 2018 and 2017, the fair value of trade and other recei\vables )0.5 (of the Group approximated )]TJ 0 Tw 0 -1.2 TD (to their carrying amounts.)Tj 0.024 Tc 0 -2.4 TD [(The maximum exposure to credit risk at the reporting date is the carryin\g amount of each class of receivable)-0.9 ( )]TJ 0.025 Tc 0 -1.2 TD (mentioned above. The Group does not hold any collateral as security.)Tj 0.039 Tw 0 -2.4 TD (The Group allows an average credit period of 0 to 90 days to its trade c\ustomers. 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/T1_0 1 Tf 0.1 0 0 0.1 473.3858 201.2103 Tm ( )Tj ET endstreamendobj114 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 37 \226)Tj /T1_1 1 Tf -0.025 Tw 6.75 0 0 9 79.3701 702.5379 Tm (Name )Tj /T1_2 1 Tf 0 Tw 2.874 0 Td (\(Note i\))Tj /T1_1 1 Tf 18.123 2.667 Td (Place of)Tj -0.025 Tw 0 -1.333 TD (incorporation/)Tj 0 -1.333 TD (establishment)Tj 0 Tw 11.339 1.333 Td (Principal activities)Tj T* (and place of operation)Tj 15.538 1.333 Td (Particulars of )Tj T* (issued share capital)Tj -0.025 Tw 16.651 1.333 Td (Interest)Tj 1.598 -1.333 Td (held)Tj /T1_0 1 Tf 0 Tw -66.123 -2.667 Td (Sichuan Chengyuan Chemical Industry )Tj 0 Tc ( )Tj 0.025 Tc 1.067 -1.333 Td (Co., Ltd \(\223Sichuan Cuyo\224\) )Tj /T1_3 1 Tf (\(Note ii\))Tj /T1_0 1 Tf 19.931 1.333 Td (Mainland China)Tj 11.339 0 Td (Exploration and exploitation)Tj 0 Tc ( )Tj 0.025 Tc 1.067 -1.333 Td (of a phosphorous mine,)Tj 0 Tc ( )Tj 0.025 Tc T* (Mainland China)Tj -0.025 Tw 14.471 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1 0 0 1 408.189 549.2308 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 402.5197 548.9979 Tm ( )Tj ET q 1 0 0 1 479.0551 549.2308 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 548.9979 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 526.6808 Tm (As at 31 December)Tj /T1_1 1 Tf -0.025 Tw 35.577 0 Td (\(13,514\))Tj /T1_0 1 Tf 7.612 0 Td (\(2,244\))Tj ET 1.11 w q 1 0 0 1 408.189 522.03 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 519.9299 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 519.602 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 522.03 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 519.9299 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 519.602 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 497.2849 Tm (Net book value)Tj /T1_0 1 Tf T* (As at 31 December )Tj /T1_1 1 Tf -0.025 Tw 35.96 0 Td (59,538)Tj /T1_0 1 Tf 7.087 0 Td (11,618)Tj ET 1.11 w q 1 0 0 1 408.189 480.6341 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 478.5341 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 478.2061 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 480.6341 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 478.5341 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 478.2061 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 455.8891 Tm (Fair value as at 31 December )Tj /T1_1 1 Tf -0.025 Tw 35.96 0 Td (75,000)Tj /T1_0 1 Tf 7.087 0 Td (23,892)Tj ET 1.11 w q 1 0 0 1 408.189 451.2383 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 449.1383 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 448.8103 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 451.2383 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 449.1383 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 448.8103 Tm ( )Tj 0.025 Tc 0.035 Tw 10 0 0 10 79.3701 426.1932 Tm [(All )0.5 (the )0.6 (Group\222s )0.5 (investment )0.6 (properties )0.5 (are )0.6 (located )0.5 (in )0.6 (Mainland )0.6 (China. )0.5 (As )0.6 (at )0.5 (31 )0.6 (December )0.6 (2018, )0.6 (investment )]TJ 0.086 Tc 0.07 Tw 0 -1.3 TD [(properties)12.9 ( with)12.9 ( a)12.9 ( total)13 ( ne)0.5 (t)12.9 ( book)12.9 ( value)12.9 ( of)12.9 ( approximately)12.9 ( RMB)12.9 (5)12.9 (9)12.9 (,)12.9 (5)12.9 (3)12.9 (8)12.9 (,)12.9 (0)12.9 (0)12.9 (0)12.9 ( \()12.9 (2)12.9 (0)12.9 (1)12.9 (7)12.9 (:)12.9 ( approximately)61 ( )]TJ 0.025 Tc 0 Tw T* (RMB11,618,000\) were pledged as collateral for the Group\222s bank borro\wings.)Tj 0.032 Tc 0.076 Tw 0 -2.6 TD [(The)7 ( )0.6 (fair)7 ( )0.5 (values)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.5 (investment)7 ( )0.5 (properties)7 ( )0.5 (as)7 ( )0.5 (at)7 ( )0.5 (3)7 (1)7 ( )0.5 (December)7 ( )0.5 (2)7 (0)6.9 (1)7 (8)7 ( )0.6 (were)7 ( )0.6 (estimated)7 ( )0.5 (on)7 ( )0.6 (the)7 ( )0.5 (open)7 ( )0.5 (market)7 ( )]TJ 0.025 Tc 0.061 Tw 0 -1.3 TD (basic value by reference to market evidence of recent transaction for si\milar properties by management. It )Tj 0 Tw T* (falls under level 2 in the fair value hierarchy.)Tj 0.031 Tc 0.077 Tw 0 -2.6 TD [(The)6 ( )0.5 (rental)6 ( )0.5 (income)6 ( )0.5 (arising)6 ( )0.6 (from)6 ( )0.5 (investment)6 ( )0.5 (properties)6 ( )0.5 (for)6.1 ( )0.5 (the)6.1 ( )0.5 (year)6 ( )0.5 (2)6 (0)6 (1)6 (8)6 ( )0.5 (of)6 ( )0.5 (approximately)6 ( )0.5 (RMB)6 (4)6 (,)6 (2)6 (5)6 (5)6.1 (,)5.9 (0)6.1 (0)6 (0)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.3 TD (\(2017: approximately RMB1,965,000\) and depreciation charges are includ\ed in other income.)Tj 0.05 Tc 0.07 Tw 0 -2.6 TD [(A)0.6 (s)13 ( )0.6 (a)0.6 (t)13 ( )0.6 (3)13 (1)13.1 ( )0.5 (D)0.6 (e)0.6 (c)0.5 (e)0.6 (m)0.6 (b)0.5 (e)0.6 (r)13 ( )0.6 (2)13.1 (0)13 (1)13.1 (8)13 (,)13.1 ( )0.5 (t)0.6 (h)0.5 (e)13.1 ( )0.6 (G)0.5 (r)0.6 (o)0.6 (u)0.5 (p)13 ( )0.6 (h)0.6 (a)0.5 (d)13.1 ( )0.5 (n)0.6 (o)13 ( )0.6 (u)0.6 (n)0.5 (p)0.6 (r)0.5 (o)0.6 (v)0.5 (i)0.6 (d)0.6 (e)0.5 (d)13.1 ( )0.5 (c)0.6 (o)0.5 (n)0.6 (t)0.6 (r)0.5 (a)0.6 (c)0.5 (t)0.6 (u)0.6 (a)0.5 (l)13.1 ( )0.5 (o)0.6 (b)0.5 (l)0.6 (i)0.5 (g)0.6 (a)0.6 (t)0.5 (i)0.6 (o)0.5 (n)0.6 (s)13 ( )0.6 (f)0.6 (o)0.5 (r)13.1 ( )0.5 (f)0.6 (u)0.5 (t)0.6 (u)0.6 (r)0.5 (e)13.1 ( )0.5 (r)0.6 (e)0.6 (p)0.5 (a)0.6 (i)0.5 (r)0.6 (s)13.1 ( )0.5 (a)0.6 (n)0.6 (d)24.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.3 TD (maintenance \(2017: Nil\).)Tj /T1_1 1 Tf -2.268 -2.95 Td (19.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (MINING RIGHT)Tj /T1_0 1 Tf 0.066 Tw 0 -2.7 TD (The mining right represents the right to conduct mining activities in a \phosphate mine located in Sichuan, )Tj 0 Tw 0 -1.35 TD (Mainland China, which has a remaining legal life of 21 years, expiring i\n 2039.)Tj 0.028 Tc 0.08 Tw 0 -2.7 TD [(The)3 ( )0.6 (Group)3 ( )0.5 (has)3 ( )0.5 (not)3 ( )0.5 (commenced)3 ( )0.5 (any)3 ( )0.6 (mining)3 ( )0.5 (activities,)3 ( )0.5 (therefore)3.1 ( )0.5 (no)3 ( )0.5 (amortisation)3 ( )0.5 (was)3.1 ( charged)3 ( )0.5 (in)2.9 ( )0.5 (this)3.1 ( )0.5 (year.)3 ( )]TJ 0.025 Tc 0 Tw 0 -1.35 TD (The impairment test information of mining right is set out in Note 21.)Tj 0.068 Tw 0 -2.7 TD (As at 31 December 2018, the mining right with a total net book value of \approximately RMB309,755,000 )Tj 0 Tw 0 -1.35 TD (\(2017: approximately RMB297,300,000\) were pledged as collateral for th\e Group\222s bank borrowings.)Tj ET endstreamendobj120 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 33 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (17.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (PROPERTY, PLANT AND EQUIPMENT)Tj ET 0 0 0 0 k /GS1 gs 204.094 579.999 56.693 -12 re 260.787 579.999 56.693 -12 re 317.48 579.999 56.693 -12 re 374.173 579.999 56.693 -12 re 430.866 579.999 56.693 -12 re 487.559 579.999 56.693 -12 re 204.094 567.999 56.693 -12 re 260.787 567.999 56.693 -12 re 317.48 567.999 56.693 -12 re 374.173 567.999 56.693 -12 re 430.866 567.999 56.693 -12 re 487.559 567.999 56.693 -12 re 204.094 555.999 56.693 -12 re 260.787 555.999 56.693 -12 re 317.48 555.999 56.693 -12 re 374.173 555.999 56.693 -12 re 430.866 555.999 56.693 -12 re 487.559 555.999 56.693 -12 re 204.094 543.999 56.693 -12 re 260.787 543.999 56.693 -12 re 317.48 543.999 56.693 -12 re 374.173 543.999 56.693 -12 re 430.866 543.999 56.693 -12 re 487.559 543.999 56.693 -12 re 204.094 531.999 56.693 -12 re 260.787 531.999 56.693 -12 re 317.48 531.999 56.693 -12 re 374.173 531.999 56.693 -12 re 430.866 531.999 56.693 -12 re 487.559 531.999 56.693 -12 re 204.094 519.999 56.693 -24 re 260.787 519.999 56.693 -24 re 317.48 519.999 56.693 -24 re 374.173 519.999 56.693 -24 re 430.866 519.999 56.693 -24 re 487.559 519.999 56.693 -24 re 204.094 495.999 56.693 -3.009 re 260.787 495.999 56.693 -3.009 re 317.48 495.999 56.693 -3.009 re 374.173 495.999 56.693 -3.009 re 430.866 495.999 56.693 -3.009 re 487.559 495.999 56.693 -3.009 re 204.094 492.99 56.693 -12 re 260.787 492.99 56.693 -12 re 317.48 492.99 56.693 -12 re 374.173 492.99 56.693 -12 re 430.866 492.99 56.693 -12 re 487.559 492.99 56.693 -12 re 204.094 480.99 56.693 -12 re 260.787 480.99 56.693 -12 re 317.48 480.99 56.693 -12 re 374.173 480.99 56.693 -12 re 430.866 480.99 56.693 -12 re 487.559 480.99 56.693 -12 re 204.094 468.99 56.693 -3.009 re 260.787 468.99 56.693 -3.009 re 317.48 468.99 56.693 -3.009 re 374.173 468.99 56.693 -3.009 re 430.866 468.99 56.693 -3.009 re 487.559 468.99 56.693 -3.009 re 204.094 390.972 56.693 -12 re 260.787 390.972 56.693 -12 re 317.48 390.972 56.693 -12 re 374.173 390.972 56.693 -12 re 430.866 390.972 56.693 -12 re 487.559 390.972 56.693 -12 re 204.094 378.972 56.693 -12 re 260.787 378.972 56.693 -12 re 317.48 378.972 56.693 -12 re 374.173 378.972 56.693 -12 re 430.866 378.972 56.693 -12 re 487.559 378.972 56.693 -12 re 204.094 366.972 56.693 -12 re 260.787 366.972 56.693 -12 re 317.48 366.972 56.693 -12 re 374.173 366.972 56.693 -12 re 430.866 366.972 56.693 -12 re 487.559 366.972 56.693 -12 re 204.094 354.972 56.693 -12 re 260.787 354.972 56.693 -12 re 317.48 354.972 56.693 -12 re 374.173 354.972 56.693 -12 re 430.866 354.972 56.693 -12 re 487.559 354.972 56.693 -12 re 204.094 342.972 56.693 -12 re 260.787 342.972 56.693 -12 re 317.48 342.972 56.693 -12 re 374.173 342.972 56.693 -12 re 430.866 342.972 56.693 -12 re 487.559 342.972 56.693 -12 re 204.094 330.972 56.693 -24 re 260.787 330.972 56.693 -24 re 317.48 330.972 56.693 -24 re 374.173 330.972 56.693 -24 re 430.866 330.972 56.693 -24 re 487.559 330.972 56.693 -24 re 204.094 306.972 56.693 -3.009 re 260.787 306.972 56.693 -3.009 re 317.48 306.972 56.693 -3.009 re 374.173 306.972 56.693 -3.009 re 430.866 306.972 56.693 -3.009 re 487.559 306.972 56.693 -3.009 re 204.094 303.963 56.693 -12 re 260.787 303.963 56.693 -12 re 317.48 303.963 56.693 -12 re 374.173 303.963 56.693 -12 re 430.866 303.963 56.693 -12 re 487.559 303.963 56.693 -12 re 204.094 291.963 56.693 -12 re 260.787 291.963 56.693 -12 re 317.48 291.963 56.693 -12 re 374.173 291.963 56.693 -12 re 430.866 291.963 56.693 -12 re 487.559 291.963 56.693 -12 re 204.094 279.963 56.693 -3.009 re 260.787 279.963 56.693 -3.009 re 317.48 279.963 56.693 -3.009 re 374.173 279.963 56.693 -3.009 re 430.866 279.963 56.693 -3.009 re 487.559 279.963 56.693 -3.009 re 204.094 276.954 56.693 -12 re 260.787 276.954 56.693 -12 re 317.48 276.954 56.693 -12 re 374.173 276.954 56.693 -12 re 430.866 276.954 56.693 -12 re 487.559 276.954 56.693 -12 re 204.094 264.954 56.693 -12 re 260.787 264.954 56.693 -12 re 317.48 264.954 56.693 -12 re 374.173 264.954 56.693 -12 re 430.866 264.954 56.693 -12 re 487.559 264.954 56.693 -12 re 204.094 252.954 56.693 -12 re 260.787 252.954 56.693 -12 re 317.48 252.954 56.693 -12 re 374.173 252.954 56.693 -12 re 430.866 252.954 56.693 -12 re 487.559 252.954 56.693 -12 re 204.094 240.954 56.693 -5.396 re 260.787 240.954 56.693 -5.396 re 317.48 240.954 56.693 -5.396 re 374.173 240.954 56.693 -5.396 re 430.866 240.954 56.693 -5.396 re 487.559 240.954 56.693 -5.396 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 8 0 0 10 221.0543 680.7079 Tm (Buildings)Tj 0 Tw 7.005 1.2 Td (Plant and)Tj -0.025 Tw -0.415 -1.2 Td (machinery)Tj 9.021 1.2 Td (Motor)Tj -0.687 -1.2 Td (vehicles)Tj 7.86 2.4 Td (Office)Tj -2.021 -1.2 Td (equipment)Tj 0 Tw 0.003 -1.2 Td (and others)Tj -0.025 Tw 5.596 1.2 Td (Construction-)Tj 1.161 -1.2 Td (in-progress)Tj 9.792 0 Td (Total)Tj /T1_2 1 Tf -37.093 -1.2 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj /T1_1 1 Tf -53.364 -2.4 Td (Cost)Tj /T1_0 1 Tf 0 Tw 0 -1.2 Td (At 1 January 2017)Tj -0.025 Tw 17.768 0 Td (1,106,032)Tj 7.087 0 Td (2,362,655)Tj 8.412 0 Td (14,494)Tj 7.087 0 Td (22,881)Tj 6.562 0 Td (408,271)Tj 6.287 0 Td (3,914,333)Tj -53.202 -1.2 Td (Additions)Tj 0 Tc 0 Tw 21.468 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.237 0 Td (6,326)Tj 0 Tc 0 Tw 8.937 0 Td (8)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (380)Tj 5.762 0 Td (21,962)Tj 7.087 0 Td (28,676)Tj -54.527 -1.2 Td (Disposals)Tj 18.711 0 Td (\(65,785\))Tj 0 Tc 0 Tw 9.845 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.854 0 Td (\(1,431\))Tj 8.412 0 Td (\(81\))Tj 0 Tc 0 Tw 7.995 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.329 0 Td (\(67,297\))Tj 0 Tw -54.144 -1.2 Td (Transferred from/\(to\) construction-)Tj -0.025 Tw 1.063 -1.2 Td (in-progress)Tj 18.556 0 Td (5,933)Tj 0 Tc 0 Tw 8.937 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.854 0 Td (\(5,933\))Tj 0 Tc 0 Tw 9.32 0 Td (\226)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 209.764 580.2489 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 204.0947 580.0159 Tm ( )Tj ET q 1 0 0 1 266.4569 580.2489 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 260.7876 580.0159 Tm ( )Tj ET q 1 0 0 1 323.1498 580.2489 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 317.4805 580.0159 Tm ( )Tj ET q 1 0 0 1 379.8427 580.2489 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 374.1735 580.0159 Tm ( )Tj ET q 1 0 0 1 436.5356 580.2489 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 430.8664 580.0159 Tm ( )Tj ET q 1 0 0 1 493.2285 580.2489 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 487.5593 580.0159 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 8 0 0 10 79.3704 557.6989 Tm (At 31 December 2017)Tj -0.025 Tw 17.769 0 Td (1,046,180)Tj 7.087 0 Td (2,368,981)Tj 8.412 0 Td (13,071)Tj 7.087 0 Td (23,180)Tj 6.562 0 Td (424,300)Tj 6.287 0 Td (3,875,712)Tj -53.202 -1.2 Td (Additions)Tj 19.619 0 Td (4,076)Tj 7.087 0 Td (3,254)Tj 0 Tc 0 Tw 8.937 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.562 0 Td (58)Tj 5.237 0 Td (12,489)Tj 7.087 0 Td (19,877)Tj -54.527 -1.2 Td (Disposals)Tj 18.711 0 Td (\(17,534\))Tj 7.612 0 Td (\(2,553\))Tj 7.887 0 Td (\(505\))Tj 7.612 0 Td (\(43\))Tj 0 Tc 0 Tw 7.995 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.329 0 Td (\(20,635\))Tj 0 Tw -54.144 -1.2 Td (Cost adjustment)Tj -0.025 Tw 18.711 0 Td (\(68,149\))Tj 0 Tc 0 Tw 9.845 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.329 0 Td (\(74,473\))Tj 6.562 0 Td (\(142,622\))Tj 0 Tw -53.619 -1.2 Td (Transferred to investment )Tj -0.025 Tw 1.063 -1.2 Td (properties)Tj 17.648 0 Td (\(59,190\))Tj 0 Tc 0 Tw 9.845 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.329 0 Td (\(59,190\))Tj ET q 1 0 0 1 209.7642 493.2398 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 204.0949 493.0068 Tm ( )Tj ET q 1 0 0 1 266.4571 493.2398 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 260.7878 493.0068 Tm ( )Tj ET q 1 0 0 1 323.15 493.2398 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 317.4807 493.0068 Tm ( )Tj ET q 1 0 0 1 379.8429 493.2398 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 374.1736 493.0068 Tm ( )Tj ET q 1 0 0 1 436.5358 493.2398 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 430.8665 493.0068 Tm ( )Tj ET q 1 0 0 1 493.2287 493.2398 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 487.5594 493.0068 Tm ( )Tj 0.025 Tc 8 0 0 10 79.3705 470.6898 Tm (At 31 December 2018)Tj -0.025 Tw 18.568 0 Td (905,383)Tj 6.287 0 Td (2,369,682)Tj 8.412 0 Td (12,566)Tj 7.087 0 Td (23,195)Tj 6.562 0 Td (362,316)Tj 6.287 0 Td (3,673,142)Tj ET q 1 0 0 1 209.7643 466.2308 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 204.095 465.9978 Tm ( )Tj ET q 1 0 0 1 266.4572 466.2308 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 260.7879 465.9978 Tm ( )Tj ET q 1 0 0 1 323.1501 466.2308 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 317.4808 465.9978 Tm ( )Tj ET q 1 0 0 1 379.843 466.2308 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 374.1737 465.9978 Tm ( )Tj ET q 1 0 0 1 436.5359 466.2308 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 430.8666 465.9978 Tm ( )Tj ET q 1 0 0 1 493.2288 466.2308 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 487.5595 465.9978 Tm ( )Tj 0.025 Tc 8 0 0 10 79.3707 443.6808 Tm (Accumulated depreciation and )Tj 1.063 -1.2 Td (impairment loss)Tj /T1_0 1 Tf -1.063 -1.2 Td (At 1 January 2017)Tj -0.025 Tw 18.711 0 Td (\(65,670\))Tj 6.562 0 Td (\(498,534\))Tj 8.137 0 Td (\(8,182\))Tj 6.562 0 Td (\(21,289\))Tj 0 Tc 0 Tw 9.845 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.804 0 Td (\(593,675\))Tj -53.619 -1.2 Td (Depreciation)Tj 18.711 0 Td (\(23,905\))Tj 6.562 0 Td (\(194,771\))Tj 8.937 0 Td (\(746\))Tj 7.087 0 Td (\(862\))Tj 0 Tc 0 Tw 8.52 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.804 0 Td (\(220,284\))Tj -53.619 -1.2 Td (Disposals)Tj 19.618 0 Td (3,773)Tj 0 Tc 0 Tw 8.937 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (756)Tj 7.612 0 Td (70)Tj 0 Tc 0 Tw 7.612 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.237 0 Td (4,599)Tj ET q 1 0 0 1 209.7645 391.2217 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 204.0952 390.9887 Tm ( )Tj ET q 1 0 0 1 266.4574 391.2217 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 260.7881 390.9887 Tm ( )Tj ET q 1 0 0 1 323.1503 391.2217 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 317.481 390.9887 Tm ( )Tj ET q 1 0 0 1 379.8432 391.2217 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 374.174 390.9887 Tm ( )Tj ET q 1 0 0 1 436.5361 391.2217 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 430.8669 390.9887 Tm ( )Tj ET q 1 0 0 1 493.229 391.2217 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 487.5598 390.9887 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 8 0 0 10 79.3709 368.6717 Tm (At 31 December 2017)Tj -0.025 Tw 18.711 0 Td (\(85,802\))Tj 6.562 0 Td (\(693,305\))Tj 8.137 0 Td (\(8,172\))Tj 6.562 0 Td (\(22,081\))Tj 0 Tc 0 Tw 9.845 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.804 0 Td (\(809,360\))Tj -53.619 -1.2 Td (Depreciation)Tj 18.711 0 Td (\(28,017\))Tj 6.562 0 Td (\(187,718\))Tj 8.937 0 Td (\(723\))Tj 7.087 0 Td (\(765\))Tj 0 Tc 0 Tw 8.52 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.804 0 Td (\(217,223\))Tj -53.619 -1.2 Td (Disposals)Tj 0 Tc 0 Tw 21.468 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.237 0 Td (1,478)Tj 7.887 0 Td (253)Tj 7.087 0 Td (431)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.237 0 Td (2,162)Tj 0 Tw -55.052 -1.2 Td (Impairment loss)Tj 0 Tc 21.468 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.804 0 Td (\(181,533\))Tj 7.087 0 Td (\(181,533\))Tj 0 Tw -53.619 -1.2 Td (Transferred to investment )Tj -0.025 Tw 1.063 -1.2 Td (property)Tj 18.556 0 Td (9,426)Tj 0 Tc 0 Tw 8.937 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.237 0 Td (9,426)Tj ET q 1 0 0 1 209.7646 304.2126 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 204.0953 303.9796 Tm ( )Tj ET q 1 0 0 1 266.4575 304.2126 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 260.7882 303.9796 Tm ( )Tj ET q 1 0 0 1 323.1504 304.2126 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 317.4811 303.9796 Tm ( )Tj ET q 1 0 0 1 379.8434 304.2126 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 374.1741 303.9796 Tm ( )Tj ET q 1 0 0 1 436.5363 304.2126 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 430.867 303.9796 Tm ( )Tj ET q 1 0 0 1 493.2292 304.2126 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 487.5599 303.9796 Tm ( )Tj 0.025 Tc 8 0 0 10 79.371 281.6626 Tm (At 31 December 2018)Tj -0.025 Tw 18.186 0 Td (\(104,393\))Tj 7.087 0 Td (\(879,545\))Tj 8.137 0 Td (\(8,642\))Tj 6.562 0 Td (\(22,415\))Tj 6.562 0 Td (\(181,533\))Tj 6.287 0 Td (\(1,196,528\))Tj ET q 1 0 0 1 209.7648 277.2036 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 204.0955 276.9706 Tm ( )Tj ET q 1 0 0 1 266.4577 277.2036 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 260.7884 276.9706 Tm ( )Tj ET q 1 0 0 1 323.1506 277.2036 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 317.4813 276.9706 Tm ( )Tj ET q 1 0 0 1 379.8435 277.2036 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 374.1742 276.9706 Tm ( )Tj ET q 1 0 0 1 436.5364 277.2036 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 430.8671 276.9706 Tm ( )Tj ET q 1 0 0 1 493.2293 277.2036 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 487.56 276.9706 Tm ( )Tj 0.025 Tc 8 0 0 10 79.3712 254.6536 Tm (Net book amount)Tj 0 -1.2 Td (At 31 December 2018)Tj -0.025 Tw 18.568 0 Td (800,990)Tj 6.287 0 Td (1,490,137)Tj 8.937 0 Td (3,924)Tj 7.887 0 Td (780)Tj 5.237 0 Td (180,783)Tj 6.287 0 Td (2,476,614)Tj ET 1.11 w q 1 0 0 1 209.765 238.0028 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 209.765 235.9028 cm 0 0 m 45.354 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 0.08 0 0 0.1 204.0957 235.5748 Tm ( )Tj ET 1.11 w q 1 0 0 1 266.4579 238.0028 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 266.4579 235.9028 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 260.7886 235.5748 Tm ( )Tj ET 1.11 w q 1 0 0 1 323.1508 238.0028 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 323.1508 235.9028 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 317.4815 235.5748 Tm ( )Tj ET 1.11 w q 1 0 0 1 379.8437 238.0028 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 379.8437 235.9028 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 374.1744 235.5748 Tm ( )Tj ET 1.11 w q 1 0 0 1 436.5366 238.0028 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 436.5366 235.9028 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 430.8673 235.5748 Tm ( )Tj ET 1.11 w q 1 0 0 1 493.2295 238.0028 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 493.2295 235.9028 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 487.5602 235.5748 Tm ( )Tj 0.025 Tc 8 0 0 10 79.3714 213.2578 Tm (At 31 December 2017)Tj -0.025 Tw 18.568 0 Td (960,378)Tj 6.287 0 Td (1,675,676)Tj 8.937 0 Td (4,899)Tj 7.087 0 Td (1,099)Tj 6.037 0 Td (424,300)Tj 6.287 0 Td (3,066,352)Tj ET 1.11 w q 1 0 0 1 209.7651 208.6069 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 209.7651 206.5069 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 204.0958 206.1789 Tm ( )Tj ET 1.11 w q 1 0 0 1 266.458 208.6069 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 266.458 206.5069 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 260.7887 206.1789 Tm ( )Tj ET 1.11 w q 1 0 0 1 323.1509 208.6069 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 323.1509 206.5069 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 317.4816 206.1789 Tm ( )Tj ET 1.11 w q 1 0 0 1 379.8438 208.6069 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 379.8438 206.5069 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 374.1746 206.1789 Tm ( )Tj ET 1.11 w q 1 0 0 1 436.5367 208.6069 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 436.5367 206.5069 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 430.8675 206.1789 Tm ( )Tj ET 1.11 w q 1 0 0 1 493.2296 208.6069 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 493.2296 206.5069 cm 0 0 m 45.354 0 l S Q BT 0.08 0 0 0.1 487.5604 206.1789 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3714 184.5619 Tm (Impairment loss of approximately RMB181,533,000 \(2017: nil\) was recogn\ised in profit or loss for obsolete )Tj 0 -1.3 TD (property, plant and equipment.)Tj 0.04 Tc 0.07 Tw 0 -2.6 TD [(All)12.8 ( the)12.8 ( Group\222s)12.7 ( buildings)12.8 ( are)12.8 ( located)12.8 ( in)12.8 ( Mainland)12.8 ( China.)12.8 ( As)12.8 ( at)12.8 ( 3)12.7 (1)12.8 ( December)12.8 ( 2)12.8 (0)12.7 (1)12.8 (8)12.8 (,)12.8 ( property,)12.8 ( plant)12.8 ( and)15 ( )]TJ 0.068 Tc 0 -1.3 TD [(equipment)12.6 ( with)12.5 ( a)12.6 ( total)12.5 ( net)12.6 ( book)12.5 ( value)12.5 ( of)12.6 ( approximately)12.5 ( RMB)12.6 (1)12.5 (,)12.6 (1)12.5 (3)12.5 (0)12.6 (,)12.5 (4)12.6 (3)12.5 (6)12.6 (,)12.5 (0)12.6 (0)12.5 (0)12.6 ( \()12.6 (2)12.5 (0)12.6 (1)12.5 (7)12.6 (:)12.5 ( approximately)43 ( )]TJ 0.025 Tc 0 Tw T* (RMB1,168,227,000\) were pledged as collateral for the Group\222s bank bo\rrowings.)Tj 0.077 Tc 0.07 Tw 0 -2.6 TD [(For)12.5 ( the)12.5 ( year)12.5 ( ended)12.4 ( 3)12.4 (1)12.5 ( December)12.5 ( 2)12.4 (0)12.5 (1)12.4 (8)12.4 (,)12.5 ( borrowing)12.4 ( costs)12.5 ( of)12.4 ( approximately)12.5 ( RMB)12.5 (2)12.5 (,)12.4 (2)12.5 (4)12.4 (7)12.5 (,)12.4 (0)12.5 (0)12.4 (0)12.4 ( \()12.5 (2)12.4 (0)12.5 (1)12.4 (7)12.5 (:)52 ( )]TJ 0.025 Tc 0 Tw 0 -1.3 TD (approximately RMB730,000\) have been capitalised in the construction-in-\progress.)Tj ET endstreamendobj119 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 32 \226)Tj 0.051 Tc 0.07 Tw 10 0 0 10 79.3701 728.7079 Tm [(Potential)12.6 ( ordinary)12.7 ( shares)12.6 ( arising)12.6 ( from)12.7 ( the)12.7 ( assumed)12.7 ( conversion)12.7 ( of)12.7 ( convertible)12.7 ( bonds)12.7 ( and)12.7 ( the)12.7 ( assumed)26 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (exercise of share options have not been included in the calculation of d\iluted loss per share because they are )Tj T* (anti-dilutive for the years ended 31 December 2017 and 2018.)Tj 0 -2.4 TD (The calculation of the basic and diluted loss per share is based on the \following:)Tj ET 0 0 0 0 k /GS1 gs 402.52 667.008 70.866 -12 re 402.52 655.008 70.866 -12 re 402.52 643.008 70.866 -12 re 402.52 631.008 70.866 -12 re 402.52 619.008 70.866 -12 re 402.52 607.008 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 446.9665 656.7079 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_1 1 Tf -41.883 -2.4 Td (Loss)Tj /T1_0 1 Tf 0 Tw 0 -1.2 TD (Loss for the purpose of calculating basic and diluted earnings per share\)Tj /T1_1 1 Tf -0.025 Tw 35.052 0 Td (\(348,209\))Tj /T1_0 1 Tf 7.087 0 Td (\(454,339\))Tj ET 0 0 0 1 K 1.11 w q 1 0 0 1 408.1889 604.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 601.9571 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 601.6292 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 604.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 601.9571 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 601.6292 Tm ( )Tj ET 0 0 0 0 k /GS1 gs 402.52 591.312 70.866 -12 re 402.52 579.312 70.866 -12 re 402.52 567.312 70.866 -12 re 402.52 555.312 70.866 -12 re 402.52 543.312 70.866 -24 re 402.52 519.312 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 446.9665 581.0121 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -6.92 -1.2 Td (\222000)Tj /T1_3 1 Tf 7.087 0 Td (\222000)Tj /T1_1 1 Tf 0 Tw -44.013 -2.4 Td (Number of shares)Tj /T1_0 1 Tf T* (Weighted average number of ordinary shares for the purpose of )Tj 0 Tc ( )Tj 0.025 Tc 1.001 -1.2 Td (calculating basic and diluted earnings per share)Tj /T1_1 1 Tf -0.025 Tw 33.634 0 Td (4,298,043)Tj /T1_0 1 Tf 7.087 0 Td (4,297,751)Tj ET 1.11 w q 1 0 0 1 408.189 516.3613 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 514.2613 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 513.9333 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 516.3613 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 514.2613 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 513.9333 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 56.693 493.3163 Tm (16.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (LAND USE RIGHTS)Tj /T1_0 1 Tf 0 -2.4 TD (The Group\222s land use rights represent prepaid operating lease payment\s.)Tj ET 0 0 0 0 k /GS1 gs 402.52 455.616 70.866 -12 re 402.52 443.616 70.866 -12 re 402.52 431.616 70.866 -12 re 402.52 419.616 70.866 -12 re 402.52 407.616 70.866 -12 re 402.52 395.616 70.866 -3.009 re 402.52 392.607 70.866 -12 re 402.52 380.607 70.866 -12 re 402.52 368.607 70.866 -12 re 402.52 356.607 70.866 -12 re 402.52 344.607 70.866 -3.009 re 402.52 341.598 70.866 -12 re 402.52 329.598 70.866 -12 re 402.52 317.598 70.866 -3.009 re 402.52 314.589 70.866 -12 re 402.52 302.589 70.866 -12 re 402.52 290.589 70.866 -12 re 402.52 278.589 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 446.9666 445.3163 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_1 1 Tf -41.883 -2.4 Td (Cost)Tj /T1_0 1 Tf 0 Tw 0 -1.2 TD (At 1 January and 31 December)Tj /T1_1 1 Tf -0.025 Tw 35.435 0 Td (127,969)Tj /T1_0 1 Tf 7.087 0 Td (127,969)Tj ET 0.5 w q 1 0 0 1 408.189 392.8573 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 392.6243 Tm ( )Tj ET q 1 0 0 1 479.0551 392.8573 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 392.6243 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 370.3073 Tm (Accumulated amortisation)Tj /T1_0 1 Tf T* (At 1 January )Tj /T1_1 1 Tf -0.025 Tw 35.96 0 Td (13,509)Tj /T1_0 1 Tf 7.087 0 Td (10,826)Tj 0 Tw -43.046 -1.2 Td (Amortisation charge for the year)Tj /T1_1 1 Tf -0.025 Tw 36.485 0 Td (2,683)Tj /T1_0 1 Tf 7.087 0 Td (2,683)Tj ET q 1 0 0 1 408.189 341.8482 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 341.6152 Tm ( )Tj ET q 1 0 0 1 479.0551 341.8482 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 341.6152 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 319.2982 Tm (At 31 December)Tj /T1_1 1 Tf -0.025 Tw 35.96 0 Td (16,192)Tj /T1_0 1 Tf 7.087 0 Td (13,509)Tj ET q 1 0 0 1 408.189 314.8392 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 314.6062 Tm ( )Tj ET q 1 0 0 1 479.0551 314.8392 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 314.6062 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 292.2892 Tm (Net book amount)Tj /T1_0 1 Tf T* (At 31 December)Tj /T1_1 1 Tf -0.025 Tw 35.435 0 Td (111,777)Tj /T1_0 1 Tf 7.087 0 Td (114,460)Tj ET 1.11 w q 1 0 0 1 408.189 275.6383 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 273.5383 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 273.2103 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 275.6383 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 273.5383 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 273.2103 Tm ( )Tj 0.025 Tc 0.037 Tw 10 0 0 10 79.3701 252.5933 Tm (All the Group\222s land use rights are located in Mainland China. The re\maining lease periods of the land use )Tj 0 Tw T* (rights are between 40 to 46 years \(2017: 41 to 47 years\).)Tj 0.041 Tc 0.07 Tw 0 -2.4 TD [(As)12.8 ( at)12.8 ( 3)12.9 (1)12.8 ( December)12.9 ( 2)12.9 (0)12.9 (1)12.8 (8)12.9 (,)12.8 ( land)12.9 ( use)12.9 ( rights)12.9 ( with)12.8 ( a)12.9 ( total)12.9 ( net)12.9 ( book)12.9 ( value)12.9 ( of)12.9 ( approximately)12.8 ( RMB)12.9 (5)12.8 (8)12.8 (,)12.9 (7)12.8 (8)12.9 (1)12.9 (,)12.8 (0)12.8 (0)12.9 (0)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (\(2017: approximately RMB60,223,000\) were pledged as collateral for the\ Group\222s bank borrowings.)Tj 0 -2.4 TD (Amortisation charge had been charged in administrative expenses.)Tj ET endstreamendobj118 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 31 \226)Tj /T1_1 1 Tf -0.025 Tw 10 0 0 10 102.0472 728.7079 Tm (Note:)Tj /T1_0 1 Tf 0 Tw 0 -2.4 TD (\(i\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Mr. Yuan Bai resigned as an executive director on 20 July 2018.)Tj 0.03 Tw -2.268 -2.4 Td (\(ii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Mr. Wu Tianran was appointed and resigned as an executive director on 15\ January 2017 and 20 )Tj 0 Tw 0 -1.2 TD (July 2018 respectively.)Tj 0.067 Tw -2.268 -2.4 Td (\(iii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Mr. Wan Congxin was appointed and resigned as an executive director on 1\5 January 2017 and )Tj 0 Tw T* (20 July 2018 respectively.)Tj -2.268 -2.4 Td (\(iv\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Mr. Shi Lei was appointed as an independent non-executive director on 15\ January 2017.)Tj 0.05 Tw -2.268 -2.4 Td (\(v\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Mr. Ge Jun was appointed and resigned as an independent non-executive di\rector on 15 January )Tj 0 Tw T* (2017 and 5 May 2017 respectively.)Tj -2.268 -2.4 Td (\(vi\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Mr. Xu Congcai was appointed as an independent non-executive director on\ 1 August 2017.)Tj -2.268 -2.4 Td (\(vii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Mr. Shi Jianmin was appointed as an executive director on 20 July 2018.)Tj -2.268 -2.4 Td (\(viii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Mr. Tang Guoqiang was appointed as an executive director on 20 July 2018\.)Tj -2.268 -2.4 Td (\(ix\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Mr. Zhang Weihua was appointed as an executive director on 20 July 2018.\)Tj /T1_2 1 Tf -4.535 -2.4 Td (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Five highest paid individuals)Tj /T1_0 1 Tf 0.022 Tw 0 -2.4 TD (The five individuals whose emoluments were the highest in the Group for \the year include five \(2017: )Tj 0 Tw 0 -1.2 TD (five\) directors whose emoluments are reflected in the analysis presente\d above.)Tj 0.055 Tw 0 -2.4 TD (During the year, the Group did not pay any amount to the five highest pa\id individuals nor any other )Tj 0 -1.2 TD [(directors of the Company as an inducement to join or upon joining the Gr\oup or as )0.5 (compensation for )]TJ 0 Tw T* (loss of office and no directors waived any emoluments during the year.)Tj /T1_2 1 Tf -4.535 -2.4 Td (15.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (LOSS PER SHARE)Tj -0.025 Tw 0 -2.6 TD (Basic)Tj /T1_0 1 Tf 0.013 Tw 0 -2.4 TD [(Basic loss per share are calculated by )0.5 (dividing the loss attributable to equity holders of the Company by the )]TJ 0 Tw 0 -1.2 TD (weighted average number of ordinary shares in issue during the year.)Tj /T1_2 1 Tf -0.025 Tw 0 -2.4 TD (Diluted)Tj /T1_0 1 Tf 0.069 Tc 0.07 Tw T* [(D)0.5 (ilu)0.5 (ted)13 ( lo)0.5 (ss)13 ( pe)0.5 (r)12.9 ( )0.5 (sh)0.5 (are)13 ( i)0.5 (s)12.9 ( )0.5 (ca)0.5 (lcu)0.5 (la)0.5 (te)0.5 (d)12.9 ( b)0.5 (y)12.9 ( a)0.5 (dj)0.5 (ust)0.5 (ing)13 ( t)0.5 (he)12.9 ( )0.5 (we)0.5 (igh)0.5 (te)0.5 (d)12.9 ( a)0.5 (ve)0.5 (ra)0.5 (ge)12.9 ( )0.5 (nu)0.5 (mbe)0.5 (r)12.9 ( )0.5 (of)12.9 ( )0.5 (or)0.5 (din)0.5 (ar)0.5 (y)12.9 ( s)0.5 (ha)0.5 (re)0.5 (s)44 ( )]TJ 0.025 Tc 0.012 Tw 0 -1.2 TD (outstanding to assume conversion of all dilutive potential ordinary shar\es. The Company has two categories )Tj 0.049 Tc 0.07 Tw T* [(o)0.5 (f)13.1 ( )0.5 (d)0.5 (i)0.6 (l)0.5 (u)0.6 (t)0.5 (i)0.5 (v)0.6 (e)13 ( )0.6 (p)0.5 (o)0.5 (t)0.6 (e)0.5 (n)0.5 (t)0.6 (i)0.5 (a)0.5 (l)13.1 ( )0.5 (o)0.6 (r)0.5 (d)0.5 (i)0.6 (n)0.5 (a)0.6 (r)0.5 (y)13 ( )0.6 (s)0.5 (h)0.6 (a)0.5 (r)0.6 (e)0.5 (s)0.5 (:)13.1 ( )0.5 (C)0.6 (o)0.5 (n)0.5 (v)0.6 (e)0.5 (r)0.6 (t)0.5 (i)0.5 (b)0.6 (l)0.5 (e)13 ( )0.6 (b)0.5 (o)0.6 (n)0.5 (d)0.5 (s)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.6 (s)0.5 (h)0.5 (a)0.6 (r)0.5 (e)13.1 ( )0.5 (o)0.6 (p)0.5 (t)0.5 (i)0.6 (o)0.5 (n)0.5 (s)0.6 (.)13 ( )0.6 (T)0.5 (h)0.5 (e)13.1 ( )0.5 (c)0.6 (o)0.5 (n)0.5 (v)0.6 (e)0.5 (r)0.6 (t)0.5 (i)0.5 (b)0.6 (l)0.5 (e)13 ( )0.6 (b)0.5 (o)0.6 (n)0.5 (d)0.5 (s)13.1 ( )0.5 (a)0.6 (r)0.5 (e)24 ( )]TJ 0.025 Tc 0.075 Tw T* (assumed to have been converted into ordinary shares, and the net loss is\ adjusted to eliminate the interest )Tj 0.053 Tc 0.07 Tw T* [(e)0.5 (xpe)0.5 (n)0.5 (se)13 ( l)0.5 (es)0.5 (s)12.9 ( )0.5 (th)0.5 (e)13 ( t)0.5 (ax)13 ( e)0.5 (ff)0.5 (ec)0.5 (t.)13 ( )0.5 (For)13 ( t)0.5 (he)13 ( )0.5 (sh)0.5 (ar)0.5 (e)12.9 ( )0.5 (op)0.5 (ti)0.5 (on)0.5 (s,)13 ( t)0.5 (he)13 ( n)0.5 (umb)0.5 (er)13 ( )0.5 (of)13 ( s)0.5 (ha)0.5 (re)0.5 (s)12.9 ( )0.5 (th)0.5 (a)0.5 (t)12.9 ( w)0.5 (o)0.5 (ul)0.5 (d)12.9 ( )0.5 (ha)0.5 (ve)13 ( b)0.5 (ee)0.5 (n)12.9 ( )0.5 (is)0.5 (su)0.5 (e)0.5 (d)27.9 ( )]TJ 0.036 Tc 0.072 Tw T* [(assuming)11 ( )0.5 (the)11 ( )0.5 (exercise)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (share)11 ( )0.5 (options)11 ( )0.5 (less)11 ( )0.5 (the)11 ( )0.5 (number)11 ( )0.5 (of)11 ( )0.5 (shares)11 ( )0.5 (that)11 ( )0.5 (could)11 ( )0.5 (have)11 ( )0.5 (been)11 ( )0.5 (issued)11 ( )0.5 (at)11 ( )0.5 (fair)11 ( )]TJ 0.038 Tc 0.07 Tw T* [(value)12.1 ( \(determined)12.1 ( as)12.1 ( the)12.1 ( average)12.1 ( market)12.1 ( price)12.1 ( per)12.1 ( share)12.1 ( for)12.1 ( the)12.1 ( year\))12.1 ( for)12.1 ( the)12.1 ( same)12.1 ( total)12.1 ( proceeds)12.1 ( is)12.1 ( the)13 ( )]TJ 0.025 Tc 0.026 Tw T* (number of shares issued for no consideration. The resulting number of sh\ares issued for no consideration is )Tj 0.037 Tw T* (included in the weighted average number of ordinary shares as the denomi\nator for calculating diluted loss )Tj 0 Tw T* (per share.)Tj ET endstreamendobj20 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj21 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj22 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj23 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj24 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj127 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 30 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (14.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (DIRECTORS\222 AND SENIOR MANAGEMENT\222S EMOLUMENTS)Tj 0 -2.6 TD (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td 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Td (Total)Tj /T1_2 1 Tf -23.088 -1.2 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj /T1_1 1 Tf 0 Tw -39.448 -2.4 Td (Executive directors)Tj /T1_0 1 Tf 0 -1.2 TD (Mr. Li Weiruo)Tj /T1_1 1 Tf -0.025 Tw 20.844 0 Td (743)Tj 7.087 0 Td (521)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.237 0 Td (1,264)Tj /T1_0 1 Tf 0 Tw -41.304 -1.2 Td (Mr. Yuan Bai )Tj /T1_3 1 Tf (\(Note i\))Tj /T1_1 1 Tf -0.025 Tw 20.844 0 Td (139)Tj 7.087 0 Td (618)Tj 7.612 0 Td (10)Tj 6.562 0 Td (767)Tj /T1_0 1 Tf 0 Tw -42.104 -1.2 Td (Mr.Wu Tianran )Tj /T1_3 1 Tf (\(Note ii\))Tj /T1_1 1 Tf -0.025 Tw 20.844 0 Td (511)Tj 7.087 0 Td (734)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.237 0 Td (1,245)Tj /T1_0 1 Tf 0 Tw -41.304 -1.2 Td (Mr.Wan Congxin )Tj /T1_3 1 Tf (\(Note iii\))Tj /T1_1 1 Tf -0.025 Tw 20.844 0 Td (139)Tj 7.087 0 Td (592)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (731)Tj /T1_0 1 Tf 0 Tw -42.104 -1.2 Td (Mr. Shi Jianmin )Tj /T1_3 1 Tf (\(Note vii\))Tj /T1_1 1 Tf 0 Tc 21.894 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -43.154 -1.2 Td (Mr. Tang Guoqiang )Tj /T1_3 1 Tf (\(Note viii\))Tj /T1_1 1 Tf 0 Tc 21.894 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -43.154 -1.2 Td (Mr. Zhang Weihua )Tj /T1_3 1 Tf (\(Note ix\))Tj /T1_1 1 Tf 0 Tc 21.894 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -43.154 -2.4 Td (Name of non-executive director)Tj /T1_0 1 Tf T* (Mr. Zhang Fubo)Tj /T1_1 1 Tf -0.025 Tw 20.844 0 Td (422)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (422)Tj 0 Tw -42.104 -2.4 Td (Name of independent non-)Tj 1.001 -1.2 Td (executive directors)Tj /T1_0 1 Tf -1.001 -1.2 Td (Mr. Hu Xiaoping)Tj /T1_1 1 Tf -0.025 Tw 20.844 0 Td (169)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (169)Tj /T1_0 1 Tf 0 Tw -42.104 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59.528 0 l S Q 0.45 w q 1 0 0 1 266.4567 356.9481 cm 0 0 m 59.528 0 l S Q BT /T1_4 1 Tf 0 Tc 0 Tw 8 0 0 8 260.7874 357.963 Tm ( )Tj ET 1.11 w q 1 0 0 1 337.3228 359.0481 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 356.9481 cm 0 0 m 59.528 0 l S Q BT 8 0 0 8 331.6536 357.963 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.189 359.0481 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 356.9481 cm 0 0 m 59.528 0 l S Q BT 8 0 0 8 402.5197 357.963 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 359.0481 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 356.9481 cm 0 0 m 59.528 0 l S Q BT 8 0 0 8 473.3859 357.963 Tm ( )Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 306.9046 300.003 Tm (Fees)Tj 5.379 3.6 Td (Salaries,)Tj -1.052 -1.2 Td (allowances)Tj 0 Tw -0.467 -1.2 Td (and benefits)Tj -0.025 Tw 2.096 -1.2 Td (in-kind)Tj 4.325 2.4 Td (Contributions)Tj 0 Tw 1.437 -1.2 Td (to pension)Tj -0.025 Tw 0.826 -1.2 Td (schemes)Tj 8.414 0 Td (Total)Tj /T1_3 1 Tf -23.087 -1.2 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 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recognised)Tj /T1_1 1 Tf -0.025 Tw 35.96 0 Td (59,141)Tj /T1_0 1 Tf 8.937 0 Td (71)Tj 0 Tw -44.896 -1.2 Td (Income not subject to tax)Tj /T1_1 1 Tf -0.025 Tw 36.902 0 Td (\(186\))Tj /T1_0 1 Tf 7.612 0 Td (\(10\))Tj ET q 1 0 0 1 408.189 553.2399 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6616 553.0069 Tm ( )Tj ET q 1 0 0 1 479.0551 553.2398 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 553.0068 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 530.6898 Tm (Income tax expense/\(credit\))Tj /T1_1 1 Tf -0.025 Tw 37.285 0 Td (601)Tj /T1_0 1 Tf 5.379 0 Td (\(16,737\))Tj ET 1.11 w q 1 0 0 1 408.189 526.0391 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 523.939 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6616 523.6111 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 526.0391 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 523.939 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 523.6111 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 56.693 502.994 Tm (13.)Tj 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252.9061 Tm ( )Tj 0.038 Tc 0.07 Tw 10 0 0 10 79.3701 232.2891 Tm [(Cost)12 ( of)12 ( inventories)12 ( sold)12 ( includes)12.1 ( staff)12 ( costs,)12.1 ( depreciation)12.1 ( and)12.1 ( operating)12.1 ( lease)12.1 ( charges)12.1 ( of)12.1 ( approximately)12.9 ( )]TJ 0.052 Tc T* [(RMB)12.5 (7)12.5 (7)12.5 (,)12.5 (4)12.5 (9)12.5 (2)12.5 (,)12.5 (0)12.5 (0)12.5 (0)12.5 ( \()12.5 (2)12.5 (0)12.5 (1)12.5 (7)12.5 (:)12.5 ( approximately)12.5 ( RMB)12.5 (7)12.5 (7)12.5 (,)12.5 (9)12.4 (8)12.6 (6)12.5 (,)12.5 (0)12.4 (0)12.5 (0)12.5 (\))12.5 ( which)12.5 ( are)12.5 ( included)12.5 ( in)12.5 ( the)12.5 ( amounts)12.5 ( disclosed)27 ( )]TJ 0.025 Tc 0 Tw T* (separately above.)Tj ET endstreamendobj125 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 28 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (11.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (FINANCE EXPENSES \227 NET)Tj ET 0 0 0 0 k /GS1 gs 402.52 715.008 70.866 -12 re 402.52 703.008 70.866 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Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5198 469.5929 Tm ( )Tj ET q 1 0 0 1 479.0552 469.8259 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 469.5929 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3702 447.2759 Tm (Finance expenses \227 net)Tj /T1_1 1 Tf -0.025 Tw 35.435 0 Td (161,933)Tj /T1_0 1 Tf 7.087 0 Td (162,801)Tj ET 1.11 w q 1 0 0 1 408.1891 442.6251 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1891 440.5251 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5198 440.1971 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0552 442.6251 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0552 440.5251 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 440.1971 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 56.693 419.58 Tm (12.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (INCOME TAX EXPENSE/\(CREDIT\))Tj /T1_0 1 Tf 0.027 Tw 0 -2.4 TD (No provision for profits tax in the Cayman Islands, British Virgin Islan\ds or Hong Kong has been made, as )Tj 0.047 Tw 0 -1.2 TD (the Group had no assessable profit 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181.8202 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 181.4922 Tm ( )Tj ET endstreamendobj124 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 27 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Sale of chemical products and chemical fertilizers)Tj /T1_0 1 Tf 0.031 Tc 0.077 Tw 0 -2.4 TD [(The)6.1 ( )0.5 (Group)6 ( )0.5 (manufactures)6 ( )0.5 (and)6 ( )0.5 (sells)6.1 ( chemical)6.1 ( )0.5 (products)6 ( )0.5 (and)6 ( )0.5 (chemical)6 ( )0.5 (fertilizers)6 ( )0.5 (to)6 ( )0.5 (the)6 ( )0.6 (customers.)6 ( )0.5 (Sales)6 ( )0.5 (are)6 ( )]TJ 0.055 Tc 0.07 Tw 0 -1.2 TD [(re)0.5 (co)0.5 (gnis)0.5 (ed)13 ( wh)0.5 (en)12.9 ( )0.5 (con)0.5 (tro)0.5 (l)12.9 ( o)0.5 (f)12.9 ( t)0.5 (he)12.9 ( )0.5 (pro)0.5 (duc)0.5 (ts)12.9 ( )0.5 (ha)0.5 (s)12.9 ( tr)0.5 (an)0.5 (sfe)0.5 (rr)0.5 (ed,)13 ( be)0.5 (ing)13 ( wh)0.5 (en)12.9 ( )0.5 (the)13 ( p)0.5 (rodu)0.5 (cts)13 ( a)0.5 (re)12.9 ( )0.5 (del)0.5 (ive)0.5 (re)0.5 (d)12.9 ( t)0.5 (o)12.9 ( a)30 ( )]TJ 0.025 Tc 0.047 Tw T* (customer, there is no unfulfilled obligation that could affect the custo\mer\222s acceptance of the products and )Tj 0 Tw T* (the customer has obtained legal titles to the products.)Tj 0.033 Tc 0.075 Tw 0 -2.4 TD [(Sales)8 ( )0.5 (to)8.1 ( customers)8 ( )0.5 (are)8 ( )0.6 (normally)8 ( )0.5 (made)8 ( )0.5 (with)8 ( )0.5 (credit)8.1 ( )0.5 (terms)8 ( )0.5 (of)8 ( )0.5 (0)8 ( )0.5 (to)8 ( )0.5 (9)8 (0)8 ( )0.5 (days.)8 ( )0.5 (For)8 ( )0.5 (new)8 ( )0.5 (customers,)8 ( )0.5 (deposits)8 ( )0.5 (or)8 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (cash on delivery may be required. 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1 Tf 0.1 0 0 0.1 473.3858 448.0159 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 435.1366 425.6989 Tm (\(24,418\))Tj /T1_0 1 Tf 6.562 0 Td (\(173,304\))Tj ET 1.11 w q 1 0 0 1 408.1889 421.0481 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 418.9481 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 418.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 421.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 418.948 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 418.62 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 56.6929 398.003 Tm (10.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (OTHER EXPENSES)Tj ET 0 0 0 0 k /GS1 gs 402.52 384.303 70.866 -12 re 402.52 372.303 70.866 -12 re 402.52 360.303 70.866 -12 re 402.52 348.303 70.866 -12 re 402.52 336.303 70.866 -12 re 402.52 324.303 70.866 -12 re 402.52 312.303 70.866 -12 re 402.52 300.303 70.866 -3.009 re 402.52 297.294 70.866 -12 re 402.52 285.294 70.866 -12 re 402.52 273.294 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 10 0 0 10 446.9665 374.003 Tm (2018)Tj /T1_0 1 Tf 7.087 0 Td (2017)Tj /T1_2 1 Tf -9.218 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.4 Td (Loss allowance for trade receivables)Tj /T1_1 1 Tf 0 Tc 38.335 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 6.037 0 Td (286)Tj 0 Tw -44.371 -1.2 Td (Write off trade receivables)Tj /T1_1 1 Tf -0.025 Tw 36.485 0 Td (4,618)Tj /T1_0 1 Tf 0 Tc 0 Tw 8.937 0 Td (\226)Tj 0.025 Tc -45.421 -1.2 Td (Write off prepayment)Tj /T1_1 1 Tf -0.025 Tw 35.96 0 Td (32,220)Tj /T1_0 1 Tf 0 Tc 0 Tw 9.462 0 Td (\226)Tj 0.025 Tc -45.421 -1.2 Td (Impairment losses on property, plant and equipment)Tj /T1_1 1 Tf -0.025 Tw 35.435 0 Td (181,533)Tj /T1_0 1 Tf 0 Tc 0 Tw 9.987 0 Td (\226)Tj ET 0.5 w q 1 0 0 1 408.1889 297.544 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 467.6615 297.311 Tm ( )Tj ET q 1 0 0 1 479.0551 297.544 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 297.311 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 433.7165 274.994 Tm (218,371)Tj /T1_0 1 Tf 8.937 0 Td (286)Tj ET 1.11 w q 1 0 0 1 408.1889 270.3432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 268.2432 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.6615 267.9152 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 270.3431 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 268.2431 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 267.9151 Tm ( )Tj ET endstreamendobj123 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 26 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Level 3 fair value measurements)Tj ET 0 0 0 0 k /GS1 gs 430.866 714.008 56.693 -48 re 430.866 618.008 56.693 -5.396 re f 430.866 666.008 56.693 -12 re 430.866 654.008 56.693 -12 re 430.866 642.008 56.693 -24 re f BT 0 0 0 1 k /GS0 gs /T1_0 1 Tf -0.025 Tw 10 0 0 10 79.3701 667.7079 Tm (Description)Tj 14.457 1.2 Td (Valuation )Tj 0 -1.2 TD (technique)Tj 7.087 1.2 Td (Unobservable )Tj T* (inputs)Tj 0 Tw 7.087 3.6 Td (Effect on fair )Tj T* (value for )Tj T* (increase of )Tj -0.025 Tw T* (inputs)Tj /T1_1 1 Tf 0 Tw 7.036 1.2 Td (Fair value)Tj -0.025 Tw 2.511 -1.2 Td (2018)Tj /T1_0 1 Tf 0 Tw 3.492 1.2 Td (Fair value)Tj -0.025 Tw 2.177 -1.2 Td (2017)Tj /T1_2 1 Tf -7.8 -1.2 Td (RMB\222000)Tj /T1_3 1 Tf 5.837 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.4 Td (Derivative financial assets)Tj 14.457 0 Td (Binomial tree )Tj -0.025 Tw 1.001 -1.2 Td (method)Tj 6.086 1.2 Td (Historical )Tj 1.001 -1.2 Td (volatility)Tj 6.086 1.2 Td (Increase)Tj /T1_1 1 Tf 0 Tc 0 Tw 11.122 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 3.294 0 Td (41,670)Tj ET 0 0 0 1 K 1.11 w q 1 0 0 1 436.5355 615.0571 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 436.5355 612.9571 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 430.8662 612.6292 Tm ( )Tj ET 1.11 w q 1 0 0 1 493.2284 615.0571 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 493.2284 612.9571 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 487.5591 612.6292 Tm ( )Tj 0.025 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assets)12.9 ( and)12.8 ( financial)12.9 ( liabilities)12.9 ( as)12.9 ( reflected)12.9 ( in)12.9 ( the)26.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (consolidated statement of financial position approximate their respectiv\e fair values.)Tj /T1_1 1 Tf -4.535 -2.4 Td (7.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (FAIR VALUE ESTIMATION)Tj /T1_0 1 Tf 0.035 Tc 0.073 Tw 0 -2.4 TD [(Fair)10.1 ( )0.5 (value)10 ( )0.5 (is)10 ( )0.5 (the)10 ( )0.5 (price)10 ( )0.6 (that)10 ( )0.5 (would)10 ( )0.5 (be)10 ( )0.5 (received)10 ( )0.5 (to)10 ( )0.6 (sell)10 ( )0.5 (an)10 ( )0.5 (asset)10 ( )0.5 (or)10 ( )0.5 (paid)10 ( )0.5 (to)10 ( )0.5 (transfer)10 ( )0.5 (a)10.1 ( )0.5 (liability)10 ( )0.5 (in)10 ( )0.5 (an)10 ( )0.5 (orderly)10 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.2 TD [(transaction)5 ( )0.5 (between)5 ( )0.5 (market)5 ( )0.5 (participants)5 ( )0.5 (at)5 ( )0.5 (the)5 ( )0.5 (measurement)5.1 ( )0.5 (date.)5 ( )0.5 (The)5 ( )0.5 (following)5 ( )0.5 (disclosures)5 ( )0.5 (of)5 ( )0.6 (fair)5 ( )0.5 (value)5 ( )]TJ 0.025 Tc 0.025 Tw T* [(measurements use a fair value hierarchy )0.5 (that categorises into three levels the inputs to valuation techniques )]TJ 0 Tw T* (used to measure fair value:)Tj 0.045 Tc 0.07 Tw 0 -2.4 TD [(L)20 (e)20 (v)20 (e)20 (l)20 ( )90 (1)20 ( )90 (i)20 (n)20 (p)20 (u)20 (t)20 (s)20 (:)]TJ /Span<>> BDC 6.375 0 Td ( )Tj EMC 1.279 0 Td [(q)0.5 (u)0.5 (o)0.5 (t)0.5 (e)0.5 (d)13 ( )0.5 (p)0.5 (r)0.5 (i)0.5 (c)0.5 (e)0.5 (s)13 ( )0.5 (\()0.5 (u)0.5 (n)0.5 (a)0.5 (d)0.5 (j)0.5 (u)0.5 (s)0.5 (t)0.5 (e)0.5 (d)0.5 (\))13 ( )0.6 (i)0.5 (n)12.9 ( )0.5 (a)0.6 (c)0.5 (t)0.5 (i)0.5 (v)0.5 (e)13 ( )0.5 (m)0.5 (a)0.5 (r)0.5 (k)0.5 (e)0.5 (t)0.5 (s)13 ( )0.5 (f)0.5 (o)0.5 (r)13 ( )0.5 (i)0.5 (d)0.5 (e)0.5 (n)0.5 (t)0.5 (i)0.5 (c)0.5 (a)0.5 (l)13 ( )0.5 (a)0.6 (s)0.5 (s)0.5 (e)0.5 (t)0.5 (s)13 ( )0.5 (o)0.5 (r)13 ( )0.5 (l)0.5 (i)0.5 (a)0.5 (b)0.5 (i)0.5 (l)0.5 (i)0.5 (t)0.5 (i)0.5 (e)0.5 (s)13 ( )0.5 (t)0.5 (h)0.5 (a)0.5 (t)13 ( )0.5 (t)0.5 (h)0.5 (e)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (Group can access at the measurement date.)Tj 0.017 Tw -7.654 -2.4 Td [(Level )17 (2 )17 (inputs:)]TJ /Span<>> BDC ( )Tj EMC 7.654 0 Td (inputs other than quoted prices included within level 1 that are observa\ble for the asset or )Tj 0 Tw T* (liability, either directly or indirectly.)Tj -7.654 -2.4 Td (Level 3 inputs:)Tj /Span<>> BDC ( )Tj EMC 7.654 0 Td (unobservable inputs for the asset or liability.)Tj 0.004 Tw -7.654 -2.4 Td [(The )0.5 (Group\222s )0.6 (policy )0.6 (is )0.5 (to )0.5 (recognise )0.5 (transfers )0.6 (into )0.6 (and )0.5 (transfers )0.5 (out )0.6 (of )0.6 (any )0.5 (of )0.5 (the )0.5 (three )0.6 (levels )0.5 (as )0.5 (of )0.6 (the )0.5 (date )0.5 (of )]TJ 0 Tw T* (the event or change in circumstances that caused the transfer.)Tj ET endstreamendobj159 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 23 \226)Tj 0.031 Tw 10 0 0 10 102.0472 728.7079 Tm [(A )0.5 (significant )0.5 (increase )0.5 (in )0.5 (credit )0.5 (risk )0.5 (is )0.5 (presumed )0.5 (if )0.5 (a )0.5 (debtor )0.5 (is )0.5 (more )0.5 (than )0.5 (30 )0.5 (days )0.5 (past )0.5 (due )0.5 (in )0.6 (making )0.5 (a )]TJ 0.043 Tw 0 -1.2 TD [(contractual )0.5 (payment. )0.5 (A )0.5 (default on )0.5 (a financial )0.5 (asset )0.5 (is )0.5 (when )0.5 (the counterparty )0.5 (fails to )0.5 (make contractual )]TJ 0 Tw T* (payments within 60 days of when they fall due.)Tj 0.056 Tw 0 -2.4 TD (Financial assets are written off when there is no reasonable expectation\ of recovery, such as a debtor )Tj 0.005 Tw 0 -1.2 TD (failing to engage in a repayment plan with the Group. The Group normally\ categorises a receivable for )Tj 0.038 Tc 0.07 Tw T* [(write)12.2 ( off)12.3 ( when)12.3 ( a)12.3 ( debtor)12.3 ( fails)12.3 ( to)12.3 ( make)12.3 ( contractual)12.3 ( payments)12.3 ( greater)12.3 ( than)12.3 ( 3)12.3 (6)12.2 (5)12.3 ( days)12.3 ( past)12.3 ( due.)12.3 ( Where)13 ( )]TJ 0.032 Tc 0.076 Tw T* [(receivables)7 ( )0.5 (have)7 ( )0.5 (been)7 ( )0.5 (written)7 ( )0.5 (off,)7 ( )0.5 (the)7 ( )0.5 (Group,)7 ( )0.6 (if)7.1 ( )0.5 (practicable)7 ( )0.5 (and)7 ( )0.5 (economical,)7 ( )0.5 (continues)6.9 ( )0.6 (to)7 ( )0.5 (engage)7 ( )0.5 (in)7 ( )]TJ 0.025 Tc 0 Tw T* (enforcement activity to attempt to recover the receivable due.)Tj 0.063 Tw 0 -2.4 TD (The Group used two categories for non-trade loan receivables which refle\ct their credit risk and how )Tj 0.026 Tw 0 -1.2 TD (the loan loss provision is determined for each of the categories. In cal\culating the expected credit loss )Tj 0 Tw T* (rates, the Group considers historical loss rate for each category and ad\justs for record looking data.)Tj /T1_1 1 Tf -0.025 Tw 0.142 -2.342 Td (Category)Tj 9.921 0 Td (Definition)Tj 0 Tw 20.976 0 Td (Loss provision)Tj /T1_0 1 Tf -0.025 Tw -30.898 -2.567 Td (Performing)Tj 0 Tw 9.921 0 Td (Low risk of default and strong capacity to pay)Tj 20.976 0 Td (12 month expected losses)Tj -0.025 Tw -30.898 -1.283 Td (Non-performing)Tj 0 Tw 9.921 0 Td (Significant increase in credit risk)Tj 20.976 0 Td (Lifetime expected losses)Tj 0.03 Tc 0.078 Tw -31.039 -2.304 Td [(All)5 ( )0.5 (of)5 ( )0.5 (these)5 ( )0.5 (trade)5 ( )0.5 (and)5 ( )0.5 (other)5 ( )0.5 (receivables)5 ( )0.5 (are)5.1 ( )0.5 (considered)5 ( )0.5 (to)5.1 ( have)5.1 ( )0.5 (low)5 ( )0.5 (risk)5 ( )0.5 (and)5 ( under)5 ( )0.5 (the)5.1 ( )0.5 (\221Performing\222)5 ( )]TJ 0.025 Tc 0 Tw T* (category because they have a low risk of default and have strong ability\ to meet their obligations.)Tj /T1_1 1 Tf -2.268 -2.4 Td (\(d\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Liquidity risk)Tj /T1_0 1 Tf 0.033 Tc 0.075 Tw 0 -2.4 TD [(The)8 ( )0.5 (Group)8 ( )0.5 (guarantees)8 ( )0.5 (a)8 ( )0.5 (sufficient)8 ( )0.5 (liquidity)8 ( )0.5 (by)8 ( )0.5 (efficient)8 ( )0.6 (cash)8 ( )0.5 (management)8.1 ( )0.5 (and)8 ( )0.5 (by)8 ( )0.5 (keeping)8.1 ( )0.5 (adequate)8 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (committed and uncommitted credit line available.)Tj 0.03 Tc 0.078 Tw 0 -2.4 TD [(The)5 ( )0.5 (table)5 ( )0.5 (below)5.1 ( )0.5 (analyses)5.1 ( )0.5 (the)5.1 ( )0.5 (Group\222s)5 ( )0.5 (financial)5 ( )0.5 (liabilities)5 ( )0.5 (into)5 ( )0.5 (relevant)5 ( )0.6 (maturity)5 ( )0.5 (groupings)5 ( )0.5 (based)5 ( )0.5 (on)5 ( )]TJ 0.025 Tc 0.06 Tw 0 -1.2 TD (the remaining period at the end of the reporting period to the contractu\al maturity date. The amounts )Tj 0.038 Tc 0.07 Tw T* [(disclosed)12.2 ( in)12.2 ( the)12.3 ( table)12.3 ( are)12.3 ( the)12.3 ( contractual)12.2 ( undiscounted)12.3 ( cash)12.2 ( flows.)12.2 ( Balances)12.3 ( due)12.2 ( within)12.2 ( 1)12.2 (2)12.3 ( months)13 ( )]TJ 0.025 Tc 0 Tw T* (equal their carrying balances, as the impact of discounting is not signi\ficant.)Tj ET 0 0 0 0 k /GS1 gs 260.787 306.05 70.866 -12 re 331.654 306.05 70.866 -12 re 402.52 306.05 70.866 -12 re 473.386 306.05 70.866 -12 re 260.787 294.05 70.866 -12 re 331.654 294.05 70.866 -12 re 402.52 294.05 70.866 -12 re 473.386 294.05 70.866 -12 re 260.787 282.05 70.866 -12 re 331.654 282.05 70.866 -12 re 402.52 282.05 70.866 -12 re 473.386 282.05 70.866 -12 re 260.787 270.05 70.866 -12 re 331.654 270.05 70.866 -12 re 402.52 270.05 70.866 -12 re 473.386 270.05 70.866 -12 re 260.787 258.05 70.866 -12 re 331.654 258.05 70.866 -12 re 402.52 258.05 70.866 -12 re 473.386 258.05 70.866 -12 re 260.787 246.05 70.866 -24 re 331.654 246.05 70.866 -24 re 402.52 246.05 70.866 -24 re 473.386 246.05 70.866 -24 re 260.787 222.05 70.866 -5.396 re 331.654 222.05 70.866 -5.396 re 402.52 222.05 70.866 -5.396 re 473.386 222.05 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 10 0 0 10 283.1447 343.7495 Tm (Less than)Tj 1.521 -1.2 Td (1 year)Tj 5.29 1.2 Td (Between 1)Tj -0.579 -1.2 Td (and 2 years)Tj 7.666 1.2 Td (Between 2)Tj -0.579 -1.2 Td (and 5 years)Tj -0.025 Tw 9.985 1.2 Td (Over)Tj 0 Tw -0.936 -1.2 Td (5 years)Tj /T1_2 1 Tf -0.025 Tw -22.121 -1.2 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj /T1_1 1 Tf 0 Tw -39.616 -2.4 Td (At 31 December 2018)Tj T* (Trade and other payables)Tj -0.025 Tw 18.994 0 Td (298,259)Tj 0 Tc 0 Tw 9.987 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -43.154 -1.2 Td (Short-term borrowings)Tj -0.025 Tw 18.194 0 Td (1,239,668)Tj 0 Tc 0 Tw 10.787 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -43.154 -1.2 Td (Long-term borrowings)Tj -0.025 Tw 18.994 0 Td (433,921)Tj 7.087 0 Td (101,500)Tj 7.087 0 Td (242,000)Tj 0 Tc 0 Tw 9.987 0 Td (\226)Tj 0.025 Tc -43.154 -1.2 Td (Convertible bonds)Tj -0.025 Tw 19.519 0 Td (13,360)Tj 0 Tc 0 Tw 9.462 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.187 0 Td (256,685)Tj 0 Tw -40.254 -1.2 Td (Interest payment on borrowings )Tj 1.001 -1.2 Td (and convertible bonds)Tj -0.025 Tw 17.993 0 Td (131,131)Tj 7.612 0 Td (39,468)Tj 7.087 0 Td (42,899)Tj 7.087 0 Td (25,533)Tj ET 0 0 0 1 K 1.11 w q 1 0 0 1 266.4567 219.0987 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 266.4567 216.9987 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 260.7874 216.6707 Tm ( )Tj ET 1.11 w q 1 0 0 1 337.3228 219.0987 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 216.9987 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 331.6536 216.6707 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.189 219.0987 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 216.9987 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 216.6707 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 219.0987 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 216.9987 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3859 216.6707 Tm ( )Tj 0.025 Tc 10 0 0 10 102.0473 194.3537 Tm (At 31 December 2017)Tj T* (Trade and other payables)Tj -0.025 Tw 18.994 0 Td (429,508)Tj 0 Tc 0 Tw 9.987 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -43.154 -1.2 Td (Short-term borrowings)Tj -0.025 Tw 18.194 0 Td (1,302,854)Tj 0 Tc 0 Tw 10.787 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -43.154 -1.2 Td (Long-term borrowings)Tj -0.025 Tw 18.994 0 Td (345,960)Tj 7.087 0 Td (162,961)Tj 7.087 0 Td (275,000)Tj 0 Tc 0 Tw 9.987 0 Td (\226)Tj 0.025 Tc -43.154 -1.2 Td (Convertible bonds)Tj 0 Tc 21.894 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.712 0 Td (13,360)Tj 0 Tc 0 Tw 9.462 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.187 0 Td (256,685)Tj 0 Tw -40.254 -1.2 Td (Interest payment on borrowings )Tj 0 Tc ( )Tj 0.025 Tc 1.001 -1.2 Td (and convertible bonds)Tj -0.025 Tw 17.993 0 Td (131,862)Tj 7.612 0 Td (41,606)Tj 7.087 0 Td (82,806)Tj 7.087 0 Td (35,934)Tj ET 1.11 w q 1 0 0 1 266.4567 117.7029 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 266.4567 115.6029 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 260.7874 115.2749 Tm ( )Tj ET 1.11 w q 1 0 0 1 337.3228 117.7029 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 115.6029 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 331.6536 115.2749 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.189 117.7029 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 115.6029 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 115.2749 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 117.7029 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 115.6029 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3859 115.2749 Tm ( )Tj ET endstreamendobj158 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 22 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Cash flow and fair value interest rate risk)Tj /T1_0 1 Tf 0.029 Tc 0.079 Tw 0 -2.4 TD [(T)0.5 (h)0.6 (e)4 ( )0.5 (G)0.5 (r)0.6 (o)0.5 (u)0.5 (p)0.6 (\222)0.5 (s)4 ( )0.5 (i)0.5 (n)0.6 (t)0.5 (e)0.5 (r)0.6 (e)0.5 (s)0.6 (t)4 ( )0.5 (r)0.5 (a)0.6 (t)0.5 (e)4 ( )0.5 (r)0.5 (i)0.6 (s)0.5 (k)4 ( )0.5 (m)0.5 (a)0.6 (i)0.5 (n)0.6 (l)0.5 (y)4 ( )0.5 (a)0.5 (r)0.6 (i)0.5 (s)0.5 (e)0.6 (s)4 ( )0.5 (f)0.5 (r)0.6 (o)0.5 (m)4 ( )0.5 (p)0.5 (l)0.6 (e)0.5 (d)0.5 (g)0.6 (e)0.5 (d)4 ( )0.5 (b)0.5 (a)0.6 (n)0.5 (k)4 ( )0.5 (d)0.6 (e)0.5 (p)0.5 (o)0.6 (s)0.5 (i)0.5 (t)0.6 (s)4 ( )0.5 (a)0.5 (n)0.5 (d)4 ( )0.6 (b)0.5 (o)0.5 (r)0.5 (r)0.6 (o)0.5 (w)0.6 (i)0.5 (n)0.5 (g)0.5 (s)0.6 (.)4 ( )0.5 (L)0.5 (o)0.6 (n)0.5 (g)0.5 (-)0.6 (t)0.5 (e)0.5 (r)0.6 (m)4 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.2 TD [(borrowing issued )0.5 (at variable )0.5 (rates )0.5 (expose the )0.5 (Group to )0.5 (cash )0.5 (flow risk )0.5 (which is )0.5 (partially offset )0.5 (by cash )]TJ 0.039 Tc 0.07 Tw T* [(held)12.8 ( at)12.7 ( variable)12.7 ( rates.)12.8 ( The)12.7 ( Group\222)12.8 ( s)12.8 ( pledged)12.8 ( bank)12.8 ( deposits,)12.8 ( short-term)12.8 ( borrowings)12.8 ( and)12.7 ( convertible)14 ( )]TJ 0.028 Tc 0.08 Tw T* [(bonds)3 ( )0.5 (were)3 ( )0.5 (issued)3 ( )0.5 (at)3 ( )0.5 (fixed)3 ( )0.5 (rates)3 ( )0.5 (and)3 ( )0.5 (exposed)3 ( )0.5 (the)3 ( )0.5 (Group)3 ( )0.5 (to)3 ( )0.5 (fair)3 ( )0.5 (value)3 ( )0.5 (interest)3 ( )0.5 (rate)3 ( )0.5 (risk.)2.9 ( )0.6 (During)3 ( )0.5 (2)3 (0)3 (1)3 (8)3 ( )]TJ 0.025 Tc 0 Tw T* (and 2017, the Group\222s long-term borrowings at variable rate were deno\minated in RMB.)Tj 0 -2.4 TD (The Group has not used any interest rate swaps to hedge its exposure to \interest rate risk.)Tj T* (As at 31 December 2018, if interest rates on long-term borrowings had be\en increased/decreased by 20 )Tj 0.061 Tc 0.07 Tw 0 -1.2 TD [(b)0.5 (a)0.6 (s)0.5 (i)0.5 (s)13 ( )0.6 (p)0.5 (o)0.5 (i)0.5 (n)0.6 (t)0.5 (s)13 ( )0.5 (w)0.6 (i)0.5 (t)0.5 (h)13 ( )0.6 (a)0.5 (l)0.5 (l)13 ( )0.6 (o)0.5 (t)0.5 (h)0.5 (e)0.6 (r)13 ( )0.5 (v)0.6 (a)0.5 (r)0.5 (i)0.5 (a)0.6 (b)0.5 (l)0.5 (e)0.6 (s)13 ( )0.5 (h)0.5 (e)0.6 (l)0.5 (d)13 ( )0.5 (c)0.6 (o)0.5 (n)0.5 (s)0.5 (t)0.6 (a)0.5 (n)0.5 (t)0.6 (,)13 ( )0.5 (p)0.5 (o)0.5 (s)0.6 (t)0.5 (-)0.5 (t)0.5 (a)0.6 (x)13 ( )0.5 (l)0.6 (o)0.5 (s)0.5 (s)13 ( )0.6 (f)0.5 (o)0.5 (r)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.6 (y)0.5 (e)0.5 (a)0.6 (r)13 ( )0.5 (w)0.5 (o)0.6 (u)0.5 (l)0.5 (d)13 ( )0.6 (h)0.5 (a)0.5 (v)0.6 (e)13 ( )0.5 (b)0.5 (e)0.6 (e)0.5 (n)36 ( )]TJ 0.043 Tc T* [(increased/decreased)12.1 ( by)12.1 ( approximately)12.2 ( RMB)12.1 (1)12.2 (,)12.1 (5)12.2 (5)12.1 (5)12.2 (,)12.1 (0)12.2 (0)12.1 (0)12.2 ( \()12.2 (2)12.2 (0)12.1 (1)12.2 (7)12.1 (:)12.2 ( post-tax)12.2 ( loss)12.1 ( increased/decreased)12.1 ( by)17.9 ( )]TJ 0.036 Tc 0.072 Tw T* [(approximately)11 ( )0.5 (RMB)11 (1)11 (,)11 (5)11 (6)11 (8)11 (,)11 (0)11 (0)11 (0)11 (\),)11 ( )0.5 (mainly)11 ( )0.5 (as)11 ( )0.5 (a)11.1 ( )0.5 (result)11 ( )0.5 (of)11 ( )0.5 (higher/lower)11 ( )0.5 (interest)11 ( )0.5 (expense)11 ( )0.5 (on)11 ( )0.5 (floating)11 ( )0.5 (rate)11 ( )]TJ 0.025 Tc -0.025 Tw T* (borrowings.)Tj /T1_1 1 Tf 0 Tw -2.268 -2.4 Td (\(c\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Credit risk)Tj /T1_0 1 Tf 0.047 Tc 0.07 Tw 0 -2.4 TD [(T)0.5 (h)0.5 (e)13 ( )0.5 (Gr)0.5 (o)0.5 (u)0.5 (p)13 ( )0.5 (h)0.5 (a)0.5 (s)13 ( n)0.5 (o)13 ( )0.5 (s)0.5 (i)0.5 (gn)0.5 (i)0.5 (f)0.5 (i)0.5 (c)0.5 (a)0.5 (n)0.5 (t)12.9 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (c)0.5 (e)0.5 (n)0.5 (tr)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (ns)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (c)0.5 (r)0.5 (e)0.5 (di)0.5 (t)13 ( )0.5 (r)0.5 (i)0.5 (s)0.5 (k.)13 ( )0.5 (C)0.5 (r)0.5 (e)0.5 (d)0.5 (i)0.5 (t)12.9 ( )0.5 (r)0.5 (i)0.5 (s)0.5 (k)13 ( a)0.5 (r)0.5 (i)0.5 (s)0.5 (e)0.5 (s)13 ( )0.5 (f)0.5 (r)0.5 (om)13 ( )0.5 (c)0.5 (a)0.5 (s)0.5 (h)13 ( )0.5 (a)0.5 (nd)13 ( )0.5 (c)0.5 (a)0.5 (s)0.5 (h)22 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (equivalents, pledged bank deposits and trade and other receivables.)Tj 0.04 Tc 0.07 Tw 0 -2.4 TD [(For)12.5 ( cash)12.6 ( and)12.5 ( cash)12.6 ( equivalents)12.5 ( and)12.6 ( pledged)12.5 ( bank)12.6 ( deposits,)12.5 ( management)12.5 ( manages)12.6 ( the)12.5 ( credit)12.5 ( risk)12.5 ( by)15 ( )]TJ 0.025 Tc 0.038 Tw 0 -1.2 TD (placing most bank deposits in the state-controlled and other listed bank\s in Mainland China and other )Tj 0 Tw T* (high quality foreign banks without significant credit risk.)Tj 0.043 Tc 0.07 Tw 0 -2.4 TD [(For)12 ( trade)12.1 ( and)12.1 ( other)12.1 ( receivables,)12.1 ( the)12.1 ( credit)12.1 ( quality)12.1 ( of)12.1 ( the)12.1 ( counterparties)12.1 ( is)12.1 ( assessed)12 ( by)12.1 ( taking)12.1 ( into)18 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.2 TD (account their financial position, credit history and other factors. Indi\vidual credit limits are set based )Tj 0.052 Tw T* (on the assessment of the credit quality. Given the constant repayment hi\story, the directors are of the )Tj 0.069 Tc 0.07 Tw T* [(opinion)12.5 ( that)12.5 ( the)12.5 ( risk)12.5 ( of)12.5 ( default)12.4 ( by)12.4 ( these)12.5 ( counterparties)12.4 ( is)12.4 ( low.)12.5 ( The)12.5 ( Group)12.5 ( has)12.4 ( no)12.4 ( significant)44 ( )]TJ 0.063 Tc T* [(c)0.5 (o)0.5 (n)0.5 (c)0.6 (e)0.5 (n)0.5 (t)0.5 (r)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.6 (c)0.5 (r)0.5 (e)0.5 (d)0.5 (i)0.5 (t)13.1 ( )0.5 (r)0.5 (i)0.5 (s)0.5 (k)0.5 (,)13 ( )0.6 (w)0.5 (i)0.5 (t)0.5 (h)13 ( )0.5 (e)0.5 (x)0.6 (p)0.5 (o)0.5 (s)0.5 (u)0.5 (r)0.5 (e)13 ( )0.6 (s)0.5 (p)0.5 (r)0.5 (e)0.5 (a)0.5 (d)13 ( )0.6 (o)0.5 (v)0.5 (e)0.5 (r)13 ( )0.5 (a)13.1 ( )0.5 (l)0.5 (a)0.5 (r)0.5 (g)0.5 (e)13.1 ( )0.5 (n)0.5 (u)0.5 (m)0.5 (b)0.5 (e)0.5 (r)13.1 ( )0.5 (o)0.5 (f)13 ( )0.5 (c)0.5 (o)0.5 (u)0.6 (n)0.5 (t)0.5 (e)0.5 (r)0.5 (p)0.5 (a)0.6 (r)0.5 (t)0.5 (i)0.5 (e)0.5 (s)13 ( )0.5 (a)0.6 (n)0.5 (d)38 ( )]TJ 0.025 Tc -0.025 Tw T* (customers.)Tj 0.038 Tw 0 -2.4 TD (The Group considers whether there has been a significant increase in cre\dit risk of financial assets on )Tj 0.067 Tw 0 -1.2 TD (an ongoing basis throughout each reporting period by comparing the risk \of a default occurring as at )Tj 0.03 Tc 0.078 Tw T* [(the)5 ( )0.5 (reporting)5 ( )0.5 (date)5 ( )0.5 (with)5 ( )0.5 (the)5.1 ( )0.5 (risk)5 ( )0.5 (of)5 ( )0.5 (default)5 ( )0.5 (as)5 ( )0.5 (at)5 ( )0.5 (the)5 ( )0.5 (date)5 ( )0.5 (of)5.1 ( )0.5 (initial)5 ( )0.6 (recognition.)5 ( )0.5 (It)5.1 ( )0.5 (considers)5 ( )0.5 (available)5 ( )]TJ 0.036 Tc 0.072 Tw T* [(reasonable)11 ( )0.5 (and)11 ( supportive)11 ( )0.5 (forwarding-looking)11 ( )0.5 (information.)11 ( )0.5 (Especially)11 ( )0.5 (the)11 ( )0.5 (following)11 ( )0.5 (information)11 ( )0.5 (is)11 ( )]TJ 0.025 Tc -0.025 Tw T* (used:)Tj 0 Tw 0 -2.4 TD (\227)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (internal credit rating;)Tj 0.034 Tw -2.268 -2.4 Td (\227)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (actual or expected significant adverse changes in business, financial or\ economic conditions that )Tj 0 Tw 0 -1.2 TD (are expected to cause a significant change to the borrower\222s ability \to meet its obligations;)Tj -2.268 -2.4 Td (\227)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (actual or expected significant changes in the operating results of the b\orrower;)Tj 0.055 Tc 0.07 Tw -2.268 -2.4 Td (\227)Tj /Span<>> BDC 1.025 0 Td ( )Tj EMC 1.243 0 Td [(significant)12.8 ( changes)12.7 ( in)12.8 ( the)12.8 ( expected)12.7 ( performance)12.8 ( and)12.7 ( behaviour)12.7 ( of)12.8 ( the)12.7 ( borrower,)12.7 ( including)30 ( )]TJ 0.025 Tc 0 Tw T* (changes in the payment status of borrowers.)Tj ET endstreamendobj157 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 21 \226)Tj 0.078 Tc 0.07 Tw 10 0 0 10 102.0472 728.7079 Tm [(P)0.5 (r)0.5 (o)0.5 (pe)0.5 (r)0.5 (t)0.5 (y)0.5 (,)13 ( p)0.5 (l)0.5 (a)0.5 (n)0.5 (t)13 ( a)0.5 (n)0.5 (d)13 ( )0.5 (e)0.5 (q)0.5 (ui)0.5 (p)0.5 (m)0.5 (e)0.5 (nt)13 ( )0.5 (a)0.5 (r)0.5 (e)13 ( )0.5 (r)0.5 (e)0.5 (v)0.5 (ie)0.5 (w)0.5 (e)0.5 (d)13 ( )0.5 (f)0.5 (o)0.5 (r)12.9 ( )0.5 (i)0.5 (m)0.5 (p)0.5 (a)0.5 (ir)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (wh)0.5 (e)0.5 (n)0.5 (e)0.5 (v)0.5 (e)0.5 (r)13 ( )0.5 (e)0.5 (ve)0.5 (n)0.5 (t)0.5 (s)13 ( )0.5 (or)13 ( )0.5 (c)0.5 (h)0.5 (a)0.5 (n)0.5 (ge)0.5 (s)13 ( )0.5 (i)0.5 (n)53 ( )]TJ 0.04 Tc 0 -1.2 TD [(circumstances)12.9 ( indicate)12.8 ( that)12.9 ( the)12.8 ( carrying)12.9 ( amount)12.8 ( of)12.9 ( the)12.9 ( assets)12.9 ( exceeds)12.9 ( its)12.8 ( recoverable)12.9 ( amount.)12.9 ( The)15 ( )]TJ 0.025 Tc 0.071 Tw T* (recoverable amount is determined with reference to the present value of \estimated future cash flows. )Tj 0.056 Tc 0.07 Tw T* [(An)12.1 ( impairment)12.1 ( loss)12.1 ( is)12.1 ( measured)12.1 ( as)12 ( the)12 ( difference)12.1 ( between)12 ( the)12 ( asset\222s)12.1 ( carrying)12.1 ( amount)12.1 ( and)12.1 ( the)31 ( )]TJ 0.04 Tc T* [(recoverable)12.2 ( amount.)12.2 ( Where)12.2 ( the)12.2 ( future)12.2 ( cash)12.1 ( flows)12.1 ( are)12.2 ( less)12.1 ( than)12.2 ( expected)12.1 ( or)12.1 ( there)12.1 ( are)12.2 ( unfavourable)15 ( )]TJ 0.027 Tc 0.081 Tw T* [(events)2 ( )0.5 (and)2 ( )0.5 (change)2 ( )0.5 (in)2 ( )0.5 (facts)2 ( )0.5 (and)2 ( )0.5 (circumstance)2 ( )0.5 (which)2 ( )0.5 (result)2 ( )0.5 (in)2 ( revision)2 ( )0.5 (of)2 ( )0.5 (future)2 ( )0.5 (estimate)2 ( )0.5 (cash)2 ( )0.5 (flow,)2 ( )0.5 (a)2 ( )]TJ 0.025 Tc 0 Tw T* (material impairment loss may arise.)Tj /T1_1 1 Tf -2.268 -2.4 Td (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Impairment of mining right)Tj /T1_0 1 Tf 0.072 Tw 0 -2.4 TD (In determining whether mining right are impaired or the event previously\ causing the impairment no )Tj 0.083 Tw 0 -1.2 TD [(longer )0.5 (exists, management )0.5 (has )0.5 (to exercise )0.5 (judgement )0.5 (in )0.5 (the )0.5 (area )0.5 (of )0.5 (asset impairment, )0.5 (particularly )0.5 (in )]TJ 0.004 Tw T* (assessing: \(1\) whether an event has occurred that may affect the asset\ value or such event affecting the )Tj 0.048 Tw T* (asset value has not been in existence; \(2\) whether the carrying value \of asset can be supported by the )Tj 0 Tw T* (net present value of future cash flows which are estimated based upon th\e continued use of the asset or )Tj 0.068 Tc 0.07 Tw T* [(derecognising;)12.3 ( and)12.4 ( \()12.4 (3)12.4 (\))12.3 ( the)12.4 ( appropriate)12.4 ( key)12.3 ( assumptions)12.3 ( to)12.3 ( be)12.4 ( applied)12.4 ( in)12.4 ( preparing)12.4 ( cash)12.4 ( flow)43 ( )]TJ 0.034 Tc 0.074 Tw T* [(projections)9 ( )0.5 (including)9 ( )0.5 (whether)9 ( )0.5 (these)9.1 ( )0.5 (cash)8.9 ( )0.6 (flow)9 ( )0.5 (projections)9 ( )0.5 (are)9 ( )0.5 (discounted)9 ( )0.5 (using)9 ( )0.5 (an)9 ( )0.5 (appropriate)9 ( )0.5 (rate.)9 ( )]TJ 0.026 Tc 0.082 Tw T* [(Changing)1 ( )0.5 (the)1.1 ( assumptions)1 ( )0.5 (selected)1 ( )0.5 (by)1 ( )0.5 (management)1 ( )0.5 (to)1 ( )0.5 (determine)1 ( )0.5 (the)1 ( )0.5 (level)1 ( )0.5 (of)1 ( )0.5 (impairment)1 ( )0.5 (in)1 ( )0.6 (the)1 ( )0.5 (cash)1 ( )]TJ 0.025 Tc 0 Tw T* (flow projections, could materially affect the net present value used in \the impairment test.)Tj /T1_1 1 Tf -2.268 -2.4 Td (\(c\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Income taxes)Tj /T1_0 1 Tf 0.012 Tw 0 -2.4 TD (The Group is mainly subject to income taxes in the Mainland China. Signi\ficant judgement is required )Tj 0.018 Tw 0 -1.2 TD [(in )0.5 (determining )0.5 (the )0.5 (provision )0.5 (for )0.5 (income )0.5 (taxes. )0.5 (There )0.5 (are )0.5 (many )0.5 (transactions )0.5 (and )0.5 (calculations )0.5 (for )0.5 (which )]TJ 0.03 Tw T* (the ultimate tax determination is uncertain during the ordinary course o\f business. Where the final tax )Tj 0.081 Tw T* (outcome of these matters is different from the amounts that were initial\ly recorded, such differences )Tj 0.028 Tc 0.08 Tw T* [(will)3 ( )0.5 (impact)3 ( )0.6 (the)3 ( )0.5 (income)3 ( )0.6 (tax)3 ( )0.5 (and)3 ( )0.5 (deferred)3 ( )0.5 (tax)3 ( )0.5 (provisions)3 ( )0.5 (in)3 ( )0.5 (the)3 ( )0.6 (period)3 ( )0.5 (in)3 ( )0.5 (which)3 ( )0.5 (such)3 ( )0.5 (determination)3 ( )0.5 (is)3 ( )]TJ 0.025 Tc -0.025 Tw T* (made.)Tj 0.01 Tw 0 -2.4 TD (Deferred tax assets are recognised for all unused tax losses to the exte\nt that it is probable that taxable )Tj 0.03 Tw 0 -1.2 TD (profit will be available against which the tax losses can be utilised. R\ecognition of deferred tax assets )Tj 0.018 Tw T* (primarily involves management judgement and estimations regarding the ta\xable profits of the entities )Tj 0.07 Tw T* (in which the losses arose. Significant management judgement is required \to determine the amount of )Tj 0.035 Tc 0.073 Tw T* [(deferred)10 ( )0.5 (tax)10 ( )0.5 (assets)10 ( )0.5 (that)10 ( )0.5 (can)10 ( )0.5 (be)10 ( )0.5 (recognised,)10.1 ( )0.5 (based)10 ( )0.5 (upon)10 ( )0.5 (the)10 ( )0.6 (likely)10 ( )0.5 (timing)10 ( )0.5 (and)10 ( )0.5 (level)10 ( )0.5 (of)10 ( )0.6 (future)10 ( )0.5 (taxable)10 ( )]TJ 0.025 Tc -0.025 Tw T* (profits.)Tj /T1_2 1 Tf 0 Tw -4.535 -2.4 Td (6.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (FINANCIAL RISK MANAGEMENT)Tj /T1_0 1 Tf 0.023 Tw 0 -2.4 TD (The Group\222s activities expose it to a variety of financial risks: mar\ket risk \(including foreign exchange risk )Tj 0.042 Tc 0.07 Tw 0 -1.2 TD [(a)0.5 (n)0.6 (d)13 ( )0.6 (c)0.5 (a)0.6 (s)0.5 (h)13 ( )0.6 (f)0.5 (l)0.5 (o)0.6 (w)13 ( )0.6 (a)0.5 (n)0.5 (d)13.1 ( )0.5 (f)0.6 (a)0.5 (i)0.5 (r)13.1 ( )0.5 (v)0.6 (a)0.5 (l)0.6 (u)0.5 (e)13 ( )0.6 (i)0.5 (n)0.5 (t)0.6 (e)0.5 (r)0.6 (e)0.5 (s)0.6 (t)13 ( )0.5 (r)0.6 (a)0.5 (t)0.6 (e)13 ( )0.5 (r)0.6 (i)0.5 (s)0.6 (k)0.5 (\))0.5 (,)13.1 ( )0.5 (c)0.6 (r)0.5 (e)0.5 (d)0.6 (i)0.5 (t)13 ( )0.6 (r)0.5 (i)0.6 (s)0.5 (k)0.5 (,)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.6 (l)0.5 (i)0.5 (q)0.6 (u)0.5 (i)0.5 (d)0.6 (i)0.5 (t)0.5 (y)13.1 ( )0.5 (r)0.6 (i)0.5 (s)0.5 (k)0.6 (.)13 ( )0.5 (T)0.6 (h)0.5 (e)13.1 ( )0.5 (G)0.6 (r)0.5 (o)0.5 (u)0.6 (p)0.5 (\222)0.5 (s)13.1 ( )0.5 (o)0.5 (v)0.6 (e)0.5 (r)0.6 (a)0.5 (l)0.6 (l)13 ( )0.5 (r)0.6 (i)0.5 (s)0.6 (k)17 ( )]TJ 0.057 Tc T* [(management)12.6 ( programme)12.6 ( focuses)12.6 ( on)12.6 ( the)12.6 ( unpredictability)12.6 ( of)12.6 ( financial)12.6 ( markets)12.6 ( and)12.6 ( seeks)12.7 ( to)12.6 ( minimise)32.1 ( )]TJ 0.025 Tc 0 Tw T* (potential adverse effects on the Group\222s financial performance.)Tj /T1_2 1 Tf 0 -2.4 TD (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Foreign exchange risk)Tj /T1_0 1 Tf 0.072 Tw T* [(The )0.5 (Group has )0.5 (minimal exposure )0.5 (to )0.5 (foreign currency )0.5 (risk as most )0.5 (of )0.5 (its )0.5 (business )0.5 (transactions, assets )]TJ 0.028 Tc 0.08 Tw 0 -1.2 TD [(and)3 ( )0.5 (li)0.5 (abilities)3 ( )0.6 (are)3 ( )0.5 (princ)0.5 (ipally)3 ( )0.5 (de)0.5 (nominate)0.5 (d)3 ( )0.5 (the)3 ( )0.5 (func)0.5 (tional)3 ( )0.5 (cu)0.5 (rrencie)0.5 (s)3 ( )0.5 (of)3 ( )0.5 (the)3 ( )0.5 (Gr)0.5 (oup)3 ( )0.5 (entitie)0.5 (s,)3 ( )0.5 (Renmi)0.5 (nbi)3 ( )]TJ 0.025 Tc 0.057 Tw T* (\(\223RMB\224\). The Group currently does not have a foreign currency he\dging policy in respect of foreign )Tj 0.04 Tc 0.07 Tw T* [(currency)12.5 ( transactions,)12.5 ( assets)12.6 ( and)12.6 ( liabilities.)12.5 ( The)12.5 ( Group)12.5 ( will)12.6 ( monitor)12.5 ( its)12.5 ( foreign)12.5 ( currency)12.6 ( exposure)15 ( )]TJ 0.025 Tc 0 Tw T* (closely and will consider hedging significant foreign currency exposure \should the need arise.)Tj ET endstreamendobj147 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj148 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj149 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj150 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj151 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj166 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 20 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Provisions and contingent liabilities)Tj /T1_0 1 Tf 0.068 Tw 0 -2.4 TD [(Provisions are )0.5 (recognised for )0.5 (liabilities )0.5 (of uncertain )0.5 (timing )0.5 (or )0.5 (amount when )0.5 (the Group has )0.5 (a present )0.5 (legal )]TJ 0.039 Tc 0.07 Tw 0 -1.2 TD [(or)12.6 ( constructive)12.6 ( obligation)12.6 ( arising)12.6 ( as)12.5 ( a)12.6 ( result)12.5 ( of)12.6 ( a)12.6 ( past)12.6 ( event,)12.6 ( it)12.6 ( is)12.6 ( probable)12.6 ( that)12.5 ( an)12.6 ( outflow)12.6 ( of)12.6 ( economic)14 ( )]TJ 0.025 Tc 0.044 Tw T* [(benefits )0.5 (will )0.5 (be )0.5 (required )0.5 (to )0.5 (settle )0.6 (the )0.6 (obligation )0.5 (and )0.5 (a )0.5 (reliable )0.5 (estimate )0.5 (can )0.5 (be )0.5 (made. )0.6 (Where )0.5 (the )0.5 (time )0.5 (value )]TJ 0.03 Tc 0.078 Tw T* [(o)0.5 (f)5 ( )0.6 (m)0.5 (o)0.5 (n)0.6 (e)0.5 (y)5 ( )0.5 (i)0.5 (s)5 ( )0.5 (m)0.6 (a)0.5 (t)0.6 (e)0.5 (r)0.6 (i)0.5 (a)0.6 (l)0.5 (,)5 ( )0.5 (p)0.5 (r)0.6 (o)0.5 (v)0.6 (i)0.5 (s)0.5 (i)0.6 (o)0.5 (n)0.6 (s)5 ( )0.5 (a)0.5 (r)0.6 (e)5 ( )0.5 (s)0.5 (t)0.6 (a)0.5 (t)0.6 (e)0.5 (d)5 ( )0.5 (a)0.6 (t)4.9 ( )0.5 (t)0.6 (h)0.5 (e)5 ( )0.5 (p)0.6 (r)0.5 (e)0.6 (s)0.5 (e)0.6 (n)0.5 (t)5 ( )0.5 (v)0.6 (a)0.5 (l)0.5 (u)0.6 (e)5 ( )0.5 (o)0.5 (f)5 ( )0.5 (t)0.6 (h)0.5 (e)5 ( )0.5 (e)0.6 (x)0.5 (p)0.5 (e)0.6 (n)0.5 (d)0.6 (i)0.5 (t)0.5 (u)0.6 (r)0.5 (e)0.6 (s)5 ( )0.5 (e)0.6 (x)0.5 (p)0.5 (e)0.6 (c)0.5 (t)0.6 (e)0.5 (d)5 ( )0.5 (t)0.5 (o)5 ( )0.5 (s)0.6 (e)0.5 (t)0.6 (t)0.5 (l)0.5 (e)5.1 ( )0.5 (t)0.5 (h)0.5 (e)5.1 ( )]TJ 0.025 Tc -0.025 Tw T* (obligation.)Tj 0.033 Tc 0.075 Tw 0 -2.4 TD [(Where)8 ( )0.5 (it)8 ( )0.5 (is)8 ( )0.5 (not)8 ( probable)8 ( )0.5 (that)8 ( )0.5 (an)8 ( )0.5 (outflow)8 ( )0.6 (of)8 ( )0.5 (economic)8 ( )0.5 (benefits)8 ( )0.5 (will)8 ( )0.5 (be)8.1 ( )0.5 (required,)8 ( )0.5 (or)8 ( )0.5 (the)8 ( )0.5 (amount)8 ( )0.5 (cannot)8 ( )0.5 (be)8.1 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.2 TD (estimated reliably, the obligation is disclosed as a contingent liabilit\y, unless the probability of outflow is )Tj 0.055 Tw T* (remote. Possible obligations, whose existence will only be confirmed by \the occurrence or non-occurrence )Tj 0.046 Tw T* (of one or more future events are also disclosed as contingent liabilitie\s unless the probability of outflow is )Tj -0.025 Tw T* (remote.)Tj /T1_1 1 Tf 0 Tw 0 -2.4 TD (Events after the reporting period)Tj /T1_0 1 Tf 0.061 Tw T* (Events after the reporting period that provide additional information ab\out the Group\222s position at the end )Tj 0.047 Tw 0 -1.2 TD (of the reporting period or those that indicate the going concern assumpt\ion is not appropriate are adjusting )Tj 0.053 Tw T* (events and are reflected in the financial statements. Events after the r\eporting period that are not adjusting )Tj 0 Tw T* (events are disclosed in the notes to the financial statements when mater\ial.)Tj /T1_1 1 Tf -2.268 -2.4 Td (5.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS)Tj 0 -2.4 TD (Critical judgements in applying accounting policies)Tj /T1_0 1 Tf 0.081 Tw T* (In the process of applying the accounting policies, the directors have m\ade the following judgements that )Tj 0.035 Tc 0.073 Tw 0 -1.2 TD [(have)10 ( )0.5 (the)10.1 ( most)10 ( )0.5 (significant)10 ( )0.5 (effect)10 ( )0.5 (on)10 ( )0.5 (the)10 ( )0.5 (amounts)10 ( )0.5 (recognised)10 ( )0.5 (in)10 ( )0.6 (the)10 ( )0.5 (financial)10 ( )0.5 (statements)10 ( )0.5 (\(apart)10 ( )0.5 (from)10 ( )0.5 (those)10 ( )]TJ 0.025 Tc 0 Tw T* (involving estimations, which are dealt with below\).)Tj /T1_2 1 Tf 0 -2.4 TD (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Going concern basis)Tj /T1_0 1 Tf 0.004 Tw T* [(These )0.5 (financial )0.6 (statements )0.5 (have )0.5 (been )0.5 (prepared )0.5 (on )0.5 (a )0.5 (going )0.5 (concern )0.6 (basis, )0.6 (the )0.5 (validity )0.6 (of )0.5 (which )0.5 (depends )]TJ 0.01 Tw 0 -1.2 TD (upon the Group\222s ability to generate adequate financing cash inflows \through successful renewal of its )Tj 0.03 Tc 0.078 Tw T* [(current)5 ( )0.5 (bank)5 ( )0.6 (loans)5 ( )0.5 (upon)5 ( )0.5 (expiry,)4.9 ( )0.6 (obtaining)5 ( )0.5 (additional)5 ( )0.5 (bank)5 ( )0.5 (borrowing,)5 ( )0.5 (and)5 ( )0.5 (securing)5 ( )0.5 (other)5 ( )0.5 (sources)5 ( )0.5 (of)5 ( )]TJ 0.026 Tc 0.082 Tw T* [(f)0.5 (i)0.5 (n)0.5 (a)0.5 (n)0.5 (c)0.6 (in)0.6 (g)0.5 (;)1 ( a)0.6 (n)0.5 (d)1 ( )0.5 (g)0.5 (e)0.5 (n)0.5 (e)0.5 (r)0.5 (a)0.5 (t)0.5 (e)1 ( )0.5 (a)0.6 (d)0.5 (e)0.5 (q)0.5 (u)0.5 (a)0.5 (t)0.5 (e)1 ( )0.5 (o)0.5 (p)0.5 (e)0.5 (r)0.5 (a)0.5 (t)0.6 (i)0.5 (n)0.5 (g)0.9 ( )0.6 (c)0.5 (a)0.5 (s)0.5 (h)1 ( )0.5 (i)0.5 (n)0.5 (f)0.5 (l)0.5 (o)0.5 (w)0.5 (s)0.5 (.)1 ( )0.5 (D)0.5 (e)0.6 (t)0.5 (a)0.5 (i)0.5 (l)0.5 (s)1 ( )0.5 (a)0.5 (r)0.5 (e)1 ( )0.5 (e)0.5 (x)0.6 (p)0.5 (l)0.5 (a)0.5 (i)0.5 (n)0.5 (e)0.5 (d)1 ( )0.5 (i)0.5 (n)1 ( )0.5 (n)0.5 (o)0.5 (t)0.5 (e)1 ( )0.5 (2)1 ( )0.5 (t)0.5 (o)1 ( )0.5 (f)0.5 (i)0.5 (n)0.5 (a)0.5 (n)0.5 (c)0.6 (i)0.5 (a)0.5 (l)1 ( )]TJ 0.025 Tc -0.025 Tw T* (statements.)Tj /T1_1 1 Tf 0 Tw -2.268 -2.4 Td (Key sources of estimation uncertainty)Tj /T1_0 1 Tf 0.027 Tc 0.081 Tw 0 -2.4 TD [(The)2 ( )0.5 (key)1.9 ( )0.5 (assumptions)2 ( )0.5 (concerning)2 ( )0.5 (the)2 ( )0.5 (future,)2 ( and)2 ( )0.5 (other)2 ( )0.5 (key)2 ( )0.5 (sources)2 ( )0.5 (of)2 ( )0.5 (estimation)2 ( )0.5 (uncertainty)2 ( )0.5 (at)2 ( )0.5 (the)2 ( )0.5 (end)2 ( )0.5 (of)2 ( )]TJ 0.025 Tc 0.009 Tw 0 -1.2 TD (the reporting period, that have a significant risk of causing a material\ adjustment to the carrying amounts of )Tj 0 Tw T* (assets and liabilities within the next financial year, are discussed bel\ow.)Tj /T1_2 1 Tf 0 -2.4 TD (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Depreciation and impairment of property, plant and equipment)Tj /T1_0 1 Tf 0.039 Tc 0.07 Tw T* [(Pr)0.5 (ope)0.5 (rty)0.5 (,)12.9 ( p)0.5 (la)0.5 (nt)12.9 ( )0.5 (and)13 ( e)0.5 (qui)0.5 (pme)0.5 (nt)12.9 ( )0.5 (ar)0.5 (e)12.9 ( d)0.5 (ep)0.5 (rec)0.5 (ia)0.5 (ted)13 ( on)13 ( a)13 ( st)0.5 (ra)0.5 (ight)0.5 (-l)0.5 (ine)13 ( ba)0.5 (si)0.5 (s)12.9 ( o)0.5 (ver)13 ( th)0.5 (ei)0.5 (r)12.9 ( u)0.5 (sef)0.5 (ul)13 ( li)0.5 (ves)0.5 (,)12.9 ( a)0.5 (ft)0.5 (er)14 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.2 TD (taking into account their estimated residual values. The Group assesses \annually the useful lives and )Tj 0.048 Tc 0.07 Tw T* [(residual)12.7 ( values)12.8 ( of)12.8 ( the)12.7 ( property,)12.8 ( plant)12.7 ( and)12.8 ( equipment.)12.7 ( If)12.8 ( the)12.8 ( expectation)12.7 ( differs)12.7 ( from)12.7 ( the)12.8 ( original)23 ( )]TJ 0.03 Tc 0.078 Tw T* [(estimate,)5 ( )0.5 (such)5 ( )0.5 (difference)5 ( )0.5 (will)5 ( )0.5 (impact)5 ( )0.5 (the)5 ( )0.5 (depreciation)5 ( )0.5 (charged)5 ( )0.5 (in)5 ( )0.5 (the)5 ( )0.5 (year)5 ( )0.5 (in)5 ( )0.5 (which)5 ( )0.5 (such)5 ( )0.5 (estimate)5 ( )0.5 (is)5 ( )]TJ 0.025 Tc -0.025 Tw T* (changed.)Tj ET endstreamendobj165 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 19 \226)Tj 10 0 0 10 79.3701 728.7079 Tm (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (An entity is related to the Group \(reporting entity\) if any of the fol\lowing conditions applies:)Tj 0.042 Tc 0.07 Tw 0 -2.4 TD [(\()17 (i)17 (\))]TJ /Span<>> BDC 1.019 0 Td ( )Tj EMC 1.249 0 Td [(The)12.2 ( entity)12.1 ( and)12.2 ( the)12.2 ( Company)12.1 ( are)12.2 ( members)12.1 ( of)12.2 ( the)12.2 ( same)12.2 ( group)12.1 ( \(which)12.2 ( means)12.1 ( that)12.1 ( each)12.1 ( parent,)17 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (subsidiary and fellow subsidiary is related to the others\).)Tj 0.012 Tw -2.268 -2.4 Td (\(ii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (One entity is an associate or joint venture of the other entity \(or an \associate or joint venture of a )Tj 0 Tw T* (member of a group of which the other entity is a member\).)Tj -2.268 -2.4 Td (\(iii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Both entities are joint ventures of the same third party.)Tj 0.042 Tc 0.07 Tw -2.268 -2.4 Td [(\()17 (i)17 (v)17 (\))]TJ /Span<>> BDC 1.544 0 Td ( )Tj EMC 0.724 0 Td [(One)12.4 ( entity)12.4 ( is)12.3 ( a)12.3 ( joint)12.3 ( venture)12.3 ( of)12.4 ( a)12.4 ( third)12.4 ( entity)12.4 ( and)12.3 ( the)12.4 ( other)12.4 ( entity)12.3 ( is)12.4 ( an)12.3 ( associate)12.3 ( of)12.4 ( the)12.4 ( third)17 ( )]TJ 0.025 Tc -0.025 Tw T* (entity.)Tj 0.036 Tw -2.268 -2.4 Td (\(v\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (The entity is a post-employment benefit plan for the benefit of employee\s of either the Group or )Tj 0.029 Tc 0.079 Tw T* [(an)4 ( )0.5 (entity)4 ( )0.5 (related)4 ( )0.5 (to)4 ( )0.5 (the)4.1 ( )0.5 (Group.)4 ( )0.5 (If)4 ( )0.5 (the)4 ( )0.5 (Group)4 ( )0.5 (is)4 ( )0.5 (itself)4 ( )0.5 (such)4 ( )0.6 (a)4 ( )0.5 (plan,)4 ( )0.5 (the)4 ( )0.5 (sponsoring)4 ( )0.5 (employers)4 ( )0.5 (are)4 ( )]TJ 0.025 Tc 0 Tw T* (also related to the Group.)Tj -2.268 -2.4 Td (\(vi\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (The entity is controlled or jointly controlled by a person identified in\ \(a\).)Tj 0.083 Tw -2.268 -2.4 Td (\(vii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td [(A )0.5 (person identified )0.5 (in \(a\)\(i\) )0.5 (has )0.5 (significant )0.5 (influence )0.5 (over )0.5 (the )0.5 (entity or )0.5 (is )0.5 (a )0.5 (member )0.5 (of )0.5 (the )0.5 (key )]TJ 0 Tw T* (management personnel of the entity \(or of a parent of the entity\).)Tj 0.056 Tw -2.268 -2.4 Td (\(viii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (The entity, or any member of a group of which it is a part, provides key\ management personnel )Tj 0 Tw T* (services to the Company or to a parent of the Company.)Tj /T1_1 1 Tf -4.535 -2.4 Td (Impairment of assets)Tj /T1_0 1 Tf 0.046 Tc 0.07 Tw 0 -2.4 TD [(At)12.9 ( the)12.9 ( end)12.9 ( of)12.9 ( each)12.8 ( reporting)12.8 ( period,)12.8 ( the)12.9 ( Group)12.8 ( reviews)12.9 ( the)12.9 ( carrying)12.9 ( amounts)12.8 ( of)12.9 ( its)12.9 ( tangible)12.9 ( and)12.9 ( other)21 ( )]TJ 0.025 Tc 0.012 Tw 0 -1.2 TD (intangible assets except goodwill, deferred tax assets, investments, inv\entories and receivables to determine )Tj 0.028 Tc 0.08 Tw T* [(whether)3 ( )0.5 (there)3 ( )0.5 (is)3 ( )0.5 (any)3 ( )0.5 (indication)3 ( )0.5 (that)3 ( )0.5 (those)3 ( )0.5 (assets)3 ( )0.5 (have)3 ( )0.5 (suffered)3.1 ( an)3 ( )0.5 (impairment)3 ( )0.5 (loss.)3 ( )0.5 (If)3 ( )0.5 (any)3 ( )0.5 (such)2.9 ( )0.5 (indication)3 ( )]TJ 0.025 Tc 0.052 Tw T* (exists, the recoverable amount of the asset is estimated in order to det\ermine the extent of any impairment )Tj 0.012 Tw T* (loss. Where it is not possible to estimate the recoverable amount of an \individual asset, the Group estimates )Tj 0 Tw T* (the recoverable amount of the cash generating unit to which the asset be\longs.)Tj 0.03 Tw 0 -2.4 TD [(Recoverable )0.5 (amount is )0.5 (the higher of fair value less costs of )0.5 (disposal and value in )0.5 (use. In assessing value )0.5 (in )]TJ 0.053 Tw 0 -1.2 TD (use, the estimated future cash flows are discounted to their present val\ue using a pre-tax discount rate that )Tj 0 Tw T* (reflects current market assessments of the time value of money and the r\isks specific to the asset.)Tj 0.049 Tc 0.07 Tw 0 -2.4 TD [(If)12.6 ( the)12.6 ( recoverable)12.7 ( amount)12.7 ( of)12.6 ( an)12.7 ( asset)12.6 ( or)12.7 ( cash-generating)12.7 ( unit)12.7 ( is)12.7 ( estimated)12.6 ( to)12.7 ( be)12.7 ( less)12.7 ( than)12.7 ( its)12.6 ( carrying)23.9 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.2 TD (amount, the carrying amount of the asset or cash-generating unit is redu\ced to its recoverable amount. An )Tj 0.011 Tw T* [(impairment )0.5 (loss )0.5 (is )0.6 (recognised )0.5 (immediately )0.5 (in )0.6 (profit )0.6 (or )0.5 (loss, )0.5 (unless )0.6 (the )0.5 (relevant )0.5 (asset )0.5 (is )0.5 (carried )0.5 (at )0.5 (a )0.6 (revalued )]TJ 0 Tw T* (amount, in which case the impairment loss is treated as a revaluation de\crease.)Tj 0.004 Tw 0 -2.4 TD (Where an impairment loss subsequently reverses, the carrying amount of t\he asset or cash-generating unit is )Tj 0.047 Tw 0 -1.2 TD (increased to the revised estimate of its recoverable amount, but so that\ the increased carrying amount does )Tj 0.052 Tw T* [(not )0.5 (exceed )0.5 (the carrying amount )0.5 (that )0.5 (would )0.5 (have )0.5 (been )0.5 (determined )0.5 (\(net of )0.5 (amortisation )0.5 (or )0.5 (depreciation\) had )]TJ 0.032 Tc 0.076 Tw T* [(no)7 ( )0.5 (impairment)7 ( )0.5 (loss)7 ( )0.5 (been)7 ( )0.5 (recognised)7 ( )0.5 (for)7 ( )0.5 (the)7 ( )0.5 (asset)6.9 ( )0.5 (or)7 ( )0.5 (cash-generating)7 ( )0.5 (unit)7 ( )0.5 (in)7 ( )0.5 (prior)7 ( )0.5 (years.)7 ( A)7.1 ( )0.5 (reversal)7 ( )0.5 (of)7 ( )0.5 (an)7 ( )]TJ 0.025 Tc 0.011 Tw T* [(impairment )0.5 (loss )0.5 (is )0.6 (recognised )0.5 (immediately )0.5 (in )0.6 (profit )0.6 (or )0.5 (loss, )0.5 (unless )0.6 (the )0.5 (relevant )0.5 (asset )0.5 (is )0.5 (carried )0.5 (at )0.5 (a )0.6 (revalued )]TJ 0 Tw T* (amount, in which case the reversal of the impairment loss is treated as \a revaluation increase.)Tj ET endstreamendobj164 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 18 \226)Tj /T1_1 1 Tf -0.025 Tw 10 0 0 10 79.3701 728.7079 Tm (Taxation)Tj /T1_0 1 Tf 0 Tw 0 -2.4 TD (Income tax represents the sum of the current tax and deferred tax.)Tj 0.059 Tc 0.07 Tw T* [(The)12.8 ( tax)12.8 ( currently)12.7 ( payable)12.8 ( is)12.8 ( based)12.8 ( on)12.7 ( taxable)12.8 ( profit)12.8 ( for)12.8 ( the)12.8 ( year.)12.8 ( Taxable)12.8 ( profit)12.7 ( differs)12.8 ( from)12.7 ( profit)34 ( )]TJ 0.025 Tc 0.022 Tw 0 -1.2 TD (recognised in profit or loss because it excludes items of income or expe\nse that are taxable or deductible in )Tj 0.041 Tc 0.07 Tw T* [(other)12.6 ( years)12.5 ( and)12.6 ( it)12.6 ( further)12.6 ( excludes)12.5 ( items)12.5 ( that)12.5 ( are)12.6 ( never)12.5 ( taxable)12.5 ( or)12.6 ( deductible.)12.6 ( The)12.5 ( Group\222s)12.5 ( liability)12.6 ( for)16 ( )]TJ 0.025 Tc 0.083 Tw T* [(current )0.5 (tax is calculated using )0.5 (tax )0.5 (rates )0.5 (that )0.5 (have )0.5 (been enacted )0.5 (or substantively )0.5 (enacted )0.5 (by )0.5 (the )0.5 (end )0.5 (of )0.5 (the )]TJ 0 Tw T* (reporting period.)Tj 0.044 Tc 0.07 Tw 0 -2.4 TD [(Deferred)12.6 ( tax)12.5 ( is)12.5 ( recognised)12.5 ( on)12.5 ( differences)12.6 ( between)12.6 ( the)12.5 ( carrying)12.5 ( amounts)12.6 ( of)12.6 ( assets)12.6 ( and)12.5 ( liabilities)12.6 ( in)12.6 ( the)19 ( )]TJ 0.025 Tc 0.013 Tw 0 -1.2 TD (financial statements and the corresponding tax bases used in the computa\tion of taxable profit. Deferred tax )Tj 0.057 Tc 0.07 Tw T* [(liabilities)12.4 ( are)12.4 ( generally)12.4 ( recognised)12.4 ( for)12.4 ( all)12.3 ( taxable)12.4 ( temporary)12.4 ( differences)12.4 ( and)12.4 ( deferred)12.4 ( tax)12.4 ( assets)12.4 ( are)32 ( )]TJ 0.03 Tc 0.078 Tw T* [(recognised)5 ( )0.5 (to)5 ( )0.5 (the)5 ( )0.5 (extent)5 ( )0.5 (that)5 ( )0.5 (it)5 ( )0.5 (is)5 ( )0.5 (probable)5 ( )0.5 (that)5 ( )0.5 (taxable)5 ( )0.5 (profits)5 ( )0.5 (will)5 ( )0.5 (be)5 ( )0.5 (available)5 ( )0.5 (against)5 ( )0.5 (which)5 ( )0.5 (deductible)5.1 ( )]TJ 0.025 Tc 0.008 Tw T* (temporary differences, unused tax losses or unused tax credits can be ut\ilised. Such assets and liabilities are )Tj 0.002 Tw T* (not recognised if the temporary difference arises from goodwill or from \the initial recognition \(other than in )Tj 0.044 Tw T* (a business combination\) of other assets and liabilities in a transactio\n that affects neither the taxable profit )Tj 0 Tw T* (nor the accounting profit.)Tj 0.064 Tc 0.07 Tw 0 -2.4 TD [(Deferred)12.2 ( tax)12.2 ( liabilities)12.3 ( are)12.3 ( recognised)12.2 ( for)12.2 ( taxable)12.3 ( temporary)12.3 ( differences)12.2 ( arising)12.3 ( on)12.2 ( investments)12.3 ( in)39 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.2 TD [(subsidiaries)7 ( )0.5 (and)7 ( )0.5 (associates,)7 ( )0.5 (and)7 ( )0.5 (interests)7 ( )0.5 (in)7 ( )0.5 (joint)7 ( )0.5 (ventures,)7 ( )0.5 (except)7 ( )0.5 (where)7 ( )0.5 (the)7 ( )0.5 (Group)7 ( )0.5 (is)7 ( )0.5 (able)7 ( )0.5 (to)7 ( )0.5 (control)7 ( )0.5 (the)7.1 ( )]TJ 0.025 Tc 0.048 Tw T* (reversal of the temporary difference and it is probable that the tempora\ry difference will not reverse in the )Tj 0 Tw T* (foreseeable future.)Tj 0.068 Tw 0 -2.4 TD (The carrying amount of deferred tax assets is reviewed at the end of eac\h reporting period and reduced to )Tj 0.027 Tw 0 -1.2 TD (the extent that it is no longer probable that sufficient taxable profits\ will be available to allow all or part of )Tj 0 Tw T* (the asset to be recovered.)Tj 0 -2.4 TD [(D)0.6 (e)0.5 (f)0.5 (e)0.6 (r)0.5 (r)0.6 (e)0.5 (d)0.6 ( )0.5 (t)0.5 (a)0.6 (x)0.5 ( )0.6 (i)0.5 (s)0.5 ( )0.6 (c)0.5 (a)0.6 (l)0.5 (c)0.6 (u)0.5 (l)0.5 (a)0.6 (t)0.5 (e)0.6 (d)0.5 ( )0.5 (a)0.6 (t)0.5 ( )0.6 (t)0.5 (h)0.5 (e)0.6 ( )0.5 (t)0.6 (a)0.5 (x)0.5 ( )0.6 (r)0.5 (a)0.6 (t)0.5 (e)0.6 (s)0.5 ( )0.5 (t)0.6 (h)0.5 (a)0.6 (t)0.5 ( )0.5 (a)0.6 (r)0.5 (e)0.6 ( )0.5 (e)0.6 (x)0.5 (p)0.5 (e)0.6 (c)0.5 (t)0.6 (e)0.5 (d)0.6 ( )0.5 (t)0.5 (o)0.6 ( )0.5 (a)0.5 (p)0.6 (p)0.5 (l)0.5 (y)0.6 ( )0.5 (i)0.5 (n)0.6 ( )0.5 (t)0.6 (h)0.5 (e)0.6 ( )0.5 (p)0.5 (e)0.6 (r)0.5 (i)0.5 (o)0.6 (d)0.5 ( )0.5 (w)0.6 (h)0.5 (e)0.6 (n)0.5 ( )0.6 (t)0.5 (h)0.5 (e)0.6 ( )0.5 (l)0.5 (i)0.6 (a)0.5 (b)0.6 (i)0.5 (l)0.5 (i)0.6 (t)0.5 (y)0.6 ( )0.5 (i)0.5 (s)0.6 ( )0.5 (s)0.5 (e)0.6 (t)0.5 (t)0.6 (l)0.5 (e)0.6 (d )]TJ 0.028 Tw 0 -1.2 TD (or the asset is realised, based on tax rates that have been enacted or s\ubstantively enacted by the end of the )Tj 0.064 Tw T* (reporting period. Deferred tax is recognised in profit or loss, except w\hen it relates to items recognised in )Tj 0.022 Tw T* [(other comprehensive income or directly in equity, in which case )0.5 (the deferred )0.5 (tax )0.5 (is also recognised in )0.5 (other )]TJ 0 Tw T* (comprehensive income or directly in equity.)Tj 0.021 Tw 0 -2.4 TD [(The measurement of deferred tax assets and liabilities reflects the )0.5 (tax )0.5 (consequences that would )0.5 (follow from )]TJ 0.044 Tw 0 -1.2 TD (the manner in which the Group expects, at the end of the reporting perio\d, to recover or settle the carrying )Tj 0 Tw T* (amount of its assets and liabilities.)Tj 0.069 Tw 0 -2.4 TD (Deferred tax assets and liabilities are offset when there is a legally e\nforceable right to set off current tax )Tj 0.047 Tc 0.07 Tw 0 -1.2 TD [(assets)12.6 ( against)12.6 ( current)12.6 ( tax)12.6 ( liabilities)12.6 ( and)12.6 ( when)12.6 ( they)12.6 ( relate)12.6 ( to)12.6 ( income)12.6 ( taxes)12.6 ( levied)12.6 ( by)12.5 ( the)12.6 ( same)12.6 ( taxation)22 ( )]TJ 0.025 Tc 0 Tw T* (authority and the Group intends to settle its current tax assets and lia\bilities on a net basis.)Tj /T1_1 1 Tf 0 -2.4 TD (Related parties)Tj /T1_0 1 Tf T* (A related party is a person or entity that is related to the Group.)Tj T* (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (A person or a close member of that person\222s family is related to the \Group if that person:)Tj T* (\(i\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (has control or joint control over the Group;)Tj -2.268 -2.4 Td (\(ii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (has significant influence over the Group; or)Tj -2.268 -2.4 Td (\(iii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (is a member of the key management personnel of the Company or of a paren\t of the Company.)Tj ET endstreamendobj163 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 17 \226)Tj 0.08 Tw 10 0 0 10 102.0472 728.7079 Tm (The municipal and provincial governments undertake to assume the retirem\ent benefit obligations of )Tj 0.039 Tc 0.07 Tw 0 -1.2 TD [(all)12.4 ( existing)12.3 ( and)12.4 ( future)12.3 ( retired)12.4 ( Mainland)12.4 ( China)12.4 ( based)12.3 ( employees)12.4 ( payable)12.3 ( under)12.3 ( the)12.4 ( plans)12.4 ( described)14 ( )]TJ 0.025 Tc 0.079 Tw T* (above. Other than the monthly contributions, the Group has no further ob\ligation for the payment of )Tj 0.045 Tc 0.07 Tw T* [(retirement)12.9 ( and)12.9 ( other)12.9 ( post-retirement)12.9 ( benefits)12.9 ( of)12.9 ( its)12.9 ( employees.)12.9 ( The)12.9 ( assets)12.8 ( of)12.9 ( these)12.9 ( plans)12.9 ( are)12.9 ( held)20 ( )]TJ 0.024 Tc 0 Tw T* (separately from those of the Group in independently administrated funds \managed by the governments.)Tj 0.044 Tc 0.07 Tw 0 -2.4 TD [(The)12.6 ( Group)12.6 ( also)12.6 ( participates)12.5 ( in)12.6 ( a)12.6 ( retirement)12.6 ( benefit)12.6 ( scheme)12.6 ( under)12.6 ( the)12.6 ( rules)12.6 ( and)12.6 ( regulations)12.6 ( of)12.6 ( the)19 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.2 TD [(Mandatory)10 ( )0.5 (Provident)10 ( )0.5 (Fund)10 ( )0.5 (Scheme)10 ( )0.6 (Ordinance)10 ( )0.5 (\(\223MPF)10 ( )0.5 (Scheme\224\))10 ( )0.5 (for)10 ( )0.5 (its)10 ( )0.5 (eligible)10 ( )0.5 (employees)10 ( )0.5 (in)10 ( )0.5 (Hong)10 ( )]TJ 0.025 Tc 0.064 Tw T* (Kong. The contributions to the MPF Scheme borne by the Group are calcula\ted at 5% of the salaries )Tj 0.029 Tc 0.079 Tw T* [(and)4 ( )0.5 (wages)4.1 ( )0.5 (\(monthly)4 ( )0.5 (contributions)4.1 ( )0.5 (is)4 ( )0.6 (limited)4 ( )0.5 (to)4 ( )0.5 (HKD)4 (1)4 (,)4.1 (5)3.9 (0)4.1 (0)4 ( )0.5 (for)4 ( )0.5 (each)4 ( )0.5 (eligible)4 ( )0.5 (employee\))4 ( )0.5 (as)4 ( )0.5 (calculated)4 ( )]TJ 0.025 Tc 0.001 Tw T* (under the MPF legislation. The assets of this MPF Scheme are held separa\tely from those of the Group )Tj 0 Tw T* (in independently administered funds.)Tj 0 -2.4 TD (The Group\222s contributions to the defined contribution plans are expen\sed as incurred.)Tj /T1_1 1 Tf -2.268 -2.4 Td (Borrowing costs)Tj /T1_0 1 Tf 0.038 Tc 0.07 Tw T* [(Borrowing)12.2 ( costs)12.2 ( directly)12.3 ( attributable)12.3 ( to)12.2 ( the)12.3 ( acquisition,)12.2 ( construction)12.3 ( or)12.3 ( production)12.3 ( of)12.3 ( qualifying)12.3 ( assets,)13 ( )]TJ 0.025 Tc 0.014 Tw 0 -1.2 TD (which are assets that necessarily take a substantial period of time to g\et ready for their intended use or sale, )Tj 0.029 Tc 0.079 Tw T* [(are)4 ( )0.5 (capitalised)4 ( )0.5 (as)4 ( )0.5 (part)4 ( )0.6 (of)4 ( )0.5 (the)4 ( )0.5 (cost)4 ( )0.5 (of)4 ( )0.5 (those)4 ( )0.6 (assets,)4 ( )0.5 (until)4 ( )0.5 (such)4 ( )0.5 (time)4 ( )0.5 (as)4 ( )0.5 (the)4 ( )0.5 (assets)4 ( )0.5 (are)4 ( )0.6 (substantially)4 ( )0.5 (ready)4 ( )0.5 (for)4 ( )]TJ 0.028 Tc 0.08 Tw T* [(their)3 ( )0.5 (intended)3 ( )0.5 (use)3 ( )0.5 (or)3 ( )0.5 (sale.)3 ( )0.5 (Investment)3 ( )0.5 (income)3 ( )0.5 (earned)3 ( )0.5 (on)3 ( )0.5 (the)3 ( )0.5 (temporary)3 ( )0.5 (investment)3 ( )0.5 (of)3 ( )0.5 (specific)3 ( )0.5 (borrowings)3 ( )]TJ 0.073 Tc 0.07 Tw T* [(pending)12.5 ( their)12.6 ( expenditure)12.6 ( on)12.6 ( qualifying)12.6 ( assets)12.6 ( is)12.6 ( deducted)12.6 ( from)12.6 ( the)12.5 ( borrowing)12.6 ( costs)12.6 ( eligible)12.6 ( for)48 ( )]TJ 0.025 Tc -0.025 Tw T* (capitalisation.)Tj 0.002 Tw 0 -2.4 TD (To the extent that funds are borrowed generally and used for the purpose\ of obtaining a qualifying asset, the )Tj 0.071 Tw 0 -1.2 TD [(amount )0.5 (of )0.6 (borrowing )0.6 (costs )0.5 (eligible )0.6 (for )0.5 (capitalisation )0.5 (is )0.6 (determined )0.5 (by )0.6 (applying )0.6 (a )0.5 (capitalisation )0.6 (rate )0.5 (to )0.6 (the )]TJ 0.019 Tw T* (expenditures on that asset. The capitalisation rate is the weighted aver\age of the borrowing costs applicable )Tj 0.059 Tc 0.07 Tw T* [(t)0.5 (o)12.9 ( )0.5 (t)0.5 (he)13 ( )0.5 (bo)0.5 (r)0.5 (ro)0.5 (w)0.5 (in)0.5 (g)0.5 (s)12.9 ( )0.5 (o)0.5 (f)13 ( t)0.5 (he)13 ( )0.5 (G)0.5 (ro)0.5 (u)0.5 (p)12.9 ( )0.5 (t)0.5 (ha)0.5 (t)13 ( a)0.5 (r)0.5 (e)13 ( o)0.5 (u)0.5 (ts)0.5 (t)0.5 (an)0.5 (d)0.5 (in)0.5 (g)13 ( d)0.5 (u)0.5 (ri)0.5 (ng)13 ( )0.5 (t)0.5 (he)13 ( )0.5 (pe)0.5 (r)0.5 (io)0.5 (d)0.5 (,)12.9 ( )0.5 (o)0.5 (th)0.5 (e)0.5 (r)12.9 ( )0.5 (t)0.5 (ha)0.5 (n)13 ( b)0.5 (o)0.5 (rr)0.5 (o)0.5 (w)0.5 (in)0.5 (gs)13 ( )0.5 (ma)0.5 (d)0.5 (e)34 ( )]TJ 0.025 Tc 0 Tw T* (specifically for the purpose of obtaining a qualifying asset.)Tj 0 -2.4 TD (All other borrowing costs are recognised in profit or loss in the period\ in which they are incurred.)Tj /T1_1 1 Tf T* (Government grants)Tj /T1_0 1 Tf 0.062 Tw T* (A government grant is recognised when there is reasonable assurance that\ the Group will comply with the )Tj 0 Tw 0 -1.2 TD (conditions attaching to it and that the grant will be received.)Tj 0.018 Tw 0 -2.4 TD (Government grants relating to income are deferred and recognised in prof\it or loss over the period to match )Tj 0 Tw 0 -1.2 TD (them with the costs they are intended to compensate.)Tj 0.075 Tw 0 -2.4 TD (Government grants that become receivable as compensation for expenses or\ losses already incurred or for )Tj 0.05 Tw 0 -1.2 TD (the purpose of giving immediate financial support to the Group with no f\uture related costs are recognised )Tj 0 Tw T* (in profit or loss in the period in which they become receivable.)Tj 0.031 Tc 0.077 Tw 0 -2.4 TD [(Government)6 ( )0.5 (grants)6 ( )0.5 (relating)6 ( )0.5 (to)6 ( )0.5 (the)6 ( )0.5 (purchase)6 ( )0.5 (of)6 ( )0.5 (assets)6 ( )0.5 (are)6 ( )0.5 (recorded)6 ( )0.5 (as)6 ( )0.5 (defferred)6 ( )0.5 (income)6 ( )0.5 (and)6 ( )0.5 (recognised)6.1 ( )0.5 (in)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (profit or loss on a straight-line bass over the useful lives of the rela\ted assets.)Tj ET endstreamendobj162 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 16 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Revenue from contracts with customers)Tj /T1_0 1 Tf 0.078 Tw 0 -2.4 TD (Revenue is measured based on the consideration specified in a contract w\ith a customer with reference to )Tj 0.072 Tw 0 -1.2 TD (the customary business practices and excludes amounts collected on behal\f of third parties. For a contract )Tj 0.046 Tw T* [(where )0.5 (the )0.5 (period )0.5 (between )0.5 (the payment )0.5 (by )0.5 (the )0.5 (customer and the )0.5 (transfer )0.5 (of )0.5 (the )0.5 (promised )0.5 (product )0.5 (or )0.5 (service )]TJ 0 Tw T* (exceeds one year, the consideration is adjusted for the effect of a sign\ificant financing component.)Tj 0.039 Tc 0.07 Tw 0 -2.4 TD [(The)12.8 ( Group)12.8 ( recognises)12.8 ( revenue)12.8 ( when)12.9 ( it)12.8 ( satisfies)12.9 ( a)12.9 ( performance)12.9 ( obligation)12.8 ( by)12.8 ( transferring)12.8 ( control)12.8 ( over)12.8 ( a)14 ( )]TJ 0.044 Tc 0 -1.2 TD [(p)0.5 (r)0.5 (o)0.6 (d)0.5 (u)0.5 (c)0.5 (t)13 ( )0.6 (o)0.5 (r)13 ( )0.6 (s)0.5 (e)0.5 (r)0.5 (v)0.6 (i)0.5 (c)0.5 (e)13 ( )0.6 (t)0.5 (o)13 ( )0.5 (a)13.1 ( )0.5 (c)0.6 (u)0.5 (s)0.5 (t)0.5 (o)0.5 (m)0.5 (e)0.6 (r)0.5 (.)13 ( )0.6 (D)0.5 (e)0.5 (p)0.5 (e)0.6 (n)0.5 (d)0.5 (i)0.5 (n)0.6 (g)13 ( )0.5 (o)0.5 (n)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.6 (t)0.5 (e)0.5 (r)0.5 (m)0.6 (s)13 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (a)13 ( )0.6 (c)0.5 (o)0.5 (n)0.5 (t)0.6 (r)0.5 (a)0.5 (c)0.5 (t)13 ( )0.6 (a)0.5 (n)0.5 (d)13 ( )0.6 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (l)0.5 (a)0.5 (w)0.6 (s)13 ( )0.5 (t)0.6 (h)0.5 (a)0.5 (t)13 ( )0.5 (a)0.6 (p)0.5 (p)0.5 (l)0.5 (y)13.1 ( )0.5 (t)0.5 (o)13 ( )0.5 (t)0.6 (h)0.5 (a)0.5 (t)19 ( )]TJ 0.025 Tc 0.002 Tw T* (contract, a performance obligation can be satisfied over time or at a po\int in time. A performance obligation )Tj 0 Tw T* (is satisfied over time if:)Tj 0.023 Tc 0 -2.4 TD (\227)Tj /Span<>> BDC 1.025 0 Td ( )Tj EMC 1.243 0 Td (the customer simultaneously receives and consumes the benefits provided \by the Group\222s performance;)Tj 0.025 Tc 0.014 Tw -2.268 -2.4 Td (\227)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (the Group\222s performance creates or enhances an asset that the custome\r controls as the asset is created )Tj 0 Tw 0 -1.2 TD (or enhanced; or)Tj 0.057 Tw -2.268 -2.4 Td (\227)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (the Group\222s performance does not create an asset with an alternative \use to the Group and the Group )Tj 0 Tw T* (has an enforceable right to payment for performance completed to date.)Tj 0.05 Tc 0.07 Tw -2.268 -2.4 Td [(If)12.8 ( a)12.9 ( performance)12.8 ( obligation)12.9 ( is)12.9 ( satisfied)12.8 ( over)12.8 ( time,)12.9 ( revenue)12.9 ( is)12.9 ( recognised)12.9 ( by)12.9 ( reference)12.9 ( to)12.9 ( the)12.9 ( progress)25 ( )]TJ 0.025 Tc 0.01 Tw T* (towards complete satisfaction of that performance obligation. Otherwise,\ revenue is recognised at a point in )Tj 0 Tw T* (time when the customer obtains control of the product or service.)Tj /T1_1 1 Tf 0 -2.4 TD (Interest revenue)Tj /T1_0 1 Tf T* (Interest revenue is recognised using the effective interest method.)Tj /T1_1 1 Tf T* (Other income)Tj /T1_0 1 Tf T* (Rental income is recognised on a straight-line basis over the lease term\.)Tj /T1_2 1 Tf T* (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Employee leave entitlements)Tj /T1_0 1 Tf 0.041 Tc 0.07 Tw T* [(Employee)12.5 ( entitlements)12.5 ( to)12.4 ( annual)12.4 ( leave)12.4 ( and)12.4 ( long)12.5 ( service)12.4 ( leave)12.4 ( are)12.5 ( recognised)12.5 ( when)12.4 ( they)12.5 ( accrue)12.5 ( to)16 ( )]TJ 0.025 Tc 0.012 Tw 0 -1.2 TD (employees. A provision is made for the estimated liability for annual le\ave and long-service leave as a )Tj 0 Tw T* (result of services rendered by employees up to the end of the reporting \period.)Tj /T1_2 1 Tf -2.268 -2.4 Td (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Pension obligations)Tj /T1_0 1 Tf 0.055 Tc 0.07 Tw 0 -2.4 TD [(In)12.6 ( accordance)12.6 ( with)12.6 ( the)12.7 ( rules)12.6 ( and)12.7 ( regulations)12.6 ( in)12.6 ( the)12.6 ( Mainland)12.6 ( China,)12.6 ( the)12.6 ( Mainland)12.7 ( China)12.7 ( based)30 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.2 TD [(e)0.5 (m)0.5 (p)0.5 (lo)0.5 (y)0.5 (e)0.5 (e)0.5 (s)11 ( )0.5 (o)0.5 (f)11 ( )0.5 (t)0.5 (h)0.5 (e)11 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (up)11 ( )0.5 (p)0.5 (a)0.5 (r)0.5 (t)0.5 (i)0.5 (ci)0.5 (p)0.5 (a)0.5 (t)0.5 (e)11 ( )0.5 (i)0.5 (n)11 ( )0.5 (v)0.5 (a)0.5 (r)0.5 (io)0.5 (u)0.5 (s)11 ( )0.5 (d)0.5 (e)0.5 (f)0.5 (i)0.5 (ne)0.6 (d)10.9 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (t)0.5 (r)0.5 (i)0.5 (bu)0.5 (t)0.5 (i)0.5 (o)0.5 (n)11 ( )0.5 (p)0.5 (la)0.5 (n)0.5 (s)11 ( )0.5 (o)0.5 (r)0.5 (g)0.5 (a)0.5 (n)0.5 (is)0.5 (e)0.5 (d)11 ( )0.5 (b)0.5 (y)11 ( )0.5 (t)0.5 (h)0.5 (e)11 ( )0.5 (r)0.5 (e)0.5 (le)0.5 (v)0.5 (a)0.5 (n)0.5 (t)11 ( )]TJ 0.024 Tc 0 Tw T* [(municipal and provincial governments in the Mainland China under which t\he Group and the Mainland)-1 ( )]TJ 0.043 Tc 0.07 Tw T* [(China)12.7 ( based)12.7 ( employees)12.7 ( are)12.8 ( required)12.7 ( to)12.7 ( make)12.7 ( monthly)12.7 ( contributions)12.7 ( to)12.8 ( these)12.8 ( plans)12.7 ( calculated)12.7 ( as)12.8 ( a)18 ( )]TJ 0.025 Tc 0 Tw T* (percentage of the employees\222 salaries \(subject to a floor and cap\).\)Tj ET endstreamendobj142 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj143 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj144 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj145 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj146 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj171 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 15 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Share-based payment transactions)Tj /T1_0 1 Tf 0.036 Tc 0.072 Tw 0 -2.4 TD [(T)0.6 (h)0.5 (e)11 ( )0.5 (G)0.5 (r)0.6 (o)0.5 (u)0.5 (p)11 ( )0.5 (o)0.6 (p)0.5 (e)0.6 (r)0.5 (a)0.5 (t)0.6 (e)0.5 (s)11 ( )0.5 (a)11 ( )0.5 (n)0.6 (u)0.5 (m)0.5 (b)0.6 (e)0.5 (r)11 ( )0.5 (o)0.6 (f)11 ( )0.5 (e)0.5 (q)0.5 (u)0.6 (i)0.5 (t)0.5 (y)0.6 (-)0.5 (s)0.6 (e)0.5 (t)0.5 (t)0.6 (l)0.5 (e)0.6 (d)0.5 (,)11 ( )0.5 (s)0.5 (h)0.6 (a)0.5 (r)0.5 (e)0.6 (-)0.5 (b)0.6 (a)0.5 (s)0.6 (e)0.5 (d)11 ( )0.5 (c)0.5 (o)0.6 (m)0.5 (p)0.6 (e)0.5 (n)0.5 (s)0.6 (a)0.5 (t)0.6 (i)0.5 (o)0.5 (n)11 ( )0.5 (p)0.6 (l)0.5 (a)0.5 (n)0.6 (s)0.5 (,)11 ( )0.5 (u)0.5 (n)0.6 (d)0.5 (e)0.5 (r)11 ( )0.6 (w)0.5 (h)0.5 (i)0.6 (c)0.5 (h)11 ( )0.5 (t)0.5 (h)0.6 (e)11 ( )0.5 (e)0.5 (n)0.6 (t)0.5 (i)0.5 (t)0.6 (y)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (receives services from employees and others as consideration for equity \instruments of the Group.)Tj /T1_2 1 Tf 0 -2.4 TD (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Share options)Tj /T1_0 1 Tf 0.012 Tw T* (The fair value of the employee services received in exchange for the gra\nt of the options is recognised )Tj 0.037 Tc 0.071 Tw 0 -1.2 TD [(as)12 ( )0.5 (an)12 ( )0.6 (expense.)12 ( )0.5 (The)12 ( )0.6 (total)12 ( )0.5 (amount)12 ( )0.5 (to)12 ( )0.5 (be)12 ( )0.5 (expensed)12 ( )0.5 (is)12 ( )0.5 (determined)12.1 ( by)12.1 ( )0.5 (reference)12.1 ( )0.5 (to)12 ( )0.5 (the)12 ( )0.5 (fair)12 ( )0.5 (value)12 ( )0.5 (of)12 ( )0.5 (the)12 ( )]TJ 0.025 Tc 0 Tw T* (options granted:)Tj 0 -2.4 TD (\225)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (including any market performance conditions \(for example, an entity\222\s share price\);)Tj 0.063 Tc 0.07 Tw -2.268 -2.4 Td (\225)Tj /Span<>> BDC 0.375 0 Td ( )Tj EMC 1.893 0 Td [(excluding)12.7 ( the)12.7 ( impact)12.7 ( of)12.7 ( any)12.6 ( service)12.7 ( and)12.6 ( non-market)12.6 ( performance)12.7 ( vesting)12.6 ( conditions)12.6 ( \(for)38.1 ( )]TJ 0.049 Tc 0 -1.2 TD [(example,)12.7 ( profitability,)12.7 ( sales)12.6 ( growth)12.6 ( targets)12.7 ( and)12.7 ( remaining)12.7 ( an)12.6 ( employee)12.7 ( of)12.7 ( the)12.7 ( entity)12.7 ( over)12.7 ( a)24 ( )]TJ 0.025 Tc 0 Tw T* (specified time period\); and)Tj 0.045 Tw -2.268 -2.4 Td (\225)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (including the impact of any non-vesting conditions \(for example, the re\quirement for employees )Tj 0 Tw T* (to save\).)Tj 0.055 Tw -2.268 -2.4 Td (At the end of each reporting period, the Group revises its estimates of \the number of options that are )Tj 0.037 Tc 0.071 Tw T* [(e)0.6 (x)0.5 (p)0.6 (e)0.5 (c)0.6 (t)0.6 (e)0.5 (d)12 ( )0.5 (t)0.6 (o)12 ( )0.5 (v)0.5 (e)0.6 (s)0.6 (t)12 ( )0.5 (b)0.5 (a)0.6 (s)0.6 (e)0.5 (d)12 ( )0.5 (o)0.6 (n)12 ( )0.5 (t)0.5 (h)0.6 (e)12 ( )0.5 (n)0.6 (o)0.5 (n)0.6 (-)0.5 (m)0.6 (a)0.6 (r)0.5 (k)0.6 (e)0.5 (t)0.6 (i)0.5 (n)0.6 (g)12 ( )0.5 (p)0.5 (e)0.6 (r)0.6 (f)0.5 (o)0.6 (r)0.5 (m)0.6 (a)0.6 (n)0.5 (c)0.6 (e)12 ( )0.5 (a)0.6 (n)0.5 (d)12 ( )0.5 (s)0.6 (e)0.6 (r)0.5 (v)0.6 (i)0.5 (c)0.6 (e)12 ( )0.5 (c)0.6 (o)0.5 (n)0.6 (d)0.5 (i)0.6 (t)0.5 (i)0.6 (o)0.5 (n)0.6 (s)0.6 (.)12 ( )0.5 (I)0.5 (t)12 ( )0.5 (r)0.6 (e)0.6 (c)0.5 (o)0.6 (g)0.5 (n)0.6 (i)0.5 (s)0.6 (e)0.6 (s)12 ( )0.5 (t)0.5 (h)0.6 (e)12 ( )]TJ 0.025 Tc 0.059 Tw T* (impact of the revision to original estimates, if any, in profit or loss,\ with a corresponding adjustment )Tj 0 Tw T* (to equity.)Tj 0.068 Tw 0 -2.4 TD (In addition, in some circumstances employees may provide services in adv\ance of the grant date and )Tj 0.049 Tw 0 -1.2 TD (therefore the grant date fair value is estimated for the purposes of rec\ognising the expense during the )Tj 0 Tw T* (period between service commencement period and grant date.)Tj 0.034 Tc 0.074 Tw 0 -2.4 TD [(When)9 ( )0.5 (the)9 ( )0.5 (options)9 ( )0.5 (are)9 ( )0.5 (exercised,)9 ( )0.5 (the)9 ( )0.5 (Company)9 ( )0.5 (issues)9 ( )0.5 (new)9 ( )0.5 (shares.)9 ( )0.5 (The)9 ( )0.5 (proceeds)9 ( )0.5 (received)9 ( )0.5 (net)9.1 ( of)9 ( )0.5 (any)9 ( )]TJ 0.025 Tc 0.045 Tw 0 -1.2 TD (directly attributable transaction costs are credited to share capital \(\nominal value\) and share premium )Tj 0 Tw T* (when the options are exercised.)Tj 0.048 Tc 0.07 Tw 0 -2.4 TD [(The)12.9 ( grant)12.8 ( by)12.8 ( the)12.9 ( Company)12.9 ( of)12.8 ( options)12.8 ( over)12.9 ( its)12.9 ( equity)12.9 ( instruments)12.9 ( to)12.8 ( the)12.8 ( employees)12.8 ( of)12.9 ( subsidiary)23 ( )]TJ 0.039 Tc 0 -1.2 TD [(undertakings)12.7 ( in)12.7 ( the)12.8 ( Group)12.7 ( is)12.7 ( treated)12.7 ( as)12.7 ( a)12.7 ( capital)12.7 ( contribution.)12.8 ( The)12.7 ( fair)12.7 ( value)12.8 ( of)12.7 ( employee)12.8 ( services)14 ( )]TJ 0.025 Tc 0.071 Tw T* (received, measured by reference to the grant date fair value, is recogni\sed over the vesting period as )Tj 0 Tw T* (an increase to investment in subsidiary undertakings, with a correspondi\ng credit to equity.)Tj /T1_2 1 Tf -2.268 -2.4 Td (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Issue of convertible bonds as share-based payment transactions)Tj /T1_0 1 Tf 0.041 Tw 0 -2.4 TD (If the identifiable consideration received by the Company appears to be \less than the fair value of the )Tj 0.046 Tw 0 -1.2 TD (convertible bonds issued, the Company measures the unidentifiable servic\es received \(to be received\) )Tj 0.034 Tc 0.074 Tw T* [(as)9 ( )0.5 (the)9 ( )0.5 (difference)9 ( )0.5 (between)9 ( )0.5 (the)9 ( )0.5 (fair)9 ( )0.5 (value)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (convertible)9 ( )0.5 (bonds)9 ( )0.5 (issued)9 ( )0.5 (and)9 ( )0.5 (that)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (identifiable)9 ( )]TJ 0.05 Tc 0.07 Tw T* [(consideration)12.5 ( received,)12.5 ( and)12.4 ( the)12.5 ( difference)12.5 ( is)12.5 ( recognised)12.5 ( in)12.5 ( the)12.5 ( profit)12.5 ( or)12.5 ( loss)12.5 ( immediately)12.4 ( unless)25.1 ( )]TJ 0.025 Tc 0 Tw T* (qualified for capitalisation.)Tj 0.026 Tc 0.082 Tw 0 -2.4 TD [(The)1 ( )0.5 (equity)1 ( )0.5 (component)1 ( )0.5 (\(i.e)1 ( )0.5 (the)1 ( )0.5 (bondholder\222s)1 ( )0.5 (right)1 ( )0.5 (to)1 ( )0.5 (demand)1 ( )0.5 (settlement)1 ( )0.5 (in)1 ( )0.5 (the)1 ( )0.5 (Company\222s)1 ( )0.5 (shares\))1 ( )0.5 (of)1 ( )]TJ 0.025 Tc 0.07 Tw 0 -1.2 TD (the convertible bond will be accounted for as an equity-settled share-ba\sed payment transaction. The )Tj 0.024 Tc 0 Tw T* [(entity first measures the fair value of the debt component, and then mea\sure the fair value of the equity)-1 ( )]TJ 0.025 Tc 0.018 Tw T* (component by taking into account that the bondholder must forfeit the ri\ght to receive cash in order to )Tj 0.019 Tw T* (receive the equity instrument. Subsequent to initial recognition, the de\bt component of the convertible )Tj 0.009 Tw T* (bond is carried as a liability at amortised cost using the effective int\erest method until extinguished on )Tj 0 Tw T* (conversion or redemption. )Tj 0 -2.4 TD (The equity component is not remeasured subsequent to initial recognition\.)Tj ET endstreamendobj170 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 14 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Cash and cash equivalents)Tj /T1_0 1 Tf 0.033 Tc 0.075 Tw 0 -2.4 TD [(For)8 ( )0.5 (the)8 ( )0.5 (purpose)8 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (statement)8 ( )0.5 (of)8 ( )0.5 (cash)8 ( )0.5 (flows,)8 ( )0.5 (cash)8 ( )0.5 (and)8 ( )0.5 (cash)8 ( )0.5 (equivalents)8 ( )0.5 (represent)8 ( )0.5 (cash)8 ( )0.5 (at)8 ( )0.5 (bank)8 ( )0.5 (and)8 ( )0.5 (on)8 ( )]TJ 0.025 Tc 0.023 Tw 0 -1.2 TD (hand, demand deposits with banks and other financial institutions, and s\hort-term highly liquid investments )Tj 0.052 Tw T* (which are readily convertible into known amounts of cash and subject to \an insignificant risk of change in )Tj 0.048 Tc 0.07 Tw T* [(value.)12.5 ( Bank)12.6 ( overdrafts)12.6 ( which)12.5 ( are)12.6 ( repayable)12.6 ( on)12.5 ( demand)12.5 ( and)12.5 ( form)12.6 ( an)12.6 ( integral)12.6 ( part)12.5 ( of)12.6 ( the)12.6 ( Group\222s)12.5 ( cash)23 ( )]TJ 0.025 Tc 0 Tw T* (management are also included as a component of cash and cash equivalents\.)Tj /T1_1 1 Tf 0 -2.4 TD (Financial liabilities and equity instruments)Tj /T1_0 1 Tf 0.044 Tc 0.07 Tw T* [(Financial)12.8 ( liabilities)12.8 ( and)12.8 ( equity)12.8 ( instruments)12.9 ( are)12.9 ( classified)12.8 ( according)12.9 ( to)12.8 ( the)12.9 ( substance)12.9 ( of)12.9 ( the)12.9 ( contractual)19 ( )]TJ 0.055 Tc 0 -1.2 TD [(a)0.5 (rra)0.5 (ng)0.5 (eme)0.5 (nt)0.5 (s)12.9 ( )0.5 (ent)0.5 (er)0.5 (ed)13 ( in)0.5 (to)13 ( a)0.5 (nd)12.9 ( )0.5 (the)13 ( d)0.5 (ef)0.5 (ini)0.5 (ti)0.5 (ons)13 ( of)13 ( a)13 ( f)0.5 (ina)0.5 (nc)0.5 (ia)0.5 (l)12.9 ( l)0.5 (ia)0.5 (bil)0.5 (it)0.5 (y)12.9 ( a)0.5 (nd)12.9 ( )0.5 (a)0.5 (n)12.9 ( e)0.5 (qu)0.5 (ity)13 ( i)0.5 (nst)0.5 (rum)0.5 (en)0.5 (t)12.9 ( )0.5 (unde)0.5 (r)30 ( )]TJ 0.025 Tc 0.054 Tw T* (HKFRSs. An equity instrument is any contract that evidences a residual i\nterest in the assets of the Group )Tj 0.036 Tc 0.072 Tw T* [(a)0.5 (f)0.5 (te)0.5 (r)11 ( )0.5 (d)0.5 (e)0.5 (du)0.5 (c)0.5 (t)0.5 (in)0.5 (g)11 ( )0.5 (a)0.5 (ll)11 ( )0.5 (o)0.5 (f)11 ( )0.5 (i)0.5 (ts)11.1 ( l)0.5 (i)0.5 (a)0.5 (bi)0.5 (l)0.5 (it)0.5 (i)0.5 (e)0.5 (s.)11 ( )0.5 (T)0.5 (h)0.5 (e)11 ( )0.5 (a)0.5 (c)0.5 (co)0.5 (u)0.5 (nt)0.5 (i)0.5 (ng)11 ( )0.5 (p)0.5 (o)0.5 (l)0.5 (ic)0.5 (i)0.5 (e)0.5 (s)11 ( )0.5 (ad)0.5 (o)0.5 (pt)0.5 (e)0.5 (d)11 ( )0.5 (f)0.5 (or)11 ( )0.5 (s)0.5 (p)0.5 (e)0.5 (c)0.5 (if)0.5 (i)0.5 (c)11 ( )0.5 (f)0.5 (in)0.5 (a)0.5 (nc)0.5 (i)0.5 (a)0.5 (l)11 ( )0.5 (li)0.5 (a)0.5 (b)0.5 (il)0.5 (i)0.5 (ti)0.5 (e)0.5 (s)11 ( )0.5 (a)0.5 (nd)11 ( )]TJ 0.025 Tc 0 Tw T* (equity instruments are set out below.)Tj /T1_1 1 Tf 0 -2.4 TD (Convertible bonds)Tj /T1_0 1 Tf 0.03 Tw T* [(Convertible )0.5 (loans )0.6 (which )0.5 (entitle )0.5 (the )0.6 (holder )0.5 (to )0.5 (convert )0.6 (the )0.5 (loans )0.6 (into )0.6 (a )0.5 (fixed )0.5 (number )0.6 (of )0.5 (equity )0.5 (instruments )0.6 (at )]TJ 0.061 Tc 0.07 Tw 0 -1.2 TD [(a)12.4 ( fixed)12.4 ( conversion)12.4 ( price)12.4 ( are)12.4 ( regarded)12.5 ( as)12.4 ( compound)12.4 ( instruments)12.4 ( consist)12.4 ( of)12.4 ( a)12.4 ( liability)12.4 ( and)12.3 ( an)12.4 ( equity)36 ( )]TJ 0.025 Tc 0.059 Tw T* (component. At the date of issue, the fair value of the liability compone\nt is estimated using the prevailing )Tj 0.039 Tc 0.07 Tw T* [(market)12.1 ( interest)12.1 ( rate)12.1 ( for)12.1 ( similar)12.1 ( non-convertible)12.1 ( debt.)12.1 ( The)12.1 ( liability)12.1 ( component)12.1 ( is)12.1 ( carried)12.1 ( as)12.1 ( a)12.1 ( liability)12.1 ( at)14 ( )]TJ 0.025 Tc 0 Tw T* (amortised cost using the effective interest method until extinguished on\ conversion or redemption.)Tj 0.041 Tc 0.07 Tw 0 -2.4 TD [(Tr)0.5 (an)0.5 (sa)0.5 (cti)0.5 (on)12.9 ( )0.5 (co)0.5 (sts)13 ( a)0.5 (re)13 ( a)0.5 (ppo)0.5 (rti)0.5 (one)0.5 (d)12.9 ( )0.5 (bet)0.5 (we)0.5 (en)13 ( th)0.5 (e)12.9 ( )0.5 (lia)0.5 (bil)0.5 (it)0.5 (y)12.9 ( a)0.5 (nd)12.9 ( )0.5 (eq)0.5 (uit)0.5 (y)12.9 ( c)0.5 (om)0.5 (pon)0.5 (en)0.5 (ts)12.9 ( )0.5 (of)12.9 ( )0.5 (th)0.5 (e)12.9 ( c)0.5 (on)0.5 (ver)0.5 (tib)0.5 (le)13 ( l)0.5 (oan)0.5 (s)16 ( )]TJ 0.025 Tc 0.004 Tw 0 -1.2 TD [(based )0.5 (on )0.5 (their )0.5 (relative carrying )0.5 (amounts )0.5 (at the date )0.5 (of )0.5 (issue. )0.5 (The portion relating )0.5 (to the )0.5 (equity )0.5 (component is )]TJ 0 Tw T* (charged directly to equity.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.4 TD (Borrowings)Tj /T1_0 1 Tf 0.053 Tc 0.07 Tw T* [(Borrowings)12.8 ( are)12.9 ( recognised)12.8 ( initially)12.8 ( at)12.8 ( fair)12.8 ( value,)12.8 ( net)12.8 ( of)12.9 ( transaction)12.9 ( costs)12.8 ( incurred,)12.8 ( and)12.8 ( subsequently)28 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (measured at amortised cost using the effective interest method.)Tj 0.057 Tc 0.07 Tw 0 -2.4 TD [(Borrowings)12.2 ( are)12.2 ( classified)12.2 ( as)12.2 ( current)12.2 ( liabilities)12.1 ( unless)12.2 ( the)12.2 ( Group)12.1 ( has)12.2 ( an)12.2 ( unconditional)12.2 ( right)12.2 ( to)12.1 ( defer)32 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (settlement of the liability for at least 12 months after the reporting p\eriod.)Tj /T1_1 1 Tf 0 -2.4 TD (Trade and other payables)Tj /T1_0 1 Tf 0.021 Tw T* (Trade and other payables are stated initially at their fair value and su\bsequently measured at amortised cost )Tj 0.014 Tw 0 -1.2 TD (using the effective interest method unless the effect of discounting wou\ld be immaterial, in which case they )Tj 0 Tw T* (are stated at cost.)Tj /T1_1 1 Tf 0 -2.4 TD (Equity instruments)Tj /T1_0 1 Tf T* (Equity instruments issued by the Company are recorded at the proceeds re\ceived, net of direct issue costs.)Tj ET endstreamendobj169 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 13 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Financial assets)Tj /T1_0 1 Tf 0 -2.4 TD [(Financial assets are recognised and de)0.5 (recognis)0.5 (ed on a trade date basis where the purchase or sale of an asset )]TJ 0.01 Tw 0 -1.2 TD (is under a contract whose terms require delivery of the asset within the\ timeframe established by the market )Tj 0.007 Tw T* (concerned, and are initially recognised at fair value, plus directly att\ributable transaction costs except in the )Tj 0.052 Tc 0.07 Tw T* [(case)12.1 ( of)12.1 ( investments)12.1 ( at)12.1 ( fair)12.1 ( value)12.1 ( through)12.1 ( profit)12.1 ( or)12.1 ( loss.)12.1 ( Transaction)12.1 ( costs)12.1 ( directly)12.1 ( attributable)12.1 ( to)12.1 ( the)27 ( )]TJ 0.025 Tc 0 Tw T* (acquisition of investments at fair value through profit or loss are reco\gnised immediately in profit or loss.)Tj 0 -2.4 TD (Financial assets of the Group are classified as financial assets at amor\tised cost.)Tj 0.001 Tw T* (Financial assets \(including trade and other receivables\) are classifie\d under this category if they satisfy both )Tj 0 Tw 0 -1.2 TD (of the following conditions:)Tj 0.051 Tc 0.07 Tw 0 -2.4 TD (\227)Tj /Span<>> BDC 1.025 0 Td ( )Tj EMC 1.243 0 Td [(the)12.1 ( assets)12.1 ( are)12.1 ( held)12.1 ( within)12.1 ( a)12.1 ( business)12.2 ( model)12.1 ( whose)12.2 ( objective)12.2 ( is)12.2 ( to)12.1 ( hold)12.1 ( assets)12.1 ( in)12.1 ( order)12.2 ( to)12.1 ( collect)26 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (contractual cash flows; and)Tj 0.061 Tw -2.268 -2.4 Td (\227)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td [(the )0.5 (contractual )0.6 (terms )0.5 (of )0.5 (the )0.5 (assets )0.6 (give )0.6 (rise )0.5 (on )0.5 (specified )0.6 (dates )0.5 (to )0.5 (cash )0.5 (flows )0.5 (that )0.5 (are )0.5 (solely )0.5 (payments )]TJ 0 Tw T* (of principal and interest on the principal amount outstanding.)Tj 0.027 Tc 0.081 Tw -2.268 -2.4 Td [(They)1.9 ( )0.5 (are)2 ( )0.5 (subsequently)2 ( )0.5 (measured)2 ( )0.5 (at)2 ( )0.5 (amortised)1.9 ( )0.5 (cost)2 ( )0.5 (using)2 ( the)2 ( )0.5 (effective)2 ( interest)2 ( )0.5 (method)2 ( )0.5 (less)2 ( )0.5 (loss)1.9 ( )0.5 (allowance)2 ( )]TJ 0.025 Tc 0 Tw T* (for expected credit losses.)Tj /T1_1 1 Tf 0 -2.4 TD (Derivative financial instruments)Tj /T1_0 1 Tf 0.069 Tw T* [(Derivatives are initially recognised and subsequently measured at )0.5 (fair value with any gains or loss arising )]TJ 0 Tw 0 -1.2 TD (from changes in fair values recognized in profit or loss.)Tj /T1_1 1 Tf 0 -2.4 TD (Loss allowances for expected credit losses)Tj /T1_0 1 Tf 0.045 Tc 0.07 Tw T* [(The)12.5 ( Group)12.5 ( recognises)12.5 ( loss)12.5 ( allowances)12.5 ( for)12.5 ( expected)12.5 ( credit)12.5 ( losses)12.5 ( on)12.5 ( financial)12.5 ( assets)12.5 ( at)12.5 ( amortised)12.5 ( cost.)20 ( )]TJ 0.048 Tc 0 -1.2 TD [(Expected)12.4 ( credit)12.4 ( losses)12.5 ( are)12.5 ( the)12.5 ( weighted)12.5 ( average)12.5 ( of)12.5 ( credit)12.4 ( losses)12.5 ( with)12.5 ( the)12.4 ( respective)12.5 ( risks)12.5 ( of)12.5 ( a)12.4 ( default)23 ( )]TJ 0.025 Tc 0 Tw T* (occurring as the weights.)Tj 0.033 Tw 0 -2.4 TD (At the end of each reporting period, the Group measures the loss allowan\ce for a financial instrument at an )Tj 0.024 Tw 0 -1.2 TD [(amount )0.5 (equal )0.6 (to )0.6 (the )0.5 (expected )0.6 (credit )0.5 (losses )0.6 (that )0.5 (result )0.5 (from )0.5 (all )0.6 (possible )0.5 (default )0.5 (events )0.6 (over )0.5 (the )0.6 (expected )0.5 (life )]TJ 0.05 Tw T* (of that financial instrument \(\223lifetime expected credit losses\224\)\ for trade receivables, or if the credit risk on )Tj 0 Tw T* (that financial instrument has increased significantly since initial reco\gnition.)Tj 0.037 Tw 0 -2.4 TD [(If, )0.5 (at )0.5 (the )0.5 (end )0.5 (of )0.5 (the )0.6 (reporting )0.5 (period, )0.5 (the )0.5 (credit )0.5 (risk )0.6 (on )0.6 (a )0.5 (financial )0.5 (instrument )0.6 (\(other )0.6 (than )0.6 (trade )0.5 (receivables\) )]TJ 0.039 Tc 0.07 Tw 0 -1.2 TD [(has)12.7 ( not)12.6 ( increased)12.7 ( significantly)12.7 ( since)12.6 ( initial)12.6 ( recognition,)12.6 ( the)12.7 ( Group)12.7 ( measures)12.7 ( the)12.7 ( loss)12.6 ( allowance)12.7 ( for)12.6 ( that)14 ( )]TJ 0.025 Tc 0.049 Tw T* (financial instrument at an amount equal to the portion of lifetime expec\ted credit losses that represents the )Tj 0.008 Tw T* (expected credit losses that result from default events on that financial\ instrument that are possible within 12 )Tj 0 Tw T* (months after the reporting period.)Tj 0.034 Tc 0.074 Tw 0 -2.4 TD [(The)9 ( )0.5 (amount)9 ( )0.5 (of)9.1 ( expected)9 ( )0.5 (credit)9 ( )0.5 (losses)9 ( )0.5 (or)9 ( )0.5 (reversal)9 ( )0.5 (to)9 ( )0.5 (adjust)9 ( )0.5 (the)9.1 ( )0.5 (loss)9 ( )0.5 (allowance)9.1 ( )0.5 (at)9 ( )0.5 (the)9 ( )0.5 (end)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (reporting)9 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (period to the required amount is recognised in profit or loss as an impa\irment gain or loss.)Tj ET endstreamendobj168 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 12 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Mining rights)Tj /T1_0 1 Tf 0.034 Tc 0.074 Tw 0 -2.4 TD [(Mining)9.1 ( )0.5 (rights)9 ( )0.5 (are)9.1 ( stated)9 ( )0.5 (at)9 ( )0.5 (cost)9 ( )0.5 (less)9 ( )0.6 (accumulated)9 ( )0.5 (amortisation)9 ( )0.5 (and)9 ( )0.5 (any)9 ( )0.5 (impairment)9 ( )0.5 (losses.)8.9 ( )0.5 (Mining)9 ( )0.5 (rights)9 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.2 TD (include the cost of acquiring mining licenses, exploration and evaluatio\n costs transferred from exploration )Tj 0.036 Tw T* [(rights and )0.5 (assets upon determination that )0.5 (an exploration property )0.5 (is capable )0.5 (of commercial production, and )]TJ 0.026 Tc 0.082 Tw T* [(the)1.1 ( )0.5 (cost)1 ( )0.5 (of)1 ( )0.5 (acquiring)1 ( )0.5 (interests)1 ( )0.5 (in)1 ( )0.5 (the)1 ( )0.5 (mining)1 ( )0.5 (reserves)1 ( )0.5 (of)1 ( )0.5 (existing)1 ( )0.5 (mining)1 ( )0.5 (properties.)1 ( )0.5 (The)1 ( )0.5 (mining)1 ( )0.5 (rights)1 ( )0.5 (are)1.1 ( )]TJ 0.044 Tc 0.07 Tw T* [(amortised)12.7 ( over)12.7 ( the)12.8 ( estimated)12.7 ( useful)12.7 ( lives)12.7 ( of)12.7 ( the)12.8 ( mines,)12.7 ( in)12.7 ( accordance)12.7 ( with)12.7 ( the)12.8 ( production)12.7 ( plans)12.7 ( of)12.7 ( the)19 ( )]TJ 0.025 Tc 0.028 Tw T* (entities concerned and the proved and probable reserves of the mines usi\ng the units of production method. )Tj 0 Tw T* (Mining rights are written off to profit or loss if the mining property i\s abandoned.)Tj /T1_1 1 Tf 0 -2.4 TD (Operating leases)Tj /T1_2 1 Tf 0 -2.6 TD (The Group as lessee)Tj /T1_0 1 Tf 0.083 Tw 0 -2.4 TD [(Leases )0.5 (that )0.5 (do )0.5 (not )0.5 (substantially )0.5 (transfer )0.5 (to the )0.5 (Group )0.5 (all )0.5 (the )0.5 (risks )0.5 (and )0.5 (rewards )0.5 (of )0.5 (ownership )0.5 (of )0.5 (assets )0.5 (are )]TJ 0.043 Tc 0.07 Tw 0 -1.2 TD [(accounted)12.4 ( for)12.5 ( as)12.4 ( operating)12.4 ( leases.)12.5 ( Lease)12.5 ( payments)12.4 ( \(net)12.4 ( of)12.5 ( any)12.4 ( incentives)12.5 ( received)12.4 ( from)12.4 ( the)12.5 ( lessor\))12.4 ( are)18 ( )]TJ 0.025 Tc 0 Tw T* (recognised as an expense on a straight-line basis over the lease term.)Tj /T1_2 1 Tf 0 -2.4 TD (The Group as lessor)Tj /T1_0 1 Tf 0.068 Tw T* (Leases that do not substantially transfer to the lessees all the risks a\nd rewards of ownership of assets are )Tj 0.004 Tw 0 -1.2 TD (accounted for as operating leases. Rental income from operating leases i\s recognised on a straight-line basis )Tj 0 Tw T* (over the term of the relevant lease.)Tj /T1_1 1 Tf 0 -2.4 TD (Construction permits)Tj /T1_0 1 Tf 0.062 Tw T* (Construction permits are stated at cost less accumulated amortisation an\d impairment losses. Amortisation )Tj 0 Tw 0 -1.2 TD (is calculated on a straight-line basis over their estimated useful lives\ of 10 years.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.4 TD (Inventories)Tj /T1_0 1 Tf 0.079 Tw T* [(Inventories )0.5 (are stated at )0.5 (the )0.5 (lower )0.5 (of cost )0.5 (and )0.5 (net )0.5 (realisable )0.5 (value. )0.5 (Cost is )0.5 (determined )0.5 (using the )0.5 (weighted )]TJ 0.059 Tw 0 -1.2 TD (average basis. The cost of finished goods and work in progress comprises\ raw materials, direct labour and )Tj 0.033 Tc 0.075 Tw T* [(an)8.1 ( )0.5 (appropriate)8 ( )0.5 (proportion)8 ( )0.5 (of)8 ( )0.5 (all)8 ( )0.5 (production)8.1 ( )0.5 (overhead)8 ( )0.5 (expenditure,)8 ( )0.5 (and)8 ( )0.5 (where)8 ( )0.5 (appropriate,)8 ( )0.5 (subcontracting)8 ( )]TJ 0.045 Tc 0.07 Tw T* [(charges.)12.6 ( Net)12.6 ( realisable)12.6 ( value)12.5 ( is)12.6 ( the)12.5 ( estimated)12.5 ( selling)12.5 ( price)12.5 ( in)12.5 ( the)12.5 ( ordinary)12.5 ( course)12.5 ( of)12.6 ( business,)12.5 ( less)12.5 ( the)20 ( )]TJ 0.025 Tc 0 Tw T* (estimated costs of completion and the estimated costs necessary to make \the sale.)Tj /T1_1 1 Tf 0 -2.4 TD (Recognition and derecognition of financial instruments)Tj /T1_0 1 Tf 0.044 Tc 0.07 Tw T* [(Financial)12.6 ( assets)12.6 ( and)12.6 ( financial)12.5 ( liabilities)12.6 ( are)12.6 ( recognised)12.6 ( in)12.6 ( the)12.6 ( statement)12.6 ( of)12.6 ( financial)12.6 ( position)12.6 ( when)12.6 ( the)19 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (Group becomes a party to the contractual provisions of the instruments.)Tj 0.061 Tw 0 -2.4 TD (Financial assets are derecognised when the contractual rights to receive\ cash flows from the assets expire; )Tj 0.056 Tw 0 -1.2 TD (the Group transfers substantially all the risks and rewards of ownership\ of the assets; or the Group neither )Tj 0.074 Tw T* (transfers nor retains substantially all the risks and rewards of ownersh\ip of the assets but has not retained )Tj 0.04 Tc 0.07 Tw T* [(control)12.5 ( on)12.5 ( the)12.6 ( assets.)12.6 ( On)12.6 ( derecognition)12.5 ( of)12.5 ( a)12.6 ( financial)12.6 ( asset,)12.6 ( the)12.6 ( difference)12.5 ( between)12.6 ( the)12.6 ( asset\222s)12.5 ( carrying)14.9 ( )]TJ 0.025 Tc 0.031 Tw T* (amount and the sum of the consideration received and the cumulative gain\ or loss that had been recognised )Tj 0 Tw T* (in other comprehensive income is recognised in profit or loss.)Tj 0.028 Tc 0.08 Tw 0 -2.4 TD [(Financial)3 ( )0.5 (liabilities)3.1 ( )0.5 (are)3 ( )0.5 (derecognised)3 ( )0.5 (when)3 ( )0.5 (the)3 ( )0.5 (obligation)3 ( )0.5 (specified)3 ( )0.5 (in)3.1 ( )0.5 (the)3 ( )0.5 (relevant)3 ( )0.5 (contract)3 ( )0.5 (is)3 ( )0.5 (discharged,)2.9 ( )]TJ 0.025 Tc 0.009 Tw 0 -1.2 TD [(cancelled )0.5 (or expires. The )0.5 (difference between )0.5 (the carrying )0.5 (amount )0.5 (of the )0.5 (financial )0.5 (liability derecognised and )]TJ 0 Tw T* (the consideration paid is recognised in profit or loss.)Tj ET endstreamendobj167 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 11 \226)Tj 0.04 Tc 0.07 Tw 10 0 0 10 102.0472 728.7079 Tm [(Non-monetary)12.7 ( items)12.8 ( that)12.7 ( are)12.7 ( measured)12.8 ( at)12.7 ( fair)12.7 ( values)12.7 ( in)12.7 ( foreign)12.8 ( currencies)12.7 ( are)12.7 ( translated)12.7 ( using)12.7 ( the)15 ( )]TJ 0.025 Tc 0 Tw 0 -1.35 TD (exchange rates at the dates when the fair values are determined.)Tj 0.053 Tc 0.07 Tw 0 -2.7 TD [(When)12.8 ( a)12.9 ( gain)12.8 ( or)12.8 ( loss)12.8 ( on)12.8 ( a)12.8 ( non-monetary)12.8 ( item)12.8 ( is)12.9 ( recognised)12.8 ( in)12.8 ( other)12.7 ( comprehensive)12.8 ( income,)12.8 ( any)28 ( )]TJ 0.025 Tc 0.005 Tw 0 -1.35 TD [(exchange )0.5 (component )0.5 (of that gain )0.5 (or loss is )0.5 (recognised in other comprehensive income. When )0.5 (a gain or )]TJ 0.081 Tw T* (loss on a non-monetary item is recognised in profit or loss, any exchang\e component of that gain or )Tj 0 Tw T* (loss is recognised in profit or loss.)Tj /T1_1 1 Tf -2.268 -2.55 Td (Property, plant and equipment)Tj /T1_0 1 Tf 0.046 Tc 0.07 Tw 0 -2.7 TD [(Buildings)12.2 ( comprise)12.2 ( mainly)12.2 ( factories)12.2 ( and)12.1 ( offices.)12.2 ( Property,)12.2 ( plant)12.1 ( and)12.1 ( equipment)12.2 ( are)12.2 ( stated)12.2 ( at)12.2 ( cost)12.2 ( less)21 ( )]TJ 0.025 Tc 0 Tw 0 -1.35 TD (accumulated depreciation and impairment losses.)Tj 0.065 Tc 0.07 Tw 0 -2.7 TD [(Subsequent)12.7 ( costs)12.6 ( are)12.7 ( included)12.6 ( in)12.7 ( the)12.6 ( asset\222s)12.6 ( carrying)12.7 ( amount)12.7 ( or)12.7 ( recognised)12.6 ( as)12.7 ( a)12.6 ( separate)12.7 ( asset,)12.6 ( as)40 ( )]TJ 0.025 Tc 0.017 Tw 0 -1.35 TD (appropriate, only when it is probable that future economic benefits asso\ciated with the item will flow to the )Tj 0.049 Tw T* (Group and the cost of the item can be measured reliably. All other repai\rs and maintenance are recognised )Tj 0 Tw T* (in profit or loss during the period in which they are incurred.)Tj 0.033 Tc 0.075 Tw 0 -2.7 TD [(Depreciation)8 ( )0.5 (of)8 ( )0.5 (property,)8 ( )0.5 (plant)8 ( )0.5 (and)8 ( )0.5 (equipment)8 ( )0.5 (is)8 ( )0.5 (calculated)8 ( )0.5 (at)8 ( )0.5 (rates)8.1 ( )0.5 (sufficient)8 ( )0.5 (to)8 ( )0.5 (write)8 ( )0.5 (off)8.1 ( )0.5 (their)8 ( )0.5 (cost)8 ( )0.5 (less)8 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.35 TD (their residual values over the estimated useful lives on a straight-line\ basis. The estimated useful lives are )Tj 0 Tw T* (as follows:)Tj 0 -2.7 TD (\227 Buildings)Tj /Span<>> BDC ( )Tj EMC 26.079 0 Td (35 years)Tj -26.079 -1.35 Td (\227 Plant and machinery)Tj /Span<>> BDC ( )Tj EMC 26.079 0 Td (12-14 years)Tj -26.079 -1.35 Td (\227 Motor vehicles)Tj /Span<>> BDC ( )Tj EMC 26.079 0 Td (10 years)Tj -26.079 -1.35 Td (\227 Office equipment and others)Tj /Span<>> BDC ( )Tj EMC 26.079 0 Td (7 years)Tj 0.067 Tw -26.079 -2.7 Td (The residual values, useful lives and depreciation method are reviewed a\nd adjusted, if appropriate, at the )Tj 0 Tw 0 -1.35 TD (end of each reporting period.)Tj 0.062 Tc 0.07 Tw 0 -2.7 TD [(Construction)12.6 ( in)12.6 ( progress)12.7 ( represents)12.6 ( buildings)12.6 ( under)12.7 ( construction)12.6 ( and)12.6 ( plant)12.6 ( and)12.7 ( machinery)12.6 ( pending)37 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.35 TD [(installation,)1 ( )0.5 (and)1 ( )0.5 (is)1 ( )0.5 (stated)1 ( )0.5 (at)1 ( )0.5 (cost)1 ( )0.5 (less)1 ( )0.5 (impairment)1 ( )0.5 (losses.)1 ( )0.5 (Depreciation)1 ( )0.5 (begins)1 ( )0.5 (when)1 ( )0.5 (the)1.1 ( )0.5 (relevant)1 ( )0.5 (assets)1 ( )0.5 (are)1.1 ( )]TJ 0.025 Tc 0 Tw T* (available for use.)Tj 0.05 Tc 0.07 Tw 0 -2.7 TD [(T)0.5 (h)0.5 (e)13 ( )0.5 (g)0.5 (a)0.5 (i)0.5 (n)13 ( )0.5 (o)0.5 (r)13 ( )0.5 (lo)0.5 (s)0.5 (s)13 ( )0.5 (o)0.5 (n)13 ( )0.5 (d)0.5 (i)0.5 (s)0.5 (p)0.5 (o)0.5 (s)0.5 (a)0.5 (l)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (pe)0.5 (r)0.5 (t)0.5 (y)0.5 (,)13 ( )0.5 (p)0.5 (l)0.5 (a)0.5 (n)0.5 (t)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (e)0.5 (q)0.5 (u)0.5 (ip)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (i)0.5 (s)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (d)0.5 (i)0.5 (f)0.5 (f)0.5 (e)0.5 (r)0.5 (e)0.5 (n)0.5 (c)0.5 (e)13 ( )0.5 (b)0.5 (e)0.5 (t)0.5 (w)0.5 (e)0.5 (e)0.5 (n)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (n)0.5 (e)0.5 (t)13 ( )0.5 (s)0.5 (a)0.5 (l)0.5 (e)0.5 (s)25 ( )]TJ 0.025 Tc 0 Tw 0 -1.35 TD (proceeds and the carrying amount of the relevant asset, and is recognise\d in profit or loss.)Tj /T1_1 1 Tf 0 -2.55 TD (Investment properties)Tj /T1_0 1 Tf 0.041 Tc 0.07 Tw 0 -2.4 TD [(Investment)12.1 ( properties)12.1 ( are)12.1 ( land)12.1 ( and/or)12.1 ( buildings)12.2 ( held)12.1 ( to)12.1 ( earn)12.1 ( rentals)12.1 ( and/or)12.1 ( for)12.1 ( capital)12.1 ( appreciation.)12.1 ( An)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (investment property is measured initially at its cost including all dire\ct costs attributable to the property.)Tj 0.054 Tc 0.07 Tw 0 -2.4 TD [(A)0.5 (f)0.5 (t)0.6 (e)0.5 (r)13 ( )0.5 (i)0.5 (n)0.6 (i)0.5 (t)0.5 (i)0.5 (a)0.5 (l)13 ( )0.6 (r)0.5 (e)0.5 (c)0.5 (o)0.5 (g)0.6 (n)0.5 (i)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (,)13.1 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (i)0.5 (n)0.5 (v)0.5 (e)0.5 (s)0.5 (t)0.6 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (p)0.6 (r)0.5 (o)0.5 (p)0.5 (e)0.6 (r)0.5 (t)0.5 (y)13 ( )0.5 (i)0.5 (s)13 ( )0.6 (s)0.5 (t)0.5 (a)0.5 (t)0.6 (e)0.5 (d)13 ( )0.5 (a)0.5 (t)13 ( )0.6 (c)0.5 (o)0.5 (s)0.5 (t)13 ( )0.6 (l)0.5 (e)0.5 (s)0.5 (s)13.1 ( )0.5 (a)0.5 (c)0.5 (c)0.6 (u)0.5 (m)0.5 (u)0.5 (l)0.5 (a)0.5 (t)0.6 (e)0.5 (d)13 ( )0.5 (d)0.5 (e)0.6 (p)0.5 (r)0.5 (e)0.5 (c)0.6 (i)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.6 (a)0.5 (n)0.5 (d)29 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.2 TD (impairment losses. The depreciation is calculated using the straight lin\e method to allocate the cost to the )Tj 0 Tw T* (residual value over its estimated useful life of 35 years.)Tj 0.034 Tw 0 -2.4 TD (The gain or loss on disposal of an investment property is the difference\ between the net sales proceeds and )Tj 0 Tw 0 -1.2 TD (the carrying amount of the property, and is recognised in profit or loss\.)Tj ET endstreamendobj137 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj138 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj139 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj140 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj141 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj176 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 10 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Business combination and goodwill)Tj /T1_0 1 Tf 0.005 Tw 0 -2.4 TD (The acquisition method is used to account for the acquisition of a subsi\diary in a business combination. The )Tj 0.039 Tc 0.07 Tw 0 -1.2 TD [(cost)12.8 ( of)12.8 ( acquisition)12.8 ( is)12.8 ( measured)12.8 ( at)12.8 ( the)12.8 ( acquisition-date)12.8 ( fair)12.8 ( value)12.8 ( of)12.8 ( the)12.8 ( assets)12.9 ( given,)12.8 ( equity)12.8 ( instruments)14 ( )]TJ 0.056 Tc T* [(issued,)12.8 ( liabilities)12.7 ( incurred)12.7 ( and)12.8 ( contingent)12.7 ( consideration.)12.7 ( Acquisition-related)12.8 ( costs)12.8 ( are)12.8 ( recognised)12.7 ( as)31 ( )]TJ 0.025 Tc 0.016 Tw T* [(expenses )0.5 (in )0.5 (the periods )0.5 (in )0.5 (which )0.5 (the )0.5 (costs )0.5 (are )0.5 (incurred )0.5 (and )0.5 (the )0.5 (services are received. )0.5 (Identifiable )0.5 (assets )0.5 (and )]TJ 0 Tw T* (liabilities of the subsidiary in the acquisition are measured at their a\cquisition-date fair values.)Tj 0.038 Tc 0.07 Tw 0 -2.4 TD [(The)12.7 ( excess)12.7 ( of)12.7 ( the)12.7 ( cost)12.7 ( of)12.7 ( acquisition)12.7 ( over)12.7 ( the)12.7 ( Company\222s)12.7 ( share)12.7 ( of)12.7 ( the)12.7 ( net)12.7 ( fair)12.7 ( value)12.7 ( of)12.7 ( the)12.7 ( subsidiary\222s)13 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.2 TD [(identifiable )0.5 (assets and )0.5 (liabilities )0.5 (is recorded as )0.5 (goodwill. Any )0.5 (excess )0.5 (of )0.5 (the )0.5 (Company\222s )0.5 (share )0.5 (of )0.5 (the net )0.5 (fair )]TJ 0.024 Tc 0 Tw T* [(value of the identifiable assets and liabilities over the cost of acquis\ition is recognised in consolidated profit)-1 ( )]TJ 0.025 Tc T* (or loss as a gain on bargain purchase which is attributed to the Company\.)Tj 0.052 Tc 0.07 Tw 0 -2.4 TD [(In)12.8 ( a)12.8 ( business)12.7 ( combination)12.7 ( achieved)12.8 ( in)12.7 ( stages,)12.7 ( the)12.8 ( previously)12.7 ( held)12.8 ( equity)12.7 ( interest)12.7 ( in)12.7 ( the)12.7 ( subsidiary)12.8 ( is)27 ( )]TJ 0.038 Tc 0 -1.2 TD [(remeasured)12.6 ( at)12.6 ( its)12.6 ( acquisition-date)12.6 ( fair)12.6 ( value)12.6 ( and)12.6 ( the)12.6 ( resulting)12.6 ( gain)12.5 ( or)12.6 ( loss)12.6 ( is)12.5 ( recognised)12.6 ( in)12.6 ( consolidated)12.9 ( )]TJ 0.025 Tc 0 Tw T* (profit or loss. The fair value is added to the cost of acquisition to ca\lculate the goodwill.)Tj 0.044 Tw 0 -2.4 TD (If the changes in the value of the previously held equity interest in th\e subsidiary were recognised in other )Tj 0.052 Tc 0.07 Tw 0 -1.2 TD [(comprehensive)12.5 ( income)12.5 ( \(for)12.5 ( example,)12.5 ( equity)12.5 ( investments)12.6 ( at)12.6 ( fair)12.5 ( value)12.5 ( -)12.5 ( through)12.5 ( other)12.5 ( comprehensive)27 ( )]TJ 0.025 Tc 0.017 Tw T* (income\), the amount that was recognised in other comprehensive income i\s recognised on the same basis as )Tj 0 Tw T* (would be required if the previously held equity interest were disposed o\f.)Tj 0.051 Tc 0.07 Tw 0 -2.4 TD [(Go)0.5 (odwill)13 ( is)12.9 ( t)0.5 (este)0.5 (d)12.9 ( an)0.5 (nually)13 ( for)13 ( impa)0.5 (irme)0.5 (nt)12.9 ( or)12.9 ( )0.5 (more)13 ( fre)0.5 (quent)0.5 (ly)12.9 ( if)13 ( eve)0.5 (nts)12.9 ( o)0.5 (r)12.9 ( cha)0.5 (nges)13 ( in)12.9 ( c)0.5 (irc)0.5 (umsta)0.5 (nces)26 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.2 TD [(indicate)1 ( )0.5 (that)1 ( )0.5 (it)1 ( )0.5 (might)1 ( )0.5 (be)1 ( )0.5 (impaired.)1 ( )0.5 (Goodwill)1 ( )0.5 (is)1 ( )0.5 (measured)1 ( )0.6 (at)1 ( )0.5 (cost)1 ( )0.5 (less)1.1 ( )0.5 (accumulated)1 ( )0.5 (impairment)1 ( )0.5 (losses.)1 ( )0.5 (The)1 ( )]TJ 0.043 Tc 0.07 Tw T* [(method)12.6 ( of)12.6 ( measuring)12.6 ( impairment)12.6 ( losses)12.6 ( of)12.6 ( goodwill)12.6 ( is)12.6 ( the)12.6 ( same)12.6 ( as)12.5 ( that)12.6 ( of)12.5 ( other)12.6 ( assets)12.6 ( as)12.6 ( stated)12.6 ( in)12.6 ( the)18 ( )]TJ 0.028 Tc 0.08 Tw T* [(accounting)3 ( )0.5 (policy)3 ( )0.5 (below.)3 ( )0.5 (Impairment)3 ( )0.5 (losses)3 ( )0.5 (of)3 ( )0.6 (goodwill)3 ( )0.5 (are)3 ( )0.5 (recognised)3 ( )0.5 (in)2.9 ( )0.5 (consolidated)3 ( )0.5 (profit)3 ( )0.5 (or)3 ( )0.5 (loss)3 ( )0.5 (and)2.9 ( )]TJ 0.03 Tc 0.078 Tw T* [(a)0.5 (r)0.6 (e)5 ( )0.5 (n)0.5 (o)0.5 (t)5 ( )0.5 (s)0.6 (u)0.5 (b)0.5 (s)0.5 (e)0.6 (q)0.5 (u)0.5 (e)0.5 (n)0.6 (t)0.5 (l)0.5 (y)5 ( )0.5 (r)0.5 (e)0.6 (v)0.5 (e)0.5 (r)0.6 (s)0.5 (e)0.5 (d)0.5 (.)5 ( )0.5 (G)0.6 (o)0.5 (o)0.5 (d)0.5 (w)0.6 (i)0.5 (l)0.5 (l)5 ( )0.5 (i)0.5 (s)5.1 ( )0.5 (a)0.5 (l)0.5 (l)0.5 (o)0.6 (c)0.5 (a)0.5 (t)0.6 (e)0.5 (d)5 ( )0.5 (t)0.5 (o)5 ( )0.5 (c)0.5 (a)0.6 (s)0.5 (h)0.5 (-)0.6 (g)0.5 (e)0.5 (n)0.5 (e)0.6 (r)0.5 (a)0.5 (t)0.6 (i)0.5 (n)0.5 (g)5 ( )0.5 (u)0.5 (n)0.5 (i)0.6 (t)0.5 (s)5 ( )0.5 (t)0.5 (h)0.5 (a)0.6 (t)5 ( )0.5 (a)0.5 (r)0.5 (e)5.1 ( )0.5 (e)0.5 (x)0.5 (p)0.5 (e)0.6 (c)0.5 (t)0.5 (e)0.6 (d)5 ( )0.5 (t)0.5 (o)5 ( )0.5 (b)0.5 (e)0.5 (n)0.6 (e)0.5 (f)0.5 (i)0.6 (t)5 ( )]TJ 0.025 Tc 0 Tw T* (from the synergies of the acquisition for the purpose of impairment test\ing.)Tj 0.029 Tc 0.079 Tw 0 -2.4 TD [(The)4 ( )0.5 (non-controlling)4 ( )0.5 (interests)4 ( )0.5 (in)4 ( )0.5 (the)4 ( )0.5 (subsidiary)4 ( )0.5 (are)4 ( )0.5 (initially)4 ( )0.5 (measured)4 ( )0.5 (at)4 ( )0.5 (the)4.1 ( )0.5 (non-controlling)4 ( )0.5 (shareholders\222)4 ( )]TJ 0.059 Tc 0.07 Tw 0 -1.2 TD [(proportionate)12.4 ( share)12.3 ( of)12.4 ( the)12.4 ( net)12.3 ( fair)12.4 ( value)12.3 ( of)12.4 ( the)12.4 ( subsidiary\222s)12.4 ( identifiable)12.4 ( assets)12.4 ( and)12.4 ( liabilities)12.3 ( at)12.4 ( the)34.1 ( )]TJ 0.025 Tc 0 Tw T* (acquisition date.)Tj /T1_1 1 Tf 0 -2.4 TD (Foreign currency translation)Tj /T1_2 1 Tf T* (\(i\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Functional and presentation currency)Tj /T1_0 1 Tf 0.045 Tc 0.07 Tw 0 -2.7 TD [(Items)12.5 ( included)12.4 ( in)12.4 ( the)12.4 ( financial)12.4 ( statements)12.4 ( of)12.4 ( each)12.4 ( of)12.4 ( the)12.5 ( Group\222s)12.5 ( entities)12.5 ( are)12.5 ( measured)12.5 ( using)12.4 ( the)20 ( )]TJ 0.07 Tc 0 -1.35 TD [(cur)0.5 (rency)13 ( of)12.9 ( th)0.5 (e)12.9 ( pri)0.5 (mary)12.9 ( e)0.5 (conom)0.5 (ic)12.9 ( en)0.5 (vironme)0.5 (nt)12.9 ( in)12.9 ( )0.5 (which)12.9 ( )0.5 (the)12.9 ( e)0.5 (ntity)12.9 ( )0.5 (operat)0.5 (es)12.9 ( \()0.5 (the)12.9 ( \223f)0.5 (unctio)0.5 (nal)45 ( )]TJ 0.025 Tc 0.032 Tw T* [(currency\224\). )0.5 (The )0.5 (consolidated )0.5 (financial )0.5 (statements )0.5 (are )0.5 (presented )0.5 (in )0.5 (Renminbi, )0.5 (which )0.5 (is )0.5 (the Company\222s )]TJ 0 Tw T* (functional and presentation currency.)Tj /T1_2 1 Tf -2.268 -2.55 Td (\(ii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Transactions and balances in each entity\222s financial statements)Tj /T1_0 1 Tf 0.038 Tc 0.07 Tw 0 -2.7 TD [(T)0.5 (r)0.5 (a)0.5 (n)0.5 (s)0.5 (a)0.5 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (f)0.5 (o)0.5 (r)0.5 (e)0.5 (i)0.5 (g)0.5 (n)13 ( )0.5 (c)0.5 (u)0.5 (r)0.5 (r)0.5 (e)0.5 (n)0.5 (c)0.5 (i)0.5 (e)0.5 (s)13 ( )0.5 (a)0.5 (r)0.5 (e)13 ( )0.6 (tr)0.6 (a)0.5 (n)0.5 (s)0.5 (la)0.6 (te)0.6 (d)13 ( )0.5 (i)0.5 (nt)0.5 (o)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (f)0.5 (u)0.5 (n)0.5 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (a)0.5 (l)13 ( )0.5 (c)0.5 (u)0.5 (r)0.5 (r)0.5 (e)0.5 (n)0.5 (c)0.5 (y)13 ( )0.5 (o)0.5 (n)13 ( )0.5 (i)0.5 (n)0.5 (i)0.5 (t)0.5 (i)0.5 (a)0.5 (l)13 ( )0.5 (r)0.5 (e)0.5 (c)0.5 (o)0.5 (g)0.5 (n)0.5 (i)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )]TJ 0.025 Tc 0.036 Tw 0 -1.35 TD (using the exchange rates prevailing on the transaction dates. Monetary a\ssets and liabilities in foreign )Tj 0.03 Tc 0.078 Tw T* [(currencies)5 ( )0.5 (are)5.1 ( )0.5 (translated)5 ( )0.5 (at)5 ( )0.5 (the)5 ( )0.5 (exchange)5 ( )0.5 (rates)5 ( )0.5 (at)5 ( )0.5 (the)5 ( )0.5 (end)5 ( )0.5 (of)5 ( )0.5 (each)5 ( )0.5 (reporting)5 ( )0.5 (period.)5 ( )0.5 (Gains)5 ( )0.5 (and)5 ( )0.5 (losses)5 ( )]TJ 0.025 Tc 0 Tw T* (resulting from this translation policy are recognised in profit or loss.\)Tj ET endstreamendobj175 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 24.0557 Tm (\226 9 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (4.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (SIGNIFICANT ACCOUNTING POLICIES)Tj /T1_0 1 Tf 0.051 Tc 0.07 Tw 0 -2.4 TD [(T)0.5 (h)0.5 (e)0.5 (s)0.5 (e)13 ( )0.5 (c)0.5 (o)0.5 (ns)0.6 (ol)0.5 (i)0.5 (d)0.5 (a)0.5 (t)0.5 (e)0.5 (d)13 ( )0.5 (f)0.5 (in)0.5 (a)0.5 (n)0.5 (c)0.5 (i)0.5 (a)0.5 (l)13 ( )0.5 (s)0.5 (t)0.5 (a)0.5 (t)0.5 (e)0.5 (me)0.6 (nt)0.5 (s)13 ( )0.5 (h)0.5 (a)0.5 (v)0.5 (e)13 ( )0.5 (b)0.5 (e)0.5 (e)0.5 (n)13 ( p)0.5 (r)0.5 (e)0.5 (p)0.5 (a)0.5 (r)0.5 (e)0.5 (d)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (a)0.5 (c)0.5 (c)0.5 (or)0.6 (da)0.5 (n)0.5 (c)0.5 (e)13 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (h)13 ( )0.5 (H)0.5 (K)0.5 (F)0.5 (R)0.5 (Ss)0.5 (,)13 ( )0.5 (a)0.5 (c)0.5 (c)0.5 (o)0.5 (u)0.5 (n)0.5 (t)0.5 (i)0.5 (ng)26 ( )]TJ 0.025 Tc 0.008 Tw 0 -1.2 TD (principles generally accepted in Hong Kong and the applicable disclosure\s required by the Rules Governing )Tj 0.033 Tw T* (the Listing of Securities on The Stock Exchange of Hong Kong Limited and\ by the Hong Kong Companies )Tj -0.025 Tw T* (Ordinance.)Tj 0.056 Tc 0.069 Tw 0 -2.4 TD [(T)0.6 (h)0.5 (e)0.6 (s)0.5 (e)13.1 ( c)0.6 (o)0.5 (n)0.5 (s)0.6 (o)0.6 (l)0.5 (i)0.5 (d)0.6 (a)0.5 (t)0.6 (e)0.5 (d)13.1 ( f)0.6 (i)0.5 (n)0.6 (a)0.5 (n)0.6 (c)0.5 (i)0.6 (a)0.5 (l)13.1 ( s)0.6 (t)0.5 (a)0.5 (t)0.6 (e)0.6 (m)0.5 (e)0.6 (n)0.5 (t)0.5 (s)13.1 ( h)0.6 (a)0.5 (v)0.6 (e)13 ( b)0.5 (e)0.6 (e)0.6 (n)13 ( p)0.6 (r)0.5 (e)0.6 (p)0.5 (a)0.6 (r)0.5 (e)0.6 (d)13 ( u)0.5 (n)0.6 (d)0.5 (e)0.6 (r)13 ( t)0.5 (h)0.6 (e)13 ( h)0.6 (i)0.5 (s)0.6 (t)0.5 (o)0.6 (r)0.5 (i)0.6 (c)0.5 (a)0.6 (l)13 ( c)0.5 (o)0.6 (s)0.5 (t)13.1 ( c)0.6 (o)0.5 (n)0.5 (v)0.6 (e)0.6 (n)0.5 (t)0.5 (i)0.6 (o)0.5 (n)0.6 (,)13 ( a)0.5 (s)31 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (modified by the revaluation of derivatives which are carried at their fa\ir values.)Tj 0.01 Tw 0 -2.4 TD (The preparation of consolidated financial statements in conformity with \HKFRSs requires the use of certain )Tj 0.033 Tc 0.075 Tw 0 -1.2 TD [(key)8 ( )0.5 (assumptions)8 ( )0.5 (and)8.1 ( )0.5 (estimates.)8 ( )0.5 (It)8 ( )0.5 (also)8 ( )0.5 (requires)8 ( )0.5 (the)8.1 ( )0.5 (directors)8 ( )0.5 (to)8 ( )0.5 (exercise)8 ( )0.5 (its)8 ( )0.5 (judgements)8 ( )0.5 (in)8 ( )0.5 (the)8 ( )0.5 (process)8 ( )0.5 (of)8 ( )]TJ 0.025 Tc 0.034 Tw T* (applying the accounting policies. The areas involving critical judgement\s and areas where assumptions and )Tj 0.067 Tc 0.07 Tw T* [(estimates)12.4 ( are)12.3 ( significant)12.4 ( to)12.3 ( these)12.3 ( consolidated)12.3 ( financial)12.4 ( statements,)12.3 ( are)12.3 ( disclosed)12.3 ( in)12.3 ( note)12.4 ( 5)12.3 ( to)12.3 ( the)42 ( )]TJ 0.025 Tc 0 Tw T* (consolidated financial statements.)Tj 0.024 Tw 0 -2.4 TD (The significant accounting policies applied in the preparation of these \consolidated financial statements are )Tj 0 Tw 0 -1.2 TD (set out below.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.4 TD (Consolidation)Tj /T1_0 1 Tf 0.06 Tw T* [(The )0.5 (consolidated financial )0.5 (statements )0.5 (include the )0.5 (financial )0.5 (statements )0.5 (of )0.5 (the )0.5 (Company )0.5 (and )0.5 (its )0.5 (subsidiaries )]TJ 0.005 Tw 0 -1.2 TD (made up to 31 December. Subsidiaries are entities over which the Group h\as control. The Group controls an )Tj 0.032 Tw T* (entity when it is exposed, or has rights, to variable returns from its i\nvolvement with the entity and has the )Tj 0.062 Tw T* (ability to affect those returns through its power over the entity. The G\roup has power over an entity when )Tj 0.029 Tc 0.079 Tw T* [(the)4.1 ( )0.5 (Group)4 ( )0.5 (has)4.1 ( )0.5 (existing)4.1 ( )0.5 (rights)4 ( )0.5 (that)4 ( )0.5 (give)4 ( )0.5 (it)4 ( )0.5 (the)4 ( )0.5 (current)4 ( )0.5 (ability)4 ( )0.5 (to)3.9 ( )0.6 (direct)4 ( )0.5 (the)4 ( )0.5 (relevant)4 ( )0.5 (activities,)4 ( )0.5 (i.e.)4 ( )0.5 (activities)4 ( )]TJ 0.025 Tc 0 Tw T* (that significantly affect the entity\222s returns.)Tj 0.033 Tc 0.075 Tw 0 -2.4 TD [(W)0.5 (h)0.6 (e)0.5 (n)8 ( )0.5 (a)0.6 (s)0.5 (s)0.5 (e)0.6 (s)0.5 (s)0.5 (i)0.5 (n)0.5 (g)8 ( )0.6 (c)0.5 (o)0.5 (n)0.5 (t)0.6 (r)0.5 (o)0.5 (l)0.5 (,)8 ( )0.6 (t)0.5 (h)0.5 (e)8 ( )0.5 (G)0.6 (r)0.5 (o)0.5 (u)0.5 (p)8 ( )0.5 (c)0.6 (o)0.5 (n)0.5 (s)0.6 (i)0.5 (d)0.5 (e)0.5 (r)0.6 (s)8 ( )0.5 (i)0.5 (t)0.5 (s)8 ( )0.5 (p)0.6 (o)0.5 (t)0.5 (e)0.6 (n)0.5 (t)0.5 (i)0.5 (a)0.6 (l)8 ( )0.5 (v)0.5 (o)0.5 (t)0.5 (i)0.6 (n)0.5 (g)8 ( )0.5 (r)0.5 (i)0.5 (g)0.6 (h)0.5 (t)0.5 (s)8 ( )0.5 (a)0.6 (s)8 ( )0.5 (w)0.5 (e)0.5 (l)0.6 (l)8 ( )0.5 (a)0.5 (s)8 ( )0.5 (p)0.5 (o)0.6 (t)0.5 (e)0.5 (n)0.6 (t)0.5 (i)0.5 (a)0.5 (l)8 ( )0.5 (v)0.6 (o)0.5 (t)0.5 (i)0.5 (n)0.6 (g)8 ( )0.5 (r)0.5 (i)0.5 (g)0.5 (h)0.6 (t)0.5 (s)8 ( )]TJ 0.025 Tc 0.042 Tw 0 -1.2 TD (held by other parties, to determine whether it has control. A potential \voting right is considered only if the )Tj 0 Tw T* (holder has the practical ability to exercise that right.)Tj 0.061 Tc 0.07 Tw 0 -2.4 TD [(Subsidiaries)12.2 ( are)12.1 ( consolidated)12.1 ( from)12.1 ( the)12.1 ( date)12.2 ( on)12.1 ( which)12.1 ( control)12 ( is)12.2 ( transferred)12.1 ( to)12.1 ( the)12.1 ( Group.)12.1 ( They)12.1 ( are)36 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (deconsolidated from the date the control ceases.)Tj 0.032 Tc 0.076 Tw 0 -2.4 TD [(The)7 ( )0.5 (gain)7 ( )0.5 (or)7 ( )0.5 (loss)7 ( )0.5 (on)7 ( )0.5 (the)7 ( )0.5 (disposal)7 ( )0.5 (of)7 ( )0.5 (a)7 ( )0.5 (subsidiary)6.9 ( )0.6 (that)7 ( )0.5 (results)7 ( )0.5 (in)7 ( )0.5 (a)7 ( )0.5 (loss)7 ( )0.5 (of)7 ( )0.5 (control)7 ( )0.5 (represents)7 ( )0.5 (the)7 ( )0.5 (difference)7 ( )]TJ 0.025 Tc 0.066 Tw 0 -1.2 TD (between \(i\) the fair value of the consideration of the sale plus the f\air value of any investment retained in )Tj 0 Tw T* (that subsidiary and \(ii\) the Company\222s share of the net assets of t\hat subsidiary plus any remaining goodwill )Tj T* (relating to that subsidiary and any related accumulated foreign currency\ translation reserve.)Tj 0.024 Tc 0 -2.4 TD [(Intragroup transactions, balances and unrealised profits are eliminated.\ Unrealised losses are also eliminated)-1 ( )]TJ 0.025 Tc 0.079 Tw 0 -1.2 TD (unless the transaction provides evidence of an impairment of the asset t\ransferred. Accounting policies of )Tj 0.039 Tc 0.07 Tw T* [(subsidiaries)12.4 ( have)12.5 ( been)12.4 ( changed)12.5 ( where)12.4 ( necessary)12.5 ( to)12.5 ( ensure)12.5 ( consistency)12.5 ( with)12.4 ( the)12.5 ( policies)12.4 ( adopted)12.5 ( by)12.5 ( the)14 ( )]TJ 0.025 Tc -0.025 Tw T* (Group.)Tj 0.027 Tc 0.081 Tw 0 -2.4 TD [(N)0.5 (on-c)0.5 (on)0.5 (tro)0.5 (lli)0.5 (ng)2 ( )0.5 (int)0.5 (ere)0.5 (st)0.5 (s)2 ( r)0.5 (ep)0.5 (res)0.5 (en)0.5 (t)2 ( t)0.5 (he)2 ( )0.5 (eq)0.5 (uit)0.5 (y)2 ( i)0.5 (n)2 ( )0.5 (sub)0.5 (sid)0.5 (iar)0.5 (ie)0.5 (s)2 ( n)0.5 (ot)2 ( )0.5 (at)0.5 (tri)0.5 (but)0.5 (abl)0.5 (e,)2 ( )0.5 (di)0.5 (rec)0.5 (tl)0.5 (y)1.9 ( )0.5 (o)0.5 (r)2 ( )0.5 (ind)0.5 (ire)0.5 (ctl)0.5 (y,)2 ( )0.5 (to)2 ( )0.5 (th)0.5 (e)2 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.2 TD [(Company.)6 ( )0.5 (Non-controlling)6 ( )0.5 (interests)6 ( )0.5 (are)6 ( )0.5 (presented)6 ( )0.5 (in)6 ( )0.5 (the)6.1 ( )0.5 (consolidated)6.1 ( )0.5 (statement)6 ( )0.5 (of)6.1 ( financial)6 ( )0.5 (position)6 ( )0.5 (and)6 ( )]TJ 0.033 Tc 0.075 Tw T* [(consolidated)8 ( )0.5 (statement)8 ( )0.5 (of)8 ( )0.5 (changes)8 ( )0.5 (in)8 ( )0.5 (equity)8 ( )0.5 (within)8 ( )0.5 (equity.)8 ( )0.5 (Non-controlling)8 ( )0.5 (interests)8 ( )0.5 (are)8.1 ( )0.5 (presented)8 ( )0.5 (in)8 ( )0.5 (the)8 ( )]TJ 0.025 Tc 0.081 Tw T* (consolidated statement of profit or loss and other comprehensive income \as an allocation of profit or loss )Tj 0.028 Tc 0.08 Tw T* [(and)3 ( )0.5 (total)3 ( comprehensive)3 ( )0.6 (income)3 ( )0.5 (for)3 ( )0.5 (the)3 ( )0.5 (year)3 ( )0.5 (between)3 ( )0.5 (the)3 ( )0.5 (non-controlling)3 ( )0.5 (shareholders)3 ( )0.5 (and)3 ( )0.5 (owners)3 ( )0.5 (of)3 ( )0.5 (the)3.1 ( )]TJ 0.025 Tc -0.025 Tw T* (Company.)Tj 0.048 Tc 0.07 Tw 0 -2.4 TD [(Profit)12.2 ( or)12.2 ( loss)12.3 ( and)12.3 ( each)12.2 ( component)12.2 ( of)12.3 ( other)12.2 ( comprehensive)12.2 ( income)12.2 ( are)12.2 ( attributed)12.2 ( to)12.2 ( the)12.2 ( owners)12.2 ( of)12.3 ( the)23 ( )]TJ 0.025 Tc 0.022 Tw 0 -1.2 TD (Company and to the non-controlling shareholders even if this results in \the non-controlling interests having )Tj 0 Tw T* (a deficit balance.)Tj ET endstreamendobj174 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 24.0557 Tm (\226 8 \226)Tj 0.061 Tw 10 0 0 10 79.3701 728.7079 Tm (\(c\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td [(The )0.5 (directors also )0.5 (expect )0.5 (that sufficient )0.5 (sales )0.5 (orders will )0.5 (be )0.5 (secured )0.5 (in )0.5 (the )0.5 (coming year )0.5 (such that )0.5 (net )]TJ 0 Tw 0 -1.2 TD (operating cash inflows will be generated from Dazhou plant and two Guang\An plants.)Tj 0.081 Tw -2.268 -2.4 Td (In the opinion of the directors, in light of the above, the Group will h\ave sufficient financial resources to )Tj 0.011 Tw T* (finance its operations and fulfill its financial obligations as and when\ required in the coming twelve months )Tj 0.044 Tc 0.07 Tw T* [(f)0.5 (r)0.5 (o)0.5 (m)13.1 ( )0.5 (3)13 (1)13 ( )0.5 (D)0.5 (e)0.5 (c)0.6 (e)0.5 (m)0.5 (b)0.5 (e)0.5 (r)13.1 ( )0.5 (2)13 (0)13 (1)13 (8)13 (.)13 ( )0.5 (A)0.5 (c)0.6 (c)0.5 (o)0.5 (r)0.5 (d)0.5 (i)0.5 (n)0.6 (g)0.5 (l)0.5 (y)0.5 (,)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (d)0.5 (i)0.5 (r)0.5 (e)0.5 (c)0.5 (t)0.6 (o)0.5 (r)0.5 (s)13 ( )0.5 (a)0.5 (r)0.6 (e)13 ( )0.5 (s)0.5 (a)0.5 (t)0.5 (i)0.5 (s)0.6 (f)0.5 (i)0.5 (e)0.5 (d)13 ( )0.5 (t)0.6 (h)0.5 (a)0.5 (t)13 ( )0.5 (i)0.5 (t)13 ( )0.5 (i)0.5 (s)13.1 ( )0.5 (a)0.5 (p)0.5 (p)0.5 (r)0.5 (o)0.5 (p)0.6 (r)0.5 (i)0.5 (a)0.5 (t)0.5 (e)13 ( )0.6 (t)0.5 (o)13 ( )0.5 (p)0.5 (r)0.5 (e)0.5 (p)0.6 (a)0.5 (r)0.5 (e)13 ( )0.5 (t)0.5 (h)0.5 (e)0.6 (s)0.5 (e)19 ( )]TJ 0.025 Tc 0 Tw T* (consolidated financial statements on a going concern basis.)Tj 0.072 Tw 0 -2.4 TD (Notwithstanding the above, significant uncertainties exist as to whether\ management of the Company will )Tj 0.006 Tw 0 -1.2 TD (be able to achieve its plans and measures as described above. Whether th\e Group will be able to continue as )Tj 0.024 Tc 0 Tw T* [(a going concern would depend upon the Group\222s ability to generate ade\quate financing cash inflows through)-1 ( )]TJ 0.025 Tc 0.004 Tw T* (successful renewal of its current bank loans upon expiry, obtaining addi\tional bank borrowing, and securing )Tj 0.029 Tc 0.079 Tw T* [(o)0.5 (th)0.5 (e)0.5 (r)4 ( )0.5 (s)0.5 (o)0.5 (u)0.5 (rc)0.5 (e)0.5 (s)4.1 ( )0.5 (of)4 ( )0.5 (f)0.5 (i)0.5 (n)0.5 (a)0.5 (n)0.5 (ci)0.5 (n)0.5 (g)0.5 (;)4 ( )0.5 (a)0.5 (n)0.5 (d)3.9 ( )0.6 (ge)0.5 (n)0.5 (e)0.5 (r)0.5 (a)0.5 (t)0.5 (e)4 ( )0.5 (a)0.5 (de)0.5 (q)0.5 (u)0.5 (a)0.5 (te)4.1 ( )0.5 (o)0.5 (pe)0.5 (r)0.5 (a)0.5 (t)0.5 (in)0.5 (g)4 ( )0.5 (c)0.5 (a)0.5 (s)0.5 (h)4 ( )0.5 (i)0.5 (n)0.5 (fl)0.5 (o)0.5 (w)0.5 (s)0.5 (.)4 ( )0.5 (S)0.5 (ho)0.5 (u)0.5 (l)0.5 (d)4 ( )0.5 (th)0.5 (e)4 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)4 ( )0.5 (b)0.5 (e)4 ( )0.5 (u)0.5 (na)0.5 (b)0.5 (l)0.5 (e)4 ( )0.5 (t)0.5 (o)4 ( )]TJ 0.057 Tc 0.069 Tw T* [(a)0.5 (c)0.6 (h)0.5 (i)0.5 (e)0.6 (v)0.5 (e)13 ( t)0.5 (h)0.5 (e)13.1 ( a)0.5 (b)0.5 (o)0.6 (v)0.5 (e)13 ( p)0.5 (l)0.5 (a)0.5 (n)0.6 (s)13 ( a)0.6 (n)0.5 (d)13 ( m)0.6 (e)0.5 (a)0.5 (s)0.6 (u)0.5 (r)0.5 (e)0.6 (s)13 ( s)0.6 (u)0.5 (c)0.5 (h)13.1 ( t)0.5 (h)0.5 (a)0.6 (t)13 ( i)0.6 (t)13 ( w)0.6 (o)0.5 (u)0.5 (l)0.5 (d)13.1 ( n)0.5 (o)0.5 (t)13.1 ( b)0.5 (e)13 ( a)0.5 (b)0.5 (l)0.6 (e)13 ( t)0.5 (o)13.1 ( o)0.5 (p)0.6 (e)0.5 (r)0.5 (a)0.6 (t)0.5 (e)13 ( a)0.5 (s)13 ( a)13.1 ( g)0.6 (o)0.5 (i)0.5 (n)0.5 (g)13 ( c)0.5 (o)0.5 (n)0.6 (c)0.5 (e)0.6 (r)0.5 (n)0.5 (,)32 ( )]TJ 0.044 Tc 0.07 Tw T* [(adjustments)12.7 ( would)12.7 ( have)12.7 ( to)12.7 ( be)12.7 ( made)12.7 ( to)12.7 ( write)12.7 ( down)12.7 ( the)12.7 ( value)12.6 ( of)12.7 ( assets)12.7 ( to)12.7 ( their)12.7 ( recoverable)12.7 ( amounts,)12.6 ( to)19 ( )]TJ 0.035 Tc 0.073 Tw T* [(provide)10 ( )0.5 (for)10 ( )0.5 (any)10 ( )0.5 (future)10 ( )0.5 (liabilities)10 ( )0.5 (which)10 ( )0.5 (might)10 ( )0.5 (arise,)10 ( )0.5 (and)10 ( )0.5 (to)10 ( )0.5 (reclassify)10 ( )0.5 (non-current)10 ( )0.5 (assets)10 ( )0.5 (and)10 ( )0.5 (non-current)10 ( )]TJ 0.025 Tc 0.022 Tw T* (liabilities as current assets and current liabilities, respectively. The\ effect of these adjustments has not been )Tj 0 Tw T* (reflected in these consolidated financial statements.)Tj /T1_1 1 Tf -2.268 -2.4 Td (3.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (ADOPTION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS)Tj /T1_0 1 Tf 0.058 Tc 0.07 Tw 0 -2.4 TD [(In)12.8 ( the)12.8 ( current)12.8 ( year,)12.8 ( the)12.8 ( Group)12.8 ( has)12.8 ( adopted)12.8 ( all)12.8 ( the)12.8 ( new)12.9 ( and)12.8 ( revised)12.8 ( Hong)12.8 ( Kong)12.8 ( Financial)12.8 ( Reporting)33 ( )]TJ 0.025 Tc 0.029 Tw 0 -1.2 TD (Standards \(\223HKFRSs\224\) issued by the Hong Kong Institute of Certif\ied Public Accountants that are relevant )Tj 0.024 Tc 0 Tw T* [(to its operations and effective for its accounting year beginning on 1 J\anuary 2018. HKFRSs comprise Hong)-1 ( )]TJ 0.025 Tc 0.054 Tw T* (Kong Financial Reporting Standards; Hong Kong Accounting Standards; and \Interpretations. The adoption )Tj 0.031 Tw T* (of these new and revised HKFRSs did not result in significant changes to\ the Group\222 s accounting policies, )Tj 0.067 Tw T* (presentation of the Group\222s financial statements and amounts reported\ for the current year and prior years )Tj 0 Tw T* (except as stated below.)Tj /T1_1 1 Tf 0 -2.4 TD (HKFRS 15 \223Revenue from Contracts with Customers\224)Tj /T1_0 1 Tf 0.005 Tw T* (HKFRS 15 has been applied retrospectively and resulted in changes in the\ consolidated amounts reported in )Tj 0 Tw 0 -1.2 TD (the financial statements as follows:)Tj ET 0 0 0 0 k /GS1 gs 473.386 331.008 70.866 -12 re 473.386 319.008 70.866 -12 re 473.386 307.008 70.866 -12 re 473.386 295.008 70.866 -12 re 473.386 283.008 70.866 -12 re 473.386 271.008 70.866 -12 re 473.386 259.008 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_2 1 Tf -0.025 Tw 10 0 0 10 496.5229 320.7079 Tm (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.715 -2.4 Td (At 31 December 2017:)Tj 0 -2.4 TD (Increase in contract liabilities)Tj /T1_1 1 Tf -0.025 Tw 42.521 0 Td (301,517)Tj /T1_0 1 Tf 0 Tw -42.521 -1.2 Td (Decrease in trade and other payables)Tj /T1_1 1 Tf -0.025 Tw 42.138 0 Td (\(301,517\))Tj ET 0 0 0 1 K 1.11 w q 1 0 0 1 479.0551 256.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 253.9571 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 473.3858 253.6291 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 10 0 0 10 79.3701 233.0121 Tm (The Group has not applied the new and revised HKFRSs that have been issu\ed but are not yet effective. The )Tj 0.007 Tw 0 -1.2 TD (Group has already commenced an assessment of the impact of these new and\ revised HKFRSs but is not yet )Tj 0.02 Tw T* (in a position to state whether these new and revised HKFRSs would have a\ material impact on its results of )Tj 0 Tw T* (operations and financial position.)Tj ET endstreamendobj173 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 24.0557 Tm (\226 7 \226)Tj /T1_1 1 Tf -19.029 58.583 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS)Tj /T1_2 1 Tf 0 -1.167 TD (For The Year Ended 31 December 2018)Tj /T1_1 1 Tf 10 0 0 10 56.6929 687.0479 Tm (1.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (GENERAL INFORMATION)Tj /T1_0 1 Tf 0.024 Tc 0 -2.4 TD [(Ko Yo Chemical \(Group\) Limited \(the \223Company\224\) was incorporate\d in the Cayman Islands as an exempted)-1 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.2 TD (company with limited liability. The address of the registered office is \Cricket Square, Hutchins Drive, P.O. )Tj 0.034 Tc 0.074 Tw T* [(Box)9 ( )0.5 (2)9 (6)9 (8)9 (1)9 (,)9 ( )0.5 (Grand)9 ( )0.5 (Cayman)9 ( )0.5 (KY)9.1 (1)9 (\226)9 (1)8.9 (1)9 (1)9 (1)9 (,)9 ( )0.5 (Cayman)8.9 ( )0.6 (Islands.)9 ( )0.5 (The)9 ( )0.5 (address)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (principal)9 ( )0.5 (place)9 ( )0.5 (of)9 ( )0.5 (business)9 ( )0.5 (is)9 ( )]TJ 0.069 Tc 0.07 Tw T* [(Suite)12.4 ( No.)12.4 ( 0)12.5 (2)12.4 (,)12.4 ( 3)12.5 (1)12.4 (st)12.4 ( Floor,)12.4 ( Sino)12.4 ( Plaza,)12.4 ( 2)12.4 (5)12.4 (5)12.5 (\226)12.4 (2)12.4 (5)12.4 (7)12.5 ( Gloucester)12.4 ( Road,)12.4 ( Causeway)12.5 ( Bay,)12.4 ( Hong)12.5 ( Kong.)12.5 ( The)44 ( )]TJ 0.025 Tc 0.035 Tw T* (Company\222s shares are listed on the Main Board of The Stock Exchange o\f Hong Kong Limited \(the \223Stock )Tj -0.025 Tw T* (Exchange\224\).)Tj 0.043 Tc 0.07 Tw 0 -2.4 TD [(The)12.4 ( Company)12.4 ( is)12.4 ( an)12.4 ( investment)12.4 ( holding)12.4 ( company.)12.4 ( The)12.4 ( Company)12.4 ( and)12.4 ( its)12.4 ( subsidiaries)12.4 ( \(the)12.5 ( \223Group\224\))12.4 ( are)18 ( )]TJ 0.053 Tc 0 -1.2 TD [(principally)12.6 ( engaged)12.6 ( in)12.6 ( the)12.6 ( manufacture)12.6 ( and)12.6 ( sale)12.7 ( of)12.6 ( chemical)12.6 ( products)12.6 ( and)12.6 ( chemical)12.6 ( fertilisers)12.6 ( in)12.6 ( the)28 ( )]TJ 0.025 Tc 0 Tw T* (People\222s Republic of China \(the \223PRC\224\).)Tj 0.056 Tc 0.07 Tw 0 -2.4 TD [(The)12.8 ( consolidated)12.8 ( financial)12.8 ( statements)12.8 ( have)12.9 ( been)12.8 ( presented)12.8 ( in)12.8 ( Renminbi)12.8 ( \(\223RMB\224\),)12.8 ( which)12.8 ( is)12.8 ( also)12.8 ( the)31 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (functional currency of the Company and its principal subsidiaries.)Tj /T1_1 1 Tf -2.268 -2.4 Td (2.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (GOING CONCERN BASIS)Tj /T1_0 1 Tf 0.033 Tc 0.075 Tw 0 -2.4 TD [(The)8 ( )0.6 (Group)8 ( )0.5 (incurred)8 ( )0.5 (a)8 ( )0.5 (loss)8 ( )0.5 (of)8 ( )0.5 (approximately)8 ( )0.5 (RMB)8 (3)8 (4)8 (8)8 (,)8 (2)8 (8)8 (6)8 (,)8 (0)8 (0)8 (0)8 ( )0.5 (and)8 ( )0.5 (as)8.1 ( )0.5 (at)8 ( )0.5 (3)8 (1)8 ( )0.5 (December)8 ( )0.5 (2)8 (0)8 (1)8 (8)8 (,)8 ( )0.5 (the)8 ( )0.5 (Group\222s)8.1 ( )]TJ 0.025 Tc 0.013 Tw 0 -1.2 TD (current liabilities exceeded its current assets by approximately RMB1,94\0,660,000, despite the Group had a )Tj 0.05 Tw T* (net operating cash inflow of approximately RMB53,709,000 during the year\. These conditions indicate the )Tj 0.049 Tw T* (existence of a material uncertainty which may cast significant doubt abo\ut the Group\222 s ability to continue )Tj 0 Tw T* (as a going concern.)Tj 0.043 Tc 0.07 Tw 0 -2.4 TD [(In)12.8 ( addition,)12.8 ( the)12.8 ( Group)12.8 ( has)12.8 ( contracted)12.8 ( capital)12.8 ( commitments)12.8 ( of)12.8 ( approximately)12.8 ( RMB)12.8 (1)12.8 (2)12.8 (0)12.8 ( million)12.8 ( as)12.8 ( at)12.8 ( 3)12.8 (1)18 ( )]TJ 0.025 Tc 0 Tw 0 -1.2 TD (December 2018.)Tj 0.005 Tw 0 -2.4 TD [(The )0.6 (Group )0.6 (had )0.5 (a )0.6 (net )0.5 (operating )0.6 (cash )0.5 (flow )0.6 (of )0.5 (approximately )0.5 (RMB54 )0.6 (million )0.6 (during )0.5 (the )0.6 (year. )0.5 (The )0.6 (directors )0.6 (of )]TJ 0.039 Tc 0.07 Tw 0 -1.2 TD [(t)0.5 (h)0.5 (e)13 ( )0.5 (C)0.6 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)13 ( )0.5 (h)0.5 (a)0.5 (v)0.5 (e)13.1 ( )0.5 (r)0.5 (e)0.5 (v)0.5 (i)0.5 (e)0.5 (w)0.5 (e)0.6 (d)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (G)0.5 (r)0.6 (o)0.5 (u)0.5 (p)0.5 (\222)0.5 (s)13 ( )0.5 (c)0.5 (a)0.5 (s)0.6 (h)13 ( )0.5 (f)0.5 (l)0.5 (o)0.5 (w)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (j)0.5 (e)0.6 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)0.5 (,)13 ( )0.5 (w)0.6 (h)0.5 (i)0.5 (c)0.5 (h)13 ( )0.5 (c)0.5 (o)0.5 (v)0.5 (e)0.5 (r)13 ( )0.6 (a)13 ( )0.5 (p)0.5 (e)0.5 (r)0.5 (i)0.5 (o)0.5 (d)13 ( )0.6 (o)0.5 (f)13 ( )0.5 (t)0.5 (w)0.5 (e)0.5 (l)0.5 (v)0.5 (e)13.1 ( )0.5 (m)0.5 (o)0.5 (n)0.5 (t)0.5 (h)0.5 (s)14 ( )]TJ 0.027 Tc 0.081 Tw T* [(from)2 ( )0.5 (3)2 (1)2 ( )0.5 (December)2 ( )0.5 (2)2 (0)2 (1)2 (8)2 (.)2 ( They)2 ( have)2 ( )0.5 (assessed)2 ( )0.5 (the)2 ( )0.5 (appropriateness)2 ( )0.5 (of)2 ( )0.5 (adopting)2 ( )0.5 (the)2 ( )0.5 (going)2 ( )0.5 (concern)2 ( )0.5 (basis)2 ( )0.5 (for)2 ( )]TJ 0.025 Tc 0.05 Tw T* (the preparation of these consolidated financial statements for the year \ended 31 December 2018 in light of )Tj 0 Tw T* (the Group\222 s plans and measures described below to improve its cash f\lows:)Tj 0.013 Tw 0 -2.4 TD (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (As at 31 December 2018 the Group\222s total borrowings amounted to appro\ximately RMB2,017 million, )Tj 0 Tw 0 -1.2 TD (of which approximately RMB1,674 million will be due within twelve months\ from 31 December 2018. )Tj 0.079 Tc 0.07 Tw T* [(As)12 ( at)12 ( that)12 ( date,)12.1 ( the)12.1 ( Group\222s)12.1 ( bank)12.1 ( deposits)12.1 ( pledged)12 ( for)12.1 ( short-term)12 ( borrowings)12 ( amounted)12.1 ( to)54 ( )]TJ 0.025 Tc 0.001 Tw T* (approximately RMB24 million. The Group has not experienced any significa\nt difficulties in renewing )Tj 0.009 Tw T* (its short-term borrowings upon their maturities and there is no indicati\on that the banks will not renew )Tj 0 Tw T* (the existing short-term borrowings if the Group applies for the renewal.\)Tj 0.04 Tc 0.07 Tw -2.268 -2.4 Td [(\()15 (b)15 (\))]TJ /Span<>> BDC 1.241 0 Td ( )Tj EMC 1.027 0 Td [(As)12.7 ( at)12.6 ( 3)12.6 (1)12.6 ( December)12.7 ( 2)12.6 (0)12.6 (1)12.7 (8)12.6 (,)12.6 ( the)12.7 ( contracted)12.6 ( capital)12.6 ( expenditure)12.7 ( committed)12.6 ( by)12.7 ( the)12.6 ( Group)12.6 ( amounted)12.6 ( to)15 ( )]TJ 0.025 Tc 0.047 Tw T* (approximately RMB120 million, of which approximately RMB120 million is r\equired to be settled in )Tj 0.028 Tc 0.08 Tw T* [(the)3 ( )0.5 (coming)3 ( )0.5 (twelve)3 ( )0.5 (months.)3 ( )0.5 (These)3 ( )0.6 (commitments)3 ( )0.5 (are)3 ( )0.5 (mainly)3 ( )0.5 (related)3 ( )0.5 (to)3 ( )0.5 (the)3 ( )0.5 (construction)3 ( )0.5 (of)3 ( )0.5 (production)3 ( )]TJ 0.068 Tc 0.07 Tw T* [(facilities)12.8 ( in)12.8 ( GuangAn,)12.8 ( Sichuan)12.8 ( Province.)12.8 ( The)12.8 ( directors)12.8 ( of)12.8 ( the)12.9 ( Company)12.8 ( will)12.8 ( undertake)12.8 ( close)43 ( )]TJ 0.025 Tc T* (monitoring process to control the magnitude and timing of the expected c\ash outlays associated with )Tj 0 Tw T* (the projects.)Tj ET endstreamendobj172 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 24.0557 Tm (\226 6 \226)Tj ET 0 0 0 0 k /GS1 gs 402.52 737.008 70.866 -14 re 402.52 723.008 70.866 -14 re 402.52 709.008 70.866 -14 re 402.52 695.008 70.866 -14 re 402.52 681.008 70.866 -14 re 402.52 667.008 70.866 -14 re 402.52 653.008 70.866 -14 re 402.52 639.008 70.866 -14 re 402.52 625.008 70.866 -14 re 402.52 607.999 70.866 -14 re 402.52 593.999 70.866 -14 re 402.52 576.99 70.866 -14 re 402.52 562.99 70.866 -14 re 402.52 548.99 70.866 -14 re 402.52 534.99 70.866 -14 re 402.52 520.99 70.866 -14 re 402.52 506.99 70.866 -14 re 402.52 492.99 70.866 -14 re 402.52 478.99 70.866 -14 re 402.52 461.981 70.866 -14 re 402.52 447.981 70.866 -14 re 402.52 430.972 70.866 -14 re 402.52 416.972 70.866 -14 re 402.52 399.963 70.866 -14 re 402.52 385.963 70.866 -14 re 402.52 366.567 70.866 -14 re 402.52 352.567 70.866 -14 re 402.52 333.171 70.866 -14 re 402.52 319.171 70.866 -14 re f 402.52 611.008 70.866 -3.009 re 402.52 579.999 70.866 -3.009 re 402.52 464.99 70.866 -3.009 re 402.52 433.981 70.866 -3.009 re 402.52 402.972 70.866 -3.009 re 402.52 371.963 70.866 -5.396 re 402.52 338.567 70.866 -5.396 re 402.52 305.171 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 12 0 0 12 442.8165 725.0478 Tm (2018)Tj /T1_0 1 Tf 5.906 0 Td (2017)Tj /T1_2 1 Tf -12.224 -1.167 Td (Notes)Tj /T1_3 1 Tf 4.188 0 Td (RMB\222000)Tj /T1_2 1 Tf 6.074 0 Td (RMB\222000)Tj /T1_1 1 Tf -36.12 -2.333 Td (LIABILITIES)Tj 0 Tw 0 -1.167 TD (Non-current liabilities)Tj /T1_0 1 Tf 0 -1.167 TD (Long-term borrowings)Tj /T1_2 1 Tf -0.025 Tw 26.535 0 Td (31)Tj /T1_1 1 Tf 4.317 0 Td (343,500)Tj /T1_0 1 Tf 5.906 0 Td (437,961)Tj 0 Tw -36.757 -1.167 Td (Convertible bonds)Tj /T1_2 1 Tf -0.025 Tw 26.535 0 Td (32)Tj /T1_1 1 Tf 4.317 0 Td (123,274)Tj /T1_0 1 Tf 5.906 0 Td (124,191)Tj 0 Tw -36.757 -1.167 Td (Deferred subsidy income)Tj /T1_2 1 Tf -0.025 Tw 26.535 0 Td (33)Tj /T1_1 1 Tf 6.167 0 Td (622)Tj /T1_0 1 Tf 5.106 0 Td (1,276)Tj 0 Tw -37.807 -1.167 Td (Deferred income tax liabilities)Tj /T1_2 1 Tf -0.025 Tw 26.535 0 Td (34)Tj /T1_1 1 Tf 4.842 0 Td (74,730)Tj /T1_0 1 Tf 5.906 0 Td (71,616)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 408.189 608.2488 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 608.0158 Tm ( )Tj ET q 1 0 0 1 479.0551 608.2488 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 608.0158 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 426.9166 582.0388 Tm (542,126)Tj /T1_0 1 Tf 5.906 0 Td (635,044)Tj ET q 1 0 0 1 408.189 577.2397 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 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(1,976)Tj 4.629 0 Td (1,386,891)Tj 0 Tw -87.589 -1.533 Td (Total comprehensive loss )Tj 0 Tc ( )Tj 0.025 Tc 2.16 -1.533 Td (for the year)Tj 0 Tc 16.778 0 Td (\226)Tj 5.939 0 Td (\226)Tj 5.939 0 Td (\226)Tj 7.559 0 Td (\226)Tj 7.559 0 Td (\226)Tj 6.479 0 Td (\226)Tj 6.479 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.196 0 Td (\(454,339\))Tj 0 Tc 0 Tw 9.762 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.196 0 Td (\(454,339\))Tj 8.854 0 Td (\(94\))Tj 4.104 0 Td (\(454,433\))Tj 0 Tw -88.006 -1.533 Td (Issue of shares:)Tj 1.064 -1.533 Td (\227 Conversion of bonds)Tj -0.025 Tw 16.824 0 Td (863)Tj 5.139 0 Td (2,291)Tj 0 Tc 0 Tw 7.789 0 Td (\226)Tj 7.559 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.326 0 Td (\(2,115\))Tj 0 Tc 0 Tw 8.712 0 Td (\226)Tj 6.479 0 Td (\226)Tj 6.479 0 Td (\226)Tj 6.479 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.629 0 Td (1,039)Tj 0 Tc 0 Tw 8.329 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.629 0 Td (1,039)Tj ET q 1 0 0 1 138.8979 541.7397 cm 0 0 m 19.843 0 l S Q BT 0 Tc 0 Tw 5.25 0 0 7.5 155.8529 542.7647 Tm ( )Tj ET q 1 0 0 1 167.2443 541.7397 cm 0 0 m 22.677 0 l S Q BT 5.25 0 0 7.5 187.034 542.7647 Tm ( )Tj ET q 1 0 0 1 198.4254 541.7397 cm 0 0 m 22.677 0 l S Q BT 5.25 0 0 7.5 218.2151 542.7647 Tm ( )Tj ET q 1 0 0 1 229.6065 541.7397 cm 0 0 m 31.181 0 l S Q BT 5.25 0 0 7.5 257.9001 542.7647 Tm ( )Tj ET q 1 0 0 1 269.2916 541.7397 cm 0 0 m 31.181 0 l S Q BT 5.25 0 0 7.5 297.5852 542.7647 Tm ( )Tj ET q 1 0 0 1 308.9766 541.7397 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 331.6009 542.7647 Tm ( )Tj ET q 1 0 0 1 342.9924 541.7397 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 365.6167 542.7647 Tm ( )Tj ET q 1 0 0 1 377.0081 541.7397 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 399.6324 542.7647 Tm ( )Tj ET q 1 0 0 1 411.0239 541.7397 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 433.6482 542.7647 Tm ( )Tj ET q 1 0 0 1 445.0396 541.7397 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 467.6639 542.7647 Tm ( )Tj ET q 1 0 0 1 479.0554 541.7397 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 501.6797 542.7647 Tm ( )Tj ET q 1 0 0 1 513.0711 541.7397 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 535.6954 542.7647 Tm ( )Tj 0.025 Tc -91.239 -3.067 Td (Balance at 31 December 2017)Tj -0.025 Tw 16.038 0 Td (368,394)Tj 5.139 0 Td (1,409,065)Tj 6.881 0 Td (\(22,041\))Tj 7.942 0 Td (28,269)Tj 7.034 0 Td (224,903)Tj 7.004 0 Td (45,273)Tj 7.004 0 Td (1,131)Tj 4.246 0 Td (\(1,119,870\))Tj 8.329 0 Td (\(3,509\))Tj 5.812 0 Td (931,615)Tj 7.529 0 Td (1,882)Tj 5.429 0 Td (933,497)Tj ET 1.11 w q 1 0 0 1 138.8979 515.5389 cm 0 0 m 19.843 0 l S Q 0.45 w q 1 0 0 1 138.8979 513.4389 cm 0 0 m 19.843 0 l S Q BT 0 Tc 0 Tw 5.25 0 0 7.5 155.853 514.3689 Tm ( )Tj ET 1.11 w q 1 0 0 1 167.2444 515.5389 cm 0 0 m 22.677 0 l S Q 0.45 w q 1 0 0 1 167.2444 513.4389 cm 0 0 m 22.677 0 l S Q BT 5.25 0 0 7.5 187.0341 514.3689 Tm ( )Tj ET 1.11 w q 1 0 0 1 198.4255 515.5389 cm 0 0 m 22.677 0 l S Q 0.45 w q 1 0 0 1 198.4255 513.4389 cm 0 0 m 22.677 0 l S Q BT 5.25 0 0 7.5 218.2152 514.3689 Tm ( )Tj ET 1.11 w q 1 0 0 1 229.6066 515.5389 cm 0 0 m 31.181 0 l S Q 0.45 w q 1 0 0 1 229.6066 513.4389 cm 0 0 m 31.181 0 l S Q BT 5.25 0 0 7.5 257.9002 514.3689 Tm ( )Tj ET 1.11 w q 1 0 0 1 269.2917 515.5389 cm 0 0 m 31.181 0 l S Q 0.45 w q 1 0 0 1 269.2917 513.4389 cm 0 0 m 31.181 0 l S Q BT 5.25 0 0 7.5 297.5852 514.3689 Tm ( )Tj ET 1.11 w q 1 0 0 1 308.9767 515.5389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 308.9767 513.4389 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 331.601 514.3689 Tm ( )Tj ET 1.11 w q 1 0 0 1 342.9924 515.5389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 342.9924 513.4389 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 365.6167 514.3689 Tm ( )Tj ET 1.11 w q 1 0 0 1 377.0082 515.5389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 377.0082 513.4389 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 399.6325 514.3689 Tm ( )Tj ET 1.11 w q 1 0 0 1 411.0239 515.5389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 411.0239 513.4389 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 433.6482 514.3689 Tm ( )Tj ET 1.11 w q 1 0 0 1 445.0397 515.5389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 445.0397 513.4389 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 467.664 514.3689 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0554 515.5389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 479.0554 513.4389 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 501.6797 514.3689 Tm ( )Tj ET 1.11 w q 1 0 0 1 513.0712 515.5389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 513.0712 513.4389 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 535.6955 514.3689 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -91.239 -3.067 Td (Balance at 1 January 2018)Tj -0.025 Tw 16.038 0 Td (368,394)Tj 5.139 0 Td (1,409,065)Tj 6.881 0 Td (\(22,041\))Tj 7.942 0 Td (28,269)Tj 7.034 0 Td (224,903)Tj 7.004 0 Td (45,273)Tj 7.004 0 Td (1,131)Tj 4.246 0 Td (\(1,119,870\))Tj 8.329 0 Td (\(3,509\))Tj 5.812 0 Td (931,615)Tj 7.529 0 Td (1,882)Tj 5.429 0 Td (933,497)Tj 0 Tw -88.389 -1.533 Td (Total comprehensive loss )Tj 0 Tc ( )Tj 0.025 Tc 2.16 -1.533 Td (for the year)Tj 0 Tc 16.778 0 Td (\226)Tj 5.939 0 Td (\226)Tj 5.939 0 Td (\226)Tj 7.559 0 Td (\226)Tj 7.559 0 Td (\226)Tj 6.479 0 Td (\226)Tj 6.479 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.196 0 Td (\(348,209\))Tj 0 Tc 0 Tw 9.762 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.196 0 Td (\(348,209\))Tj 8.854 0 Td (\(77\))Tj 4.104 0 Td (\(348,286\))Tj ET 0.5 w q 1 0 0 1 138.8981 464.3349 cm 0 0 m 19.843 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 5.25 0 0 7.5 155.8531 465.3599 Tm ( )Tj ET q 1 0 0 1 167.2446 464.3349 cm 0 0 m 22.677 0 l S Q BT 5.25 0 0 7.5 187.0342 465.3599 Tm ( )Tj ET q 1 0 0 1 198.4257 464.3349 cm 0 0 m 22.677 0 l S Q BT 5.25 0 0 7.5 218.2153 465.3599 Tm ( )Tj ET q 1 0 0 1 229.6068 464.3349 cm 0 0 m 31.181 0 l S Q BT 5.25 0 0 7.5 257.9004 465.3599 Tm ( )Tj ET q 1 0 0 1 269.2918 464.3349 cm 0 0 m 31.181 0 l S Q BT 5.25 0 0 7.5 297.5854 465.3599 Tm ( )Tj ET q 1 0 0 1 308.9769 464.3349 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 331.6012 465.3599 Tm ( )Tj ET q 1 0 0 1 342.9926 464.3349 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 365.6169 465.3599 Tm ( )Tj ET q 1 0 0 1 377.0084 464.3349 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 399.6327 465.3599 Tm ( )Tj ET q 1 0 0 1 411.0241 464.3349 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 433.6484 465.3599 Tm ( )Tj ET q 1 0 0 1 445.0399 464.3349 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 467.6642 465.3599 Tm ( )Tj ET q 1 0 0 1 479.0556 464.3349 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 501.6799 465.3599 Tm ( )Tj ET q 1 0 0 1 513.0714 464.3349 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 535.6957 465.3599 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -91.239 -3.067 Td (At 31 December 2018)Tj -0.025 Tw 16.038 0 Td (368,394)Tj 5.139 0 Td (1,409,065)Tj 6.881 0 Td (\(22,041\))Tj 7.942 0 Td (28,269)Tj 7.034 0 Td (224,903)Tj 7.004 0 Td (45,273)Tj 7.004 0 Td (1,131)Tj 4.246 0 Td (\(1,468,079\))Tj 8.329 0 Td (\(3,509\))Tj 5.812 0 Td (583,406)Tj 7.529 0 Td (1,805)Tj 5.429 0 Td (585,211)Tj ET 1.11 w q 1 0 0 1 138.8982 438.1341 cm 0 0 m 19.843 0 l S Q 0.45 w q 1 0 0 1 138.8982 436.0341 cm 0 0 m 19.843 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 5.25 0 0 7.5 155.8532 436.9641 Tm ( )Tj ET 1.11 w q 1 0 0 1 167.2447 438.1341 cm 0 0 m 22.677 0 l S Q 0.45 w q 1 0 0 1 167.2447 436.0341 cm 0 0 m 22.677 0 l S Q BT 5.25 0 0 7.5 187.0343 436.9641 Tm ( )Tj ET 1.11 w q 1 0 0 1 198.4258 438.1341 cm 0 0 m 22.677 0 l S Q 0.45 w q 1 0 0 1 198.4258 436.0341 cm 0 0 m 22.677 0 l S Q BT 5.25 0 0 7.5 218.2154 436.9641 Tm ( )Tj ET 1.11 w q 1 0 0 1 229.6068 438.1341 cm 0 0 m 31.181 0 l S Q 0.45 w q 1 0 0 1 229.6068 436.0341 cm 0 0 m 31.181 0 l S Q BT 5.25 0 0 7.5 257.9005 436.9641 Tm ( )Tj ET 1.11 w q 1 0 0 1 269.2919 438.1341 cm 0 0 m 31.181 0 l S Q 0.45 w q 1 0 0 1 269.2919 436.0341 cm 0 0 m 31.181 0 l S Q BT 5.25 0 0 7.5 297.5855 436.9641 Tm ( )Tj ET 1.11 w q 1 0 0 1 308.9769 438.1341 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 308.9769 436.0341 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 331.6012 436.9641 Tm ( )Tj ET 1.11 w q 1 0 0 1 342.9927 438.1341 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 342.9927 436.0341 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 365.617 436.9641 Tm ( )Tj ET 1.11 w q 1 0 0 1 377.0084 438.1341 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 377.0084 436.0341 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 399.6327 436.9641 Tm ( )Tj ET 1.11 w q 1 0 0 1 411.0242 438.1341 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 411.0242 436.0341 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 433.6485 436.9641 Tm ( )Tj ET 1.11 w q 1 0 0 1 445.0399 438.1341 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 445.0399 436.0341 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 467.6642 436.9641 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0557 438.1341 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 479.0557 436.0341 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 501.68 436.9641 Tm ( )Tj ET 1.11 w q 1 0 0 1 513.0714 438.1341 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 513.0714 436.0341 cm 0 0 m 25.512 0 l S Q BT 5.25 0 0 7.5 535.6957 436.9641 Tm ( )Tj ET endstreamendobj182 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 24.0557 Tm (\226 3 \226)Tj 0.025 Tw -19.029 58.583 Td (The board of directors \(the \223Board\224\) is pleased to present the a\udited annual results of Ko Yo )Tj 0 Tw 0 -1.167 TD (Chemical \(Group\) Limited \(the \223Company\224\) and its subsidiaries \\(collectively the \223Group\224\) for )Tj T* (the year ended 31 December 2018.)Tj /T1_1 1 Tf 0 -2.333 TD (CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER )Tj 0 -1.167 TD (COMPREHENSIVE INCOME)Tj /T1_2 1 Tf 0 -1.167 TD (For the year ended 31 December 2018)Tj ET 0 0 0 0 k /GS1 gs 402.52 627.008 70.866 -14 re 402.52 613.008 70.866 -14 re 402.52 599.008 70.866 -14 re 402.52 585.008 70.866 -14 re 402.52 571.008 70.866 -14 re 402.52 557.008 70.866 -3.009 re 402.52 553.999 70.866 -14 re 402.52 539.999 70.866 -14 re 402.52 525.999 70.866 -14 re 402.52 511.999 70.866 -14 re 402.52 497.999 70.866 -14 re 402.52 483.999 70.866 -14 re 402.52 469.999 70.866 -3.009 re 402.52 466.99 70.866 -14 re 402.52 452.99 70.866 -14 re 402.52 438.99 70.866 -14 re 402.52 424.99 70.866 -14 re 402.52 410.99 70.866 -3.009 re 402.52 407.981 70.866 -14 re 402.52 393.981 70.866 -14 re 402.52 379.981 70.866 -14 re 402.52 365.981 70.866 -3.009 re 402.52 362.972 70.866 -14 re 402.52 348.972 70.866 -14 re 402.52 334.972 70.866 -5.396 re 402.52 329.576 70.866 -14 re 402.52 315.576 70.866 -14 re 402.52 301.576 70.866 -14 re 402.52 287.576 70.866 -14 re 402.52 273.576 70.866 -3.009 re 402.52 270.567 70.866 -14 re 402.52 256.567 70.866 -14 re 402.52 242.567 70.866 -5.396 re 402.52 237.171 70.866 -14 re 402.52 223.171 70.866 -28 re 402.52 195.171 70.866 -14 re 402.52 181.171 70.866 -5.396 re 402.52 175.775 70.866 -14 re 402.52 161.775 70.866 -14 re 402.52 147.775 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 12 0 0 12 442.8165 615.0478 Tm (2018)Tj /T1_0 1 Tf 5.906 0 Td (2017)Tj /T1_2 1 Tf -12.224 -1.167 Td (Notes)Tj /T1_3 1 Tf 4.188 0 Td (RMB\222000)Tj /T1_2 1 Tf 6.074 0 Td (RMB\222000)Tj /T1_1 1 Tf -36.12 -2.333 Td (Revenue)Tj /T1_2 1 Tf 0 Tc 0 Tw 26.797 0 Td (8)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 3.255 0 Td (3,101,031)Tj /T1_0 1 Tf 5.906 0 Td (3,678,169)Tj 0 Tw -35.957 -1.167 Td (Cost of sales)Tj /T1_1 1 Tf -0.025 Tw 29.669 0 Td (\(2,877,039\))Tj /T1_0 1 Tf 5.906 0 Td (\(3,643,775\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 408.189 554.2488 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 554.0158 Tm ( )Tj ET q 1 0 0 1 479.0551 554.2488 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 554.0158 Tm ( )Tj 0.025 Tc 12 0 0 12 56.693 528.0388 Tm (Gross profit)Tj /T1_1 1 Tf -0.025 Tw 30.852 0 Td (223,992)Tj /T1_0 1 Tf 6.431 0 Td (34,394)Tj 0 Tw -37.282 -1.167 Td (Distribution costs)Tj /T1_1 1 Tf -0.025 Tw 30.994 0 Td (\(33,529\))Tj /T1_0 1 Tf 5.906 0 Td (\(42,265\))Tj 0 Tw -36.899 -1.167 Td (Administrative expenses)Tj /T1_1 1 Tf -0.025 Tw 30.469 0 Td (\(133,426\))Tj /T1_0 1 Tf 5.906 0 Td (\(126,908\))Tj 0 Tw -36.374 -1.167 Td (Other \(loss\)/income \227 net)Tj /T1_2 1 Tf 0 Tc 26.797 0 Td (9)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 4.197 0 Td (\(24,418\))Tj /T1_0 1 Tf 5.381 0 Td (\(173,304\))Tj 0 Tw -36.374 -1.167 Td (Other expenses)Tj /T1_2 1 Tf -0.025 Tw 26.535 0 Td (10)Tj /T1_1 1 Tf 3.934 0 Td (\(218,371\))Tj /T1_0 1 Tf 7.755 0 Td (\(286\))Tj ET q 1 0 0 1 408.189 467.2397 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 467.0067 Tm ( )Tj ET q 1 0 0 1 479.0551 467.2397 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3858 467.0067 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 12 0 0 12 56.693 441.0297 Tm (Operating loss)Tj -0.025 Tw 30.469 0 Td (\(185,752\))Tj /T1_0 1 Tf 5.906 0 Td (\(308,369\))Tj 0 Tw -36.374 -1.167 Td (Finance income)Tj /T1_2 1 Tf -0.025 Tw 26.535 0 Td (11)Tj /T1_1 1 Tf 6.167 0 Td (309)Tj /T1_0 1 Tf 5.106 0 Td (1,234)Tj 0 Tw -37.807 -1.167 Td (Finance expenses)Tj /T1_2 1 Tf -0.025 Tw 26.535 0 Td (11)Tj /T1_1 1 Tf 3.934 0 Td (\(162,242\))Tj /T1_0 1 Tf 5.906 0 Td (\(164,035\))Tj ET q 1 0 0 1 408.189 408.2307 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 407.9977 Tm ( )Tj ET q 1 0 0 1 479.0551 408.2307 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 407.9977 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 12 0 0 12 56.693 382.0206 Tm (Loss before tax)Tj -0.025 Tw 30.469 0 Td (\(347,685\))Tj /T1_0 1 Tf 5.906 0 Td (\(471,170\))Tj 0 Tw -36.374 -1.167 Td (Income tax \(expense\)/credit)Tj /T1_2 1 Tf -0.025 Tw 26.535 0 Td (12)Tj /T1_1 1 Tf 5.784 0 Td (\(601\))Tj /T1_0 1 Tf 4.963 0 Td (16,737)Tj ET q 1 0 0 1 408.189 363.2216 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 362.9886 Tm ( )Tj ET q 1 0 0 1 479.0551 363.2216 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 362.9886 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 12 0 0 12 56.693 337.0116 Tm (Loss and total comprehensive loss for the year)Tj /T1_2 1 Tf -0.025 Tw 26.535 0 Td (13)Tj /T1_1 1 Tf 3.934 0 Td (\(348,286\))Tj /T1_0 1 Tf 5.906 0 Td (\(454,433\))Tj ET 1.11 w q 1 0 0 1 408.189 332.0208 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 329.9207 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 329.5927 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 332.0208 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 329.9207 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 329.5927 Tm ( )Tj 0.025 Tc 12 0 0 12 56.693 303.6158 Tm (Attributable to:)Tj 0 -1.167 TD (Equity holders of the Company)Tj /T1_1 1 Tf -0.025 Tw 30.469 0 Td (\(348,209\))Tj /T1_0 1 Tf 5.906 0 Td (\(454,339\))Tj 0 Tw -36.374 -1.167 Td (Non-controlling interests)Tj /T1_1 1 Tf -0.025 Tw 32.844 0 Td (\(77\))Tj /T1_0 1 Tf 5.906 0 Td (\(94\))Tj ET 0.5 w q 1 0 0 1 408.1891 270.8167 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5198 270.5837 Tm ( )Tj ET q 1 0 0 1 479.0552 270.8167 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 270.5837 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 422.3207 244.6067 Tm (\(348,286\))Tj /T1_0 1 Tf 5.906 0 Td (\(454,433\))Tj ET 1.11 w q 1 0 0 1 408.189 239.6159 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 237.5159 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 237.1879 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 239.6159 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 237.5159 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 237.1879 Tm ( )Tj 0.025 Tc 12 0 0 12 56.693 211.2109 Tm (Loss per share attributable to the equity holders of the )Tj 0.749 -1.167 Td (Company during the year \(expressed in RMB per share\))Tj 0.002 -1.167 Td (\227 Basic)Tj /T1_2 1 Tf -0.025 Tw 25.784 0 Td (15)Tj /T1_1 1 Tf 4.459 0 Td (\(0.0810\))Tj /T1_0 1 Tf 5.906 0 Td (\(0.1057\))Tj ET 1.11 w q 1 0 0 1 408.189 178.2201 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 176.1201 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 402.5197 175.7921 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 178.2201 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 176.1201 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 175.7921 Tm ( )Tj 0.025 Tc 12 0 0 12 65.7071 149.815 Tm (\227 Diluted)Tj /T1_2 1 Tf -0.025 Tw 25.784 0 Td (15)Tj /T1_1 1 Tf 4.459 0 Td (\(0.0810\))Tj /T1_0 1 Tf 5.906 0 Td (\(0.1057\))Tj ET 1.11 w q 1 0 0 1 408.189 144.8242 cm 0 0 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