CHNR China Natural Resources Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2023.

 

Commission File Number 0-26046

 

China Natural Resources, Inc.

(Translation of registrant's name into English)

 

Room 2205, 22/F, West Tower, Shun Tak Centre,

168-200 Connaught Road Central, Sheung Wan, Hong Kong

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files of will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 

 

 

 

 

 

This report on Form 6-K is hereby incorporated by reference into (i) the Registration Statement on Form F-3 (File No. 333-233852) of China Natural Resources, Inc. (the “Company”), (ii) the Registration Statement on Form F-3 (File No. 333-252895) of the Company, and (iii) the Registration Statement on Form S-8 (File No. 333-266219) of the Company, and in each instance the related prospectus, as such registration statements and prospectuses may be amended or supplemented from time to time, and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

 

 

Unaudited Results of Operations

 

Furnished herewith on behalf of the Company are the following:

 

(a)       Unaudited Financial Statements:

  

-

Condensed Consolidated Statements of Profit or Loss (Unaudited) for the Six Months Ended June 30, 2023 and 2022

 

-

Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the Six Months Ended June 30, 2023 and 2022

  

-

Condensed Consolidated Statements of Financial Position as of June 30, 2023 (Unaudited) and December 31, 2022

 

-

Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Six Months Ended June 30, 2023 and 2022

 

-

Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2023 and 2022

 

-

Notes to Condensed Consolidated Financial Statements (Unaudited)

  

(b)       Management's Discussion and Analysis of Financial Condition and Results of Operations

 

Amendment Agreement to Sale and Purchase Agreement for William Minerals

 

On December 22, 2023, the Company entered into an amendment agreement (the “Amendment Agreement”) to the sale and purchase agreement Dated as of February 27, 2023 by and among Feishang Group and Top Pacific (China) Limited (together, the “Sellers”), and the respective beneficial owner of the Sellers, Mr. Li Feilie and Mr. Yao Yuguang (the “SPA”) with the parties thereto. The SPA was originally entered into for the purposes of acquiring 100% equity interests of Greatfame Investments Limited, which owns 100% equity interest in Williams Minerals (Pvt) Ltd (“Williams Minerals”) (the “Acquisition”). As the Sellers are still in the process of satisfying conditions precedent to the closing of the Acquisition in accordance with the SPA, including but not limited to obtaining requisite governmental approvals, the parties entered into the Amendment Agreement to extend the long stop date for closing the Acquisition from December 31, 2023 to December 31, 2024.

 

The description of the Amendment Agreement herein is qualified in its entirety by reference to the Amendment Agreement to Sale and Purchase Agreement dated as of December 22, 2023 by and among the Company, the Sellers and the respective beneficial owner of the Sellers, which is filed as Exhibit 99.1 to this Form 6-K.

 

Press Release

 

On December 22, 2023, the Company issued a press release including a portion of the information contained in this current report. The press release furnished herewith as Exhibit 15.1 shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Exhibit Index

 

15.1		Press Release dated December 22, 2023.
99.1		Amendment Agreement dated as of December 22, 2023 to Sale and Purchase Agreement dated as of February 27, 2023 by and among the Company, Feishang Group and Top Pacific (China) Limited, Li Feilie and Yao Yuguang.
101.INS		Inline XBRL Instance Document - this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	CHINA NATURAL RESOURCES, INC.
Date: December 22, 2023	By:	/s/ Wong Wah On Edward
		Wong Wah On Edward
		Chairman and Chief Executive Officer

 

 

 

 2

 

 

CHINA NATURAL RESOURCES, INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 

 

 

UNAUDITED INTERIM FINANCIAL STATEMENTS	Pages
Condensed Consolidated Statements of Profit or Loss (Unaudited) for the Six Months Ended June 30, 2023 and 2022	F-1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the Six Months Ended June 30, 2023 and 2022	F-2
Condensed Consolidated Statements of Financial Position as of June 30, 2023 (Unaudited) and December 31, 2022	F-3 – F-4
Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Six Months Ended June 30, 2023 and 2022	F-5
Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2023 and 2022	F-6
Notes to Condensed Consolidated Financial Statements (Unaudited)	F-7 – F-41

 

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(Amounts in thousands, except share and per share data)

 

						Six Months Ended June 30,
						2022				2023				2023
						CNY				CNY				US$
		Notes				(Unaudited)				(Unaudited)				(Unaudited)
Revenue			4				16,072				12,216				1,684
Cost of sales							(8,771	)			(5,376	)			(741	)
GROSS PROFIT							7,301				6,840				943
Selling and distribution expenses							(410	)			(420	)			(58	)
Administrative expenses							(8,733	)			(10,018	)			(1,381	)
Other income							731				642				89
Fair value gain/(loss) on financial instruments			6				559				(86	)			(12	)
Impairment losses on financial assets			6				(2,972	)			(10,763	)			(1,484	)
Finance costs			5				(1,822	)			(1,930	)			(266	)
Finance income			5				9,376				8,101				1,117
PROFIT/(LOSS) BEFORE INCOME TAX			6				4,030				(7,634	)			(1,052	)
Income tax expense			7				(357	)			(1,827	)			(252	)
PROFIT /(LOSS) FOR THE PERIOD							3,673				(9,461	)			(1,304	)
ATTRIBUTABLE TO:
Owners of the Company							1,949				(10,742	)			(1,481	)
Non-controlling interests							1,724				1,281				177
PROFIT /(LOSS) FOR THE PERIOD							3,673				(9,461	)			(1,304	)
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY:
Basic and diluted
- Earnings/(loss) per share			8				0.24				(1.31	)			(0.18	)

 

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(Amounts in thousands)

 

 

 

		Six Months Ended June 30
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
PROFIT/(LOSS) FOR THE PERIOD			3,673				(9,461	)			(1,304	)
Other comprehensive losses that will be reclassified to profit or loss in subsequent periods:
Foreign currency translation adjustments of the subsidiaries			(4,616	)			(5,129	)			(706	)
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods:
Foreign currency translation adjustments of the Company			5,361				4,747				654
Total other comprehensive income/(loss) for the period, net of tax			745				(382	)			(52	)
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD			4,418				(9,843	)			(1,356	)
Attributable to:
Owners of the Company			2,694				(11,124	)			(1,533	)
Non-controlling interests			1,724				1,281				177
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR			4,418				(9,843	)			(1,356	)

 

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2023 (UNAUDITED) AND DECEMBER 31, 2022

(Amounts in thousands)

 

 

						December 31,				June 30,
						2022				2023				2023
						CNY				CNY				US$
		Notes				(Audited)				(Unaudited)				(Unaudited)
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment			9				424				324				45
Intangible assets							19,381				18,987				2,618
Right-of-use assets							2,993				2,329				321
Trade receivables			10				10,520				4,714				650
Contract assets			11				89,713				89,085				12,282
Other non-current assets			12				4				252,738				34,844
TOTAL NON-CURRENT ASSETS							123,035				368,177				50,760
CURRENT ASSETS
Inventories							729				912				126
Trade receivables			10				46,760				56,274				7,758
Bills receivable			10				8,500				9,200				1,268
Contract assets			11				21,647				17,842				2,460
Prepayments							1,732				1,795				247
Other receivables			13				82,733				79,279				10,930
Other current assets							3,160				3,165				436
Cash and cash equivalents			14				31,695				32,209				4,440
TOTAL CURRENT ASSETS							196,956				200,676				27,665
TOTAL ASSETS							319,991				568,853				78,425

 

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

AS OF JUNE 30, 2023 (UNAUDITED) AND DECEMBER 31, 2022

(Amounts in thousands)

 

						December 31,				June 30,
						2022				2023				2023
						CNY				CNY				US$
		Notes				(Audited)				(Unaudited)				(Unaudited)
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables							20,326				21,529				2,968
Contract liabilities							690				690				95
Other payables and accruals			15				16,724				96,022				13,239
Income tax payable							10,732				11,729				1,617
Provision							494				—				—
Derivative financial liabilities			16				824				958				132
Interest-bearing loans and borrowings			18				3,000				3,500				483
Lease liabilities							1,317				1,309				182
Due to related companies			20				3,408				6,117				843
Due to the Shareholder			20				7,153				184,054				25,375
TOTAL CURRENT LIABILITIES							64,668				325,908				44,934
NON-CURRENT LIABILITIES
Deferred tax liabilities							5,276				5,266				726
Lease liabilities							1,598				1,073				148
Interest-bearing loans and borrowings			18				71,000				69,000				9,513
TOTAL NON-CURRENT LIABILITIES							77,874				75,339				10,387
TOTAL LIABILITIES							142,542				401,247				55,321
EQUITY
Issued capital			19				450,782				450,782				62,146
Other capital reserves			19				735,319				735,319				101,374
Accumulated losses							(1,109,010	)			(1,119,752	)			(154,374	)
Other comprehensive losses							(9,322	)			(9,704	)			(1,340	)
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY							67,769				56,645				7,806
NON-CONTROLLING INTERESTS							109,680				110,961				15,298
TOTAL EQUITY							177,449				167,606				23,104
TOTAL LIABILITIES AND EQUITY							319,991				568,853				78,425

 

 

 

CHINA NATURAL RESOURCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(Amounts in thousands)

 

 

Attributable to Owners of the Company

 

		Issued capital				Other capital reserves				Accumulated losses				Other comprehensive (loss)/income				Total				Non-controlling interests				Total Equity
			CNY				CNY				CNY				CNY				CNY				CNY				CNY
As of January 1, 2022			450,782				719,110				(1,084,387	)			(10,821	)			74,684				107,353				182,037
Profit for the period			—				—				1,949				—				1,949				1,724				3,673
Foreign currency translation adjustments			—				—				—				745				745				—				745
Total comprehensive income			—				—				1,949				745				2,694				1,724				4,418
As of June 30, 2022			450,782				719,110				(1,082,438	)			(10,076	)			77,378				109,077				186,455
As of January 1, 2023			450,782				735,319				(1,109,010	)			(9,322	)			67,769				109,680				177,449
(Loss)/Profit for the period			—				—				(10,742	)			—				(10,742	)			1,281				(9,461	)
Foreign currency translation adjustments			—				—				—				(382	)			(382	)			—				(382	)
Total comprehensive (loss)/income			—				—				(10,742	)			(382	)			(11,124	)			1,281				(9,843	)
As of June 30, 2023			450,782				735,319				(1,119,752	)			(9,704	)			56,645				110,961				167,606
As of June 30, 2023 (US$)			62,146				101,374				(154,374	)			(1,340	)			7,806				15,298				23,104

 

 

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(Amounts in thousands)

 

 

						Six Months Ended June 30
						2022				2023				2023
						CNY				CNY				US$
		Notes				(Unaudited)				(Unaudited)				(Unaudited)
OPERATING ACTIVITIES							(4,482	)			3,047				420
INVESTING ACTIVITIES
Purchase of property, plant and equipment							(6	)			(6	)			(1	)
Disposal of property, plant and equipment							3				—				—
Expenditures on mine development							—				(1,042	)			(144	)
Net cash flows used in investing activities							(3	)			(1,048	)			(145	)
FINANCING ACTIVITIES
Repayments of bank loans							(1,500	)			(1,500	)			(207	)
Advances from related companies							149				2,440				336
Payment of principal portion of lease liabilities							(543	)			(583	)			(80	)
Payment of interest expenses of lease liabilities							(53	)			(81	)			(11	)
Interest paid							(1,954	)			(1,878	)			(259	)
Net cash flows used in financing activities							(3,901	)			(1,602	)			(221	)
NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS							(8,386	)			397				54
NET FOREIGN EXCHANGE DIFFERENCE							942				117				16
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD							58,359				31,695				4,370
CASH AND CASH EQUIVALENTS AT END OF PERIOD			13				50,915				32,209				4,440

 

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Amounts in thousands, except share and per share data)

 

 

 

1.

ORGANIZATION AND PRINCIPAL ACTIVITIES

 

China Natural Resources, Inc. (“CHNR” or the “Company”) is a British Virgin Islands (“BVI”) holding company incorporated in 1993. The address of the principal executive office is Room 2205, 22/F, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong. The Company’s principal activity is investment holding. The Company’s subsidiaries (collectively with CHNR, the “Group”) are primarily involved in the exploration and mining and wastewater treatment businesses in the People’s Republic of China (“PRC”).

 

CHNR’s principal shareholder is Feishang Group Limited (“Feishang Group” or the “Shareholder”), a BVI corporation. Mr. Li Feilie is the controlling shareholder of Feishang Group. In the opinion of the directors of the Company (the “Directors”), the ultimate parent of CHNR is Laitan Investment Limited, a BVI corporation.

 

2.1

BASIS OF PRESENTATION

 

The interim condensed consolidated financial statements for the six months ended June 30, 2023 have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting.

 

The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. As of June 30, 2023, the Group had net current liabilities of CNY125,232 (US$17,269). In view of the circumstance, the directors have given consideration to the future liquidity and performance of the Group and its available sources of financing in assessing whether the Group will have sufficient financial resources to continue as a going concern. The Group has obtained letters from each of Feishang Group Limited (“Feishang Group” or the “Shareholder”) and Feishang Enterprise Group Company Limited (“Feishang Enterprise”), entities controlled by Mr. Li Feilie, the principal beneficial shareholder of the Company, which state that Feishang Group and Feishang Enterprise will provide continuous financial support to the Group in relation to the going concern of its operations, and will not recall any amounts due to them until the Group has sufficient liquidity to finance its operations. Feishang Enterprise’s letter also states that it will pay debts on behalf of the Group when needed. Accordingly, in the opinion of the directors, it is appropriate for the financial statements to be prepared on a going concern basis, and not less than 12 months from the end of the reporting period.

 

The interim condensed consolidated financial statements do not include all the information and footnotes required by International Financial Reporting Standards (“IFRS”) for complete financial statements, and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Group’s annual report on Form 20-F for the year ended December 31, 2022 (the “2022 Annual Report”).

 

The condensed consolidated financial statements include the accounts of CHNR and those subsidiaries in which CHNR has direct or indirect controlling interests. The Company’s subsidiaries as of June 30, 2023 are as described in the 2022 Annual Report.

 

For the convenience of readers, amounts in Renminbi, the Chinese currency (“CNY”), have been translated into United States dollars (“US$”) at the applicable rate of US$1.00 = CNY7.2535 as quoted by www.ofx.com as of June 30, 2023, except as otherwise disclosed. No representation is made that the CNY amounts could have been, or could be, converted into US$ at that rate, or at all.

 

 

F-8

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

2.2

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

 

The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2022, except for the adoption of the following new and revised IFRS for the first time for the current period’s financial information.

 

	Amendments to IAS 1 and IFRS Practice Statement 2	Disclosure of Accounting Policies
	Amendments to IAS 8	Definition of Accounting Estimates
	Amendments to IAS 12	Deferred Tax related to Assets and Liabilities arising from a Single Transaction
	Amendments to IAS 12	International Tax Reform – Pillar Two Model Rules

 

The nature and impact of the revised IFRSs that are applicable to the Group are described below:

 

(a)

Amendments to IAS 1 require entities to disclose their material accounting policy information rather than their significant accounting policies. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Amendments to IFRS Practice Statement 2 provide non-mandatory guidance on how to apply the concept of materiality to accounting policy disclosures. The Group has applied the amendments since 1 January 2023. The amendments did not have any impact on the Group’s interim condensed consolidated financial information but are expected to affect the accounting policy disclosures in the Group’s annual consolidated financial statements.

 

(b)

Amendments to IAS 8 clarify the distinction between changes in accounting estimates and changes in accounting policies. Accounting estimates are defined as monetary amounts in financial statements that are subject to measurement uncertainty. The amendments also clarify how entities use measurement techniques and inputs to develop accounting estimates. The Group has applied the amendments to changes in accounting policies and changes in accounting estimates that occur on or after 1 January 2023. Since the Group’s policy of determining accounting estimates aligns with the amendments, the amendments did not have any impact on the financial position or performance of the Group.

 

(c)

Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction narrow the scope of the initial recognition exception in IAS 12 so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences, such as leases and decommissioning obligations. Therefore, entities are required to recognize a deferred tax asset (provided that sufficient taxable profit is available) and a deferred tax liability for temporary differences arising from these transactions. The Group did not apply the initial recognition exception and recognized a deferred tax asset and a deferred tax liability for temporary differences for transactions related to leases before the initial application of these amendments. The amendments don’t have any significant impact on the Group’s financial statements.

 

 

F-9

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

 

2.2

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (CONTINUED)

 

(d)

Amendments to IAS 12 International Tax Reform – Pillar Two Model Rules introduce a mandatory temporary exception from the recognition and disclosure of deferred taxes arising from the implementation of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development. The amendments also introduce disclosure requirements for the affected entities to help users of the financial statements better understand the entities’ exposure to Pillar Two income taxes, including the disclosure of current tax related to Pillar Two income taxes separately in the periods when Pillar Two legislation is effective and the disclosure of known or reasonably estimable information of their exposure to Pillar Two income taxes in periods in which the legislation is enacted or substantively enacted but not yet in effect. Entities are required to disclose the information relating to their exposure to Pillar Two income taxes in annual periods beginning on or after 1 January 2023, but are not required to disclose such information for any interim periods ending on or before 31 December 2023. Since the Group did not fall within the scope of the Pillar Two model rules, the amendments did not have any impact to the Group.

 

 

F-10

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

3.

SEGMENT INFORMATION

 

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Group’s management and the Company’s Board of Directors for the purpose of resource allocation and performance assessment.

 

Management assesses the performance of operating segments based on profit or loss before income tax in related periods. The manner of assessment is consistent with that applied in these financial statements.

 

As of June 30, 2023, the Group’s two reportable operating segments are summarized below:

 

- Wastewater treatment segment, which consists of sales of assembled equipment, provision of construction services and participating in PPP projects as operator;

- Exploration and mining segment, which consists of the exploration for lead, silver, lithium and other metals;

 

Deferred tax assets, income tax payable and deferred tax liabilities are excluded from segment assets and segment liabilities. The Group had neither sale of products nor provisions of services between the operating segments.

 

For the six months ended June 30, 2022, the segment results were as follows:

 

Schedule of segment results
		Wastewater treatment				Exploration and mining				Corporate activities				Total
			CNY				CNY				CNY				CNY
Six months ended June 30, 2022 (Unaudited)
Revenues from external customers			16,072				—				—				16,072
Segment profit before income tax			3,784				245				1				4,030
Income tax expenses															(357	)
Profit for the period															3,673
Other items
Depreciation of property, plant and equipment			(114	)			(26	)			(1	)			(141	)
Depreciation of right of use assets			(347	)			—				(360	)			(707	)
Amortization of intangible assets			(404	)			—				—				(404	)
Impairment (losses)/reversal on financial assets
- Trade receivables			(1,936	)			—				—				(1,936	)
- Contract assets			41				—				—				41
- Other receivables			—				—				(1,077	)			(1,077	)
Other income			30				700				1				731
Fair value gain on financial instruments			—				—				559				559
Finance costs			(1,799	)			(1	)			(22	)			(1,822	)
Finance income			7,857				—				1,519				9,376

 

 

 

F-11

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

3.

SEGMENT INFORMATION (CONTINUED)

 

For the six months ended June 30, 2023, the segment results were as follows:

 

		Wastewater treatment				Exploration and mining				Corporate activities				Total
			CNY				CNY				CNY				CNY
Six months ended June 30, 2023 (Unaudited)
Revenues from external customers			12,216				—				—				12,216
Segment profit (loss) before income tax			353				(73	)			(7,914	)			(7,634	)
Income tax expenses															(1,827	)
Loss for the period															(9,461	)
Other items
Depreciation of property, plant and equipment			(103	)			(2	)			(1	)			(106	)
Depreciation of right of use assets			(359	)			—				(354	)			(713	)
Amortization of intangible assets			(395	)			—				—				(395	)
Impairment (losses)/reversal on financial assets
- Trade receivables			(388	)			—				—				(388	)
- Contract assets			(3,546	)			—				—				(3,546	)
- Other receivables			—				—				(6,829	)			(6,829	)
Other income			142				500				—				642
Fair value loss on financial instruments			—				—				(86	)			(86	)
Finance costs			(1,884	)			(1	)			(45	)			(1,930	)
Finance income			4,702				—				3,399				8,101

 

 

 

F-12

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

3.

SEGMENT INFORMATION (CONTINUED)

 

For the six months ended June 30, 2023, the segment results were as follows (continued):

 

		Wastewater treatment				Exploration and mining				Corporate activities				Total
			US$				US$				US$				US$
Six months ended June 30, 2023 (Unaudited)
Revenues from external customers			1,684				—				—				1,684
Segment profit(loss) before income tax			49				(10	)			(1,091	)			(1,052	)
Income tax expenses															(252	)
Loss for the period															(1,304	)
Other items
Depreciation of property, plant and equipment			(14	)			—				—				(14	)
Depreciation of right of use assets			(49	)			—				(49	)			(98	)
Amortization of intangible assets			(54	)			—				—				(54	)
Impairment (losses)/reversal on financial assets
- Trade receivables			(53	)			—				—				(53	)
- Contract assets			(489	)			—				—				(489	)
- Other receivables			—				—				(942	)			(942	)
Other income			20				69				—				89
Fair value loss on financial instruments			—				—				(12	)			(12	)
Finance costs			(260	)			—				(6	)			(266	)
Finance income			648				—				469				1,117

 

 

 

F-13

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

3.

SEGMENT INFORMATION (CONTINUED)

 

The following table presents the asset and liability information of the Group’s operating segments as of December 31, 2022, and June 30, 2023:

 

Schedule of operating segment
		Wastewater treatment				Exploration and mining				Corporate activities				Total
			CNY				CNY				CNY				CNY
As of December 31, 2022 (Audited)
Segment assets			312,229				286				87,476				399,991
Reconciliation:
Elimination of inter-segment receivables															(80,000	)
Total assets															319,991
Segment liabilities			107,096				3,298				96,140				206,534
Reconciliation:
Elimination of inter-segment payables															(80,000	)
Unallocated liabilities:
Deferred tax liabilities															5,276
Income tax payable															10,732
Total liabilities															142,542

 

		Wastewater treatment				Exploration and mining				Corporate activities				Total
			CNY				CNY				CNY				CNY
As of June 30, 2023 (Unaudited)
Segment assets			313,098				255,233				80,522				648,853
Reconciliation:
Elimination of inter-segment receivables															(80,000	)
Total assets															568,853
Segment liabilities			113,448				258,436				92,368				464,252
Reconciliation:
Elimination of inter-segment payables															(80,000	)
Unallocated liabilities:
Deferred tax liabilities															5,266
Income tax payable															11,729
Total liabilities															401,247

 

 

 

F-14

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

3.

SEGMENT INFORMATION (CONTINUED)

 

The following table presents the asset and liability information of the Group’s operating segments as of December 31, 2022, and June 30, 2023(continued):

 

		Wastewater treatment				Exploration and mining				Corporate activities				Total
			US$				US$				US$				US$
As of June 30, 2023 (Unaudited)
Segment assets			43,165				35,188				11,101				89,454
Reconciliation:
Elimination of inter-segment receivables															(11,029	)
Total assets															78,425
Segment liabilities			15,640				35,633				12,734				64,007
Reconciliation:
Elimination of inter-segment payables															(11,029	)
Unallocated liabilities:
Deferred tax liabilities															726
Income tax payable															1,617
Total liabilities															55,321

 

 

4.

REVENUE FROM CONTRACT WITH CUSTOMERS

 

Set out below is the disaggregation of the Group’s revenue from contracts with customers:

 

Schedule of disaggregated revenue information
		Six months ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Type of goods or services
Construction contract revenue			12,639				8,690				1,198
Operation and maintenance services			—				405				56
Operation services of service concession arrangement			3,433				3,121				430
Total revenue from contracts with customers			16,072				12,216				1,684
Geographic market
Mainland China			16,072				12,216				1,684
Timing of revenue recognition
Over time			16,072				12,216				1,684
Total revenue from contracts with customers			16,072				12,216				1,684

 

 

 

 

F-15

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

4. REVENUE FROM CONTRACT WITH CUSTOMERS (CONTINUED)

 

(i)

The Group had neither revenue from the exploration and mining segment, nor inter-segment revenue for six months ended June 30, 2022 and 2023. No revenue was recognized in the current reporting period that was included in the contract liabilities at the beginning of the reporting period and recognized from performance obligations satisfied in previous periods.

 

(ii) Performance obligation

 

Construction services

The Group’s performance in respect of construction services creates or enhances an asset or work in progress that the customer controls as the asset is created or enhanced. The Group satisfies the performance obligation and recognizes revenue over time, by reference to completion of the specific transaction assessed on the basis of the surveyors’ assessment of work performed for each contract.

 

Operation and maintenance services

Revenue from maintenance services is recognized over the period of time that the services are rendered, and the benefits are received and consumed simultaneously by the customers.

 

Operation services of service concession arrangements

The operation revenue from service concession arrangements is recognized over the period of time that the services are rendered, and the benefits are received and consumed simultaneously by the customers.

 

(iii) Significant financing components

 

The majority of the Group’s customers are town/village government entities or main contractors of governmental infrastructure projects whose time of payment for the service or goods received from the Group depends on the appropriation and approval of funds. Certain customers for construction services, sales of wastewater treatment equipment, and maintenance services will generally settle the amounts owed to the Group in a number of specified instalments covering periods ranging from one year to five years. Therefore, the Group’s management considers the contracts with customers which are town/village government entities or main contractors of the governmental infrastructure projects as containing a significant financing component. For each of the six months ended June 30, 2022 and 2023, the respective revenue considerations were adjusted for this financing component based on an imputed interest rate of 4.75% per annum and the Group’s revenue was adjusted to CNY771 and CNY597 (US$82), respectively. The interest income related to the significant financing components is disclosed in Note 5 to the financial statements.

 

 

F-16

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

5.

FINANCE INCOME AND COSTS

 

Schedule of finance income and cost
		Six months ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Finance income
Interest income on loans to a third party			3,396				3,396				469
Interest income on revenue contracts with significant financing component			2,547				1,331				183
Interest income from service concession arrangement			3,389				3,343				461
Interest income on bank deposit			44				31				4
			9,376				8,101				1,117
Finance costs
Interest expenses on loans			1,954				1,878				259
Interest expense on lease liabilities			53				81				11
Other finance costs			(185	)			(29	)			(4	)
			1,822				1,930				266

 

 

 

 

F-17

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

6.

PROFIT/(LOSS) BEFORE INCOME TAX

 

The Group’s profit/(loss) before tax is arrived at after (crediting)/charging:

 

Schedule of group’s profit/(loss) before tax
		Six months ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Crediting:
Finance income (Note 5)			(9,376	)			(8,101	)			(1,117	)
Charging:
Cost of sales
- Construction service			5,107				2,423				334
- Operation and maintenance services			—				256				35
- Operation services related to service concession arrangement			3,664				2,697				372
Total			8,771				5,376				741
Depreciation
- Property, plant and equipment			141				106				14
- Right-of-use assets			707				713				98
Amortization of intangible assets			404				395				54
Expense relating to short-term leases			174				209				29
Impairment losses/(reversal) on financial assets:
- Trade receivables			1,936				388				53
- Contract assets			(41	)			3,546				489
- Other receivables			1,077				6,829				942
Fair value (gain)/loss on financial instruments:
- Derivative financial liabilities (Note 16(b))			(559	)			86				12
Other income			(731	)			(642	)			(89	)
Finance costs (Note 5)			1,822				1,930				266

 

 

 

F-18

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

7.

INCOME TAX EXPENSE

The Company is incorporated in the BVI and conducts its primary business operations through its subsidiaries in mainland China. It also has intermediate holding companies in the BVI and Hong Kong. Under the current laws of the BVI, the Company and its subsidiaries incorporated in the BVI are not subject to tax on income or capital gains. The Hong Kong Profits Tax rate is 16.50%. The Company’s Hong Kong subsidiaries have both Hong Kong–sourced and non-Hong Kong–sourced income. The latter is not subject to Hong Kong Profits Tax and the related expenses are non-tax-deductible. For the Hong Kong–sourced income, no provision for Hong Kong Profits Tax was made as such operations sustained tax losses during the six months ended June 30, 2022 and 2023. Furthermore, there are no withholding taxes in Hong Kong on the remittance of dividends.

China

Under the Law of the PRC on corporate income tax and the Implementation Regulation of the Corporate Income Tax Law (collectively, the “CIT Law”), the Company’s PRC subsidiaries are generally subject to PRC corporate income tax at the statutory rate of 25% on their respective estimated assessable profits for the six months ended June 30, 2022 and 2023. Certain PRC subsidiaries of the Company engaged in environmental protection projects were subject to tax at a preferential tax rate of 12.5% or fully exempted from income tax according to the preferential policy of CIT law for the six months ended June 30, 2022 and 2023.

Under the prevailing CIT Law and its relevant regulations, any dividends paid by the Company’s mainland China subsidiaries from their earnings derived after January 1, 2008 to the Company’s Hong Kong subsidiaries are subject to PRC dividend withholding tax of 5% or 10%, depending on the applicability of the Sino-Hong Kong tax treaty.

 

The current and deferred components of income tax expense are as follows:

 

Schedule of deferred components of income tax expense
		Six months ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Current income tax expense			1,548				1,837				254
Deferred income tax benefit			(1,191	)			(10	)			(2	)
Total			357				1,827				252

 

 

F-19

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

8.

EARNINGS/(LOSS) PER SHARE

 

Basic earnings/(loss) per share is calculated by dividing the earnings/(loss) for the period attributable to ordinary equity holders of the Company by the weighted average number of common shares outstanding during the period.

 

Diluted earnings/(loss) per share is calculated by dividing the earnings/(loss) attributable to ordinary equity holders of the Company by the weighted average number of common shares outstanding during the period plus the weighted average number of common shares that would be issued on conversion of all outstanding dilutive securities into common shares.

 

Basic and diluted net earnings/(loss) per share for the six months ended June 30, 2022 and 2023 are as follows:

 

Schedule of basic and diluted net earnings loss per share
		Six months ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Unaudited)				(Unaudited)				(Unaudited)
Profit/(loss):
Profit/(loss) attributable to ordinary equity holders of the Company			1,949				(10,742	)			(1,481	)
Weighted average number of ordinary shares in issue during the period			40,948,082				40,948,082				40,948,082
Weighted average number of ordinary shares for basic and diluted earnings/(loss) per share*			8,197,897				8,197,897				8,197,897
Earnings/(loss) per share:
Basic and diluted*			0.24				(1.31	)			(0.18	)

*	The basic and diluted earnings/(loss) per ordinary share has been adjusted retrospectively for the share combination which became effective on April 3, 2023.

 

The Company did not have any potential diluted shares for the six months ended June 30, 2022 and 2023. For the period ended June 30, 2022 and 2023, the effects of the outstanding warrants and share options were anti-dilutive and excluded from the computation of diluted earnings/(loss) per share. Accordingly, the diluted earnings/(loss) per share amounts are the same as the basic earnings/(loss) per share amounts for all periods presented.

 

9.

PROPERTY, PLANT AND EQUIPMENT

 

During the six months ended 30 June 2023, the Group acquired assets at a cost of CNY6 (US$1) (six months ended 30 June 2022: CNY6).

 

None of assets were disposed by the Group during the six months ended 30 June 2023 (six months ended 30 June 2022: CNY3).

 

No impairment loss was recognized for the six months ended 30 June 2023 and 2022.

 

 

F-20

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

 

10.

TRADE RECEIVABLE

 

Schedule of trade receivables
		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Non-current
Trade receivables from third parties			13,128				8,460				1,166
Less: Impairment allowance			(2,608	)			(3,746	)			(516	)
Total of Non-current trade receivables			10,520				4,714				650
Current
Trade receivables from service concession agreement			22,927				29,276				4,036
Trade receivables from construction contracts			34,850				37,265				5,137
Less: Impairment allowance			(11,017	)			(10,267	)			(1,415	)
Total of current trade receivables			46,760				56,274				7,758
Total			57,280				60,988				8,408

 

An aging analysis of the trade receivables as of the end of the reporting period, based on the invoice date and net of loss allowance, is as follows:

 

Schedule of aging analysis of the trade receivables
		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Within 1 year			18,401				14,577				2,010
Between 1-2 years			13,896				13,058				1,800
Between 2-3 years			4,518				11,860				1,635
Over 3 years			20,465				21,493				2,963
Total			57,280				60,988				8,408

 

 

F-21

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

10.

TRADE RECEIVABLE (CONTINUED)

 

Movements of loss allowance during the year/period are analyzed as follows:

 

Schedule of loss allowance for trade receivables
		Year Ended December 31,				Six Months Ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Beginning of the year/period			17,614				13,625				1,878
Provision for expected credit losses (“ECLs”)			(3,989	)			388				53
End of the year/period			13,625				14,013				1,931

 

The Group elected to apply the simplified approach for providing impairment for ECLs prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure ECLs, trade receivables were classified according to the characteristics of shared credit risk and days past due. The ECLs below also incorporate forward looking information. The impairment as of December 31, 2022 and June 30, 2023 was determined as follows:

 

Schedule of impairment
						Past Due
		Current				within 1 years				1-2 years				2-3 years				over 3 years				Total
As of December 31, 2022:
Expected credit loss rate							0	%			9	%			29	%			34	%			19	%
Gross carrying amount (CNY)			—				18,406				15,195				6,399				30,905				70,905
Impairment allowances (CNY)			—				5				1,299				1,881				10,440	(i)			13,625
As of June 30, 2023:
Expected credit loss rate							0	%			0	%			12	%			36	%			19	%
Gross carrying amount (CNY)			335				14,291				13,062				13,474				33,839				75,001
Impairment allowances (CNY)			—				49				4				1,614				12,346	(i)			14,013
Impairment allowances (US$)			—				7				1				222				1,701				1,931

  

(i)

The impairment allowances included an amount of CNY4,600 and CNY4,619 (US$637) as of December 31, 2022 and June 30, 2023, respectively, for specific trade receivables which were considered to be in default due to conditions which indicated that the Group was unlikely to receive the outstanding contractual amounts in full.

 

 

F-22

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

11.

CONTRACT ASSETS

 

Schedule of contract assets
						December 31,				June 30,
						2022				2023				2023
						CNY				CNY				US$
						(Audited)				(Unaudited)				(Unaudited)
Non-current
Service concession assets			(a)				89,740				89,112				12,286
Less: impairment allowance							(27	)			(27	)			(4	)
							89,713				89,085				12,282
Current
Service concession assets			(a)				7,423				7,423				1,023
Other contract assets			(b)				14,930				14,671				2,023
Less: impairment allowance							(706	)			(4,252	)			(586	)
							21,647				17,842				2,460
Total							111,360				106,927				14,742

 

(a)

Service concession assets bearing an imputed interest of 7% arose from the Group’s revenue from construction service under a build-own-transfer ("BOT") arrangement rendered by the Group's subsidiary, Shaoguan Angrui Environmental Technology Development Co., Limited ("Shaoguan Angrui"). The facilities that the service concession arrangement relate to were under construction phases from June 2018 to December 2020 and commenced operation in January 2021.

 

The amounts for the service concession arrangement are not yet due for payment and will be settled by revenue to be generated during the operating periods of the service concession arrangement. Amounts billed will be transferred to trade receivables.

 

As of December 31, 2022, and June 30, 2023, the Group’s concession rights associated with the environmental water projects (comprising intangible assets, contract assets and trade receivables) with aggregate gross carrying amounts of CNY139,060 and CNY144,415, respectively, were pledged to secure bank loans from the Bank of Communications with outstanding balances of CNY74,000 and CNY72,500, respectively. Please refer to Note 18 for further details.

 

(b)	The balances as of December 31, 2022 and June 30, 2023 comprised contract assets arising from performance under certain water treatment plant construction service contracts. Such contracts include payment schedules that require progress payments over the service periods when milestones are reached.

 

 

F-23

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

11.  CONTRACT ASSETS (CONTINUED)

 

The movements in the provision for impairment of contract assets are as follows:

 

Schedule of provision for impairment of contract assets
		Year Ended December 31,				Six Months Ended June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Beginning of the year/period			562				733				101
Provision for expected credit loss, net			171				3,546				489
End of the year/period			733				4,279				590

 

An impairment analysis is performed at each reporting date using the probability-of-default approach to measure expected credit losses. The probability of default rates is estimated based on comparable entities with published credit ratings. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions, and forward-looking credit risk information. As of December 31, 2022 and June 30, 2023, assumed the default rate ranged from 0.03% to 43.51% and from 0.03% to 76.00%, respectively.

 

 

12.

OTHER NON-CURRENT ASSETS

 

Schedule of other non-current assets
		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Zimbabwe lithium deposits (i)			—				252,716				34,841
Others			4				22				3
Total			4				252,738				34,844

 

(i)	Please refer to Note 20 (b) for more details.

 

 

F-24

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

13.

OTHER RECEIVABLES

 

Schedule of other receivables
		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Financial assets
Loans to an unrelated company (i)			83,600				87,200				12,022
Deposits			790				556				76
Others			1,000				1,000				138
Financial assets			85,390				88,756				12,236
Staff advance			237				249				35
Others			90				87				12
Total amount			327				336				47
Impairment allowance			(2,984	)			(9,813	)			(1,353	)
Total			82,733				79,279				10,930

 

(i)

The balance as of June 30, 2023 consisted of a loan in the amount of CNY80,000 (US$11,029) and the corresponding interest receivable amounted to CNY7,200 (US$993) from an unrelated company, Shenzhen Chaopeng Investment Co., Ltd. The loan was extended for another year to June 30, 2024 when it was due to mature on June 30, 2023. The loan is interest-bearing at a rate of 9% per annum and guaranteed by Shenzhen Feishang Investment Co., Limited, a company unrelated to the Group.

 

 

F-25

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in thousands, except share and per share data)

 

 

14.

CASH AND CASH EQUIVALENTS

 

Cash and cash equivalents are set out below as of December 31, 2022 and June 30, 2023:

 

Schedule of cash and cash equivalents
		December 31,				June 30,
		2022				2023				2023
		CNY				CNY				US$
		(Audited)				(Unaudited)				(Unaudited)
Cash and cash equivalents
- Cash on hand			71				5				1
- Cash at bank			31,154				32,204				4,439