INVESTMENT IN A JOINT VENTURE

12 Months Ended

Dec. 31, 2018

INVESTMENT IN A JOINT VENTURE [abstract]

Disclosure of investment in a joint venture

16. INVESTMENT IN A JOINT VENTURE

Particulars of the joint venture at the end of the reporting period are as follows:

Name of entity	Place of establishment	Nominal value of ordinary shares issued and  paid- up/registered capital	Percentage of equity attributable to the Group			Principal activities
BC ENERGY INVESTMENTS CORP.(1)	British Virgin Islands	US$ 102,325,582		50	%	Investment holding

(1) Bridas Corporation changed its name to BC ENERGY INVESTMENTS CORP. on March 23, 2018.

Summarized financial information of the joint venture is disclosed below:

	2017					2018
Current assets				11,614			12,054
Non-current assets				63,660			47,116
Current liabilities				(6,630	)		(6,851	)
Non-current liabilities				(18,486	)		(11,783	)
		2016		2017			2018
Revenue		28,371		29,879			18,661
Depreciation, depletion and amortization		(3,988	)	(3,742	)		(3,446	)
Interest income		388		313			95
Finance costs		(704	)	(550	)		(518	)
Profit/(loss) before tax		1,226		2,215			(17,816	)
Income tax (expense)/credit		(160	)	(1,109	)		6,630
Profit/(loss) after tax		1,066		1,106			(11,186	)
Total comprehensive income/(expense)		1,066		1,106			(11,186	)

The loss attributable to a joint venture recognized during the period was primarily attributable to the impairment at BC ENERGY INVESTMENTS CORP. in Argentina, which was triggered by the significant depreciation of the currency of peso and the significant interest rate increase in Argentina.

Dividend of US$20 million (equivalent to RMB132 million) was received from the joint venture in 2018 and US$36 million (equivalent to RMB243 million) was received from the joint venture in 2017 and no dividend was received from the joint venture in 2016.