Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(In Provisional Liquidation (For Restructuring Purposes))
(Incorporated in Bermuda with limited liability)
(Stock code: 307)
ANNOUNCEMENT OF ANNUAL RESULTS FOR
THE YEAR ENDED 31 MARCH 2018
FINAL RESULTS
The board of directors (the "Board") of Up Energy Development Group Limited (In Provisional Liquidation (For Restructuring Purposes)) (the "Company") announces herewith the consolidated results of the Company and its subsidiaries (the "Group") for the year ended
31 March 2018, together with the comparative figures in previous year as follows:
Consolidated Statement of Profit or Loss
For the year ended 31 March 2018
(Expressed in Hong Kong dollars)
2018 | 2017 | ||||
Note | $'000 | $'000 | |||
Revenue | 3 | 190,630 | 97,449 | ||
Cost of sales | (182,791) | (105,159) | |||
Gross profit/(loss) | 7,839 | (7,710) | |||
Other revenue | 2 | 752 | |||
Other net loss | (6,192) | (34,638) | |||
Distribution costs | - | (155) | |||
Impairment losses of non-current assets | 4(c) | (6,799,595) | - | ||
Administrative expenses | (78,016) | (68,459) | |||
- For identification purposes only
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2018 | 2017 | |||||
Note | $'000 | $'000 | ||||
Loss from operations | (6,875,962) | (110,210) | ||||
Net finance costs | 4(a) | (731,365) | (685,557) | |||
Loss before taxation | 4 | (7,607,327) | (795,767) | |||
Income tax | 5 | 1,698,506 | (1,380) | |||
Loss for the year | (5,908,821) | (797,147) | ||||
Attributable to: | ||||||
Equity shareholders of the Company | (4,462,830) | (761,832) | ||||
Non-controlling interests | (1,445,991) | (35,315) | ||||
Loss for the year | (5,908,821) | (797,147) | ||||
Loss per share | 6 | |||||
Basic and diluted | (102.89) cents | (17.56) cents | ||||
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Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 31 March 2018 (Expressed in Hong Kong dollars)
2018 | 2017 | |||
$'000 | $'000 | |||
Loss for the year | (5,908,821) | (797,147) | ||
Other comprehensive income for the year (after tax | ||||
and reclassification adjustments) | ||||
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translation of | ||||
financial statements of subsidiaries out of Hong Kong | 137,811 | (89,439) | ||
Other comprehensive income for the year | 137,811 | (89,439) | ||
Total comprehensive income for the year | (5,771,010) | (886,586) | ||
Attributable to: | ||||
Equity shareholders of the Company | (4,336,427) | (842,302) | ||
Non-controlling interests | (1,434,583) | (44,284) | ||
Total comprehensive income for the year | (5,771,010) | (886,586) | ||
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Consolidated Statement of Financial Position
At 31 March 2018
(Expressed in Hong Kong dollars)
2018 | 2017 | ||||
Note | $'000 | $'000 | |||
Non-current assets | |||||
Property, plant and equipment | 7 | 10,083,348 | 16,697,544 | ||
Prepaid land lease payments | 62,589 | 63,133 | |||
Interests in deconsolidated subsidiaries | 1,564,500 | 1,563,837 | |||
Restricted bank deposits | 10 | 17,181 | 15,507 | ||
Other non-current assets | 49,693 | 46,595 | |||
11,777,311 | 18,386,616 | ||||
Current assets | |||||
Trading securities | - | 19,008 | |||
Inventories | 62,214 | 14,470 | |||
Trade and bills receivables | 8 | 230,138 | 60,141 | ||
Prepayments, deposits and other receivables | 9 | 309,232 | 248,441 | ||
Cash and cash equivalents | 10 | 500 | 660 | ||
602,084 | 342,720 | ||||
Current liabilities | |||||
Borrowings | 906,878 | 881,027 | |||
Trade and bills payables | 11 | 293,445 | 170,941 | ||
Other financial liabilities | 918,258 | 896,667 | |||
Other payables and accruals | 12 | 1,735,265 | 1,075,494 | ||
Current taxation | 13(a) | 19,662 | 16,200 | ||
Convertible notes | 3,890,937 | 3,602,812 | |||
7,764,445 | 6,643,141 | ||||
Net current liabilities | (7,162,361) | (6,300,421) | |||
Total assets less current liabilities | 4,614,950 | 12,086,195 | |||
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2018 | 2017 | |||
Note | $'000 | $'000 | ||
Non-current liabilities | ||||
Deferred tax liabilities | 13(b) | 1,725,942 | 3,426,177 | |
1,725,942 | 3,426,177 | |||
NET ASSETS | 2,889,008 | 8,660,018 | ||
CAPITAL AND RESERVES | ||||
Share capital | 14(b) | 907,703 | 907,703 | |
Equity component of convertible notes | 968,825 | 968,825 | ||
Reserves | (121,602) | 4,214,825 | ||
Total equity attributable to equity shareholders | ||||
of the Company | 1,754,926 | 6,091,353 | ||
Non-controlling interests | 1,134,082 | 2,568,665 | ||
TOTAL EQUITY | 2,889,008 | 8,660,018 | ||
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Up Energy Development Group Limited published this content on 18 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 September 2019 15:16:02 UTC