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China Bright Culture Group
煜盛文化集團*
(Incorporated in the Cayman Islands with limited liability)
(Stock code: 1859)
ANNOUNCEMENT IN RESPECT OF PUBLICATION OF UNAUDITED
MANAGEMENT ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
Reference is made to the announcement of China Bright Culture Group (the "Company", together with its subsidiaries and consolidated affiliated entities, the "Group") dated 31 March 2021 in relation to, among others, delay in publication of 2020 annual results (the "2020 Annual Results").
The Company failed to publish the announcement of the 2020 Annual Results within 3 months after the end of the financial year of the Company (i.e. on or before 31 March 2021). The board of directors of the company (the "Board") has been actively communicating with the auditor of the Company (the "Auditor") regarding the audit work on the 2020 Annual Results.
In order to keep the shareholders of the Company (the "Shareholders") and the public informed of the Group's financial performance and position, the Board wishes to set forth below the preliminary unaudited financial information of the Group.
1
CONSOLIDATED STATEMENT OF PROFIT OR LOSS for the year ended 31 December 2020
(Expressed in Renminbi ("RMB"))
2020 | 2019 | ||||
RMB'000 | RMB'000 | ||||
Revenue | 505,848 | 475,566 | |||
Cost of sales | (228,154) | (208,385) | |||
Gross profit | 277,694 | 267,181 | |||
Other net income | 1,392 | 1,636 | |||
Selling and marketing expenses | (16,009) | (9,581) | |||
General and administrative expenses | (73,314) | (59,029) | |||
Impairment losses on trade and other receivables | (141,703) | (4,513) | |||
Profit from operations | 48,060 | 195,694 | |||
Net finance expenses | (21,792) | (9,140) | |||
Fair value changes on investments measured at fair value through profit | |||||
or loss | 3,754 | - | |||
Profit before income tax | 30,022 | 186,554 | |||
Income tax | (25,260) | (38,686) | |||
Profit for the year | 4,762 | 147,868 | |||
Attributable to: | |||||
Equity shareholders of the Company | 4,762 | 147,868 | |||
Non-controlling interests | - | - | |||
Profit for the year | 4,762 | 147,868 | |||
Earnings per share | |||||
Basic and diluted (RMB) | 0.003 | 0.131 | |||
2
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2020 (Expressed in RMB)
2020 | 2019 | |||
RMB'000 | RMB'000 | |||
Profit for the year | 4,762 | 147,868 | ||
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 into presentation currency of the | ||||
Group | (35,073) | 1,997 | ||
Other comprehensive income for the year | (35,073) | 1,997 | ||
Total comprehensive income for the year | (30,311) | 149,865 | ||
Attributable to: | ||||
Equity shareholders of the Company | (30,311) | 149,865 | ||
Non-controlling interests | - | - | ||
Total comprehensive income for the year | (30,311) | 149,865 | ||
3
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2020
(Expressed in RMB)
31 December | 31 December | ||
2020 | 2019 | ||
RMB'000 | RMB'000 | ||
Non-current assets | |||
Property, plant and equipment | 796 | 1,427 | |
Right-of-use assets | 7,118 | 16,928 | |
Deferred tax assets | 40,251 | 8,512 | |
48,165 | 26,867 | ||
Current assets | |||
Short-term investments | 437,659 | - | |
Program copyrights | 362,461 | 356,103 | |
Trade receivables | 701,535 | 491,254 | |
Prepayments and other receivables | 64,609 | 23,257 | |
Restricted bank deposit | 1,220 | 34,881 | |
Cash and cash equivalents | 1,292 | 8,982 | |
1,568,776 | 914,477 | ||
Current liabilities | |||
Bank loans and other borrowings | 36,000 | 111,000 | |
Contract liabilities | 22,745 | 16,506 | |
Trade payables | 28,439 | 33,724 | |
Accruals and other payables | 105,042 | 144,914 | |
Lease liabilities | 1,903 | 4,392 | |
Current taxation | 98,991 | 46,108 | |
293,120 | 356,644 | ||
Net current assets | 1,275,656 | 557,833 | |
Total assets less current liabilities | 1,323,821 | 584,700 | |
4
31 December | 31 December | ||
2020 | 2019 | ||
RMB'000 | RMB'000 | ||
Non-current liabilities | |||
Lease liabilities | 5,312 | 12,416 | |
Deferred Income | 630 | - | |
Other non-current liabilities | 10,000 | - | |
15,942 | 12,416 | ||
Net assets | 1,307,879 | 572,284 | |
Equity | |||
Share capital | 73 | 45 | |
Reserves | 1,307,806 | 572,239 | |
Equity attributable to the equity shareholders of the Company | 1,307,879 | 572,284 | |
TOTAL EQUITY | 1,307,879 | 572,284 | |
5
In 2020, revenue of the Group amounted to RMB505.8 million, representing an increase of 6.4% compared with 2019; gross profit amounted to RMB277.7 million, representing an increase of 3.9% compared with 2019. The overall business scale and effectiveness maintained a growing trend. Due to an increase in the collection cycle of accounts receivable under the impact of the pandemic in the PRC in 2020, a provision for impairment of accounts receivable of RMB141.7 million was made in 2020, representing a significant increase compared with 2019. With the improvement in the pandemic situation and the recovery of domestic economy, the management expects to gradually recover accounts receivable in 2021.
The Board wishes to emphasize that the preliminary unaudited financial information set out above is extracted directly from the latest unaudited management accounts of the Group and subject to, among others, further review by the Company and any potential adjustments and has not been reviewed or audited by the Auditor. The preliminary unaudited financial information above is based on information currently available for the audit committee of the Board and the Company. The Board cannot guarantee the preliminary unaudited financial information set out above truly reflects the financial performance and position of the Group and such information might be misleading if any potential adjustments have not been taken into account. Shareholders and potential investors should exercise extreme caution when considering the preliminary unaudited financial information disclosed above and when dealing in the shares of the Company.
CONTINUED SUSPENSION OF TRADING
Trading in the shares of the Company has been suspended on the Stock Exchange with effect from 9:00 a.m. on 1 April 2021 until the Company publishes the announcement in relation to the 2020 Annual Results.
Shareholders and potential investors of the Company are advised to exercise caution when dealing in the Shares of the Company.
By order of the Board of
China Bright Culture Group
LIU Mu
Chairman
Beijing, the PRC, 15 April 2021
As at the date of this announcement, executive Directors are Mr. LIU Mu and Mr. XIA Rui; and independent non-executive Directors are Ms. RAN Hua, Mr. ZHANG Yiwu, Mr. YANG Chengjia and Ms. YAO Li.
- for identification purposes only
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China Bright Culture Group published this content on 15 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2021 11:49:38 UTC.