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.
CHINA ENERGINE INTERNATIONAL (HOLDINGS) LIMITED 中 國 航 天 萬 源 國 際(集 團)有 限 公 司*
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1185)
ANNUAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2018
The board (the "Board") of directors (the "Director(s)") of China Energine International (Holdings) Limited (the "Company") hereby announces the audited consolidated annual results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2018 together with the comparative figures for the year ended 31 December
2017 as follows:
C O N S O L I D A T E D S T A T E M E N T O F P R O F I T O R L O S S A N D O T H E R COMPREHENSIVE INCOME
For the year ended 31 December 2018
2018 | 2017 | ||||
NOTES | HK$'000 | HK$'000 | |||
(Restated) | |||||
Continuing operations | 75,759 | ||||
Turnover | 3 | 263,414 | |||
Cost of sales | (67,434) | (228,844) | |||
Gross profit | 8,325 | 34,570 | |||
Other income | 4 | 24,283 | 16,071 | ||
Other gains and losses | 5 | (247,532) | (15,737) | ||
Impairment losses, net of reversal, on | (727,193) | ||||
financial assets and contract assets | 6 | (128,660) | |||
Selling and distribution expenses | (73,007) | (40,746) | |||
Administrative expenses | (165,525) | (157,534) | |||
Finance costs | 7 | (82,546) | (74,489) | ||
Share of results of associates | (129,834) | (27,854) | |||
Share of results of joint ventures | 76,177 | 166,127 | |||
Loss before taxation | 8 | (1,316,852) | (228,252) | ||
Taxation | 9 | (580) | (5,165) | ||
Loss for the year from continuing | |||||
(1,317,432) | |||||
operations | (233,417) | ||||
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2018 | 2017 | ||||||
NOTES | HK$'000 | HK$'000 | |||||
(Restated) | |||||||
Discontinued operations | |||||||
Loss for the year from discontinued | (12,714) | ||||||
operations | 10 | (14,531) | |||||
Loss for the year | (1,330,146) | (247,948) | |||||
Other comprehensive (expense) income: | |||||||
Item that will not be reclassified to profit | |||||||
or loss | |||||||
- exchange differences arising on | (66,293) | ||||||
translation to presentation currency | 151,807 | ||||||
Total comprehensive expense for the year | (1,396,439) | (96,141) | |||||
Loss for the year attributable to owners of | |||||||
the Company | (1,307,811) | ||||||
- from continuing operations | (225,451) | ||||||
- from discontinued operations | (12,714) | (11,647) | |||||
(1,320,525) | (237,098) | ||||||
Loss for the year attributable to | |||||||
non-controlling interests | (9,621) | ||||||
- from continuing operations | (7,966) | ||||||
- from discontinued operations | - | (2,884) | |||||
(9,621) | (10,850) | ||||||
Loss for the year | (1,330,146) | (247,948) | |||||
Total comprehensive expense | |||||||
attributable to: | (1,384,076) | ||||||
Owners of the Company | (90,776) | ||||||
Non-controlling interests | (12,363) | (5,365) | |||||
(1,396,439) | (96,141) | ||||||
Loss per share - Basic | 12 | ||||||
From continuing and discontinued | HK(30.22) cents | ||||||
operations | HK(5.43) cents | ||||||
From continuing operations | HK(29.93) cents | HK(5.16) cents | |||||
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 December 2018
2018 | 2017 | |||
NOTES | HK$'000 | HK$'000 | ||
Non-current assets | ||||
Investment properties | 133,531 | 149,538 | ||
Property, plant and equipment | 238,574 | 303,926 | ||
Goodwill | 2,004 | 2,004 | ||
Intangible assets | 63,165 | 212,654 | ||
Deferred tax assets | 1,643 | 1,784 | ||
Interests in associates | 206,108 | 348,268 | ||
Interests in joint ventures | 1,015,299 | 1,192,284 | ||
Amount due from joint ventures | 104,165 | 106,468 | ||
Financial assets at fair value through | ||||
other comprehensive income | 4,908 | - | ||
Available-for-sale investments | - | 5,144 | ||
1,769,397 | 2,322,070 | |||
Current assets | ||||
Inventories | 78,291 | 163,526 | ||
Trade and other receivables | 13 | 1,760,599 | 2,923,476 | |
Contract assets | 304,759 | - | ||
Amounts due from associates | 252,457 | 303,467 | ||
Amount due from a joint venture | 20,089 | 25,196 | ||
Pledged bank deposits, bank balances | ||||
and cash | 88,838 | 107,934 | ||
2,505,033 | 3,523,599 | |||
Current liabilities | ||||
Trade and other payables | 14 | 1,467,241 | 1,734,332 | |
Amounts due to associates | 25,876 | 60,939 | ||
Amounts due to joint ventures | 2,459 | 4,030 | ||
Government grants | 711 | 775 | ||
Warranty provision | 259,918 | 139,091 | ||
Taxation payable | 1,888 | 3,256 | ||
Borrowings | 125,542 | 1,261,793 | ||
Obligation under a finance lease | - | 22 | ||
1,883,635 | 3,204,238 | |||
Net current assets | 621,398 | 319,361 | ||
Total assets less current liabilities | 2,390,795 | 2,641,431 | ||
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2018 | 2017 | ||
HK$'000 | HK$'000 | ||
Non-current liabilities | |||
Government grants | 28,123 | 30,225 | |
Borrowings | 1,641,178 | 488,091 | |
Deferred tax liabilities | 18,337 | 22,237 | |
1,687,638 | 540,553 | ||
703,157 | 2,100,878 | ||
Capital and reserves | |||
Share capital | 436,900 | 436,900 | |
Reserves | 213,153 | 1,597,229 | |
Equity attributable to owners of the | |||
Company | 650,053 | 2,034,129 | |
Non-controlling interests | 53,104 | 66,749 | |
Total equity | 703,157 | 2,100,878 | |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2018
1.BASIS OF PREPARATION
The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA"). In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules") and by the Hong Kong Companies Ordinance.
The consolidated financial statements have been prepared on the historical cost basis except for the investment properties and financial assets at fair value through other comprehensive income which are measured at fair value.
2.APPLICATION OF NEW AND REVISED HKFRSs
New and Amendments to HKFRSs that are mandatorily effective for the current year
The Group has applied the following new and amendments to HKFRSs and an interpretation issued by the HKICPA for the first time in the current year:
HKFRS 9
HKFRS 15 HK(IFRIC) - Int 22 Amendments to HKFRS 2
Amendments to HKFRS 4 Amendments to HKAS 28 Amendments to HKAS 40
Financial Instruments
Revenue from Contracts with Customers and the related Amendments Foreign Currency Transactions and Advance Consideration Classification and Measurement of Share-based Payment Transactions Applying HKFRS 9 "Financial Instruments" with HKFRS 4 "Insurance
Contracts"
As part of the Annual Improvements to HKFRSs 2014 - 2016 Cycle Transfers of Investment Property
Except as described below, the application of the above new and amendments to HKFRSs and the interpretation in the current year has had no material impact on the Group's financial performance and position for the current and prior years and/or the disclosures set out in these consolidated financial statements.
2.1HKFRS 15 "Revenue from Contracts with Customers"
The Group has applied HKFRS 15 for the first time in the current year. HKFRS 15 superseded HKAS 18 "Revenue", HKAS 11 "Construction Contracts" and the related interpretations.
The Group has applied HKFRS 15 retrospectively with the cumulative effect of initially applying this standard recognised at the date of initial application, 1 January 2018. Any difference at the date of initial application is recognised in the opening accumulated losses and comparative information has not been restated. Furthermore, in accordance with the transition provisions in HKFRS 15, the Group has elected to apply the standard retrospectively only to contracts that are not completed at 1 January 2018. Accordingly, certain comparative information may not be comparable as comparative information was prepared under HKAS 18 "Revenue" and the related interpretations.
The Group recognises revenue from the following major sources which arise from contracts with customers:
•Sales of wind energy related products
•Sales of electricity from operation of wind power field
•Sales of energy storage and related products
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China Energine International (Holdings) Ltd. published this content on 29 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 March 2019 04:20:02 UTC