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Mobile Internet (China) Holdings Limited
移 動 互 聯( 中 國 )控 股 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1439)
(I) ANNUAL RESULTS FOR
THE YEAR ENDED 31 DECEMBER 2020,
- UPDATE ON LEGAL PROCEEDINGS AGAINST A SUBSTANTIAL SHAREHOLDER, AND
- RESUMPTION OF TRADING
- ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 The Financial Statements
The board (the "Board") of directors (the "Directors") of Mobile Internet (China) Holdings Limited 移動互聯(中國)控股有限公司 (the "Company") announces the audited
consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2020 together with the comparative figures for the previous financial year as follows:
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the year ended 31 December 2020
2020 | 2019 | ||||||
Notes | RMB'000 | RMB'000 | |||||
Revenue | 5 | 214,535 | 443,642 | ||||
Cost of sales | (177,000) | (343,657) | |||||
Gross profit | 37,535 | 99,985 | |||||
Other revenue | 6 | 1,037 | 1,844 | ||||
Other income | 7 | 3,868 | 610 | ||||
Selling and distribution expenses | (23,462) | (142,482) | |||||
Administrative expenses | (57,428) | (47,303) | |||||
Amortisation of intangible assets | (8,496) | (9,594) | |||||
Allowance for expected credit loss ("ECL") | |||||||
recognised in respect of financial assets carried at | (7,412) | ||||||
amortised costs, net | (1,769) | ||||||
Other operating loss | 9 | (114,669) | (217,249) | ||||
Loss from operations | (169,027) | (315,958) | |||||
Finance costs | 8 | (71,250) | (130,975) | ||||
Loss before tax | 9 | (240,277) | (446,933) | ||||
Income tax | 10 | 1,410 | 5,622 | ||||
Loss for the year | (238,867) | (441,311) | |||||
Other comprehensive income/(loss) for the year, | |||||||
net of tax | |||||||
Item that may be reclassified subsequently to profit | |||||||
or loss: | |||||||
Exchange differences on translating foreign | |||||||
operations | 27,853 | (6,428) | |||||
Other comprehensive income/(loss) for the year, net | |||||||
of tax | 27,853 | (6,428) | |||||
Total comprehensive loss for the year, net of tax | (211,014) | (447,739) | |||||
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2020 | 2019 | ||||
Notes | RMB'000 | RMB'000 | |||
Loss for the year attributable to Owners | |||||
of the Company | (238,867) | (441,311) | |||
Total comprehensive loss for the year | |||||
attributable to Owners of the Company | (211,014) | (447,739) | |||
Loss per share attributable to owners of the Company | |||||
- Basic and diluted (RMB cents) | 12 | (17.34) | (32.04) | ||
- 3 -
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2020
2020 | 2019 | |||||
Notes | RMB'000 | RMB'000 | ||||
Non-current assets | ||||||
Property, plant and equipment | 199,688 | 186,111 | ||||
Goodwill | - | 11,999 | ||||
Intangible assets | - | 15,631 | ||||
Right-of-use assets | 2,209 | 3,616 | ||||
Long-term prepayment | - | 35,727 | ||||
201,897 | 253,084 | |||||
Current assets | ||||||
Inventories | 52,240 | 52,923 | ||||
Trade receivables | 13 | 71,877 | 70,385 | |||
Prepayments, deposits and other receivables | 16,224 | 9,978 | ||||
Cash and bank balances | 61,646 | 179,071 | ||||
201,987 | 312,357 | |||||
Current liabilities | ||||||
Trade, other payables and accruals | 14 | 268,648 | 208,062 | |||
Borrowings | 311,304 | 324,408 | ||||
Lease liabilities | 461 | 1,363 | ||||
Contract liabilities | 60 | 246 | ||||
Tax payable | 334 | - | ||||
580,807 | 534,079 | |||||
Net current liabilities | (378,820) | (221,722) | ||||
Total assets less current liabilities | (176,923) | 31,362 | ||||
Non-current liability | ||||||
Lease liabilities | 672 | 172 | ||||
Net (liabilities)/assets | (177,595) | 31,190 | ||||
Equity | ||||||
Share capital | 11,161 | 11,161 | ||||
Reserves | (188,756) | 20,029 | ||||
(Capital deficiency)/total equity | (177,595) | 31,190 | ||||
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NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
-
GENERAL INFORMATION
The Company was incorporated in Cayman Islands on 12 July 2013 as an exempted company with limited liability under the Companies Law, Chapter 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The registered office of the Company is located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands. The principal place of business of the Company is located at Suite 1501, Greenfield Tower, Concordia Plaza, 1 Science Museum Road, Tsim Sha Tsui, Kowloon, Hong Kong. The shares of the Company have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") since 13 January 2014.
The Company acts as an investment holding company while its principal operating subsidiaries are engaged in manufacturing and sales of packaging materials and development, distribution and operation of mobile game products.
The directors of the Company (the "Directors") consider the parent and the ultimate holding company of the Company to be Novel Blaze Limited ("Novel Blaze"), a company incorporated in the British Virgin Islands (the "BVI") with limited liability. Its ultimate controlling party is Ms. Zheng Xue Xia, who is a spouse of the executive director of the Company, Mr. Sun Shao Hua.
The consolidated financial statements are presented in Renminbi ("RMB") and rounded to the nearest thousand (RMB'000), unless otherwise stated. RMB is the Company's presentation currency and the functional currency of the principal operating subsidiaries of the Group. The functional currency of the Company is Hong Kong dollars ("HK$"). The Directors consider that choosing RMB as the presentation currency best suits the needs of the shareholders and investors. - APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs")
Amendments to HKFRSs that are mandatorily effective for the current year
In the current year, the Group has applied the following Amendments to References to the Conceptual Framework in HKFRS Standards and the following amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") for the first time, which are mandatorily effective for the annual period beginning on or after 1 January 2020 for the preparation of the consolidated financial statements:
Amendments to HKAS 1 and HKAS 8 | Definition of Material |
Amendments to HKFRS 3 | Definition of a Business |
Amendments to HKFRS 9, HKAS 39 | Interest Rate Benchmark Reform |
and HKFRS 7 |
In addition, the Group has early applied the Amendment to HKFRS 16 Covid-19-Related Rent Concessions.
Expect as described below, the application of the Amendments to References to the Conceptual Framework in HKFRS Standards and the amendments to HKFRSs in the current year had no material impact on the Group's financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.
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China Packaging Holdings Development Ltd. published this content on 14 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2021 16:20:13 UTC.