Coastal Greenland : ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2019 (in PDF)

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COASTAL GREENLAND LIMITED

沿 海 綠 色 家 園 有 限 公 司 *

(Incorporated in Bermuda with limited liability)

(Stock Code: 1124)

ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2019

FINANCIAL HIGHLIGHTS:

• Revenue for the year amounted to about HK$201 million, a decrease of about 89% as compared with last year.
• Profit for the year attributable to owners of the Company was about HK$132 million, a decrease of about 43% from last year.
• As at 31 March 2019, net debt to total equity ratio was 41%, maintaining at a manageable level.

The board (the "Board") of directors (the "Director(s)") of Coastal Greenland Limited (the "Company") is pleased to announce the audited consolidated annual results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 March 2019, together with comparative audited figures for the year ended 31 March 2018. The following financial information is extracted from the audited consolidated financial statements in the Group's 2018/19 annual report which is to be published by the Group.

• For identification purpose only

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOME

For the year ended 31 March 2019

		2019		2018
	Notes	HK$'000	HK$'000
Revenue	4	200,508		1,791,404
Cost of sales		(176,555)	(1,364,710)
Gross profit		23,953		426,694
Other income and gains	5	77,193		98,663
Marketing and selling expenses		(9,477)	(39,530)
Administrative expenses		(255,320)	(255,525)
Other expenses		(650,993)	(453,500)
Finance costs	6	(48,950)	(179,653)
Share of (loss) profit of associates		(25)	1,753
Share of (loss) profit of joint ventures		(2,246)	104,239
Net gain on disposal of subsidiaries	15	886,220		661,616
Profit before taxation		20,355		364,757
Taxation	7	99,899		(143,514)
Profit for the year	8	120,254		221,243
Other comprehensive income
Items that will not be reclassified to profit or loss:
Exchange differences arising on translation to
presentation currency		(617,208)	539,295
Surplus on revaluation of buildings		22,665		78,463
Deferred tax charge arising on revaluation of
buildings		(5,666)	(19,616)
Financial assets at fair value through other
comprehensive income - net movement
in fair value reserve		(14,748)	-
Other comprehensive income for the year		(614,957)	598,142
Total comprehensive income for the year		(494,703)	819,385

2

		2019		2018
	Notes	HK$'000	HK$'000
Profit for the year attributable to:
Owners of the Company		132,475		231,077
Non-controlling interests		(12,221)	(9,834)
		120,254		221,243
Total comprehensive income for the year
attributable to:
Owners of the Company		(469,895)	811,926
Non-controlling interests		(24,808)	7,459
		(494,703)	819,385
		HK cents	HK cents
Earnings per share	10
Basic and diluted		3.17		5.52

3

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 March 2019

		2019		2018
	Notes	HK$'000	HK$'000
NON-CURRENT ASSETS
Property, plant and equipment		318,750		306,828
Investment properties		4,069		4,356
Prepaid land lease payments		41,894		46,621
Interests in associates		-	24,953
Interests in joint ventures		162,964	193,742
Amounts due from associates and joint ventures		116,579	124,805
Available-for-sale investments		-	195,409
Financial assets at fair value through other
comprehensive income		34,894	-
Total non-current assets		679,150		896,714
CURRENT ASSETS
Properties under development		1,717,146		1,541,475
Completed properties for sale		191,579		261,372
Trade receivables	11	-	2,603
Prepayments, deposits and other receivables	12	5,546,542		1,339,124
Amounts due from associates and joint ventures		256,906		495,329
Prepaid tax		31,897		10,389
Pledged bank deposits		245,414		260,892
Cash and bank balances		35,273		1,342,744
		8,024,757		5,253,928
Assets classified as held for sale	15	-	9,651,773
Total current assets		8,024,757		14,905,701

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		2019		2018
	Notes	HK$'000	HK$'000
CURRENT LIABILITIES
Trade and bills payables	13	75,296		93,334
Contract liabilities		220,405		-
Deposits received from pre-sales of properties		-	130,983
Other payables and accruals		594,015	2,010,800
Amounts due to associates and joint ventures		-	5,016
Amount due to a substantial shareholder of the
Company		61,509	23,823
Tax payable		147,028	498,435
Interest-bearing bank and other borrowings	15	2,339,368		310,556
		3,437,621		3,072,947
Liabilities classified as held for sale	15	-	6,801,087
Total current liabilities		3,437,621		9,874,034
NET CURRENT ASSETS		4,587,136		5,031,667
TOTAL ASSETS LESS CURRENT
LIABILITIES		5,266,286		5,928,381
NON-CURRENT LIABILITIES
Interest-bearing bank and other borrowings		29,145		56,162
Deferred tax liabilities		137,572		263,939
Total non-current liabilities		166,717		320,101
NET ASSETS		5,099,569		5,608,280
CAPITAL AND RESERVES
Share capital		414,602		418,587
Reserves		4,577,242		5,055,816
Equity attributable to owners of the Company		4,991,844		5,474,403
Non-controlling interests		107,725		133,877
Total equity		5,099,569		5,608,280

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