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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$132 million, a decrease of about 43% from last year.
- As at 31 March 2019, net debt to total equity ratio was 41%, maintaining at a manageable level.
The board (the "Board") of directors (the "Director(s)") of Coastal Greenland Limited (the "Company") is pleased to announce the audited consolidated annual results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 March 2019, together with comparative audited figures for the year ended 31 March 2018. The following financial information is extracted from the audited consolidated financial statements in the Group's 2018/19 annual report which is to be published by the Group.
- For identification purpose only
1
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the year ended 31 March 2019
2019 | 2018 | ||||
Notes | HK$'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$'000 | ||
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 318,750 | 306,828 | ||
Investment properties | 4,069 | 4,356 | ||
Prepaid land lease payments | 41,894 | 46,621 | ||
Interests in associates | - | 24,953 | ||
Interests in joint ventures | 162,964 | 193,742 | ||
Amounts due from associates and joint ventures | 116,579 | 124,805 | ||
Available-for-sale investments | - | 195,409 | ||
Financial assets at fair value through other | ||||
comprehensive income | 34,894 | - | ||
Total non-current assets | 679,150 | 896,714 | ||
CURRENT ASSETS | ||||
Properties under development | 1,717,146 | 1,541,475 | ||
Completed properties for sale | 191,579 | 261,372 | ||
Trade receivables | 11 | - | 2,603 | |
Prepayments, deposits and other receivables | 12 | 5,546,542 | 1,339,124 | |
Amounts due from associates and joint ventures | 256,906 | 495,329 | ||
Prepaid tax | 31,897 | 10,389 | ||
Pledged bank deposits | 245,414 | 260,892 | ||
Cash and bank balances | 35,273 | 1,342,744 | ||
8,024,757 | 5,253,928 | |||
Assets classified as held for sale | 15 | - | 9,651,773 | |
Total current assets | 8,024,757 | 14,905,701 | ||
4
2019 | 2018 | |||
Notes | HK$'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 | ||
5
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Coastal Greenland Limited published this content on 28 June 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 June 2019 22:40:02 UTC