ArtGo : Announcements and Notices -

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ARTGO HOLDINGS LIMITED

雅 高 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 3313)

ANNOUNCEMENT OF AUDITED ANNUAL RESULTS

FOR THE YEAR ENDED 31 DECEMBER 2020

RESULTS HIGHLIGHTS

For the year ended 31 December 2020:

• The revenue from continuing operations of the Group amounted to approximately RMB70.6 million (2019: approximately RMB273.7 million), representing a decrease of approximately RMB203.1 million. The revenue from a discontinued operation amounted to approximately RMB3.3 million (2019: approximately RMB0.8 million), representing an increase of approximately RMB2.5 million.
• The loss before tax from continuing operations amounted to approximately RMB210.1 million (2019: approximately RMB75.3 million), representing an increase of approximately RMB134.8 million. The loss before tax from a discontinued operation amounted to approximately RMB22.3 million (2019: approximately RMB4.4 million).
• The net loss from continuing operations amounted to approximately RMB213.5 million (2019: approximately RMB86.7 million). The net loss from a discontinued operation amounted to approximately RMB16.9 million (2019: net loss approximately RMB4.1 million).
• The basic and diluted loss per share attributable to ordinary equity holders of the Company for the year amounted to RMB6.5 cent (2019: basic and diluted loss per share of approximately RMB3.1 cent). The basic and diluted loss per share attributable to ordinary equity holders of the Company from continuing operations amounted to RMB6.1 cent (2019: basic and diluted loss per share of approximately RMB3.0 cent).

The board (the "Board") of directors (the "Directors") of ArtGo Holdings Limited (the "Company") is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2020. The Company's annual results for 2020 have been reviewed by the audit committee of the Company (the "Audit Committee") and have been approved by the Board on 31 March 2021.

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FINANCIAL INFORMATION

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2020

		2020		2019
	Notes	RMB'000	RMB'000
CONTINUING OPERATIONS
REVENUE	3,4	70,630		273,723
Cost of sales		(60,243)	(222,284)
Gross profit		10,387		51,439
Other income and gains	4	20,835		10,905
Selling and distribution expenses		(2,940)	(4,265)
Administrative expenses		(54,677)	(58,017)
Impairment loss on trade receivables	18	(21,199)	(6,725)
Impairment loss on prepayments, other receivables		(1,257)
and other assets	19	(2,327)
Impairment loss on goodwill	14	(2,096)	-
Impairment loss on investment properties	11	(36,667)	-
Impairment loss on property, plant and equipment	10	(12,099)	-
Impairment loss on right-of-use assets	12	(1,214)	-
Other expenses		(12,267)	(8,070)
Finance costs	5	(55,891)	(45,315)
Share of losses of associates	15	(41,044)	(12,907)
LOSS BEFORE TAX FROM
CONTINUING OPERATIONS	6	(210,129)	(75,282)
Income tax expense	7	(3,391)	(11,370)
LOSS FOR THE YEAR FROM
CONTINUING OPERATIONS		(213,520)	(86,652)
DISCONTINUED OPERATION
	(16,876)
Loss for the year from a discontinued operation	21	(4,087)
Other comprehensive income		-	-
TOTAL COMPREHENSIVE LOSS
FOR THE YEAR		(230,396)	(90,739)
Attributable to:
	(230,236)
Owners of the parent		(90,164)
Non-controlling interests		(160)	(575)
		(230,396)	(90,739)

LOSS PER SHARE ATTRIBUTABLE TO

• ORDINARY EQUITY HOLDERS OF THE
• PARENT:

- Basic and diluted	9	RMB(0.065)
	- For loss for the year		RMB(0.031)
	- For loss from continuing operations		RMB(0.061)	RMB(0.030)

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2020

		2020	2019
	Notes	RMB'000		RMB'000
NON-CURRENT ASSETS
Property, plant and equipment	10	411,926	338,670
Investment properties	11	247,478	290,975
Right-of-use assets	12	284,844	272,557
Intangible assets	13	662,550	657,612
Goodwill	14	-	2,096
Investments in associates	15	322,095	363,139
Payments in advance	16	22,621	78,962
Prepayments, other receivables and other assets	19	4,641	4,850
Deferred tax assets		6,694	4,848
Restricted deposits	20	146	3,721
Total non-current assets		1,962,995	2,017,430
CURRENT ASSETS
Inventories	17	57,193	29,164
Trade receivables	18	60,641	172,929
Prepayments, other receivables and other assets	19	69,918	82,901
Cash and bank balances	20	19,761	84,765
		207,513	369,759
Assets of a disposal group classified
as held for sale	21	80,221	104,321
Total current assets		287,734	474,080

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		2020	2019
	Notes	RMB'000		RMB'000
CURRENT LIABILITIES
Trade payables	22	35,074	57,670
Contract liabilities		6,116	4,223
Other payables and accruals	23	90,617	79,380
Tax payables		23,042	23,297
Lease liabilities	12	5,150	3,110
Interest-bearing bank and other borrowings	24	33,867	211,575
		193,866	379,255
Liabilities directly associated with the assets
classified as held for sale	21	4,315	11,539
Total current liabilities		198,181	390,794
NET CURRENT ASSETS		89,553	83,286
TOTAL ASSETS LESS
CURRENT LIABILITIES		2,052,548	2,100,716
NON-CURRENT LIABILITIES
Interest-bearing bank and other borrowings	24	350,873	266,247
Deferred tax liabilities		8,081	2,895
Deferred income		4,640	4,850
Lease liabilities	12	23,149	3,436
Provision for rehabilitation		17,157	16,140
Total non-current liabilities		403,900	293,568
Net assets		1,648,648	1,807,148
EQUITY
Equity attributable to owners of the parent
Issued capital	25	34,274	26,392
Reserves		1,521,035	1,687,257
		1,555,309	1,713,649
Non-controlling interests		93,339	93,499
Total equity		1,648,648	1,807,148

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NOTES:

1. CORPORATE AND GROUP INFORMATION

ArtGo Holdings Limited (the "Company") is a limited liability company incorporated in the Cayman Islands. The registered office address of the Company is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Company's principal place of business in Hong Kong is located at Unit 1302, 13/F., Golden Centre, 188 Des Voeux Road Central, Hong Kong.

During the year, the Company and its subsidiaries (collectively referred to as the "Group") were principally engaged in the business of mining, processing, sale of marble stones and cargo handling, warehousing, and logistics.

In the opinion of the Directors, the Company does not have an immediate holding company or ultimate holding company, nor there is in a position to exercise significant influence over the Company.

1. BASIS OF PREPARATION
   These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRSs"), which comprise standards and interpretations approved by the International Accounting Standards Board (the "IASB"), International Accounting Standards ("IASs") and Standing Interpretations Committee interpretations approved by the International Accounting Standards Committee that remain in effect and the disclosure requirements of the Hong Kong Companies Ordinance. They have been prepared under the historical cost convention. The disposal group held for sale is stated at the lower of their carrying amounts and fair values less costs to sell as further explained in note 21. These financial statements are presented in Renminbi ("RMB") and all values are rounded to the nearest thousand except when otherwise indicated.
2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

The Group has adopted the Conceptual Framework for Financial Reporting 2018 and the following revised IFRSs for the first time for the current year's financial statements.

Amendments to IFRS 3	Definition of a Business
Amendments to IFRS 9, IAS 39 and IFRS 7	Interest Rate Benchmark Reform
Amendment to IFRS 16	Covid-19-Related Rent Concessions (early adopted)
Amendments to IAS 1 and IAS 8	Definition of Material

All of the amendments above did not have any significant impact on the financial position and performance of the Group.

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