GCL Poly Energy : SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO THE ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2019
08/21/2020 | 05:55am EST
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.
GCL-POLY ENERGY HOLDINGS LIMITED
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 3800)
IN RELATION TO THE ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2019
Reference is made to the annual report of GCL-Poly Energy Holdings Limited (the "Company" and, together with its subsidiaries, the "Group") for the year ended 31 December 2019 (the "2019 Annual Report"). Unless otherwise defined, capitalized terms used herein shall have same meanings as those defined in the 2019 Annual Report.
In addition to the information disclosed in the 2019 Annual Report, the board of directors of the Company (the "Board") would like to provide additional information and breakdown in relation to (i) "Other Income" and (ii) "Other Expenses, Gains and Losses, Net" of the Group's consolidated financial statements.
The Board would like to provide additional information and breakdown in respect of "Compensation income" and "Others" items, included in the notes on "Other Income" set out in note 7 to the consolidated financial statements of the 2019 Annual Report as follows:
- bank and other interest income
- debt instruments at FVTOCI
Interest arising from contracts containing significant
Sales of scrap materials
Management and consultancy fee income
Forfeitures of deposits from customers
Compensation income (Note 1)
Others (Note 2)
In August 2019, the power generator and related equipment of a solar farm located in Shandong Province, the PRC, was damaged during typhoon. The Group has insurance policies in place to cover damages to property, plant and equipment incidental to typhoon and the related compensation will be recognised only when the compensation becomes receivable. The Group received approximately RMB6,615,000 from insurance claim as of 31 December 2019 which was recognised as compensation income.
Other compensation income
Waiver of other payables
Disposal of a greenfield project
II. OTHER EXPENSES, GAINS AND LOSSES, NET
The Board would like to provide additional information in respect of "Others" item included in the note on "Other Expenses, Gains and Losses, Net" set out in note 9B to the consolidated financial statements of the 2019 Annual Report as follows:
Research and development costs
Exchange loss, net
(Gain) loss on fair value change of convertible bonds
Loss on fair value change of convertible bonds payables
Gain on fair value change of other financial assets at
Loss on fair value change of held for trading
Loss on fair value change of derivative financial
Impairment loss on goodwill
Impairment loss on property, plant and equipment
Impairment loss on other intangible assets
Gain on disposal of property, plant and equipment
Bargain purchase from business combination
Gain on disposal of subsidiaries
Gain on disposal of joint ventures
Gain on disposal of solar farm projects, net
Loss on deemed disposal of an associate
Amount being loss on disposal of right-of-use assets in 2019.
The above additional information does not affect any other information contained in the 2019 Annual Report. Save as disclosed above, the remaining contents of the 2019 Annual Report remain unchanged.
By order of the Board
GCL-Poly Energy Holdings Limited
Hong Kong, 21 August 2020
As at the date of this announcement, the Board comprises Mr. Zhu Gongshan (Chairman), Mr. Zhu Zhanjun, Mr. Zhu Yufeng, Ms. Sun Wei, Mr. Yeung Man Chung, Charles, Mr. Jiang Wenwu and Mr. Zheng Xiongjiu as executive directors; Ir. Dr. Ho Chung Tai, Raymond, Mr. Yip Tai Him, Dr. Shen Wenzhong and Mr. Wong Man Chung, Francis as independent non-executive directors.
GCL-Poly Energy Holdings Ltd. published this content on 21 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 August 2020 09:55:13 UTC