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.
SINOMEDIA HOLDING LIMITED
中 視 金 橋 國 際 傳 媒 控 股 有 限 公 司
(Incorporated in Hong Kong with limited liability)
(Stock Code: 00623)
INTERIM RESULTS ANNOUNCEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2019
FINANCIAL SUMMARY
For the | For the | ||
six months ended | six months ended | ||
RMB'000 | 30 June 2019 | 30 June 2018 | Change (%) |
Revenue | 656,714 | 819,066 | -20% |
(Loss)/profit from operations | (105,059) | 67,898 | -255% |
(Loss)/profit attributable to equity | |||
shareholders of the Company | (96,792) | 41,882 | -331% |
(Losses)/earnings per share | (0.196) | ||
- Basic and diluted (RMB) | 0.082 | -339% | |
REVENUE
For the | For the | ||||
six months ended | six months ended | ||||
RMB'000 | 30 June 2019 | 30 June 2018 | Change (%) | ||
TV media resources management | 525,242 | 730,736 | -28% | ||
Integrated communication services | |||||
and Content operations | 50,687 | 32,962 | +54% | ||
Digital marketing and Internet media | 56,101 | 33,967 | +65% | ||
Rental income | 29,749 | 28,853 | +3% | ||
Sales taxes and surcharges | (5,065) | (7,452) | -32% | ||
656,714 | 819,066 | ||||
- 1 -
The board of directors (the "Board") of SinoMedia Holding Limited ("SinoMedia" or the "Company") announces the unaudited results and financial position of the Company and its subsidiaries (collectively the "Group") for the six months ended 30 June 2019, with comparative figures for previous period.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the six months ended 30 June 2019
Unaudited | Unaudited | |||||
Six months ended 30 June | ||||||
2019 | 2018 | |||||
Note | RMB'000 | RMB'000 | ||||
Revenue | 656,714 | 819,066 | ||||
Cost of services | (694,798) | (669,970) | ||||
Gross (loss)/profit | (38,084) | 149,096 | ||||
Other revenue | 4 | 2,114 | 373 | |||
Selling and marketing expenses | (26,750) | (29,631) | ||||
General and administrative expenses | (42,339) | (51,940) | ||||
(Loss)/profit from operations | (105,059) | 67,898 | ||||
Finance income | 5(a) | 8,456 | 8,132 | |||
Finance costs | 5(a) | (106) | (187) | |||
Net finance income | 8,350 | 7,945 | ||||
(Loss)/profit before taxation | 5 | (96,709) | 75,843 | |||
Income tax | 6 | - | (34,646) | |||
(Loss)/profit for the period | (96,709) | 41,197 | ||||
Attributable to: | ||||||
Equity shareholders of the Company | (96,792) | 41,882 | ||||
Non-controlling interests | 83 | (685) | ||||
(96,709) | 41,197 | |||||
(Losses)/earnings per share | 7 | |||||
Basic and diluted (RMB) | (0.196) | 0.082 |
- 2 -
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2019
Unaudited | Unaudited | |||
Six months ended 30 June | ||||
2019 | 2018 | |||
RMB'000 | RMB'000 | |||
(Loss)/profit for the period | (96,709) | 41,197 | ||
Other comprehensive (loss)/income | ||||
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange translation differences | (79) | 762 | ||
Other comprehensive (loss)/income for the period | (79) | 762 | ||
Total comprehensive (loss)/income for the period | (96,788) | 41,959 | ||
Attributable to: | ||||
Equity shareholders of the Company | (96,871) | 42,644 | ||
Non-controlling interests | 83 | (685) | ||
(96,788) | 41,959 | |||
- 3 -
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2019
Unaudited | Audited | ||||
At 30 June At 31 December | |||||
2019 | 2018 | ||||
Note | RMB'000 | RMB'000 | |||
Non-current assets | 227,939 | ||||
Property, plant and equipment | 8 | 229,738 | |||
Investment property | 569,977 | 576,684 | |||
Intangible assets | 19,709 | 22,399 | |||
Goodwill | 6,002 | 6,002 | |||
Trade and other receivables | 9 | 815 | 865 | ||
Interests in associates | 6,899 | - | |||
Other non-current financial assets | 37,006 | - | |||
868,347 | 835,688 | ||||
Current assets | |||||
1,737 | |||||
Other current financial assets | 1,737 | ||||
Trade and other receivables | 9 | 400,493 | 428,745 | ||
Pledged bank deposits | 50 | - | |||
Time deposits with original maturity over | 4,534 | ||||
three months | 8,514 | ||||
Cash and cash equivalents | 593,257 | 715,109 | |||
1,000,071 | 1,154,105 | ||||
Current liabilities | |||||
129,389 | |||||
Trade and other payables | 10 | 121,656 | |||
Contract liabilities | 274,916 | 241,275 | |||
Current taxation | 10,470 | 37,508 | |||
Lease liabilities | 2,194 | - | |||
416,969 | 400,439 | ||||
Net current assets | 583,102 | 753,666 | |||
Total assets less current liabilities | 1,451,449 | 1,589,354 | |||
Non-current liabilities | |||||
596 | |||||
Lease liabilities | - | ||||
NET ASSETS | 1,450,853 | 1,589,354 | |||
CAPITAL AND RESERVES | |||||
510,981 | |||||
Share capital | 510,981 | ||||
Reserves | 946,796 | 1,085,380 | |||
Total equity attributable to equity | |||||
shareholders of the Company | 1,457,777 | 1,596,361 | |||
Non-controlling interests | (6,924) | (7,007) | |||
TOTAL EQUITY | 1,450,853 | 1,589,354 | |||
- 4 -
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
-
Basis of preparation
The condensed consolidated interim financial statements for the six months ended 30 June 2019 of the Group have been prepared in accordance with International Financial Reporting Standards ("IFRS"), International Accounting Standards and Interpretations issued by the International Accounting Standards Board ("IASB") and the requirements of the Hong Kong Companies Ordinance. As Hong Kong Financial Reporting Standards ("HKFRSs"), which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards and Interpretations issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") and accounting principles generally accepted in Hong Kong, are derived from and consistent with IFRSs, these financial statements also comply with HKFRSs. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the "Listing Rules").
The condensed consolidated interim financial statements have been prepared in accordance with the same accounting policies adopted in the 2018 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2019 annual financial statements.
-
Changes in accounting policies
The IASB/HKICPA has issued a new IFRS/HKFRS, IFRS/HKFRS 16, Leases, and a number of amendments to IFRS/HKFRSs that are first effective for the current accounting period of the Group. Except for IFRS/HKFRS 16, Leases, none of the developments have had a material effect on how the Group's results and financial position for the current or prior periods have been prepared or presented in this interim financial report. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.
IFRS/HKFRS 16, Leases
IFRS/HKFRS 16 replaces IAS/HKAS 17, Leases, and the related interpretations, HK(IFRIC) 4,
Determining whether an arrangement contains a lease, HK(SIC) 15, Operating leases - incentives, and HK(SIC) 27, Evaluating the substance of transactions involving the legal form of a lease. It introduces a single accounting model for lessees, which requires a lessee to recognise a right-of-useasset and a lease liability for all leases, except for leases that have a lease term of 12 months or less and leases of low value assets. The lessor accounting requirements are brought forward from IAS/ HKAS 17 substantially unchanged.
The Group has initially applied IFRS/HKFRS 16 as from 1 January 2019. The Group has elected to use the modified retrospective approach and has therefore recognised the cumulative effect of initial application as an adjustment to the opening balance of assets and liabilities at 1 January 2019. Comparative information has not been restated and continues to be reported under IAS/HKAS 17.
- 5 -
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
HKEx - Hong Kong Exchanges and Clearing Ltd. published this content on 21 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 August 2019 05:12:03 UTC