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.
SMI Culture & Travel Group Holdings Limited
星美文化旅遊集團控股有限公司
(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)
(Stock code: 2366)
2018 FINAL RESULTS ANNOUNCEMENT
FINANCIAL HIGHLIGHTS
•Revenue decreased by 52% to approximately HK$65.3 million (2017: approximately HK$134.9 million)
•Gross profit decreased by 181% to approximately HK$-45.4 million (2017: approximately HK$55.9 million)
•Loss for the year is approximately HK$497.3 million (2017: Loss for the year was approximately HK$133.9 million)
•Basic loss per share in 2018 is 37.79 HK cents and basic loss per share in 2017 was 14.29 HK cents
The board (the "Board") of directors (the "Directors") of SMI Culture & Travel Group Holdings Limited (the "Company") announces the consolidated financial results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2018.
1
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the year ended 31 December 2018
2018 | 2017 | |||||
Notes | HK$'000 | HK$'000 | ||||
Revenue | 3 | 65,274 | 134,948 | |||
Cost of sales | (110,691) | (79,085) | ||||
Gross (loss)/profit | (45,417) | 55,863 | ||||
Other revenue | 10 | 79 | ||||
Other expenses | (9,619) | (8,150) | ||||
Provision for impairment losses (recognized)/ | ||||||
reversed in respect of: | ||||||
- goodwill | 10 | (95,721) | (11,885) | |||
- intangible assets | 11 | (13,268) | (9,318) | |||
- other receivables | 14 | 4,479 | (52,472) | |||
- film rights investments | 13 | (159,021) | (6,490) | |||
- trade receivables | 14 | (42,668) | - | |||
- amount due from a shareholder | 1,493 | - | ||||
- amount due from a related party | 344 | - | ||||
Fair value change of the embedded derivatives | 14,585 | 28,989 | ||||
Provision for inventories | 12 | - | (9,819) | |||
Selling expenses | (5,638) | (41) | ||||
Administrative expenses | (23,660) | (34,583) | ||||
Finance costs | 4 | (122,364) | (71,650) | |||
Loss before income tax expense | (496,465) | (119,477) | ||||
Income tax expense | 5 | (870) | (14,437) | |||
Loss for the year | 6 | (497,335) | (133,914) | |||
2
Loss for the year attributable to:
Owners of the Company
Non-controlling interests
Loss per share
-Basic (Hong Kong cents)
-Diluted (Hong Kong cents)
Loss for the year
Other comprehensive (expense)/income, net of tax
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations
Other comprehensive (expense)/income for the year
Total comprehensive expense for the year
Total comprehensive expense attributable to:
Owners of the Company
Non-controlling interests
3
2018 | 2017 | ||||
Notes | HK$'000 | HK$'000 | |||
(497,333) | (133,063) | ||||
(2) | (851) | ||||
(497,335) | (133,914) | ||||
HK cents | HK cents | ||||
8 | |||||
(37.79) | (14.29) | ||||
N/A | N/A | ||||
(497,335) | (133,914) |
(5,917) 29,840
(5,917) 29,840
(503,252) (104,074)
(503,250) | (103,223) | ||
(2) | (851) | ||
(503,252) | (104,074) | ||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2018
2018 | 2017 | |||
Notes | HK$'000 | HK$'000 | ||
Non-current assets | ||||
Property, plant and equipment | 837 | 2,387 | ||
Goodwill | 9 | - | 95,721 | |
Intangible assets | 11 | 88,113 | 115,223 | |
88,950 | 213,331 | |||
Current assets | ||||
Inventories | 12 | 185,909 | 185,926 | |
Film rights investments | 13 | 561,540 | 810,617 | |
Trade and other receivables | 14 | 331,747 | 323,327 | |
Amount due from a shareholder | 56,289 | 91,918 | ||
Amounts due from a related party | 27,836 | 35,746 | ||
Cash and cash equivalents | 1,717 | 6,128 | ||
1,165,038 | 1,453,662 | |||
Current liabilities | ||||
Trade and other payables | 15 | 236,520 | 124,080 | |
Amounts due to directors | 2,208 | 943 | ||
Amounts due to fellow subsidiaries | 19,350 | 13,320 | ||
Tax provisions | 162,175 | 156,952 | ||
Loan notes | 450,000 | 448,725 | ||
Convertible loan notes | 110,000 | 108,813 | ||
Embedded derivatives | - | 14,585 | ||
980,253 | 867,418 | |||
4
2018 | 2017 | |||
Notes | HK$'000 | HK$'000 | ||
Net current assets | 184,785 | 586,244 | ||
Total assets less current liabilities | 273,735 | 799,575 | ||
Non-current liabilities | ||||
Debenture | 2,798 | - | ||
Deferred tax liabilities | 9,300 | 13,671 | ||
12,098 | 13,671 | |||
Net assets | 261,637 | 785,904 | ||
Capital and reserves | ||||
Share capital | 13,160 | 13,160 | ||
Other reserves | 250,146 | 774,411 | ||
Equity attributable to owners of the Company | 263,306 | 787,571 | ||
Non-controlling interests | (1,669) | (1,667) | ||
Total equity | 261,637 | 785,904 | ||
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SMI Culture & Travel Group Holdings Ltd. published this content on 01 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 April 2019 04:26:12 UTC