Up Energy Development : Announcements and Notices - Announcement of Annual Results for The Year Ended 31 March 2018

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(In Provisional Liquidation (For Restructuring Purposes))

(Incorporated in Bermuda with limited liability)

(Stock code: 307)

ANNOUNCEMENT OF ANNUAL RESULTS FOR

THE YEAR ENDED 31 MARCH 2018

FINAL RESULTS

The board of directors (the "Board") of Up Energy Development Group Limited (In Provisional Liquidation (For Restructuring Purposes)) (the "Company") announces herewith the consolidated results of the Company and its subsidiaries (the "Group") for the year ended

31 March 2018, together with the comparative figures in previous year as follows:

Consolidated Statement of Profit or Loss

For the year ended 31 March 2018

(Expressed in Hong Kong dollars)

		2018		2017
	Note	$'000	$'000
Revenue	3	190,630	97,449
Cost of sales		(182,791)	(105,159)
Gross profit/(loss)		7,839		(7,710)
Other revenue		2		752
Other net loss		(6,192)	(34,638)
Distribution costs		-	(155)
Impairment losses of non-current assets	4(c)	(6,799,595)	-
Administrative expenses		(78,016)	(68,459)

• For identification purposes only

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		2018			2017
	Note	$'000	$'000
Loss from operations		(6,875,962)	(110,210)
Net finance costs	4(a)	(731,365)	(685,557)
Loss before taxation	4	(7,607,327)	(795,767)
Income tax	5	1,698,506		(1,380)
Loss for the year		(5,908,821)	(797,147)
Attributable to:
Equity shareholders of the Company		(4,462,830)	(761,832)
Non-controlling interests		(1,445,991)	(35,315)
Loss for the year		(5,908,821)	(797,147)
Loss per share	6
Basic and diluted		(102.89) cents	(17.56) cents

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Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the year ended 31 March 2018 (Expressed in Hong Kong dollars)

	2018		2017
	$'000	$'000
Loss for the year	(5,908,821)	(797,147)
Other comprehensive income for the year (after tax
and reclassification adjustments)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of
financial statements of subsidiaries out of Hong Kong	137,811		(89,439)
Other comprehensive income for the year	137,811		(89,439)
Total comprehensive income for the year	(5,771,010)	(886,586)
Attributable to:
Equity shareholders of the Company	(4,336,427)	(842,302)
Non-controlling interests	(1,434,583)	(44,284)
Total comprehensive income for the year	(5,771,010)	(886,586)

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Consolidated Statement of Financial Position

At 31 March 2018

(Expressed in Hong Kong dollars)

		2018		2017
	Note	$'000	$'000
Non-current assets
Property, plant and equipment	7	10,083,348	16,697,544
Prepaid land lease payments		62,589	63,133
Interests in deconsolidated subsidiaries		1,564,500	1,563,837
Restricted bank deposits	10	17,181	15,507
Other non-current assets		49,693	46,595
		11,777,311		18,386,616
Current assets
Trading securities		-	19,008
Inventories		62,214	14,470
Trade and bills receivables	8	230,138	60,141
Prepayments, deposits and other receivables	9	309,232	248,441
Cash and cash equivalents	10	500	660
		602,084		342,720
Current liabilities
Borrowings		906,878		881,027
Trade and bills payables	11	293,445	170,941
Other financial liabilities		918,258	896,667
Other payables and accruals	12	1,735,265	1,075,494
Current taxation	13(a)	19,662	16,200
Convertible notes		3,890,937	3,602,812
		7,764,445		6,643,141
Net current liabilities		(7,162,361)	(6,300,421)
Total assets less current liabilities		4,614,950		12,086,195

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		2018		2017
	Note	$'000	$'000
Non-current liabilities
Deferred tax liabilities	13(b)	1,725,942	3,426,177
		1,725,942		3,426,177
NET ASSETS		2,889,008		8,660,018
CAPITAL AND RESERVES
Share capital	14(b)	907,703		907,703
Equity component of convertible notes		968,825	968,825
Reserves		(121,602)	4,214,825
Total equity attributable to equity shareholders
of the Company		1,754,926		6,091,353
Non-controlling interests		1,134,082	2,568,665
TOTAL EQUITY		2,889,008		8,660,018

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