ASIA SATELLITE TELECOM HOLDINGS LTD. 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.
ASIA SATELLITE TELECOMMUNICATIONS HOLDINGS LIMITED亞洲衛星控股有限公司 *
(Incorporated in Bermuda with limited liability) Stock Code: 1135
Announcement Final Results for the Financial Year Ended 31 December 2016The Board of Directors (the "Board") of Asia Satellite Telecommunications Holdings Limited (the "Company") is pleased to announce the audited consolidated results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2016, together with comparative figures for the corresponding year in 2015 as follows:
Consolidated Statement of Comprehensive IncomeYear ended 31 December | |||
Note | 2016 | 2015 | |
HK$'000 | HK$'000 | ||
Revenue | 2 | 1,272,385 | 1,310,991 |
Cost of services | 4 | (627,392) | (578,226) |
──────── | ──────── | ||
Gross profit | 644,993 | 732,765 | |
Administrative expenses | 4 | (138,313) | (143,329) |
Other gains - net | 3 | 4,651 | 19,256 |
──────── | ──────── | ||
Operating profit | 511,331 | 608,692 | |
Finance expenses | 5 | (54,353) | (76,695) |
──────── | ──────── | ||
Profit before income tax | 456,978 | 531,997 | |
Income tax expense | 6 | (27,044) | (92,242) |
──────── | ──────── | ||
Profit and total comprehensive income attributable to the owners of the Company for the year | 429,934 | 439,755 | |
════════ | ════════ | ||
Earnings per share attributable to the owners of the Company for the year (expressed in HK$ per share) | |||
Basic earnings per share | 7 | 1.10 | 1.12 |
════════ | ════════ | ||
Diluted earnings per share | 7 | 1.10 | 1.12 |
════════ | ════════ | ||
As at 31 December | ||||
Note | 2016 | 2015 | ||
HK$'000 | HK$'000 | |||
ASSETS | ||||
Non-current assets | ||||
Leasehold land and land use rights | 17,785 | 18,368 | ||
Property, plant and equipment | 6,830,436 | 6,889,238 | ||
Unbilled receivables | 19,575 | 12,041 | ||
Deposit | 2,851 | 2,616 | ||
Total non-current assets | 6,870,647 | 6,922,263 | ||
Current assets | ||||
Unbilled receivables | 9,215 | - | ||
Trade and other receivables | 9 | 317,624 | 359,596 | |
Cash and bank balances | 240,583 | 237,579 | ||
Total current assets | 567,422 | 597,175 | ||
Total assets | 7,438,069 | 7,519,438 | ||
EQUITY | ||||
Equity attributable to owners of the Company | ||||
Share capital | 39,120 | 39,120 | ||
Reserves | ||||
- Retained earnings | 3,029,950 | 2,597,197 | ||
- Other reserves | 35,600 | 37,191 | ||
3,104,670 | 2,673,508 | |||
Non-controlling interests | 904 | 782 | ||
Total equity | 3,105,574 | 2,674,290 | ||
LIABILITIES | ||||
Non-current liabilities | ||||
Bank borrowings | 10 | 2,913,283 | 3,252,379 | |
Deferred income tax liabilities | 432,271 | 426,884 | ||
Other payables | 39,000 | - | ||
Deferred revenue | 67,215 | 80,314 | ||
Other amounts received in advance | 1,377 | 1,377 | ||
Total non-current liabilities | 3,453,146 | 3,760,954 | ||
Current liabilities | ||||
Bank borrowings | 10 | 350,040 | 495,740 | |
Construction payables | 30,521 | 51,397 | ||
Other payables and accrued expenses | 68,725 | 103,928 | ||
Deferred revenue | 173,085 | 162,343 | ||
Current income tax liabilities | 256,978 | 270,786 | ||
Total current liabilities | 879,349 | 1,084,194 | ||
Total liabilities | 4,332,495 | 4,845,148 | ||
Total equity and liabilities | 7,438,069 | 7,519,438 | ||
Basis of preparation
The consolidated financial statements of the Company and its subsidiaries (together, the "Group") have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") and have been prepared under the historical cost convention.
The preparation of financial statements in conformity with HKFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies.
As at 31 December 2016, the Group's current liabilities exceeded its current assets by approximately HK$311,927,000 (2015: HK$487,019,000). Included in the Group's current liabilities were deferred revenue of HK$173,085,000 (2015: HK$162,343,000) which represents non-refundable customer prepayments that will be recognised as revenue over the next twelve months through provision of transponder capacity services. The Group's net current liabilities less deferred revenue was HK$138,842,000 (2015: HK$324,676,000). The Group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level of resources generated from its operations, together with the available banking facilities. Based on these forecasts and projections, the directors have a reasonable expectation that the Group will have adequate resources to continue its operations and to meet its financial obligations as and when they fall due in the next twelve months from the date of the Group's consolidated financial statements. Therefore, the Group has prepared its consolidated financial statements on a going concern basis.
Changes in accounting policies and disclosuresNew and amended standards adopted by the Group
The following new standards and amendments to existing standards have been adopted by the Group for the first time for the financial year beginning on or after 1 January 2016:
HKAS 1 (Amendment)
Disclosure Initiative
HKAS 16 and HKAS 38
(Amendments)
Clarification of Acceptable Methods of Depreciation and Amortisation
HKAS 27 (Amendment)
Equity Method in Separate Financial Statements
HKFRS 10, HKFRS 12 and
HKAS 28 (Amendments)
Investment Entities: Applying the Consolidation Exemption
HKFRS 11 (Amendment)
Accounting for Acquisitions of Interests in Joint Operations
Annual Improvements 2014
Annual Improvements 2012-2014 Cycle
The adoption of these new and amended standards did not result in substantial changes to the accounting policies and consolidated financial statements of the Group in the current year.
1. Basis of preparation (Continued)
Changes in accounting policies and disclosures (Continued)New standards and interpretations not yet adopted by the Group
The following new standards and amendments to existing standards have been issued, but are not effective for the financial year beginning 1 January 2016 and have not been early adopted.
HKAS 7 (Amendment) | Statement of Cash Flows1 |
HKAS 12 (Amendments) | Recognition of Deferred Tax Assets for Unrealised Losses1 |
HKFRS 9 | Financial Instruments2 |
HKFRS 15 | Revenue from Contracts with Customers2 |
HKFRS 16 | Leases3 |
HKFRS 10 and HKAS 28 (Amendments) | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture4 |
1 Effective for the Group for annual periods beginning on or after 1 January 2017
2 Effective for the Group for annual periods beginning on or after 1 January 2018
3 Effective for the Group for annual periods beginning on or after 1 January 2019
4 To be determined
The Group is in the process of making an assessment of the impact of these new and amended standards upon initial application and is not yet in a position to state whether these new and amended standards will have any significant impact on the Group's result of operations and financial position.
2. Revenue and segment information | |||
(a) Revenue: | |||
The Group's revenue is analysed as follows: | |||
2016 | 2015 | ||
HK$'000 | HK$'000 | ||
Income from provision of satellite transponder capacity - recurring (Note) | 1,216,783 | 1,257,433 | |
Sales of satellite transponder capacity | 13,363 | 13,585 | |
Other revenues | 42,239 | 39,973 | |
1,272,385 | 1,310,991 | ||
Note:
For the year ended 31 December 2016, a total amount of HK$13,269,000 (2015: HK$25,508,000) was recorded as the additional revenue received or receivable from certain customers following the enactment of the Finance Act in India in 2012, which imposes tax on the Group for revenue that could be considered as Indian sourced. Further details were set out in Note 6 to this announcement.
Asia Satellite Telecommunications Holdings Limited published this content on 15 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 March 2017 14:20:16 UTC.
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