BRIGHTOIL PETROLEUM (HOLDINGS) LIMITED 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.
BRIGHTOIL PETROLEUM (HOLDINGS) LIMITED 光滙石油(控股)有限公司*(Incorporated in Bermuda with limited liability)
(Stock Code: 933)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2016The board of directors (the "Board" or the "Directors") of Brightoil Petroleum (Holdings) Limited (the "Company") is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (collectively the "Group") for the six months ended 31 December 2016. The interim results have been reviewed by the audit committee of the Company.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SIX MONTHS ENDED 31 DECEMBER 2016(Unaudited)
Six months ended 31 December
Note | 2016 HK$'million | 2015 HK$'million | |
Revenue | 3 | 31,257 | 21,649 |
Cost of sales and services | 6 | (30,043) | (20,984) |
Gross profit | 1,214 | 665 | |
Other income | 46 | 2 | |
Other gains and losses, net | 4 | (193) | (305) |
Distribution and selling expenses | 6 | (101) | (132) |
Administrative expenses | 6 | (158) | (138) |
Other expenses | 6 | (76) | (120) |
Finance costs | 5 | (276) | (405) |
Share of profits of joint ventures | 8 | 8 | |
Profit/(loss) before taxation | 464 | (425) | |
Income tax expenses | 7 | (52) | (98) |
Profit/(loss) for the period | 412 | (523) | |
Earnings/(loss) per share for profit/(loss) attributable to owners of the Company for the period | |||
- Basic (HK cents) | 9 | 4.07 | (5.17) |
- Diluted (HK cents) | 9 | 4.07 | (5.17) |
(Unaudited)
Six months ended 31 December
2016 | 2015 | |
Note | HK$'million | HK$'million |
Profit/(loss) for the period 412 (523)
Other comprehensive loss for the period
Item that may be reclassified to profit or loss:
Exchange differences arising on translation of foreign
operations | (236) | (162) |
Other comprehensive loss for the period | (236) | (162) |
Total comprehensive income/(loss) for the period attributable to the owners of the Company | 176 | (685) |
Note | (Unaudited) At 31 December 2016 HK$'million | (Audited) At 30 June 2016 HK$'million | |
Non-current assets | |||
Mining interests | 4,263 | 4,504 | |
Property, plant and equipment | 11,984 | 12,078 | |
Prepaid lease payments | 456 | 483 | |
Investment property | 47 | 47 | |
Interests in joint ventures | 680 | 702 | |
Non-current other receivables | 81 | 94 | |
17,511 | 17,908 | ||
Current assets | |||
Inventories | 615 | 533 | |
Trade debtors | 10 | 13,161 | 8,827 |
Prepayments and other receivables | 466 | 584 | |
Derivative financial instruments | 206 | 165 | |
Financial assets at fair value through profit or loss | 62 | 70 | |
Pledged bank deposits | 808 | 424 | |
Bank balances and cash | 446 | 4,471 | |
15,764 | 15,074 | ||
Current liabilities | |||
Trade creditors | 11 | 4,462 | 5,277 |
Other creditors and accrued charges | 1,931 | 1,987 | |
Bank and other borrowings | 7,545 | 4,861 | |
Loan from a related company | 364 | 1,334 | |
Derivative financial instruments | 280 | 311 | |
Income tax liabilities | 156 | 152 | |
14,738 | 13,922 | ||
Net current assets | 1,026 | 1,152 | |
Total assets less current liabilities | 18,537 | 19,060 | |
Non-current liabilities | |||
Convertible bonds | 13 | 1,412 | 1,332 |
Bank and other borrowings | 5,410 | 6,247 | |
Provision for restoration and environmental costs | 264 | 235 | |
Deferred tax liabilities | 51 | 41 | |
7,137 | 7,855 | ||
Net assets | 11,400 | 11,205 |
Capital and reserves
Equity attributable to the owners of the Company
Share capital 12 254 254
Reserves 11,146 10,951
Total equity 11,400 11,205
NOTES TO THE INTERIM FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 31 DECEMBER 2016-
BASIS OF PREPARATION
This interim financial information for the six months ended 31 December 2016 has been prepared in accordance with Hong Kong Accounting Standard 34, 'Interim Financial Reporting'. The interim financial information should be read in conjunction with the annual financial statements for the year ended 30 June 2016, which have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRS").
- ACCOUNTING POLICIES
The accounting policies applied are consistent with those of the annual financial statements for the year ended 30 June 2016, as described in those annual financial statements except for the adoption of amendments to HKFRSs effective for the financial year ended 31 December 2016.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
The following new and amended standards and interpretations are mandatory for the Group's financial year beginning on 1 July 2016 and have been adopted in the preparation of this interim financial information.
Amendment to HKAS 1 Disclosure initiative
Amendments to HKFRS 10, HKFRS 12
and HKAS 28
Investment entities: Applying the consolidation exception
HKFRS 14 Regulatory deferral accounts Amendments to HKAS 16 and HKAS 41 Agriculture: Bearer plants
Amendment to HKAS 27 Equity method in separate financial statement
Amendments to HKAS 16 and HKAS 38 Clarification of acceptable methods of depreciation and amortisation Amendment to HKFRS 11 Accounting for acquisitions of interests in joint operations Amendments to HKFRSs Annual improvements 2012-2014 cycle
The adoption of the above new and amended standards and interpretations has had no material effect on the preparation of the Group's interim financial information.
The following new standards, amendments to standards and interpretation have been issued but are not effective for the financial year beginning on 1 July 2016 and have not been early adopted by the Group:
Effective for annual periods beginning on or after
Amendment to HKAS 7 Statement of cash flows 1 January 2017
Amendment to HKAS 12 Income taxes 1 January 2017
Amendments to HKAS 28 and HKFRS 10 Sale or contribution of assets between an
investor and its associate or joint venture
To be determined
Amendment to HKFRS 2 | Share-based payment | 1 January 2018 |
Amendment to HKFRS 15 | Clarifications to HKFRS 15 | 1 January 2018 |
HKFRS 9 | Financial instruments | 1 January 2018 |
HKFRS 15 | Revenue from contracts with customers | 1 January 2018 |
HKFRS 16 | Leases | 1 January 2019 |
The Group is assessing the impact of these new standards and will apply them once they are effective.
Brightoil Petroleum (Holdings) Limited published this content on 24 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 February 2017 10:23:06 UTC.
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