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)
PUBLICATION OF UNAUDITED MANAGEMENT ACCOUNTS FOR THE YEARS ENDED 30 JUNE 2017, 2018 AND 2019 AND SIX MONTHS ENDED 31 DECEMBER 2017 AND 2018
This announcement is made by Brightoil Petroleum (Holdings) Limited (the "Company" and together with its subsidiaries, collectively the "Group") pursuant to Rule 13.51(4) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange").
Reference is made to the announcements of the Company dated 26 September 2017, 3 October 2017, 10 November 2017, 28 December 2017, 15 February 2018, 28 February 2018, 3 April 2018, 21 May 2018, 13 July 2018, 30 July 2018, 1 August 2018, 4 September 2018, 28 September 2018, 31 October 2018, 21 November 2018, 28 December 2018, 18 January 2019, 31 January 2019, 1 February 2019, 16 April 2019, 6 May 2019, 11 June 2019, 28 June 2019, 17 July 2019, 22 July 2019, 30 July 2019, 9 August 2019, 1 November 2019, 15 November 2019 and 23 January 2020 (the "Announcements"). Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Announcements.
UNAUDITED MANAGEMENT ACCOUNTS OF THE GROUP
Rule 13.49(3)(i)(c) of the Listing Rules provides that where an issuer is unable to issue its preliminary results, it must announce its results based on the financial results which have yet to be agreed with the auditor (so far as the information is available).
Accordingly, the Board hereby publishes the relevant financial information extracted from the latest unaudited consolidated management accounts of the Group for the year ended 30 June 2017, 2018 and 2019 and six months ended 31 December 2017 and 2018 (the "Unaudited Management Accounts"), as set out below:
1
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2017
HKD'million | |
(Unaudited) | |
Revenue | 63,686 |
Cost of sales & services | (61,308) |
GROSS PROFIT | 2,378 |
Other income | 110 |
Other gains and losses, net | 71 |
Other expenses | (153) |
Distribution and selling expenses | (213) |
Administrative expenses | (305) |
Finance costs | (603) |
Share of profit of joint ventures | 4 |
PROFIT BEFORE TAXATION | 1,289 |
Income tax charge | (145) |
PROFIT FOR THE YEAR | 1,144 |
2
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2017
HKD'million | ||
(Unaudited) | ||
Non-current assets | ||
Property, plant and equipment | 11,649 | |
Prepaid lease payments | 483 | |
Investment property | 70 | |
Interests in joint ventures | 696 | |
Mining interests | 4,093 | |
Non-current other receivables | 85 | |
17,076 | ||
Current assets | ||
Inventories | 566 | |
Trade debtors | 13,359 | |
Other debtors, prepayments and deposits | 116 | |
Derivative financial instruments | 150 | |
Financial asset at fair value through profit or loss | 69 | |
Pledged bank deposits | 446 | |
Bank balances and cash | 623 | |
15,329 | ||
TOTAL ASSETS | 32,405 | |
Current liabilities | ||
Trade creditors | 6,056 | |
Other creditors and accrued charges | 1,369 | |
Bank and other borrowings | 10,834 | |
Convertible notes | 1,305 | |
Profits tax liabilities | 197 | |
Amount due to related company | 47 | |
19,808 | ||
Non-current liabilities | ||
Long-term other payable | 3 | |
Provision for restoration and environmental costs | 265 | |
Deferred tax liabilities | 61 | |
329 | ||
TOTAL LIABILITIES | 20,137 | |
Equity | ||
Share capital | 254 | |
Reserve | 12,014 | |
TOTAL EQUITY | 12,268 | |
TOTAL EQUITY & LIABILITIES | 32,405 | |
3 | ||
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2018
HKD'million | |
(Unaudited) | |
Revenue | 32,927 |
Cost of sales & services | (31,491) |
GROSS PROFIT | 1,436 |
Other income | 199 |
Other gains and losses, net | (219) |
Other expenses | (112) |
Distribution and selling expenses | (180) |
Administrative expenses | (249) |
Finance costs | (960) |
Share of loss of joint ventures | (9) |
LOSS BEFORE TAXATION | (94) |
Income tax charge | (106) |
LOSS FOR THE YEAR | (200) |
4
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2018
HKD'million | |
(Unaudited) | |
Non-current assets | |
Property, plant and equipment | 11,374 |
Prepaid lease payments | 486 |
Investment property | 78 |
Interests in joint ventures | 708 |
Mining interests | 3,680 |
Non-current other receivables | 32 |
16,358 | |
Current assets | |
Inventories | 212 |
Trade debtors | 12,720 |
Other debtors, prepayments and deposits | 166 |
Derivative financial instruments | 4 |
Financial asset at fair value through profit or loss | 8 |
Pledged bank deposits | 50 |
Bank balances and cash | 180 |
13,340 | |
TOTAL ASSETS | 29,698 |
Current liabilities | |
Trade creditors | 1,078 |
Other creditors and accrued charges | 2,646 |
Amount due to related company | 127 |
Bank overdraft | 63 |
Bank and other borrowings | 13,131 |
Profits tax liabilities | 152 |
17,197 | |
Non-current liabilities | |
Long-term other payable | 4 |
Provision for restoration and environmental costs | 261 |
Deferred tax liabilities | 84 |
349 | |
TOTAL LIABILITIES | 17,546 |
Equity | |
Share capital | 254 |
Reserve | 11,898 |
TOTAL EQUITY | 12,152 |
TOTAL EQUITY & LIABILITIES | 29,698 |
5 | |
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2019
HKD'million | |
(Unaudited) | |
Revenue | 3,421 |
Cost of sales & services | (2,703) |
GROSS PROFIT | 718 |
Other income | 30 |
Other gains and losses, net | (759) |
Other expenses | (977) |
Distribution and selling expenses | (108) |
Administrative expenses | (198) |
Finance costs | (1,134) |
Share of profit of joint ventures | 3 |
LOSS BEFORE TAXATION | (2,425) |
Income tax charge | (129) |
LOSS FOR THE YEAR | (2,554) |
6
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2019
HKD'million | ||
(Unaudited) | ||
Non-current assets | ||
Property, plant and equipment | 7,360 | |
Prepaid lease payments | 456 | |
Investment property | 80 | |
Interests in joint ventures | 682 | |
Mining interests | 3,288 | |
Non-current other receivables | 24 | |
11,890 | ||
Current assets | ||
Inventories | 26 | |
Amount due from related company | 350 | |
Trade debtors | 12,785 | |
Other debtors, prepayments and deposits | 1,787 | |
NCA held for sale | 1,688 | |
Financial asset at fair value through profit or loss | 10 | |
Pledged bank deposits | 28 | |
Bank balances and cash | 205 | |
16,879 | ||
TOTAL ASSETS | 28,769 | |
Current liabilities | ||
Trade creditors | 1,178 | |
Other creditors and accrued charges | 4,063 | |
Bank and other borrowings | 9,045 | |
Liabilities associated NCA held for sale | 1,129 | |
Profits tax liabilities | 142 | |
15,557 | ||
Non-current liabilities | ||
Long-term other payable | 2,940 | |
Provision for restoration and environmental costs | 781 | |
Deferred tax liabilities | 145 | |
3,866 | ||
TOTAL LIABILITIES | 19,423 | |
Equity | ||
Share capital | 254 | |
Reserve | 9,092 | |
TOTAL EQUITY | 9,346 | |
TOTAL EQUITY & LIABILITIES | 28,769 | |
7 | ||
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2017
HKD'million | |
(Unaudited) | |
Revenue | 25,626 |
Cost of sales | (24,675) |
GROSS PROFIT | 951 |
Other income | 15 |
Other gains and losses, net | (146) |
Other expenses | (68) |
Distribution and selling expenses | (102) |
Administrative expenses | (128) |
Finance costs | (431) |
Share of loss of joint ventures | (8) |
PROFIT BEFORE TAXATION | 83 |
Income tax charge | (45) |
PROFIT FOR THE PERIOD | 38 |
8
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2017
HKD'million | ||
(Unaudited) | ||
Non-current assets | ||
Property, plant and equipment | 11,421 | |
Prepaid lease payments | 503 | |
Investment property | 70 | |
Interests in joint ventures | 718 | |
Mining interests | 3,888 | |
Non-current other receivables | 106 | |
16,706 | ||
Current assets | ||
Inventories | 386 | |
Trade debtors | 16,665 | |
Other debtors, prepayments and deposits | 98 | |
Financial asset at fair value through profit or loss | 9 | |
Pledged bank deposits | 153 | |
Bank balances and cash | 588 | |
17,899 | ||
TOTAL ASSETS | 34,605 | |
Current liabilities | ||
Trade creditors | 5,992 | |
Other creditors and accrued charges | 809 | |
Amount due to related company | 632 | |
Bank overdraft | 63 | |
Bank and other borrowings | 12,543 | |
Convertible notes | 1,394 | |
Derivative financial instruments | 98 | |
Profits tax liabilities | 179 | |
21,710 | ||
Non-current liabilities | ||
Long-term other payable | 5 | |
Provision for restoration and environmental costs | 264 | |
Deferred tax liabilities | 79 | |
348 | ||
TOTAL LIABILITIES | 22,058 | |
Equity | ||
Share capital | 254 | |
Reserve | 12,293 | |
TOTAL EQUITY | 12,547 | |
TOTAL EQUITY & LIABILITIES | 34,605 | |
9 | ||
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2018
HKD'million | |
(Unaudited) | |
Revenue | 2,170 |
Cost of sales | (1,758) |
GROSS PROFIT | 412 |
Other income | 4 |
Other gains and losses, net | (78) |
Other expenses | (11) |
Distribution and selling expenses | (58) |
Administrative expenses | (105) |
Finance costs | (581) |
Share of profit of joint ventures | 3 |
LOSS BEFORE TAXATION | (414) |
Income tax charge | (54) |
LOSS FOR THE PERIOD | (468) |
10
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2018
HKD'million | |
(Unaudited) | |
Non-current assets | |
Property, plant and equipment | 11,256 |
Prepaid lease payments | 462 |
Investment property | 78 |
Interests in joint ventures | 683 |
Mining interests | 3,492 |
Non-current other receivables | 57 |
16,028 | |
Current assets | |
Inventories | 76 |
Amount due from related company | 263 |
Trade debtors | 12,851 |
Other debtors, prepayments and deposits | 210 |
Financial asset at fair value through profit or loss | 10 |
Pledged bank deposits | 27 |
Bank balances and cash | 102 |
13,539 | |
TOTAL ASSETS | 29,567 |
Current liabilities | |
Trade creditors | 1,030 |
Other creditors and accrued charges | 3,141 |
Bank and other borrowings | 13,358 |
Derivative financial instruments | 18 |
Profits tax liabilities | 141 |
17,688 | |
Non-current liabilities | |
Long-term other payable | 4 |
Provision for restoration and environmental costs | 223 |
Deferred tax liabilities | 121 |
348 | |
TOTAL LIABILITIES | 18,036 |
Equity | |
Share capital | 254 |
Reserve | 11,277 |
TOTAL EQUITY | 11,531 |
TOTAL EQUITY & LIABILITIES | 29,567 |
11
The Board wishes to emphasise that the information set out above is only based on a preliminary review and assessment on the unaudited management accounts of the Group and the information currently available for the Audit Committee of the Company and has not been confirmed, reviewed nor audited by the Company's auditor. The Audit Committee cannot perform a comprehensive assessment on the Unaudited Management Accounts. The Board cannot guarantee that the unaudited financial results truly reflect the financial performance and condition of the Company and might be misleading if any potential adjustment has to be taken into account. Shareholders and potential investors should exercise caution when considering the above figures and when dealing in the securities of the Company.
CONTINUED SUSPENSION OF TRADING
Trading in the Company's shares on the Stock Exchange has been suspended since 3 October 2017 pending the publication of the results announcements of the Company for the year ended 30 June 2017, the six months ended 31 December 2017, the year ended 30 June 2018, the six months ended 31 December 2018 and the year ended 30 June 2019, and will remain suspended until further notice. The Company will make further announcement(s) as and when appropriate.
By Order of the Board
Brightoil Petroleum (Holdings) Limited
Tang Bo
Chairman
Hong Kong, 31 January 2020
As at the date of this announcement, the Board comprises (i) one Executive Director, namely Mr. Tang Bo; (ii) two Non-executive Directors, namely Mr. Dai Zhujiang and Mr. Zhao Liguo; and (iii) three Independent Non-executive Directors, namely Dr. Lo Wing Yan William, JP; Mr. Wang Tian and Mr. Chan Wai Leung.
* For identification purpose only
12
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Brightoil Petroleum (Holdings) Limited published this content on 31 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2020 12:49:01 UTC
