DAOHE GLOBAL GROUP 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.
Daohe Global Group Limited ༸ձᐑଢණྠϞࠢʮ̡
(Incorporated in Bermuda with limited liability)
(Stock Code: 915)
ANNOUNCEMENT OF FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020
FINAL RESULTS HIGHLIGHTS:
• Revenue declined by approximately 35.1% to approximately US$42.7 million (equivalent to approximately HK$332.2 million) for the year ended 31 December 2020 as compared to approximately US$65.7 million (equivalent to approximately HK$511.1 million) for the year ended 31 December 2019.
• Loss for the year ended 31 December 2020 amounted to approximately US$3.5 million (equivalent to approximately HK$27.2 million) (2019: approximately US$15.5 million (equivalent to approximately HK$120.6 million)). The loss in the preceding year included non-cash amortisation and impairment of other intangible assets, net of deferred tax credit, of approximately US$13.3 million (equivalent to approximately HK$103.5 million).
• The Directors do not recommend the payment of a final dividend for the year ended 31
December 2020.
- 1 -
FINAL RESULTS
The board (the "Board") of directors (the "Directors") of Daohe Global Group Limited (the "Company") announces the consolidated financial information of the Company and its subsidiaries (together, the "Group") for the year ended 31 December 2020, together with relevant comparative figures, as follows:
CONSOLIDATED FINANCIAL INFORMATION Consolidated Statement of Profit or Loss 2020 2019
Note
US$'000 US$'000
REVENUE | 4 | 42,654 | 65,692 |
Cost of sales | (29,921) | (51,156) | |
Gross profit | 12,733 | 14,536 | |
Other income | 2,360 | 1,342 | |
Selling and marketing expenses | (2,410) | (4,560) | |
General and administrative expenses | (14,535) | (19,345) | |
Finance costs | (91) | (119) | |
Loss on dissolution of a subsidiary | - | (55) | |
Share of loss of a joint venture | - | (1) | |
Impairment of property, plant and equipment | 9 | (543) | - |
Impairment of right-of-use assets | 9 | (1,006) | (52) |
Impairment of other intangible assets | - | (11,925) | |
LOSS BEFORE TAX | 5 | (3,492) | (20,179) |
Income tax credit | 6 | 15 | 4,690 |
LOSS FOR THE YEAR | (3,477) | (15,489) | |
ATTRIBUTABLE TO: | |||
Owners of the Company | (3,477) | (15,477) | |
Non-controlling interests | - | (12) | |
(3,477) | (15,489) | ||
LOSS PER SHARE ATTRIBUTABLE | |||
TO ORDINARY EQUITY HOLDERS | |||
OF THE COMPANY | |||
(expressed in US cent) | 8 | ||
Basic | (0.23) | (1.03) | |
Diluted | (0.23) | (1.03) |
Consolidated Statement of Comprehensive Income
2020
2019
US$'000
US$'000
LOSS FOR THE YEAR
OTHER COMPREHENSIVE INCOME/(LOSS)
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods:
Exchange differences:
Translation of foreign operations Dissolution of a subsidiary
(3,477) (15,489)
541 (1,024)
-
3
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods
541
(1,021)
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods: Remeasurements from defined benefit plan
OTHER COMPREHENSIVE INCOME/(LOSS)
FOR THE YEAR
78
619
41
(980)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (2,858) (16,469)
ATTRIBUTABLE TO:
Owners of the Company (2,858) (16,454)Non-controlling interests
-
(15)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
(2,858)
(16,469)
Consolidated Statement of Financial Position
2020 | 2019 | ||
Note | US$'000 | US$'000 | |
NON-CURRENT ASSETS | |||
Property, plant and equipment | 9 | 671 | 509 |
Right-of-use assets | 9 | 882 | 1,206 |
Goodwill | - | - | |
Other intangible assets | - | - | |
Financial asset at fair value through profit or loss | 135 | 270 | |
Equity investment designated at fair value through | |||
other comprehensive income | 77 | - | |
Deposits | 272 | 29 | |
Deferred tax asset | - | 4 | |
Total non-current assets | 2,037 | 2,018 | |
CURRENT ASSETS | |||
Inventories | 571 | 313 | |
Trade receivables | 10 | 3,707 | 6,462 |
Prepayments, deposits and other receivables | 4,547 | 4,929 | |
Cash and cash equivalents | 12,249 | 12,723 | |
Total current assets | 21,074 | 24,427 | |
CURRENT LIABILITIES | |||
Trade payables | 11 | 1,894 | 1,820 |
Accruals, provisions and other payables | 6,175 | 7,733 | |
Contract liabilities | 707 | 629 | |
Lease liabilities | 869 | 1,077 | |
Loan from a shareholder | 12(a) | 3,856 | 3,856 |
Bank borrowings | 981 | 631 | |
Tax payable | 142 | 296 | |
Total current liabilities | 14,624 | 16,042 | |
NET CURRENT ASSETS | 6,450 | 8,385 | |
TOTAL ASSETS LESS CURRENT | |||
LIABILITIES | 8,487 | 10,403 |
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Daohe Global Group Ltd. published this content on 26 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2021 11:16:08 UTC.
