First Mobile : ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2013

3e1cb83f-a350-43b6-b141-142acb01ee40.pdf

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.

*

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 865)

ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2013

The directors of First Mobile Group Holdings Limited (the "Company") announce the consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2013 together with the comparative figures for the year ended 31 December 2012 as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2013

2013	2012
Notes	HK$'000	HK$'000
Revenue	5	-	23,186
Cost of sales	-	(23,004)
Gross profit	-	182
Other income	6	4,252	142
Selling and distribution expenses	(3)	(739)
General and administrative expenses	(19,028)	(14,397)
Other operating expenses	(7,558)	(18,810)
Gain on deconsolidation of a liquidated subsidiary	7	-	24,508
Provision for financial guarantee liabilities	17	-	(31,139)

* For identification purposes only

2013	2012
Notes	HK$'000	HK$'000
Loss from operations	(22,337)	(40,253)
Finance costs	8	(166,566)	(162,989)
Loss before tax	(188,903)	(203,242)
Income tax	9	25	11
Loss for the year	10	(188,878)	(203,231)
Other comprehensive income/(loss) after tax:
Items that may be reclassified to profit or loss:
Exchange differences reclassified to profit or loss upon deconsolidation of a liquidated subsidiary	7	-	1,514
Exchange differences on translation of foreign operations	11,223	(3,708)
11,223	(2,194)
Total comprehensive loss for the year	(177,655)	(205,425)
Loss for the year attributable to:
Owners of the Company	(188,878)	(203,228)
Non-controlling interests	-	(3)
(188,878)	(203,231)
Total comprehensive loss for the year attributable to:
Owners of the Company	(177,655)	(205,422)
Non-controlling interests	-	(3)
(177,655)	(205,425)
Loss per share
- Basic and diluted (HK cents per share)	12	(9.71)	(10.44)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2013

2013	2012
Notes	HK$'000	HK$'000
Non-current asset
Property, plant and equipment	278	777
Current assets
Inventories	25	74
Trade receivables	13	-	868
Prepayments, deposits and other receivables	188	3,863
Bank and cash balances	451	678
664	5,483
Current liabilities
Trade and bills payables	14	542,641	546,246
Accruals and other payables	15	790,340	623,718
Bank borrowings	16	478,483	468,745
Finance lease payables	-	106
Current tax liabilities	1,469	1,913
Financial guarantee liabilities	17	58,936	58,936
Convertible loans	18	33,000	32,868
1,904,869	1,732,532
Net current liabilities	(1,904,205)	(1,727,049)
NET LIABILITIES	(1,903,927)	(1,726,272)
Capital and reserves
Share capital	194,600	194,600
Reserves	(2,096,995)	(1,919,340)
Equity attributable to owners of the Company	(1,902,395)	(1,724,740)
Non-controlling interests	(1,532)	(1,532)
TOTAL EQUITY	(1,903,927)	(1,726,272)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

1. GENERAL INFORMATION

   
   

   First Mobile Group Holdings Limited (the "Company") is a limited liability company incorporated in the Cayman Islands. The address of its registered office is P.O. Box 472, 2nd Floor, Harbour Place, 103 South Church Street, George Town, KY1-1106, Grand Cayman, Cayman. The address of its principal place of business is Workshop 6, Level 1, Wah Yiu Industrial Centre, 30-32 Au Pui Wan Street, Fotan, Shatin, New Territories, Hong Kong. The Company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and its shares have been suspended from trading since 27 November 2009.

   
   

   The Company is an investment holding company. The principal activities of the Company and its subsidiaries (collectively referred to as the "Group") are trading and distribution of mobile phones and related accessories and these activities have been gradually scaled down to inactive.

   
   

2. BASIS OF PREPARATION

   
   

   Suspension of trading in shares of the Company

   
   

   At the request of the Company, trading in shares of the Company has been suspended since 27 November 2009. Pursuant to a letter from the Stock Exchange on 3 June 2010, among other things, the Company was required to submit a viable resumption proposal (the "Resumption Proposal") to the Stock Exchange, which should address the Company's ability to meet certain conditions for resumption of trading in shares of the Company.

   
   

   On 2 November 2010, the Stock Exchange issued another letter to the Company informing that the Company had been placed in the first delisting stage under Practice Note 17 (the "PN 17") to the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules"). The Company is required to submit a Resumption Proposal to the Stock Exchange by 1 May 2011 to demonstrate that the Company has:

   
   

3. sufficient level of operations or assets of sufficient value required under Rule 13.24 of the Listing Rules;

   
   

4. adequate internal controls to meet obligations under the Listing Rules; and

   
   

5. sufficient working capital for at least twelve months from resumption date.




The Company submitted a resumption proposal to the Stock Exchange on 1 April 2011 with a view to seek the Stock Exchange's approval for the resumption of trading in the shares of the Company. However, on 26 May 2011, the Stock Exchange informed the Company that this resumption proposal had not satisfactorily demonstrated sufficiency of operations or asset under Rule 13.24 of the Listing Rules and the Company had been placed in the second stage of delisting procedures commencing on 26 May 2011 pursuant to PN17.