SMI HOLDINGS 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.
(I) UNAUDITED FINANCIAL INFORMATION FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018;
- DELAY IN PUBLICATION OF INTERIM RESULTS AND DESPATCH OF INTERIM REPORT; AND
- CONTINUED SUSPENSION OF TRADING OF SHARES
This announcement is made by SMI Holdings Group Limited (the "Company", and together with its subsidiaries, the "Group") pursuant to Rule 13.09 of the Rules (the "Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
References are made to the announcement (the "Announcement") of the Company dated 31 March 2019. Capitalized terms used herein shall have the same meaning as those defined in the Announcement unless the context otherwise requires.
UNAUDITED FINANCIAL INFORMATION
The Company was unable to publish the 2018 Annual Results on 31 March 2019. In order to keep the Shareholders and potential investors of the Company informed of the Group's business operation and financial position, the Board would like to provide the Shareholders and potential investors of the Company the unaudited consolidated financial information for the year ended 31 December 2018 extracted from the draft management accounts of the Group. The following preliminary unaudited consolidated financial information is prepared on the same basis as used in the audited financial statements of the Group for the year ended 31 December 2017.
1
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the years ended 31 December 2018 and 2017
2018 | 2017 | |||
HK$'000 | HK$'000 | |||
(Unaudited) | (Audited) | |||
Revenue | 1,671,895 | 3,788,764 | ||
Cost of theatre operation and sales | (1,945,378) | (2,810,646) | ||
Gross (loss)/profit | (273,483) | 978,118 | ||
Other income | 64,730 | 82,474 | ||
Other expense | (1,199,590) | (415,306) | ||
Selling and marketing expenses | (20,203) | (55,115) | ||
Administrative expenses | (283,930) | (332,026) | ||
Other gains or losses | (111,404) | 87,285 | ||
Share of profits & losses of associates | (685) | 545 | ||
(Loss)/ Profit from operations | (1,824,565) | 345,975 | ||
Finance costs | (910,189) | (599,250) | ||
Loss before tax | (2,734,754) | (253,275) | ||
Income tax expense | (4,065) | (13,245) | ||
Loss for the year | (2,738,819) | (266,520) | ||
Loss for the year attributable to: | ||||
Owners of the Company | (2,386,763) | (153,734) | ||
Non-controlling interests | (352,056) | (112,786) | ||
(2,738,819) | (266,520) | |||
2
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2018 and 2017
2018 | 2017 | |||
HK$'000 | HK$'000 | |||
(Unaudited) | (Audited) | |||
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 3,429,577 | 4,104,792 | ||
Goodwill | 7,094,824 | 7,094,692 | ||
Intangible assets | 22,622 | 33,161 | ||
Purchased license rights | 50,913 | 61,148 | ||
Prepaid lease payments | 32,752 | 37,597 | ||
Interests in associates | 16,497 | 17,835 | ||
Rental deposits | 55,065 | 65,347 | ||
Other financial assets measured at | ||||
amortised cost | - | 202,755 | ||
Deposits for renovation | 1,275,516 | 168,603 | ||
Deposits for acquisition | 1,167,505 | 292,928 | ||
Financial assets at fair value through | ||||
profit or loss | 77,064 | 147,941 | ||
Available-for-sale investments | - | 66,347 | ||
13,222,335 | 12,293,146 | |||
CURRENT ASSETS | ||||
Inventories | 289,950 | 297,727 | ||
Prepaid lease payments | 2,730 | 4,234 | ||
Trade and other receivables | 2,988,746 | 1,148,312 | ||
Held-for-trading investments | - | 61,961 | ||
Film rights investment | 561,541 | 810,617 | ||
Other loan measured at amortised cost | 106,589 | 126,000 | ||
Other financial assets measured at amortised cost | 105,125 | - | ||
Financial assets at fair value through profit or loss | 114,466 | - | ||
Amounts due from related parties | 66,866 | 76,624 | ||
Pledged bank balances | 134,358 | 149,262 | ||
Bank and cash balances | 55,589 | 97,165 | ||
4,425,960 | 2,771,902 |
3
2018 | 2017 | |||
HK$'000 | HK$'000 | |||
(Unaudited) | (Audited) | |||
CURRENT LIABILITIES | ||||
Trade and other payables | 4,156,024 | 1,467,758 | ||
Amounts due to director | 2,421 | - | ||
Amounts due to shareholder | 984,840 | - | ||
Amounts due to related parties | 1,747,552 | 22,163 | ||
Finance lease payables | 33,387 | 90,059 | ||
Bank borrowings | 49,398 | 45,411 | ||
Other borrowings | 870,701 | 1,336,112 | ||
Convertible notes | 909,000 | 907,813 | ||
Bonds | 1,520,331 | 1,528,170 | ||
Derivative financial instrument | - | 14,584 | ||
Current tax liabilities | 382,301 | 409,984 | ||
Bank overdraft | 12,976 | - | ||
10,668,931 | 5,822,054 | |||
NET CURRENT LIABILITIES | (6,242,971) | (3,050,152) | ||
TOTAL ASSETS LESS CURRENT LIABILITIES | 6,979,364 | 9,242,994 | ||
NON-CURRENT LIABILITIES | ||||
Finance lease payables | 21,089 | 55,142 | ||
Bank borrowings | 50,180 | 29,081 | ||
Other borrowings | - | 631,662 | ||
Convertible notes | 630,205 | 10,000 | ||
Bonds | 825,742 | 330,989 | ||
Deferred tax liabilities | 9,462 | 12,082 | ||
1,536,678 | 1,068,956 | |||
NET ASSETS | 5,442,686 | 8,174,038 | ||
Shareholders and potential investors should note that the above unaudited consolidated financial information of the Group has not been reviewed by the audit committee of the Company (the "Audit Committee"), nor has it been reviewed or audited by the Company's auditor. The unaudited consolidated financial information set out above is only based on the preliminary assessment of the Board after reviewing the unaudited management accounts of the Group for the year ended 31 December 2018, and is not based on any other data or information that has been audited or reviewed by the Company's auditor. The Board cannot guarantee that the unaudited consolidated financial information set out above truly reflects the financial performance and position of the Group and such information might be misleading if any potential adjustments have not been taken into account. Shareholders and potential investors should note that the Annual Results which is expected to be published by the end of December 2019 may significantly differ from the disclosure in this announcement.
4
The Company will publish further announcement(s) to inform the shareholders of the Company of the date of the Board meeting to approve the 2018 Annual Results as and when appropriate.
Shareholders and potential investors should exercise extreme caution when considering the unaudited financial information disclosed above and when dealing in the shares of the Company.
DELAY IN PUBLICATION OF INTERIM RESULTS AND DESPATCH OF INTERIM REPORT
Pursuant to Rule 13.49(6) and 13.48(1) of the Listing Rules, the Company is required to publish its preliminary results for the six months ended 30 June 2019 ("2019 Interim Results") not later than 31 August 2019 and despatch its interim report for the same financial period ("2019 Interim Report") to Shareholders on or before 30 September 2019.
The Board announces that, due to the delay of publication of the 2018 Annual Results, there will be a delay in the release of the 2019 Interim Results and the despatch of the 2019 Interim Report. The Board acknowledges that such delay constitutes breaches of Rules 13.49(6) and 13.48(1) of the Listing Rules. It is expected that the Interim Results will be published by the end of February 2020.
The Company will publish further announcement(s) to inform the shareholders of the Company of the date of the Board meeting to approve the 2019 Interim Results and the release of the 2019 Interim Results as and when appropriate.
CONTINUED SUSPENSION OF TRADING OF SHARES
Dealings in the Company's shares have been suspended with effect from 9:00 a.m. on 3 September 2018. Trading in the shares of the Company will remain suspended until further notice. The Company will keep its shareholders informed of the latest developments by publishing further announcement(s) as and when appropriate.
Shareholders and potential investors should exercise caution when dealing in the shares of the Company.
By Order of the Board
SMI Holdings Group Limited
Kenneth Jack Shang
Executive Director
Hong Kong, 2 December 2019
As at the date of this announcement, the Board of Directors comprises seven Directors, including Mr. Kenneth Jack Shang and Mr. Zhang Yong as executive Directors, Mr. Jason Chia-Lun Wang and Mr. Peter Torben Jensen as non-executive Directors and Mr. Pang Hong, Mr. Li Fusheng and Mr. Wong Shui Yeung as independent non-executive Directors.
5
Attachments
- Original document
- Permalink
Disclaimer
SMI Holdings Group Ltd. published this content on 02 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 December 2019 14:54:05 UTC
