TIMELESS SOFTWARE LIMITED
天 時 軟 件 有 限 公 司
(incorporated in Hong Kong with limited liability)
(Stock code: 8028)
RESULTS ANNOUNCEMENT
FOR THE YEAR ENDED 31 MARCH 2019
Characteristics of GEM of The Stock Exchange of Hong Kong Limited (the "Stock Exchange")
GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration.
Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM.
Hong Kong Exchanges and Clearing Limited and the Stock Exchange 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.
This announcement, for which the directors (the "Directors" or individually a "Director") of Timeless Software Limited (the "Company") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the "GEM Listing Rules") for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.
This announcement shall remain on the "Latest Company Announcements" page of the GEM website at www.hkgem.com for at least seven days from the date of its publication and on the Company's website at www.timeless.com.hk.
- 1 -
RESULTS
The board of Directors ("Board") of the Company is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 March 2019, together with the comparative audited figures for the corresponding period in 2018, reviewed by the audit committee of the Company and approved by the Board on 21 June 2019 as follows:
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 31 March 2019
2019 | 2018 | ||||
Notes | HK$'000 | HK$'000 | |||
Revenue | 3 | 78,154 | 174,172 | ||
Other income and gains | 3,358 | 3,740 | |||
Production costs | (58,548) | (123,827) | |||
Staff costs | (10,940) | (13,778) | |||
Depreciation and amortisation | (2,972) | (4,225) | |||
Other expenses | (13,110) | (19,713) | |||
Loss on disposal/written-off of property, plant and equipment | (3,724) | (2,732) | |||
Impairment loss on mining assets | (56,045) | - | |||
Impairment loss on interest in associates | (7,835) | - | |||
Loss arising on change in fair value of held-for-trading investments | - | (53) | |||
Fair value gain on investment properties | 90 | 1,208 | |||
Fair value changes on financial assets at fair value through | 6,315 | ||||
profit or loss | - | ||||
Fair value changes on financial assets designated as at fair value | - | ||||
through profit or loss | 2,825 | ||||
Gain on disposal of an associate | - | 3,057 | |||
Finance costs | 4 | (502) | (368) | ||
Share of loss of associates | (3,920) | (2,177) | |||
Impairment loss on amount due from an associate | (740) | - | |||
(Loss)/profit before tax | (70,419) | 18,129 | |||
Income tax credit/(expense) | 5 | 3,660 | (4,111) | ||
(Loss)/profit for the year | 6 | (66,759) | 14,018 | ||
Other comprehensive (expense)/income, net of income tax | |||||
Items that may be reclassified subsequently to profit or loss: | (14,569) | ||||
Exchange differences on translating foreign operations | 28,779 | ||||
Reclassification adjustment on reserves released upon disposal of | - | ||||
an associate | (1,534) | ||||
Share of exchange differences of associates | - | 270 | |||
Share of other comprehensive expense of associates | - | (1,581) | |||
Other comprehensive (expense)/income for the year, net of | |||||
(14,569) | |||||
income tax | 25,934 | ||||
Total comprehensive (expense)/income for the year | (81,328) | 39,952 | |||
(Loss)/profit attributable to: | |||||
(27,785) | |||||
Owners of the Company | 2,002 | ||||
Non-controlling interests | (38,974) | 12,016 | |||
(66,759) | 14,018 | ||||
Total comprehensive (expense)/income attributable to: | |||||
(31,575) | |||||
Owners of the Company | 6,597 | ||||
Non-controlling interests | (49,753) | 33,355 | |||
(81,328) | 39,952 | ||||
(Loss)/earnings per share | HK cents | HK cents | |||
(0.99) | |||||
- Basic and diluted | 7 | 0.07 | |||
- 2 -
Consolidated Statement of Financial Position
At 31 March 2019
2019 | 2018 | ||||
Notes | HK$'000 HK$'000 | ||||
Non-current assets | 14,895 | ||||
Property, plant and equipment | 34,552 | ||||
Investment properties | 10,290 | 10,200 | |||
Other intangible assets | 8 | 109,540 | 186,208 | ||
Interests in associates | 39,357 | 292 | |||
Other financial asset | - | 10,625 | |||
Financial assets at fair value through profit or loss | 17,804 | - | |||
Prepaid lease payments | 6,313 | 6,925 | |||
Deposits | 23,720 | 29,234 | |||
Land rehabilitation costs | 2,275 | 2,813 | |||
224,194 | 280,849 | ||||
Current assets | |||||
20,112 | |||||
Inventories | 6,459 | ||||
Prepaid lease payments | 233 | 245 | |||
Trade and other receivables | 9 | 1,312 | 9,299 | ||
Held-for-trading investments | - | 3,044 | |||
Financial assets at fair value through profit or loss | 2,957 | - | |||
Bank balances and cash | 41,579 | 133,585 | |||
66,193 | 152,632 | ||||
Current liabilities | |||||
11,655 | |||||
Trade and other payables | 10 | 13,365 | |||
Contract liabilities | 77 | - | |||
Dividends payable to non-controlling interests | 4,410 | 29,619 | |||
Promissory note | 11 | - | 10,266 | ||
Provision for land rehabilitation | 2,348 | 2,490 | |||
Obligations under finance leases | 271 | 256 | |||
Loan from related companies | 15,000 | - | |||
Current tax liabilities | - | 622 | |||
33,761 | 56,618 | ||||
Net current assets | 32,432 | 96,014 | |||
Total assets less current liabilities | 256,626 | 376,863 | |||
Non-current liabilities | |||||
891 | |||||
Amount due to a non-controlling interest | 891 | ||||
Provision for land rehabilitation | 6,872 | 7,291 | |||
Obligations under finance leases | - | 271 | |||
Deferred tax liabilities | 15,930 | 28,828 | |||
23,693 | 37,281 | ||||
Net assets | 232,933 | 339,582 | |||
Capital and reserves | |||||
906,074 | |||||
Share capital | 906,074 | ||||
Reserves | (798,917) | (767,342) | |||
Equity attributable to owners of the Company | 107,157 | 138,732 | |||
Non-controlling interests | 125,776 | 200,850 | |||
Total equity | 232,933 | 339,582 | |||
- 3 - | |||||
Consolidated Statement of Changes in Equity
For the year ended 31 March 2019
Attributable | |||||||||||||||||||||||||
Share | Investment | Property | to owners | Non- | |||||||||||||||||||||
Share | options | General | revaluation | revaluation | Translation | Accumulated | of the | controlling | |||||||||||||||||
capital | reserve | reserve | reserve | reserve | reserve | deficit | Company | interests | Total | ||||||||||||||||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||||||||||||||||
Balance at 1 April 2017 | 906,074 | 2,778 | 647 | 1,631 | 964 | (6,119) | (773,840) | 132,135 | 217,250 | 349,385 | |||||||||||||||
Profit for the year | - | - | - | - | - | - | 2,002 | 2,002 | 12,016 | 14,018 | |||||||||||||||
Other comprehensive income/ | |||||||||||||||||||||||||
(expense) for the year | - | - | - | (1,631) | - | 6,226 | - | 4,595 | 21,339 | 25,934 | |||||||||||||||
Total comprehensive income/ | |||||||||||||||||||||||||
(expense) for the year | - | - | - | (1,631) | - | 6,226 | 2,002 | 6,597 | 33,355 | 39,952 | |||||||||||||||
Release of reserve upon share | |||||||||||||||||||||||||
options cancelled | - | (710) | - | - | - | - | 710 | - | - | - | |||||||||||||||
Capital injection from a non- | |||||||||||||||||||||||||
controlling interest | - | - | - | - | - | - | - | - | 109 | 109 | |||||||||||||||
Dividends distributed to non- | |||||||||||||||||||||||||
controlling interests | - | - | - | - | - | - | - | - | (49,864) | (49,864) | |||||||||||||||
Balance at 31 March 2018 | 906,074 | 2,068 | 647 | - | 964 | 107 | (771,128) | 138,732 | 200,850 | 339,582 | |||||||||||||||
Loss for the year | - | - | - | - | - | - | (27,785) | (27,785) | (38,974) | (66,759) | |||||||||||||||
Other comprehensive expense for | |||||||||||||||||||||||||
the year | - | - | - | - | - | (3,790) | - | (3,790) | (10,779) | (14,569) | |||||||||||||||
Total comprehensive expense for | |||||||||||||||||||||||||
the year | - | - | - | - | - | (3,790) | (27,785) | (31,575) | (49,753) | (81,328) | |||||||||||||||
Release of reserve upon share | |||||||||||||||||||||||||
options lapsed | - | (44) | - | - | - | - | 44 | - | - | - | |||||||||||||||
Capital injection from a non- | |||||||||||||||||||||||||
controlling interest | - | - | - | - | - | - | - | - | 2 | 2 | |||||||||||||||
Transfer to general reserve | - | - | 503 | - | - | - | (503) | - | - | - | |||||||||||||||
Dividends distributed to non- | |||||||||||||||||||||||||
controlling interests | - | - | - | - | - | - | - | - | (25,323) | (25,323) | |||||||||||||||
Balance at 31 March 2019 | 906,074 | 2,024 | 1,150 | - | 964 | (3,683) | (799,372) | 107,157 | 125,776 | 232,933 | |||||||||||||||
- 4 -
NOTES:
-
GENERAL
Timeless Software Limited (the "Company") is a public limited company incorporated in Hong Kong and its shares are listed on GEM of the Stock Exchange. The address of the registered office and principal place of business of the Company are disclosed in the corporate information section of the annual report.
The principal activity of the Company is investment holding. The Company and its subsidiaries (the "Group") are principally engaged in the exploration and exploitation of mines, provision of consultancy and software maintenance and development, e-commerce services as well as various investments in metal processing and trading company, IT and innovation projects, including e-Sport tournament organiser, bio and nano new materials, IT startup fund and intelligent agricultural applications.
These consolidated financial statements are presented in Hong Kong dollars ("HK$"), which is the same as the functional currency of the Company.
The financial information relating to the years ended 31 March 2019 and 2018 included in this announcement does not constitute the Company's statutory annual consolidated financial statements for those years but is derived from those financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Companies Ordinance (Cap. 622) is as follows:
The Company has delivered the financial statements for the year ended 31 March 2018 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Companies Ordinance and will deliver the financial statements for the year ended 31 March 2019 to the Registrar of Companies in due course.
The Company's auditors have reported on the financial statements of the Group for both financial years. The auditors' reports were unqualified; did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their reports; and did not contain a statement under sections 406(2), 407(2) or (3) of the Companies Ordinance. - APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs")
New and amendments to HKFRSs that are mandatorily effective for the current year
The Group has applied the following new and amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") for the first time in the current year:
HKFRS 9 | Financial Instruments |
HKFRS 15 | Revenue from Contracts with Customers |
HK(IFRIC)-Int 22 | Foreign Currency Transactions and Advance Consideration |
Amendments to HKFRS 2 | Classification and Measurement of Share-based Payment Transactions |
Amendments to HKFRS 4 | Applying HKFRS 9 Financial Instruments with HKFRS 4 Insurance |
Contracts | |
Amendments to HKFRS 15 | Classification to HKFRS 15 |
Amendments to HKAS 28 | As part of the Annual Improvements to HKFRSs 2014-2016 Cycle |
Amendments to HKAS 40 | Transfers of Investment Property |
- 5 -
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Timeless Software Ltd. published this content on 24 June 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 June 2019 01:24:05 UTC