TOOLUX SANDING S.A. TOOLUX SANDING S.A
Registered office: 3B, Boulevard du Prince Henri
L-1724 LUXEMBOURG
R.C.S Luxembourg B-142.041
Unaudited Consolidated Interim
Financial Statements for the period
From January 1, 2019 until June 30, 2019
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(euros)
TOOLUX SANDING SA
ITEMS | From January 1, 2019 | From January 1, 2018 | From January 1, 2018 | ||
to June 30,2019 | to December 31,2018 | to June 30,2018 | |||
SALES OF MAIN OPERATIONS | 5 408 983 | 12 | 464 | 682 | 6 105 831 |
Less:cost of main operations | -3 549 194 | -9 | 043 | 257 | -4 610 786 |
GROSS PROFIT | 1 859 789 | 3 421 425 | 1 495 045 | ||
Add: Income from other operations | 97 600 | 180 | 783 | 41 866 | ||
Less: Selling | expenses | -316 591 | -561 196 | -293 537 | ||
Less: General | and administrative expenses | -1 354 207 | -3 | 190 | 727 | -1 777 540 |
Less: Financial expenses | -697 650 | -1 | 389 | 182 | -726 115 | |
OPERATING INCOME | -411 059 | -1 538 897 | -1 260 281 | |||
Investment income(loss expressed with "-") | 3 369 | 3 | 586 | |
Non-operating income | 76 720 | 183 | 111 | 195 |
Less:Sales tax and additions | -20 891 | -103 762 | -37 563 | |
Less:Non-operating expenses | -11 514 | -270 | 929 | -255 598 |
PROFIT BEFORE TAX (LOSS EXPRESSED WITH "-") | -363 375 | -1 726 891 | -1 553 247 | |
Less: Income tax | -4 | 469 | -32 232 | |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | -363 375 | -1 731 360 | -1 585 479 | |
PROFIT PER SHARE (BASIC AND DILUTED) | -0,21 | -0,99 | -0,90 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(euros)
From January 1, 2019 to June 30, 2019
TOOLUX SANDING SA
ITEMS | June 30, 2019 | December 31,2018 | June 30, 2018 |
NON CURRENT ASSETS : | |||
Property, plant and equipment | 17 359 100 | 17 488 948 | 17 928 239 |
Less:Accumulated depreciation | -6 500 017 | -6 272 726 | -5 905 325 |
Property, plant and equipment (net value) | 10 859 083 | 11 216 222 | 12 022 914 |
Construction in progress | 670 119 | 657 593 | 636 214 |
Intangible assets | 812 787 | 812 151 | 833 379 |
Long-term investment | 156 970 | 155 842 | 159 144 |
Long-term prepaid assets | 23 708 | 35 792 | 48 732 |
Deferred tax assets | |||
TOTAL NON CURRENT ASSETS | 12 522 667 | 12 877 600 | 13 700 383 |
CURRENT ASSETS: | |||
Inventories | 2 884 790 | 2 577 569 | 2 226 307 |
Trade debtors | 958 417 | 2 142 345 | 2 403 468 |
Other receivable | 7 368 443 | 7 844 402 | 8 963 098 |
Advances to suppliers | 5 820 722 | 6 192 181 | 7 162 150 |
Cash and cash equivalents | 7 200 807 | 7 520 701 | 5 787 853 |
TOTAL CURRENT ASSETS | 24 233 179 | 26 277 198 | 26 542 876 |
TOTAL ASSETS | 36 755 846 | 39 154 798 | 40 243 259 |
CURRENT LIABILITIES: | |||
Bank borrowings | 19 276 076 | 19 962 921 | 20 846 247 |
Notes payable | 1 534 821 | 1 523 790 | |
Trade creditors | 2 133 414 | 2 214 040 | 2 009 248 |
Advances received from customers | 833 630 | 1 834 041 | 2 202 184 |
Accrued payroll | 153 107 | 117 114 | |
Welfare benefits payable | 30 473 | 178 250 | 30 895 |
Taxes payable | 44 027 | 144 944 | 133 991 |
Other levies payable | 5 454 | 7 111 | 3 926 |
Other payable | 2 573 355 | 2 871 133 | 5 067 101 |
TOTAL CURRENT LIABILITIES | 26 584 357 | 28 736 230 | 30 410 706 |
OWNERS'/SHAREHOLDERS' EQUITY | |||
Subscribed capital | 1 753 667 | 1 753 667 | 1 753 667 |
Other reserves | 5 828 306 | 6 191 682 | 5 767 993 |
Exchange differences on translating foreign operations | 2 479 527 | 2 396 823 | 2 681 667 |
TOTAL OWNERS' EQUITY | 10 061 500 | 10 342 172 | 10 203 327 |
Non-controlling interests | 109 989 | 76 396 | -370 774 |
TOTAL LIABILITIES & OWNERS' EQUITY | 36 755 846 | 39 154 798 | 40 243 259 |
Toolux Sanding SA
Notes to the Consolidated Interim Financial Statements for the
six months period ended June 30, 2019
- General Information
The consolidated financial statements of Toolux Sanding SA ("the Company") and its subsidiaries (collectively referred as "the Group") are prepared for the six months period ended June 30, 2019.
The registered office is located at 3B, boulevard du Prince Henri, L-1724 Luxembourg.
The company was incorporated on 2th October 2008 as a Société Anonyme with a fully paid share capital of Euros 350 000.
On 13th October 2008, the directors increased, by a contribution in kind, the capital of the Company by 1 000 000 euros to bring it from 350 000 euros to 1 350 000 euros by the issuance of 1 000 000 new shares with a nominal value of 1 euro each.
The contribution in kind was represented by 100 % of the share capital of Giant Dragon Holdings Ltd (Samoa), a company incorporated in Samoa on 17th January 2007 with registered number 30466 and located at Level 2, Nia Mall, Vaea Street, Apia, Samoa. The contribution in kind value was based on Giant Dragon Holdings Ltd net asset value as at June 30, 2008.
On December 17, 2008, in connection with the admission of the Company on Alternext Market of Euronext Paris, the board of directors realized an increase of the issued share capital paid up in cash to bring it from 1 350 000 Euros to 1 753 667 Euros (1 753 667 shares of 1 euro each). The total amount of the contribution is five million eighty-two thousand one hundred and sixty seven Euros fifty three cents (EUROS 5 082 167,53) represented by four hundred and three thousand six hundred and sixty seven Euros (403 667) for the capital and four million six hundred and seventy-eight thousand five hundred euro fifty three cents (4 678 500,53 Euros) for the share premium.
On December 2, 2008, the company acquired from Giant Dragon Holdings Ltd, for a consideration of 2 998 000 usd, 100 % of the share capital of Shaoxing Sanding Tools Ltd, a Chinese company with registered office at Industrial Park, Ganlin Town, Shenghzou City, Zhejiang Province, China.
The principal activities of Shaoxing Sanding Tools and of its subsidiary, Zhejiang Sanding Tools are the manufacturing and selling of plastic and metal tools.
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- Basis of preparation
Basis of accounting
The consolidated financial statements for the six months period ended June 30, 2019 were prepared on the basis of financial statements of the following companies:
- Toolux Sanding SA (the company)
- Shaoxing Sanding Tools Ltd (People's Republic of China subsidiary) ;
- Zhejiang Sanding Tools Ltd (People's Republic of China subsidiary) ;
- Shengzhou Sanding Business Travelling Services Co Ltd (People's Republic of China subsidiary) ;
The consolidated financial statements of the Group, expressed in euros, have been prepared in accordance with International Financial Reporting Standards ("IFRS") under the historical cost convention, except as disclosed in the accounting policies below.
Significant accounting estimates and judgments
The preparation of the consolidated financial statements in conformity with IFRS requires the use of judgments, estimate and assumptions, if any, that affect the reported amounts of assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the financial year. Although these estimates are based on management's best knowledge of current events and actions, actual results may differ from those estimates.
Foreign Currency Translation
Items included in the financial statements of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The functional currency of the subsidiaries is Renminbi ("RMB") whereas the consolidated financial statements are presented in euros, which is the Group's presentation currency.
The subsidiaries'transactions in foreign currencies are converted at the market exchange rate published by People's Bank of China on the transaction date. The ending balances of various foreign currency accounts are adjusted per the exchange rate (the medium rate) prevailing at the last month of the period.
The financial statements of the overseas subsidiaries are translated into the Group's presentation currency using the period end rate for the balance sheet items (1 Euro = 7.8185 Rmb as of June 30, 2019) and the average rate of exchange for the income statements items (1 Euro = 7,6581 Rmb for the period ended June 30, 2019).
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Toolux Sanding SA published this content on 08 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2022 03:43:01 UTC.
