VODATEL NETWORKS HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited (a company incorporated in Hong Kong with limited liability) and the Exchange take no responsibility for the contents of this document, 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 document.
VODATEL NETWORKS HOLDINGS LIMITED ฌ ༺ л ၣ ഖ છ ٰ Ϟ ࠢ ʮ ̡*
(Incorporated in Bermuda with limited liability)
Stock Code: 8033
BUSINESS AND FINANCIAL HIGHLIGHTS FOR THE YEAR
• Due to some contracts signed during the Year not yet recognised as revenue in the same year, the Group reported revenue of HK$416,848,000 as compared to the corresponding year of HK$439,317,000, or a drop of 5.11%
• Due to a drop in revenue and gross profit margin slightly narrowing from 26.00% to 25.69%, the Group achieved just breakeven with its operations
• Equity base stood at HK$205,602,000 as at 31st December 2018, of which cash and cash equivalents and yield-enhanced financial instruments remained at a healthy level at HK$133,562,000
• Although VHL and MDL in aggregate secured contracts just approximately HK$200,000,000 from the Government of Macao during the Year, representing an approximate year-on-year drop of 20%, due to the Mainland China team tripling the contracts signed in the Year to over HK$82,000,000, the order book of the Group grew by 2.64% to reach over HK$450,000,000
• The Directors recommend the payment of a final dividend of HK$0.005 per Share for the Year
RESULTS
The Board is pleased to present the audited consolidated results of the Group for the Year as follows:
Consolidated income statement
Year ended 31st December
Notes | 2018 | 2017 | |
HK$'000 | HK$'000 | ||
Revenue from contracts with customers | 2 | 416,848 | 439,317 |
Cost of sales of goods | 3 | (249,367) | (273,019) |
Cost of providing services | (60,398) | (52,059) | |
Gross profit | 107,083 | 114,239 | |
Selling and marketing costs | (12,897) | (12,308) | |
Administrative expenses | 3 | (96,788) | (95,195) |
Impairment loss on financial assets | - | (10,501) | |
Other gains/(losses), net | 822 | (1,119) | |
Operating loss | (1,780) | (4,884) | |
Finance income | 2,618 | 2,254 | |
Finance costs | (75) | (1) | |
Finance income - net | 2,543 | 2,253 | |
Share of net profit of an associate accounted | |||
for using the equity method | 10 | 7 | |
Profit/(loss) before income tax | 773 | (2,624) | |
Income tax expense | 4 | (703) | (3,139) |
Profit/(loss) for the Year | 70 | (5,763) | |
Profit/(loss) is attributable to: | |||
Owners of the Company | (171) | (4,827) | |
Non-controlling interests | 241 | (936) | |
70 | (5,763) | ||
Loss per Share for loss attributable to the | |||
ordinary equity holders of the Company: | HK Cent | HK Cent | |
Basic and diluted loss per Share | 5 | (0.03) | (0.79) |
Dividends (expressed in HK$'000) | 6(b) | 3,072 | 6,144 |
Consolidated statement of comprehensive incomeYear ended 31st December
2018 | 2017 | |
HK$'000 | HK$'000 | |
Profit/(loss) for the Year | 70 | (5,763) |
------------ | ------------ | |
Other comprehensive expense | ||
Items that may be reclassified to profit or loss | ||
Changes in the fair value of debt | ||
instruments at FVOCI | (2,943) | - |
Changes in the fair value of AFS financial | ||
assets | - | (12,661) |
Revaluation transfer to profit or loss | 261 | 980 |
Exchange differences on translation of | ||
foreign operations | (25) | 2 |
Other comprehensive expense for the Year, | ||
net of tax | (2,707) | (11,679) |
Total comprehensive expense for the Year | (2,637) | (17,442) |
Total comprehensive expense for the Year is | ||
attributable to: | ||
Owners of the Company | (2,878) | (16,507) |
Non-controlling interests | 241 | (935) |
(2,637) | (17,442) |
Consolidated balance sheet
2017 | |||
Notes | HK$'000 | HK$'000 | |
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 3,369 | 4,775 | |
Interest in an associate | 818 | 808 | |
Financial assets at FVOCI | 43,813 | - | |
AFS financial assets | - | 39,029 | |
Total non-current assets | 48,000 | 44,612 | |
Current assets | |||
Inventories | 18,120 | 22,822 | |
Contract assets | 21,897 | - | |
Trade receivables | 7 | 107,120 | 184,112 |
Other receivables, deposits and prepayments | 54,517 | 37,131 | |
Financial assets at FVOCI | 3,917 | - | |
Financial assets at amortised cost | 7,400 | - | |
AFS financial assets | - | 7,141 | |
Cash and cash equivalents | 79,888 | 75,342 | |
Total current assets | 292,859 | 326,548 | |
Total assets | 340,859 | 371,160 | |
------------ | ------------ | ||
LIABILITIES | |||
Current liabilities | |||
Trade and bills payables | 8 | 59,608 | 82,245 |
Other payables and accruals | 22,923 | 63,815 | |
Contract liabilities | 43,022 | - | |
Current tax liabilities | 9,704 | 10,717 | |
Total liabilities | 135,257 | 156,777 | |
Net current assets | 157,602 | 169,771 | |
Net assets | 205,602 | 214,383 |
As at 31st December 2018
As at 31st December 2018
2017
Notes | HK$'000 | HK$'000 | |
EQUITY | |||
Share capital | 61,570 | 61,570 | |
Other reserves | 142,341 | 144,821 | |
Retained earnings | |||
- Proposed final dividend | 6(b) | 3,072 | 6,144 |
- Others | 457 | 3,927 | |
Capital and reserves attributable to owners of | |||
the Company | 207,440 | 216,462 | |
Non-controlling interests | (1,838) | (2,079) | |
Total equity | 205,602 | 214,383 |
The audited consolidated results of the Group for the Year were reviewed by the audit committee of the Company.
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Vodatel Networks Holdings Limited published this content on 20 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 20 March 2019 13:24:07 UTC
