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.
COOLPAD GROUP LIMITED ბݼණྠϞࠢʮ̡
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 2369)
INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2017
FINANCIAL HIGHLIGHTS
Six months ended 30 June
2017 | 2016 | change | |
(HK$'000) | (HK$'000) | (%) | |
(Unaudited) | (Unaudited) | ||
Revenue | 2,390,165 | 5,277,394 | -54.7 |
Loss before tax | (1,057,420) | (2,071,178) | -48.9 |
Net loss attributable to owners of the Company | (1,049,097) | (2,053,124) | -48.9 |
Basic loss per share | (HK20.84 cents) | (HK40.90 cents) | -49.0 |
Diluted loss per share | (HK20.84 cents) | (HK40.90 cents) | -49.0 |
The board (the "Board") of directors (the "Directors") of Coolpad Group Limited (the "Company") announces the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 June 2017 together with comparative figures for the corresponding period of 2016 as follows:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30 June 2017
Six months ended 30 June 2017
2016
HK$'000 | HK$'000 | ||
Notes | (Unaudited) | (Unaudited) | |
REVENUE | 4 | 2,390,165 | 5,277,394 |
Cost of sales | (2,296,561) | (4,571,945) | |
Gross profit | 93,604 | 705,449 | |
Other income and gains | 4 | 162,638 | 130,307 |
Selling and distribution expenses | (477,407) | (379,035) | |
Administrative expenses | (506,788) | (402,807) | |
Other expenses | (265,584) | (1,932,079) | |
Finance costs | 6 | (10,447) | (26,682) |
Share of losses of: | |||
Associates | (52,851) | (46,753) | |
A joint venture | (585) | (119,578) | |
LOSS BEFORE TAX | 5 | (1,057,420) | (2,071,178) |
Income tax expense | 7 | (1,398) | (1,248) |
LOSS FOR THE PERIOD | (1,058,818) | (2,072,426) | |
OTHER COMPREHENSIVE INCOME/(LOSS) | |||
Items that may be reclassified subsequently to profit or loss: | |||
Exchange differences on translation of foreign operations | 18,923 | (41,202) | |
OTHER COMPREHENSIVE INCOME/(LOSS) | |||
FOR THE PERIOD, NET OF TAX | 18,923 | (41,202) | |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (1,039,895) | (2,113,628) | |
LOSS FOR THE PERIOD | |||
Attributable to: | |||
Owners of the Company | (1,049,097) | (2,053,124) | |
Non-controlling interests | (9,721) | (19,302) | |
(1,058,818) | (2,072,426) | ||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | |||
Attributable to: | |||
Owners of the Company | (1,034,174) | (2,094,326) | |
Non-controlling interests | (9,721) | (19,302) | |
(1,039,895) | (2,113,628) | ||
LOSS PER SHARE ATTRIBUTABLE TO | |||
ORDINARY EQUITY HOLDERS OF THE COMPANY | 9 | ||
Basic | (HK20.84 cents) | (HK40.90 cents) | |
Diluted | (HK20.84 cents) | (HK40.90 cents) |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2017
30 June | 31 December | ||
2017 | 2016 | ||
HK$'000 | HK$'000 | ||
Notes | (Unaudited) | (Audited) | |
NON-CURRENT ASSETS | |||
Property, plant and equipment | 995,022 | 997,534 | |
Investment properties | 101,688 | 106,427 | |
Prepaid land lease payments | 304,917 | 348,646 | |
Intangible assets | 20,020 | 26,451 | |
Investments in joint ventures | 107,702 | 108,288 | |
Investments in associates | 988,271 | 1,050,857 | |
Available-for-sale investments | 33,215 | 31,068 | |
Long-term loan receivables | - | 25,001 | |
Other non-current assets | 11,104 | 41,062 | |
Deferred tax assets | 2,173 | 5,698 | |
Total non-current assets | 2,564,112 | 2,741,032 | |
CURRENT ASSETS | |||
Inventories | 849,883 | 1,395,870 | |
Trade receivables | 10 | 900,222 | 860,599 |
Bills receivable | 11 | - | 82,491 |
Short-term loans receivable | 219,240 | 369,545 | |
Prepayments, deposits and other receivables | 1,397,059 | 2,540,530 | |
Due from directors | - | 500 | |
Due from associates | 20,937 | 11,261 | |
Due from other related parties | - | 182,683 | |
Pledged time deposits | 175,769 | 361,811 | |
Cash and cash equivalents | 719,607 | 1,308,082 | |
Total current assets | 4,282,717 | 7,113,372 | |
CURRENT LIABILITIES | |||
Trade payables | 1,239,976 | 1,784,925 | |
Bills payable | 621,818 | 1,321,077 | |
Other payables and accruals | 1,886,677 | 1,605,686 | |
Interest-bearing bank borrowings | 258,423 | 1,123,095 | |
Due to associates | 172,827 | 268,420 | |
Due to joint ventures | 4,406 | 4,406 | |
Due to other related parties | 265 | 50,538 | |
Tax payable | 90,772 | 90,734 | |
Total current liabilities | 4,275,164 | 6,248,881 |
30 June | 31 December | |
2017 | 2016 | |
HK$'000 | HK$'000 | |
(Unaudited) | (Audited) | |
NET CURRENT ASSETS | 7,553 | 864,491 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 2,571,665 | 3,605,523 |
NON-CURRENT LIABILITIES | ||
Deferred tax liabilities | 59,003 | 57,493 |
Other non-current liabilities | 8,345 | 9,720 |
Total non-current liabilities | 67,348 | 67,213 |
Net assets | 2,504,317 | 3,538,310 |
EQUITY | ||
Equity attributable to owners of the Company | ||
Issued capital | 50,334 | 50,326 |
Reserves | 2,468,302 | 3,492,582 |
Non-controlling interests | (14,319) | (4,598) |
Total equity | 2,504,317 | 3,538,310 |
Notes
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. CORPORATE INFORMATION
Coolpad Group Limited is a limited liability company incorporated in the Cayman Islands. The registered office of the Company is located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, the Cayman Islands. The Company is an investment holding company.
The Group is a wireless solution and equipment provider in Mainland China. During the period, the Group continued to focus on the production and sale of smartphones, the provision of wireless application service and finance service.
2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation
These unaudited condensed consolidated financial statements for the six months ended 30 June 2017 have been prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") and other relevant standards and interpretations and the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.
These interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2016.
2.2 Changes in accounting policies and disclosures
The accounting policies adopted in the preparation of the Group's interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2016 except for the first time adoption of the following new and revised standards and interpretations:
Amendments to HKAS 7
Disclosure Initiative
Amendments to HKAS 12
Recognition of Deferred Tax Assets for Unrealised Losses
Amendments to HKFRS 12
Disclosure of interests in Other Entities: Clarification of the
included in Annual
scope of HKFRS 12
Improvements to HKFRSs
2014-2016 Cycle
The adoption of these new and revised HKFRSs has had no significant financial effect on these condensed consolidated financial statements.