天時軟件有限公司
(incorporated in Hong Kong with limited liability)
(Stock code: 8028)
RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017Characteristics of The Growth Enterprise Market ("GEM") of The Stock Exchange of Hong Kong Limited (the "Stock Exchange")
GEM has been positioned as a market designed to accommodate 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. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors.
Given the emerging nature of companies listed on GEM, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exchange 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 the 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.
The board of Directors ("Board") of the Company is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 September 2017 together with the comparative unaudited figures for the corresponding period in 2016 as follows:
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the three months and six months ended 30 September 2017
(Unaudited)
Three months ended 30 September
Six months ended 30 September
Notes | 2017 HK$'000 | 2016 HK$'000 | 2017 HK$'000 | 2016 HK$'000 | |
Revenue | 3 | 50,533 | 15,809 | 70,167 | 16,059 |
Other income and gains | 275 | 109 | 874 | 1,067 | |
Purchase and production costs | (39,259) | (13,219) | (53,542) | (13,259) | |
Staff costs | (2,669) | (2,337) | (5,300) | (13,112) | |
Depreciation and amortisation | (716) | (796) | (1,421) | (1,682) | |
Other expenses | (5,722) | (1,399) | (8,729) | (2,626) | |
Net gains on investments held for trading | - | - | - | 488 | |
Loss on disposal/written off of property, plant and equipment | - | - | - | (939) | |
Gain on disposal of subsidiaries Gain on disposal of an associate | 16 | - 3,057 | 1 - | - 3,057 | 1 - |
Finance costs | 4 | (81) | (197) | (203) | (428) |
Share of losses of associates | (285) | (36) | (1,802) | (60) | |
Profit/(loss) before tax | 5,133 | (2,065) | 3,101 | (14,491) | |
Income tax expense | 5 | (2,134) | (654) | (1,603) | (1,250) |
Profit/(loss) for the period | 2,999 | (2,719) | 1,498 | (15,741) | |
Other comprehensive income/(expense), net of income tax Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations | 6,952 | (1,251) | 11,986 | (8,815) | |
Reclassification adjustment on reserves released upon disposal of an associate | (1,535) | - | (1,535) | - | |
Share of other comprehensive income/(expense) of associates | (715) | 25 | (1,581) | (300) |
Other comprehensive income/(expense)
for the period, net of income tax 4,702 (1,226) 8,870 (9,115)
Total comprehensive income/(expense)
for the period 7,701 (3,945) 10,368 (24,856)
Profit/(loss) attributable to:
Owners of the Company 1,525 (2,395) (1,046) (13,673)
Non-controlling interests 1,474 (324) 2,544 (2,068)
2,999 (2,719) 1,498 (15,741)
Total comprehensive income/(expense) attributable to:
Owners of the Company 1,276 (2,798) (860) (16,351)
Non-controlling interests 6,425 (1,147) 11,228 (8,505)
HK cents | HK cents | HK cents | HK cents | |
7 | 0.054 | (0.100) | (0.037) | (0.573) |
7,701 (3,945) 10,368 (24,856)
Earning/(loss) per share
- Basic and diluted
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 September 2017
Notes | (Unaudited) 30 September 2017 HK$'000 | (Audited) 31 March 2017 HK$'000 | ||
Non-current assets Property, plant and equipment | 8 | 37,813 | 38,235 | |
Investment properties | 8 | 8,992 | 8,992 | |
Other intangible assets | 8 | 186,004 | 195,364 | |
Interests in associates | 666 | 8,974 | ||
Prepaid lease payments | 6,704 | 6,606 | ||
Deposits | 26,579 | 25,327 | ||
Land rehabilitation costs | 3,911 | 4,118 | ||
270,669 | 287,616 | |||
Current assets | ||||
Inventories | 39,462 | 22,414 | ||
Prepaid lease payments | 232 | 223 | ||
Trade and other receivables | 9 | 35,009 | 14,820 | |
Bank balances and cash | 88,307 | 102,086 | ||
163,010 | 139,543 | |||
Current liabilities Trade and other payables | 10 | 27,944 | 13,272 | |
Dividends payable to non-controlling interests | 9,216 | 5,532 | ||
Promissory note | 11 | 10,116 | 10,565 | |
Obligations under a finance lease | 250 | - | ||
Current tax liabilities | 2,206 | - | ||
49,732 | 29,369 | |||
Net current assets | 113,278 | 110,174 | ||
Total assets less current liabilities | 383,947 | 397,790 | ||
Non-current liabilities Promissory note | 11 | - | 9,967 | |
Provision for land rehabilitation | 9,284 | 8,917 | ||
Obligations under a finance lease | 399 | - | ||
Deferred tax liabilities | 12 | 29,607 | 29,521 | |
39,290 | 48,405 | |||
Net assets | 344,657 | 349,385 | ||
Capital and reserves Share capital | 13 | 906,074 | 906,074 | |
Reserves | (774,799) | (773,939) | ||
Equity attributable to owners of the Company | 131,275 | 132,135 | ||
Non-controlling interests | 213,382 | 217,250 | ||
Total equity | 344,657 | 349,385 | ||
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2017
Share capital Share options reserve General reserve Investment revaluation reserve Property revaluation reserve Translation reserve Accumulated deficit Attributable to owners of the Company Non- controlling interests TotalHK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
Balance at 1 April 2016 866,564 1,809 - 1,793 - (1,213) (757,400) 111,553 250,441 361,994 Loss for the period - - - - - - (13,673) (13,673) (2,068) (15,741)
Other comprehensive expense for
the period - - - (300) - (2,378) - (2,678) (6,437) (9,115)
Total comprehensive expense for
the period - - - (300) - (2,378) (13,673) (16,351) (8,505) (24,856)
Transfer to general reserve - - 666 - - - (666) - - -
Release of reserve upon lapse of
share options - (244) - - - - 244 - - - Balance at 30 September 2016 866,564 1,565 666 1,493 - (3,591) (771,495) 95,202 241,936 337,138
Balance at 1 April 2017 906,074 2,778 647 1,631 964 (6,119) (773,840) 132,135 217,250 349,385 Profit/(loss) for the period - - - - - - (1,046) (1,046) 2,544 1,498 Other comprehensive income/ (expense) for the period - - - (1,631) - 1,817 - 186 8,684 8,870 Total comprehensive income/ (expense) for the period - - - (1,631) - 1,817 (1,046) (860) 11,228 10,368 Dividend paid to non-controlling interests - - - - - - - - (15,096) (15,096) Balance at 30 September 2017 906,074 2,778 647 - 964 (4,302) (774,886) 131,275 213,382 344,657