Login ID:
Password:
Partner Login
Contact Us : 7066511911

HK Bourse: Announcement From Ping Shan Tea Group Ltd. -2-

28 Aug 2017 1:04 am
 
 
 
Promissory notes                                                        93,813 
                                                     16,345 
Current tax liabilities                                                 15,209 
 
 
                                                   1,596,422         1,117,703 
 
 
NET CURRENT ASSETS                                 1,470,627         1,087,150 
 
 
TOTAL ASSETS LESS CURRENT 
  LIABILITIES                                      2,795,644         2,826,308 
 
 
NON-CURRENT LIABILITIES 
                                          13        780,924 
Debentures                                                             844,131 
                                                      9,949 
Deferred tax liabilities                                                10,991 
 
 
                                                    790,873            855,122 
 
 
NET ASSETS                                         2,004,771         1,971,186 
 
 
 
 
                                      5 
                                 At 30 June   At 31 December 
                                       2017              2016 
                                  HK$ '000          HK$ '000 
                                (unaudited)          (audited) 
 
CAPITAL AND RESERVES 
                                    233,251 
Share capital                                         233,251 
                                  1,769,815 
Reserves                                            1,736,388 
 
 
TOTAL EQUITY ATTRIBUTABLE 
  TO SHAREHOLDERS 
  OF THE COMPANY                  2,003,066         1,969,639 
 
 
NON-CONTROLLING INTERESTS             1,705             1,547 
 
 
TOTAL EQUITY                      2,004,771         1,971,186 
 
 
 
 
                            6 
Notes: 
 
 
1.       BASIS OF PREPARATION 
 
         These condensed consolidated financial statements have been prepared in accordance with International 
         Accounting Standard 34 "Interim Financial Reporting" issued by the International Accounting Standards 
         Board and the applicable disclosures required by the Rules Governing the Listing of Securities on The 
         Stock Exchange of Hong Kong Limited. 
 
 
         These condensed consolidated financial statements should be read in conjunction with the consolidated 
         financial statements for the year ended 31 December 2016, which have been prepared in accordance with 
         International Financial Reporting Standards ("IFRSs"). 
 
 
         These condensed consolidated financial statements have been prepared in accordance with the same 
         accounting policies adopted in the 2016 annual financial statements. 
 
 
         These condensed consolidated financial statements are unaudited, but have been reviewed by the Audit 
         Committee. 
 
 
         These condensed consolidated financial statements have been prepared under the historical cost 
         convention, as modified by the revaluation of buildings and financial liabilities at fair value through profit 
         or loss which are carried at their fair values. 
 
 
2.       A D O P T I O N O F N E W A N D R E V I S E D I N T E R NAT I O NA L F I NA N C I A L R E P O RT I N G 
         STANDARDS 
 
 
         In the current period, the Group has adopted all the new and revised IFRSs issued by the International 
         Accounting Standards Board that are relevant to its operations and effective for its annual period 
         beginning on 1 January 2017. IFRSs comprise International Financial Reporting Standards, International 
         Accounting Standards and Interpretations. The adoption of these new and revised IFRSs did not result 
         in significant changes to the Group's accounting policies, presentation of the Group's condensed 
         consolidated financial statements and amounts reported for the current period and prior periods. 
 
 
         The Group has not applied any new IFRSs that have been issued but are not effective. The Group is in the 
         process of making an assessment of what the impact of these amendments is expected to be in the period 
         of initial application. So far it has concluded that the adoption of them is unlikely to have a significant 
         impact on the Group's results of operations and financial position. 
 
 
 
 
                                                           7 
3.   SEGMENT INFORMATION 
 
 
     The Group's reportable segments are strategic business units that offer different products and services. 
     They are managed separately because each business requires different technology and marketing 
     strategies. 
 
 
     The Group has only one reportable segment - raw teas, refined teas and other related products. 
 
     Accordingly, the Group does not have any identifiable segment or any discrete information for segment 
     reporting purpose. 
 
 
     During the six months ended 30 June 2017 and 2016, all of the Group's revenue were generated in the 
     People's Republic of China (the "PRC"). There were no customers with revenue which accounted for over 
     10% of the Group's total revenue. 
 
 
     As at 30 June 2017 and 31 December 2016, all of the Group's non-current assets (excluding deferred 
     tax assets) were situated in the PRC. The geographic location of the non-current assets is based on the 
     physical location of the operation to which they are allocated. 
 
 
4.   REVENUE 
 
 
     The Group's revenue represented the invoiced value of raw teas, refined teas and other related products 
     sold to external customers less discounts and return, and net of value-added tax. 
 
 
5.   OTHER INCOME 
 
 
                                                                                Six months ended 30 June 
                                                                                         2017           2016 
                                                                                  HK$ '000         HK$ '000 
                                                                               (unaudited)       (unaudited) 
 
 
                                                                                         4,500 
     Interest income                                                                                   3,332 
                                                                                          631 
     Government grants                                                                                     341 
                                                                                           12 
     Others                                                                                                 47 
 
 
                                                                                         5,143         3,720 
 
 
 
 
                                                       8 
6.    FINANCE COSTS 
 
 
                                                                               Six months ended 30 June 
                                                                                     2017                2016 
                                                                                 HK$ '000           HK$ '000 
                                                                              (unaudited)         (unaudited) 
 
 
                                                                                       262 
      Interest on bank loans and overdraft                                                                912 
                                                                                       609 
      Interest on cash consideration payable for business combination                                   4,711 
      Interest on convertible bonds 
                                                                                   47,543 
         - Actual interest                                                                             38,456 
                                                                                         - 
         - Imputed interest                                                                             2,243 
                                                                                     4,558 
      Interest on promissory notes                                                                     10,666 
                                                                                   25,959 
      Interest on debentures                                                                           36,526 
                                                                                   28,731 
      Amortisation of issuing costs for debentures                                                     10,217 
 
 
                                                                                  107,662             103,731 
 
 
7.    INCOME TAX (CREDIT)/EXPENSE 
 
 
                                                                               Six months ended 30 June 
                                                                                     2017                2016 
                                                                                 HK$ '000           HK$ '000 
                                                                              (unaudited)         (unaudited) 
 
 
                                                                                       740 
      Current tax - the PRC enterprise income tax                                                       3,107 
 
 
 
 

(MORE TO FOLLOW) Dow Jones Newswires

August 27, 2017 21:04 ET (01:04 GMT)
Disclaimer
Top 5 Special Reports
USD/INR (Jan 21) Weak Price Trend / Next Target at 7...
USD/INR (Jan 21) Weak Price Trend / Next Target at 7...
Cotton Yarn Prices Set to Move Higher amid Expanding Sp...
Weekly: Urad-Chana Post Strong Gains, While Masoor-Whi...
USD/INR (Jan 21) Weak Price Trend / Next Target at 7...