Up Energy Development : Announcements and Notices - Announcement of Annual Results for The Year Ended 31 March 2016

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(Incorporated in the Bermuda with limited liability)

(Stock Code: 307)

ANNOUNCEMENT OF ANNUAL RESULTS FOR

THE YEAR ENDED 31 MARCH 2016

FINAL RESULTS

The board of directors (the "Board") of Up Energy Development Group Limited (In Provisional Liquidation (For Restructuring Purposes)) (the "Company") announces herewith the consolidated results of the Company and its subsidiaries (the "Group") for the year ended

31 March 2016, together with the comparative figures in previous year as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the year ended 31 March 2016

(Expressed in Hong Kong dollars)

		2016		2015
	Note	$'000	$'000
Revenue	3	131,860	245,314
Cost of sales		(185,123)	(278,159)
Gross loss		(53,263)	(32,845)
Other revenue		1,080		13,430
Other net loss		(45,914)	(20,641)
Distribution costs		(5,431)	(22,971)
Administrative expenses		(640,547)	(120,410)

• For identification purposes only

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		2016		2015
	Note	$'000	$'000
Loss from operations		(744,075)	(183,437)
Net finance costs	4(a)	(557,842)	(360,503)
Loss before taxation	4	(1,301,917)	(543,940)
Income tax	5	(10,999)	(4,469)
Loss for the year		(1,312,916)	(548,409)
Attributable to:
Equity shareholders of the Company		(1,260,530)	(495,698)
Non-controlling interests		(52,386)	(52,711)
Loss for the year		(1,312,916)	(548,409)
Loss per share	6
Basic and diluted		(30.68) cents	(15.19) cents

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 March 2016 (Expressed in Hong Kong dollars)

	2016		2015
Note	$'000	$'000
Loss for the year	(1,312,916)	(548,409)
Other comprehensive income for the year
(after tax adjustments)
Items that may be reclassified subsequently to
profit or loss:
Exchange differences on translation of financial
statements of subsidiaries outside of Hong Kong	(79,333)	4,392
Total comprehensive income for the year	(1,392,249)	(544,017)
Total comprehensive income attributable to:
Equity shareholders of the Company	(1,332,561)	(491,488)
Non-controlling interests	(59,688)	(52,529)
Total comprehensive income for the year	(1,392,249)	(544,017)

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 March 2016

(Expressed in Hong Kong dollars)

		2016		2015
	Note	$'000	$'000
Non-current assets
Property, plant and equipment	7	16,864,263	19,018,466
Prepaid land lease payments		67,052	72,443
Goodwill		-	25,623
Interests in deconsolidated subsidiaries		1,564,389	-
Deferred tax assets	13(b)	-	13,474
Restricted bank deposits	10	16,520	24,820
Other non-current assets		48,473	15,194
		18,560,697		19,170,020
Current assets
Trading securities		17,354		-
Inventories		28,227	67,160
Trade and bills receivables	8	118,855	101,785
Prepayments, deposits and other receivables	9	276,566	432,334
Restricted bank deposits	10	1,412	222,269
Cash and cash equivalents	10	884	6,046
		443,298		829,594
Current liabilities
Borrowings		901,673		582,560
Trade and bills payables	11	227,732	255,796
Other financial liabilities		822,196	142,273
Other payables and accruals	12	675,086	438,977
Current taxation	13(a)	15,425	14,678
Convertible notes		2,912,369	1,311,727
		5,554,481		2,746,011
Net current liabilities		(5,111,183)	(1,916,417)
Total assets less current liabilities		13,449,514		17,253,603

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		2016		2015
	Note	$'000	$'000
Non-current liabilities
Borrowings		-	158,916
Convertible notes		444,182	2,177,685
Other financial liabilities		32,215	632,530
Deferred tax liabilities	13(b)	3,426,513	3,916,764
Provisions	14	-	7,557
		3,902,910		6,893,452
NET ASSETS		9,546,604		10,360,151
CAPITAL AND RESERVES
Share capital	15(b)	907,703		748,638
Equity component of convertible notes		968,825	2,092,103
Reserves		5,057,127	4,846,773
Total equity attributable to equity
shareholders of the Company		6,933,655		7,687,514
Non-controlling interests		2,612,949	2,672,637
TOTAL EQUITY		9,546,604		10,360,151

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