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
愛 達 利 網 絡 控 股 有 限 公 司*
(Incorporated in Bermuda with limited liability)
Stock Code: 8033
BUSINESS AND FINANCIAL HIGHLIGHTS FOR THE THREE-MONTH PERIOD AND SIX-MONTH PERIOD
- Supported by a stronger operating performance during the Three-Month Period, the Group registered revenue of HK$111,470,000, representing an increase of HK$15,806,000 or 16.52% over the corresponding three months of 2018. Total revenue for the Six-Month Period reached HK$188,994,000
- With a more balanced product mix comprising of sale of equipment and provision of installation and maintenance support services, the latter of which carries higher gross margin, the Group generated gross profit of HK$31,298,000, which translated to gross profit margin of 28.08%. Overall gross profit margin for the Six-Month Period improved to 22.87% as a result
- The Group reported net profit of HK$4,968,000 for the Three-Month Period with net loss for the Six-Month Period narrowed to HK$7,045,000 from the initial first quarter of HK$12,013,000
- With key wins, order book reached over HK$350,000,000 as at 30th June 2019, or over 70% if referencing to the average annual worth of contracts signed by the Group during the past four years
- No update over the proposed disposal of the equity participation in TTSA by Oi
- Total net cash balances and yield-enhanced financial instruments increased from HK$133,562,000 as at 31st December 2018 to HK$160,919,000 as at 30th June 2019, representing approximately 41.52% of total assets
- The Directors do not recommend payment of interim dividend for the Six-Month Period
1
INTERIM RESULTS
The Board is pleased to present the unaudited consolidated results of the Group for the Three-Month Period and Six-Month Period as follows:
Condensed consolidated income statement
Unaudited | ||||||||||||||
Three months | Six months | |||||||||||||
Three-Month | ended | Six-Month | ended | |||||||||||
30th June | 30th June | |||||||||||||
Period | 2018 | Period | 2018 | |||||||||||
Notes | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||||||||||
Revenue | 1 | 111,470 | 95,664 | 188,994 | 179,512 | |||||||||
Cost of sales of goods | (66,244) | (57,677) | (118,757) | (107,691) | ||||||||||
Cost of providing services | (13,928) | (13,841) | (27,019) | (27,616) | ||||||||||
Gross profit | 31,298 | 24,146 | 43,218 | 44,205 | ||||||||||
Selling, marketing costs and | (28,036) | (53,318) | ||||||||||||
administrative expenses | (25,571) | (51,254) | ||||||||||||
Other gains | 569 | 354 | 806 | 788 | ||||||||||
Operating profit/(loss) | 2(a) | 3,831 | (1,071) | (9,294) | (6,261) | |||||||||
Finance income | 1,170 | 631 | 2,309 | 1,205 | ||||||||||
Finance costs | (28) | (25) | (55) | (25) | ||||||||||
Finance income - net | 1,142 | 606 | 2,254 | 1,180 | ||||||||||
Profit/(loss) before income tax | 4,973 | (465) | (7,040) | (5,081) | ||||||||||
Income tax expense | 2(b) | (5) | (106) | (5) | (106) | |||||||||
Profit/(loss) for the quarter/half-year | 4,968 | (571) | (7,045) | (5,187) | ||||||||||
Profit/(loss) is attributable to: | ||||||||||||||
5,334 | (5,982) | |||||||||||||
Owners of the Company | (81) | (4,522) | ||||||||||||
Non-controlling interests | (366) | (490) | (1,063) | (665) | ||||||||||
4,968 | (571) | (7,045) | (5,187) | |||||||||||
Earnings/(loss) per Share for profit/(loss) attributable to the ordinary equity holders of the Company (expressed in HK cent per Share)
Basic and diluted earnings/(loss) per Share | 11 | 0.87 | (0.01) | (0.97) | (0.74) | ||||
The above condensed consolidated income statement should be read in conjunction with the accompanying notes.
2
Condensed consolidated statement of comprehensive income | ||||||
Unaudited | ||||||
Six months | ||||||
Six-Month | ended 30th | |||||
Period | June 2018 | |||||
HK$' 000 | HK$' 000 | |||||
Loss for the half-year | (7,045) | (5,187) | ||||
OCI/(other comprehensive expense): | ||||||
Items that may be reclassified to profit or loss | ||||||
Changes in the fair value of debt instruments at FVOCI | 3,091 | (1,661) | ||||
Exchange differences on translation of operations in Mainland China | (105) | 44 | ||||
OCI/(other comprehensive expense) for the half-year, net of tax | 2,986 | (1,617) | ||||
Total comprehensive expense for the half-year | (4,059) | (6,804) | ||||
Total comprehensive expense for the half-year is attributable to: | ||||||
Owners of the Company | (2,996) | (6,139) | ||||
Non-controlling interests | (1,063) | (665) | ||||
(4,059) | (6,804) | |||||
3
Condensed consolidated balance sheet | ||||
Unaudited | Audited | |||
30th June | 31st December | |||
2019 | 2018 | |||
Notes | HK$' 000 | HK$' 000 | ||
ASSETS | ||||
Non-current assets | 4,527 | |||
Property, plant and equipment | 4 | 3,369 | ||
Right-of-use assets | 1,936 | - | ||
Interest in an associate | 818 | 818 | ||
Financial assets at FVOCI | 7(a) | 69,703 | 43,813 | |
Total non-current assets | 76,984 | 48,000 | ||
Current assets | ||||
52,906 | ||||
Inventories | 18,120 | |||
Contract assets | 30,292 | 21,897 | ||
Trade receivables | 7(d) | 61,562 | 107,120 | |
Other receivables, deposits and prepayments | 73,178 | 54,517 | ||
Financial assets at FVOCI | 7(a) | - | 3,917 | |
Financial assets at amortised cost | 10,237 | 7,400 | ||
Cash and cash equivalents (excluding bank overdrafts) | 48,864 | 79,888 | ||
Restricted cash | 33,569 | - | ||
Total current assets | 310,608 | 292,859 | ||
Total assets | 387,592 | 340,859 | ||
LIABILITIES | ||||
Non-current liabilities | 516 | - | ||
Lease liabilities | ||||
Current liabilities | ||||
84,226 | ||||
Trade and bills payables | 7(e) | 59,608 | ||
Other payables and accruals | 30,801 | 22,923 | ||
Contract liabilities | 59,433 | 43,022 | ||
Dividend payable | 3,072 | - | ||
Current tax liabilities | 9,693 | 9,704 | ||
Bank overdrafts | 22 | - | ||
Lease liabilities | 1,358 | - | ||
Total current liabilities | 188,605 | 135,257 | ||
Total liabilities | 189,121 | 135,257 | ||
Net assets | 198,471 | 205,602 | ||
4
Unaudited | Audited | |||
30th June | 31st December | |||
2019 | 2018 | |||
HK$' 000 | HK$' 000 | |||
EQUITY | ||||
Share capital and share premium | 61,570 | 61,570 | ||
Other reserves | 145,327 | 142,341 | ||
(Accumulated losses)/retained earnings | - | |||
- Proposed final dividend | 3,072 | |||
- Others | (5,525) | 457 | ||
Capital and reserves attributable to the | ||||
owners of the Company | 201,372 | 207,440 | ||
Non-controlling interests | (2,901) | (1,838) | ||
Total equity | 198,471 | 205,602 | ||
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Vodatel Networks Holdings Limited published this content on 12 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2019 15:25:09 UTC