China Star Entertainment : FINAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31ST DECEMBER 2018 (in PDF)

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CHINA STAR ENTERTAINMENT LIMITED

(Incorporated in Bermuda with limited liability)

(Stock Code: 326)

FINAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED

31ST DECEMBER 2018

FINAL RESULTS

The board of directors (the "Board") of China Star Entertainment Limited (the "Company") presents the audited consolidated results of the Company and its subsidiaries (the "Group") for the year ended 31st December 2018 together with the comparative figure for 2017 as follows:

CONSOLIDATED INCOME STATEMENT

For the year ended 31st December 2018

		2018			2017
	Notes	HK$'000			HK$'000
Continuing operations
Revenue	5	3,493			9,272
Cost of sales		-			(8,402)
Gross profit		3,493			870
Other revenue and other income	6	84,725			96,385
Administrative expenses		(84,312)			(68,931)
Distribution expenses		(91)			(2,392)
(Loss)/gain arising on change in fair value of
financial assets at fair value through profit
or loss		(360,209)			210,791
Other operating expenses		(45,993)			(63,014)
(Loss)/profit from operations		(402,387)			173,709
Finance costs	7	(2,835)			(63,896)
Share of (loss)/profit of a joint venture		(114)			223

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CONSOLIDATED INCOME STATEMENT (CONTINUED)

For the year ended 31st December 2018

		2018		2017
	Notes	HK$'000		HK$'000
(Loss)/profit before tax	8	(405,336)		110,036
Income tax expense	9	-		(5)
(Loss)/profit for the year from
continuing operations		(405,336)		110,031
Discontinued operations	11
Profit/(loss) for the year from discontinued
operations		1,458,855		(36,695)
Profit for the year		1,053,519		73,336
Profit/(loss) for the year attributable to:
Owners of the Company		1,053,530		73,312
Non-controlling interests		(11)		24
		1,053,519		73,336
		2018		2017
		HK cents		HK cents
				(restated)
Earnings/(loss) per share	12
From continuing and discontinued
operations
Basic and diluted		62.90		7.70
From continuing operations
Basic and diluted		(24.20)		11.56
From discontinued operations
Basic and diluted		87.10		(3.86)

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31st December 2018

	2018		2017
	HK$'000		HK$'000
Profit for the year	1,053,519		73,336
Other comprehensive income/(loss)
Items that may be reclassified subsequently
to consolidated income statement:
Exchange differences arising on translation of foreign
operations:
Exchange differences arising during the year	90		(60)
Reclassification adjustments relating to foreign
operations disposed of during the year	-		58
Other comprehensive income/(loss) for the year	90		(2)
Total comprehensive income for the year	1,053,609		73,334
Total comprehensive income/(loss) for the year
attributable to:
Owners of the Company	1,053,620		73,310
Non-controlling interests	(11)		24
	1,053,609		73,334

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31st December 2018

		2018		2017
	Notes	HK$'000		HK$'000
Non-current assets		88,608
Property, plant and equipment				12,190
Interests in leasehold land		53,409		55,282
Investment properties		-		81,100
Available-for-sale financial assets		-		173
Goodwill		-		-
Intangible assets		-		-
Loan to a director		327,903		293,371
Interest in a joint venture		270		384
		470,190		442,500
Current assets
		2,508,568
Stock of properties				2,107,376
Film rights		11,478		12,049
Films in progress		201,005		168,992
Investment in film		29,939		-
Trade receivables	13	-		3,099
Deposits, prepayment and other receivables		451,826		289,981
Financial assets at fair value through		453,481
profit or loss				725,816
Loan receivables		200,000		200,000
Time deposits		269		155
Cash and bank balances		1,156,466		424,200
		5,013,032		3,931,668
Assets classified as held for sale		-		725,635
		5,013,032		4,657,303
Total assets		5,483,222		5,099,803
Capital and reserves
		28,011
Share capital				9,037
Reserves		4,403,951		3,272,537
Equity attributable to owners of the
Company		4,431,962		3,281,574
Non-controlling interests		(125)		(114)
Total equity		4,431,837		3,281,460

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

At 31st December 2018

		2018	2017
	Notes	HK$'000		HK$'000
Non-current liabilities
Promissory note		-	173,817
Deferred tax liabilities		-		-
		-	173,817
Current liabilities
Trade payables	14	38,421	26,589
Deposits received, accruals and other
payables		509,848	294,070
Amounts due to non-controlling interests		503,116	503,116
		1,051,385	823,775
Liabilities associated with assets
classified as held for sale		-	820,751
		1,051,385	1,644,526
Total liabilities		1,051,385	1,818,343
Total equity and liabilities		5,483,222	5,099,803
Net current assets		3,961,647	3,012,777
Total assets less current liabilities		4,431,837	3,455,277

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