Global Token : Announcements and Notices - Final Results Announcement for the Year Ended 31 December 2018

GLOBAL TOKEN LIMITED

環球通証有限公司

(continued in Bermuda with limited liability)

(Stock Code: 8192)

FINAL RESULTS ANNOUNCEMENT

FOR THE YEAR ENDED 31 DECEMBER 2018

CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ("GEM") OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "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 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 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 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") of Global Token Limited (the "Company") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the 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 will remain on the GEM website at www.hkgem.com on the "Latest Company Announcements" page for at least 7 days from the date of its posting and on the website of the Company at www.8192.com.hk from the date of this announcement.

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FINAL RESULTS

The board of directors (the "Board") of Global Token Limited (the "Company") announces the audited consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the year ended 31 December 2018, together with the comparative figures for the year ended 31 December 2017 as follows:

Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the year ended 31 December 2018

		2018		2017
	Notes	HK$'000	HK$'000
Revenue	4	180,827		193,460
Cost of sales		(164,764)	(177,754)
Gross profit		16,063		15,706
Other revenue	4	138		17
Other gains and losses	5	(3,461)	(1,082)
Impairment loss on cryptocurrencies		(54,545)	-
Impairment loss on intangible asset		-	(30,866)
Impairment loss on goodwill		(2,365)	-
Loss on disposal of subsidiaries		(22,791)	-
Selling and distribution expenses		(2,447)	(1,666)
Administrative and other operating expenses		(85,117)	(38,946)
Loss from operations		(154,525)	(56,837)
Finance costs	7	-	(797)
Loss before taxation	8	(154,525)	(57,634)
Taxation	9	(92)	-
Loss for the year		(154,617)	(57,634)
Other comprehensive (loss)/income for the
year, net of income tax
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translation of
foreign operations		(8,004)	13,883
Reclassification adjustments relating to
foreign operations disposed of during the
year		172		-

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	2018		2017
Note	HK$'000	HK$'000
Other comprehensive (loss)/income for the
year, net of income tax	(7,832)	13,883
Total comprehensive loss for the year	(162,449)	(43,751)
Loss for the year attributable to
Owners of the Company	(139,188)	(51,192)
Non-controlling interests	(15,429)	(6,442)
	(154,617)	(57,634)
Total comprehensive loss for the year
attributable to
Owners of the Company	(143,746)	(43,293)
Non-controlling interests	(18,703)	(458)
	(162,449)	(43,751)

Loss per share attributable to owners of the Company for the year

Basic and diluted (HK$ cents)	10	(13.43)	(5.55)

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Consolidated Statement of Financial Position

As at 31 December 2018

		2018		2017
	Notes	HK$'000	HK$'000
Assets and liabilities
Non-current assets
Property, plant and equipment		21,397		37,992
Intangible asset		-	73,646
Goodwill		8,574	10,939
Other assets		400	400
Cryptocurrencies		32,858	-
		63,229		122,977
Current assets
Trade receivables	12	83,344		84,806
Other receivables, deposits and prepayments		9,973		19,895
Loans receivable	13	11,937		40,374
Amounts due from related companies		5,640	5,162
Client trust bank balances		2,160	1,925
Cash and cash equivalents		48,982	104,902
		162,036		257,064
Current liabilities
Trade payables	14	10,377		12,988
Accruals, deposits received and other payables		8,841		7,969
Amounts due to related parties		296	1,526
Tax payable		92	-
		19,606		22,483
Net current assets		142,430		234,581
Total assets less current liabilities		205,659		357,558
Net assets		205,659		357,558

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	2018		2017
	HK$'000	HK$'000
Equity
Share capital	41,455		41,455
Reserves	190,848		324,044
Total equity attributable to owners of the
Company	232,303		365,499
Non-controlling interests	(26,644)	(7,941)
Total equity	205,659		357,558

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