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Silk Road Logistics Holdings Limited ക༩يݴછٰϞࠢʮ̡
(Incorporated in Bermuda with limited liability)
(Stock code: 988)
ANNUAL RESULTS FOR THE YEAR ENDED
31 DECEMBER 2021
The board (the "Board") of directors (the "Directors", each a "Director") announces the audited consolidated results of Silk Road Logistics Holdings Limited (the "Company") and its subsidiaries (collectively the "Group") for the year ended 31 December 2021 together with the comparative audited figures for the year ended 31 December 2020 as follows:
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
For the year ended 31 December 2021
2021 | 2020 | ||
Notes | HK$'000 | HK$'000 | |
REVENUE | 4 | 13,647 | 34,609 |
Cost of sales and services | (8,069) | (32,912) | |
Gross profit | 5,578 | 1,697 | |
Other income and gains | 4 | 263 | 3,213 |
Administrative expenses | (34,454) | (38,536) | |
Gain on deemed acquisition of an associate | - | 1,651 | |
Loss on disposal of oil properties | - | (1,573) | |
Impairment of goodwill | (55,960) | (32,778) | |
Impairment of interests in associates | (172,846) | (274,898) | |
Impairment of prepayment | (11,082) | (2,800) | |
Share of profit/(loss) of associates | 15,891 | (3,663) | |
Finance costs | 5 | (51,199) | (51,498) |
LOSS BEFORE TAX | 6 | (303,809) | (399,185) |
Income tax credit | 7 | 1,130 | 17,011 |
LOSS FOR THE YEAR | (302,679) | (382,174) |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED)
For the year ended 31 December 2021
2021 | 2020 | |
Notes | HK$'000 | HK$'000 |
LOSS FOR THE YEAR | (302,679) | (382,174) |
OTHER COMPREHENSIVE INCOME | ||
Items that may be reclassified subsequently | ||
to profit or loss: | ||
Exchange differences on translation of | ||
foreign operations | 7,193 | 14,404 |
TOTAL COMPREHENSIVE INCOME | ||
FOR THE YEAR | (295,486) | (367,770) |
Loss for the year attributable to: | ||
Owners of the Company | (295,153) | (376,908) |
Non-controlling interests | (7,526) | (5,266) |
(302,679) | (382,174) | |
Total comprehensive income for the year attributable to: | ||
Owners of the Company | (290,620) | (367,418) |
Non-controlling interests | (4,866) | (352) |
(295,486) | (367,770) | |
2021 | 2020 | |
HK$ | HK$ | |
(restated) | ||
LOSS PER SHARE | 8 | |
- Basic | (0.48) | (0.66) |
- Diluted | N/A | N/A |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2021
2021 | 2020 | ||
Notes | HK$'000 | HK$'000 | |
NON-CURRENT ASSETS | |||
Property, plant and equipment | 171,076 | 176,855 | |
Right-of-use assets | 73,294 | 73,482 | |
Interests in associates | - | 214,954 | |
Goodwill | - | 55,960 | |
Oil properties | 65,679 | 65,363 | |
Total non-current assets | 310,049 | 586,614 | |
CURRENT ASSETS | |||
Inventories | 689 | 408 | |
Trade receivables | 9 | - | 54 |
Prepayments, deposits and other receivables | 151,207 | 155,589 | |
Income tax recoverable | 4,548 | 4,696 | |
Cash and cash equivalents | 974 | 3,781 | |
157,418 | 164,528 | ||
Assets classified as held for sale | 10 | 57,954 | - |
Total current assets | 215,372 | 164,528 | |
CURRENT LIABILITIES | |||
Trade payables | 11 | 87,691 | 84,824 |
Other payables and accruals | 132,763 | 124,669 | |
Other borrowings | 488,356 | 443,665 | |
Promissory notes payable | 69,197 | 60,929 | |
Obligations under finance lease | 33 | 44 | |
Total current liabilities | 778,040 | 714,131 | |
NET CURRENT LIABILITIES | (562,668) | (549,603) | |
TOTAL ASSETS LESS CURRENT LIABILITIES | (252,619) | 37,011 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 December 2021
2021 | 2020 | ||
Note | HK$'000 | HK$'000 | |
NON-CURRENT LIABILITIES | |||
Other borrowings | 138 | 295 | |
Obligations under finance lease | - | 33 | |
Lease liabilities | 13,419 | 13,498 | |
Assets retirement obligations | 5,485 | 5,207 | |
Deferred tax liabilities | 14,836 | 14,929 | |
Total non-current liabilities | 33,878 | 33,962 | |
Net (liabilities)/assets | (286,497) | 3,049 | |
EQUITY | |||
Share capital | 12 | 64,179 | 59,893 |
Reserves | (271,403) | (140,983) | |
Equity attributable to owners of the Company | (207,224) | (81,090) | |
Non-controlling interests | (79,273) | 84,139 | |
Total equity | (286,497) | 3,049 |
Notes:
1. GENERAL
The Company was incorporated in Bermuda as an exempted company with limited liability under the Companies Act 1981 of Bermuda (as amended). Its shares are listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange").
The registered office of the Company is located at Clarendon House, 2 Church Street, Hamilton HM11, Bermuda and its principal place of business is situated at Room 1702, 17/F, COFCO Tower, 262 Gloucester Road, Causeway Bay, Hong Kong.
The Company is an investment holding company. The principal activities of the Company's subsidiaries are trading of commodities, exploration and production of oil and provision of oil well services, and provision of logistics and warehousing services.
2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
These consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") (which include all Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ("HKASs") and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA"), accounting principles generally accepted in Hong Kong. In addition, the consolidated financial statements include the applicable disclosures required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Hong Kong Companies Ordinance. The consolidated financial statements have been prepared under the historical cost convention. These consolidated financial statements are presented in Hong Kong dollars and all values are rounded to the nearest thousand except when otherwise indicated.
Notwithstanding that the current liabilities of the Group at 31 December 2021 exceed the Group's current assets at that date by HK$562,668,000, which includes the other borrowings and the promissory note payable amounted to HK$488,356,000 and HK$69,197,000 respectively; the total liabilities of the Group at 31 December 2021 exceed the Group's total assets at that date by approximately HK$286,497,000; and that the Group incurred net loss amounted to HK$302,679,000 for the year ended 31 December 2021, the Directors of the Company consider it appropriate for the preparation of the consolidated financial statements on a going concern basis after taking into account of the following circumstances and measures to be implemented:
Management of the Group will closely monitor the financial position of the Group and the Directors of the Company will make every effort (a) to secure funds as necessary to finance the business operations of the Group for the foreseeable future; and (b) to negotiate with the lender of the other borrowings and the holder of the promissory note payable for the extension of repayments of the other borrowings and the promissory note to a date when the Group has adequate working capital to serve the repayments.
Should the Group be unable to continue to operate as a going concern, adjustments would have to be made to restate the values of assets to their estimated recoverable amounts, to provide further liabilities that might arise and to reclassify non-current assets and non-current liabilities as current assets and current liabilities respectively. The effects of these potential adjustments have not been reflected in the consolidated financial statements.
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Silk Road Logistics Holdings Ltd. published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 04:25:09 UTC.