Up Energy Development : Announcements and Notices - Announcement of Annual Results for The Year Ended 31 March 2017

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(In Provisional Liquidation (For Restructuring Purposes))

(Incorporated in Bermuda with limited liability)

(Stock code: 307)

ANNOUNCEMENT OF ANNUAL RESULTS FOR

THE YEAR ENDED 31 MARCH 2017

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 2017, together with the comparative figures in previous year as follows:

Consolidated Statement of Profit or Loss

For the year ended 31 March 2017

(Expressed in Hong Kong dollars)

		2017			2016
	Note	$'000	$'000
Revenue	3	97,449	131,860
Cost of sales		(105,159)	(185,123)
Gross loss		(7,710)	(53,263)
Other revenue		752		1,080
Other net loss		(34,638)	(45,914)
Distribution costs		(155)	(5,431)
Administrative expenses		(68,459)	(640,547)
Loss from operations		(110,210)	(744,075)
Net finance costs	4(a)	(685,557)	(557,842)

• For identification purposes only

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		2017		2016
	Note	$'000	$'000
Loss before taxation	4	(795,767)	(1,301,917)
Income tax	5	(1,380)	(10,999)
Loss for the year		(797,147)	(1,312,916)
Attributable to:
Equity shareholders of the Company		(761,832)	(1,260,530)
Non-controlling interests		(35,315)	(52,386)
Loss for the year		(797,147)	(1,312,916)
Loss per share	6
Basic and diluted		(17.56) cents	(30.68) cents

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Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the year ended 31 March 2017 (Expressed in Hong Kong dollars)

	2017		2016
Note	$'000	$'000
Loss for the year	(797,147)	(1,312,916)
Other comprehensive income for the year
(after tax and reclassification adjustments)
Items that may be reclassified subsequently to
profit or loss:
Exchange differences on translation of financial
statements of subsidiaries outside of Hong Kong	(89,439)	(79,333)
Other comprehensive income for the year	(89,439)	(79,333)
Total comprehensive income for the year	(886,586)	(1,392,249)
Attributable to:
Equity shareholders of the Company	(842,302)	(1,332,561)
Non-controlling interests	(44,284)	(59,688)
Total comprehensive income for the year	(886,586)	(1,392,249)

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Consolidated Statement of Financial Position

At 31 March 2017

(Expressed in Hong Kong dollars)

		2017		2016
	Note	$'000	$'000
Non-current assets
Property, plant and equipment	7	16,697,544	16,864,263
Prepaid land lease payments		63,133	67,052
Interests in deconsolidated subsidiaries		1,563,837	1,564,389
Restricted bank deposits	10	15,507	16,520
Other non-current assets		46,595	48,473
		18,386,616		18,560,697
Current assets
Trading securities		19,008		17,354
Inventories		14,470	28,227
Trade and bills receivables	8	60,141	118,855
Prepayments, deposits and other receivables	9	248,441	276,566
Restricted bank deposits	10	-	1,412
Cash and cash equivalents	10	660	884
		342,720		443,298
Current liabilities
Borrowings		881,027		901,673
Trade and bills payables	11	170,941	227,732
Other financial liabilities		896,667	822,196
Other payables and accruals	12	1,075,494	675,086
Current taxation	13(a)	16,200	15,425
Convertible notes		3,602,812	2,912,369
		6,643,141		5,554,481
Net current liabilities		(6,300,421)	(5,111,183)
Total assets less current liabilities		12,086,195		13,449,514

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		2017		2016
	Note	$'000	$'000
Non-current liabilities
Convertible notes		-	444,182
Other financial liabilities		-	32,215
Deferred tax liabilities	13(b)	3,426,177	3,426,513
		3,426,177		3,902,910
NET ASSETS		8,660,018		9,546,604
CAPITAL AND RESERVES
Share capital	14(b)	907,703		907,703
Equity component of convertible notes		968,825	968,825
Reserves		4,214,825	5,057,127
Total equity attributable to equity shareholders
of the Company		6,091,353		6,933,655
Non-controlling interests		2,568,665	2,612,949
TOTAL EQUITY		8,660,018		9,546,604

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