Viva China Holdings Limited provided earnings guidance for the year ended December 31, 2013. The board of directors of the company is expected to record a substantial increase in consolidated losses for the year ended 31 December 2013 as compared with the previous year, which is mainly attributable to certain non-cash items including a significant estimated impairment of goodwill in respect of the sports-related business of the Group and an expected fair value loss upon the extinguishment of certain non-current derivative financial liabilities relating to the advanced issuance of earn-out convertible bonds as referred to in the circular of the Company dated 17 October 2013. There is also expected to be a share of loss of an associate, acquired in December 2012, by the Group for the financial year ended 31 December 2013 based on the Company's estimation with reference to the published financial information of such associate.