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Announcement of Interim Results for the Six Months Ended 30 June 2020

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Announcement of Interim Results for the Six Months Ended 30 June 2020 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited 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. SING TAO NEWS CORPORATION LIMITED 星島新聞集團有限公司 * (Incorporated in Bermuda with limited liability) (Stock Code: 1105) ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2020 The board of directors (“Board”) of Sing Tao News Corporation Limited (“Company”) announces the unaudited consolidated results of the Company and its subsidiaries (“Group”) for the six months ended 30 June 2020 together with the comparative figures for the corresponding period in 2019 as follows: CONSOLIDATED INCOME STATEMENT For the six months ended 30 June 2020 For the six months ended 30 June 2020 2019 (Unaudited) (Unaudited) Notes HK$’000 HK$’000 REVENUE 3 400,201 631,404 Cost of sales (274,722) (412,223) Gross profit 125,479 219,181 Other income and gains, net 18,625 12,302 Distribution expenses (80,725) (103,486) Administrative expenses (116,376) (131,752) Other expenses (3,960) (2,246) Finance costs (756) (238) Share of profits and losses of: Joint ventures (7,614) 43 Associates 3,575 2,569 LOSS BEFORE TAX 4 (61,752) (3,627) * For identification purpose only 1 CONSOLIDATED INCOME STATEMENT (continued) For the six months ended 30 June 2020 For the six months ended 30 June 2020 2019 (Unaudited) (Unaudited) Notes HK$’000 HK$’000 LOSS BEFORE TAX 4 (61,752) (3,627) Income tax credit/(expense) 5 455 (4,060) LOSS FOR THE PERIOD (61,297) (7,687) Loss per share attributable to ordinary equity holders of the Company – (HK cents) 6 Basic (6.98) (0.89) Diluted (6.98) (0.89) 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2020 For the six months ended 30 June 2020 2019 (Unaudited) (Unaudited) HK$’000 HK$’000 Loss for the period (61,297) (7,687) OTHER COMPREHENSIVE INCOME Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods: Exchange differences on translation of foreign operations (2,955) 3,745 Reclassification adjustment for a foreign operation deregistered during the period (346) (4,591) Net other comprehensive loss that may be reclassified to profit or loss in subsequent periods and total comprehensive loss for the period attributable to the owners of the Company (64,598) (8,533) 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 June 2020 30 June 31 December 2020 2019 (Unaudited) (Audited) Notes HK$’000 HK$’000 NON-CURRENT ASSETS Property, plant and equipment 1,138,016 1,186,554 Investment properties 118,092 119,122 Other intangible assets 100 100 Investments in joint ventures 46,905 56,661 Investments in associates 24,147 20,572 Equity investments designated at fair value through other comprehensive income 47 47 Financial assets at fair value through profit or loss 10,651 10,651 Deferred tax assets 3,179 3,179 Other deposits paid 72,870 75,903 Total non-current assets 1,414,007 1,472,789 CURRENT ASSETS Inventories 35,290 35,574 Trade receivables 8 206,796 285,736 Prepayments, deposits and other assets 31,331 35,335 Financial assets at fair value through profit or loss 99,830 76,439 Tax recoverable 10,249 5,050 Cash and cash equivalents 474,382 479,840 Total current assets 857,878 917,974 CURRENT LIABILITIES Trade and bills payables 9 29,568 37,579 Other payables and accruals 152,027 183,028 Lease liabilities 20,432 29,328 Tax payable 649 1,577 Total current liabilities 202,676 251,512 NET CURRENT ASSETS 655,202 666,462 TOTAL ASSETS LESS CURRENT LIABILITIES 2,069,209 2,139,251 4 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) 30 June 2020 30 June 31 December 2020 2019 (Unaudited) (Audited) HK$’000 HK$’000 TOTAL ASSETS LESS CURRENT LIABILITIES 2,069,209 2,139,251 NON-CURRENT LIABILITIES Deferred tax liabilities 118,377 120,188 Lease liabilities 9,878 15,715 Total non-current liabilities 128,255 135,903 Net assets 1,940,954 2,003,348 EQUITY Equity attributable to owners of the Company Issued capital 175,706 175,325 Reserves 1,765,248 1,828,023 Total equity 1,940,954 2,003,348 5 NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1. Accounting policies The consolidated interim financial statements have been prepared in accordance with Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The accounting policies and basis of preparation adopted in the preparation of the interim financial statements are consistent with those adopted in the preparation of the annual consolidated financial statements for the year ended 31 December 2019, except as described below. In the current interim period, the Group has applied, for the first time, certain new and revised Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the HKICPA. The application of the new and revised HKFRSs in the current interim period has had no material effect on the amounts reported and/or disclosures set out in these consolidated financial statements. 2. Operating segment information The Group is principally engaged in the business of publishing and distribution of newspapers, magazines and books to readers in Hong Kong, Canada, the United States of America and Europe, and sales of respective content of such publications in Hong Kong and Mainland China. The Group operates as a single operating segment which is in a manner consistent with the internal reporting provided to the chief operating decision-makers. The chief operating decision-makers, who are responsible for allocating resources and assessing performance of the operating segment, have been identified as the executive directors that make strategic decisions. None of the revenue derived from any single external customer amounted for more than 10% of the Group’s revenue during the period ended 30 June 2020 (six months ended 30 June 2019: Nil). 6 3. Revenue An analysis of revenue is as follows: For the six months ended 30 June 2020 2019 (Unaudited) (Unaudited) HK$’000 HK$’000 Revenue from contracts with customers 396,707 628,305 Revenue from other sources Gross rental income from operating leases 3,494 3,099 400,201 631,404 Revenue from contracts with customers Disaggregated revenue information For the six months ended 30 June 2020 2019 (Unaudited) (Unaudited) HK$’000 HK$’000 Type of goods or services Advertising income 277,493 486,716 Circulation income 71,718 90,007 Content sales and news service income 14,583 14,233 Radio broadcasting advertising income 12,433 12,191 Project management service income 15,292 14,977 Service income 2,423 5,035 Others 2,765 5,146 Total revenue from contracts with customers, transferred at a point in time 396,707 628,305 7 4. Loss before tax The Group’s loss before tax is arrived at after charging/(crediting): For the six months ended 30 June 2020 2019 (Unaudited) (Unaudited) HK$’000 HK$’000 Depreciation of property, plant and equipment (other than right-of-use assets) 41,413 43,403 Depreciation of right-of-use assets 15,487 2,796 Investment income (1,652) (2,093) Dividend income (59) - Fair value losses/(gains), net on: Financial assets at fair value through profit or loss 968 (1,354) Derivative financial instruments – transactions not qualifying as hedges 209 88 Impairment of trade receivables * 3,960 2,246 * The impairment of trade receivables is included in “Other expenses” in the consolidated income statement. 5. Income tax Hong Kong profits tax has been provided at the rate of 16.5% (six months ended 30 June 2019: 16.5%) on the estimated assessable profits arising in Hong Kong during the period. Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries in which the Group operates. For the six months ended 30 June 2020 2019 (Unaudited) (Unaudited) HK$’000 HK$’000 Current: Charge for the period: The People’s Republic of China: Hong Kong 369 3,627 Elsewhere - 433 Overprovision in prior periods (21) - Deferred (803) - Total tax charge/(credit) for the period (455) 4,060 8 6. Loss per share attributable to ordinary equity holders of the Company The calculation of the basic loss per share amount is based on the loss for the period attributable to owners of the Company and the weighted average number of ordinary shares in issue during the period. The calculation of the diluted loss per share amount is based on the loss for the period attributable to owners of the Company, as used in the basic loss per share calculation. The weighted average number of ordinary shares used in the calculation is the number of ordinary shares in issue during the period, as used in the basic loss per share calculation, and the weighted average number of ordinary shares assumed to have been issued at no consideration on the deemed exercise or conversion of all dilutive potential ordinary shares into ordinary shares. The calculations of the basic and diluted loss per share are based on: For the six months ended 30 June 2020 2019 (Unaudited) (Unaudited) HK$’000 HK$’000 Loss Loss attributable to ordinary equity holders of the Company (61,297) (7,687) Number of shares Shares Weighted average number of ordinary shares in issue during the period used in the basic loss per share calculation 878,178,395 866,106,337 No adjustment has been made to the basic loss per share presented for the six months ended 30 June 2020 and 2019 in respect of any dilution as the impact of the share options has an anti-dilution effect in the basic loss per share amounts presented.
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