LEYOU TECHNOLOGIES HOLDINGS LIMITED 樂遊科技控股有限公司 (Incorporated in the Cayman Islands with Limited Liability) 6WRFN &RGH
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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. LEYOU TECHNOLOGIES HOLDINGS LIMITED 樂遊科技控股有限公司 (Incorporated in the Cayman Islands with limited liability) 6WRFN &RGH ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2018 RESULTS HIGHLIGHTS For the year ended 31 December 2018 2017 Change (US$’000) (US$’000) % From continuing operations Revenue 227,720 166,736 +36.6% Gross profit 141,487 110,774 +27.7% Gross profit margin (%) 62.1% 66.4% –4.3% From continuing and discontinued operations Profit for the year attributable to the owners of the Company 20,413 8,808 +131.8% EBITDA* 66,982 48,084 +39.3% Basic earnings per share (US cents) 0.67 0.30 +123.3% Diluted earnings per share (US cents) 0.66 0.30 +120.0% Dividend per share (US$) Nil Nil N/A 1 BALANCE SHEET HIGHLIGHTS As at As at 31 December 31 December 2018 2017 Change (US$’000) (US$’000) % Total assets 310,703 313,431 –0.9% Total borrowings** 42,868 568 +7,447.2% Net assets 230,742 225,994 +2.1% Net assets per share (US$) 0.08 0.07 +14.3% Current ratio 1.50 3.99 –62.4% Gearing ratio*** 13.8% 0.2% +13.6% * EBITDA = Earnings before interest income, interest expense, taxation, depreciation and amortisation ** Total borrowings = Banking borrowings + debenture + bond *** Gearing ratio = Total borrowings/total assets 2 The board (the “Board”) of directors (the “Directors”) of Leyou Technologies Holdings Limited (the “Company”) announces the audited financial results of the Company and its subsidiaries (collectively referred to as the “Group”) for the year ended 31 December 2018 as follows. CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the year ended 31 December 2018 2018 2017 Notes US$’000 US$’000 Continuing operations Revenue 4 227,720 166,736 Cost of sales (86,233) (55,962) Gross profit 141,487 110,774 Other revenue and gains 5 8,192 611 Net loss on financial assets at fair value through profit or loss 10 (23,743) (5,955) Loss on disposal of available-for-sale financial assets – (2) Fair value change of contingent consideration payable 37,424 2,716 Amortisation of intangible assets (18,467) (20,364) Impairment of intangible assets (4,896) (4,872) Impairment of goodwill 6 (42,944) – Selling and marketing expenses (13,470) (11,958) Administrative expenses (34,553) (28,914) Finance costs 7 (790) (3,371) Other operating expenses (13) (1,042) Equity-settled share-based payment expenses (4,377) (12,528) Profit before taxation 10 43,850 25,095 Taxation 8 (23,483) (13,823) Profit for the year from continuing operations 20,367 11,272 Discontinued operations Loss for the year from discontinued operations 9 – (1,026) Profit for the year 20,367 10,246 3 2018 2017 Notes US$’000 US$’000 Profit/(loss) for the year attributable to: Owners of the Company – from continuing operations 20,413 9,834 – from discontinued operations – (1,026) Non-controlling interests – from continuing operations (46) 1,438 – from discontinued operations – – 20,367 10,246 Earnings per share From continuing and discontinued operations Basic (US cents per share) 12 0.67 0.30 Diluted (US cents per share) 12 0.66 0.30 From continuing operations Basic (US cents per share) 12 0.67 0.34 Diluted (US cents per share) 12 0.66 0.34 4 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2018 2018 2017 Notes US$’000 US$’000 Profit for the year 20,367 10,246 Other comprehensive (loss)/income for the year, net of income tax: Items that will not be reclassified to profit or loss: Changes in the fair value of equity investments at fair value through other comprehensive income 1,000 – Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations (15,265) 13,790 Reclassification adjustments relating to foreign operations disposed of during the year 9(d) – 669 Other comprehensive (loss)/income for the year, net of income tax (14,265) 14,459 Total comprehensive income for the year 6,102 24,705 Total comprehensive income for the year attributable to: Owners of the Company 6,367 23,084 Non-controlling interests (265) 1,621 6,102 24,705 5 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2018 2018 2017 Notes US$’000 US$’000 Non-current assets Property, plant and equipment 39,945 6,121 Goodwill 76,419 127,641 Intangible assets 31,516 57,913 Development expenditure 48,297 12,364 Available-for-sales financial assets – 8,100 Financial assets at fair value through other comprehensive income 9,100 – 205,277 212,139 Current assets Inventories 174 285 Trade receivables 13 44,297 31,538 Deposits paid, prepayments and other receivables 17,113 19,450 Financial assets at fair value through profit or loss 8,522 1,900 Tax recoverable 2,662 2,221 Cash and bank balances 32,658 45,898 105,426 101,292 Current liabilities Trade payables 14 2,109 1,977 Accruals and other payables 11,146 8,094 Bank borrowings 15 42,280 – Consideration payable – 6,407 Deferred revenue – 8,898 Contract liabilities 14,770 – 70,305 25,376 Net current assets 35,121 75,916 Total assets less current liabilities 240,398 288,055 6 2018 2017 Notes US$’000 US$’000 Equity Share capital 16 39,345 39,597 Reserves 187,830 181,956 Equity attributable to owners of the Company 227,175 221,553 Non-controlling interests 3,567 4,441 Total equity 230,742 225,994 Non-current liabilities Deferred tax liabilities 9,068 13,495 Deferred revenue – 1,640 Consideration payable – 46,358 Debenture 588 568 Total non-current liabilities 9,656 62,061 Total equity and non-current liabilities 240,398 288,055 7 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2018 1. GENERAL INFORMATION Leyou Technologies Holdings Limited (the “Company”) was incorporated as an exempted company with limited liability in the Cayman Islands on 22 February 2010 under the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The registered office and principal place of business of the Company are Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1- 1111, Cayman Islands and Suite 3201, Tower Two, Lippo Centre, 89 Queensway, Admiralty, Hong Kong (“HK”), respectively. The Company’s shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The consolidated financial statements included the financial statements of the Company and its subsidiaries (collectively referred to as the “Group”). The consolidated financial statements are presented in United States Dollars (“US$”) and all values are rounded to the nearest thousand (US$’000) except otherwise indicated. 2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) In the current year, the Group has applied, for the first time, a number of the new and amendments to standards, amendments and interpretations (“new and amendments to HKFRSs”) (which included all HKFRSs, Hong Kong Accounting Standards (“HKAS”) and interpretations) issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) that are relevant to its operations and effective for annual periods beginning on or after 1 January 2018. A summary of the new and amendments to HKFRSs are set out as below: HKAS 28 (Amendments) As Part of the Annual Improvements to HKFRSs 2014-2016 Cycle HKAS 40 (Amendments) Transfers of Investment Property HKFRS 1 (Amendments) As part of the Annual Improvements to HKFRSs 2014-2016 Cycle HKFRS 2 (Amendments) Classification and Measurement of Share-based Payment Transactions HKFRS 4 (Amendments) Applying HKFRS 9 Financial Instruments with HKFRS 4 Insurance Contracts HKFRS 9 Financial Instruments HKFRS 15 Revenue from Contracts with Customers HKFRS 15 (Amendments) Clarifications to HKFRS 15 Revenue from Contracts with Customers HK(IFRIC) – Int 22 Foreign Currency Transactions and Advance Consideration 8 Except as described below, the application of the new and amendments to HKFRSs in the current year has had no material impact on the Group’s financial performance and positions for the current and prior periods and/or on the disclosures set out in the consolidated financial statements. (a) Impact on the consolidated financial statements The following tables show the adjustments recognised for each individual line item. Line items that were not affected by the application of new HKFRSs have not been included. As a result, the sub- totals and totals disclosed cannot be recalculated from the numbers provided. The adjustments are explained in more detail by standard below: Consolidated statement of 31 December 1 January financial position (extract) 2017 HKFRS 9 HKFRS 15 2018 US$’000 US$’000 US$’000 US$’000 Non-current assets Available-for-sales financial assets 8,100 (8,100) – – Financial assets at fair value through other comprehensive income – 8,100 – 8,100 Current assets Trade receivables 31,538 – – 31,538 Deposits paid, prepayments and other receivables 19,450 – – 19,450 Current liabilities Deferred revenue 8,898 – (8,898) – Contract liabilities – – 8,898 8,898 Non-current liabilities Deferred revenue 1,640 – (1,640) – Contract liabilities – – 1,640 1,640 Net assets 225,994 – – 225,994 Capital and reserves Reserves 181,956 – – 181,956 Total equity 225,994 – – 225,994 (b) HKFRS 9 Financial Instruments – Impact of adoption In the current year, the Group has applied HKFRS 9 Financial Instruments and the related consequential amendments to other HKFRSs.