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Hanergy Thin Film Power Group Limited 漢能薄膜發電集團

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Hanergy Thin Film Power Group Limited 漢能薄膜發電集團 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. HANERGY THIN FILM POWER GROUP LIMITED 漢 能 薄 膜 發 電 集 團 有 限 公 司 (Incorporated in Bermuda with limited liability) (Stock code: 566) ANNOUNCEMENT OF 2014 RESULTS AND RESTATEMENT OF EARNINGS PER SHARE ATTRIBUTABLE TO THE OWNERS OF THE PARENT IN 2014 INTERIM REPORT The board of directors (the “Board”) of Hanergy Thin Film Power Group Limited (the “Company”) is pleased to announce the consolidated results of the Company and its subsidiaries (collectively the “Group”) for the year ended 31 December 2014 with comparative figures for the previous corresponding year as follows: CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 2014 2013 Notes HK$’000 HK$’000 (Restated) REVENUE 5 9,615,028 3,283,791 Cost of sales (4,110,380) (647,779) Gross profit 5,504,648 2,636,012 Other income and gains 323,492 134,512 Selling and distribution expenses (173,000) (4,588) Administrative expenses (807,280) (236,495) Research and development costs (513,966) (195,063) Loss on disposal of an available-for-sale investment (12,274) — Impairment of an available-for-sale investment (23,610) — Other expenses (4,269) (39) Finance costs 6 (2,997) (57,026) PROFIT BEFORE TAX 7 4,290,744 2,277,313 Income tax expense 8 (983,074) (259,289) PROFIT FOR THE YEAR 3,307,670 2,018,024 — 1 — 2014 2013 Notes HK$’000 HK$’000 (Restated) OTHER COMPREHENSIVE (LOSS)/INCOME TO BE RECLASSIFIED TO PROFIT OR LOSS IN SUBSEQUENT PERIODS: Exchange differences on translation of foreign operations (18,319) 176,338 OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR, NET OF TAX (18,319) 176,338 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 3,289,351 2,194,362 Profit for the year attributable to: Owners of the parent 3,307,748 2,018,024 Non-controlling interests (78) — 3,307,670 2,018,024 Total comprehensive income attributable to: Owners of the parent 3,289,429 2,194,362 Non-controlling interests (78) — 3,289,351 2,194,362 HK cents HK cents EARNINGS PER SHARE ATTRIBUTABLE TO THE OWNERS OF THE PARENT 9 Basic 10.0 9.1 Diluted 7.5 5.1 — 2 — Consolidated STATEMENT OF FINANCIAL POSITION 2014 2013 Notes HK$’000 HK$’000 (Restated) NON-CURRENT ASSETS Property, plant and equipment 663,497 320,054 Goodwill 7,915,318 7,915,318 Intangible assets 1,070,085 1,211,056 Available-for-sale investment — 85,800 Deposits paid for acquisition of items of property, plant and equipment 32 493 Deferred tax assets 76,404 23,420 Total non-current assets 9,725,336 9,556,141 CURRENT ASSETS Inventories 659,023 1,649,598 Trade receivables 10 6,078,695 2,307,349 Gross amount due from contract customers 11 3,278,508 1,858,557 Other receivables 12 391,748 59,672 Bills receivable 101,411 — Deposits and prepayments 13 1,630,204 2,000,938 Equity investment at fair value through profit or loss — 11,698 Restricted cash 76,689 — Cash and cash equivalents 3,033,819 1,367,836 Total current assets 15,250,097 9,255,648 CURRENT LIABILITIES Trade and bills payables 14 429,773 620,065 Other payables and accruals 15 1,464,329 621,599 Interest-bearing bank and other borrowings 16 462,601 179,579 Convertible Bonds — 845,584 Tax payable 860,908 281,969 Finance lease payables 7,875 7,604 Total current liabilities 3,225,486 2,556,400 NET CURRENT ASSETS 12,024,611 6,699,248 TOTAL ASSETS LESS CURRENT LIABILITIES 21,749,947 16,255,389 NON-CURRENT LIABILITIES Deferred tax liabilities 561,995 324,501 Interest-bearing bank and other borrowings 16 656,258 42,417 Finance lease payables 37,015 44,805 Other non-current liabilities 2,004 2,360 Total non-current liabilities 1,257,272 414,083 Net assets 20,492,675 15,841,306 EQUITY Equity attributable to the owners of the parent Issued capital 104,084 71,470 Reserves 20,388,004 15,769,836 20,492,088 15,841,306 Non-controlling interests 587 — Total equity 20,492,675 15,841,306 — 3 — Note: 1. BASIS OF PREPARATION These 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”) and accounting principles generally accepted in Hong Kong. These financial statements also comply with the applicable disclosure requirements of the Hong Kong Companies Ordinance which concern the preparation of financial statements, which for this financial year and the comparative period continue to be those of the predecessor Companies Ordinance (Cap. 32), in accordance with transitional and saving arrangements for Part 9 of the Hong Kong Companies Ordinance (Cap. 622), “Accounts and Audit”, which are set out in sections 76 to 87 of Schedule 11 to that Ordinance. The financial statements have been prepared under the historical cost convention, except for equity investment at fair value through profit or loss, which has been measured at fair value. These financial statements are presented in Hong Kong dollars (“HK$”) and all values are rounded to the nearest thousand except when otherwise indicated. As at 31 December 2014, the Group had net current assets of HK$12,024,611,000. Included in the Group’s current assets as at 31 December 2014 were the gross amount due from and trade receivables from Hanergy Holding and its affiliates (collectively “Hanergy Affiliates”) for contract work of HK$7,623,739,000 and other receivables due from and prepayments made to Hanergy Affiliates of HK$1,437,438,000 (details of which are set out in notes 10, 11, 12 and 13 respectively below). The Group finances its operations principally by obtaining progress payments from customers and credit terms from suppliers and therefore the Group’s liquidity depends very much on the timeliness of settlement of progress payments by the Hanergy Affiliates. The Group also has bank facilities amounting to HK$2,535,000 as at 31 December 2014. The directors of the Company, after due and careful enquiries and by performing the necessary due diligence work to assess the credibility and the capacity of the Hanergy Affiliates, are of the view that the Hanergy Affiliates would be able to settle all progress payments on a timely basis and fulfil all the contracts concluded with the Group. Subsequent to 31 December 2014 and up to the date when these financial statements were approved for issuance , the Group have collected HK$2,865,666,000 from Hanergy Affiliates. As such, the directors of the Company are of the opinion that the Group will have sufficient working capital to finance its operations and financial obligations as and when they fall due, and accordingly, are satisfied that it is appropriate to prepare the consolidated financial statements on a going concern basis. Comparative information Certain items in the consolidated financial statements have been restated due to common control business combination, further summary details of which are included in note 3 below. — 4 — Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year ended 31 December 2014. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described in the accounting policy for subsidiaries. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. Business combinations under common control are accounted for using the merger accounting method. 2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The Group has adopted the following revised standards and new interpretation for the first time for the current year’s financial statements. Amendments to HKFRS 10, HKFRS 12 Investment Entities and HKAS 27 (2011) Amendments to HKAS 32 Offsetting Financial Assets and Financial Liabilities Amendments to HKAS 36 Recoverable Amount Disclosures for Non-Financial Assets Amendments to HKAS 39 Novation of Derivatives and Continuation of Hedge Accounting HK(IFRIC)-Int 21 Levies Amendment to HKFRS 2 included in Definition of Vesting Condition1 Annual Improvements 2010-2012 Cycle Amendment to HKFRS 3 included in Accounting for Contingent Consideration in a Business Annual Improvements 2010-2012 Cycle Combination1 Amendment to HKFRS 13 included in Short-term Receivables and Payables Annual Improvements 2010-2012 Cycle Amendment to HKFRS 1 included in Meaning of Effective HKFRSs Annual Improvements 2011-2013 Cycle 1 Effective from 1 July 2014 — 5 — Other than explained below regarding the impact of HKAS 32 amendments, HKAS 36 amendments and HKFRS 2 and HKFRS 13 amendments included in Annual Improvements 2010-2012 Cycle, the adoption of the above revised standards and interpretation has had no significant financial effect on these financial statements.
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