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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Qihang Equip | LSE:QIH | London | Ordinary Share | GB00B030LW50 | ORD 2.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMQIH
RNS Number : 0115D
Qihang Equipment Company Limited
23 January 2015
Qihang Equipment Company Limited
(The "Company" or "Qihang")
Interim Results for the six months ended 30 June 2014
Placing, Change of Name and Resumption of Trading on AIM
Set out below are the unaudited interim results of Qihang Equipment Company Limited for the six months ended 30 June 2014. These results relate to the previous business of the Company which was disposed of on 9 January 2015 following a general meeting of the Company.
The Company, which is changing its name to Eastbridge Investments Plc, has now adopted a new investing policyfocused on the property and real estate sector, with the objective being to provide shareholders with strong investment returns and a balanced exposure to lower risk income generating assets and opportunities that will provide a higher capital return. The Company will look to invest in residential schemes as well as commercial, retail and industrial property within the UK. The Directors will look to purchase assets significantly undervalued by the current market.
The Company's investment criteria are:
-- property investments which provide a stable, predictable and low risk income stream, with opportunities to enhance value through active management;
-- development or redevelopment opportunities where they can be pre-let to businesses with strong rental covenants, or in order to protect, enhance or extract additional value from existing investments;
-- distressed property investments where opportunities arise as markets recover;
-- investment whereby an injection of new finances or specialist management, the Company can enhance the prospects and therefore the future value of the investment;
-- investments where the Company is able to benefit from the Director's existing network of contacts; and
-- the potential to deliver significant returns for the Company.
Following the disposal of the previous business the Company was left with insufficient financial resources to satisfy its new investment policy and accordingly announces that, conditional upon the readmission of the Company's shares to trading on AIM ("Admission") Peterhouse Corporate Finance Limited ("Peterhouse") has completed a private placing, on behalf of the Company ("Placing") raising GBP225,000 of new funding by way of an issue of 78,071,429 new ordinary shares of 0.01 pence each ("Ordinary Shares") at a price of 0.14 pence per share ("Placing Price") and the issue of GBP115,700 nominal value convertible loan notes, exercisable at the Placing Price for 3 years from the date of issue.
In addition, the Company has, also conditional upon Admission, agreed to issue 28,266,344 new Ordinary Shares to the holders of the GBP50,000 nominal value convertible loan notes announced on 23 December 2014 who have served a conversion notice for their entire holding of convertible loan notes and a further 30,266,344 new Ordinary Shares to Wonder Employee Capital Limited in full satisfaction of amounts owed to them (together, "Conversion Shares").
The Company will issue Peterhouse a warrant instrument for work in relation to the restructuring of the Company which is exercisable over 3 per cent. of the Company's issued share capital from time to time at the Placing Price, for a period of up to 3 years from Admission.
The Company's ordinary shares of 2.5p each were suspended from trading on AIM on 30 September 2014 when it became apparent that it would not be possible for the Company to publish its interim results to 30 June 2014 in accordance with the AIM Rules. The publication of those interim results today is the first step in restoring trading in the Company's shares on AIM and a further announcement will be made regarding Admission in due course.
23 January 2015
Enquiries:
Mark Chapman, Chairman Tel: 01483 892130 ------------------------------------ ------------------- Nominated Adviser Tel: 020 7382 1100 Northland Capital Partners Limited William Vandyk / Matthew Johnson ------------------------------------ ------------------- Broker Tel: 020 7469 0930 Peterhouse Corporate Finance Fungai Ndoro/ Lucy Williams ------------------------------------ -------------------
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2014
Hot Features
Premium
Note Six months Six months Year ended
ended ended 31 December
30 June 30 June 2013
2014 2013 Audited
Unaudited Unaudited
RMB'000 RMB'000 RMB'000
Revenue 5 68,757 52,042 124,845
Cost of sales (53,963) (37,990) (102,864)
------------ ------------ --------------
Gross profit 14,794 14,052 21,981
Other operating income 478 329 593
Distribution expenses (3,356) (4,482) (9,411)
Administrative expenses (15,427) (13,141) (51,121)
Loss from operations (3,511) (3,242) (37,958)
Non-operating income net of expenses 369 (7) (32)
Income from subsidies - - 100
Investment income 380 146 452
Finance costs (7,155) (7,164) (15,180)
Loss before tax (9,917) (10,267) (52,618)
Income tax (expense)/credit 6 - (39) 3,345
------------ ------------ --------------
Loss for the period (9,917) (10,306) (49,273)
------------ ------------ --------------
Other comprehensive income - - -
Total comprehensive income for
the period (9,917) (10,306) (49,273)
------------ ------------ --------------
Loss attributable to
Equity holders of the company (9,917) (10,306) (49,273)
Loss per share
Basic and diluted (RMB) 7 (0.08) (0.09) (0.85)
Basic and diluted (pence) (0.85) (0.86) (8.49)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2014
Note 30 June 30 June 31 December
2014 2013 2013
Unaudited Unaudited Audited
RMB'000 RMB'000 RMB'000
Non-current assets
Property, plant and equipment 8 162,066 193,765 179,113
Intangible assets 39,602 40,905 40,228
Deferred tax assets 4,895 1,448 4,895
----------- ----------- ------------
206,563 236,118 224,236
----------- ----------- ------------
Current assets
Inventories 102,677 98,084 92,198
Trade and other receivables 54,655 40,607 45,954
Cash and cash equivalents 32,090 27,949 42,581
----------- ----------- ------------
189,422 166,640 180,733
----------- ----------- ------------
Total assets 395,985 402,758 404,969
----------- ----------- ------------
Equity and reserves
Share capital 9 15,196 15,196 15,196
Share premium 86,711 86,711 86,711
Other reserves (13,635) (13,635) (13,635)
Retained earnings (56,156) (7,272) (46,239)
32,116 81,000 42,033
----------- ----------- ------------
Non-current liabilities
Borrowings 45,801 44,000 46,297
Deferred tax liabilities 9,655 9,655 9,655
----------- ----------- ------------
55,456 53,655 55,952
----------- ----------- ------------
Current liabilities
Borrowings 146,205 161,500 151,876
Income tax liabilities 1,028 1,028 1,028
Trade and other payables 161,180 105,575 154,080
----------- ----------- ------------
308,413 268,103 306,984
Total liabilities 363,869 321,758 362,936
----------- ----------- ------------
Total equity and liabilities 395,985 402,758 404,969
----------- ----------- ------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2014
Share
capital Share Other Retained Total
premium reserves earnings equity
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Balance at 1 January 2014 15,196 86,711 (13,635) (46,239) 42,033
---------- ---------- ----------- ----------- ---------
Comprehensive income
Loss for the period - - - (9,917) (9,917)
Total comprehensive income
for the period - - - (9,917) (9,917)
---------- ---------- ----------- ----------- ---------
Balance at 30 June 2014 15,196 86,711 (13,635) (56,156) 32,116
---------- ---------- ----------- ----------- ---------
Balance at 1 January 2013 15,196 86,711 (13,635) 3,034 91,306
---------- ---------- ----------- ----------- ---------
Comprehensive income
Loss for the period - - - (10,306) (10,306)
---------- ---------- ----------- ----------- ---------
Total comprehensive income
for the period - - - (10,306) (10,306)
---------- ---------- ----------- ----------- ---------
Balance at 30 June 2013 15,196 86,711 (13,635) (7,272) 81,000
---------- ---------- ----------- ----------- ---------
Balance at 1 January 2013 15,196 86,711 (13,635) 3,034 91,306
------- ------- --------- --------- ---------
Comprehensive income
Loss for the period - - - (49,273) (49,273)
Total comprehensive income
for the period - - - (49,273) (49,273)
------- ------- --------- --------- ---------
Balance at 31 December 2013 15,196 86,711 (13,635) (46,239) 42,033
------- ------- --------- --------- ---------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2014
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2013
2014 2013
Unaudited Unaudited Audited
RMB'000 RMB'000 RMB'000
Loss before interest and tax (3,142) (3,249) (37,890)
Depreciation of property, plant and
equipment 6,983 5,754 13,448
Amortisation of intangible assets 626 687 1,363
(Gain)/loss on disposal of property,
plant and equipment - (1) 437
Reversal of impairment loss on receivables - - (393)
Bad debts provisions - 295 5,687
Impairment of inventories - - 14,092
Operating cash flow before changes
in working capital 4,467 3,486 (3,256)
Increase in inventories (10,479) (248) (8,453)
Decrease in trade and other receivables 2,099 22,587 12,240
Increase/(decrease) in trade and other
payables 7,100 (8,548) 39,999
Net cash generated from operations 3,187 17,277 40,530
Finance costs paid (7,155) (7,164) (15,180)
Income tax paid - (39) (143)
----------- ----------- -------------
Net cash (used in)/generated from
operating activities (3,968) 10,074 25,207
----------- ----------- -------------
Investing activities
Purchase of property, plant and equipment (736) (7,325) (1,238)
Proceeds from sale of plant and equipment - 94 527
Interest received 380 146 452
Net cash used in investing activities (356) (7,085) (259)
----------- ----------- -------------
Financing activities
Proceeds from bank borrowings 99,000 79,000 164,000
Repayment of bank borrowings (104,500) (80,500) (177,500)
Proceeds from other borrowings - - 4,673
Repayment of other borrowings (667) - -
Net cash used in financing activities (6,167) (1,500) (8,827)
----------- ----------- -------------
Net (decrease)/increase in cash and
cash equivalents (10,491) 1,489 16,121
Cash and cash equivalents at beginning
of period 42,581 26,460 26,460
Cash and cash equivalents at end of
period 32,090 27,949 42,581
----------- ----------- -------------
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2014
1 General information
Qihang Equipment Company Limited ("Qihang") was incorporated and domiciled in Jersey. The address of the registered office is 11 Bath Street, St. Helier, Jersey JE2 4ST.
Win Yu International Investments Company Limited ("Win Yu") is a company incorporated and domiciled in Hong Kong. The nature of the Win Yu group's operations and its principal activities are manufacture of universal lathes, CNC machinery tool and associated parts.
These condensed financial statements present information about the group and are set out in Renminbi ("RMB") of the P. R. China, which is the functional currency of the operating subsidiary.
These condensed financial statements are presented in the nearest thousands.
2 Basis of preparation
The condensed financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting.
The interim report was approved by the Board of Directors on Date 23 January 2015. The report is unaudited and does not constitute the company's statutory accounts for the six months ended 30 June 2014.
3 Significant accounting policies
The condensed financial statements have been prepared under the historical cost convention, except for the revaluation of certain properties and financial instruments. The same accounting policies, presentation and methods of computation have been followed in these condensed financial statements as were applied in the preparation of the group's financial statements for the year ended 31 December 2013, except for the impact of the adoption of the Standards and Interpretations described below.
-- IFRS 10 Consolidated Financial Statements - effective 1 January 2014 -- IFRS 11 Joint Arrangements - effective 1 January 2014 -- IFRS 12 Disclosure of Interests in Other Entities - effective 1 January 2014 -- IAS 27 Separate Financial Statements (2011) - effective 1 January 2014 -- IAS 28 Investments in Associates and Joint Ventures - effective 1 January 2014
-- Arrangements and Disclosure of Interest in Other Entities: Transition Guidance 1 January 2014
The revised Standards and Interpretations above have had no impact on the reporting results or financial position of the group.
4 Seasonality of interim operation
The group is sensitive to the seasonality of sales. Traditionally and historically, the first quarter of the year is very quiet due to the festive season in P. R. China. The revenue of the group has increased compared to the first six months of last year due to the recovery of machine tool industry within P. R. China.
During the period, the company has consolidated its product range and made modification to the appearance of its various products.
5 Segment information
The sales revenue arises from the sale of universal lathes, CNC machinery, large-scale machinery and relevant spare parts which forms the group's main business. All the activities are within P. R. China. Therefore management considers no detail of the operating and geographical segments information is to be reported.
13% (6 months ended 30 June 2013: 17%) of sales are made via P. R. China agents to customers overseas.
Analysis of revenue from the sale of goods and services are analysed as follows:
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2013
2014 2013 Audited
Unaudited Unaudited
RMB'000 RMB'000 RMB'000
Universal 27,000 22,696 50,975
CNC 23,289 15,816 46,553
Large-scale 17,599 12,190 25,267
Others 869 1,340 2,050
68,757 52,042 151,503
----------- ----------- -------------
6 Taxation
The company is regarded as resident for tax purposes in Jersey and on the basis that the company is neither a financial services company nor a utility company for the purposes of the Income Tax (Jersey) Law 1961, as amended; the company is subject to income tax in Jersey at a rate of zero per cent.
Win Yu, an intermediate parent company is regarded as resident for the tax purposes in Hong Kong.
The group's operating subsidiary in P. R. China is subject to income tax rate at 25%. Due to its high technology enterprise status, the subsidiary is entitled to a reduction in tax rate at 15%.
There is no tax liability due to losses during the period.
7 Loss per share
Basic loss per share is calculated by dividing the lost attributable to equity shareholders of the company by the weighted average number of ordinary shares in issue during the period.
Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There is no dilutive potential ordinary share in the company.
Six Year ended
months 31 December
ended 30 2013
June 2014 Audited
Unaudited
RMB RMB
Earnings
Earnings for the purposes of basic and diluted
earnings per share being net profit attributable
to equity holders of the parent (9,917,000) (49,272,442)
------------- --------------
Number Number
Number of shares
Weighted average number of ordinary shares
for the purpose of basic earnings per share 58,036,263 58,036,263
------------ -------------
8 Property, plant and equipment
During the period, the company cancelled the contract signed in November 2012 for the value of RMB31.8 million on the acquisition of plant and machinery to upgrade its manufacturing capabilities for advance CNC and large-scale equipment. The RMB10.8 million paid for the assets under construction for this contract will be refunded in due course.
9 Share capital
The total authorised number of ordinary shares is 200,000,000 at 2.5 pence per share. The issued share capital of the company as at 30 June 2014 is GBP1,450,906 fully paid. There were no movements in the issued share capital of the company in the current reporting period.
10 Borrowings
During the period, there is no new bank loan obtained by the company other than those renewable loans which bear interest at fixed rates and are repayable within one year.
11 Events after the reporting date
On 9 January 2015, the company disposed of its operating business Jiangsu Qihang CNC Machinery Tools Co., Ltd ("JSQH") and has been re-classified as an Investing Company under AIM Rule 15.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZMGZMZFVGKZM
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