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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Phimedix Plc | LSE:PHM | London | Ordinary Share | GB00BLM14N85 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.95 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jan 2020 to Jan 2025
TIDMZBO
RNS Number : 3190Y
Zibao Metals Recycling Holdings PLC
30 December 2019
30 December 2019
Zibao Metals Recycling Holdings Plc
("Zibao" or "the Company" or "the Group")
Half Year Results
Zibao Metals Recycling Holdings Plc (AIM: ZBO), a Hong Kong based, recyclable metal trader and processor is pleased to announce its unaudited half year results for the six months ended 30 September 2019.
For further information please contact:
Zibao Metals Recycling Holdings PLC Tel: +852 2769 7662 Wenjie "Joe" Zhou, Chairman www.zibaometals.com Jianfeng "Eddy" Li, Chief Executive Officer SPARK Advisory Partners Limited (Nominated Adviser) Mark Brady/Neil Baldwin +44 203 368 3551
Chairman's Statement
We are pleased to report the Company's unaudited interim results for the six months ended 30 September 2019.
Results
The Group's turnover was HKD 118 million [1H2018 : HKD 139 million], a decrease of approximately 15% on the corresponding period last year, mainly as a result of the continued impact of the change in regulations in the PRC restricting importation of scrap materials. The Group has not been able to secure new and compliant sources of supply, such that normal levels of trading can resume, and there is no visibility if and when this can happen.
Loss before tax during the period was HKD 0.53 million [1H2018 : HKD 2.4 million], as the Group continued with its cost control initiatives following the reduced levels of activity.
Outlook
Trading levels are not anticipated to return to normal or sustainable levels in the foreseeable future, and whilst the Group continues to manage its costs, it also continues to explore other strategies for the Group.
As announced on 12 December 2019, the Board are exploring the disposal of the Group's main trading subsidiary, Masterpiece Enterprises Limited. It is likely that any such disposal, if agreed, would also require shareholders' approval, in general meeting, as required by AIM Rule 15. Should this disposal be approved, the Company would also seek to raise some new equity through a placing of new shares.
We will keep shareholders advised of progress as and when appropriate.
Joe Zhou
Chairman
30 December 2019
Consolidated Statement of Comprehensive Income
Hot Features
Premium
6 months 6 months
to 30 September to 30 September
2019 2018 Year to
31 March
Notes 2019
HKD'000 HKD'000 HKD'000
UNAUDITED UNAUDITED AUDITED
Continuing operations
Revenue 3 118,253 138,777 363,228
Cost of sales (117,335) (138,434) (377,678)
-------------- -------------- --------------
Gross profit 918 343 (14,450)
Other revenues 359 157 23
Selling and distribution expenses (109) (29) (133)
Administrative expenses (1,702) (2,826) (9,071)
Other Operating expenses - - (20,000)
Impairment losses - - (21,134)
-------------- -------------- --------------
Operating (loss)/ profit (534) (2,355) (64,765)
Finance cost - - -
-------------- -------------- --------------
(Loss)/Profit before tax (534) (2,355) (64,765)
Income tax credit/ (expense) 10 10 (37)
-------------- -------------- --------------
(Loss)/profit for the year (524) (2,345) (64,802)
Other Comprehensive income
Foreign exchange difference - - (860)
-------------- -------------- --------------
(Loss)/Profit and total comprehensive
income for the period (524) (2,345) (65,662)
(Loss)/Profit and total comprehensive
income for the year attributable
to the owners of the Company (524) (2,345) (65,662)
(Loss)/Earnings per share 5 HKD HKD HKD
Basic (0.004) (0.019) (0.531)
Diluted (0.004) (0.019) (0.531)
Consolidated Statement of Financial Position
Notes As at 30 September 2019 As at 30 September 2018 As at 31 March 2019
HKD'000 HKD'000 HKD'000
UNAUDITED UNAUDITED AUDITED
Assets
Non-Current Assets
Property, plant and equipment 17,398 39,778 17,658
Intangible assets - 1,406 -
-------------- -------------- --------------
17,398 41,184 17,658
-------------- -------------- --------------
Current Assets
Inventories - 22,286 3,055
Trade receivables 6,778 4,548 12,100
Prepayments, deposits and other
receivables 4,634 10,019 7,261
Tax recoverable - 3,268 -
Cash and cash equivalents 6 7,463 5,396 8,943
-------------- -------------- --------------
18,875 45,517 31,359
-------------- -------------- --------------
Total Assets 36,273 86,701 49,017
Equity and liabilities
Equity attributable to owners of
the company
Share capital 7 15,549 15,549 15,549
Share premium 42,167 42,167 42,167
Group reorganisation reserve (527) (527) (527)
Share based payments reserve 662 662 662
Foreign Exchange reserve (1,770) (910) (1,770)
Retained earnings (55,405) 7,576 (54,881)
-------------- -------------- --------------
Total Equity 676 64,517 1,200
-------------- -------------- --------------
Non-current liabilities
Deferred tax 108 128 118
-------------- -------------- --------------
108 128 118
-------------- -------------- --------------
Current liabilities
Trade payables 4,454 8,136 12,958
Accrued liabilities and other
payables 21,902 4,746 25,609
Tax payable 9,133 9,174 9,132
-------------- -------------- --------------
35,489 22,056 47,699
-------------- -------------- --------------
Total Liabilities 35,597 22,184 47,817
-------------- -------------- --------------
Total Equity and Liabilities 36,273 86,701 49,017
Consolidated Statement of Cash Flows
6 months to 30 September 6 months to 30 September Year to 31 March 2019
Notes 2019 2018
HKD'000 HKD'000 HKD'000
UNAUDITED UNAUDITED AUDITED
Cash flows from operating
activities
Net cash from operating
activities 1 (1,740) (6,879) (3,985)
Taxation - - -
---------- ---------- ----------
Net cash (used in)/
generated from operating
activities (1,740) (6,879) (3,985)
Investing activities
Sale/Addition of
property, plant and
equipment 260 - (12)
---------- ---------- ----------
Net generated from /
(cash used) in investing
activities 260 - (12)
---------- ---------- ----------
Net cash from / (used in) - - -
in financing activities
---------- ---------- ----------
Taxation - - -
Net decrease in cash and
cash equivalents (1,480) (6,879) (3,997)
Cash and cash equivalents
at beginning of the
period 8,943 12,275 12,275
Effect of foreign
exchange rate changes - - 665
---------- ---------- ----------
Cash and cash equivalents
at the end of the period 7,463 5,396 8,943
Represented by:
Bank balances and cash 7,463 5,396 8,943
Notes for Consolidated
Statement of Cash Flows
1. Net cash from operating
activities
6 months to 30 September 6 months to 30 September
2019 2018 Year to 31 March 2019
HKD'000 HKD'000 HKD'000
UNAUDITED UNAUDITED AUDITED
Loss before income tax (534) (2,355) (64,765)
Adjustments for:
Depreciation on property,
plant and equipment 270 793 1,525
Interest income - - -
Amortisation - 50 101
Provision for Obsolete
inventories - - 15,722
Impairment of Property,
plant and equipment - - 19,778
Impairment of Goodwill - - 1,355
(Increase) / decrease in
inventories 3,055 3,507 7,016
Decrease/(Increase) in
trade receivables 5,322 6,893 (660)
Decrease / (Increase) in
prepayments, deposits and
other receivables 433 (853) 4,789
Increase / (decrease) in
trade payables (8,504) (10,160) (5,338)
Increase / (decrease) in
accrued liabilities and
other payables (1,782) (4,754) 16,492
---------- ---------- --------
Cash used in operations (1,740) (6,879) (3,985)
Consolidated Statement of Changes in Equity
Share Share Share Group Foreign Retained Total
Capital premium based Reorgan-isation exchange Earnings
payment Reserve reserve
reserves
HKD'000 HKD'000 HKD'000 HKD'000 HKD'000 HKD'000 HKD'000
As at 31 March
2018 15,549 42,167 662 (527) (910) 9,921 66,862
Total comprehensive
income for the
period - - - - - (2,345) (2,345)
Foreign exchange - - - - - - -
difference
---------- ---------- ---------- ---------- ---------- ---------- ----------
As at 30 September
2018 15,549 42,167 662 (527) (910) 7,576 64,517
Total comprehensive
income for the
period - - - - - (62,457) (62,457)
Foreign exchange
difference - - - - (860) - (860)
---------- ---------- ---------- ---------- ---------- ---------- ----------
As at 31 March
2019 15,549 42,167 662 (527) (1,770) (54,881) 1,200
Total comprehensive
income for the
period - - - - - (524) (524)
Foreign exchange - - - - - - -
difference
---------- ---------- ---------- ---------- ---------- ---------- ----------
As at 30 September
2019 15,549 42,167 662 (527) (1,770) (55,405) 676
---------- ---------- ---------- ---------- ---------- ---------- ----------
Notes to the interim financial information
1. General information
Zibao Metals Recycling Holdings Plc is a company incorporated in England on 9 October 2013 under the Companies Act 2006 but domiciled in Hong Kong. It was listed on the AIM market on 20 June 2014. The Group's principal activity is that of trading and processing scrap metals.
2. Basis of preparation and significant accounting policies
This interim report, which incorporates the financial information of the Company, has been prepared using the historical cost convention, on a going concern basis and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union, using accounting policies which are consistent with those set out in the financial statements for the year ended 31 March 2019.
Taxes
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
Standards and Interpretations adopted with no material effect on financial statements
There are no IFRS or IFRIC interpretations that are effective for the first time in this financial period that would be expected to have a material impact on the Group.
IFRS16 is not material to the Group, therefore no adjustments have been made.
Standards, interpretations and amendments to published standards that are not yet effective.
The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial period beginning 1 April 2019 and have not been early adopted.
Reference Title Summary Application date Application
of standard date of
Group
---------- ----------- ---------------------------- ------------------- -----------
IFRS 17 Insurance IFRS 17 Insurance Contracts Periods Commencing 1 April
Contracts on or after 1 2021
January 2021
---------- ----------- ---------------------------- ------------------- -----------
The directors anticipate that the adoption of these standards and the interpretations in future periods will have no material impact on the financial statements of the Group.
3. Segmental reporting
In the opinion of the directors, the Group has one class of business, being the trading of scrap materials. The Group's primary reporting format is determined by the geographical segment according to the location of its establishments. There is currently only one geographic reporting segment, which is China. All revenues and costs are derived from the single segment.
4. Directors' remuneration
6 months 6 months
to 30 September to 30 September Year to 31
2019 2018 March 2019
Salaries, Salaries, Salaries,
fees and fees and fees and
options options options
HKD'000 HKD'000 HKD'000
UNAUDITED UNAUDITED AUDITED
Wenjie Zhou 120 120 240
Jianfeng Li 120 120 240
Chor Wei Ong 31 66 132
Chin Phang Kwok 31 66 132
Peter Greenhalgh 31 66 132
Ajay Rajpal 31 66 132
-------------- -------------- --------------
364 504 1,008
_________ _________ _________
5. Loss per share
Loss per share data is based on the Group profit for the period and the weighted average number of shares in issue.
6 months to 30 September 6 months to 30 September
2019 2018 Year to 31 March 2019
HKD'000 HKD'000 HKD'000
UNAUDITED UNAUDITED AUDITED
Loss for the period
attributable to owners of
Company (524) (2,345) (65,662)
Weighted average number of
ordinary shares for the
purposes of basic earnings
per share (000's) 122,010 122,010 122,010
Weighted average number of
ordinary shares for the
purposes of diluted
earnings per share
(000's) 125,453 125,453 125,453
6 months to 30 September 6 months to 30 September
2019 2018 Year to 31 March 2019
HKD'000 HKD'000 HKD'000
UNAUDITED UNAUDITED AUDITED
Basic loss per share
Total basic losses per share (0.004) (0.019) (0.531)
Diluted loss per share
Total diluted earnings per share (0.004) (0.019) (0.531)
---------- ---------- ----------
6. Cash and cash equivalents Group
As at 30 As at 30 As at 31
September September March 2018
2019 2018
HKD'000 HKD'000 HKD'000
UNAUDITED UNAUDITED AUDITED
Cash and bank
balances 7,463 5,396 8,943
-------------- -------------- --------------
Cash and bank
balances
as presented
in balance
sheets 7,463 5,396 8,943
Add: Pledged - - -
fixed
deposits
-------------- -------------- --------------
Cash and cash
equivalents
as presented
in
consolidated
statement of
cash flows 7,463 5,396 8,943
_________ _________ _________
7. Share capital
The issued share capital as at 30 September 2019 was 122,010,000 ordinary shares of GBP0.01 each (30 September 2018: 122,010,000 ordinary shares of GBP0.01, 31 March 2019: 122,010,000 ordinary shares of GBP0.01)
8. The unaudited results for the period ended 30 September 2019 do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The comparative figures for the period ended 31 March 2019 were extracted from the audited financial statements which contained an unqualified audit report and did not contain statements under Sections 498 to 502 of the Companies Act 2006.
9. This interim financial statement will be, in accordance with the AIM Rules for Companies, available shortly on the Company's website at www.zibaometals.com.
10. The Company is incorporated in the UK but is treated as a Hong Kong resident for tax purposes.
Macau and Hong Kong tax has been provided at a rate of 12% and 16.5% respectively.
There was deferred taxation in respect of the period.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR WGGQCPUPBGQU
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December 30, 2019 11:50 ET (16:50 GMT)
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