DJ HK Bourse: Results Announcement From Noble Century Investment Holdings Ltd.

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https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0630/2020063000033.pdf ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 MARCH 2020
The board of directors (the "Board") of Hong Kong ChaoShang Group Limited (formerly
known as "Noble Century Investment Holdings Limited") (the "Company") is pleased to
announce the results of the Company and its subsidiaries (together, the "Group") for the year
ended 31 March 2020, together with comparative figures for the previous financial year, as
follows: 1
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the year ended 31 March 2020 2020 2019 HK$ '000 HK$ '000 Note Restated
CONTINUING OPERATIONS 238,518 3
Revenue 105,088 (158,628) 6
Cost of sales (67,138) 79,890
Gross profit 37,950 4,279 5
Other income 3,920 -
Loss on disposal of subsidiaries (5,458)
(Loss)/Gain on changes in fair value (38,438) of held-for-trading investments 5,935
Realised (loss)/gain on disposal of (1,068) held-for-trading investments 4,229
Unrealised (loss)/gain on changes in (2,128) fair value of investment property 297
Unrealised loss on changes in fair value (588) of other financial assets - (1,953)
Impairment loss on trade receivables (32,648)
Impairment loss on deposits, prepayments and (581) other receivables (840) (414)
Impairment loss on finance lease receivables (21)
(Impairment loss)/Reversal of impairment (929) loss on loan and interest receivables 493 (278)
Impairment loss on factoring receivables - (46,251) 6
Administrative expenses (35,769) (8,459)
Operating loss from continuing operations (21,912) (1,451)
Finance costs - (9,910)
Loss before taxation from continuing operations (21,912) (12,535) 7
Taxation charge (7,909) (22,445)
Loss for the year from continuing operations (29,821) 2 2020 2019 HK$ '000 HK$ '000 Note Restated
DISCONTINUED OPERATION (797)
Loss for the year (6,207)
Gain on disposal of equity interest in discontinued operation before release of foreign currency 1,149 15 translation reserve, net of income tax -
Release of foreign currency translation reserve on 1,330 15 discontinued operation upon disposal -
Profit/(loss) for the year from discontinued 1,682 operation (6,207) (20,763)
Loss for the year (36,028)
Other comprehensive loss:
Items that will not be reclassified to profit or loss: - Gain on revaluation of property, plant and equipment upon transfer to investment - property 9,659 - Deferred tax liability on recognition of revaluation of property, plant and equipment - upon transfer to investment property (2,414)
Items that may be reclassified subsequently to profit or loss: - Exchange differences arising on (45,093) translation of foreign operations (48,056) (45,093)
Other comprehensive loss for the year (40,811) (65,856)
Total comprehensive loss for the year (76,839) 3 2020 2019 HK$ '000 HK$ '000 Note Restated
Loss for the year attributable to: (19,469) Owners of the Company (32,167) (1,294) Non-controlling interests (3,861) (20,763)
Loss for the year (36,028)
Total comprehensive loss for the year attributable to: (65,366) Owners of the Company (73,324) (490) Non-controlling interests (3,515) (65,856)
Total comprehensive loss for the year (76,839)
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY
Basic and diluted (0.51) cents 9 - For loss for the year (0.87) cents (0.55) cents 9 - For loss from continuing operations (0.71) cents 4
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2020 2020 2019 HK$ '000 HK$ '000 Note
ASSETS
Non-current assets 47,903 Property, plant and equipment 55,322 42,946 Investment property 48,321 23,438

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DJ HK Bourse: Results Announcement From Noble Century Investment Holdings Ltd. -2-

Right-of-use assets - 76,695 Goodwill 1,000 21,500 Intangible assets - 230 Other non-current assets - 356 Other financial assets - 65,011 10 Finance lease receivables 109,482 278,079 214,125
Current assets - Inventories 23 294,174 11 Trade receivables 154,649 26,762 Factoring receivables 8,178 24,945 Deposits, prepayments and other receivables 18,327 17,100 Held-for-trading investments 70,599 110,867 10 Finance lease receivables 112,795 72,951 12 Loan and interest receivables 87,485 10 Tax recoverable - 35,787 Cash held on behalf of clients - 183,430 Cash and bank balances 140,293 766,026 592,349
Total assets 1,044,105 806,474
EQUITY
Capital and reserves 82,412 Share capital 73,612 824,490 Reserves 685,873 906,902
Total equity attributable to owners of the Company 759,485 (11,677)
Non-controlling interests (11,187)
Total equity 895,225 748,298 5 2020 2019 HK$ '000 HK$ '000 Note
LIABILITIES
Non-current liabilities 7,800 Bond payable - 33,301 Retained consideration payable - 10,333 Lease liabilities - 37 Contract liabilities 516 5,283 Deferred tax liabilities 2,507 56,754 3,023
Current liabilities 35,223 13 Trade payables 2 78 Bond interest payable - 893 Contract liabilities 1,180 13,450 Lease liabilities - 27,237 Accruals, other payables and deposit received 35,772 2,286 Amount due to a director 4,556 233 Amount due to non-controlling interests 250 12,726 Tax payables 13,393 92,126 55,153
Total liabilities 148,880 58,176
Total equity and liabilities 1,044,105 806,474
Net current assets 673,900 537,196
Total assets less current liabilities 951,979 751,321 6
1 GENERAL INFORMATION Hong Kong ChaoShang Group Limited (formerly known as " Noble Century Investment Holdings Limited") (the "Company") is a limited liability company incorporated in Bermuda and listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The Company's registered office is located at Clarendon House, 2 Church Street, Hamilton II, Bermuda. The principal place of business in Hong Kong is situated at Suite 2202, 22nd Floor, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong. Pursuant to a special resolution passed by the shareholders of the Company at a special general meeting on 31 May 2019 and approved by the Bermuda Registry of Companies on 22 July 2019, the name of the Company has been changed from "Noble Century Investment Holdings Limited" to "Hong Kong ChaoShang Group Limited" and the adoption of the Chinese name "" as the secondary name of the Company in replacement of "" has become effective. The principal activity of the Company is investment holding. The Company and its subsidiaries (together, the "Group") are principally engaged in vessel chartering, trading, money lending, factoring and finance leasing. During the year, the Group expanded its business into financial services through the completion of an acquisition of a company and its subsidiaries which hold licences to carry on Type 1, 2, 4 and 9 regulated activities as defined under the Securities and Futures Ordinance (the "SFO"). The Group also ceased and discontinued the vessel chartering business during the year. These consolidated financial statements are presented in Hong Kong dollars ("HK$") unless otherwise stated. These consolidated financial statements have been approved for issue by the Board of Directors on 29 June 2020.
2 BASIS OF PREPARATION These consolidated 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 and accounting principles generally accepted in Hong Kong. In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules") and the applicable disclosure requirements of the Hong Kong Companies Ordinance (Cap. 622). These consolidated financial statements have been prepared under the historical cost convention, except for investment property, held-for-trading investments and other financial assets that have been measured at fair value. The preparation of consolidated financial statements in conformity with HKFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. 7
(a) New and amended standards adopted by the Group:

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