Qihang Equipment Company Limited Half Yearly -3-
September 24 2013 - 2:00AM
UK Regulatory
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
2012, except for the impact of the adoption of the Standards and
Interpretations described below.
-- IAS 27 Separate Financial Statements (2011) - effective 1 January 2013
-- IFRS 10 Consolidated Financial Statements - effective 1 January 2013
-- IFRS 13 Fair Value Measurement - effective 1 January 2013
-- Presentation of Items of Other Comprehensive Income
(Amendments to IAS 1) - effective 1 July 2012
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 China. The revenue of the
group decreased significantly compared to the first six months of
last year, mainly due to the slowdown of the machine tool industry
within China has yet to pick up and disposal of the coal mining
equipment operation at the end of 2012.
During the period, the company has consolidated its product
range and made modification to the structure of its various
products. Orders received were mainly customised 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.
17.04% (6 months ended 30 June 2012: 7.05%) 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 2012
2013 2012 Audited
Unaudited Unaudited
RMB!--000 RMB!--000 RMB!--000
Universal 22,696 54,698 60,656
CNC 15,816 31,510 58,172
Large-scale 12,190 14,799 32,156
Coal mining equipment - 14,918 -
Others 1,340 2,520 1,483
Sales and other sales related taxes (59) (672) (964)
----------- ----------- -------------
51,983 117,773 151,503
=========== =========== =============
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 PRC 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%.
Interim income tax charged was related to prior year adjustment.
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 2012
June 2013 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 (10,306,212) (14,021,110)
=============== ===============
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 has spent approximate RMB7.3
million on plant and machinery to upgrade its manufacturing
capabilities for advance CNC and large-scale equipment. The
estimated total to spend is RMB50 million. The upgrade has been
delayed due to the company still in the stage of technical tuning
and modification of its various products.
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 2013 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 Guarantee
No additional guarantee.
12 Related party transactions
None
13 Events after the reporting date
None
This information is provided by RNS
The company news service from the London Stock Exchange
END
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