Share This

Public company info - Up Energy Development Group Ltd. , 00307.HK
Input the stock code or the company name     Search  
 
 Profile   Information   Data   Financial Ratios   Profit Loss   Cash Flow   Balance   Earnings   Dividend 

Up Energy Development Group Ltd., 00307.HK - Company Profile
Chairman Zhang Li
Share Issued (share) 4,539,000,000
Par Currency Hong Kong Dollar
Par Value 0.2
Industry Coal
Corporate Profile Business Summary: The Group is principally engaged in the mining of coking coal, raw coal, refined coking coal and coking products production and sales. Performance for the year: During the year ended 31 March 2019, the Group recorded a revenue of approximately HK$694,018,000, representing an increase of HK$503,388,000 or 264% as compared with that of approximately HK$190,630,000 for the same period of 2018. For the aforementioned reasons, the profit from operation during the year under review was approximately HK$311,968,000 while the loss from operation was approximately HK$6,875,962,000 for the same period of 2018. By reasons of the foregoing, the Group recorded a loss of approximately HK$965,357,000, during the year under review, representing an decrease of 84% as compared with that of approximately HK$5,908,821,000 for the same period of 2018. Business Review： Coal Resources and Reserves As at 31 March 2019, the Group had a total of approximately 408 Mt of JORC Code-compliant measured, indicated and inferred coal resources, while there were approximately 251 Mt of coal resources within mining right control of which a total of approximately 70 Mt were JORC Code-compliant proved and probable marketable coal reserves, and the potential coal reserves were approximately 52 Mt. Construction of Coal Mines Due to downturn of the coal and coke market in the last few years, the construction of the three mines were suspended strategically. After deep consideration of various factors, including but not limited to, the economy, the demand of coals in market, the coal types and reserves of three mines, Up Energy intended to focus on the development of the Xiaohuangshan Mine first and then resume the construction of the other two mines in the next step. The Company considers that all the major obstacles for resuming the construction of the Xiaohuangshan Mine have been cleared, except for obtaining the hard copy of the renewed mining license after resolving the issue of implementation of new policy of Resources Tax. As informed by the Xinjiang Government, a new policy has been imposed on all the mining companies in Xinjiang and a “trial run” has been adopted in implementing the policy of Resources Tax. Under the new policy, all the mining companies in Xinjiang are required to prepay the Resources Tax prior to the extraction and the sales of the coals when they obtain or renew mining licenses. The amount of the Resources Tax is calculated on the basis of a fixed scale over the coal resources of the mine assessed. The management of UE (Fukang) Mining was in active discussion with the Xinjiang Government and relevant authorities as to whether UE (Fukang) Mining should be subject to or be exempted from the “trial run” of the new policy for the prepayment of the Resources Tax. Concurrently, the management of UE (Fukang) Mining was in discussion with a panel valuer in order to commence the evaluation of the coal resources of the Xiaohuangshan Mine and to assess the amount of the prepayment of Resources Tax, if indeed required. After various discussions with the management of UE (Fukang) Mining and the relevant authorities in Xinjiang, the management of UE (Fukang) Mining is of the view that the Xinjiang Government and relevant authorities are unlikely to exempt UE (Fukang) Mining from the trial run of the new policy for the prepayment of Resources Tax. The amount of Resources Tax payable by UE (Fukang) Mining is calculated based on the marketable coal reserves of the mine, which are required to be first assessed by a panel valuer approved by the authorities and further approved by the authorities. A panel valuer has been engaged in this regard and UE (Fukang) Mining is waiting the result so as to ascertain the Resources Tax amount payable. Meanwhile, based on the discussions between the management of UE (Fukang) Mining and the relevant authorities, it is provisionally estimated that the amount of the prepayment of the partial Resources Tax would be approximately RMB130 million. Once the prepayment amount of the partial Resources Tax is confirmed after the completion of the valuation, UE (Fukang) Mining will subsequently arrange its prepayment and resume the construction of the Xiaohuangshan Mine. Prospects: Subsequent to the appointment, the JPLs, on behalf of the Company, have made notable achievements in relation to the formulation of the restructuring proposal, the publication of the all outstanding financial results and the preparation of the Resumption Proposal. The Scheme has been approved by the requisite statutory majorities of the Creditors in the Scheme Meeting on 30 September 2019 and the Scheme was subsequently sanctioned by the Bermuda Court pursuant to section 99(2) of the Companies Act 1981 of Bermuda in November 2019. The Company is in the course in preparing the necessary documents including the circular for the SGM to approve, inter alia, the transactions contemplated under the Scheme. Upon passing the necessary resolutions in the SGM, the Company will submit the Scheme to the Hong Kong Court for sanction. If the scheme of arrangement be successfully implemented, among other things, the following will be achieved: (i) Most of the liabilities of the Company, if not all, will be compromised and discharged under the creditors’ schemes of arrangement; and (ii) The JPLs will be discharged; following the Stock Exchange approving the resumption of trading of the shares of the Company. With the resumption of the construction of Xiaohuangshan Mine and the sustain operation of the coking plant, the Company is expected to have significant level of operation and to revive its business. It is expected that the financial position of the Group will be substantially improved upon the successful implementation of the scheme of arrangement and the resumption of the trading of the shares of the Company in the Main Board of the Stock Exchange, which are subject the approvals of the creditors and shareholders of the Company and the Stock Exchange. The Group will maintain the Group’s existing business in mining of coking coal and the production and sale of raw coking coal, clean coking coal, coking and chemical products.

Information from the financial statements of listed companies

Mobile | Full
Forum rule | About Us | Contact Info | Terms & Conditions | Privacy Statment | Disclaimer | Site Map
Copyright (C) 2024Suntek Computer Systems Limited. All rights reserved
Disclaimer : In the preparation of this website, 88iv endeavours to offer the most current, correct and clearly expressed information to the public. Nevertheless, inadvertent errors in information and in software may occur. In particular but without limiting anything here, 88iv disclaims any responsibility and accepts no liability (whether in tort, contract or otherwise) for any direct or indirect loss or damage arising from any inaccuracies, omissions or typographical errors that may be contained in this website. 88iv also does not warrant the accuracy, completeness, timeliness or fitness for purpose of the information contained in this website.