Financial Performance

Summary Balance Sheet*

(USD)
2016 2017 1H2018
Assets
Non-current assets
Property and equipment 290,661,449 322,441,974 429,432,687
Intangible assets 15,265 544,541 493,786
Available for sale financial asset 1,950,000 1,950,000 1,950,000
Total non-current assets 292,626,714 324,936,515 431,876,473
Current assets
Inventories 17,777,071 20,919,477 24,363,395
Accounts receivable 50,789,113 65,987,303 82,183,790
Due from related parties 277,117 305,615 2,092,217
Prepayments and other receivables 11,339,324 19,763,877 36,901,517
Bank balance and cash 5,192,864 136,964,417 119,244,318
Total current assets 106,188,328 262,949,887 264,785,237
Total assets 398,815,042 587,886,402 696,661,710
Equity and Liabilities
Equity
Share capital 1,000,000 42,203,030 43,793,882
Share application money 30,900,000 158,224,346 178,746,337
Merger reserve -6,520,807 -6,520,807 -6,520,807
Legal reserve 4,481,408 6,400,000 6,400,000
Retained earnings 75,047,782 117,703,129 139,062,112
Total equity 104,908,383 318,009,698 361,481,524
Liabilities
Non-current liabilities
Interest-bearing loans and borrowings 189,929,837 155,155,414 289,201,616
Provisions 101,368 620,083 877,202
Total non-current liabilities 190,031,205 155,775,497 290,078,818
Current liabilities
Trade and other payables 51,157,293 52,664,243 38,763,942
Interest-bearing loans and borrowings 45,804,082 57,333,620 4,322,602
Provisions 2,933,915 1,836,000 1,807,703
Due to related parties 4,081,532 2,267,344 207,121
Total current liabilities 103,976,822 114,101,207 45,101,368
Total liabilities 293,906,659 269,876,704 335,180,186
Total equity and liabilities 398,815,042 587,886,402 696,661,710

*The Financial Information represented of the Group is a continuation of the existing business and reflects the carrying values of the Subsidiary as if the Subsidiary had always been consolidated from the earliest period presented even though the Company was not in existence before 22 May 2016. Any difference between the consideration paid and nominal value of the share capital of the Subsidiary is recorded as a merger reserve.