Consolidated statements of financial position

KBS Fashion Group Limited

Consolidated Statements of Financial Position

As at December 31, 2017, and 2016

(Stated in U.S. Dollars)

As of December 31,
Notes 2017 2016
Non-current assets
Property, plant and equipment-net 20 27,824,523 26,758,749
Prepayments and premiums under operating leases 21 2,568,199 2,491,647
Prepayment for construction of new plant 22 - -
Prepayment for acquisition of land use right 23 - -
Land use rights 24 648,652 624,894
Deferred tax assets 15 9,924,944 4,879,652
40,966,318 34,754,942
Current assets
Inventories 25 1,806,212 2,450,866
Trade receivables 26 10,501,543 23,483,465
Other receivables and prepayments 26 1,901,268 5,364,120
Subsidies prepaid to distributors 27 - 389,996
Prepayments and premiums under operating leases 21 83,907 79,035
Cash and cash equivalents 28 26,050,456 24,576,341
40,343,386 56,343,823
Total assets 81,309,704 91,098,765
Current liabilities
Short term bank loans 31 1,606,930 1,513,623
Trade and other payables 29 5,451,830 4,774,628
Related parties payables 30 154,137 1,150,129
Income tax payable - 258,259
Deposits received 69,612 -
7,282,509 7,696,639
Non-current liability
Warrant liabilities 32 - -
- -
Total liabilities 7,282,509 7,696,639
Equity
Share capital 33 198 177
Share premium 33 6,686,169 6,056,240
Revaluation reserve 34 184,272 184,272
Statutory surplus reserve 34 6,084,836 6,084,836
Retained profits 34 64,146,811 78,962,407
Foreign currency translation reserve 34 (3,075,091)
(7,885,806)
74,027,195 83,402,126
Total liabilities and equity 81,309,704 91,098,765


The accompanying notes are an integral part of these consolidated financial statements.