Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
HUAXI HOLDINGS COMPANY LIMITED華禧控股有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 01689) ANNOUNCEMENT OF FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2017 PERFORMANCE HIGHLIGHTSTotal revenue of the Group increased by 3% to HK$260.26 million when compared to HK$252.37 million in FY2016.
Revenue from the Cigarette Packaging Business decreased by 8% to HK$229.35 million when compared with HK$249.55 million in FY2016.
Revenue from the Environmental Treatment Business and Biotechnology Business increased by 996% to HK$30.91 million when compared with HK$2.82 million in FY2016.
Gross profit of the Group slightly increased by HK$0.28 million to HK$94.49 million when compared with HK$94.21 million in FY2016, at gross profit margin of 36% (FY15/16: 37%).
Profit attributable to owners of the Company increased by 7% from HK$45.08 million in FY2016 to HK$48.20 million.
Basic earnings per share were HK14.21 cents, an increase compared to HK13.29 cents in FY2016.
A final dividend of HK6.00 cents per ordinary share for the year ended 31 March 2017 was proposed to declare.
The board of directors (the "Board") of Huaxi Holdings Company Limited (the "Company") is pleased to announce the audited consolidated financial results of the Company and its subsidiaries (together, the "Group") for the year ended 31 March 2017 together with the comparative figures for the preceding year ended 31 March 2016.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFor the year ended 31 March 2017
Year ended 31 March | ||||
2017 | 2016 | |||
Note | HK$'000 | HK$'000 | ||
Revenue | 3 | 260,262 | 252,368 | |
Cost of sales | 4 | (165,775) | (158,160) | |
Gross profit | 94,487 | 94,208 | ||
Distribution costs | 4 | (2,618) | (2,604) | |
Administrative expenses | 4 | (39,544) | (32,320) | |
Other gains/(losses) - net | 757 | (8,485) | ||
Operating profit | 53,082 | 50,799 | ||
Finance income | 5 | 3,053 | 3,559 | |
Profit before income tax | 56,135 | 54,358 | ||
Income tax expense | 6 | (15,107) | (12,231) | |
Profit for the year | 41,028 | 42,127 | ||
Profit/(loss) attributable to: | ||||
Owners of the Company | 48,199 | 45,077 | ||
Non-controlling interests | (7,171) | (2,950) | ||
41,028 | 42,127 | |||
Other comprehensive income | ||||
Item that will not be reclassified to profit or loss: | ||||
Currency translation difference | (19,476) | (16,306) | ||
Other comprehensive income for the year | (19,476) | (16,306) | ||
Total comprehensive income for the year | 21,552 | 25,821 | ||
Total comprehensive income attributable to: | ||||
Owners of the Company | 28,845 | 29,081 | ||
Non-controlling interests | (7,293) | (3,260) | ||
21,552 | 25,821 | |||
Earnings per share attributable to owners of the Company for the year | ||||
- Basic earnings per share | 7(a) | HK14.21 cents | HK13.29 cents | |
- Diluted earnings per share | 7(b) | HK14.03 cents | HK13.22 cents |
As at 31 March 2017
31 March 2017 | 31 March 2016 | |||
Note | HK$'000 | HK$'000 | ||
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 40,383 | 43,937 | ||
Prepaid operating lease | 5,756 | 6,291 | ||
Deferred tax assets | 2,442 | 2,063 | ||
Prepayments for non-current assets | 118 | 13,361 | ||
48,699 | 65,652 | |||
Current assets | ||||
Inventories | 29,760 | 33,248 | ||
Trade receivables | 9 | 115,546 | 76,033 | |
Amounts due from customer for contract work | 10 | 22,098 | 2,380 | |
Financial assets at fair value through profit and loss | 28,852 | 38,049 | ||
Prepayments and other receivables | 1,369 | 8,373 | ||
Restricted cash at banks | 45,819 | 39,194 | ||
Cash and cash equivalents | 116,507 | 140,625 | ||
359,951 | 337,902 | |||
Total assets | 408,650 | 403,554 | ||
EQUITY | ||||
Equity attributable to owners of the Company | ||||
Share capital | 3,393 | 3,393 | ||
Other reserves | 174,254 | 191,600 | ||
Retained earnings | 127,812 | 113,630 | ||
305,459 | 308,623 | |||
Non-controlling interests | (2,842) | 4,451 | ||
Total equity | 302,617 | 313,074 | ||
LIABILITIES | ||||
Non-current liabilities | ||||
Deferred tax liabilities | 6,212 | 6,641 | ||
Current liabilities | ||||
Trade and notes payable | 11 | 71,196 | 60,946 | |
Other payables and accruals | 19,889 | 14,502 | ||
Amounts due to a related party | - | 2,000 | ||
Current income tax liabilities | 8,736 | 6,391 | ||
99,821 | 83,839 | |||
Total liabilities | 106,033 | 90,480 | ||
Total equity and liabilities | 408,650 | 403,554 |
For the year ended 31 March 2017
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GENERAL INFORMATION
Huaxi Holdings Company Limited was incorporated in the Cayman Islands on 29 April 2013 as an exempted company with limited liability under the Companies Law of the Cayman Islands. The address of its registered office is at the Clifton House, P.O. Box 1350, 75 Fort Street, Grand Cayman, KY1-1108, Cayman Islands. The Company is an investment holding company. The Group is principally engaged in manufacturing and sales of cigarette packing materials and environmental treatment business in the People's Republic of China (the "PRC") for the year ended 31 March 2017.
The Company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") since 6 December 2013.
These consolidated financial statements are presented in thousands of Hong Kong dollars ("HK$") unless otherwise stated. These consolidated financial statements have been approved by the Board of the Company for issue on 23 June 2017.
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BASIS OF PREPARATION
These consolidated financial statements of the Company have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards ("HKFRS"). The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss, which are carried at fair value.
The preparation of these consolidated financial statements in conformity with HKFRS 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.
The following amendments to standards are mandatory for the first time for the financial year beginning on or after 1 April 2016. The Group has adopted these amendments to standards which are relevant to its operations, but these amendments have no material impact in the Group's financial statement as at and for the year ended 31 March 2017.
Amendments to HKAS 16 and HKAS 38 "Clarification of acceptable methods of depreciation and amortisation".
Amendment to HKAS 27 "Equity method in separate financial statements".
Amendment from annual improvements to HKFRS - 2012-2014 Cycle, on HKFRS 19, "Employee benefits".
Amendment from annual improvements to HKFRS - 2012-2014 Cycle, on HKAS 34, "Interim financial reporting".
Amendments to HKFRS 10, HKFRS 12 and HKAS 28 "Investment entities: applying the consolidation exception".
Amendments to HKAS 1 "Disclosure initiative". HKFRS14 "Regulatory Deferral Accounts".
Huaxi Holdings Company Ltd. published this content on 23 June 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 June 2017 15:19:05 UTC.
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