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(Incorporated in Hong Kong with limited liability)
(Stock Code: 118) ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015 CONSOLIDATED INCOME STATEMENTFOR THE YEAR ENDED 31 DECEMBER 2015
Notes | 2015 HK$'000 | 2014 HK$'000 | |
Revenue | 3 | 2,395,166 | 2,492,729 |
Cost of sales | (2,016,147) | (2,059,154) | |
Gross profit | 379,019 | 433,575 | |
Other income and gains, net | 37,477 | 21,640 | |
Distribution costs | (145,462) | (152,479) | |
Administrative expenses Allowance for impairment of bad and doubtful debts, net | (293,675) (2,040) | (289,184) (6,429) | |
(Loss) Profit from operations | (24,681) | 7,123 | |
Finance costs | (20,808) | (21,267) | |
Investment income | 15,570 | 11,804 | |
Share of profits (losses) of associates | 680 | (48) | |
Gain on disposal of associates | 2,577 | 2,037 | |
Loss before taxation | 4 | (26,662) | (351) |
Taxation | 5 | (12,156) | (7,583) |
Loss for the year | (38,818) | (7,934) |
Note | 2015 HK$'000 | 2014 HK$'000 |
Attributable to: - Equity shareholders of the Company | (49,601) | (33,301) |
- Non-controlling interests | 10,783 | 25,367 |
(38,818) | (7,934) | |
Loss per share for loss attributable to the equity shareholders of the Company during the year | 6 | |
- Basic | (6.92 cents) | (4.65 cents) |
FOR THE YEAR ENDED 31 DECEMBER 2015
2015 HK$000 | 2014 HK$000 | |
Loss for the year | (38,818) | (7,934) |
Other comprehensive income (expense) for the year, |
net of tax:
Items that have been reclassified or may be reclassified subsequently to profit or loss:
Exchange differences arising from translation of
financial statements of foreign operations (78,732) (5,272)
Changes in fair value of available-for-sale
financial assets 127 112
Share of other comprehensive expense of
associates (1,757) (103)
Release of translation reserve upon disposal
of associates | 1,143 | (1,589) |
(79,219) | (6,852) | |
Items that will not be reclassified to profit or loss: | ||
Surplus on revaluation of properties held for own use | 14,392 | 7,996 |
(64,827) | 1,144 | |
Total comprehensive expense for the year | (103,645) | (6,790) |
Attributable to: - Equity shareholders of the Company | (107,487) | (31,554) |
- Non-controlling interests | 3,842 | 24,764 |
Total comprehensive expense for the year | (103,645) | (6,790) |
AT 31 DECEMBER 2015
Notes | 2015 HK$'000 | 2014 HK$'000 | |
Non-current Assets Property, plant and equipment | 691,750 | 788,844 | |
Leasehold land and land use rights | 47,667 | 54,501 | |
Goodwill | 8 | 53,483 | 53,483 |
Intangible assets | 9 | 10,604 | 11,987 |
Interests in associates | 36,693 | 41,174 | |
Available-for-sale financial assets | 734 | 606 | |
Finance lease receivables | 46,923 | 14,103 | |
Deferred tax assets | 41,413 | 39,608 | |
929,267 | 1,004,306 | ||
Current Assets Inventories | 562,523 | 656,310 | |
Finance lease receivables | 61,934 | 22,396 | |
Trade and other receivables | 10 | 774,467 | 743,337 |
Other financial assets | 9,012 | 174,810 | |
Current tax recoverable | 1,451 | 2,120 | |
Cash and bank balances | 607,567 | 510,270 | |
2,016,954 | 2,109,243 | ||
Current Liabilities Trade and other payables | 11 | 749,829 | 843,882 |
Amounts due to associates | - | 481 | |
Bank borrowings - due within one year | 526,575 | 478,112 | |
Obligations under finance leases | 8,286 | 8,752 | |
Deferred consideration payable | 8,123 | 4,811 | |
Current tax payable | 6,307 | 6,738 | |
1,299,120 | 1,342,776 | ||
Net Current Assets | 717,834 | 766,467 | |
Total Assets less Current Liabilities | 1,647,101 | 1,770,773 |