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WH Group Limited ຬݲყϞࠢʮ̡
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 288)
UNAUDITED FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2018 OF HENAN SHUANGHUI INVESTMENT & DEVELOPMENT CO., LTD.
On August 14, 2018 after trading hours (Hong Kong time), Shuanghui Development released its interim report for the six months ended June 30, 2018.
Henan Shuanghui Investment & Development Co., Ltd. (ئیᕐිҳ༟೯ٰ࢝΅Ϟࠢʮ̡) ("Shuanghui Development") is a company incorporated in the People's Republic of China whose shares are listed on the Shenzhen Stock Exchange (the "Shenzhen Stock Exchange"). As at the date of this announcement, WH Group Limited (the "Company") indirectly owns approximately 73.25% equity interest in Shuanghui Development. On August 14, 2018, Shuanghui Development filed its interim report with the Shenzhen Stock Exchange for the six months ended June 30, 2018 (the "Shuanghui Development Interim Report"). It is important to note that the unaudited consolidated financial results contained in Shuanghui Development Interim Report have been prepared in accordance with the China Accounting Standards for Business Enterprises. The Company prepares its consolidated financial results in accordance with the International Financial Reporting Standards (the "IFRS"). Accordingly, Shuanghui Development's results reported therein differ from Shuanghui Development's results contained in the Company's consolidated financial statements, which include certain adjustments in order to conform to the IFRS.
SUMMARY OF RESULTS OF SHUANGHUI DEVELOPMENT FOR THE SIX MONTHS ENDED JUNE 30, 2018
For the six months ended June 30, 2018, Shuanghui Development processed 8.27 million hogs, representing an increase of 30.42% from the comparable period of 2017. External sales volume of meat products was 1.55 million metric tons, representing an increase of 6.65% from the comparable period of 2017. Turnover decreased by 1.30% from the comparable period of 2017 to RMB23,732 million. Net profit increased by 23.97% from the comparable period of 2017 to RMB2,459 million.
The unaudited consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2018 and the unaudited consolidated statement of financial position as at June 30, 2018 contained in the Shuanghui Development Interim Report are provided below:
SHUANGHUI DEVELOPMENT
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended June 30, 2018
For the six months ended June 30,
2018 | 2017 | ||
RMB | RMB | ||
(unaudited) | (unaudited) | ||
I. | Total operating income | 23,732,111,598.20 | 24,045,231,882.50 |
Including: Operating income | 23,621,389,338.87 | 23,997,162,774.64 | |
Interest income | 110,667,636.73 | 48,011,947.54 | |
Handling and commission income | 54,622.60 | 57,160.32 | |
II. | Total operating costs | 20,832,310,840.64 | 21,625,807,333.37 |
Less: Operating costs | 18,575,792,566.35 | 19,534,171,971.85 | |
Interest expenses | 11,140,143.63 | 3,805,843.20 | |
Handling and commission charges | 440,672.12 | 416,919.56 | |
Tax and levies | 173,775,349.26 | 159,498,602.91 | |
Selling expenses | 1,266,830,305.35 | 1,167,243,595.93 | |
Administrative expenses | 533,610,757.97 | 553,746,724.89 | |
Financial expenses | 27,075,144.91 | 42,774,750.76 | |
Impairment losses of assets | 243,645,901.05 | 164,148,924.27 | |
Add: Investment income | 22,349,889.64 | 36,948,151.72 | |
Including: Income from investments in associates and joint | |||
ventures | 7,275,581.00 | 11,896,672.54 | |
Gain (Loss) on disposal of assets | -592,582.20 | 2,158,777.91 | |
Other gains | 151,816,839.80 | - | |
III. | Operating profit | 3,073,374,904.80 | 2,458,531,478.76 |
Add: Non-operating income | 20,952,700.07 | 134,264,079.38 | |
Less: Non-operating expenses | 9,377,639.11 | 15,637,066.28 | |
IV. | Total profit | 3,084,949,965.76 | 2,577,158,491.86 |
Less: Income tax expenses | 626,213,289.19 | 593,867,553.77 | |
V. | Net profit | 2,458,736,676.57 | 1,983,290,938.09 |
Including: Net profit from continuing operations | 2,458,736,676.57 | 1,983,290,938.09 | |
Net profit from discontinued operations | - | - | |
Net profit attributable to owners of Shuanghui Development | 2,385,332,323.73 | 1,904,054,872.23 | |
Profit or loss attributable to non-controlling interests | 73,404,352.84 | 79,236,065.86 | |
VI. | Other comprehensive income, net of tax | 4,144,572.44 | - |
Other comprehensive income, net of tax attributable to owners of | |||
Shuanghui Development | 2,113,731.94 | - | |
Including: Item that may be reclassified subsequently to | |||
profit or loss | 2,113,731.94 | - | |
Including: Fair value change in cash flow hedge | 2,113,731.94 | - | |
Other comprehensive income, net of tax attributable to | |||
non-controlling interests | 2,030,840.50 | - | |
VII. | Total comprehensive income | 2,462,881,249.01 | 1,983,290,938.09 |
Total comprehensive income attributable to owners of Shuanghui | |||
Development | 2,387,446,055.67 | 1,904,054,872.23 | |
Total comprehensive income attributable to non-controlling interests | 75,435,193.34 | 79,236,065.86 | |
VIII. | Earnings per share: | ||
0.7229 | 0.5771 | ||
0.7229 | 0.5771 |
(1) Basic earnings per share
(2) Diluted earnings per share
CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at June 30, 2018
As at June 30, | As at January 1, | |
2018 | 2018 | |
RMB | RMB | |
(unaudited) | (audited) | |
Current assets: | ||
Cash and bank balances | 3,826,852,041.87 | 6,162,804,240.18 |
Bills receivables | 34,102,100.50 | 25,975,745.00 |
Trade receivables | 111,679,180.22 | 135,043,452.60 |
Prepayments | 30,189,901.73 | 75,313,646.39 |
Other receivables | 9,679,630.38 | 10,432,491.67 |
Inventories | 4,080,783,559.90 | 2,928,255,410.86 |
Loans receivables | 104,076,000.00 | 399,417,500.00 |
Non-current assets due within one year | 2,215,306.61 | 2,334,033.96 |
Other current assets | 590,277,546.26 | 276,958,347.30 |
Total current assets | 8,789,855,267.47 | 10,016,534,867.96 |
Non-current assets: | ||
Available-for-sale investments | 44,686,591.59 | 44,686,591.59 |
Long-term equity investments | 169,669,621.04 | 175,762,503.25 |
Fixed assets | 11,159,914,298.56 | 11,499,807,659.66 |
Construction in progress | 217,700,225.50 | 154,056,643.23 |
Materials for construction of fixed assets | 6,750,557.39 | 4,130,046.99 |
Biological assets | 69,678,421.77 | 68,785,210.07 |
Intangible assets | 958,055,610.00 | 1,005,343,551.24 |
Long-term prepaid expenses | 60,927,800.37 | 67,108,747.01 |
Deferred tax assets | 61,025,351.43 | 47,532,004.86 |
Other non-current assets | 6,196,813.71 | 5,318,333.85 |
Total non-current assets | 12,754,605,291.36 | 13,072,531,291.75 |
Total assets | 21,544,460,558.83 | 23,089,066,159.71 |
Current liabilities: | ||
Short-term borrowings | 2,040,602,118.85 | 1,942,107,168.85 |
Deposit receipts | 452,943,464.59 | 533,822,757.49 |
Derivative financial instruments | - | 4,144,572.44 |
Trade payables | 1,755,094,186.30 | 1,848,353,162.03 |
Receipts in advance | 497,683,077.03 | 562,009,399.87 |
Other loans | 752,950,000.00 | 785,481,761.26 |
Accrued staff costs | 441,362,546.17 | 611,283,942.17 |
Taxes payables | 324,195,931.18 | 294,627,389.87 |
Interest payables | 3,687,921.82 | 4,034,079.23 |
Dividend payables | 73,478,477.00 | 140,023,774.05 |
Other payables | 664,813,628.32 | 677,776,645.25 |
Non-current liabilities due within one year | 326,312.45 | 320,950.78 |
Other current liabilities | 1,962,458.31 | 3,053,448.99 |
Total current liabilities | 7,009,100,122.02 | 7,407,039,052.28 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at June 30, 2018
As at June 30, | As at January 1, | |
2018 | 2018 | |
RMB | RMB | |
(unaudited) | (audited) | |
Non-current liabilities: | ||
Long-term borrowings | 5,057,842.94 | 5,135,212.55 |
Long-term payables | 67,950,000.00 | 68,300,000.00 |
Deferred income | 72,140,687.85 | 74,120,410.78 |
Deferred tax liabilities | 65,115,503.61 | 67,143,222.92 |
Total non-current liabilities | 210,264,034.40 | 214,698,846.25 |
Total liabilities | 7,219,364,156.42 | 7,621,737,898.53 |
Owners' equity: | ||
Share capital | 3,299,558,284.00 | 3,299,558,284.00 |
Capital reserve | 1,909,620,367.57 | 1,885,053,364.53 |
Other reserve | - | -2,113,731.94 |
Surplus reserve | 1,831,906,631.94 | 1,831,906,631.94 |
General reserve | 708,827.78 | 708,827.78 |
Retained profits | 6,357,788,984.81 | 7,601,970,773.48 |
Total equity attributable to owners of | ||
Shuanghui Development | 13,399,583,096.10 | 14,617,084,149.79 |
Non-controlling interests | 925,513,306.31 | 850,244,111.39 |
Total owners' equity | 14,325,096,402.41 | 15,467,328,261.18 |
Total liabilities and owners' equity | 21,544,460,558.83 | 23,089,066,159.71 |
If you wish to review the Shuanghui Development Interim Report in full, please visitwww.szse.cn.
By order of the board of directors of
WH Group Limited
Wan Long
Chairman and Chief Executive Officer
Hong Kong, August 14, 2018
As at the date of this announcement, the executive directors of the Company are Mr. WAN Long, Mr. WAN Hongjian, Mr. GUO Lijun, Mr. SULLIVAN Kenneth Marc and Mr. MA Xiangjie; the non-executive director of the Company is Mr. JIAO Shuge; and the independent non-executive directors of the Company are Mr. HUANG Ming, Mr. LEE Conway Kong Wai and Mr. LAU, Jin Tin Don.