AEON STORES (HONG KONG) CO., LIMITED 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.
AEON STORES (HONG KONG) CO., LIMITED永旺(香港)百貨有限公司
(Incorporated in Hong Kong with limited liability)
(Stock Code: 984)
2016 ANNUAL RESULTSThe Board of Directors (the "Board") of AEON Stores (Hong Kong) Co., Limited (the "Company") is pleased to announce the results of the Company and its subsidiaries (the "Group" or "AEON") for the year ended 31 December 2016 together with comparative figures for the previous year as follows:
CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2016NOTES | 2016 HK$'000 | 2015 HK$'000 | |
Revenue | 3 | 9,036,609 | 8,975,315 |
Other income | 612,465 | 684,258 | |
Investment income | 30,737 | 36,440 | |
Purchases of goods and changes in inventories | (6,212,937) | (6,134,108) | |
Staff costs | (1,096,029) | (1,089,888) | |
Depreciation | (207,797) | (190,270) | |
Impairment loss recognised in respect of property, | |||
plant and equipment | (163) | (9,026) | |
Loss on disposal/written off of property, | |||
plant and equipment | (6,024) | (13,099) | |
Pre-operating expenses | (5,133) | (11,219) | |
Other expenses | (2,162,218) | (2,126,481) | |
Finance costs | (116) | (210) | |
(Loss) profit before tax | (10,606) | 121,712 | |
Income tax expense | 4 | (4,407) | (18,157) |
(Loss) profit for the year (15,013) 103,555
(Loss) profit for the year attributable to:
Owners of the Company | (23,228) | 93,170 |
Non-controlling interests | 8,215 | 10,385 |
(15,013) | 103,555 |
(Loss) earnings per share 6 (8.93) HK cents 35.83 HK cents
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 20162016 HK$'000 | 2015 HK$'000 | |
(Loss) profit for the year | (15,013) | 103,555 |
Other comprehensive (expense) income | ||
Items that may be subsequently reclassified to profit or loss | ||
Exchange differences on translation of foreign operations | (23,291) | (13,155) |
Fair value gain (loss) on available-for-sale investments | 1,273 | (3,407) |
(22,018) | (16,562) | |
Other comprehensive expense for the year, net of income tax | (22,018) | (16,562) |
Total comprehensive (expense) income for the year | (37,031) | 86,993 |
Total comprehensive (expense) income for the year attributable to: | ||
Owners of the Company | (33,441) | 83,400 |
Non-controlling interests | (3,590) | 3,593 |
(37,031) | 86,993 |
NOTES | 2016 | 2015 | |
HK$'000 | HK$'000 | ||
Non-current Assets | |||
Property, plant and equipment | 851,719 | 617,254 | |
Goodwill | 94,838 | 94,838 | |
Available-for-sale investments | 21,111 | 19,838 | |
Pledged bank deposits | 27,431 | 18,591 | |
Deferred tax assets | 70,461 | 52,742 | |
Rental deposits paid | 254,936 | 172,216 | |
1,320,496 | 975,479 | ||
Current Assets Inventories | 973,518 | 913,449 | |
Trade receivables | 7 | 47,885 | 30,933 |
Other receivables, prepayments and deposits | 173,671 | 198,856 | |
Amounts due from fellow subsidiaries | 75,224 | 77,522 | |
Tax recoverable | 20,676 | 21,821 | |
Time deposits | 455,458 | 849,314 | |
Pledged bank deposits | 18,513 | 28,963 | |
Bank balances and cash | 1,769,924 | 2,018,767 | |
3,534,869 | 4,139,625 | ||
Current Liabilities Trade payables | 8 | 1,324,037 | 1,371,450 |
Other payables and accrued charges | 1,293,890 | 1,371,886 | |
Dividend payable | 505 | 533 | |
Amount due to ultimate holding company | 26,487 | 51,860 | |
Amounts due to fellow subsidiaries | 76,047 | 55,433 | |
Tax liabilities | 22,618 | 5,621 | |
Obligation under a finance lease | 724 | 960 | |
2,744,308 | 2,857,743 | ||
Net Current Assets | 790,561 | 1,281,882 | |
Total Assets Less Current Liabilities | 2,111 ,057 | 2,257,361 | |
Capital and Reserves Share capital | 115,158 | 115,158 | |
Reserves | 1,638,550 | 1,796,172 | |
Equity attributable to owners of the Company | 1,753,708 | 1,911,330 | |
Non-controlling interests | 153,512 | 161,324 | |
Total Equity | 1,907,220 | 2,072,654 | |
Non-current Liabilities Rental deposits received and other liabilities | 198,500 | 179,916 | |
Obligation under a finance lease | - | 780 | |
Deferred tax liabilities | 5,337 | 4,011 | |
203,837 | 184,707 | ||
2,111 ,057 | 2,257,361 | ||
-
BASIS OF PREPARATION
The consolidated financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and by the Hong Kong Companies Ordinance.
The financial information relating to the years ended 31 December 2016 and 2015 included in this preliminary announcements of annual results for the years ended 31 December 2016 and 2015 do not constitute the Company's statutory annual consolidated financial statements for those years but is derived from those financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance is as follows:
The Company has delivered the financial statements for the year ended 31 December 2015 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance and will deliver the financial statements for the year ended 31 December 2016 in due course.
The Company's auditor has reported on the financial statements of the Group for both years. The auditor's report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under sections 406(2), 407(2) or (3) of the Hong Kong Companies Ordinance.
- APPLICATION OF NEW AND AMENDMENTS TO HKFRSs
The Group has applied the following amendments to HKFRSs issued by the HKICPA for the first time in the current year:
Amendments to HKFRSs Annual Improvements to HKFRSs 2012 - 2014 Cycle Amendments to HKFRS 10, Investment Entities: Applying the Consolidation HKFRS 12 and HKAS 28 Exception
Amendments to HKFRS11 Accounting for Acquisitions of Interests in Joint
Operations
Amendments to HKAS 1 Disclosure Initiative
Amendments to HKAS 16 Clarification of Acceptable Methods of Depreciation and HKAS 38 and Amortisation
Amendments to HKAS 16 Agriculture: Bearer Plants and HKAS 41
Amendments to HKAS 27 Equity Method in Separate Financial Statements
The application of the amendments to HKFRSs in the current year has had no material impact on the Group's financial performance and positions for the current and prior years and/or on the disclosures set out in these consolidated financial statements.
AEON Stores (Hong Kong) Co. Limited published this content on 22 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 March 2017 08:44:09 UTC.
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