AV CONCEPT HOLDINGS 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.
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 595)
This announcement is made by AV Concept Holdings Limited ('Company', together with its subsidiaries, the 'Group') pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ('Listing Rules') and the Inside Information Provisions (as defined under the Listing Rules).
The board ('Board') of directors of the Company wishes to inform the shareholders and potential investors of the Company that based on the preliminary assessment of the latest unaudited management accounts of the Group and the information currently available to the Group, the Company is expected to record a profit of the Group for the six months ended 30 September 2015 ('1H FY2015') as opposed to a loss for the period of HK$24.5 million in the corresponding period in 2014 ('1H FY2014').
For 1H FY2014, the Group's unaudited loss amounted to HK$24.5 million and such loss was principally attributable to a loss from discontinued operation of the Group of HK$59.7 million. Based on the Board's preliminary assessment of the latest unaudited management accounts of the Group and the information currently available to the Group, the profit for 1H FY2015 was mainly attributable to the absence of the loss from discontinued operations of the Group as recorded in 1H FY2015 and that the Group had recorded an increase of 40% to 50% in share of profits of the joint ventures and associates of the Group as compared to a share of profits of joint ventures of the Group of HK$52.8 million in 1H FY2014.
Despite a profit for 1H FY2015 expected to be recorded above, the Board wishes to further inform the shareholders and potential investors of the Company that, the profit from continuing operations for 1H FY2015 is expected to substantially decrease as compared to the profit from continuing operations of HK$35.2 million for 1H FY2014. The decrease was mainly due to (i) a drop of more than 40% of revenue from the semiconductor distribution business segment of the Group as compared to the revenue recorded from the semiconductor distribution business segment of HK$1,078.6 million for 1H FY2014, which was mainly due to termination of the semiconductor distribution agreements with Fairchild Semiconductor Hong Kong Limited and Fairchild Semiconductor Asia Pacific Pte Ltd to distribute semiconductors in the People's Republic of China
and Hong Kong and in certain Southeast Asia countries (including Singapore) with effect from 23 April 2015 (further particulars of which are disclosed in the announcement of the Company dated 26 January 2015 and in the annual report of the Company for the year ended 31 March 2015); and (ii) a substantial increase in the net other expenses of the Group for 1H FY2015 as compared to net other expenses of HK$3.2 million for 1H FY2014, such increase in net expenses mainly attributable to a loss on disposal of available-for-sale investments and net foreign exchange differences incurred by the subsidiaries of the Company operated in Korea and Singapore due to the decrease of exchange rates in 2015 of Korean Won and Singaporean dollars to United States dollars.
The Company is still in the process of finalising the interim results of the Group for 1H FY2015. The information contained in this announcement is only based on the preliminary assessment made by the Board with reference to the latest unaudited management accounts and information currently available to the Board and may be subject to adjustment. Shareholders of the Company and potential investors are advised to read the interim results of the Group which will be disclosed in the interim results announcement carefully when it is published.
On behalf of the Board
AV Concept Holdings Limited So Yuk KwanChairman
Hong Kong, 12 November 2015
As at the date of this announcement, the Board comprises four executive Directors, Dr. So Yuk Kwan (Chairman), Mr. So Chi On, Mr. So Kevin Chi Heng and Mr. So Chi Sun Sunny and three independent non-executive Directors, Dr. Lui Ming Wah, SBS, JP, Mr. Charles E. Chapman and Mr. Wong Ka Kit.
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