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)
YEAR ENDED 31 MARCH 2016 ANNUAL RESULTS ANNOUNCEMENT Statement of Profit or Loss HighlightsCONTINUING OPERATIONS
Revenue
2016 2015 HK$'million HK$'millionSemiconductor distribution 992.4 1,893.1
Consumer electronic product sales 41.7 62.8
- Others 2.9 1.8
1,037.0 1,957.7Profit/(loss) before interest, tax,
depreciation, amortisation and non-cash items - Corporate | (25.9) | (4.5) | |
- Venture capital | (23.4) | (38.3) | |
- Semiconductor distribution | 118.0 | 104.6 | |
- Consumer electronic product sales | (3.9) | (7.9) | |
- Others | (6.9) | (12.9) | |
57.9 | 41.0 | ||
Depreciation and amortisation | (6.8) | (10.8) | |
DISCONTINUED OPERATION | |||
Loss for the year from a discontinued operation | - | (14.5) | |
Profit/(loss) for the year attributable to: Owners of the Company Non-controlling interests | 2.1 - | (94.2) 29.3 | |
2.1 | (64.9) | ||
Statement of Financial Position Highlights | |||
Total assets | 884.5 | 1,140.1 | |
Total assets less current liabilities | 681.0 | 679.3 | |
Total equity | 657.6 | 654.2 | |
Borrowings and finance lease payables | 137.2 | 350.8 | |
Cash and cash equivalents | 69.6 | 131.7 | |
Equity investments at fair value through profit or loss | 73.0 | 89.2 | |
Cash and cash equivalents and equity investments | 142.6 | 220.9 | |
Total debt to total equity (%) | 21% | 54% | |
Current assets to current liabilities (%) | 147% | 138% | |
Cash and cash equivalents and equity investments per share (HK$) | 0.18 | 0.29 | |
Total equity per share (HK$) | 0.85 | 0.85 | |
The Board of Directors (the "Board" or "Directors") of AV Concept Holdings Limited (the "Company" or "AV Concept") hereby announces the consolidated results of the Company and its subsidiaries (together referred to as the "Group") for the year ended 31 March 2016, together with
the comparative figures for the previous year, as follows: CONSOLIDATED STATEMENT OF PROFIT OR LOSS | ||||
Year ended 31 March 2016 | ||||
Notes | 2016 HK$'000 | 2015 HK$'000 | ||
CONTINUING OPERATIONS | ||||
REVENUE | 3 | 1,037,023 | 1,957,690 | |
Cost of sales | (1,010,893) | (1,872,863) | ||
Gross profit | 26,130 | 84,827 | ||
Other income and gains | 3 | 7,782 | 7,054 | |
Changes in fair value of investment properties | (5,477) | (380) | ||
Selling and distribution expenses | (14,578) | (31,579) | ||
Administrative expenses | (81,862) | (94,577) | ||
Fair value losses, net: | ||||
Equity investments at fair value through profit or loss | ||||
- held for trading | (18,113) | (11,013) | ||
- designated as such upon initial recognition | (174) | (39,216) | ||
Gain on deemed disposal of an associate | - | 11,220 | ||
Loss on disposal of an associate | - | (222) | ||
Other expenses, net | (74,255) | (60,334) | ||
Finance costs | 5 | (5,829) | (8,626) | |
Share of profits and losses of: | ||||
Joint ventures | 158,362 | 94,209 | ||
Associates | 8,771 | (1,202) | ||
PROFIT/(LOSS) BEFORE TAX FROM | ||||
CONTINUING OPERATIONS | 4 | 757 | (49,839) | |
Income tax | 6 | 1,389 | (564) | |
PROFIT/(LOSS) FOR THE YEAR FROM | ||||
CONTINUING OPERATIONS | 2,146 | (50,403) | ||
DISCONTINUED OPERATION | ||||
Loss for the year from a discontinued operation | 7 | - | (14,538) | |
PROFIT/(LOSS) FOR THE YEAR | 2,146 | (64,941) | ||
Year ended 31 March 2016
2016 2015Note HK$'000 HK$'000
Attributable to:
Owners of the Company
Profit/(loss) for the year from continuing operations | 2,147 | (49,584) |
Loss for the year from a discontinued operation | - | (44,703) |
Profit/(loss) for the year attributable to owners of
the Company 2,147 (94,287)
Non-controlling interests
Loss for the year from continuing operations | (1) | (819) |
Profit for the year from a discontinued operation | - | 30,165 |
Profit/(loss) for the year attributable to
non-controlling interests (1) 29,346
2,146 (64,941) EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY 8Basic
For profit/(loss) for the year HK0.28 cent (HK12.94 cent)
For profit/(loss) from continuing operations HK0.28 cent (HK6.81 cent) Diluted
For profit/(loss) for the year HK0.28 cent (HK12.94 cent)
For profit/(loss) from continuing operations HK0.28 cent (HK6.80 cent)
Year ended 31 March 2016
2016 2015Note HK$'000 HK$'000
PROFIT/(LOSS) FOR THE YEAR 2,146 (64,941) OTHER COMPREHENSIVE INCOME/(LOSS)Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods:
Available-for-sale investments:
Changes in fair value Reclassification adjustment for impairment loss included in the consolidated statement of | (30,817) | 491 | |
profit or loss | 4 | 29,888 | - |
(929) | 491 | ||
Exchange differences on translation of foreign operations | (586) | (6,964) | |
Net other comprehensive loss to be reclassified to | |||
profit or loss in subsequent periods | (1,515) | (6,473) |
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Gains on property revaluation - 35,712
Income tax effect - (8,928)
Net other comprehensive income not to be reclassified to
profit or loss in subsequent periods - 26,784
OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF TAX (1,515) 20,311 TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR 631 (44,630)Attributable to:
Owners of the Company | 632 | (73,978) |
Non-controlling interests | (1) | 29,348 |
AV Concept Holdings Limited published this content on 28 June 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 June 2016 02:50:10 UTC.
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