CHINA HUISHAN DAIRY HOLDINGS COMPANY 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.
CHINA HUISHAN DAIRY HOLDINGS COMPANY LIMITED
中 國 輝 山 乳 業 控 股 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 06863)
ANNOUNCEMENT OF INTERIM RESULTS
2014
Results Results
before after
biological biological
fair value fair value adjustments adjustments RMB'000 RMB'000
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2015
FINANCIAL HIGHLIGHTS
Operating results
Six months ended September 30,
2015
Results Results
before after
biological biological
fair value fair value
adjustments adjustments
RMB'000 RMB'000
Revenue
Gross profit margin
Profit for the period attributable to
equity shareholders of the Company Earnings per share (RMB)(1)
2,137,359
53.6%
2,137,359
20.5%
1,994,845
57.1%
1,994,845
22.2%
Revenue increased by 7.1% as compared to the corresponding period in 2014
Profit for the period decreased by 4.5% as compared to the corresponding period in 2014
383,384
753,549
0.05
483,623
789,252
0.05
(1) Please refer to Note 8(a) on page 20 for calculation of earnings per share.
The board (the ''Board'') of directors (the ''Directors'') of China Huishan Dairy Holdings Company Limited (the ''Company'') is pleased to present the unaudited consolidated interim results (the ''Interim Results'') of the Company and its subsidiaries (the ''Group'' or ''Huishan'') for the six months ended September 30, 2015 (the ''Reporting Period''). The Interim Results and condensed consolidated interim financial statements have been reviewed by the audit committee of the Company (the ''Audit Committee'') and the external auditor of the Company.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the six months ended September 30, 2015 - unaudited (Expressed in Renminbi)
Six months ended September 30, 2015
Six months ended September 30, 2014
Results before biological fair
value adjustments
Biological fair value
adjustments Total
Results before biological fair
value adjustments
Biological fair value
adjustments Total
Note RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Revenue 3 2,137,359 - 2,137,359 1,994,845 - 1,994,845
Cost of sales 3 (992,144) ( 706,733) ( 1,698,877) (856,713) ( 695,071) ( 1,551,784)
Gross profit 1,145,215 (706,733) 438,482 1,138,132 (695,071) 443,061
Gain arising on initial recognition of
agricultural produce at fair value less
costs to sell at the point of harvest - 1,089,187 1,089,187 - 1,075,157 1,075,157 Loss arising from changes in fair value
less costs to sell of biological assets - (12,289) (12,289) - (74,457) (74,457) Net gain on disposal of subsidiaries 7 59,214 - 59,214 - - - Other income 4 82,747 - 82,747 20,771 - 20,771
Distribution costs (329,888) - (329,888) (301,684) - (301,684)
Administrative expenses (192,711) - (192,711) (185,820) - (185,820)
Profit from operations 764,577 370,165 1,134,742 671,399 305,629 977,028 Finance income 29,010 - 29,010 59,934 - 59,934
Finance costs (380,106) - (380,106) (215,771) - (215,771) Net finance costs 5(a) (351,096) - (351,096) (155,837) - (155,837) Share of losses of associates (15,356) - (15,356) - - -
Profit before taxation 398,125 370,165 768,290 515,562 305,629 821,191 Income tax 6 (16,097) - (16,097) (31,939) - (31,939)
Profit for the period 382,028 370,165 752,193 483,623 305,629 789,252
Attributable to:
Equity shareholders of the Company 753,549 789,252
Non-controlling interests (1,356) -
Profit for the period 752,193 789,252
Earnings per share
- Basic and diluted (RMB) 8 0.05 0.05
Details of dividends payable to equity shareholders of the Company are set out in Note 22(a).
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended September 30, 2015 - unaudited (Expressed in Renminbi)
Six months ended September 30,
2015 2014
RMB'000 RMB'000
Profit for the period 752,193 789,252
Other comprehensive income for the period (after tax)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation to
presentation currency 47,074 (36,334)
Exchange reserve reclassified to profit or
loss on disposal of subsidiaries | (11,334) | - |
Total comprehensive income for the period | 787,933 | 752,918 |
Attributable to: Equity shareholders of the Company | 789,287 | 752,918 |
Non-controlling interests | (1,354) | - |
Total comprehensive income for the period | 787,933 | 752,918 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At September 30, 2015 - unaudited (Expressed in Renminbi)
Note | At September 30, 2015 RMB'000 | At March 31, 2015 RMB'000 | |
Non-current assets | |||
Property, plant and equipment | 9 | 7,153,042 | 6,355,669 |
Prepayments for acquisition of property, | |||
plant and equipment | 966,534 | 965,947 | |
Lease prepayments | 10 | 4,032,754 | 3,823,583 |
Biological assets | 11 | 5,986,075 | 5,358,770 |
Prepayments for acquisition of biological assets Interest in associates | 12 | - 681,611 | 5,943 - |
Deferred tax assets | 19,741 | 17,110 | |
Other non-current assets | 13 | 44,529 | - |
18,884,286 | 16,527,022 | ||
Current assets | |||
Inventories | 2,157,224 | 1,581,803 | |
Trade receivables | 14 | 403,117 | 270,933 |
Amounts due from the controlling shareholder | 15 | 4,046 | - |
Deposits, prepayments and other receivables | 16 | 2,194,900 | 1,011,613 |
Term deposits | 566,400 | 527,050 | |
Cash and cash equivalents | 17 | 2,586,641 | 2,610,552 |
Assets held for sale | - | 1,805,121 | |
7,912,328 | 7,807,072 | ||
Current liabilities | |||
Trade and bills payables | 18 | 2,412,264 | 1,400,617 |
Receipts in advance | 198,753 | 41,133 | |
Accrued expenses and other payables | 19 | 725,443 | 532,830 |
Bank loans | 20 | 6,478,168 | 2,867,199 |
Income tax payable | 12,997 | 10,963 | |
Liabilities held for sale | - | 401,216 | |
9,827,625 | 5,253,958 |
|
distributed by
|
