GLOBAL SWEETENERS 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.
GLOBAL SWEETENERS HOLDINGS LIMITED大 成 糖 業 控 股 有 限 公 司 *
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 03889) ANNOUNCEMENT OF THE FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016 FINANCIAL HIGHLIGHTS 2016 2015 Change %Revenue (HK$'Mn) | 995 | 1,649 | (39.6) |
Gross profit (HK$'Mn) | 104 | 80 | 29.9 |
Loss before tax (HK$'Mn) | (254) | (747) | N/A |
Loss attributable to owners of the Company (HK$'Mn) | (162) | (753) | N/A |
Basic loss per share (HK cents) | (10.6) | (49.3) | N/A |
Proposed final dividend per share (HK cents) | - | - | N/A |
* For identification purposes only
The board ("Board") of directors ("Directors") of Global Sweeteners Holdings Limited (the "Company") announces the consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2016 (the "Year"), together with the comparative figures in the previous year as follows:
CONSOLIDATED STATEMENT OF pROFIT OR LOSS AND OTHER COMpREHENSIVE INCOMEYear ended 31 December 2016
Notes | 2016 HK$'000 | 2015 HK$'000 | |
REVENUE | 4 | 995,218 | 1,648,981 |
Cost of sales | (890,960) | (1,568,695) | |
Gross profit | 104,258 | 80,286 | |
Other income and gains | 4 | 14,789 | 38,029 |
Selling and distribution costs | (83,982) | (87,702) | |
Administrative expenses | (115,329) | (100,640) | |
Reversal of impairment/(Impairment) of property, plant and equipment | 5 | 138,937 | (358,936) |
Impairment of prepaid land lease payment | 5 | - | (5,135) |
Impairment of trade and bills receivables, net | 5 | (3,184) | - |
Write-off of trade and bills receivables | 5 | - | (10,750) |
Impairment of prepayments and other receivables | 5 | (229,740) | (109,184) |
Other expenses | (31,776) | (127,816) | |
Finance costs | 6 | (48,451) | (65,360) |
LOSS BEFORE TAX | 5 | (254,478) | (747,208) |
Income tax credit/(expense) | 7 | 92,120 | (6,559) |
LOSS FOR THE YEAR | (162,358) | (753,767) | |
OTHER COMpREHENSIVE (LOSS)/INCOME Items that may be reclassified to profit or loss in subsequent periods: Exchange differences on translation of financial statements of operations outside Hong Kong | 11,893 | 2,801 | |
Items that will not be reclassified to profit or loss in subsequent periods: (Loss)/Gain on property revaluation | 10 | (21,390) | 7,404 |
Income tax effect | 5,348 | (1,851) | |
(16,042) | 5,553 | ||
OTHER COMpREHENSIVE (LOSS)/INCOME FOR THE YEAR, NET OF TAX | (4,149) | 8,354 | |
TOTAL COMpREHENSIVE LOSS FOR THE YEAR | (166,507) | (745,413) |
2016 | 2015 | |
Notes | HK$'000 | HK$'000 |
Loss attributable to:
Owners of the Company (162,358) (753,454)
Non-controlling interests - (313)
(162,358) (753,767)Total comprehensive (loss)/income attributable to:
Owners of the Company | (166,939) | (745,425) | |
Non-controlling interests | 432 | 12 | |
(166,507) | (745,413) | ||
LOSS pER SHARE Basic | 9 | HK(10.6) cents | HK(49.3) cents |
Diluted | HK(10.6) cents | HK(49.3) cents |
At 31 December 2016
Notes | 2016 HK$'000 | 2015 HK$'000 | |
NON-CURRENT ASSETS Property, plant and equipment | 10 | 780,869 | 408,312 |
Prepaid land lease payments | 140,615 | 85,107 | |
Deposits paid for acquisition of property, plant and equipment Goodwill | 11 | 170 - | 354 - |
Prepayments, deposits and other receivables | 14 | - | 107,047 |
Other intangible assets | 3,243 | 3,243 | |
924,897 | 604,063 | ||
CURRENT ASSETS Inventories | 112,346 | 161,975 | |
Trade and bills receivables | 12 | 193,026 | 167,640 |
Prepayments, deposits and other receivables | 14 | 65,530 | 192,862 |
Due from fellow subsidiaries | - | 40,560 | |
Pledged deposits | - | 24,184 | |
Cash and cash equivalents | 116,972 | 61,106 | |
487,874 | 648,327 | ||
Non-current assets held for sale | 13 | - | 365,082 |
487,874 | 1,013,409 | ||
CURRENT LIABILITIES Trade and bills payables | 15 | 140,697 | 195,910 |
Other payables and accruals | 204,216 | 216,379 | |
Interest-bearing bank borrowings | 608,333 | 703,571 | |
Due to fellow subsidiaries | 190,636 | - | |
Tax payable | 23,202 | 25,539 | |
1,167,084 | 1,141,399 | ||
NET CURRENT LIABILITIES | (679,210) | (127,990) | |
TOTAL ASSETS LESS CURRENT LIABILITIES | 245,687 | 476,073 |
Global Sweeteners Holdings Limited published this content on 29 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 March 2017 22:14:14 UTC.
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