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MANWAH MAN WAH HOLDINGS LIMITED敏華控股有限公司
(Incorporated in Bermuda with limited liability)
(Stock Code: 01999) ANNOUNCEMENT OF FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 2017 AND CLOSURE OF REGISTER OF MEMBERThe board (the "Board") of directors (the "Directors") of Man Wah Holdings Limited (the "Company") is pleased to announce the audited consolidated financial results of the Company and its subsidiaries (the "Group") for the financial year ended 31 March 2017 ("FY2017", "Current FY", the "Review Period" or the "Reporting Period") together with the comparative figures for the previous financial year ended 31 March 2016 ("FY2016", "Last Corresponding Period" or the "Last FY").
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the year ended 31 March 2017
NOTES | 2017 HK$'000 | 2016 HK$'000 | |
Revenue | 3 | 7,779,015 | 7,327,590 |
Cost of goods sold | (4,520,832) | (4,431,563) | |
Gross profit | 3,258,183 | 2,896,027 | |
Other income | 159,752 | 175,927 | |
Other gains and losses | 184,001 | 4,457 | |
Selling and distribution expenses | (1,173,878) | (1,229,313) | |
Administrative expenses | (365,441) | (344,913) | |
Share of loss of a joint venture | - | (221) | |
Finance costs | (10,271) | (11,964) | |
Profit before income tax | 2,052,346 | 1,490,000 | |
Income tax expense | 4 | (293,222) | (150,182) |
Profit for the year | 5 | 1,759,124 | 1,339,818 |
Other comprehensive (expense) income: Items that may be reclassified subsequently to profit or loss: Exchange differences arising on translation of financial statements of foreign operations | (305,526) | (216,966) | |
Items that will not be reclassified subsequently to profit or loss: Increase in fair value of property, plant and equipment | 21,786 | 517 | |
Total comprehensive income for the year | 1,475,384 | 1,123,369 | |
Profit for the year attributable to: | |||
Owners of the Company | 1,752,370 | 1,327,244 | |
Non-controlling interest | 6,754 | 12,574 | |
1,759,124 | 1,339,818 | ||
Total comprehensive income for the year attributable to: Owners of the Company | 1,467,215 | 1,111,431 | |
Non-controlling interest | 8,169 | 11,938 | |
1,475,384 | 1,123,369 | ||
2017 HK cents | 2016 HK cents (restated) | ||
Earnings per share Basic | 6 | 45.64 | 34.15 |
Diluted | 45.47 | 33.89 |
At 31 March 2017
2017 2016NOTES HK$'000 HK$'000
Non-current assets
Property, plant and equipment | 2,267,824 | 2,033,774 |
Investment properties | 170,781 | 52,156 |
Lease premium for land | 451,219 | 318,598 |
Goodwill | 137,573 | - |
Other intangible assets | 169,004 | 382 |
Interest in a joint venture | - | - |
Available-for-sale investment | - | 1,794 |
Deferred tax assets | 2,589 | 1,246 |
Properties under development | 384,481 | 304,043 |
Refundable earnest money paid for lease | ||
premium for land | 3,815 | 4,045 |
Deposit paid for a land lease | 11,280 | 38,489 |
Deposits paid for acquisition of property, | ||
plant and equipment | 79,612 | 52,059 |
3,678,178 | 2,806,586 |
Current assets
Inventories | 749,253 | 607,199 | |
Trade receivables | 8 | 639,674 | 590,609 |
Other receivables and prepayments | 235,129 | 153,530 | |
Lease premium for land | 9,648 | 7,386 | |
Held for trading investments | 367,862 | - | |
Tax recoverable | 1,744 | 5,102 | |
Structured deposits | - | 26,313 | |
Restricted bank balances | 9,364 | 875 | |
Bank balances and cash | 1,808,298 | 1,447,508 | |
3,820,972 | 2,838,522 | ||
Current liabilities Trade payables | 9 | 427,780 | 266,529 |
Other payables and accruals | 485,312 | 374,912 | |
Variable-rate bank borrowings | 1,047,636 | 250,000 | |
Tax payable | 64,636 | 40,034 | |
2,025,364 | 931,475 | ||
Net current assets | 1,795,608 | 1,907,047 | |
Total assets less current liabilities | 5,473,786 | 4,713,633 |
2017 HK$'000 | 2016 HK$'000 | |
Non-current liabilities Variable-rate borrowings | 27,294 | - |
Deferred tax liabilities | 42,830 | 3,280 |
Other non-current liabilities | 7,337 | - |
77,461 | 3,280 | |
5,396,325 | 4,710,353 | |
Capital and reserves Share capital | 1,530,256 | 774,745 |
Reserves | 3,508,286 | 3,937,591 |
Equity attributable to owners of the Company | 5,038,542 | 4,712,336 |
Non-controlling interest | 357,783 | (1,983) |
5,396,325 | 4,710,353 |
Man Wah Holdings Limited published this content on 24 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 May 2017 04:05:13 UTC.
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