MIN XIN 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.
MIN XIN HOLDINGS LIMITED閩信集團有限公司
(Incorporated in Hong Kong with limited liability)
(Stock code: 222)
ANNOUNCEMENT OF 2016 ANNUAL RESULTS FINANCIAL HIGHLIGHTSProfit attributable to shareholders amounted to HK$266 million, a decrease of 44.4%
Excluding the impacts of the loss on dilution and the decrease in share of results resulted from dilution in the Company's shareholding in Xiamen International Bank, underlying attributable profit declined by 12.7%
Basic earnings per share decreased by 44.4% to 57.81 HK cents
Total assets increased by 7.7% to HK$6.34 billion
Total equity attributable to shareholders dropped by 5.8% to HK$4.79 billion
Recommended a final dividend of 5 HK cents per ordinary share
The board (the "Board") of directors (the "Directors") of Min Xin Holdings Limited (the "Company") hereby announces the audited consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the year ended 31 December 2016 as follows:
Turnover | Note 2 | HK$'000 134,379 | HK$'000 144,075 |
Total revenues | 2 | 154,563 | 168,574 |
Other (losses)/gains - net | 3 | (64,948) | 43,732 |
Total operating income | 89,615 | 212,306 | |
Net insurance claims incurred and commission expenses incurred on insurance business | 4 | (48,026) | (45,164) |
Impairment loss on loans to customers and interest receivable | (154,777) | (136,785) | |
Staff costs | (33,897) | (31,997) | |
Depreciation | (1,423) | (1,417) | |
Other operating expenses | (16,105) | (18,865) | |
Total operating expenses | (254,228) | (234,228) | |
Operating loss | 5 | (164,613) | (21,922) |
Finance costs | 6 | (35,001) | (12,958) |
Share of results of associates | 471,701 | 520,900 | |
Profit before taxation | 272,087 | 486,020 | |
Income tax expense | 7 | (6,475) | (8,681) |
Profit for the year | 265,612 | 477,339 | |
Dividend - Final dividend | 22,971 | 22,971 | |
HK CENTS | HK CENTS | ||
Earnings per share Basic and diluted | 8 | 57.81 | 103.90 |
Dividend per share - Final dividend | 5 | 5 |
Note Profit for the year | HK$'000 265,612 | HK$'000 477,339 | |
Other comprehensive income | |||
Items that will not be reclassified to income statement: | |||
Leasehold buildings revaluation reserve Unrealised surplus on revaluation of leasehold building transferred to investment property | - | 2,852 | |
Deferred income tax | - | (521) | |
- | 2,331 | ||
Items that may be reclassified subsequently to income statement: | |||
Available-for-sale investment revaluation reserve Fair value changes charged to equity | (177,342) | (42,280) | |
Deferred income tax | 29 | 12 | |
Release on disposal | (207) | - | |
Release on dilution of interest in an associate | 3,793 | (18,043) | |
(173,727) | (60,311) | ||
Exchange translation reserve Exchange differences arising on translation of the financial statements of foreign subsidiaries and associates | (294,456) | (179,567) | |
Release on disposal of an associate | 136 | - | |
Release on disposal of an associate classified as held for sale | (1,804) | - | |
Release on dilution of interest in associates | 22,311 | (22,566) | |
(273,813) | (202,133) | ||
Share of other comprehensive income of associates | (91,233) | 61,293 | |
(538,773) | (201,151) | ||
Other comprehensive income for the year, net of tax | (538,773) | (198,820) | |
Total comprehensive income for the year | (273,161) | 278,519 | |
Non-current assets | Note | HK$'000 | HK$'000 |
Property, plant and equipment | 17,999 | 19,061 | |
Investment properties | 170,536 | 179,215 | |
Associates | 4,082,002 | 3,263,977 | |
Available-for-sale financial assets | 551,158 | 728,713 | |
Held-to-maturity financial assets | 3,091 | - | |
Loans to customers and interest receivable | 10 | 436 | 1,519 |
Reinsurance assets | 4,420 | 2,479 | |
Prepayments | 1,500 | 1,549 | |
Deferred income tax assets | 10,767 | 6,746 | |
4,841,909 | 4,203,259 | ||
Current assets | |||
Available-for-sale financial assets | 6,592 | - | |
Deferred acquisition costs | 16,670 | 15,061 | |
Insurance receivable | 9 | 14,120 | 15,591 |
Reinsurance assets | 3,527 | 2,376 | |
Loans to customers and interest receivable | 10 | 41,144 | 190,659 |
Dividend receivable from an associate | 118,123 | - | |
Other debtors | 4,266 | 4,268 | |
Prepaid taxes | - | 1,253 | |
Advance payment | 8,216 | - | |
Other prepayments and deposits | 2,652 | 2,606 | |
Repossessed assets | 2,566 | - | |
Financial assets at fair value through profit or loss | 5,108 | 8,095 | |
Cash and bank balances | 1,274,409 | 1,432,106 | |
1,497,393 | 1,672,015 | ||
Assets classified as held for sale | - | 12,698 | |
1,497,393 | 1,684,713 | ||
Current liabilities | |||
Insurance contracts | 55,508 | 53,806 | |
Insurance payable | 11 | 10,904 | 8,818 |
Other creditors and accruals | 25,028 | 25,021 | |
Bank borrowings | 800,645 | 113,734 | |
Current income tax payable | 36,464 | 25,444 | |
928,549 | 226,823 | ||
Net current assets | 568,844 | 1,457,890 |
Min Xin Holdings Limited published this content on 30 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 March 2017 14:29:09 UTC.
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