PORTICO INTERNATIONAL HOLDINGS LTD 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.
Portico International Holdings Limited寶國國際控股有限公司*
(Incorporated in Bermuda with limited liability)
(Stock Code: 589)
INTERIM RESULTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2016 HIGHLIGHTS OF INTERIM RESULTSTotal revenue was RMB 892.7 million, increased by 5.3% as compared with the corresponding period in 2015
Gross profit margin decreased to 78.9% (1H2015: 81.5%)
Profit attributable to equity shareholders was RMB 4.5 million, declined by 72.4%
Earnings per share was RMB 0.01
No interim dividend was declared
The board of directors (the "Board") of Portico International Holdings Limited (the "Company") is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (the "Group") for the period ended 30 June 2016 with comparative figures for the same period ended 2015 ("1H2015") as follows:
*for identification purpose only
Consolidated statement of profit or loss and other comprehensive income for the six months ended 30 June 2016 - unaudited(Expressed in Renminbi)
Six months ended 30 June | ||||
Note | 2016 | 2015 | ||
RMB'000 | RMB'000 | |||
Revenue | 3 | 892,696 | 847,786 | |
Cost of sales | (188,500) | (156,567) | ||
Gross profit | 704,196 | 691,219 | ||
Other revenue | 4(a) | 4,859 | 5,450 | |
Other net expense | 4(b) | (351) | (111) | |
Distribution costs | (503,872) | (497,383) | ||
Administrative expenses | (57,720) | (55,149) | ||
Other operating expenses | 4(c) | (115,902) | (87,699) | |
Profit from operations | 31,210 | 56,327 | ||
Net finance income | 5(a) | 5,682 | 1,344 | |
Profit before taxation | 5 | 36,892 | 57,671 | |
Income tax | 6 | (30,932) | (40,014) | |
Profit for the period | 5,960 | 17,657 | ||
Other comprehensive income for the period (after tax and reclassification adjustments): | ||||
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translation of: | ||||
- financial statements of overseas subsidiaries | (3,350) | (1,027) | ||
Total comprehensive income for the period | 2,610 | 16,630 | ||
Profit attributable to: | ||||
Equity shareholders of the Company | 4,465 | 16,280 | ||
Non-controlling interests | 1,495 | 1,377 | ||
Profit for the period | 5,960 | 17,657 | ||
Total comprehensive income attributable to: | ||||
Equity shareholders of the Company | 723 | 14,836 | ||
Non-controlling interests | 1,887 | 1,794 | ||
Total comprehensive income for the period | 2,610 | 16,630 | ||
Earnings per share (RMB cents) | ||||
Basic | 7(a) | 1 | 3 | |
Diluted | 7(b) | 1 | 3 | |
Note | At 30 June 2016 | At 31 December 2015 | |
RMB'000 | RMB'000 | ||
Non-current assets | |||
Lease prepayments | 22,516 | 22,770 | |
Property, plant and equipment | 424,677 | 438,904 | |
Interest in an associate | 2,838 | 2,951 | |
Deferred tax assets | 196,694 | 183,300 | |
646,725 | 647,925 | ||
------------- | ------------- | ||
Current assets | |||
Trading securities | 1,375 | 1,590 | |
Inventories | 717,641 | 743,502 | |
Trade and other receivables | 8 | 342,340 | 346,713 |
Pledged bank deposits | 19,048 | 110,928 | |
Fixed deposits with banks with original maturity over three months | 324,678 | 351,772 | |
Cash and cash equivalents | 354,124 | 507,958 | |
1,759,206 | 2,062,463 | ||
------------- | ------------- | ||
Current liabilities | |||
Trade and other payables | 10 | 265,422 | 282,587 |
Bank loans | 11 | 1,688 | 301,015 |
Current taxation | 22,364 | 18,593 | |
289,474 | 602,195 | ||
------------- | ------------- | ||
Net current assets | 1,469,732 | 1,460,268 | |
------------- | ------------- | ||
Total assets less current liabilities | 2,116,457 | 2,108,193 | |
------------- | ------------- | ||
Non-current liabilities | |||
Trade and other payables | 10 | 90,041 | 83,512 |
Bank loans | 11 | 4,642 | 5,515 |
Deferred tax liabilities | 5,743 | 5,745 | |
100,426 | 94,772 | ||
------------- | ------------- | ||
Net assets | 2,016,031 | 2,013,421 | |
Capital and reserves | |||
Share capital | 1,474 | 1,474 | |
Reserves | 1,992,601 | 1,991,878 | |
Total equity attributable to equity shareholders of the Company | 1,994,075 | 1,993,352 | |
Non-controlling interests | 21,956 | 20,069 | |
Total equity | 2,016,031 | 2,013,421 | |
(Expressed in Renminbi)
NOTES(Expressed in Renminbi unless otherwise indicated)
1. Basis of preparationThe interim financial report has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, including compliance with International Accounting Standard ("IAS") 34, Interim financial reporting, issued by the International Accounting Standards Board ("IASB"). It was authorised for issue on 26 August 2016.
The interim financial report has been prepared in accordance with the same accounting policies adopted in the 2015 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2016 annual financial statements. Details of any changes in accounting policies are set out in note 2.
The preparation of an interim financial report in conformity with IAS 34 requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates.
The interim financial report contains condensed consolidated financial statements and selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of Portico International Holdings Limited (the "Company") and its subsidiaries (together the "Group") since the 2015 annual financial statements. The condensed consolidated interim financial statements and notes thereon do not include all of the information required for full set of financial statements prepared in accordance with International Financial Reporting Standards ("IFRSs").
The interim financial report is unaudited, but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410, Review of interim financial information performed by the independent auditor of the entity, issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA").
The financial information relating to the financial year ended 31 December 2015 that is included in the interim financial report as comparative information does not constitute the Company's statutory annual consolidated financial statements for that financial year but is derived from those financial statements. Statutory financial statements for the year ended 31 December 2015 are available from the Company's registered office. The auditors have expressed an unqualified opinion on those financial statements in their report dated 24 March 2016.
Portico International Holdings Ltd. published this content on 26 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 August 2016 08:54:05 UTC.
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