SHOUGANG CENTURY 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.
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016 HIGHLIGHTS Six months ended 30 June 2016 2015Operations Revenue | HK$'000 776,156 | HK$'000 683,143 | Change +13.6 |
Gross profit | 57,997 | 5,345 | +985.1 |
E(L)BITDA (Note 1) | 38,402 | (95,381) | N/A |
Adjusted EBITDA (Note 2) | 41,016 | 11,017 | +272.3 |
Loss for the period | (46,682) | (194,562) | -76.0 |
Loss per Share (basic) (HK cents) (2.43) (10.12) -76.0
Notes:
E(L)BITDA represents earnings (loss) before finance costs, income tax, depreciation and amortisation.
Adjusted EBITDA represents EBITDA before (i) allowance for inventories recognised of HK$518,000 (2015: HK$13,401,000); (ii) allowance for bad and doubtful debts reversed, net of HK$5,998,000 (2015: HK$3,630,000); (iii) bad debts recovered of HK$508,000 (2015: written off of HK$3,971,000);
(iv) foreign exchange losses of HK$10,121,000 (2015: HK$2,190,000); (v) increase in fair value of investment properties of HK$1,519,000 (2015: HK$2,534,000); and (vi) impairment loss recognised in respect of property, plant and equipment of HK$93,000,000 for the six months ended 30 June 2015 (2016: Nil).
30 June 201631 December
2015
Financial position (Unaudited) (Audited) %HK$'000 HK$'000 Change
Total assets 2,764,512 3,006,147 -8.0%
Shareholders' equity 1,327,905 1,395,870 -4.9%
Net asset value per Share (HK$) 0.691 0.726 -4.9%
The Board presents the unaudited consolidated interim results of the Group for the six months ended 30 June 2016. The interim results have been reviewed by the Audit Committee of the Company.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSSFor the six months ended 30 June 2016
Six months ended 30 JuneNotes | 2016 (Unaudited) HK$'000 | 2015 (Unaudited) HK$'000 | |
Revenue | 3 | 776,156 | 683,143 |
Cost of sales | (718,159) | (677,798) | |
Gross profit | 57,997 | 5,345 | |
Investment and other income | 4 | 849 | 915 |
Other gains and losses | 5 | (2,075) | (93,150) |
Distribution and selling expenses | (23,136) | (21,681) | |
Administrative expenses | (35,241) | (36,380) | |
Research and development expenses | (22,809) | (22,536) | |
Finance costs | 6 | (22,953) | (28,140) |
Loss before tax | (47,368) | (195,627) | |
Income tax credit | 7 | 686 | 1,065 |
Loss for the period | 8 | (46,682) | (194,562) |
Loss per share Basic and diluted | 9 | (HK2.43 cents) | (HK10.12 cents) |
For the six months ended 30 June 2016
Six months ended 30 June 2016 2015 (Unaudited) (Unaudited)HK$'000 HK$'000
Loss for the period (46,682) (194,562)
Other comprehensive income (expense)
group entities | (31,127) | 416 |
Surplus on revaluation of properties | 12,071 | 12,143 |
Recognition of deferred tax liability on | ||
revaluation of properties | (2,227) | (2,221) |
Items that will not be reclassified to profit or loss: Exchange differences arising on translation of
Other comprehensive (expense) income for the period
(net of tax) (21,283) 10,338
Total comprehensive expense for the period (67,965) (184,224)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAt 30 June 2016
Notes | 30 June 2016 (Unaudited) HK$'000 | 31 December 2015 (Audited) HK$'000 | |
Non-current assets Investment properties | 11 | 51,901 | 50,727 |
Property, plant and equipment | 11 | 1,284,618 | 1,357,961 |
Prepaid lease payments Goodwill | 12 | 152,253 - | 159,417 - |
Club memberships Deposit paid for the acquisition of property, plant and equipment | 730 352 | 738 956 | |
1,489,854 | 1,569,799 | ||
Current assets Inventories | 219,217 | 239,709 | |
Trade receivables | 13 | 491,623 | 463,061 |
Bills receivable | 13 | 388,014 | 411,547 |
Prepayments, deposits and other receivables | 91,609 | 103,951 | |
Prepaid lease payments | 8,029 | 8,191 | |
Pledged bank deposits | 2,807 | - | |
Bank balances and cash | 73,359 | 209,889 | |
1,274,658 | 1,436,348 | ||
Current liabilities Trade and bills payable | 14 | 393,792 | 334,033 |
Other payables and accruals | 15 | 96,276 | 107,933 |
Tax payable | 17,349 | 18,236 | |
Loan from a related company | 16 | - | 52,252 |
Bank borrowings - due within one year | 17 | 895,533 | 866,867 |
1,402,950 | 1,379,321 | ||
Net current (liabilities) assets | (128,292) | 57,027 | |
Total assets less current liabilities | 1,361,562 | 1,626,826 |
Shougang Concord Century Holdings Ltd. published this content on 25 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 25 August 2016 13:09:02 UTC.
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