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(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 886) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015The board (the 'Board') of directors (the 'Directors') of Silver Base Group Holdings Limited (the 'Company') is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively, the 'Group') for the six months ended 30 September 2015, together with the comparative figures for the previous corresponding period as follows:
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSSFor the six months ended 30 September 2015
Notes | 2015 (Unaudited) HK$'000 | 2014 (Unaudited) HK$'000 | |
REVENUE | 4 | 610,985 | 189,164 |
Cost of sales | (518,603) | (137,039) | |
Gross profit | 92,382 | 52,125 | |
Other income and gains, net | 4 | 10,435 | 287 |
Selling and distribution expenses | (73,338) | (93,618) | |
Administrative expenses | (47,352) | (72,038) | |
Other expenses, net | (264) | (3,201) | |
Write-back of impairment, net | 5,881 | 163,901 | |
Finance costs | 5 | (14,480) | (15,222) |
PROFIT/(LOSS) BEFORE TAX | 6 | (26,736) | 32,234 |
Income tax credit/(expense) 7 102,436 (223)
PROFIT FOR THE PERIOD 75,700 32,011 ATTRIBUTABLE TO: ORDINARY EQUITY HOLDERSOF THE COMPANY | 75,846 | 32,183 | |
NON-CONTROLLING INTERESTS | (146) | (172) | |
75,700 | 32,011 | ||
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY | |||
Basic (HK cents) | 8 | 5.42 | 2.38 |
Diluted (HK cents) | 8 | 5.31 | 2.38 |
Details of dividends are disclosed in note 12. |
For the six months ended 30 September 2015
HK$'000 HK$'000
Profit for the period 75,700 32,011
Other comprehensive income/(loss) to be
reclassified to profit or loss in subsequent periods:
Exchange differences on translation of
foreign operations (29,951) 690
Net other comprehensive income/(loss) to be
reclassified to profit or loss in subsequent periods (29,951) 690
OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD, NET OF TAX (29,951) 690OF THE COMPANY | 45,895 | 32,873 |
NON-CONTROLLING INTERESTS | (146) | (172) |
30 September 2015
Notes HK$'000 HK$'000
Property, plant and equipment 9,168 12,829 Investment property - 6,711
Intangible asset 8,300 8,300
Deposits 2,074 3,277
Total non-current assets 19,542 31,117
CURRENT ASSETSInventories 671,299 758,305
Trade receivables 9 42,915 1,155
Bills receivable 9 72,268 74,613 Prepayments, deposits and other receivables 418,103 366,263 Pledged deposit - 15,150
Cash and cash equivalents 123,253 170,058
Total current assets 1,327,838 1,385,544
CURRENT LIABILITIESTrade payables 10 3,031 3,857 Deposits received, other payables and accruals 145,058 168,254 Bank advance for discounted bills 40,204 73,540
Interest-bearing bank and other borrowings 278,991 453,897 Due to related parties 160 4,313
Due to directors 22,160 28,872
Tax payable 65,624 171,954
Total current liabilities 555,228 904,687
NET CURRENT ASSETS 772,610 480,857LIABILITIES | 792,152 | 511,974 | ||
NON-CURRENT LIABILITY Bond payables | 13,320 | - | ||
Net assets | 778,832 | 511,974 | ||
EQUITY Equity attributable to ordinary equity holders of the Company | ||||
Issued capital | 11 | 151,521 | 134,921 | |
Reserves | 628,451 | 378,047 | ||
779,972 | 512,968 | |||
Non-controlling interests | (1,140) | (994) | ||
Total equity | 778,832 | 511,974 |
30 September 2015
The Company was incorporated as an exempted company with limited liability in the Cayman Islands on 12 September 2007. The registered office of the Company is located at the office of Codan Trust Company (Cayman) Limited, whose address is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands. The principal place of business of the Company in Hong Kong is located at Room 1802-03, 18th Floor, Far East Finance Centre, 16 Harcourt Road, Hong Kong.
The Group is principally engaged in the distribution of Wuliangye (五糧液) liquor series, National Cellar 1573 baijiu with 43% alcohol content, Kweichow Moutai Chiew products, Fen Wine with 55% alcohol content liquor series, Red Fen Shijia liquor series, Yaxi Classic liquor series and Old Vintage liquor series, wine, foreign liquor series and Chinese cigarettes.
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BASIS OF PREPARATION
The unaudited interim financial information of the Company, which comprises the condensed consolidated statement of financial position as at 30 September 2015, and the related condensed consolidated statement of profit or loss, condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the six months ended 30 September 2015, and explanatory notes, has been prepared in accordance with Hong Kong Accounting Standard ('HKAS') 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants (the 'HKICPA') and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the 'Listing Rules').
The unaudited interim financial information does not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements for the year ended 31 March 2015.
Going concern basisThe Group recorded revenue and a consolidated loss before tax of HK$610,985,000 (period ended 30 September 2014: HK$189,164,000) and HK$26,736,000 (period ended 30 September 2014: consolidated profit before tax of HK$32,234,000), respectively, for the six months ended 30 September 2015. Excluding the write-back of impairment, net of HK$5,881,000, the Group recorded a consolidated loss before tax of HK$32,617,000 for the period, which included
provision for inventories in respect of write-down to net realisable value amounting to HK$16,547,000 (period ended 30 September 2014: HK$8,436,000); and (ii) share option expense amounting to HK$9,090,000 (period ended 30 September 2014: HK$31,796,000). These non- cash items had not affected the Group's operating cash flows. The Group had net cash outflows used in operating activities of approximately HK$90,991,000 (period ended 30 September 2014: HK$57,347,000) for the six months ended 30 September 2015.
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