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.

SUN CENTURY GROUP LIMITED

太陽世紀集團有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1383) 2016 ANNUAL RESULTS ANNOUNCEMENT

The board ("Board") of directors ("Directors") of Sun Century Group Limited (the "Company") is pleased to announce the consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the year ended 31 December 2016.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the year ended 31 December 2016

Notes

2016

RMB'000

2015

RMB'000

Turnover

3

1,108,544

726,088

Cost of sales

(603,238)

(412,226)

Gross profit

505,306

313,862

Other net expenses

4

(78,319)

(66,806)

Selling and distribution expenses

(79,075)

(50,762)

General and administrative expenses

(82,232)

(74,069)

Other operating expenses

(334,318)

(21,106)

Increase in fair value of investment properties (Impairment loss)/Reversal of impairment loss on

inventories

40,000

(21,557)

95,000

13,367

(Loss)/Profit from operations

(50,195)

209,486

Finance costs

(189,664)

(296,431)

Change in fair value of financial derivatives

7,138

-

Impairment loss recognised in respect of goodwill

(4,039)

-

Gain on disposal of subsidiaries

1,145

-

Loss before tax

(235,615)

(86,945)

Income tax expense

5

(254,893)

(158,987)

Loss for the year

6

(490,508)

(245,932)

Loss for the year attributable to:

Owners of the Company

(490,386)

(245,007)

Non-controlling interests

(122)

(925)

(490,508)

(245,932)

RMB cents

RMB cents (Restated)

Loss per share

Basic and diluted

8

(28.59)

(16.13)

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2016

2016 2015

RMB'000 RMB'000

Loss for the year (490,508) (245,932) Other comprehensive expense

Item that may be reclassified subsequently to profit and loss:

Exchange differences on translating foreign operations (234) -

Total comprehensive loss for the year (490,742) (245,932) Total comprehensive loss for the year attributable to:

Owners of the Company

(490,620)

(245,007)

Non-controlling interests

(122)

(925)

(490,742) (245,932)

CONSOLIDATED STATEMENT OF FINANCIAL

At 31 December 2016

POSITION

Notes

2016

RMB'000

2015

RMB'000

Non-current assets

Property, plant and equipment

2,643

2,843

Investment properties

1,732,000

1,692,000

Deferred tax assets

102

217

1,734,745

1,695,060

Current assets

Inventories

813,540

1,324,477

Trade and other receivables

9

386,213

636,977

Pledged deposits

1,634

2,666

Bank balances and cash

143,439

27,768

1,344,826

1,991,888

Current liabilities

Trade and other payables, and accruals

10

378,171

452,562

Receipts in advance

421,117

623,559

Rental and other deposits

9,238

10,200

Bank and other borrowings - due within one year

270,000

1,558,261

Derivative component of convertible bonds

59,613

-

Current tax liabilities

298,246

144,532

1,436,385

2,789,114

Net current liabilities

(91,559)

(797,226)

Total assets less current liabilities

1,643,186

897,834

Non-current liabilities

Bank and other borrowings - due after one year

895,139

480,000

Deferred tax liabilities

355,602

341,393

1,250,741

821,393

NET ASSETS

392,445

76,441

Capital and reserves

Share capital

524,712

123,644

Reserves

(131,537)

(41,986)

Equity attributable to owners of the Company

393,175

81,658

Non-controlling interests

(730)

(5,217)

TOTAL EQUITY

392,445

76,441

Sun Century Group Ltd. published this content on 24 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 March 2017 02:48:12 UTC.

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