TINGYI CAYMAN ISLANDS HOLDING CORP 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 disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
TINGYI (CAYMAN ISLANDS) HOLDING CORP.
康 師 傅 控 股 有 限 公 司 *(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 0322) ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016US$'000 | 2016 | 2015 | Change | |
| 8,371,863 | 9,102,810 | ↓ | 8.03% |
| 31.30% | 31.86% | ↓ | 0.56ppt |
| 2,620,692 | 2,900,195 | ↓ | 9.64% |
| 996,049 | 1,038,576 | ↓ | 4.09% |
| 213,027 | 281,484 | ↓ | 24.32% |
| 176,884 | 256,340 | ↓ | 31.00% |
| ||||
Basic | 3.16 | 4.57 | ↓ | 1.41 |
Diluted | 3.16 | 4.57 | ↓ | 1.41 |
At 31 December 2016, cash and cash equivalents was US$1,473.2 million, with an increase of US$449.5 million when compared to 31 December 2015. Gearing ratio was 0.32 times. | ||||
Although China's economy maintained steady growth in the first half of 2016, its food and beverage industry was under a certain degree of pressure in the second half of the year arising from increasing costs of raw materials in both domestic and international markets and the change in trends in domestic demand. However, the Group still showed signs of stabilizing, and will continue, particularly in times of such macro environment, to take a long-term view, insist on effecting its transformation and upgrade in a steady manner and monitor any change in the Group's free cash flow, so as to achieve its objective of "Consolidation, Development, Innovation and Security".
In the fourth quarter of 2016, the Group's profit recorded a year-on-year significant improvement. In 2016, the Group's revenue was US$8,371.9 million, profit attributable to owners of the Company was US$176.9 million and earnings per share was US$3.16 cents. The Board will recommend the payment of a final dividend of US$1.58 cents per share. Total amount of final dividend for the year 2016 will be US$89 million.
Although the Group's market share was slightly below target in 2016 due to factors like the implementation of upgrade procedure, the Group showed signs of continual recovery in the second half of the year. Members of the Board and I still hope that our operation team will insist on effecting transformation and upgrade of the Group, accelerate the process of promoting young talents, optimize channel management model, continue to carry out the multi-price band strategy and increase the flexibility in operation in 2017, so that the Group will be able to respond rapidly to market development, promote the future source of growth, lead the upgrade of the industry and satisfy the diversified needs of customers.
All members of Master Kong will uphold integrity, pragmatism and innovation as the corporate culture value, and be, as always, dedicated to work to offer a wide range of healthy and high quality products to customers. The Group will also adhere to the concept of "pursuing sustainable development and contributing to the community", continue to put a strong emphasis on food safety and discharge its corporate social responsibility in a practical manner. I wish that our consumers, employees and shareholders will continue to give their support to Master Kong, so that together we could move towards a more sustainable and brighter future.
I would like to take this opportunity to express my heartfelt appreciation to all fellows of the Board, the management and all staff and customers.
Wei Ing-ChouChairman
Shanghai, the PRC 27 March 2017
RESULTSThe Board of Directors of Tingyi (Cayman Islands) Holding Corp. (the "Company") is pleased to announce the audited consolidated results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2016 together with the comparative figures for the corresponding period in 2015 as follows:
CONSOLIDATED INCOME STATEMENTFor the year ended 31 December 2016
2016 | 2015 | |||
Note | US$'000 | US$'000 | ||
Revenue | 4 | 8,371,863 | 9,102,810 | |
Cost of sales | (5,751,171) | (6,202,615) | ||
Gross profit | 2,620,692 | 2,900,195 | ||
Other revenue and other net income | 6 | 154,667 | 162,144 | |
Distribution costs | (1,816,606) | (1,883,844) | ||
Administrative expenses | (307,738) | (344,324) | ||
Other operating expenses | (216,249) | (312,117) | ||
Finance costs | 7 | (74,560) | (61,838) | |
Share of results of associates and joint ventures | 11,578 | 11,282 | ||
Profit before taxation | 7 | 371,784 | 471,498 | |
Taxation | 8 | (158,757) | (190,014) | |
Profit for the year | 213,027 | 281,484 | ||
Profit attributable to: | ||||
Owners of the Company | 176,884 | 256,340 | ||
Non-controlling interests | 36,143 | 25,144 | ||
Profit for the year | 213,027 | 281,484 | ||
Earnings per share | 10 | |||
Basic | US3.16 cents | US4.57 cents | ||
Diluted | US3.16 cents | US4.57 cents | ||
For the year ended 31 December 2016
2016 | 2015 | ||
US$'000 | US$'000 | ||
Profit for the year | 213,027 | 281,484 | |
Other comprehensive income (loss): | |||
Items that will not be reclassified to profit or loss: | |||
Remeasurement of defined benefit obligations | 16,542 | (13,229) | |
Surplus on revaluation of properties and prepaid lease payments | － | 2,026 | |
Deferred tax arising from revaluation of properties and prepaid lease payments | － | (506) | |
16,542 | (11,709) | ||
Items that are or may be reclassified subsequently to profit or loss: | |||
Exchange differences on consolidation | (358,868) | (236,019) | |
Fair value changes in available-for-sale financial assets | 8,351 | 5,560 | |
Reclassification adjustments relating to available-for-sale financial assets disposed of during the year | (6,862) | (5,736) | |
(357,379) | (236,195) | ||
Other comprehensive loss for the year, net of tax | (340,837) | (247,904) | |
Total comprehensive (loss) income for the year | (127,810) | 33,580 | |
Total comprehensive (loss) income attributable to: | |||
Owners of the Company | (92,785) | 68,126 | |
Non-controlling interests | (35,025) | (34,546) | |
(127,810) | 33,580 | ||
Tingyi (Cayman Islands) Holding Corp. published this content on 27 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 March 2017 04:38:06 UTC.
Original documenthttp://www.masterkong.com.cn/InvestorInformationen/announcement/2017/20170327/download/ETINGYI.pdf
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