WH GROUP 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.
WH Group Limited萬洲國際有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 288) UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2017 OF HENAN LUOHE SHUANGHUI INDUSTRY GROUP CO., LTD.*On August 14, 2017, Shuanghui Group released its interim financial statements for the six months ended June 30, 2017.
Henan Luohe Shuanghui Industry Group Co., Ltd.* (河南省漯河市雙匯實業集團有限責任 公司) ("Shuanghui Group") is a company incorporated in the People's Republic of China ("PRC") with medium-term notes trading on the inter-bank bond market in the PRC.
As at the date of this announcement, Shuanghui Group is an indirect wholly owned subsidiary of WH Group Limited (the "Company"). On August 14, 2017, Shuanghui Group filed its interim financial statements with Shanghai Clearing House for the six months ended June 30, 2017 (the "Shuanghui Group Interim Financial Statements"). It is important to note that the unaudited consolidated financial results contained in the Shuanghui Group Interim Financial Statements have been prepared in accordance with the China Accounting Standards for Business Enterprises. The Company prepares its consolidated financial results in accordance with the International Financial Reporting Standards (the "IFRS"). Accordingly, Shuanghui Group's results reported therein differ from Shuanghui Group's results contained in the Company's consolidated financial statements, which include certain adjustments in order to conform to the IFRS.
SUMMARY OF RESULTS OF SHUANGHUI GROUP FOR THE SIX MONTHS ENDED JUNE 30, 2017For the six months ended June 30, 2017, turnover decreased by 5.88% from the comparable period of 2016 to RMB24,117 million. Net profit decreased by 11.10% from the comparable period of 2016 to RMB1,978 million.
* For identification purposes only
The unaudited consolidated statement of profit or loss for the six months ended June 30, 2017 and the unaudited consolidated statement of financial position as at June 30, 2017 of Shuanghui Group are provided below:
SHUANGHUI GROUP CONSOLIDATED STATEMENT OF PROFIT OR LOSSFor the six months ended June 30, 2017
For the six months ended June 30,2017 RMB (unaudited) | 2016 RMB (unaudited) | ||
I. | Total operating income | 24,117,184,483.52 | 25,623,481,413.95 |
Including: Operating income | 24,075,324,020.27 | 25,622,029,879.92 | |
Interest income | 41,856,444.42 | 1,451,534.03 | |
Handling and commission income | 4,018.83 | - | |
Less: Total operating costs | 21,731,221,028.52 | 22,903,291,805.21 | |
Including: Operating costs | 19,555,799,845.87 | 20,970,558,407.17 | |
Interest expenses | 2,968,333.54 | - | |
Handling and commission charges | 416,919.56 | - | |
Business tax and levies | 166,154,239.52 | 104,850,916.38 | |
Selling expenses | 1,117,148,790.67 | 1,049,930,656.93 | |
Administrative expenses | 602,854,450.95 | 685,585,930.28 | |
Financial expenses | 113,145,166.65 | 31,911,085.80 | |
Impairment losses of assets | 172,733,281.76 | 60,454,808.65 | |
Add: Investment income Including: Income from investments in associates and joint ventures | 49,170,311.58 11,896,672.54 | 77,880,476.99 10,574,585.78 | |
II. | Operating profit | 2,435,133,766.58 | 2,798,070,085.73 |
Add: Non-operating income | 166,830,598.02 | 118,212,319.50 | |
Including: Gain on disposal of non-current assets | 2,550,409.44 | 490,084.71 | |
Less: Non-operating expenses | 18,595,265.31 | 13,184,455.51 | |
Including: Loss on disposal of non-current assets | 16,080,516.34 | 11,486,421.37 | |
III. | Total profit | 2,583,369,099.29 | 2,903,097,949.72 |
Less: Income tax expenses | 605,076,026.31 | 677,773,805.68 | |
IV. | Net profit | 1,978,293,072.98 | 2,225,324,144.04 |
Net profit attributable to owners of Shuanghui Group | 1,125,166,205.04 | 1,274,442,522.41 | |
Profit or loss attributable to non-controlling interests | 853,126,867.94 | 950,881,621.63 |
As at June 30, 2017
As at June 30, 2017As at January 1, 2017
RMB RMB
(unaudited) (unaudited)
Current assets:Cash and bank balances 2,762,173,780.35 4,095,127,847.64
Bills receivables 48,585,001.00 60,233,834.95
Trade receivables 126,089,564.74 114,882,233.19
Prepayments 40,439,951.27 72,790,887.27
Other receivables 60,420,254.98 57,034,937.23
Inventories 3,386,590,174.93 3,279,843,111.65
Non-current assets due within one year 2,405,999.92 2,334,034.42 Other current assets 1,594,485,003.12 258,644,251.68
Total current assets 8,021,189,730.31 7,940,891,138.03 Non current assets:Available-for-sale investment | 36,038,891.59 | 36,038,891.59 |
Long-term equity investments | 172,358,792.39 | 176,666,881.24 |
Fixed assets | 11,305,706,666.20 | 11,804,685,571.75 |
Construction in progress | 708,345,062.90 | 532,734,054.60 |
Materials for construction of fixed assets | 4,116,382.71 | 2,340,246.89 |
Biological assets | 77,250,076.85 | 70,951,919.14 |
Intangible assets | 964,162,192.27 | 974,082,474.53 |
Development expenditure | 2,475,300.00 | 2,475,300.00 |
Long-term prepaid expenses | 62,351,330.72 | 63,505,964.93 |
Deferred tax assets | 127,802,854.06 | 78,799,532.66 |
Other non-current assets | 8,287,998.10 | 5,412,685.60 |
Total non-current assets | 13,468,895,547.79 | 13,747,693,522.93 |
Total assets | 21,490,085,278.10 | 21,688,584,660.96 |
Current liabilities: | ||
Short-term borrowings | 5,069,876,502.88 | 2,055,075,083.14 |
Deposit receipts | 147,215,390.45 | 143,024,915.29 |
Other loan | 273,679,126.68 | - |
Trade payables | 1,822,727,389.33 | 2,459,015,648.45 |
Receipts in advance | 529,299,015.35 | 717,450,430.63 |
Accrued staff costs | 431,772,718.45 | 633,902,988.71 |
Tax payables | 315,900,473.65 | 318,557,910.91 |
Interest payables | 61,860,911.97 | 20,468,801.24 |
Dividend payables | 40,165,171.21 | 118,669,486.59 |
Other payables | 818,617,839.37 | 830,629,435.23 |
Non-current liabilities due within one year | 1,112,412.81 | 1,077,111.25 |
Other current liabilities | 7,501,262.88 | 8,440,201.50 |
Total current liabilities | 9,519,728,215.03 | 7,306,312,012.94 |
As at June 30, 2017
As at June 30, 2017As at January 1, 2017
RMB RMB
(unaudited) (unaudited)
Non-current liabilities: | ||
Long-term borrowings | 18,743,015.67 | 18,692,977.44 |
Notes payables | 998,084,749.69 | 997,309,182.85 |
Long-term payables | 68,300,000.00 | - |
Special account payables | 286,605.02 | 286,605.02 |
Deferred tax liabilities | 49,105,649.80 | 49,400,289.66 |
Deferred income | 50,408,190.39 | 52,591,390.28 |
Total non-current liabilities | 1,184,928,210.57 | 1,118,280,445.25 |
Total liabilities | 10,704,656,425.60 | 8,424,592,458.19 |
Owners' equity: | ||
Share capital | 1,500,000,000.00 | 1,500,000,000.00 |
Capital reserve | 1,293,919,855.26 | 1,244,560,050.25 |
Special account reserve | 480,210.08 | 810,188.10 |
Surplus reserve | 750,000,000.00 | 750,000,000.00 |
Other reserve | 25,522.71 | 25,522.71 |
Retained profits | 1,457,308,421.50 | 3,180,612,590.38 |
Total equity attributable to owners of | ||
Shuanghui Group | 5,001,734,009.55 | 6,676,008,351.44 |
Non-controlling interests | 5,783,694,842.95 | 6,587,983,851.33 |
Total owners' equity | 10,785,428,852.50 | 13,263,992,202.77 |
Total liabilities and owners' equity | 21,490,085,278.10 | 21,688,584,660.96 |
If you wish to review the Shuanghui Group Interim Financial Statements in full, please visit http://www.shclearing.com or http://www.chinamoney.com.cn.
By order of the board of directors of
WH Group Limited Wan LongChairman and Chief Executive Officer
Hong Kong, August 14, 2017
As at the date of this announcement, the executive directors of the Company are Mr. WAN Long, Mr. GUO Lijun, Mr. ZHANG Taixi, Mr. SULLIVAN Kenneth Marc and Mr. YOU Mu; the non-executive director of the Company is Mr. JIAO Shuge; and the independent non- executive directors of the Company are Mr. HUANG Ming, Mr. LEE Conway Kong Wai and Mr. LAU, Jin Tin Don.
WH Group Ltd. published this content on 14 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 August 2017 11:21:01 UTC.
Original documenthttp://www.irasia.com/listco/hk/whgroup/announcement/a170814a.pdf
Public permalinkhttp://www.publicnow.com/view/3EA8576E306FD41259F397B2790D61BA0DBCE157
