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 ຬݲყϞࠢʮ̡
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 288)
UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018 OF HENAN SHUANGHUI INVESTMENT & DEVELOPMENT CO., LTD.
On April 24, 2018 after trading hours (Hong Kong time), Shuanghui Development released its quarterly report for the three months ended March 31, 2018.
Henan Shuanghui Investment & Development Co., Ltd. (ئیᕐිҳ༟೯ٰ࢝΅Ϟࠢʮ̡) ("Shuanghui Development") is a company incorporated in the People's Republic of China whose shares are listed on the Shenzhen Stock Exchange (the "Shenzhen Stock Exchange"). As at the date of this announcement, WH Group Limited (the "Company") indirectly owns approximately 73.25% equity interest in Shuanghui Development. On April 24, 2018, Shuanghui Development filed its quarterly report with the Shenzhen Stock Exchange for the three months ended March 31, 2018 (the "Shuanghui Development Quarterly Report"). It is important to note that the unaudited consolidated financial results contained in Shuanghui Development Quarterly Report 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 Development's results reported therein differ from Shuanghui Development'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 DEVELOPMENT FOR THE THREE MONTHS ENDED MARCH 31, 2018
For the three months ended March 31, 2018, Shuanghui Development processed 3.92 million hogs, representing an increase of 35.13% from the comparable period of 2017. External sales volume of meat products was 0.74 million metric tons, representing an increase of 5.85% from the comparable period of 2017. Turnover decreased by 1.38% from the comparable period of 2017 to RMB12,060 million. Net profit increased by 21.95% from the comparable period of 2017 to RMB1,113 million.
The unaudited consolidated statement of profit or loss and other comprehensive income for the three months ended March 31, 2018 and the unaudited consolidated statement of financial position as at March 31, 2018 contained in Shuanghui Development Quarterly Report are provided below:
SHUANGHUI DEVELOPMENT
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the three months ended March 31, 2018
For the three months ended March 31,
2018 | 2017 | ||
RMB | RMB | ||
(unaudited) | (unaudited) | ||
I. | Total operating income | 12,059,938,170.35 | 12,228,209,871.35 |
Including: Operating income | 11,994,431,962.78 | 12,211,896,658.68 | |
Interest income | 65,505,452.85 | 16,305,995.68 | |
Handling and commission income | 754.72 | 7,216.99 | |
Less: Total operating costs | 10,723,827,301.14 | 11,135,554,980.26 | |
Including: Operating costs | 9,629,030,078.21 | 10,149,369,546.21 | |
Interest expenses | 5,088,595.25 | 1,189,398.98 | |
Handling and commission | |||
charges | 208,230.04 | 208,372.62 | |
Business tax and levies | 80,669,170.47 | 79,973,510.37 | |
Selling expenses | 595,819,472.25 | 559,404,954.89 | |
Administrative expenses | 258,818,634.60 | 272,248,157.53 | |
Financial expenses | 13,093,698.77 | 14,813,653.32 | |
Impairment losses of assets | 141,099,421.55 | 58,347,386.34 | |
Add: Investment income | 10,495,582.46 | 13,462,996.84 | |
Including: Income from investments in | |||
associates and joint ventures | 3,892,325.80 | 5,914,017.78 | |
Gain on disposal of assets | -71,628.07 | 543,697.45 | |
II. | Operating profit | 1,346,534,823.60 | 1,106,661,585.38 |
Add: Non-operating income | 61,221,178.57 | 72,670,083.19 | |
Less: Non-operating expenses | 1,830,202.23 | 1,434,721.64 | |
III. | Total profit | 1,405,925,799.94 | 1,177,896,946.93 |
Less: Income tax expenses | 293,109,564.96 | 265,343,969.56 | |
IV. | Net profit | 1,112,816,234.98 | 912,552,977.37 |
Net profit attributable to owners of Shuanghui | |||
Development | 1,063,891,434.59 | 878,616,646.21 | |
Profit or loss attributable to non-controlling | |||
interests | 48,924,800.39 | 33,936,331.16 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED)
For the three months ended March 31, 2018
For the three months ended March 31,
2018 | 2017 | ||
RMB | RMB | ||
(unaudited) | (unaudited) | ||
V. | Other comprehensive income, net of tax | -1,975,648.54 | - |
Other comprehensive income, net of tax | |||
attributable to owners of Shuanghui | |||
Development | -1,007,580.76 | - | |
Including: Item that may be reclassified | |||
subsequently to profit or loss | -1,007,580.76 | - | |
Including: Fair value change | |||
in cash flow hedge | -1,007,580.76 | - | |
Other comprehensive income, net of tax | |||
attributable to non-controlling interests | -968,067.78 | - | |
VI. | Total comprehensive income | 1,110,840,586.44 | 912,552,977.37 |
Total comprehensive income attributable to | |||
owners of Shuanghui Development | 1,062,883,853.83 | 878,616,646.21 | |
Total comprehensive income attributable to | |||
non-controlling interests | 47,956,732.61 | 33,936,331.16 | |
VII. | Earnings per share: | ||
0.3224 | 0.2663 | ||
0.3224 | 0.2663 |
(1) Basic earnings per share
(2) Diluted earnings per share
CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at March 31, 2018
As at | As at | |
March 31, 2018 | January 1, 2018 | |
RMB | RMB | |
(unaudited) | (audited) | |
Current assets: | ||
Cash and bank balances | 5,914,926,990.38 | 6,162,804,240.18 |
Bills receivables | 20,926,859.00 | 25,975,745.00 |
Trade receivables | 103,438,313.24 | 135,043,452.60 |
Prepayments | 34,149,189.66 | 75,313,646.39 |
Other receivables | 11,383,310.64 | 10,432,491.67 |
Inventories | 3,006,646,756.12 | 2,928,255,410.86 |
Non-current assets due within one year | 1,361,219.49 | 2,334,033.96 |
Loans receivables | 239,120,000.00 | 399,417,500.00 |
Other current assets | 1,260,064,142.90 | 276,958,347.30 |
Total current assets | 10,592,016,781.43 | 10,016,534,867.96 |
Non current assets: | ||
Available-for-sale investments | 44,686,591.59 | 44,686,591.59 |
Long-term equity investments | 179,811,463.86 | 175,762,503.25 |
Fixed assets | 11,303,393,266.51 | 11,499,807,659.66 |
Construction in progress | 204,266,206.51 | 154,056,643.23 |
Materials for construction of fixed assets | 2,808,956.77 | 4,130,046.99 |
Biological assets | 69,140,398.45 | 68,785,210.07 |
Intangible assets | 977,386,106.69 | 1,005,343,551.24 |
Long-term prepaid expenses | 64,365,444.11 | 67,108,747.01 |
Deferred tax assets | 40,462,198.64 | 47,532,004.86 |
Other non-current assets | 10,597,592.65 | 5,318,333.85 |
Total non-current assets | 12,896,918,225.78 | 13,072,531,291.75 |
Total assets | 23,488,935,007.21 | 23,089,066,159.71 |
Current liabilities: | ||
Short-term borrowings | 1,642,107,168.85 | 1,942,107,168.85 |
Deposit receipts | 500,159,181.17 | 533,822,757.49 |
Derivative financial instruments | 6,120,220.98 | 4,144,572.44 |
Trade payables | 1,657,229,583.57 | 1,848,353,162.03 |
Receipts in advance | 582,180,045.51 | 562,009,399.87 |
Other loans | 740,778,437.50 | 785,481,761.26 |
Accrued staff costs | 338,956,300.25 | 611,283,942.17 |
Taxes payables | 425,700,089.53 | 294,627,389.87 |
Interest payables | 4,426,419.62 | 4,034,079.23 |
Dividend payables | 134,065,166.16 | 140,023,774.05 |
Other payables | 650,539,840.39 | 677,776,645.25 |
Non-current liabilities due within one year | 309,254.18 | 320,950.78 |
Other current liabilities | 2,484,125.03 | 3,053,448.99 |
Total current liabilities | 6,685,055,832.74 | 7,407,039,052.28 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at March 31, 2018
As at | As at | |
March 31, 2018 | January 1, 2018 | |
RMB | RMB | |
(unaudited) | (audited) | |
Non-current liabilities: | ||
Long-term borrowings | 4,793,439.72 | 5,135,212.55 |
Long-term other payables | 68,300,000.00 | 68,300,000.00 |
Deferred income | 73,694,629.74 | 74,120,410.78 |
Deferred tax liabilities | 67,845,908.32 | 67,143,222.92 |
Total non-current liabilities | 214,633,977.78 | 214,698,846.25 |
Total liabilities | 6,899,689,810.52 | 7,621,737,898.53 |
Owners' equity: | ||
Share capital | 3,299,558,284.00 | 3,299,558,284.00 |
Capital reserve | 1,896,385,791.17 | 1,885,053,364.53 |
Other reserve | -3,121,312.70 | -2,113,731.94 |
Surplus reserve | 1,831,906,631.94 | 1,831,906,631.94 |
General reserve | 708,827.78 | 708,827.78 |
Retained profits | 8,665,862,208.07 | 7,601,970,773.48 |
Total equity attributable to owners of | ||
Shuanghui Development | 15,691,300,430.26 | 14,617,084,149.79 |
Non-controlling interests | 897,944,766.43 | 850,244,111.39 |
Total owners' equity | 16,589,245,196.69 | 15,467,328,261.18 |
Total liabilities and owners' equity | 23,488,935,007.21 | 23,089,066,159.71 |
If you wish to review the Shuanghui Development Quarterly Report in full, please visitwww.szse.cn.
By order of the board of directors of
WH Group Limited
Wan Long
Chairman and Chief Executive Officer
Hong Kong, April 24, 2018
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.
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WH Group Ltd. published this content on 24 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 April 2018 11:01:19 UTC
