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EVA Precision Industrial Holdings Limited
億和精密工業控股有限公司
(Incorporated with limited liability in the Cayman Islands)
(Stock Code: 838)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019
FINANCIAL RESULTS
The Board of Directors of EVA Precision Industrial Holdings Limited (the "Company") is pleased to announce the unaudited consolidated financial results of the Company and its subsidiaries (collectively the "Group") for the six months ended 30 June 2019 together with the comparative figures as follows:
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2019
Unaudited | |||||
Six months ended 30 June | |||||
2019 | 2018 | ||||
Note | HK$'000 | HK$'000 | |||
Revenue | 4 | 1,782,589 | 1,724,694 | ||
Cost of sales | 5 | (1,365,953) | (1,295,375) | ||
Gross profit | 416,636 | 429,319 | |||
Other income | 32,750 | 18,954 | |||
Other losses - net | (7,615) | (4,451) | |||
Selling and marketing costs | 5 | (107,203) | (106,861) | ||
General and administrative expenses | 5 | (266,767) | (270,778) | ||
Operating profit | 67,801 | 66,183 | |||
Finance income | 6 | 13,241 | 5,826 | ||
Finance costs | 6 | (35,619) | (22,074) | ||
Share of (losses)/profits of associates | (4,301) | 614 | |||
Profit before income tax | 41,122 | 50,549 | |||
Income tax expense | 7 | (6,064) | (4,462) | ||
Profit for the period | 35,058 | 46,087 |
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Unaudited | |||||||
Six months ended 30 June | |||||||
2019 | 2018 | ||||||
Note | HK$'000 | HK$'000 | |||||
Other comprehensive income/(loss) for the period, net of | |||||||
tax | |||||||
Items that may be reclassified subsequently to profit or | |||||||
loss | |||||||
- Currency translation differences | (1,084) | 23,520 | |||||
Items that will not be reclassified subsequently to | |||||||
profit or loss | |||||||
- Revaluation gain/(loss) on financial assets at fair | |||||||
value through other comprehensive income | 212 | (103) | |||||
Total comprehensive income for the period | 34,186 | 69,504 | |||||
Profit for the period attributable to equity holders of | |||||||
the Company | 35,058 | 46,087 | |||||
Total comprehensive income for the period | |||||||
attributable to equity holders of the Company | 34,186 | 69,504 | |||||
Earnings per share for profit attributable to | |||||||
equity holders of the Company during the period | |||||||
(expressed in HK cents per share) | |||||||
- basic | 8 | 2.0 | 2.6 | ||||
- diluted | 8 | 2.0 | 2.5 | ||||
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CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
As at 30 June 2019
Unaudited | Audited | |||
30 June | 31 December | |||
2019 | 2018 | |||
Note | HK$'000 | HK$'000 | ||
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 2,034,564 | 2,017,140 | ||
Right-of-use assets | 2.1(a) | 399,408 | - | |
Investment property under development | 172,311 | 156,003 | ||
Leasehold land and land use rights | - | 238,778 | ||
Goodwill | 2,510 | 2,510 | ||
Investments in associates | 56,260 | 63,043 | ||
Financial assets at fair value through other | ||||
comprehensive income | 106,063 | 105,851 | ||
Prepayments, deposits and other receivables | 39,924 | 104,498 | ||
2,811,040 | 2,687,823 | |||
Current assets | ||||
Inventories | 506,860 | 445,241 | ||
Trade receivables | 10 | 919,511 | 989,599 | |
Prepayments, deposits and other receivables | 245,087 | 248,506 | ||
Restricted bank deposits | 26,910 | 51,563 | ||
Short-term bank deposits | 23,520 | 174,169 | ||
Cash and cash equivalents | 1,341,789 | 1,111,046 | ||
3,063,677 | 3,020,124 | |||
LIABILITIES | ||||
Current liabilities | ||||
Trade payables | 11 | 823,501 | 838,136 | |
Contract liabilities | 91,346 | 68,493 | ||
Accruals and other payables | 214,592 | 230,448 | ||
Bank borrowings | 1,255,758 | 1,348,580 | ||
Lease liabilities | 18,581 | - | ||
Finance lease liabilities | - | 2,482 | ||
Current income tax liabilities | 8,824 | 10,842 | ||
2,412,602 | 2,498,981 | |||
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Unaudited | Audited | ||
30 June | 31 December | ||
2019 | 2018 | ||
Note | HK$'000 | HK$'000 | |
Net current assets | 651,075 | 521,143 | |
Total assets less current liabilities | 3,462,115 | 3,208,966 | |
Non-current liabilities | |||
Bank borrowings | 724,655 | 597,253 | |
Lease liabilities | 97,787 | - | |
Deferred taxation | 22,898 | 23,210 | |
845,340 | 620,463 | ||
Net assets | 2,616,775 | 2,588,503 | |
EQUITY | |||
Capital and reserves | |||
Share capital | 172,785 | 172,944 | |
Reserves | 2,443,990 | 2,415,559 | |
Total equity | 2,616,775 | 2,588,503 | |
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Notes:
-
BASIS OF PRESENTATION
The Company is an investment holding company, and its subsidiaries are principally engaged in the provision of precision manufacturing services, focusing on the production of moulds and components with high quality standard and dimensional accuracy.
The Company was incorporated in the Cayman Islands on 12 July 2004 as an exempted company with limited liability under the Companies Law, Chapter 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The address of its registered office is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands. The Company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since 11 May 2005.
The condensed consolidated interim financial information have been prepared in accordance with Hong Kong Accounting Standards ("HKAS") 34, "Interim financial reporting". The condensed consolidated interim financial information should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2018, which have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRS").
The condensed consolidated interim financial information is presented in Hong Kong dollars ("HK$"), unless otherwise stated, and was approved for issue by the Board of Directors on 27 August 2019. The condensed consolidated interim financial information has not been audited. - ACCOUNTING POLICIES
The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2018, as described in those annual financial statements except for the adoption of amendments to HKFRS effective for the financial year ending 31 December 2019, which are described below.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
- Relevant new standards, amendments to existing standards and interpretation effective for the financial year beginning 1 January 2019
HKFRS 16 | Leases |
HKAS 19 (Amendments) | Plan Amendment, Curtailment or Settlement |
HKAS 28 (Amendments) | Long-term Interests in Associates and Joint Ventures |
HKFRS 9 (Amendments) | Prepayment Features with Negative Compensation |
Annual Improvements | Annual Improvements 2015-2017 Cycle |
Project (Amendments) | |
HK(IFRIC) 23 | Uncertainty over Income Tax Treatments |
The impact of the adoption of HKFRS 16 is disclosed in Note 2.1 below. Except this, the adoption of the above new standards, amendments to standards and interpretation does not have any significant impact to the results and financial position of the Group.
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EVA Precision Industrial Holdings Ltd. published this content on 27 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 August 2019 14:30:05 UTC