Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of 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.

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

- 1 -

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

- 2 -

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

- 3 -

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

- 4 -

Notes:

  1. 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.
  2. 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.
  1. 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.

- 5 -

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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