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BOSSINI INTERNATIONAL HOLDINGS LIMITED
堡 獅 龍 國 際 集 團 有 限 公 司 *
(Incorporated in Bermuda with limited liability)
(Stock Code: 592)
ANNOUNCEMENT OF SECOND INTERIM RESULTS FOR THE TWELVE MONTHS ENDED 30 JUNE 2021
FINANCIAL RESULTS
The board of directors (the "Board") of Bossini International Holdings Limited (the "Company") announces the unaudited condensed consolidated second interim results of the Company and its subsidiaries (the "Group" or "Bossini") for the twelve months ended 30 June 2021, together with the audited comparative figures for the twelve months ended 30 June 2020, as follows:
Condensed consolidated statement of profit or loss and other comprehensive income
Twelve months ended | ||||||
30 June | ||||||
2021 | 2020 | |||||
(Unaudited) | (Audited) | |||||
Notes | HK$'000 | HK$'000 | ||||
Continuing operations | 847,962 | |||||
Revenue | 4 | 1,091,631 | ||||
Cost of sales | (416,473) | (557,514) | ||||
Gross profit | 431,489 | 534,117 | ||||
Other income | 4 | 38,368 | 32,033 | |||
Selling and distribution expenses | (371,981) | (521,270) | ||||
Administrative expenses | (179,069) | (204,908) | ||||
Other operating expenses, net | (61,741) | (159,103) | ||||
Loss from operating activities | (142,934) | (319,131) | ||||
Finance costs | 5 | (10,763) | (16,182) | |||
Loss before tax from continuing operations | 6 | (153,697) | (335,313) | |||
Income tax expense | 7 | (1,046) | (12,183) | |||
Loss for the period from continuing | ||||||
operations | (154,743) | (347,496) | ||||
Discontinued operation | ||||||
Loss for the period from a discontinued | (403) | |||||
operation | 8 | (20,239) | ||||
Loss for the period attributable to | ||||||
owners of the Company | (155,146) | (367,735) | ||||
- For identification purposes only
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Condensed consolidated statement of profit or loss and other comprehensive income (continued)
Twelve months ended | |||||
30 June | |||||
2021 | 2020 | ||||
(Unaudited) | (Audited) | ||||
Note | HK$'000 | HK$'000 | |||
Other comprehensive income/(loss) | |||||
Items that may be reclassified to profit or loss in | |||||
subsequent periods: | |||||
Change in fair value of a financial asset | - | 1,367 | |||
Reclassification adjustment for a foreign | |||||
operation deregistered during the period | - | 932 | |||
Exchange differences on translation of foreign | |||||
operations | 12,677 | (13,151) | |||
Net other comprehensive income/(loss) | 12,677 | (10,852) | |||
Total comprehensive loss for the period | |||||
attributable to owners of the Company | (142,469) | (378,587) | |||
Loss per share attributable to ordinary equity | |||||
holders of the Company | 10 | (restated) | |||
Basic | |||||
- For loss for the period | (HK8.35 cents) | (HK21.83 cents) | |||
- For loss from continuing operations | (HK8.33 cents) | (HK20.63 cents) | |||
Diluted | |||||
- For loss for the period | (HK8.35 cents) | (HK21.83 cents) | |||
- For loss from continuing operations | (HK8.33 cents) | (HK20.63 cents) | |||
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Condensed consolidated statement of financial position
At 30 June | At 30 June | |||
2021 | 2020 | |||
(Unaudited) | (Audited) | |||
Notes | HK$'000 | HK$'000 | ||
Non-current assets | 17,995 | |||
Property, plant and equipment | 25,520 | |||
Investment property | 15,008 | 16,776 | ||
Right-of-use assets | 96,806 | 164,732 | ||
Trademark | - | 1,164 | ||
Deferred tax assets | 386 | 386 | ||
Deposits | 29,093 | 35,766 | ||
Total non-current assets | 159,288 | 244,344 | ||
Current assets | ||||
154,717 | ||||
Inventories | 209,679 | |||
Debtors | 11 | 19,052 | 48,441 | |
Tax recoverable | - | 4,484 | ||
Prepayments, deposits and other receivables | 73,058 | 90,141 | ||
Financial assets at fair value through profit or loss | 254 | 593 | ||
Pledged bank deposits | 1,903 | 56 | ||
Cash and cash equivalents | 370,866 | 176,339 | ||
Total current assets | 619,850 | 529,733 | ||
Current liabilities | ||||
126,450 | ||||
Trade creditors, other payables and accruals | 12 | 118,686 | ||
Contract liabilities | 3,096 | 3,584 | ||
Bills payable | 25,258 | 12,277 | ||
Tax payable | 1,774 | 7,739 | ||
Due to a fellow subsidiary | 405 | - | ||
Due to related companies | - | 71 | ||
Lease liabilities | 95,759 | 154,068 | ||
Financial liabilities at fair value through profit or loss | - | 7 | ||
Interest-bearing bank borrowings | - | 59,721 | ||
Total current liabilities | 252,742 | 356,153 | ||
Net current assets | 367,108 | 173,580 | ||
Total assets less current liabilities | 526,396 | 417,924 | ||
Non-current liabilities | ||||
1,254 | ||||
Deferred tax liabilities | 773 | |||
Lease liabilities | 82,341 | 133,016 | ||
Other payables | 3,159 | 2,675 | ||
Total non-current liabilities | 86,754 | 136,464 | ||
Net assets | 439,642 | 281,460 | ||
Equity | ||||
246,575 | ||||
Issued capital | 13 | 164,134 | ||
Reserves | 193,067 | 117,326 | ||
Total equity | 439,642 | 281,460 | ||
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Notes to the condensed consolidated interim financial statements
1. Basis of preparation and accounting policies
These condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange").
The basis of preparation and accounting policies adopted in the preparation of the interim financial statements are consistent with those used in the annual financial statements for the year ended 30 June 2020, except in relation to the following revised Hong Kong Financial Reporting Standards ("HKFRSs") (which also include HKASs and Interpretations) that affect the Group and are adopted for the first time for the current period's financial statements:
HKAS 1 and HKAS 8 | Amendments to HKAS 1 and HKAS 8 - Definition of Material |
Amendments | |
HKAS 39, HKFRS 7 and | Amendments to HKAS 39, HKFRS 7 and HKFRS 9 - Interest |
HKFRS 9 Amendments | Rate Benchmark Reform |
HKFRS 3 Amendments | Amendments to HKFRS 3 - Definition of a Business |
Conceptual Framework for | Revised Conceptual Framework for Financial Reporting |
Financial Reporting 2018 |
The adoption of the above revised standards has had no significant financial effect on the interim financial information.
The Group has not early applied any new and revised HKFRSs that have been issued but are not yet effective in the unaudited condensed consolidated second interim financial statements. However, the Group is in the process of making an assessment of the impact of the new and revised HKFRSs upon initial application, but is not yet in a position to state whether these new and revised HKFRSs would have a significant impact on the Group's results of operations and financial position.
2. Change of financial year end date
On 25 February 2021, the Company has resolved to change the financial year end date of the Company from 30 June to 31 December. The forthcoming financial year end date of the Company will be 31 December 2021 and the next audited consolidated financial statements of the Company will cover a period of 18 months from 1 July 2020 to 31 December 2021. Accordingly, the condensed consolidated second interim financial statements of the Company covers the twelve months ended 30 June 2021 with comparative figures cover the twelve months ended 30 June 2020.
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3. Operating segment information
For management purposes, the Group is organised into business units that offer products to customers located in different geographical areas and has three reportable operating segments as follows:
- Hong Kong and Macau
- Mainland China
- Singapore
The Group has discontinued the business in Taiwan segment. Accordingly, certain segment information related to the Taiwan segment is classified as "loss for the period from a discontinued operation" in the condensed consolidated statement of profit or loss and other comprehensive income.
Management monitors the results of the Group's operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment profit/loss, which is a measure of adjusted loss before tax from continuing operations. The adjusted loss before tax from continuing operations is measured consistently with the Group's loss before tax from continuing operations except that interest income and non-lease-related finance costs are excluded from such measurement.
Segment assets exclude deferred tax assets and tax recoverable as these assets are managed on a group basis.
Segment liabilities exclude deferred tax liabilities, tax payable and interest-bearing bank borrowings as these liabilities are managed on a group basis.
Intersegment sales and transfers are transacted with reference to the selling prices used for sales made to third parties at the then prevailing market prices.
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Bossini International Holdings Limited published this content on 13 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2021 16:21:03 UTC.