FUJIKON INDUSTRIAL HOLDINGS 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.
INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2016 FINANCIAL HIGHLIGHTS- Revenue: HK$547.6 million, up 3.6% (2015: HK$528.7 million)
- Gross profit: HK$72.7 million, down 10.6% (2015: HK$81.2 million)
- Loss attributable to equity holders of the Company: HK$11.9 million, up 3.9% (2015: HK$11.4 million)
- Basic loss per share: HK2.82 cents (2015: HK2.72 cents)
- Dividends (per share): HK1.0 cent (2015: HK2.0 cents)
The board of directors (the "Board") of Fujikon Industrial Holdings Limited (the "Company") is pleased to announce the unaudited consolidated results of the Company and its subsidiaries ("Fujikon" or the "Group") for the six months ended 30 September 2016.
The interim results have been reviewed by the Company's Audit Committee and independent auditor in accordance with Hong Kong Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants.
* for identification purpose only
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Unaudited Six months ended 30 SeptemberNote | 2016 HK$'000 | 2015 HK$'000 | |
Revenue | 3 | 547,599 | 528,735 |
Cost of sales | (474,938) | (447,503) | |
Gross profit | ───────── 72,661 | ───────── 81,232 | |
Other gains - net | 5,201 | 2,062 | |
Distribution and selling expenses | (4,983) | (6,904) | |
General and administrative expenses | (78,207) | (80,280) | |
Operating loss | 4 | ───────── (5,328) | ───────── (3,890) |
Finance income | 1,057 | 3,525 | |
Loss before income tax | ───────── (4,271) | ───────── (365) | |
Income tax credit/(expenses) | 5 | 1,052 | (2,411) |
Loss for the period | ───────── (3,219) | ───────── (2,776) | |
---------------- | ---------------- | ||
Other comprehensive income: | |||
Items that may be subsequently reclassified to profit or |
loss:
Currency translation differences (14,995) (19,317)
Fair value gains/(losses) on available-for-sale
financial assets 274 (367)
───────── ─────────
Other comprehensive income for the period, net of tax (14,721) (19,684)---------------- ----------------
Total comprehensive income for the period | (17,940) ═════════ | (22,460) ═════════ | |
(Loss)/profit attributable to: | |||
Equity holders of the Company | (11,856) | (11,406) | |
Non-controlling interests | 8,637 | 8,630 | |
───────── (3,219) | ───────── (2,776) | ||
═════════ | ═════════ | ||
Total comprehensive income attributable to: | |||
Equity holders of the Company | (25,559) | (29,840) | |
Non-controlling interests | 7,619 | 7,380 | |
───────── | ───────── | ||
(17,940) | (22,460) | ||
═════════ | ═════════ | ||
Dividends | 6 | 4,202 | 8,404 |
═════════ | ═════════ | ||
Loss per share for loss attributable to the equity | |||
holders of the Company during the period | |||
- Basic (HK cents per share) | 7 | (2.82) | (2.72) |
═════════ | ═════════ | ||
- Diluted (HK cents per share) | 7 | (2.82) | (2.69) |
═════════ | ═════════ |
Unaudited As at 30 September 2016 | Audited As at 31 March 2016 | ||
Note | HK$'000 | HK$'000 | |
Non-current assets | |||
Property, plant and equipment | 139,646 | 155,771 | |
Investment properties | 3,530 | 3,530 | |
Land use rights | 4,253 | 4,478 | |
Non-current deposits and other assets | 2,530 | 1,930 | |
Available-for-sale financial assets | 11,089 | 6,926 | |
Deferred income tax assets | 7,961 | 3,904 | |
───────── | ───────── | ||
Total non-current assets | 169,009 ---------------- | 176,539 ---------------- | |
Current assets | |||
Inventories | 153,460 | 169,959 | |
Trade receivables | 8 | 251,658 | 217,969 |
Other receivables | 19,895 | 12,629 | |
Other financial assets at fair value through profit or | |||
loss | 2,733 | 2,523 | |
Current income tax recoverable | 96 | 251 | |
Cash and cash equivalents | 388,118 | 415,877 | |
───────── | ───────── | ||
Total current assets | 815,960 ---------------- | 819,208 ---------------- | |
Current liabilities | |||
Trade payables | 9 | 179,592 | 140,904 |
Accruals and other payables | 74,275 | 74,189 | |
Derivative financial instruments | 8,207 | 8,372 | |
Current income tax liabilities | 19,977 | 17,625 | |
───────── | ───────── | ||
Total current liabilities | 282,051 ---------------- | 241,090 ---------------- | |
Net current assets | 533,909 ---------------- | 578,118 ---------------- | |
Total assets less current liabilities | 702,918 ---------------- | 754,657 ---------------- | |
Non-current liabilities | |||
Deferred income tax liabilities | 656 ---------------- | 1,195 ---------------- | |
Net assets | 702,262 | 753,462 | |
═════════ | ═════════ | ||
Equity | |||
Capital and reserves attributable to the Company's | |||
equity holders | |||
Share capital | 42,019 | 42,019 | |
Other reserves | 169,150 | 182,890 | |
Retained earnings | |||
- Dividends | 4,202 | 21,010 | |
- Others | 451,291 | 467,312 | |
───────── | ───────── | ||
666,662 | 713,231 | ||
Non-controlling interests | 35,600 | 40,231 | |
───────── | ───────── | ||
Total equity | 702,262 | 753,462 | |
═════════ | ═════════ |
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Basis of preparation
The condensed consolidated interim financial information has been prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited.
-
Accounting policies
The accounting policies adopted are consistent with those of the Group's annual financial statements for the year ended 31 March 2016, except as mentioned below.
Effect of adopting new standards and amendments to standards
The following new standards and amendments to standards are mandatory for the Group's financial year beginning on 1 April 2016.
HKFRSs (Amendments) Annual improvements to HKFRSs 2012-2014 cycle
HKFRS 10, HKFRS 12 and HKAS 28 (Amendment)
Investment entities: Applying the consolidation exception
HKFRS 11 (Amendment) Accounting for acquisitions of interests in joint operations
HKFRS 14 Regulatory deferral accounts
HKAS 1 (Amendment) Disclosure initiative
HKAS 16 and HKAS 38 (Amendment) Clarification of acceptable methods of depreciation
and amortisation
HKAS 16 and HKAS 41 (Amendment) Agriculture: Bearer plants
HKAS 27 (Amendment) Equity method in separate financial statements
The adoption of these new standards and amendments to standards did not result in a significant impact on the results and financial position of the Group.
New standards and amendments to standards that have been issued but are not effective
The following new standards and amendments to standards have been issued, but are not effective for the Group's financial year beginning on 1 April 2016 and have not been early adopted.
HKFRS 2 (Amendment) Share-based payment2
2
HKFRS 9 Financial instruments
HKFRS 10 and HKAS 28 (Amendment) Sale or contribution of assets between an investor
and its associate or joint venture4
HKFRS 15 Revenue from contracts with customers2
HKFRS 16 Leases3
HKAS 7 (Amendment) Statement of cash flows1
HKAS 12 (Amendment) Income Taxes: Recognition of deferred tax assets1
1 Effective for financial years beginning on or after 1 January 2017
2 Effective for financial years beginning on or after 1 January 2018
3 Effective for financial years beginning on or after 1 January 2019
4 No mandatory effective date yet determined
The Group is in the process of making an assessment of the impact of these new standards and amendments to standards upon initial application but is not yet in a position to state whether these new standards and amendments to standards would have any significant impact on its results of operations and financial position.
Fujikon Industrial Holdings Ltd. published this content on 24 November 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 November 2016 04:14:07 UTC.
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