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 representations 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.
Tan Chong International Limited
陳唱國際有限公司
(Incorporated in Bermuda with limited liability)
(Stock Code: 693)
INTERIM RESULTS
The board of directors (the "Board") of Tan Chong International Limited (the "Company") wishes to announce the following unaudited results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2021.
Consolidated Statement of Profit or Loss (Unaudited) | |||
for the six months ended 30 June 2021 | Six months ended 30 June | ||
Note | 2021 | 2020 | |
HK$'000 | HK$'000 | ||
(Unaudited) | (Unaudited) | ||
Revenue | 3 | 6,155,538 | 5,784,063 |
Cost of sales | (5,127,803) | (4,718,359) | |
Gross profit | 1,027,735 | 1,065,704 | |
Other net income | 169,362 | 83,914 | |
Distribution costs | (514,470) | (580,171) | |
Administrative expenses | (493,762) | (512,706) | |
Other operating expenses | (9,104) | (28,283) | |
Profit from operations | 179,761 | 28,458 | |
Finance costs | (31,205) | (44,951) | |
Share of profits less losses of associates | 35,519 | 35,458 | |
Profit before taxation | 4 | 184,075 | 18,965 |
Income tax expense | 5 | (105,493) | (65,082) |
Profit/(loss) for the period | 78,582 | (46,117) | |
Attributable to: | |||
Equity shareholders of the Company | 27,094 | (75,285) | |
Non-controlling interests | 51,488 | 29,168 | |
Profit/(loss) for the period | 78,582 | (46,117) |
Earnings/(loss) per share | 7 | |
Basic and diluted (cents) | 1.35 | (3.74) |
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Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited) for the six months ended 30 June 2021
Six months ended 30 June
20212020
HK$'000 HK$'000
(Unaudited) (Unaudited)
Profit/(loss) for the period | 78,582 | (46,117) |
Other comprehensive income for the period | ||
(after tax and reclassification adjustments) | ||
Items that will not be reclassified to profit or loss: | ||
Remeasurement of net defined benefit liability | (1,938) | 5,441 |
Investments designated as at fair value through | ||
other comprehensive income: | ||
- changes in fair value recognised during the period | (1,362) | (398,162) |
(3,300) | (392,721) | |
Items that may be reclassified to profit or loss: | ||
Exchange differences on translation of | ||
financial statements of: | ||
- subsidiaries outside Hong Kong | (221,336) | (211,765) |
- associates outside Hong Kong | 5,534 | (18,954) |
(215,802) | (230,719) | |
Other comprehensive income for the period | (219,102) | (623,440) |
Total comprehensive income for the period | (140,520) | (669,557) |
Attributable to: | ||
Equity shareholders of the Company | (112,733) | (689,007) |
Non-controlling interests | (27,787) | 19,450 |
Total comprehensive income for the period | (140,520) | (669,557) |
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Consolidated Statement of Financial Position (Unaudited) | |||
at 30 June 2021 | |||
At | At | ||
30 June | 31 December | ||
Note | 2021 | 2020 | |
HK$'000 | HK$'000 | ||
(Unaudited) | (Audited) | ||
Non-current assets | |||
Investment properties | 3,644,113 | 3,707,785 | |
Other property, plant and equipment | 5,120,998 | 5,085,397 | |
Intangible assets | 64,533 | 77,117 | |
Goodwill | 36,487 | 45,772 | |
Interest in associates | 886,495 | 868,010 | |
Other financial assets | 54,972 | 42,380 | |
Hire purchase debtors and instalments receivable | 116,419 | 139,201 | |
Receivables, deposits and prepayments | 126,144 | 135,489 | |
Deferred tax assets | 57,628 | 58,586 | |
10,107,789 | 10,159,737 | ||
Current assets | |||
Investments designated as at fair value through | |||
other comprehensive income | 8 | 1,758,903 | 1,771,051 |
Inventories | 1,813,448 | 1,825,709 | |
Trade debtors | 9 | 1,147,686 | 1,107,760 |
Hire purchase debtors and instalments receivable | 89,164 | 97,515 | |
Other debtors, deposits and prepayments | 482,265 | 436,840 | |
Amounts due from related companies | 326 | 970 | |
Cash and bank balances | 2,433,795 | 2,539,772 | |
7,725,587 | 7,779,617 | ||
Current liabilities | |||
Unsecured bank overdrafts | 101,141 | 78,169 | |
Bank loans | 1,615,183 | 1,769,374 | |
Trade creditors | 10 | 811,079 | 813,235 |
Other creditors and accruals | 1,128,686 | 1,064,385 | |
Amounts due to related companies | 11,318 | 10,607 | |
Lease liabilities | 264,525 | 247,942 | |
Current taxation | 132,158 | 116,156 | |
Provisions | 30,508 | 33,621 | |
4,094,598 | 4,133,489 | ||
Net current assets | 3,630,989 | 3,646,128 | |
Total assets less current liabilities | 13,738,778 | 13,805,865 |
- 3 -
Consolidated Statement of Financial Position (Unaudited) (continued) at 30 June 2021
At | At | |
30 June | 31 December | |
2021 | 2020 | |
HK$'000 | HK$'000 | |
(Unaudited) | (Audited) | |
Non-current liabilities | ||
Bank loans | 854,738 | 897,764 |
Lease liabilities | 686,015 | 501,544 |
Net defined benefit retirement obligations | 70,297 | 76,578 |
Deferred tax liabilities | 100,049 | 99,015 |
Provisions | 54,784 | 49,839 |
1,765,883 | 1,624,740 | |
NET ASSETS | 11,972,895 | 12,181,125 |
Capital and Reserves | ||
Share capital | 1,006,655 | 1,006,655 |
Reserves | 9,676,274 | 9,848,870 |
Total equity attributable to equity | ||
shareholders of the Company | 10,682,929 | 10,855,525 |
Non-controlling interests | 1,289,966 | 1,325,600 |
TOTAL EQUITY | 11,972,895 | 12,181,125 |
- 4 -
Notes:
- Basis of preparation
The unaudited consolidated interim financial statements have been prepared in accordance with the requirements of the Listing Rules of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), including compliance with International Accounting Standard 34, Interim Financial Reporting, issued by the International Accounting Standards Board.
The unaudited consolidated interim financial statements have been prepared in accordance with the same accounting policies adopted in the 2020 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2021 annual financial statements.- Changes in accounting policies
The Group has applied the following amendments to IFRSs issued by the International Accounting Standards Board ("IASB") to these financial statements for the current accounting period:- Amendment to IFRS 16, COVID-19-related rent concessions beyond 30 June 2021
- Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, Interest rate benchmark reform - phase 2
Other than the amendment to IFRS 16, the Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. Impacts of the adoption of the amended IFRSs are discussed below:
Amendment to IFRS 16, COVID-19-related rent concessions beyond 30 June 2021 (2021 amendment)
The Group previously applied the practical expedient in IFRS 16 such that as lessee it was not required to assess whether rent concessions occurring as a direct consequence of the COVID-19 pandemic were lease modifications, if the eligibility conditions are met. One of these conditions requires the reduction in lease payments affect only payments originally due on or before a specified time limit. The 2021 amendment extends this time limit from 30 June 2021 to 30 June 2022.
The Group has early adopted the 2021 amendment in this financial year. There is no impact on the opening balance of equity at 1 January 2021.
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, Interest rate benchmark reform - phase 2
The amendments provide targeted reliefs from (i) accounting for changes in the basis for determining contractual cash flows of financial assets, financial liabilities, and lease liabilities as modifications, and (ii) discontinuing hedge accounting when an interest rate benchmark is replaced by an alternative benchmark rate as a result of the reform of interbank offered rates ("IBOR reform"). The amendments do not have an impact on these financial statements as the Group does not have contracts that are indexed to benchmark interest rates which are subject to the IBOR reform.
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Tan Chong International Ltd. published this content on 24 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2021 10:13:08 UTC.