Avic International Hk : ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019 (in PDF)

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.

(Incorporated in Bermuda with limited liability)

(Stock Code: 232)

ANNOUNCEMENT OF INTERIM RESULTS

FOR THE SIX MONTHS ENDED 30 JUNE 2019

The board (the "Board") of directors (the "Directors") of AVIC International Holding (HK) Limited (the "Company") announces the unaudited condensed consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2019, together with the comparative figures for the corresponding period of last year.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

		For the six months
		ended 30 June
		2019		2018
		(Unaudited)	(Unaudited)
	Notes	HK$'000	HK$'000
CONTINUING OPERATIONS		764,471
Revenue	4		607,872
Cost of sales		(555,324)	(465,396)
Gross profit		209,147		142,476
Other income and gains	4	39,728		12,776
Selling and distribution expenses		(48,391)	(33,736)
Administrative expenses		(170,291)	(196,443)
Finance costs	5	(2,139)	(7,285)
Share of profits and losses of:		(1,038)
Joint ventures		(2,557)
Associates		633		(213)
Other operating income	6	1,721		-
Reversal of impairment losses on financial		1,152
assets, net	6		3,936
Fair value loss on financial assets at fair value		-
through profit or loss		(10,573)

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CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

(cont'd)

		For the six months
		ended 30 June
		2019	2018
		(Unaudited)		(Unaudited)
	Notes	HK$'000		HK$'000
Profit/(loss) before tax from continuing operations	6	30,522	(91,619)
Income tax credit	7	7,373	19,236
Profit/(loss) for the period from
continuing operations		37,895	(72,383)
DISCONTINUED OPERATION
Loss for the period from a discontinued operation	8	-	(56,740)
PROFIT/(LOSS) FOR THE PERIOD		37,895	(129,123)
Attributable to:
Owners of the parent		37,895	(113,053)
Non-controlling interests		-		(16,070)
		37,895		(129,123)
EARNINGS/(LOSS) PER SHARE
ATTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF THE PARENT	9
Basic and diluted
- For profit/(loss) for the period		HK0.41 cent		(HK1.33 cents)
- For profit/(loss) from continuing operations		HK0.41 cent		(HK0.85 cent)

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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		For the six months
		ended 30 June
		2019		2018
		(Unaudited)	(Unaudited)
		HK$'000	HK$'000
PROFIT/(LOSS) FOR THE PERIOD	37,895		(129,123)
OTHER COMPREHENSIVE INCOME
Other comprehensive income that may be reclassified
to profit or loss in subsequent periods:
Exchange differences:
Exchange differences on translation of foreign operations	119		51,366
Reclassification adjustment for a foreign operation
deregistered during the period	(1,721)	-
Net other comprehensive income that may be reclassified
to profit or loss in subsequent periods	(1,602)	51,366
Other comprehensive income that will not be reclassified to
profit or loss in subsequent periods:
Equity investments designated at fair value through other
comprehensive income:
Changes in fair value	(13,411)	(66,392)
Net other comprehensive income that will not be
reclassified to profit or loss in subsequent periods	(13,411)	(66,392)
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD, NET OF TAX	(15,013)	(15,026)
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD	22,882		(144,149)
Attributable to:
Owners of the parent	22,882		(149,797)
Non-controlling interests	-	5,648
		22,882		(144,149)

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

		30 June		31 December
		2019	2018
		(Unaudited)		(Audited)
	Notes	HK$'000		HK$'000
NON-CURRENT ASSETS
Property, plant and equipment	11	405,547	335,243
Right-of-use assets		32,721		-
Goodwill		399,948	400,094
Other intangible assets		1,774,413	1,781,157
Investments in joint ventures		38,152	39,174
Investments in associates		13,079	12,446
Equity investments designated at fair value
through other comprehensive income		40,620	54,031
Total non-current assets		2,704,480	2,622,145
CURRENT ASSETS
Inventories		511,647	473,753
Trade receivables	12	116,459	102,711
Due from a fellow subsidiary		24,637	29,566
Due from an associate		847	575
Loans to an associate		9,143	9,143
Prepayments, deposits and other receivables		41,289	84,795
Financial assets at fair value through profit or
loss		1,938		-
Cash and cash equivalents		1,097,599	1,191,575
Total current assets		1,803,559	1,892,118

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (cont'd)

		30 June		31 December
		2019	2018
		(Unaudited)		(Audited)
	Notes	HK$'000		HK$'000
CURRENT LIABILITIES
Due to intermediate holding companies		28,328	28,815
Trade payables	13	69,967	90,152
Dividend payable		93,034		-
Other payables and accruals		138,567	114,727
Provisions and other liabilities		48,198	49,445
Tax payable		68,951	137,389
Interest-bearing bank and other borrowings		128,689	120,218
Total current liabilities		575,734	540,746
NET CURRENT ASSETS		1,227,825	1,351,372
TOTAL ASSETS LESS CURRENT
LIABILITIES		3,932,305	3,973,517
NON-CURRENT LIABILITIES
Other payables and accruals		30,527	29,520
Provisions and other liabilities		40,602	47,539
Interest-bearing bank and other borrowings		28,706	1,031
Defined benefit obligations		7,587	6,905
Deferred tax liabilities		275,867	269,354
Total non-current liabilities		383,289	354,349
Net assets		3,549,016	3,619,168
EQUITY
Issued capital	14	930,337	930,337
Reserves		2,618,679		2,688,831
Total equity		3,549,016	3,619,168

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