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CHINA MEDICAL SYSTEM HOLDINGS LIMITED
康哲藥業控股有限公司*
(Incorporated in the Cayman Islands with Limited Liability)
(Stock Code: 867)
ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2018
The board of Directors (the "Board") of China Medical System Holdings Limited (the "Company") is pleased to announce the audited consolidated results of the Company and its subsidiaries (the "Group" or "CMS") for the year ended 31 December 2018 (the "Reporting Period").
Financial Highlights
Turnover up 1.6% to RMB5,433.4 million (2017: RMB5,348.8 million); excluding the effect of the "two-invoice system", turnover up 10.0% to RMB6,134.5 million (2017: RMB5,578.6 million)
Gross profit up 12.6% to RMB3,916.9 million (2017: RMB3,478.3 million); excluding the effect of the "two-invoice system", gross profit up 10.5% to RMB3,616.8 million (2017: RMB3,272.2 million)
Profit for the year up 10.5% to RMB1,844.6 million (2017: RMB1,669.9 million)
Basic earnings per share up 10.5% to RMB0.7441 (2017: RMB0.6734)
As at 31 December 2018, the Group's bank balances and cash amounted to RMB815.1 million while readily realizable bank acceptance bills amounted to RMB291.6 million
Proposed final dividend of RMB0.1434 per share, bringing the total dividend for the year ended 31 December 2018 to RMB0.2970 per share, representing an increase of 10.6% of last year (2017: final dividend of RMB0.1393 and total dividend of RMB0.2686 per share respectively)
*For Identification Only
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2018
NOTESTurnover 3 Cost of goods sold
Gross profit
Other gains and losses 4 Selling expenses
Administrative expenses
Finance costs 5 Share of results of associates
Profit before tax
Income tax expense 6
Profit for the year 7
Item that will not be reclassified to profit or loss:
Fair value loss on equity instruments at fair value through other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Share of other comprehensive income (expense) of associates
Exchange differences arising from translation of foreign operations
Fair value loss on available-for-sale investments Change in fair value on cash flow hedges
- fair value gain
- deferred tax relating to change in fair value
Other comprehensive income for the year, net of income tax
Total comprehensive income for the year
Profit (loss) for the year attributable to:
Owners of the Company Non-controlling interestsTotal comprehensive income (expense) for the year attributable to:
Owners of the Company Non-controlling interests
2018
RMB'000
5,433,449
_(1_,_5_1_6_,5_7_5_)
3,916,874
(5,611)
(1,672,595)
2017
RMB'000
5,348,838
_(1_,_8_7_0_,5_3_7_)
3,478,301
(61,216)
(1,382,150)
(243,265) (221,974)
(71,885) (82,250)
____8_2_,8_5_6_ 2,006,374 __(_1_6_1_,7_7_6_) _1_,_8_4_4_,5_9_8_
(14,065)
23,168
211 -
4,121
______(6_8_0_)
____1_2_,7_5_5_
_1_,_8_5_7_,3_5_3_ _________
1,849,883
____(_5_,2_8_5_)
__1_,8_4_4_,_5_9_8 _________
1,862,638 ____(_5_,2_8_5_)
__1_,8_5_7_,_3_5_3 _________
____7_7_,7_2_2_ 1,808,433 __(_1_3_8_,4_9_4_) _1_,_6_6_9_,9_3_9_
-(5,157)
-
(3,271)
12,023
____(_1_,9_8_4_)
_____1_,6_1_1_
_1_,_6_7_1_,5_5_0_ _________
1,674,807
____(_4_,8_6_8_)
_1_,_6_6_9_,9_3_9_ _________
1,676,418 ____(_4_,8_6_8_)
_1_,_6_7_1_,5_5_0_ _________
Earnings per share 9 Basic
RMB
____0_.7_4_4_1_ _________
RMB
0.6734 _________
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2018
Non-current assets
Property, plant and equipment Prepaid lease payments
NOTES
2018 RMB'000
2017 RMB'000
478,268 479,080
61,667 58,868
Interests in associates 2,491,478 2,412,387
Intangible assets 2,554,075 2,720,326
Goodwill 1,384,535 1,384,535
Equity instruments at fair value through
other comprehensive income Available-for-sale investment
Deposits paid for acquisition of intangible assets Derivative financial instruments
Deferred tax assets 14
Current assets Inventories
Trade and other receivables 10 Tax recoverable
Amount due from an associate
Bank balances and cash 11
Current liabilities
Trade and other payables 12 Contract liabilities
Bank borrowings 13 Deferred consideration payables
Tax payable
241,232
-- 23,020
95,262 72,142
32,866 12,023
____2_0_,7_1_2_ __7_,3_6_0_,_0_9_5
____2_6_,8_8_2_ __7_,1_8_9_,_2_6_3
434,661 1,718,754
460,401 1,487,392
8,296 5,135
169,565 151,023
___8_1_5_,0_8_1_ __3_,1_4_6_,_3_5_7
___8_5_5_,6_2_9_ __2_,9_5_9_,_5_8_0
382,215 5,469
506,826 -25,000 65,000
8,847 8,802
___1_2_9_,3_1_4_ ____7_7_,5_1_6_
___5_5_0_,_8_4_5 ___6_5_8_,_1_4_4
Net current assets _2_,_5_9_5_,5_1_2_ _2_,_3_0_1_,4_3_6_
Total assets less current liabilities
Capital and reserves
Share capital 15 Reserves
Equity attributable to owners of the Company Non-controlling interests
9,955,607 _________
84,963 _8_,_2_7_0_,8_2_3_
8,355,786 ____4_8_,2_8_9_ __8_,4_0_4_,_0_7_5
9,490,699 _________
85,200 _7_,_1_8_9_,4_8_3_ 7,274,683 ____5_3_,5_7_4_ __7_,3_2_8_,_2_5_7
NOTES
2018 RMB'000
2017 RMB'000
Non-current liabilities Deferred tax liabilities Deferred consideration payables Bank borrowings
14 13
101,411 104,498
9,926 17,896
_1_,_4_4_0_,1_9_5_ __1_,5_5_1_,_5_3_2 9,955,607 _________ _________
_2_,_0_4_0_,0_4_8_ __2_,1_6_2_,_4_4_2 9,490,699 _________
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018
1. GENERAL
China Medical System Holdings Limited (the "Company") was incorporated as an exempted company with limited liability in the Cayman Islands on 18 December 2006. On 26 June 2007, the Company was listed on the Alternative Investment Market ("AIM") operated by the London Stock Exchange plc. The Company was listed on the Main Board operated by The Stock Exchange of Hong Kong Limited on 28 September 2010 and it was delisted from the AIM on the same date. The Company's ultimate holding company and immediate holding company is Treasure Sea Limited, a company incorporated in the British Virgin Islands. The address of the Company's registered office is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The address of its principal place of business is Unit 2106, 21/F, Island Place Tower, 510 King's Road, North Point, Hong Kong.
The Company is an investment holding company. The principal activities of its subsidiaries are production of medicines, marketing, promotion and sale of drugs.
The consolidated financial statements are presented in Renminbi ("RMB"), which is also the functional currency of the Company and its subsidiaries (collectively referred to as the "Group").
2. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS ("IFRSs")
Amendments to IFRSs that are mandatorily effective for the current year
The Group has applied the following amendments to IFRSs issued by the International Accounting Standards Board ("IASB") for the first time in the current year:
IFRS 9
Financial Instruments
IFRS 15
Revenue from Contracts with Customers and the related
Amendments
IFRIC 22
Foreign Currency Transactions and Advance
Consideration
Amendments to IFRS 2
Classification and Measurement of Share-based Payment
Transactions
Amendments to IFRS 4
Applying IFRS 9 Financial Instruments with IFRS 4
Insurance Contracts
Amendments to IAS 28
As part of the Annual Improvements to IFRS Standards
2014 - 2016 Cycle
Amendments to IAS 40
Transfers of Investment Property
Except as described below, the application of the new and amendments to IFRSs in the current year has had no material impact on the Group's financial performance and positions for the current and prior years and/or on the disclosures set out in these consolidated financial statements.
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China Medical System Holdings Ltd. published this content on 18 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 March 2019 13:59:09 UTC