China Ting : UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019 (in PDF)

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CHINA TING GROUP HOLDINGS LIMITED

華 鼎 集 團 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 3398)

UNAUDITED INTERIM RESULTS

FOR THE SIX MONTHS ENDED 30 JUNE 2019

		Six months ended 30 June
	2019		2018
	HK$ million	HK$ million	% Change
Revenue
OEM Business	745.7		943.4	(21.0)
Fashion Retail Business	226.7		290.3	(21.9)
Property Investment Business	8.5		3.9	117.9
	980.9		1,237.6	(20.7)
Operating (loss)/profit	(17.4)	65.6
(Loss)/profit before income tax	(25.1)	61.1
Equity attributable to the Company's
equity holders	2,584.9		2,752.3
Equity per share (HK$)	1.23		1.31

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INTERIM RESULTS

The board (the "Board") of directors (the "Directors") of China Ting Group Holdings Limited (the "Company") presents the unaudited condensed consolidated results of the Company and its subsidiaries (together, the "Group") for the six months ended 30 June 2019, together with the unaudited comparative figures for the corresponding period in

2018 as follows:

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2019

		Six months ended 30 June
		2019		2018
		(Unaudited)	(Unaudited)
	Note	HK$'000	HK$'000
Revenue	3	980,879		1,237,549
Cost of sales		(766,928)	(891,579)
Gross profit		213,951		345,970
Other income	4	13,794		8,049
Other gains, net	5	13,395		28
Reversal of net impairment loss for financial assets	11	11,709		1,269
Selling, marketing and distribution costs		(117,251)	(130,178)
Administrative expenses		(153,043)	(159,554)
Operating (loss)/profit	6	(17,445)	65,584
Finance income	7	4,474		4,027
Finance costs	7	(11,033)	(8,124)
Share of (losses)/profits of associates		(423)	170
Share of losses of joint ventures		(712)	(518)
(Loss)/profit before income tax		(25,139)	61,139
Income tax expense	8	(7,490)	(10,888)
(Loss)/profit for the period		(32,629)	50,251

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		Six months ended 30 June
		2019			2018
		(Unaudited)	(Unaudited)
	Note	HK$'000	HK$'000
Other comprehensive income for the period:
Items that may be reclassified subsequently to
profit or loss:
- Currency translation differences		4,140			(30,330)
- Revaluation surplus upon transfer of owner
occupied properties to investment properties,		-
net of tax		207,638
Item that will not be reclassified subsequently to
profit or loss:
- Fair value gain on financial asset at fair value
through other comprehensive income		61			-
Other comprehensive income for the period,
net of tax		4,201			177,308
Total comprehensive (loss)/income for the period		(28,428)	227,559
(Loss)/profit attributable to:
Equity holders of the Company		(30,829)	49,596
Non-controlling interests		(1,800)	655
		(32,629)	50,251
Total comprehensive (loss)/income attributable to:
Equity holders of the Company		(26,382)	226,350
Non-controlling interests		(2,046)	1,209
		(28,428)	227,559
(Loss)/earnings per share for (loss)/profit attributable
to equity holders of the Company (expressed in HK
cents per share)
- basic and diluted	9	(1.47)	2.36

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CONDENSED CONSOLIDATED BALANCE SHEET

AS AT 30 JUNE 2019

		As at		As at
		30 June	31 December
		2019	2018
		(Unaudited)		(Audited)
	Note	HK$'000		HK$'000
ASSETS
Non-current assets
Property, plant and equipment		390,809	469,646
Investment properties		374,906	363,711
Land use rights		-	76,384
Intangible assets		8,107	10,623
Right-of-use assets	10	168,219		-
Interests in associates		1,417	1,846
Interests in joint ventures		13,948	14,690
Prepayments		15,526	15,526
Deferred income tax assets		83,792	78,463
		1,056,724	1,030,889
Current assets
Inventories		947,951	995,661
Trade and other receivables	11	686,651	746,107
Financial assets at fair value through profit or loss
("FVPL")	13	294,678	304,269
Financial assets at fair value through other
comprehensive income ("FVOCI")		8,809		-
Promissory note	11	38,755	38,124
Entrusted loans	11	173,622	166,022
Tax recoverable		11,502	9,939
Pledged bank deposits		33,151	50,957
Fixed deposits		15,924	20,553
Cash and cash equivalents		453,761	448,547
		2,664,804	2,780,179
Assets held for sale	12	8,669	8,674
		2,673,473	2,788,853
Total assets		3,730,197	3,819,742

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		As at		As at
		30 June	31 December
		2019	2018
		(Unaudited)		(Audited)
	Note	HK$'000		HK$'000
EQUITY
Equity attributable to equity holders of the Company
Share capital		209,982	209,982
Reserves		2,374,921	2,401,303
		2,584,903	2,611,285
Non-controlling interests		21,301	28,724
Total equity		2,606,204	2,640,009
LIABILITIES
Non-current liabilities
Deferred income tax liabilities		87,410	83,136
Lease liabilities	10	5,798		-
		93,208	83,136
Current liabilities
Trade and other payables	14	580,418	694,161
Contract liabilities	3	30,267	29,534
Lease liabilities	10	11,699		-
Bank borrowings		403,235	367,057
Current income tax liabilities		5,166	5,845
		1,030,785	1,096,597
Total liabilities		1,123,993	1,179,733
Total equity and liabilities		3,730,197	3,819,742
Net current assets		1,642,688	1,692,256
Total assets less current liabilities		2,699,412	2,723,145

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