Good Friend : FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015

E160230507Ann.indd

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.

GOOD FRIEND INTERNATIONAL HOLDINGS INC.

友 佳 國 際 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2398)

FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015

The board (the "Board") of directors (the "Directors") of Good Friend International Holdings Inc. (the "Company") presents the consolidated statement of profit or loss and other comprehensive income of the Company and its subsidiaries (the "Group") for the year ended 31 December 2015 and the Group's consolidated statement of financial position at 31 December 2015, together with the relevant comparative figures for the previous year.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2015

2015 2014

Notes RMB'000 RMB'000

Revenue	3	990,239	1,300,119
Cost of revenue	3	(722,314)	(955,225)
Gross profit	267,925	344,894
Other income	4	39,797	33,520
Distribution and selling expenses	(122,494)	(129,480)
Administrative expenses	(115,895)	(99,528)
Other operating expenses	(4,023)	(4,144)

Notes	2015 RMB'000	2014 RMB'000
Finance costs	5	(8,734)	(9,174)
Share of loss of joint ventures	(1,387)	(2,458)
Share of profit (loss) of associates	101	(8,559)
Gain on deemed disposal of
available-for-sale financial asset	662	-
Profit before income tax	6	55,952	125,071
Income tax expense	7	(9,855)	(23,758)
Profit attributable to equity holders of the Company	46,097	101,313
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Share of other comprehensive loss of an associate	(4,318)	-
Currency translation differences	157	(3,266)

Total comprehensive income for the year, attributable to equity holders of the Company 41,936 98,047

Earnings per share attributable to the equity holders

of the Company (expressed in RMB per share) - Basic and diluted earnings per share	8	0.11	0.25
Dividends	9	24,192	44,352

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 December 2015

Note	2015 RMB'000	2014 RMB'000
Non-current assets
Prepaid lease payments-non-current	35,658	36,598
Property, plant and equipment	216,383	236,867
Intangible assets	3,251	1,696
Investments in joint ventures	16,970	18,357
Investments in associates	310,959	1,207
Available-for-sale financial asset	-	8,623
Deferred income tax assets	6,310	6,144
589,531	309,492
Current assets
Inventories	250,076	257,257
Debtors, deposits and prepayments	10	449,745	513,983
Prepaid lease payments-current	940	940
Amount due from an investee	-	4,473
Amounts due from customers for contract work	36,717	32,494
Amount due from ultimate holding company	-	532
Amounts due from fellow subsidiaries
and an associate of ultimate holding company	1,277	296
Amounts due from joint ventures	717	891
Amounts due from associates and
subsidiaries of an associate	60,841	12,274
Restricted bank deposits	172,613	134,681
Term deposits with initial term of over three months	-	98,000
Cash and cash equivalents	101,583	262,751
1,074,509	1,318,572

Note	2015 RMB'000	2014 RMB'000
Current liabilities
Amounts due to customers for contract work	15,576	42,800
Creditors, other payables and accrued charges	11	447,313	410,211
Amount due to ultimate holding company	160	1,716
Amount due to immediate holding company	1,856	3,447
Amounts due to a fellow subsidiary and an associate of
ultimate holding company	21,664	784
Amounts due to an associate and
subsidiaries of an associate	10,389	1,128
Amounts due to joint ventures	317	76
Current income tax liabilities	7,858	16,681
Bank borrowings	408,677	402,079
Warranty provision	5,791	6,329
919,601	885,251
Net current assets	154,908	433,321
Total assets less current liabilities	744,439	742,813
Non-current liabilities
Deferred tax liabilities	-	16,118
Net assets	744,439	726,695
Capital and Reserves
Share capital	4,022	4,022
Share premium	82,281	82,281
Capital reserves	77,338	77,338
Other reserves	48,905	53,066
Retained earnings	531,893	509,988
Total equity	744,439	726,695