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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Hong Kong Exchanges and Clearing Limited    0388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED

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Hong Kong Exchanges and Clearing : INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE, 2019

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08/16/2019 | 07:57am EDT

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.

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)

INTERIM RESULTS ANNOUNCEMENT

FOR THE SIX MONTHS ENDED 30 JUNE, 2019

The Board of Directors (the "Board") of China Medical System Holdings Limited (the "Company") is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2019 (the "Reporting Period").

Financial Highlights

  • Turnover up 11.7% to RMB2,964.4 million (H1 2018: RMB2,655.0 million); excluding the effect
    of the "two-invoice system", turnover up 14.4% to RMB3,401.5 million (H1 2018: RMB2,974.3 million)
  • Gross profit up 17.7% to RMB2,217.5 million (H1 2018: RMB1,883.7 million); excluding the effect of the "two-invoice system", gross profit up 16.0% to RMB2,023.2 million (H1 2018: RMB1,744.9 million)
  • Profit for the period up 22.2% to RMB1,167.5 million (H1 2018: RMB955.1 million)
  • Basic earnings per share up 22.5% to RMB0.4717 (H1 2018: RMB0.3850)
  • As at 30 June 2019, the Group's bank balances and cash amounted to RMB1,638.4 million while readily realizable bank acceptance bills amounted to RMB274.7 million
  • Declared interim dividend up 22.6% compared with the same period last year to RMB0.1883 per share (H1 2018: RMB0.1536)

1

  • For identification purpose only

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2019

Six months ended 30 June

NOTES 2019 2018

RMB'000 RMB'000

(unaudited) (unaudited)

Turnover

3

Cost of goods sold

Gross profit

Other gains and losses

Selling expenses

Administrative expenses

Finance costs

Share of results of associates

Profit before tax

Income tax expense

4

Profit for the period

5

Items that may be reclassified subsequently to profit or loss: Share of other comprehensive income of associates Exchange differences arising from translation of

foreign operations

Change in fair value on cash flow hedges

  • fair value (loss) gain
  • deferred tax relating to change in fair value Item that will not be reclassified to profit or loss: Fair value gain (loss) on equity instrument
    at fair value through other comprehensive income

Other comprehensive income for the period, net of income tax Total comprehensive income for the period

Profit (loss) for the period attributable to: Owners of the Company Non-controlling interests

Total comprehensive income (expense) for the period attributable to:

Owners of the Company Non-controlling interests

Earnings per share

7

Basic

2,964,360

2,655,007

(746,881)

(771,293)

________

________

2,217,479

1,883,714

46,673

(9,179)

(882,982)

(735,167)

(110,325)

(98,530)

(29,065)

(42,310)

56,773

46,602

________

________

1,298,553

1,045,130

(131,033)

(89,988)

________

________

1,167,520

955,142

________

________

780

6,614

(987)

-

(14,368)

10,251

2,371

(1,691)

15,101

(5,183)

________

________

2,897

9,991

________

________

1,170,417

965,133

________

________

1,169,896

957,544

(2,376)

(2,402)

________

________

1,167,520

955,142

________

________

1,172,793

967,535

(2,376)

(2,402)

________

________

1,170,417

965,133

________

________

RMB

RMB

0.4717

0.3850

________

________

2

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 30 JUNE 2019

30 June

31 December

NOTES

2019

2018

RMB'000

RMB'000

Non-current assets

(unaudited)

(audited)

Property, plant and equipment

487,366

478,268

Prepaid lease payments

-

61,667

Right-of-use assets

55,845

-

Interest in associates

2,524,553

2,491,478

Intangible assets

2,545,017

2,554,075

Goodwill

1,384,535

1,384,535

Equity instruments at fair value through

other comprehensive income

291,083

241,232

Deposits paid for acquisition of intangible assets

126,306

95,262

Derivative financial instruments

30,480

32,866

Deferred tax assets

20,577

20,712

________

________

7,465,762

7,360,095

________

________

Current assets

Inventories

429,811

434,661

Trade and other receivables

8

1,542,438

1,718,754

Tax recoverable

9,185

8,296

Amount due from an associate

9

218,137

169,565

Bank balances and cash

1,638,444

815,081

________

________

3,838,015

3,146,357

________

________

Current liabilities

Trade and other payables

10

382,751

382,215

Contract liabilities

4,164

5,469

Bank borrowings

1,436,874

25,000

Deferred consideration payables

8,817

8,847

Tax payable

150,233

129,314

________

________

1,982,839

550,845

________

________

Net current assets

1,855,176

2,595,512

________

________

Total assets less current liabilities

9,320,938

9,955,607

________

________

3

30 June

31 December

2019

2018

RMB'000

RMB'000

Capital and reserves

(unaudited)

(audited)

Share capital

84,963

84,963

Reserves

9,087,925

8,270,823

________

________

Equity attributable to owners of the Company

9,172,888

8,355,786

Non-controlling interests

45,913

48,289

________

________

9,218,801

8,404,075

________

________

Non-current liabilities

Bank borrowings

-

1,440,195

Deferred tax liabilities

93,108

101,411

Lease liabilities

6,404

-

Deferred consideration payables

2,625

9,926

________

________

102,137

1,551,532

________

________

9,320,938

9,955,607

________

________

4

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2019

  1. BASIS OF PREPARATION
    The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting issued by the International Accounting Standards Board ("IASB") as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "SEHK") (the "Listing Rules").
  2. PRINCIPAL ACCOUNTING POLICIES
    The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at fair values, as appropriate.
    Except as described below, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 June 2019 are the same as those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2018.
    In the current interim period, the Group has applied, for the first time, certain new or revised International Financial Reporting Standards ("IFRSs") issued by the IASB that are mandatorily effective for the current interim period. The new and amendments to IFRSs have been applied in accordance with the relevant transition provisions in the respective standards and amendments which results in changes in accounting policies, amounts reported and/or disclosures as described below.
    Impacts and changes in accounting policies of application on IFRS16 Leases
    The Group has applied IFRS 16 on 1 January 2019 for the first time. IFRS 16 introduced a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. IFRS 16 has superseded IAS 17 Leases and the related interpretations. Distinctions of operating leases and finance leases are removed for lessee accounting, and is replaced by a model where a right-of-use asset and a corresponding liability have to be recognised for all leases by lessees, except for short-term leases and leases of low value assets.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

HKEx - Hong Kong Exchanges and Clearing Ltd. published this content on 16 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2019 11:56:03 UTC

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