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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

(0388)
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Hong Kong Exchanges and Clearing : UNAUDITED FIRST QUARTER FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT FOR THE THREE MONTHS ENDED JUNE 30, 2019

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08/14/2019 | 05:52am EDT

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Singapore Exchange Securities Trading 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.

Singapore Exchange Securities Trading Limited assumes no responsibility for the correctness of any of the statements made, reports contained or opinions expressed in this announcement.

WILLAS-ARRAY ELECTRONICS (HOLDINGS) LIMITED

威雅利電子(集團)有限公司

(Incorporated in Bermuda with limited liability)

(Hong Kong stock code: 854)

(Singapore stock code: BDR)

UNAUDITED FIRST QUARTER

FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

FOR THE THREE MONTHS ENDED JUNE 30, 2019

This overseas regulatory announcement is issued pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

This results announcement is made in accordance with the relevant regulations of Singapore Exchange Securities Trading Limited. The financial information set out in this announcement has been prepared in accordance with the International Financial Reporting Standards and has not been audited nor reviewed by the Company's auditors. Shareholders of Willas-Array Electronics (Holdings) Limited (the "Company") and public investors should exercise caution when trading in the shares of the Company.

i

Please refer to the following pages for the document which has been published by the Company on the website of Singapore Exchange Securities Trading Limited on August 14, 2019.

By Order of the Board

Willas-Array Electronics (Holdings) Limited

Leung Chun Wah

Chairman and Executive Director

Hong Kong, August 14, 2019

As at the date of this announcement, the Board comprises four Executive Directors, namely Leung Chun Wah (Chairman), Kwok Chan Cheung (Deputy Chairman), Hon Kar Chun (Managing Director) and Leung Hon Shing; and three Independent Non-executive Directors, namely Jovenal R. Santiago, Wong Kwan Seng, Robert and Iu Po Chan, Eugene.

In the case of inconsistency, the English text of this announcement shall prevail over the Chinese text.

ii

WILLAS-ARRAY ELECTRONICS (HOLDINGS) LIMITED

Unaudited First Quarter Financial Statements And Dividend Announcement For The Three Months Ended June 30, 2019

PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS

1(a)(i) An income statement and statement of comprehensive income, or a statement of comprehensive income, for the group, together with a comparative statement for the corresponding period of the immediately preceding financial year.

Group Income Statement and Statement of Comprehensive Income for the First Quarter Ended June 30, 2019

For the three months

ended June 30,

2019

2018

Change

HK$'000

HK$'000

%

(Unaudited)

(Unaudited)

Revenue

792,225

1,094,411

-27.6

Cost of sales

(737,614)

(984,734)

-25.1

Gross profit

54,611

109,677

-50.2

Other income

1,004

1,170

-14.2

Distribution costs

(8,904)

(13,564)

-34.4

Administrative expenses

(51,414)

(56,855)

-9.6

Other gains and losses

(9,697)

(18,325)

-47.1

Impairment losses, net of reversal

(700)

-

NM

Finance costs

(9,544)

(9,415)

+1.4

(Loss) profit before tax

(24,644)

12,688

NM

Income tax expense

72

(5,733)

NM

(Loss) profit for the period

(24,572)

6,955

NM

Other comprehensive expense:

Items that may be reclassified subsequently to

profit or loss:

- Exchange differences on translation of

foreign operations

(7,374)

(10,956)

-32.7

Other comprehensive expense for the period

(7,374)

(10,956)

-32.7

Total comprehensive expense for the period

attributable to owners of the Company

(31,946)

(4,001)

-698.5

NM - Not Meaningful

1

1(a)(ii) The (loss) profit before income tax had been arrived at after charging (crediting) the following:

For the three months

ended June 30,

2019

2018

HK$'000

HK$'000

(Unaudited)

(Unaudited)

Allowance for inventories

8,272

3,415

Amortisation of prepaid lease payments

3

3

Depreciation of property, plant and equipment

3,589

3,090

Depreciation of right-of-use assets (Note)

2,319

-

Impairment losses recognized on trade receivables

700

-

Gain on disposal of property, plant and equipment

-

(2)

Net foreign exchange loss

10,347

18,302

Net (gain) loss on fair value changes of derivative

financial instruments

(650)

25

Share-based payment expense

-

944

Interest income from bank deposits

(827)

(392)

Interest expense on borrowings

9,404

9,415

Note: Certain rental expenses of operating lease were reclassified to depreciation of right-of-use assets in accordance with the adoption of IFRS 16 Leases with effect from April 1, 2019. The right-of-use assets were grouped under property, plant and equipment in the Group's statement of financial position.

2

1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year.

Group Statement of Financial Position

As at

As at

June 30,

March 31,

2019

2019

HK$'000

HK$'000

(Unaudited)

(Audited)

ASSETS

Non-current assets

Property, plant and equipment

288,917

279,355

Prepaid lease payments - non-current

541

544

Club debentures

2,001

2,001

Interest in an associate

-

-

Financial assets measured at fair value through other

comprehensive income

-

-

Long-term deposits

16,001

16,514

Deferred tax assets

2,091

1,972

Restricted bank deposits

2,270

-

Total non-current assets

311,821

300,386

Current assets

Inventories

629,610

689,898

Trade receivables

814,458

768,428

Other receivables, deposits and prepayments

9,954

10,019

Prepaid lease payments - current

12

12

Income tax recoverable

12,095

12,201

Derivative financial instruments

519

31

Restricted bank deposits

4,540

4,673

Cash and cash equivalents

294,856

297,498

Total current assets

1,766,044

1,782,760

Total assets

2,077,865

2,083,146

3

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 14 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2019 09:51:01 UTC

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Financials (HKD)
Sales 2019 16 670 M
EBIT 2019 11 513 M
Net income 2019 9 824 M
Finance 2019 60 704 M
Yield 2019 2,78%
P/E ratio 2019 32,1x
P/E ratio 2020 29,3x
EV / Sales2019 15,4x
EV / Sales2020 11,9x
Capitalization 317 B
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 278,41  HKD
Last Close Price 252,40  HKD
Spread / Highest target 34,7%
Spread / Average Target 10,3%
Spread / Lowest Target -14,8%
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Managers
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Charles Xiaojia Li CEO & Ex-Officio Executive Director
May Lung Cha Chairman
Chi Kin Tai Joint Chief Operating Officer & Head-Clearing
Kwok Keung Lee Joint Chief Operating Officer
John F. Killian Chief Financial Officer
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