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Ngai Shun Holdings Limited毅信控股有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 01246) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2017The board (the "Board") of directors (the "Director(s)") of Ngai Shun Holdings Limited (the "Company") announces the consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 March 2017, together with the comparative figures for the previous year. The annual results have been reviewed by the audit committee of the Company (the "Audit Committee").
CONSOLIDATED STATEMENT OF PROFIT OR LOSSYear ended 31 March 2017
2017 | 2016 | |||||
Notes | HK$'000 | HK$'000 | ||||
REVENUE | 7 | 511,146 | 532,194 | |||
Cost of sales | (686,886 | (480,404 | ||||
Gross (loss)/profit | (175,740 | 51,790 | ||||
Other income and gains, net | 7 | 7,948 | 13,148 | |||
Selling and distribution expenses | (7,141 | (2,251 | ||||
Administrative expenses | (93,299 | (88,508 | ||||
Other expenses | (194,172 | (103,184 | ||||
Finance costs | 8 | (127,891 | (71,176 | |||
LOSS BEFORE TAX | 9 | (590,295 | (200,181 | |||
Income tax credit | 10 | 18,051 | 6,788 | |||
LOSS FOR THE YEAR | (572,244 | (193,393 | ||||
Attributable to: | ||||||
Owners of the parent | (569,421 | (193,393 | ||||
Non-controlling interests | (2,823 | - | ||||
(572,244 | (193,393 | |||||
(Restated) | ||||||
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT | ||||||
Basic and diluted | 12 | HK$(0.12 | HK$(0.19 |
Year ended 31 March 2017
2017 | 2016 | ||||
HK$'000 | HK$'000 | ||||
LOSS FOR THE YEAR | (572,244 | (193,393 | |||
OTHER COMPREHENSIVE (LOSS)/INCOME | |||||
Other comprehensive (loss)/income to be reclassified to profit or loss in subsequent periods: | |||||
Available-for-sale investments: | |||||
Changes in fair value | (2,290 | 3,450 | |||
Reclassification adjustment to consolidated statement of profit or loss upon disposal | (555 | - | |||
(2,845 | 3,450 | ||||
Exchange differences on translation of foreign operations | (19,635 | (1,437 | |||
NET OTHER COMPREHENSIVE (LOSS)/INCOME TO BE RECLASSIFIED TO PROFIT OR LOSS IN SUBSEQUENT PERIODS AND OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR, NET OF TAX | (22,480 | 2,013 | |||
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (594,724 | (191,380 | |||
Attributable to: | |||||
Owners of the parent | (591,901 | (191,380 | |||
Non-controlling interests | (2,823 | - | |||
(594,724 | (191,380 |
31 March 2017
2017 | 2016 | |||
Notes | HK$'000 | HK$'000 | ||
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 13 | 57,742 | 77,971 | |
Investment properties | - | - | ||
Goodwill | 17,336 | 17,336 | ||
Available-for-sale investments | 875 | 7,800 | ||
Total non-current assets | 75,953 | 103,107 | ||
CURRENT ASSETS | ||||
Inventories | 370 | 469 | ||
Completed properties held for sale | 72,781 | 406,444 | ||
Properties under development | 917,927 | 811,421 | ||
Trade and retention receivables | 14 | 68,316 | 73,760 | |
Prepayment, deposits and other receivables | 45,908 | 135,338 | ||
Equity investments at fair value through profit or loss | 121,916 | 237,164 | ||
Tax recoverable | 16,568 | 21,626 | ||
Restricted cash | 64,969 | 18,541 | ||
Cash and cash equivalents | 410,740 | 108,901 | ||
Total current assets | 1,719,495 | 1,813,664 | ||
CURRENT LIABILITIES | ||||
Trade payables | 15 | 35,137 | 43,824 | |
Other payables and accruals | 254,537 | 321,675 | ||
Due to a related company | 49,456 | 120,000 | ||
Promissory notes | 16 | - | 241,485 | |
Interest-bearing bank and other borrowings | 802,310 | 359,169 | ||
Tax payable | 770 | 353 | ||
Total current liabilities | 1,142,210 | 1,086,506 | ||
NET CURRENT ASSETS | 577,285 | 727,158 | ||
TOTAL ASSETS LESS CURRENT LIABILITIES | 653,238 | 830,265 | ||
NON-CURRENT LIABILITIES | ||||
Interest-bearing other borrowings | - | 514,214 | ||
Provision for long service payments | 3,262 | 4,848 | ||
Deferred tax liabilities | 96,680 | 122,164 | ||
Total non-current liabilities | 99,942 | 641,226 | ||
Net assets | 553,296 | 189,039 | ||
EQUITY | ||||
Equity attributable to owners of the parent | ||||
Share capital | 161,850 | 24,900 | ||
Reserves | 340,786 | 164,139 | ||
502,636 | 189,039 | |||
Non-controlling interests | 50,660 | - | ||
Total equity | 553,296 | 189,039 |
-
GENERAL INFORMATION
Ngai Shun Holdings Limited is a limited liability company incorporated in the Cayman Islands and its shares are listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The registered address of the Company is located at PO Box 1350, Clifton House, 75 Fort Street, Grand Cayman KY1-1108, Cayman Islands. The principal place of business of the Company is located at Unit 2102, 21/F, West Tower Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong.
The principal activity of the Company is investment holding. During the year, the principal activities of its subsidiaries were involved in the following:
Foundation piling business
Property development business
Investment securities
Provision of catering services
- BASIS OF PRESENTATION
Notwithstanding that (i) the Group incurred a loss attributable to owners of the parent of HK$569,421,000 for the year ended 31 March 2017; and (ii) the Group has capital commitments of HK$85,396,000, loan from a related company of HK$49,456,000, interest-bearing bank and other borrowings of HK$802,310,000 as at 31 March 2017, in the opinion of the directors, the Group will have sufficient working capital to finance its operations and to meet its financial obligations as and when they fall due in the foreseeable future, based on the cash flow projections of the Group and after taking into the following consideration:
subsequent to the reporting period, the Company has obtained a loan credit facility from an independent third party, to finance the Group's working capital; and
pre-sales proceeds received from the Group's property development segment.
Accordingly, the consolidated financial statements have been prepared on the going concern basis.
3 BASIS OF PREPARATIONThese financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") (which include all Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ("HKASs") and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA"), accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance. They have been prepared under the historical cost convention, except for investment properties and certain of equity investments which have been measured at fair value. These financial statements are presented in Hong Kong dollars ("HK$") and all values are rounded to the nearest thousand except when otherwise indicated.
Basis of consolidationThe consolidated financial statements include the financial statements of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 March 2017. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).
Ngai Shun Holdings Ltd. published this content on 28 June 2017 and is solely responsible for the information contained herein.
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