International Elite : INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30【PDF file】

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INTERNATIONAL ELITE LTD.

精英國際有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 1328) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2017 HIGHLIGHTS

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Revenue for the six months ended 30 June 2017 was approximately HK$133,271,000, representing an

increase of approximately 1% as compared to that for the six months ended 30 June 2016.

•

Loss attributable to equity holders of the Company for the six months ended 30 June 2017 was

approximately HK$40,322,000, representing an increase of approximately 196% as compared to that for the six months ended 30 June 2016. The significant increase in loss attributable to equity holders of the Company for the six months ended 30 June 2017 was mainly attributable to (i) the increase in costs as compared to that for the six months ended 30 June 2016; (ii) the provisions for slow moving inventories of the RF-SIM business; and (iii) the loss of the PIMS business, resulting from the consolidation of the results of GLCH to the results of the Group.

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2017

The board of directors (the "Board") of International Elite Ltd. (the "Company") is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 June 2017 (the "Relevant Period") together with the unaudited comparative figures for the corresponding period in 2016 (the "Last Corresponding Period") as follows:

CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT For the six months ended 30 June 2017 2016 (Unaudited) (Unaudited)

Loss for the period attributable to: - Equity holders of the Company	(40,322)	(13,600)
- Non-controlling interests	(13,506)	(1,780)

Note HK$'000 HK$'000

Revenue	6	133,271	132,607
Cost of sales	7(a)	(145,022)	(120,196)
Gross (loss)/profit	(11,751)	12,411

Other revenue	7,743	3,848
Other gain	-	4,736
Research and development expenses	7(a)	(3,391)	(4,128)
Administrative and other operating expenses	7(a)	(46,900)	(33,242)
Loss before income tax Income tax credit	8	(54,299) 471	(16,375) 995
Loss for the period	(53,828)	(15,380)

(53,828)	(15,380)
Loss per share attributable to equity holders
of the Company:
- Basic (HK cents)	10	(0.44)	(0.15)
- Diluted (HK cents)	10	(0.44)	(0.15)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2017 2016 (Unaudited) (Unaudited) HK$'000 HK$'000 Loss for the period (53,828) (15,380)

Other comprehensive income/(loss) Item that may be reclassified to profit or loss - Fair value gain on an available-for-sale financial asset	-	10,880
- Currency translation differences	7,925	(6,051)
Total comprehensive loss for the period, net of tax	(45,903)	(10,551)
Total comprehensive loss for the period attributable to: - Equity holders of the Company	(32,783)	(8,427)
- Non-controlling interests	(13,120)	(2,124)

(45,903) (10,551) CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

Note	As at 30 June 2017 (Unaudited) HK$'000	As at 31 December 2016 (Audited) HK$'000
ASSETS
Non-current assets
Property, plant and equipment	11	55,479	56,071
Goodwill	12	41,459	41,459
Intangible assets	50,122	55,141
Deferred tax assets	3,654	3,273
150,714	155,944
Current assets
Inventories	13	38,037	45,315
Trade and other receivables	14	170,936	134,241
Cash and cash equivalents	15	375,119	443,071
584,092	622,627
Total assets	734,806	778,571
EQUITY
Capital and reserves attributable to equity holders of the Company
Share capital	16	90,835	90,835
Reserves	578,226	551,009
609,061	641,844
Non-controlling interests	61,559	74,679
Total equity	670,620	716,523
LIABILITIES
Non-current liabilities
Provision for long services payment	-	56
Deferred tax liabilities	2,024	2,470
2,024	2,526
Current liabilities
Trade and other payables	17	34,585	32,130
Provision for warranty	13,863	14,396
Provision for taxation	13,714	12,996
62,162	59,522
Total liabilities	64,186	62,048
Total equity and liabilities	734,806	778,571