Infinity Development : ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2016

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INFINITY DEVELOPMENT HOLDINGS COMPANY LIMITED

星謙發展控股有限公司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 640) ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2016

The board (the "Board") of directors (the "Directors") of Infinity Development Holdings Company Limited (the "Company") is pleased to announce its audited consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 30 September 2016 together with the comparative figures for the corresponding year in 2015 as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the year ended 30 September 2016	2016	2015
Note	HK$'000	HK$'000
Revenue	4	496,219	543,632
Cost of goods sold	(320,411)	(362,929)
Gross profit	175,808	180,703
Other income	4,012	3,731
Changes in fair value of investment properties	1,260	8,180
Changes in fair value of other financial asset	(7,380)	(5,330)
Gain on disposal of assets classified as held for sale 6,766 -
Other (losses)/gains	(1,065)	1,915
Selling and distribution costs	(49,167)	(56,378)
Administrative expenses	(93,637)	(77,350)
Profit from operation	36,597	55,471
Interest on bank borrowings wholly repayable within five years	(1,036)	(1,590)
Share of profit of an associate	5,183	3,843
Profit before tax	40,744	57,724
Income tax expense	5	(3,585)	(8,541)
Profit for the year	37,159	49,183
Earnings per share	7
- Basic	HK5.87 cents	HK7.96 cents
- Diluted	HK5.86 cents	HK7.94 cents

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 30 September 2016
2016 HK$'000	2015 HK$'000
Profit for the year	37,159	49,183
Other comprehensive income:
Items that will be reclassified to profit or loss: Exchange differences on translating foreign operations	(5,860)	(10,687)
Share of other comprehensive income of an associate	(13)	-
Exchange differences reclassified to profit or loss on disposal of subsidiaries	(2,157)	-

Other comprehensive income for the year, net of tax (8,030) (10,687) Total comprehensive income for the year 29,129 38,496 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 September 2016

Note	2016 HK$'000	2015 HK$'000
Non-current assets Investment properties	73,920	72,660
Property, plant and equipment	56,549	42,944
Land use rights	13,100	13,744
Intangible assets	8	12,157	30,488
Investment in an associate	56,069	10,899
Club debentures Deposits for acquisition of property, plant and equipment	1,080 9,636	1,080 2,360
Total non-current assets	222,511	174,175
Current assets Inventories	54,633	70,855
Trade, bills and other receivables	9	148,745	147,230
Other financial asset	-	7,380
Restricted bank deposits	21,556	21,977
Bank and cash balances	105,513	94,350
330,447	341,792
Assets classified as held for sale	-	20,732
Total current assets	330,447	362,524
Current liabilities Trade, bills and other payables	10	52,440	60,327
Amount due to a related company	4,723	761
Bank loans	44,913	24,214
Current tax liabilities	9,682	10,362
Total current liabilities	111,758	95,664
Net current assets	218,689	266,860
Total assets less current liabilities	441,200	441,035
Non-current liabilities Deferred tax liabilities	12,756	12,845
Net assets	428,444	428,190
Capital and reserves Share capital	6,317	6,426
Reserves	422,127	421,764
Total equity	428,444	428,190

NOTES

1. GENERAL INFORMATION

   The Company was incorporated in the Cayman Islands with limited liability. The address of its registered office is P.O. Box 10008, Willow House, Cricket Square, Grand Cayman KY1-1001, Cayman Islands. The addresses of its principal places of business in Hong Kong and Macau Special Administrative Regions, the People's Republic of China are Units 2201-2202, 22/F., Alliance Building, 133 Connaught Road Central, Hong Kong and 16 Andar A-D, Macau Finance Centre, No. 202A-246 Rua de Pequim, Macau, respectively. The Company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

   The Company is an investment holding company. The principal activities of its principal subsidiaries are manufacture and sales of adhesives and related products used in footwear manufacturing and the trading of adhesives used in the production of electronic products.

   In the opinion of the directors of the Company, All Reach Investments Limited, a company incorporated in the British Virgin Islands, is the immediate and the ultimate parent and Mr. Ieong Un is the ultimate controlling party of the Company.

2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

   These consolidated financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA"). HKFRSs comprise Hong Kong Financial Reporting Standards ("HKFRS"); Hong Kong Accounting Standards ("HKAS"); and Interpretations. These consolidated financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on the Stock Exchange and with the disclosure requirements of the Hong Kong Companies Ordinance (Cap. 622).

   These consolidated financial statements have been prepared under the historical cost convention, unless mentioned otherwise in the accounting policies (e.g. investment properties and certain financial instruments that are measured at fair value).

3. ADOPTION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS AND REQUIREMENTS
4. Application of new and revised HKFRSs

In the current year, the Group has adopted all the new and revised HKFRSs issued by the HKICPA that are relevant to its operations and effective for its accounting year beginning on 1 October 2015. The adoption of these new and revised HKFRSs did not result in significant changes to the Group's accounting policies, presentation of the Group's financial statements and amounts reported for the current and prior years.