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    191   HK0000356805

LAI SUN GARMENT (INTERNATIONAL) LIMITED

(191)
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Lai Sun Garment International : ANNOUNCEMENT OF FINAL RESULTS FOR THE YEAR ENDED 31 JULY 2021

10/22/2021 | 10:54am EST

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.

ANNOUNCEMENT OF FINAL RESULTS

FOR THE YEAR ENDED 31 JULY 2021

RESULTS

The board of directors (the "Board") of Lai Sun Garment (International) Limited (the "Company") announces the consolidated results of the Company and its subsidiaries (the "Group") for the year ended 31 July 2021 together with the comparative figures of the last year as follows:

Consolidated Income Statement

For the year ended 31 July 2021

2021

2020

Notes

HK$'000

HK$'000

TURNOVER

4

6,089,785

5,324,153

Cost of sales

(4,688,838)

(3,665,399)

Gross profit

1,400,947

1,658,754

Other revenue and gains

576,624

548,595

Selling and marketing expenses

(272,041)

(187,720)

Administrative expenses

(913,170)

(999,008)

Other operating expenses

(1,541,568)

(1,684,648)

Write-down of completed properties for sale to

(18,241)

net realisable value

(587,099)

Fair value losses on investment properties, net

(486,242)

(2,015,027)

LOSS FROM OPERATING ACTIVITIES

5

(1,253,691)

(3,266,153)

Finance costs

6

(790,351)

(735,274)

Share of profits and losses of associates

19,783

(21,186)

Share of profits and losses of joint ventures

(473,004)

(423,021)

LOSS BEFORE TAX

(2,497,263)

(4,445,634)

Tax

7

(261,986)

82,874

LOSS FOR THE YEAR

(2,759,249)

(4,362,760)

Attributable to:

(1,267,964)

Owners of the Company

(1,965,907)

Non-controlling interests

(1,491,285)

(2,396,853)

(2,759,249)

(4,362,760)

LOSS PER SHARE ATTRIBUTABLE TO

OWNERS OF THE COMPANY

9

(Adjusted)

Basic and diluted

(HK$2.637)

(HK$4.138)

- 1 -

Consolidated Statement of Comprehensive Income

For the year ended 31 July 2021

2021

2020

HK$'000

HK$'000

LOSS FOR THE YEAR

(2,759,249)

(4,362,760)

OTHER COMPREHENSIVE INCOME/(EXPENSE)

Other comprehensive income/(expense) that may be reclassified to

profit or loss in subsequent periods:

Financial assets at fair value through other comprehensive

income:

2,631

Changes in fair values

(1,618)

Reclassification adjustment for gain on disposal included in

-

the consolidated income statement

(2,641)

2,631

(4,259)

Exchange realignments

2,030,052

(418,908)

Share of other comprehensive expense of associates

(2,672)

(1,876)

Share of other comprehensive expense of joint ventures

(1,225)

(63)

Release of exchange reserve upon deregistration of subsidiaries

974

-

2,029,760

(425,106)

Other comprehensive expense that will not be reclassified

to profit or loss in subsequent periods:

Changes in fair values of financial assets at fair value

(39,415)

through other comprehensive income

(192,048)

OTHER COMPREHENSIVE INCOME/(EXPENSE)

1,990,345

FOR THE YEAR

(617,154)

TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR

(768,904)

(4,979,914)

Attributable to:

(611,076)

Owners of the Company

(2,087,441)

Non-controlling interests

(157,828)

(2,892,473)

(768,904)

(4,979,914)

- 2 -

Consolidated Statement of Financial Position

As at 31 July 2021

2021

2020

Notes

HK$'000

HK$'000

NON-CURRENT ASSETS

7,710,358

Property, plant and equipment

7,922,772

Right-of-use assets

5,304,503

5,281,458

Investment properties

39,788,552

38,699,089

Film rights

15,109

7,055

Film and TV program products

54,838

65,121

Music catalogs

3,124

25,047

Goodwill

274,423

271,958

Other intangible assets

150,853

151,228

Investments in associates

290,278

402,972

Investments in joint ventures

7,124,459

6,763,682

Financial assets at fair value through

1,817,403

other comprehensive income

1,840,594

Financial assets at fair value through profit or loss

1,111,482

989,193

Derivative financial instruments

191

20,231

Debtors

10

526,687

-

Deposits, prepayments, other receivables and other assets

277,784

336,968

Deferred tax assets

2,147

4,259

Pledged and restricted bank balances and time deposits

71,483

88,393

Total non-current assets

64,523,674

62,870,020

CURRENT ASSETS

2,077,261

Properties under development

3,824,360

Completed properties for sale

7,374,096

5,983,249

Films and TV programs under production and

235,844

film investments

313,384

Inventories

48,851

56,547

Financial assets at fair value through profit or loss

183,290

153,251

Debtors

10

349,351

311,688

Deposits, prepayments, other receivables and other assets

960,501

910,519

Prepaid tax

53,100

42,231

Pledged and restricted bank balances and time deposits

4,959,423

1,906,399

Cash and cash equivalents

8,738,747

4,187,778

24,980,464

17,689,406

Assets classified as held for sale

5,273

48,067

Total current assets

24,985,737

17,737,473

CURRENT LIABILITIES

3,513,230

Creditors, other payables and accruals

11

3,462,177

Temporary receipt

12

2,637,580

-

Deposits received, deferred income and contract liabilities

13

1,446,335

1,106,385

Derivative financial instruments

-

5,852

Lease liabilities

281,997

279,984

Tax payable

551,009

446,370

Bank borrowings

3,193,624

8,441,293

Other borrowings

41,159

41,050

Total current liabilities

11,664,934

13,783,111

NET CURRENT ASSETS

13,320,803

3,954,362

TOTAL ASSETS LESS CURRENT LIABILITIES

77,844,477

66,824,382

- 3 -

Consolidated Statement of Financial Position (continued)

As at 31 July 2021

2021

2020

Notes

HK$'000

HK$'000

NON-CURRENT LIABILITIES

1,103,276

Lease liabilities

1,093,350

Bank borrowings

15,980,762

8,101,635

Other borrowings

707,350

685,943

Guaranteed notes

7,692,495

5,717,879

Derivative financial instruments

8,965

-

Deferred tax liabilities

5,322,668

5,078,720

Other payables and accruals

11

1,001,169

-

Long-term deposits received

13

216,253

206,328

Total non-current liabilities

32,032,938

20,883,855

45,811,539

45,940,527

EQUITY

Equity attributable to owners of the Company

1,297,237

Share capital

1,297,237

Reserves

20,429,648

20,574,363

21,726,885

21,871,600

Non-controlling interests

24,084,654

24,068,927

45,811,539

45,940,527

- 4 -

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  1. BASIS OF PREPARATION
    The financial information has 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, accounting principles generally accepted in Hong Kong and the Hong Kong Companies Ordinance. It has been prepared under the historical cost convention, except for completed investment properties, certain investment properties under construction, financial assets at fair value through other comprehensive income, financial assets at fair value through profit or loss and derivative financial instruments, which have been measured at fair value. Non-current assets classified as held for sale are stated at the lower of their carrying amounts and fair values less costs to sell. The financial information is presented in Hong Kong dollars ("HK$") and all values are rounded to the nearest thousand except when otherwise indicated.
    The financial information relating to the years ended 31 July 2021 and 31 July 2020 included in this preliminary announcement of annual results for the year ended 31 July 2021 does not constitute the Company's statutory annual consolidated financial statements for those years but is derived from those financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Companies Ordinance is as follows:
    The Company has delivered the financial statements for the year ended 31 July 2020 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Companies Ordinance and will deliver the financial statements for the year ended 31 July 2021 in due course.
    Auditor's reports have been prepared on these financial statements of the Group for both years. The auditor's reports were unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its reports; and did not contain a statement under sections 406(2), 407(2) or (3) of the Companies Ordinance.
  2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

The Group has adopted the Conceptual Framework for Financial Reporting 2018 (the "Conceptual Framework") and the following revised HKFRSs for the first time for the current year's financial statements.

Amendments to HKFRS 3

Definition of a Business

Amendments to HKFRS 9,

Interest Rate Benchmark Reform

HKAS 39 and HKFRS 7

Amendment to HKFRS 16

Covid-19-Related Rent Concessions beyond 30 June 2021

Amendments to HKAS 1

Definition of Material

and HKAS 8

The Group has early adopted the amendment to HKFRS 16 in the current year's financial statements. Except for the amendment to HKFRS 16, the adoption of the Conceptual Framework and the revised HKFRSs has had no significant financial effect on the financial performance or financial position of the Group.

- 5 -

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

Disclaimer

Lai Sun Garment (International) Limited published this content on 22 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2021 14:53:04 UTC.


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Financials
Sales 2021 6 272 M 804 M 804 M
Net income 2021 -1 268 M -163 M -163 M
Net Debt 2021 20 079 M 2 574 M 2 574 M
P/E ratio 2021 -1,30x
Yield 2021 -
Capitalization 2 073 M 266 M 266 M
EV / Sales 2020 4,26x
EV / Sales 2021 3,42x
Nbr of Employees -
Free-Float 36,0%
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Managers and Directors
Chai Tuck Yip Chief Executive Officer
Kin Ngok Lam Chairman
Shu Yin Leung Independent Non-Executive Director
Bing Chiu Chow Independent Non-Executive Director
Bing Kwan Lam Independent Non-Executive Director