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    191   HK0000356805

LAI SUN GARMENT (INTERNATIONAL) LIMITED

(191)
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Delayed Hong Kong Stock Exchange  -  05/25 04:08:04 am EDT
3.460 HKD   +4.85%
04/21LAI SUN GARMENT INTERNATIONAL : Letter to the Non-registered Shareholders - Notice of publication of interim report for the six months ended 31 January 2022 and Request Form
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04/21LAI SUN GARMENT INTERNATIONAL : Letter to the Registered Shareholders - Notice of publication of interim report for the six months ended 31 January 2022 and Request Form
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04/18LAI SUN GARMENT INTERNATIONAL : 2021-2022
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Lai Sun Garment International : ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JANUARY 2019

03/29/2019 | 09:27am EDT

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.

(Stock Code: 191)

ANNOUNCEMENT OF INTERIM RESULTS

FOR THE SIX MONTHS ENDED 31 JANUARY 2019

RESULTS

The board of directors (the "Board") of Lai Sun Garment (International) Limited (the "Company") is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 31 January 2019 together with the comparative figures of the last corresponding period as follows:

Condensed Consolidated Income Statement

For the six months ended 31 January 2019

Six months

Six months

ended

ended

Year ended

31 January

31 January

31 July

2019

2018

2018

Notes

(Unaudited)

(Unaudited)

(Audited)

HK$'000

HK$'000

HK$'000

TURNOVER

3

3,815,851

917,890

1,804,039

Cost of sales

(2,384,529)

(

374,257)

(

737,332)

Gross profit

1,431,322

543,633

1,066,707

Other revenue

124,159

79,479

199,061

Selling and marketing expenses

(

114,826)

(

10,901)

(

16,974)

Administrative expenses

(

506,634)

(

213,371)

(

458,635)

Other operating expenses

(

553,672)

(

161,036)

(

321,657)

Fair value gains on investment properties, net

362,855

655,144

2,715,257

Reversal of provision for tax indemnity

-

-

305

PROFIT FROM OPERATING ACTIVITIES

4

743,204

892,948

3,184,064

Finance costs

5

(

259,781)

(

183,740)

(

319,001)

Share of profits and losses of associates

(

601)

(

6,881)

100,769

Share of profits and losses of joint ventures

744,642

612,585

1,714,360

Loss on remeasurement of existing interest in

an associate upon business combination

11

(2,985,631)

-

-

Gain on bargain purchase on acquisition of subsidiaries

11

6,761,861

-

-

PROFIT BEFORE TAX

5,003,694

1,314,912

4,680,192

Tax

6

(

98,769)

(

44,704)

(

57,567)

PROFIT FOR THE PERIOD/YEAR

4,904,925

1,270,208

4,622,625

_________

_________

_________

Attributable to:

Owners of the Company

2,914,638

674,672

2,567,355

Non-controlling interests

1,990,287

595,536

2,055,270

4,904,925

1,270,208

4,622,625

_________

_________

_________

EARNINGS PER SHARE ATTRIBUTABLE TO

OWNERS OF THE COMPANY

7

Basic

HK$7.568

HK$1.762

HK$6.686

__________

_________

_________

Diluted

HK$7.492

HK$1.738

HK$6.604

__________

_________

_________

-

1 -

Condensed Consolidated Statement of Comprehensive Income

For the six months ended 31 January 2019

Six months

Six months

ended

ended

Year ended

31 January

31 January

31 July

2019

2018

2018

(Unaudited)

(Unaudited)

(Audited)

HK$'000

HK$'000

HK$'000

PROFIT FOR THE PERIOD/YEAR

4,904,925

1,270,208

4,622,625

OTHER COMPREHENSIVE INCOME

Other comprehensive income/(expense) that may be

reclassified to profit or loss in subsequent periods:

Changes in fair values of available-for-sale financial assets

-

165,713

317,099

Changes in fair values of debt investments at fair

value through other comprehensive income

1,577

-

-

Exchange realignments

397,511

114,518

(

12,975)

Share of other comprehensive income/(expense) of associates

29

267,994

(

48,010)

Share of other comprehensive income/(expense) of joint ventures

10,329

962

(

1,282)

Cash flow hedges:

Effective portion of changes in fair value of

hedging instruments arising during the period

-

(

5,728)

-

Reclassification adjustments for exchange loss included

in the condensed consolidated income statement

-

(

3,535)

-

_________

_________

_________

409,446

539,924

254,832

_________

_________

_________

Other comprehensive expense that will not be

reclassified to profit or loss in subsequent periods:

Changes in fair values of equity investments at fair

value through other comprehensive income

(

32,384)

-

-

_________

_________

_________

Release of reserves upon remeasurement of existing

interest in an associate upon business combination

265,508

-

-

Release of reserve upon remeasurement of existing

interest in a joint venture upon business combination

-

-

374

Release of reserves upon deregistration and disposal of

subsidiaries

(

10,621)

-

-

254,887

-

374

_________

_________

_________

OTHER COMPREHENSIVE INCOME FOR THE

PERIOD/YEAR

631,949

539,924

255,206

_________

_________

_________

TOTAL COMPREHENSIVE INCOME FOR THE

PERIOD/YEAR

5,536,874

1,810,132

4,877,831

_________

_________

_________

_________

_________

_________

Attributable to:

Owners of the Company

3,158,895

961,821

2,698,449

Non-controlling interests

2,377,979

848,311

2,179,382

_________

_________

_________

5,536,874

1,810,132

4,877,831

_________

_________

_________

_________

_________

_________

- 2 -

Condensed Consolidated Statement of Financial Position

As at 31 January 2019

31 January

31 July

2019

2018

Notes

(Unaudited)

(Audited)

HK$'000

HK$'000

NON-CURRENT ASSETS

Property, plant and equipment

10,246,962

5,554,164

Prepaid land lease payments

1,652,206

18,846

Investment properties

41,800,521

21,460,590

Properties under development for sale

2,704,088

1,008,281

Film rights

9,475

-

Film products

100,376

-

Music catalogs

61,472

-

Goodwill

234,202

235,778

Other intangible assets

118,110

120,306

Interests in associates

276,413

3,681,408

Interests in joint ventures

8,127,536

7,272,859

Available-for-sale financial assets

-

2,413,160

Financial assets at fair value through profit or loss

62,798

-

Equity investments at fair value through other

comprehensive income

2,636,319

-

Debt investments at fair value through other

comprehensive income

212,474

-

Derivative financial instruments

3,205

6,171

Deposits paid and other receivables

281,063

342,432

Deferred tax assets

43,824

34,534

Loans to related companies

-

650,000

Pledged bank balances and time deposits

111,900

95,797

__________

__________

Total non-current assets

68,682,944

42,894,326

__________

__________

CURRENT ASSETS

Properties under development for sale

2,822,285

1,049,331

Completed properties for sale

2,779,012

264,824

Films under production

493,075

-

Inventories

56,278

31,973

Financial assets at fair value through profit or loss

123,050

-

Debtors, deposits paid and other receivables

8

1,838,967

554,424

Prepaid tax

38,584

-

Pledged and restricted bank balances and time deposits

1,442,261

351,634

Cash and cash equivalents

4,340,497

4,098,043

__________

__________

13,934,009

6,350,229

Asset classified as held for sale

1,478,044

1,476,533

__________

__________

Total current assets

15,412,053

7,826,762

__________

__________

- 3 -

Condensed Consolidated Statement of Financial Position (continued)

As at 31 January 2019

31 January

31 July

2019

2018

Notes

(Unaudited)

(Audited)

HK$'000

HK$'000

CURRENT LIABILITIES

Creditors, deposits received, contract liabilities

and accruals

9

5,124,556

2,244,429

Tax payable

262,545

132,868

Bank borrowings

5,124,224

1,200,279

Loans from a joint venture

277,648

-

Other borrowings

41,525

-

__________

__________

Total current liabilities

10,830,498

3,577,576

__________

__________

NET CURRENT ASSETS

4,581,555

4,249,186

__________

__________

TOTAL ASSETS LESS CURRENT LIABILITIES

73,264,499

47,143,512

__________

__________

NON-CURRENT LIABILITIES

Bank borrowings

8,682,076

8,389,707

Other borrowings

663,060

395,630

Guaranteed notes

5,733,626

3,118,594

Derivative financial instruments

2,982

-

Deferred tax liabilities

5,756,936

242,085

Provision for tax indemnity

-

251,251

Long term deposits received, contract liabilities

and other payables

9

358,896

647,718

__________

__________

Total non-current liabilities

21,197,576

13,044,985

__________

__________

52,066,923

34,098,527

__________

__________

__________

__________

EQUITY

Equity attributable to owners of the Company

Share capital

1,232,007

1,232,007

Reserves

21,732,128

18,605,336

__________

__________

22,964,135

19,837,343

Non-controlling interests

29,102,788

14,261,184

__________

__________

52,066,923

34,098,527

__________

__________

__________

__________

- 4 -

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1.BASIS OF PREPARATION

The unaudited condensed consolidated interim financial statements of the Group for the six months ended 31 January 2019 have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and with Hong Kong Accounting Standard ("HKAS") 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants. In addition, to provide further information, management has included the consolidated income statement and the consolidated statement of comprehensive income for the year ended 31 July 2018 and the related notes as extracted from the previous annual financial statements.

The financial information relating to the year ended 31 July 2018 that is included in the unaudited condensed consolidated interim financial statements of the Group for the six months ended 31 January 2019 as comparative information does not constitute the Company's statutory annual consolidated financial statements for that year but is derived from those financial statements. Further information relating to those statutory financial statements required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance is as follows:

The Company has delivered the financial statements for the year ended 31 July 2018 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to the Hong Kong Companies Ordinance.

The Company's auditor has reported on those financial statements. The auditor's report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under sections 406(2), 407(2) or (3) of the Hong Kong Companies Ordinance.

The condensed consolidated interim financial statements have not been audited by the Company's auditor but have been reviewed by the Company's audit committee.

2.SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies and basis of presentation used in the preparation of these interim financial statements are the same as those used in the Group's audited consolidated financial statements for the year ended 31 July 2018, except for (i) the adoption of the new and revised Hong Kong Financial Reporting Standards ("HKFRSs"), which are effective for the Group's financial year beginning on 1 August 2018, and (ii) the adoption of accounting policies of certain assets, revenue and expenses of eSun Holdings Limited ("eSun") which was acquired during the current period as set out in note 11 to the condensed consolidated interim financial statements.

2.1New and revised HKFRSs

The Group has adopted the following new and revised HKFRSs for the first time for the current period's unaudited financial statements:

Amendments to HKFRS 2

Classification and Measurement of Share-based Payment

Transactions

Amendments to HKFRS 4

Applying HKFRS 9 Financial Instruments with

HKFRS 4 Insurance Contracts

HKFRS 9

Financial Instruments

HKFRS 15

Revenue from Contracts with Customers

Amendments to HKFRS 15

Clarifications to HKFRS 15 Revenue from Contracts with

Customers

Amendments to HKAS 40

Transfers of Investment Property

HK(IFRIC)-Int 22

Foreign Currency Transactions and Advance Consideration

Annual Improvements

Amendments to HKFRS 1 and HKAS 28

2014-2016 Cycle

- 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 29 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 March 2019 14:26:02 UTC


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