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LAI SUN GARMENT (INTERNATIONAL) LIMITED

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Lai Sun Garment International : ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JANUARY 2022

03/25/2022 | 09:37am 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.

ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JANUARY 2022

RESULTS

The board of directors (the "Board") of Lai Sun Garment (International) Limited (the "Company") announces the unaudited consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 31 January 2022 together with the comparative figures of the last corresponding period as follows:

Condensed Consolidated Income Statement

For the six months ended 31 January 2022

Six months ended

31 January 2022

2021

Notes

(Unaudited)

(Unaudited)

HK$'000

HK$'000

TURNOVER

4

2,770,827

2,794,119

Cost of sales

(1,761,779)

(2,136,568)

Gross profit

1,009,048

657,551

Other revenue and gains

155,649

434,257

Selling and marketing expenses

(139,849)

(93,380)

Administrative expenses

(465,057)

(487,313)

Other operating expenses

(748,880)

(759,512)

Fair value gains/(losses) on investment properties, net

12,692

(475,890)

LOSS FROM OPERATING ACTIVITIES

5

(176,397)

(724,287)

Finance costs

6

(495,667)

(381,418)

Share of profits and losses of associates

2,079

(11,088)

Share of profits and losses of joint ventures

87,283

(328,933)

LOSS BEFORE TAX

(582,702)

(1,445,726)

Tax

7

(132,469)

(197,986)

LOSS FOR THE PERIOD

(715,171)

(1,643,712)

Attributable to:

Owners of the Company

(323,785)

(797,153)

Non-controlling interests

(391,386)

(846,559)

(715,171)

(1,643,712)

LOSS PER SHARE ATTRIBUTABLE TO

OWNERS OF THE COMPANY

8

(Adjusted)

Basic and diluted

(HK$0.551)

(HK$1.658)

Condensed Consolidated Statement of Comprehensive Income

For the six months ended 31 January 2022

Six months ended

31 January 2022

(Unaudited)

2021

(Unaudited)

HK$'000

HK$'000

LOSS FOR THE PERIOD

(715,171)

(1,643,712)OTHER COMPREHENSIVE INCOME/(EXPENSE) Other comprehensive income/(expense) that may be reclassified to profit or loss in subsequent periods: Changes in fair values of financial assets at fair value through other comprehensive income Exchange realignments

Share of other comprehensive (expense)/income of associates Share of other comprehensive expense of joint ventures Release of exchange reserve upon dissolution and deregistration of subsidiaries

Reclassification of reserve upon return of capital from a subsidiary

(437) 287,764

(805) (2,613)

(176)

29,965 313,698

1,302 2,003,098 3,295 (2,582)

974

- 2,006,087

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 through other comprehensive incomeOTHER COMPREHENSIVE INCOME

FOR THE PERIOD

TOTAL COMPREHENSIVE (EXPENSE)/INCOME

FOR THE PERIOD

Attributable to:

Owners of the Company Non-controlling interests

(17,537)

296,161

(419,010)

(16,218)

1,989,869

346,157

(266,230)

(142,152)

(152,780) 488,309

(419,010) 346,157

Condensed Consolidated Statement of Financial Position

31 January

31 July

2022

2021

Notes

(Unaudited)

(Audited)

HK$'000

HK$'000

NON-CURRENT ASSETS

Property, plant and equipment

7,636,496

7,710,358

Right-of-use assets

5,160,548

5,304,503

Investment properties

40,543,372

39,788,552

Film rights

11,675

15,109

Film and TV program products

56,914

54,838

Music catalogs

974

3,124

Goodwill

260,849

274,423

Other intangible assets

142,827

150,853

Investments in associates

293,556

290,278

Investments in joint ventures

7,047,743

7,124,459

Financial assets at fair value through other

comprehensive income

1,800,557

1,817,403

Financial assets at fair value through profit or loss

964,287

1,111,482

Derivative financial instruments

-

191

Debtors

9

541,606

526,687

Deposits, prepayments, other receivables and other assets

310,700

277,784

Deferred tax assets

2,188

2,147

Pledged and restricted bank balances and time deposits

78,063

71,483

Total non-current assets

64,852,355

64,523,674

CURRENT ASSETS

Properties under development

3,875,228

2,077,261

Completed properties for sale

6,841,009

7,374,096

Films and TV programs under production

and film investments

337,442

235,844

Inventories

54,328

48,851

Financial assets at fair value through profit or loss

256,046

183,290

Derivative financial instruments

3,529

-

Debtors

9

317,691

349,351

Deposits, prepayments, other receivables and other assets

1,844,882

960,501

Prepaid tax

36,784

53,100

Pledged and restricted bank balances and time deposits

2,599,539

4,959,423

Cash and cash equivalents

6,576,092

8,738,747

22,742,570

24,980,464

Assets classified as held for sale

1,938

5,273

Total current assets

22,744,508

24,985,737

Condensed Consolidated Statement of Financial Position (continued)

31 January

31 July

2022

2021

Notes

(Unaudited)

(Audited)

HK$'000

HK$'000

CURRENT LIABILITIES

Creditors, other payables and accruals

10

3,106,136

3,513,230

Temporary receipt

-

2,637,580

Deposits received, deferred income and contract liabilities

1,543,245

1,446,335

Derivative financial instruments

6,988

-

Lease liabilities

269,391

281,997

Tax payable

659,562

551,009

Bank borrowings

1,465,601

3,193,624

Other borrowings

41,281

41,159

Guaranteed notes

5,807,410

-

Total current liabilities

12,899,614

11,664,934

NET CURRENT ASSETS

9,844,894

13,320,803

TOTAL ASSETS LESS CURRENT LIABILITIES

74,697,249

77,844,477

NON-CURRENT LIABILITIES

Lease liabilities

1,010,367

1,103,276

Bank borrowings

16,031,548

15,980,762

Other borrowings

716,889

707,350

Guaranteed notes

4,250,564

7,692,495

Derivative financial instruments

-

8,965

Deferred tax liabilities

5,275,560

5,322,668

Other payables and accruals

10

1,018,429

1,001,169

Long-term deposits received

238,956

216,253

Total non-current liabilities

28,542,313

32,032,938

46,154,936

45,811,539

EQUITY

Equity attributable to owners of the Company

Share capital

11

1,731,861

1,297,237

Reserves

18,865,833

20,429,648

20,597,694

21,726,885

Non-controlling interests

25,557,242

24,084,654

46,154,936

45,811,539

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 2022 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 and with Hong Kong Accounting Standard ("HKAS") 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants.

    The financial information relating to the year ended 31 July 2021 that is included in the unaudited condensed consolidated interim financial statements of the Group for the six months ended 31 January 2022 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 2021 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 2021.

    The Group has adopted the revised Hong Kong Financial Reporting Standards ("HKFRSs", which also include HKASs and Interpretations) which are applicable to the Group and are effective in the current period. The adoption of these revised HKFRSs has had no significant impact on the financial performance or financial position of the Group.

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Disclaimer

Lai Sun Garment (International) Limited published this content on 25 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2022 14:36:02 UTC.


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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