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 FINAL RESULTS
FOR THE YEAR ENDED 31 JULY 2019
RESULTS
The board of directors (the "Board") of Lai Sun Garment (International) Limited (the "Company") is pleased to announce the consolidated results of the Company and its subsidiaries (the "Group") for the year ended
31 July 2019 together with the comparative figures of the last year as follows:
Consolidated Income Statement
For the year ended 31 July 2019
2019 | 2018 | ||||
Notes | HK$'000 | HK$'000 | |||
TURNOVER | 4 | 6,609,847 | 1,804,039 | ||
Cost of sales | (4,203,126) | ( | 737,332) | ||
Gross profit | 2,406,721 | 1,066,707 | |||
Other revenue | 331,907 | 199,061 | |||
Selling and marketing expenses | ( | 187,158) | ( | 16,974) | |
Administrative expenses | (1,029,027) | ( | 458,635) | ||
Other operating expenses | 5(b) | (1,153,180) | ( | 321,657) | |
Fair value gains on investment properties, net | 700,710 | 2,715,257 | |||
Reversal of provision for tax indemnity | - | 305 | |||
Loss on remeasurement of existing interest in | |||||
an associate upon business combination | 14 | (2,985,631) | - | ||
Gain on bargain purchase on acquisition of subsidiaries | 14 | 6,761,861 | - | ||
PROFIT FROM OPERATING ACTIVITIES | 5(a) | 4,846,203 | 3,184,064 | ||
Finance costs | 6 | ( | 513,586) | ( | 319,001) |
Share of profits and losses of associates | 31,353 | 100,769 | |||
Share of profits and losses of joint ventures | 649,322 | 1,714,360 | |||
PROFIT BEFORE TAX | 5,013,292 | 4,680,192 | |||
Tax | 7 | ( | 166,945) | ( | 57,567) |
PROFIT FOR THE YEAR | 4,846,347 | 4,622,625 | |||
Attributable to: | |||||
Owners of the Company | 2,797,488 | 2,567,355 | |||
Non-controlling interests | 2,048,859 | 2,055,270 | |||
4,846,347 | 4,622,625 | ||||
EARNINGS PER SHARE ATTRIBUTABLE TO | |||||
OWNERS OF THE COMPANY | 9 | ||||
Basic | HK$7.249 | HK$6.686 | |||
Diluted | HK$7.176 | HK$6.604 | |||
- 1 - |
Consolidated Statement of Comprehensive Income
For the year ended 31 July 2019
2019 | 2018 | |||
HK$'000 | HK$'000 | |||
PROFIT FOR THE YEAR | 4,846,347 | 4,622,625 | ||
OTHER COMPREHENSIVE INCOME/(EXPENSE) | ||||
Other comprehensive income/(expense) that may be reclassified to | ||||
profit or loss in subsequent periods: | ||||
Changes in fair values of available-for-sale financial assets | - | 317,099 | ||
Changes in fair values of financial assets at fair | ||||
value through other comprehensive income | 7,347 | - | ||
Exchange realignments | ( | 495,192) | ( | 12,975) |
Share of other comprehensive income/(expense) of associates | 9,258 | ( | 48,010) | |
Share of other comprehensive income/(expense) of joint ventures | 10,911 | ( | 1,282) | |
( | 467,676) | 254,832 | ||
Other comprehensive expense that will not be reclassified | ||||
to profit or loss in subsequent periods: | ||||
Changes in fair values of financial assets at fair | ||||
value through other comprehensive income | ( | 3,765) | - | |
Release of reserves upon remeasurement of existing interest | ||||
in an associate upon business combination | 265,508 | - | ||
Release of reserve upon remeasurement of existing interest | ||||
in a joint venture upon business combination | - | 374 | ||
Release of reserve upon winding-up and disposal of subsidiaries | ( | 10,636) | - | |
254,872 | 374 | |||
OTHER COMPREHENSIVE (EXPENSE)/INCOME | ||||
FOR THE YEAR | ( | 216,569) | 255,206 | |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,629,778 | 4,877,831 | ||
Attributable to: | ||||
Owners of the Company | 2,801,510 | 2,698,449 | ||
Non-controlling interests | 1,828,268 | 2,179,382 | ||
4,629,778 | 4,877,831 |
- 2 -
Consolidated Statement of Financial Position
As at 31 July 2019
2019 | 2018 | ||
Notes | HK$'000 | HK$'000 | |
NON-CURRENT ASSETS | |||
Property, plant and equipment | 10,604,613 | 5,554,164 | |
Prepaid land lease payments | 1,623,441 | 18,846 | |
Investment properties | 41,962,537 | 21,460,590 | |
Properties under development | 3,045,937 | 1,008,281 | |
Film rights | 24,608 | - | |
Film products | 75,022 | - | |
Music catalogs | 56,718 | - | |
Goodwill | 227,033 | 235,778 | |
Other intangible assets | 113,945 | 120,306 | |
Investments in associates | 423,002 | 3,681,408 | |
Investments in joint ventures | 7,411,355 | 7,272,859 | |
Available-for-sale financial assets | - | 2,413,160 | |
Financial assets at fair value through other comprehensive income | 2,136,331 | - | |
Financial assets at fair value through profit or loss | 688,656 | - | |
Derivative financial instruments | 53,784 | 6,171 | |
Deposits, prepayments and other receivables | 312,453 | 342,432 | |
Deferred tax assets | 39,371 | 34,534 | |
Loans to related companies | - | 650,000 | |
Pledged and restricted bank balances and time deposits | 106,343 | 95,797 | |
Total non-current assets | 68,905,149 | 42,894,326 | |
CURRENT ASSETS | |||
Properties under development | 3,881,234 | 1,049,331 | |
Completed properties for sale | 2,277,466 | 264,824 | |
Films under production and film investments | 417,242 | - | |
Inventories | 58,443 | 31,973 | |
Financial assets at fair value through profit or loss | 230,273 | - | |
Debtors | 10 | 302,852 | 53,414 |
Deposits, prepayments and other receivables | 1,089,899 | 501,010 | |
Prepaid tax | 42,031 | - | |
Pledged and restricted bank balances and time deposits | 1,498,767 | 351,634 | |
Cash and cash equivalents | 3,893,697 | 4,098,043 | |
13,691,904 | 6,350,229 | ||
Assets classified as held for sale | 11 | 142,883 | 1,476,533 |
Total current assets | 13,834,787 | 7,826,762 | |
CURRENT LIABILITIES | |||
Creditors, other payables and accruals | 12 | 3,259,951 | 676,261 |
Deposits received, deferred income and contract liabilities | 13 | 1,682,573 | 1,568,168 |
Tax payable | 307,390 | 132,868 | |
Bank borrowings | 4,296,923 | 1,200,279 | |
Other borrowings | 41,440 | - | |
Total current liabilities | 9,588,277 | 3,577,576 | |
NET CURRENT ASSETS | 4,246,510 | 4,249,186 | |
TOTAL ASSETS LESS CURRENT LIABILITIES | 73,151,659 | 47,143,512 |
- 3 -
Consolidated Statement of Financial Position (continued)
As at 31 July 2019
2019 | 2018 | ||
Notes | HK$'000 | HK$'000 | |
NON-CURRENT LIABILITIES | |||
Bank borrowings | 9,665,545 | 8,389,707 | |
Other borrowings | 670,100 | 395,630 | |
Guaranteed notes | 5,736,654 | 3,118,594 | |
Deferred tax liabilities | 5,535,762 | 242,085 | |
Provision for tax indemnity | - | 251,251 | |
Other payables | 12 | 87,410 | 119,266 |
Long-term deposits received | 13 | 266,482 | 528,452 |
Total non-current liabilities | 21,961,953 | 13,044,985 | |
51,189,706 | 34,098,527 | ||
EQUITY | |||
Equity attributable to owners of the Company | |||
Share capital | 1,250,152 | 1,232,007 | |
Reserves | 21,362,184 | 18,605,336 | |
22,612,336 | 19,837,343 | ||
Non-controlling interests | 28,577,370 | 14,261,184 | |
51,189,706 | 34,098,527 |
- 4 -
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
-
BASIS OF PREPARATION
The financial information has been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") (which include all Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ("HKASs") and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants, accounting principles generally accepted in Hong Kong and the Hong Kong Companies Ordinance. It has been prepared under the historical cost convention, except for completed investment properties, certain investment properties under construction, certain available-for-sale financial assets, financial assets at fair value through other comprehensive income, financial assets at fair value through profit or loss and derivative financial instruments, which have been measured at fair value. Non-current assets classified as held for sale are stated at the lower of their carrying amounts and fair values less costs to sell. The financial information is presented in Hong Kong dollars ("HK$") and all values are rounded to the nearest thousand except when otherwise indicated.
The financial information relating to the years ended 31 July 2019 and 31 July 2018 included in this preliminary announcement of annual results for the year ended 31 July 2019 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 2018 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 2019 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. - CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Group has adopted the following new and revised HKFRSs for the first time for the current year's 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 -
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Lai Sun Garment (International) Limited published this content on 25 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2019 09:20:04 UTC