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.
MIN XIN HOLDINGS LIMITED
閩信集團有限公司
(Incorporated in Hong Kong with limited liability)
(Stock code: 222)
ANNOUNCEMENT OF 2018 ANNUAL RESULTS
FINANCIAL HIGHLIGHTS
•Profit attributable to shareholders amounted to HK$578 million, an increase of 11.8%
•Basic earnings per share increased by 0.5% to 96.79 HK cents
•Total assets increased by 0.8% to HK$7.3 billion
•Total equity attributable to shareholders increased by 3.4% to HK$6.73 billion
•Recommended a final dividend of 10 HK cents per ordinary share, an increase of 25%
The board (the "Board") of directors (the "Directors") of Min Xin Holdings Limited (the "Company") hereby announces the audited consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the year ended 31 December 2018 as follows:
- 1 -
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2018
2018 | 2017 | |||||||
Note | HK$'000 | HK$'000 | ||||||
Total revenues | 2 | 1,038,698 | 960,046 | |||||
Other (losses)/gains - net | 3 | (11,427) | 25,803 | |||||
Costs of sales | (920,394) | (819,733) | ||||||
Net insurance claims incurred and commission | ||||||||
expenses incurred on insurance business | 4 | (36,973) | (53,293) | |||||
Write back of impairment loss on loans to | ||||||||
customers and interest receivable | 4,016 | 3,393 | ||||||
Selling and distribution costs | (2,332) | (1,214) | ||||||
Administrative and other expenses | (52,260) | (58,947) | ||||||
Operating profit | 5 | 19,328 | 56,055 | |||||
Finance costs | 6 | (26,165) | (37,056) | |||||
Share of results of associates | 617,363 | 517,924 | ||||||
Profit before taxation | 610,526 | 536,923 | ||||||
Income tax expense | 7 | (32,436) | (20,033) | |||||
Profit for the year | 578,090 | 516,890 | ||||||
Dividend | ||||||||
Final dividend | 59,726 | 47,781 | ||||||
HK CENTS | HK CENTS | |||||||
Earnings per share | ||||||||
Basic and diluted | 8 | 96.79 | 96.30 | |||||
Dividend per share | ||||||||
Final dividend | 10 | 8 | ||||||
- 2 -
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December 2018
2018 2017
HK$'000 HK$'000
Profit for the year | 578,090 | 516,890 |
Other comprehensive income
Items that will not be reclassified to income statement:
Equity investments at fair value through other | ||||
comprehensive income - net movement | ||||
in fair value reserve (non-recycling) | 66,903 | - | ||
Share of other comprehensive income of associates | (171) | - | ||
66,732 | - |
Items that may be reclassified subsequently to income statement:
Available-for-sale financial assets - net movement | |||||
in fair value reserve (recycling) | |||||
Fair value changes | - | (29,946) | |||
Deferred income tax | - | (41) | |||
Released on disposal | - | (10,265) | |||
- | (40,252) | ||||
Exchange differences arising on translation of the | |||||
financial statements of foreign subsidiaries and | |||||
associates | (311,630) | 399,654 | |||
Share of other comprehensive income of associates | 191,041 | (139,080) | |||
(120,589) | 220,322 | ||||
Other comprehensive income for the year, net of tax | (53,857) | 220,322 | |||
Total comprehensive income for the year | 524,233 | 737,212 | |||
- 3 -
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2018
2018 | 2017 | |||
Note | HK$'000 | HK$'000 | ||
Non-current assets | 20,935 | |||
Property, plant and equipment | 16,878 | |||
Intangible assets | 1,573 | 2,504 | ||
Investment properties | 169,632 | 169,818 | ||
Associates | 4,988,673 | 4,842,032 | ||
Financial assets at fair value through | 570,417 | |||
other comprehensive income | - | |||
Available-for-sale financial assets | - | 503,514 | ||
Financial assets at amortised cost | 3,129 | - | ||
Held-to-maturity financial assets | - | 3,119 | ||
Loans to customers and interest receivable | 10 | - | 39 | |
Reinsurance assets | 1,546 | 213 | ||
Prepayments | 6 | 180 | ||
Pledged bank deposit | 227,800 | - | ||
Deferred income tax assets | 535 | 10,150 | ||
5,984,246 | 5,548,447 | |||
Current assets | 10,668 | |||
Inventories | 89,946 | |||
Investments in receivables | - | 132,105 | ||
Deferred acquisition costs | 21,242 | 16,868 | ||
Insurance receivable | 9 | 13,134 | 10,854 | |
Reinsurance assets | 4,791 | 6,099 | ||
Loans to customers and interest receivable | 10 | 22,875 | 26,026 | |
Banker's acceptance | 56,186 | - | ||
Other debtors | 2,927 | 6,324 | ||
Advance payment | 1,387 | 99,480 | ||
Other prepayments and deposits | 1,548 | 1,437 | ||
Repossessed assets | - | 3,940 | ||
Financial assets at fair value through profit or loss | 306 | 304 | ||
Cash and bank balances | 1,177,580 | 1,300,589 | ||
1,312,644 | 1,693,972 | |||
Current liabilities | 65,523 | |||
Insurance contracts | 49,991 | |||
Insurance payable | 11 | 9,196 | 7,250 | |
Other creditors and accruals | 24,498 | 29,579 | ||
Bank borrowings | 198,804 | 354,141 | ||
Current income tax payable | 25,495 | 26,369 | ||
323,516 | 467,330 | |||
Net current assets | 989,128 | 1,226,642 | ||
Total assets less current liabilities | 6,973,374 | 6,775,089 |
- 4 -
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)
As at 31 December 2018
2018 | 2017 | |||
Note | HK$'000 | HK$'000 | ||
Non-current liabilities | 199,966 | |||
Bank borrowings | 198,131 | |||
Insurance contracts | 17,482 | 37,659 | ||
Deferred income tax liabilities | 24,106 | 28,397 | ||
241,554 | 264,187 | |||
Net assets | 6,731,820 | 6,510,902 | ||
Equity | 1,715,377 | |||
Share capital | 1,715,377 | |||
Other reserves | 1,504,672 | 1,628,236 | ||
Retained profits | 3,511,771 | 3,167,289 | ||
Total equity attributable to shareholders | ||||
of the Company | 6,731,820 | 6,510,902 | ||
- 5 -
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Min Xin Holdings Limited published this content on 27 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 March 2019 15:54:06 UTC