Nameson : Announcements and Notices - Annual Results Announcement for the Year Ended 31 March 2019

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.

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1982)

ANNUAL RESULTS ANNOUNCEMENT

FOR THE YEAR ENDED 31 MARCH 2019

FINANCIAL HIGHLIGHTS
		Year ended 31 March
		2019	2018	Change
		HK$' million	HK$' million
Revenue	4,359.1	3,446.4	+26.5%
Gross profit	672.4	712.1	-5.6%
Gross profit margin	15.4%	20.7%	-5.3 p.p.
(Loss)/profit attributable to the
owners of the Company	(298.5)	327.0	N/A
Adjusted net profit (Note)	227.4	320.4	-29.0%
Adjusted net profit margin	5.2%	9.3%	-4.1 p.p.
(Loss)/earnings per share
	- Basic	(13.10) HK cents	15.32 HK cents	N/A
	- Diluted	(13.10) HK cents	15.14 HK cents	N/A
Interim dividend per share	3.6 HK cents	5.0 HK cents
Proposed final dividend per share	Nil HK cent	0.6 HK cent

Note: Adjusted net profit is a non-HKFRS financial measure and derived from (loss)/profit attributable to the owners of the Company excluding (a) impairment loss on intangible assets and (b) realised and unrealised gains/(losses) from derivative financial instruments, which are income/expenses not considered as recurring in nature. We believe the adjusted net profit presented herein better reflects the Group's core operating results.

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The Board of directors (the "Board") of Nameson Holdings Limited (the "Company") hereby announces the consolidated results of the Company and its subsidiaries (the "Group") for the year ended 31 March 2019, together with the comparative figures for the year ended 31 March

2018 as follows:

CONSOLIDATED INCOME STATEMENT For the year ended 31 March 2019 (Expressed in Hong Kong dollars)

			2019		2018
		Note	HK$'000	HK$'000
Revenue	3	4,359,050		3,446,415
Cost of sales	5	(3,686,670)	(2,734,273)
Gross profit		672,380		712,142
Other income		16,332		12,423
Other gains, net	4	10,625		35,243
Selling and distribution expenses	5	(44,584)	(50,385)
General and administrative expenses	5	(363,065)	(313,792)
Impairment loss on intangible assets	10	(521,577)	-
Operating (loss)/profit		(229,889)	395,631
Share of post-tax loss of a joint venture		(496)	(2)
Finance income		4,205		4,263
Finance expenses		(48,863)	(22,943)
Finance expenses, net	6	(44,658)	(18,680)
(Loss)/profit before income tax		(275,043)	376,949
Income tax expenses	7	(25,425)	(49,981)
(Loss)/profit for the year		(300,468)	326,968
(Loss)/profit for the year attributable to:
	(298,511)
- Owners of the Company		326,968
	- Non-controlling interests		(1,957)	-
			(300,468)	326,968
(Loss)/earnings per share attributable to the
owners of the Company during the year		(13.10)
- Basic (HK cents per share)	8	15.32
	- Diluted (HK cents per share)	8	(13.10)	15.14

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 March 2019 (Expressed in Hong Kong dollars)

		2019		2018
		HK$'000	HK$'000
(Loss)/profit for the year	(300,468)	326,968
Other comprehensive (loss)/income, net of tax:
Items that have been reclassified or may be subsequently
reclassified to profit or loss
- Currency translation differences	(114,965)	90,662
- Share of other comprehensive loss of a joint venture	(213)	-
Other comprehensive (loss)/income for the year, net of tax	(115,178)	90,662
Total comprehensive (loss)/income for the year	(415,646)	417,630
Total comprehensive (loss)/income for the year
	attributable to:
- Owners of the Company	(413,736)	417,630
	- Non-controlling interests	(1,910)	-
		(415,646)	417,630

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CONSOLIDATED BALANCE SHEET

As at 31 March 2019

(Expressed in Hong Kong dollars)

			2019		2018
		Note	HK$'000	HK$'000
ASSETS
Non-current assets
Land use rights		108,976		95,781
Property, plant and equipment		2,087,863		1,943,442
Investment properties		2,014		2,148
Intangible assets	10	64,747		599,988
Interest in a joint venture		6,309		7,018
Available-for-sale financial assets		-	150,076
Financial assets at fair value through profit or loss		155,543		-
Prepayments, deposits, other receivables and
	other assets		113,368		58,843
Deferred income tax assets		557		-
			2,539,377		2,857,296
Current assets
Inventories		1,110,733		812,172
Trade receivables	11	141,188	149,403
Derivative financial instruments		937	6,577
Prepayments, deposits, other receivables and
	other assets		404,046	148,676
Tax recoverable		12,472	-
Cash and cash equivalents		414,844	1,009,477
			2,084,220		2,126,305
Total assets		4,623,597		4,983,601
EQUITY
Capital and reserves attributable
to the owners of the Company
Share capital		22,794		22,794
Reserves		1,921,168		2,425,008
Capital and reserves attributable to the owners
	of the Company		1,943,962		2,447,802
Non-controlling interests		103,005		-
Total equity		2,046,967		2,447,802

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		2019	2018
	Note	HK$'000	HK$'000
LIABILITIES
Non-current liabilities
Bank borrowings	13	648,122	551,367
Finance lease obligations	14	276,745	284,535
Deferred income tax liabilities		11,364	16,498
		936,231		852,400
Current liabilities
Trade and bills payables	12	312,635	208,937
Accruals and other payables		162,541	134,816
Current income tax liabilities		159,419	137,257
Bank borrowings	13	862,391	1,038,564
Finance lease obligations	14	143,413	163,825
		1,640,399		1,683,399
Total liabilities		2,576,630		2,535,799
Total equity and liabilities		4,623,597		4,983,601
Net current assets		443,821		442,906

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