NVC Lighting : 20190327 Announcements and Notices -

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: 2222)

ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR

ENDED 31 DECEMBER 2018

HIGHLIGHTS FOR THE YEAR ENDED 31 DECEMBER 2018:

•The Group's revenue amounted to RMB4,904,848,000, representing an increase of 20.7% as compared with the Corresponding Period.

•The Group's gross profit amounted to RMB1,478,288,000, representing an increase of 26.0% as compared with the Corresponding Period.

•The Group's profit before income tax amounted to RMB63,139,000, representing a decrease of 85.5% as compared with the Corresponding Period.

•Loss attributable to owners of the parent amounted to RMB327,592,000, representing a decrease of 204.2% as compared with the Corresponding Period.

•Basic loss per share of the Company amounted to RMB8.55 cents.

•The Board of the Company has proposed to declare special dividend of HK5 cents per share (equivalent to approximately RMB4 cents per share) (2017: Nil).

•The Board of the Company has proposed not to declare final dividend (2017: HK1 cent per share).

The board of directors (the "Board") of NVC Lighting Holding Limited (the "Company") announces the annual results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2018 (the "Reporting Period").

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS
				Year ended 31 December
		2018				2017
	Notes			RMB'000		RMB'000
REVENUE	2	4,904,848				4,063,163
Cost of sales		(3,426,560)				(2,890,305)
GROSS PROFIT		1,478,288				1,172,858
Other income and gains	3	253,538				127,604
Selling and distribution costs		(517,646)				(401,923)
Administrative expenses		(449,166)				(356,895)
Other expenses, net	4	(612,039)				(81,160)
Finance costs	5	(59,895)				(42,096)
Share of results of associates		5,259				17,468
Share of result of a joint venture		(35,200)				-
PROFIT BEFORE INCOME TAX		63,139				435,856
Income tax	6	(365,475)				(104,256)
(LOSS)/PROFIT FOR THE YEAR		(302,336)				331,600
Attributable to:
Owners of the parent		(327,592)				314,268
Non-controlling interests		25,256				17,332
		(302,336)				331,600
(LOSS)/EARNINGS PER SHARE
ATTRIBUTABLE TO ORDINARY EQUITY
HOLDERS OF THE PARENT
Basic	7	RMB(8.55) cents				RMB9.18 cents
Diluted	7	RMB(8.55) cents				RMB7.78 cents

Details of dividends are disclosed in Note 8 on page 18 of this announcement.

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
	Year ended 31 December
	2018				2017
	RMB'000				RMB'000
(LOSS)/PROFIT FOR THE YEAR	(302,336)				331,600
OTHER COMPREHENSIVE INCOME
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations	(10,596)				(2,136)
Fair value change on available-for-sale financial assets	-				(3,000)
	(10,596)				(5,136)
Item that will not be reclassified subsequently to profit or loss:
Fair value change on financial assets at fair value through other
comprehensive income, net of tax	6,500				-
	(4,096)				(5,136)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	(306,432)				326,464
Attributable to:
Owners of the parent	(332,437)				308,606
Non-controlling interests	26,005				17,858
	(306,432)				326,464

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
		31 December
		2018		2017
	Notes	RMB'000		RMB'000
NON-CURRENT ASSETS
Property, plant and equipment		653,576		619,497
Prepaid land lease payments		44,800		46,119
Goodwill		1,127,376		21,161
Other intangible assets		678,857		294,575
Investments in associates		44,386		54,518
Investment in joint ventures		64,800		100,000
Long term investments		235,996		218,026
Deferred tax assets		72,029		52,258
Prepayments		449,997		429,961
Total non-current assets		3,371,817		1,836,115
CURRENT ASSETS
Inventories	9	683,524		425,384
Trade and bills receivables	10	1,504,176		1,092,554
Prepayments, deposits and other receivables		361,313		397,213
Income tax recoverable		568		11,741
Other current assets		45,014		41,512
Held-for-trading investments		44,190		88,786
Restricted bank balances and short-term deposits		677,502		314,422
Cash and cash equivalents		912,998		1,265,589
Total current assets		4,229,285		3,637,201
CURRENT LIABILITIES
Trade and bills payables	11	1,385,298		820,833
Other payables and accruals		1,324,472		728,749
Interest-bearing loans and borrowings	12	1,064,924		24,940
Government grants		1,612		2,012
Income tax payable		187,168		34,071
Derivative financial liabilities		10,689		-
Convertible bonds - derivative component	13	-		11,933
Convertible bonds - liability component	13	-		421,229
Total current liabilities		3,974,163		2,043,767
NET CURRENT ASSETS		255,122		1,593,434
TOTAL ASSETS LESS CURRENT LIABILITIES		3,626,939		3,429,549
				Continued/...

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)

		31 December
		2018		2017
	Note	RMB'000		RMB'000
NON-CURRENT LIABILITIES
Government grants		9,138		12,112
Deferred tax liabilities		222,285		87,208
Total non-current liabilities		231,423		99,320
Net assets		3,395,516		3,330,229
EQUITY
Equity attributable to owners of the parent
Share capital		3		3
Reserves		3,101,326		3,212,109
Proposed dividend	8	185,367		29,940
		3,286,696		3,242,052
Non-controlling interests		108,820		88,177
Total equity		3,395,516		3,330,229

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