SHOUGANG CENTURY HOLDINGS LIMITED 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.
2015 HK$'000 | 2014 HK$'000 | Change % | |
Operations | |||
Revenue | 1,480,507 | 1,787,444 | -17.2 |
Gross profit | 19,034 | 133,785 | -85.8 |
LBITDA (Note 1) | (187,719) | (52,241) | +259.3 |
Adjusted EBITDA (Note 2) | 4,923 | 116,923 | -95.8 |
Loss for the year | (376,985) | (275,774) | +36.7 |
Loss per Share (basic) (HK cents) | (19.61) | (14.34) | +36.7 |
Notes: |
LBITDA represents loss before finance costs, income tax, depreciation and amortisation.
Adjusted EBITDA represents LBITDA before (i) allowance for inventories recognised of HK$13,511,000 (2014: HK$5,275,000); (ii) allowance for bad and doubtful debts of HK$4,511,000 (2014: HK$16,830,000); (iii) bad debts written off of HK$4,007,000 (2014: nil); (iv) impairment loss recognised in respect of property, plant and equipment of HK$93,000,000 (2014: HK$147,000,000);
(v) impairment loss recognised in respect of goodwill of HK$41,672,000 (2014: nil); (vi) increase in fair value of investment properties of HK$3,253,000 (2014: HK$1,699,000); and (vii) foreign exchange losses of HK$39,194,000 (2014: HK$1,758,000).
At 31 December2015 HK$'000 | 2014 HK$'000 | Change % | |
Financial position | |||
Total assets | 3,006,147 | 3,610,120 | -16.7 |
Shareholders' equity | 1,395,870 | 1,861,882 | -25.0 |
Net asset value per Share (HK$) | 0.726 | 0.968 | -25.0 |
The Board announces that the audited consolidated results of the Group for the year ended 31 December 2015 and that final results were reviewed by the Audit Committee of the Company.
CONSOLIDATED STATEMENT OF PROFIT OR For the year ended 31 December 2015 | LOSS | ||
Notes | 2015 HK$'000 | 2014 HK$'000 | |
Revenue | 3 | 1,480,507 | 1,787,444 |
Cost of sales | (1,461,473) | (1,653,659) | |
Gross profit | 19,034 | 133,785 | |
Investment and other income | 5 | 1,546 | 3,549 |
Other gains and losses | 6 | (178,683) | (163,561) |
Distribution and selling expenses | (45,602) | (51,067) | |
Administrative expenses | (73,803) | (73,592) | |
Research and development expenses | (47,687) | (58,374) | |
Finance costs | 7 | (52,767) | (65,379) |
Loss before tax | (377,962) | (274,639) | |
Income tax credit (expense) | 8 | 977 | (1,135) |
Loss for the year | 9 | (376,985) | (275,774) |
Loss per share Basic and diluted | 11 | (HK19.61 cents) | (HK14.34 cents) |
For the year ended 31 December 2015
HK$'000 HK$'000
Loss for the year (376,985) (275,774)
Other comprehensive (expense) income
group entities | (106,709) | (7,208) |
Surplus on revaluation of properties | 21,541 | 18,762 |
Effect on deferred tax liability upon change | ||
in tax rate of a subsidiary | - | 4,065 |
Items that will not be reclassified to profit or loss Exchange differences arising on translation of
Recognition of deferred tax liability on revaluation
of properties (3,859) (3,217)
Other comprehensive (expense) income for the year
(net of tax) (89,027) 12,402
Total comprehensive expense for the year (466,012) (263,372)
At 31 December 2015
Notes | 2015 HK$'000 | 2014 HK$'000 | |
Non-current assets Investment properties | 12 | 50,727 | 48,547 |
Property, plant and equipment | 12 | 1,357,961 | 1,659,243 |
Prepaid lease payments | 159,417 | 178,000 | |
Goodwill | 13 | - | 41,672 |
Club memberships Deposit paid for the acquisition of property, plant and equipment | 738 956 | 761 345 | |
Deferred tax assets | 18 | - | 1,282 |
1,569,799 | 1,929,850 | ||
Current assets Inventories | 239,709 | 337,432 | |
Trade receivables | 14 | 463,061 | 566,976 |
Bills receivable | 14 | 411,547 | 558,370 |
Prepayments, deposits and other receivables | 103,951 | 140,005 | |
Prepaid lease payments | 8,191 | 8,698 | |
Bank balances and cash | 209,889 | 68,789 | |
1,436,348 | 1,680,270 | ||
Current liabilities Trade payables | 15 | 334,033 | 288,550 |
Other payables and accruals | 15 | 107,933 | 118,926 |
Tax payable | 18,236 | 15,788 | |
Loan from a related company | 16 | 52,252 | - |
Bank borrowings - due within one year | 17 | 866,867 | 1,293,837 |
1,379,321 | 1,717,101 | ||
Net current assets (liabilities) | 57,027 | (36,831) | |
Total assets less current liabilities | 1,626,826 | 1,893,019 |
Shougang Concord Century Holdings Ltd. issued this content on 23 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 March 2016 14:59:53 UTC
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