Sitoy : Announcements and Notices -

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SITOY GROUP HOLDINGS LIMITED

時代集團控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1023) ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 30 JUNE 2017

The board (the "Board") of directors (the "Directors") of Sitoy Group Holdings Limited (the "Company") is pleased to announce the audited consolidated annual results of the Company and its subsidiaries (together, the "Group") for the year ended 30 June 2017.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS Year ended 30 June 2017 2016

REVENUE	Notes 4	HK$'000 1,916,937	HK$'000 2,837,018
Cost of sales	(1,398,803)	(2,070,188)
Gross profit	518,134	766,830
Other income and gains	4	62,148	93,772
Selling and distribution expenses	(134,885)	(152,370)
Administrative expenses	(207,129)	(255,777)
Other expenses	(1,874)	(7,114)
PROFIT BEFORE TAX	5	236,394	445,341
Income tax expense	6	(25,312)	(75,199)
PROFIT FOR THE YEAR	211,082	370,142
Attributable to: Owners of the Company	211,082	370,142

EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY

Basic and diluted (HK cents) 8 21.08 36.96

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended 30 June 2017 2016

HK$'000 HK$'000

PROFIT FOR THE YEAR 211,082 370,142 OTHER COMPREHENSIVE (EXPENSE)/ INCOME

Exchange differences on translation of

foreign operations	(14,586)	(83,953)
Gain on property revaluation	24,688	-

OTHER COMPREHENSIVE INCOME/ (EXPENSE) FOR THE YEAR, NET OF TAX 10,102 (83,953) TOTAL COMPREHENSIVE INCOME FOR THE YEAR 221,184 286,189

Attributable to:

Owners of the Company 221,184 286,189

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Notes	As at 30 June 2017 HK$'000	As at 30 June 2016 HK$'000
NON-CURRENT ASSETS Property, plant and equipment	462,572	497,597
Investment properties	571,556	503,556
Prepaid land lease payments	16,966	17,653
Intangible asset	5,734	5,559
Deferred tax assets	20,613	15,270
Prepayments	364	146
Total non-current assets	1,077,805	1,039,781
CURRENT ASSETS Inventories	239,023	274,605
Trade receivables	9	322,516	251,967
Prepayments, deposits and other receivables	42,043	44,087
Pledged deposits Time deposit with original maturity of more than three months	22,798 34,565	22,495 -
Cash and cash equivalents	595,820	830,572
Total current assets	1,256,765	1,423,726
CURRENT LIABILITIES Trade payables	10	156,044	131,300
Other payables and accruals	97,949	103,889
Tax payable	15,476	46,076
Total current liabilities	269,469	281,265
NET CURRENT ASSETS	987,296	1,142,461
TOTAL ASSETS LESS CURRENT LIABILITIES	2,065,101	2,182,242
NON-CURRENT LIABILITIES Deferred tax liabilities	2,503	2,680
Total non-current liabilities	2,503	2,680
Net assets	2,062,598	2,179,562
EQUITY Equity attributable to owners of the Company Share capital	100,153	100,153
Reserves	1,962,445	2,079,409
Total equity	2,062,598	2,179,562

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. CORPORATE AND GROUP INFORMATION

Sitoy Group Holdings Limited (the "Company") was incorporated as an exempted company with limited liability in the Cayman Islands on 21 February 2008 under the Companies Law, Chapter 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The registered office address of the Company, up to 30 September 2016, is Floor 4, Willow House, Cricket Square, P.O. Box 2804, Grand Cayman KY1- 1112, Cayman Islands, on or after 1 October 2016, is Grand Pavilion, Hibiscus Way, 802 West Bay Road,

P.O. Box 31119, KY1-1205, Cayman Islands. In the opinion of the Directors, the Company's controlling shareholders are Mr. Yeung Michael Wah Keung and Mr. Yeung Wo Fai.

The principal activities of the Company and its subsidiaries (collectively referred to as the "Group") are the design, research, development, manufacturing, sale, retailing and wholesale of handbags, small leather goods, travel goods and footwear products, provision of advertising and marketing services and property investment.

The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Exchange") on 6 December 2011.

1. BASIS OF PREPARATION

   These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (which include all International Financial Reporting Standards, International Accounting Standards and Interpretations) issued by the International Accounting Standards Board, and the disclosure requirements of the Hong Kong Companies Ordinance. They have been prepared under the historical cost convention, except for investment properties which have been measured at fair value. The consolidated financial statements are presented in Hong Kong dollars ("HK$") and all values are rounded to the nearest thousand except when otherwise indicated.

   Basis of consolidation

   The consolidated financial statements include the financial statements of the Company and entities controlled by the Company (i.e. its subsidiaries) for the year ended 30 June 2017. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).

   When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

2. the contractual arrangement with the other vote holders of the investee;

3. rights arising from other contractual arrangements; and

4. the Group's voting rights and potential voting rights.

The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date, on which the Group obtains control, and continue to be consolidated until the date that such control ceases.

Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.