Starlite : ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2021

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Website : http://www.hkstarlite.com

ANNOUNCEMENT OF ANNUAL RESULTS

FOR THE YEAR ENDED 31ST MARCH, 2021

The Directors of Starlite Holdings Limited (the "Company") are pleased to announce the audited consolidated results of the Company and its subsidiaries (together the "Group") for the year ended 31st March, 2021 together with the comparative figures for the previous year, as follows:

Consolidated Income Statement

For the year ended 31st March, 2021

	Note	2021	2020
		HK$'000	HK$'000
Revenue	3	1,057,477	1,135,902
Cost of sales		(888,364)	(904,422)
		───────────	───────────
Gross profit		169,113	231,480
Other income and (losses)/gains - net	4	(65,852)	19,068
Selling and distribution costs		(66,055)	(63,671)
General and administrative expenses		(137,476)	(161,540)
Reversal of impairment losses on financial assets		1,557	1,719
		───────────	───────────
Operating (loss)/profit	5	(98,713)	27,056

*For identification purpose only.

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Consolidated Income Statement (Continued)

For the year ended 31st March, 2021

	Note	2021	2020
		HK$'000	HK$'000
Finance income		16,072	510
Finance costs		(10,623)	(8,361)
		───────────	──────────
Finance income/(costs) - net	6	5,449	(7,851)
		-------------------	------------------
(Loss)/profit before income tax		(93,264)	19,205
Income tax expense	7	(5,261)	(10,706)
		───────────	──────────
(Loss)/profit for the year attributable to the owners
of the Company		(98,525)	8,499
		═══════════	══════════
(Losses)/earnings per share attributable to the
owners of the Company for the year
(expressed in HK cents per share)	8
- Basic		(18.76)	1.62
		═══════════	══════════
- Diluted		(18.76)	1.62
		═══════════	══════════

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Consolidated Statement of Comprehensive Income

For the year ended 31st March, 2021

	2021	2020
	HK$'000	HK$'000
(Loss)/profit for the year	(98,525)	8,499
Other comprehensive income/(loss):
Items that may be reclassified to profit or loss
Currency translation differences	34,569	(27,932)
Items that will not be reclassified to profit or loss
Increase/(decrease) in fair value of financial assets at fair
value through other comprehensive income	92	(587)
	──────	──────
Other comprehensive income/(loss) for the year, net of tax	34,661	(28,519)
	-----------	-----------
Total comprehensive loss for the year attributable to the
owners of the Company	(63,864)	(20,020)
	══════	══════

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Consolidated Statement of Financial Position

As at 31st March, 2021
		Audited	Audited
		As at	As at
		31st March,	31st March,
	Note	2021	2020
ASSETS		HK$'000	HK$'000
Non-current assets
Property, plant and equipment		333,095	289,832
Right-of-use assets		33,337	32,697
Prepayments for non-current assets		48,737	1,511
Deposits		-	549
Deferred income tax assets		1,769	1,604
Financial assets at fair value through other
comprehensive income		1,510	1,418
Financial assets at fair value through profit or loss		8,332	13,335
		───────	───────
		426,780	340,946
Current assets		-------------	-------------
Inventories		104,139	107,089
Trade and bill receivables	10	179,671	154,522
Prepayments and deposits		29,672	21,459
Tax recoverable		3,992	1,153
Bank deposits with maturity over 3 months
from date of deposits		201	201
Cash and cash equivalents		275,047	232,199
		───────	───────
		592,722	516,623
		-------------	-------------
Total assets		1,019,502	857,569
EQUITY		═══════	═══════
Equity attributable to the owners of the Company
Share capital		52,514	52,514
Reserves		300,705	396,077
		───────	───────
Total equity		353,219	448,591
LIABILITIES		-------------	-------------
Non-current liabilities
Borrowings		-	9,167
Amount due to a purchaser of a subsidiary	12	154,065	-
Deferred revenue		-	604
Lease liabilities		1,885	2,458
Deferred income tax liabilities		1,688	5,436
		───────	───────
		157,638	17,665
Current liabilities		-------------	-------------
Trade and bill payables	11	136,842	84,752
Other payables and accruals		102,802	155,098
Contract liabilities		4,904	4,646
Current income tax liabilities		30,422	28,866
Borrowings		158,728	113,079
Amount due to a purchaser of a subsidiary	12	69,692	-
Lease liabilities		5,255	4,671
Deferred revenue		-	201
		───────	───────
		508,645	391,313
		----------------	----------------
Total liabilities		666,283	408,978
		-------------	-------------
Total equity and liabilities		1,019,502	857,569
		═══════	═══════
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Notes:

1. General information

Starlite Holdings Limited (the "Company") is an investment holding company. Its subsidiaries are principally engaged in the printing and manufacturing of packaging materials, labels and paper products, including environmentally friendly paper products. The Company and its subsidiaries are collectively referred to the "Group".

The Company was incorporated in Bermuda on 3rd November, 1992, as an exempted company with limited liability under the Companies Act 1981 of Bermuda. The address of its registered office is Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda and its principal place of business is 3/F, Perfect Industrial Building, 31 Tai Yau Street, Sanpokong, Kowloon, Hong Kong. The Company's shares have been listed on The Stock Exchange of Hong Kong Limited since 1993.

These consolidated financial statements are presented in Hong Kong dollars ("HK$"), unless otherwise stated.

2. Basis of preparation

The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRS") and the disclosure requirements of the Hong Kong Companies Ordinance Cap. 622. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income which are carried at fair value.

The preparation of consolidated financial statements in conformity with HKFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies.

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