Top Spring International : Announcement- Consolidated Annual Results for the Year Ended 31 December 2020

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TOP SPRING INTERNATIONAL HOLDINGS LIMITED

萊 蒙 國 際 集 團 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 03688)

ANNOUNCEMENT OF CONSOLIDATED ANNUAL RESULTS

FOR THE YEAR ENDED 31 DECEMBER 2020

HIGHLIGHTS

• For the year ended 31 December 2020, the Group recorded an aggregate of pre- sales of properties and car park units of approximately HK$1,125.2 million. The pre-sales of properties was approximately HK$1,118.4 million with pre-sold GFA of approximately 16,839 sq.m. and ASP of approximately HK$66,417.2 per sq.m., representing an increase of approximately 1,074.8%, 106.1% and 470.1%, respectively, as compared with 2019.
• As at 31 December 2020, the Group had a total of 22 projects over 11 cities in various stages of development with a total estimated net saleable/leasable GFA of approximately 511,413 sq.m..
• Revenue for the year ended 31 December 2020 decreased by approximately 20.0% to approximately HK$575.1 million from approximately HK$719.2 million for the year ended 31 December 2019.
• For the year ended 31 December 2020, the Group generated recurring rental income of approximately HK$231.1 million (2019: approximately HK$272.0 million) from its investment properties which mainly comprised shopping malls, community commercial centres, retail shops, serviced apartments, offices and car park units. As at 31 December 2020, the investment property portfolio (inclusive of investment properties classified as held for sale) had a total leasable GFA of approximately 259,914 sq.m. and a fair value of approximately HK$7,309.3 million, representing approximately 26.9% of the Group's total asset value.

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• Gross profit margin decreased to approximately 45.4% for the year ended 31 December 2020 from approximately 59.5% for the year ended 31 December 2019.
• For the year ended 31 December 2020, the loss attributable to equity shareholders of the Company was approximately HK$283.3 million (for the year ended 31 December 2019: approximately HK$582.9 million).
• Basic and diluted loss per Share attributable to equity shareholders of the Company and the holders of PCSs for the year ended 31 December 2020 were approximately HK$0.19 and HK$0.19, respectively, representing a decrease of approximately 50.0% and 50.0% respectively as compared with 2019.
• Net assets per Share attributable to equity shareholders of the Company and the holders of PCSs as at 31 December 2020 was approximately HK$6.6 (as at 31 December 2019: approximately HK$6.3).
• As at 31 December 2020, the net gearing ratio of the Group increased to approximately 59.8% from approximately 50.0% as at 31 December 2019.
• The Board has recommended the payment of a final dividend of HK4 cents per Share to equity shareholders of the Company and the holders of PCSs for the year ended 31 December 2020 (for the year ended 31 December 2019: HK2 cents per Share).

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CONSOLIDATED ANNUAL RESULTS

The board (the "Board") of directors (the "Directors") of Top Spring International Holdings Limited (the "Company") is pleased to announce the consolidated annual results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December

2020 as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

FOR THE YEAR ENDED 31 DECEMBER 2020

		2020			2019
	Note	HK$'000	HK$'000
Revenue	3	575,051		719,246
Direct costs		(313,922)	(291,238)
Gross profit		261,129		428,008
Valuation (losses)/gains on investment properties and
investment properties classified as held for sale		(77,944)	197,409
Other revenue	4	139,945	153,819
Other net income/(loss)	5	48,742	(380,640)
Selling and marketing expenses		(76,898)	(51,619)
Administrative expenses		(310,126)	(421,149)
Impairment loss on trade and other receivables		(18,527)	(28,462)
Loss from operations		(33,679)	(102,634)
Finance costs	6(a)	(301,811)	(323,353)
Share of losses of associates		(2,122)	(2,621)
Share of losses of joint ventures		(8,992)	(15,781)
Loss before taxation	6	(346,604)	(444,389)
Income tax	7	(20,932)	(85,539)
Loss for the year		(367,536)	(529,928)

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		2020		2019
	Note	HK$'000	HK$'000
Attributable to:
Equity shareholders of the Company and holders of
bonus perpetual subordinated convertible securities
("PCSs")		(283,258)	(582,939)
Non-controlling interests		(84,278)	53,011
Loss for the year		(367,536)	(529,928)
Loss per share (HK$)	8
Basic and diluted		(0.19)	(0.38)

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2020

	2020		2019
	HK$'000	HK$'000
Loss for the year	(367,536)	(529,928)
Other comprehensive income for the year (after tax and
reclassification adjustments)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of:
- financial statements of foreign subsidiaries	685,152		(236,178)
- reclassified to profit or loss upon disposal
of subsidiaries	26	(6)
	685,178		(236,184)
Share of other comprehensive income of associates
and joint ventures	34,047		(6,851)
	719,225		(243,035)
Total comprehensive income for the year	351,689		(772,963)
Attributable to:
Equity shareholders of the Company
and holder of PCSs	421,274		(815,551)
Non-controlling interests	(69,585)	42,588
Total comprehensive income for the year	351,689		(772,963)

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