Tsui Wah : Announcements and Notices – INTERIM RESULTS ANNOUNCEMENT FOR THE SIX-MONTH PERIOD ENDED 30 SEPTEMBER 2018

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the "Stock Exchange") 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.

Tsui Wah Holdings Limited ၯശછٰϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1314)

INTERIM RESULTS ANNOUNCEMENT

FOR THE SIX-MONTH PERIOD ENDED 30 SEPTEMBER 2018

FINANCIAL HIGHLIGHTS

Six-month period ended

30 September

% Change

2018	2017
(Unaudited)	(Unaudited)
HK$'000	HK$'000
Revenue	895,772	904,841	(1.0)%
Hong Kong#	561,805	590,505	(4.9)%
Mainland China	325,481	303,899	7.1%
Others*	8,486	10,437	(18.7)%
EBITDA1	72,286	115,562	(37.4)%
Profit attributable to owners
of the Company	14,410	48,009	(70.0)%
Basic earnings per share	HK1.02 cents	HK3.40 cents	(70.0)%
Number of restaurants including
joint ventures
(As at 30 September)	2018	2017
Hong Kong	36	31
Mainland China	34	31
Macau	3	3
Singapore	1	-

#	Revenue from external customers located in Hong Kong includes revenue derived from the sale of food to a
joint venture of the Group amounting to approximately HK$3,940,000 (six-month period ended 30
September 2017: approximately HK$4,441,000).
*	Represents revenue derived from the sale of food to a joint venture of the Group.
1	Means earnings before interest, tax, depreciation and amortization.

INTERIM RESULTS

The board (the "Board") of directors (the "Directors", each a "Director") of Tsui Wah Holdings Limited (the "Company") announces the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively the "Group" or "Tsui Wah") for the six-month period ended 30 September 2018 together with relevant comparative audited or unaudited figures. The interim financial information for the six-month period ended 30 September 2018 has not been audited, but has been reviewed by the audit committee of the Company (the "Audit Committee") and the external auditors of the Company.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six-month period ended 30 September 2018

Six-month period ended

30 September

2018 2017

(Unaudited) (Unaudited)

Notes

HK$'000 HK$'000

REVENUE	4	895,772	904,841
Other income	6,987	5,843
Cost of inventories sold	(249,969)	(250,800)
Staff costs	(280,359)	(257,471)
Depreciation and amortisation	(53,934)	(53,676)
Property rentals and related expenses	(157,644)	(166,844)
Fuel and utility expenses	(45,059)	(43,359)
Selling and distribution expenses	(17,999)	(18,068)
Other operating expenses	(97,497)	(76,072)
Finance costs	(823)	(785)
Share of profits of joint ventures	20,411	18,797
PROFIT BEFORE TAX	19,886	62,406
Income tax expense	5	(5,415)	(14,179)
PROFIT FOR THE PERIOD	14,471	48,227
Attributable to:
Owners of the Company	14,410	48,009
Non-controlling interests	61	218
14,471	48,227
EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF
THE COMPANY
Basic	7	HK1.02 cents	HK3.40 cents
Diluted	7	N/A	HK3.40 cents

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six-month period ended 30 September 2018

Six-month period ended

30 September

2018	2017
(Unaudited)	(Unaudited)
HK$'000	HK$'000
PROFIT FOR THE PERIOD	14,471	48,227
OTHER COMPREHENSIVE INCOME/(LOSS)
Other comprehensive income/(loss) to be reclassified to
profit or loss in subsequent periods:
Exchange differences on translation of foreign operations	(46,287)	20,395
TOTAL COMPREHENSIVE INCOME/(LOSS)
FOR THE PERIOD, NET OF TAX	(31,816)	68,622
Attributable to:
Owners of the Company	(31,877)	68,404
Non-controlling interests	61	218
(31,816)	68,622

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 September 2018

30 September

2018

(Unaudited)

31 March 2018 (Audited)

Notes

HK$'000

HK$'000

NON-CURRENT ASSETS Property, plant and equipment Investment properties Prepaid land lease payments Intangible assets Investments in joint ventures

Prepayments and deposits paid in advance for purchases of property, plant and equipment Non-current deposits and other receivables Deferred tax assets

8

494,458 502,671

116,018 128,704

23,047 25,576

8,699 7,521

77,424 68,681

63,387 66,941

89,834 99,714

21,685 22,332

Total non-current assets

894,552 922,140

CURRENT ASSETS Inventories

Trade receivables

Prepayments, deposits and other receivables Tax recoverable

Pledged time deposits Cash and cash equivalents

Total current assets

20,542 19,062

9

8,870 8,134

78,175 92,008

3,926 5,805

9,145 9,102

440,129 509,987

•

•

560,787 644,098

CURRENT LIABILITIES Trade payables

Other payables and accruals Interest-bearing bank borrowings Finance lease payables

Tax payable

10

79,022 89,104

144,280 141,520

64,925 66,832

202 4,305

196 5,614

Total current liabilities

292,734 303,266

NET CURRENT ASSETS

TOTAL ASSETS LESS CURRENT

LIABILITIES

268,053 340,832

1,162,605

1,262,972

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)

As at 30 September 2018

30 September	31 March
2018	2018
(Unaudited)	(Audited)
Note	HK$'000	HK$'000
NON-CURRENT LIABILITIES
Other payable and accruals	46,728	42,620
Finance lease payables	426	529
Deferred tax liabilities	1,318	3,808
Total non-current liabilities	48,472	46,957
Net assets	1,114,133	1,216,015
EQUITY
Equity attributable to owners of the Company
Issued capital	11	14,112	14,112
Reserves	1,098,350	1,200,293
1,112,462	1,214,405
Non-controlling interests	1,671	1,610
Total equity	1,114,133	1,216,015