Wai Kee : 3/19/2019, Announcement of Final Results for the year ended 31st December, 2018 (Download)

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WAI KEE HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability)

(Stock Code: 610)

ANNOUNCEMENT OF FINAL RESULTS

FOR THE YEAR ENDED 31ST DECEMBER, 2018

Financial Performance Highlights

Revenue	HK$6,736 million
Profit attributable to owners of the Company	HK$1,211 million
Basic earnings per share	HK152.64 cents
Final dividend per share	HK23.4 cents
Equity attributable to owners of the Company per share	HK$9.82
1

RESULTS

The board of directors (the "Board") of Wai Kee Holdings Limited (the "Company") announces the audited results of the Company and its subsidiaries (the "Group") for the year ended 31st December, 2018 as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

FOR THE YEAR ENDED 31ST DECEMBER, 2018

2018	2017
Notes	HK$'000	HK$'000
Revenue from goods and services	2	6,735,845	6,500,117
Cost of sales	(5,803,952)	(5,864,366)
________________________	________________________
Gross profit	931,893	635,751
Other income	4	69,096	63,077
Other gains and losses	5	(139,581)	36,219
Selling and distribution costs	(98,290)	(90,998)
Administrative expenses	(481,315)	(355,631)
Finance costs	6	(76,437)	(67,505)
Share of results of associates	1,262,277	833,456
Share of results of joint ventures	35,020	9,968
________________________	________________________
Profit before tax	7	1,502,663	1,064,337
Income tax expense	8	(119,132)	(70,048)
________________________	________________________
Profit for the year	1,383,531	994,289
Profit for the year attributable to:
Owners of the Company	1,210,625	912,462
Non-controlling interests	172,906	81,827
________________________	________________________
1,383,531	994,289
HK cents	HK cents
Earnings per share	10
- Basic	152.64	115.05
- Diluted	152.61	114.90

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST DECEMBER, 2018

2018	2017
HK$'000	HK$'000
Profit for the year	1,383,531	994,289
________________________	________________________
Other comprehensive (expense) income
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising on translation of foreign operations	(7,244)	9,602
Share of translation reserves of associates	(365,976)	355,564
Share of translation reserves of joint ventures	604	-
________________________	________________________
Other comprehensive (expense) income for the year	(372,616)	365,166
________________________	________________________
Total comprehensive income for the year	1,010,915	1,359,455
Total comprehensive income for the year attributable to:
Owners of the Company	841,128	1,273,192
Non-controlling interests	169,787	86,263
________________________	________________________
1,010,915	1,359,455

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31ST DECEMBER, 2018

2018	2017
Notes	HK$'000	HK$'000
Non-current assets
Property, plant and equipment	307,714	544,633
Intangible assets	254,557	510,864
Goodwill	29,838	29,838
Interests in associates	7,391,059	6,556,960
Interests in joint ventures	268,124	229,113
Available-for-sale investments	-	63,112
Financial assets at fair value through profit or loss
("FVTPL")	80,125	-
Other financial asset at amortised cost	38,654	42,909
Deposits paid for acquisition of property, plant and
equipment	-	1,619
________________________	________________________
8,370,071	7,979,048
________________________	________________________
Current assets
Inventories	97,775	56,886
Amounts due from customers for contract work	-	253,443
Debtors, deposits and prepayments	11	551,621	1,924,917
Contract assets	12	1,672,750	-
Amounts due from associates	11,201	14,168
Loans to joint ventures	22,020	-
Amounts due from other partners of joint operations	212,994	134,934
Tax recoverable	13,135	11,950
Financial assets at FVTPL	102,588	46,391
Cash held on behalf of customers	744	-
Time deposits with original maturity of not less than
three months	284,400	-
Pledged bank deposits	2,336	37
Bank balances and cash	1,526,070	1,305,972
________________________	________________________
4,497,634	3,748,698
________________________	________________________
Current liabilities
Amounts due to customers for contract work	-	410,053
Creditors and accrued charges	13	2,428,595	2,284,541
Contract liabilities	566,355	-
Amounts due to associates	17,686	16,842
Amounts due to joint ventures	1,236	1,142
Amounts due to other partners of joint operations	2,691	61,710
Amounts due to non-controlling shareholders	3,359	3,359
Tax liabilities	128,738	61,301
Bank loans	327,250	389,721
________________________	________________________
3,475,910	3,228,669
________________________	________________________
Net current assets	1,021,724	520,029
________________________	________________________
Total assets less current liabilities	9,391,795	8,499,077
________________________	________________________

2018	2017
HK$'000	HK$'000
Non-current liabilities
Payable for extraction right	258,227	335,294
Provision for rehabilitation costs	20,354	29,980
Deferred tax liabilities	5,750	5,750
Obligations in excess of interests in associates	14,416	17,246
Obligations in excess of interests in joint ventures	4,853	-
Amount due to an associate	3,192	3,701
Bank loans	672,000	504,350
Bonds	219,869	219,350
________________________	________________________
1,198,661	1,115,671
________________________	________________________
Net assets	8,193,134	7,383,406
Capital and reserves
Share capital	79,312	79,312
Share premium and reserves	7,707,733	6,983,417
________________________	________________________
Equity attributable to owners of the Company	7,787,045	7,062,729
Non-controlling interests	406,089	320,677
________________________	________________________
Total equity	8,193,134	7,383,406
Notes:

1.

APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs")

New and amendments to HKFRSs that are mandatorily effective for the current year

The Group has applied the following new and amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") for the first time in the current year:

HKFRS 9	Financial Instruments
HKFRS 15	Revenue from Contracts with Customers and the related
Amendments
HK(IFRIC) - Int 22	Foreign Currency Transactions and Advance
Consideration
Amendments to HKFRS 2	Classification and Measurement of Share-based Payment
Transactions
Amendments to HKFRS 4	Applying HKFRS 9 Financial Instruments with
HKFRS 4 Insurance Contracts
Amendments to HKAS 28	As part of the Annual Improvements to HKFRSs
2014-2016 Cycle
Amendments to HKAS 40	Transfers of Investment Property

Except as described below, the application of the new and amendments to HKFRSs in the current year has had no material effect on the Group's financial performance and positions for the current and prior years and/or on the disclosures set out in the Group's consolidated financial statements.