Want Want China : ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2019

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited 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.

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 0151)

ANNOUNCEMENT OF ANNUAL RESULTS

FOR THE YEAR ENDED 31 MARCH 2019

FINANCIAL HIGHLIGHTS

	Year ended 31 March
	20191	20182	Change
Key Income statement items	RMB'000	RMB'000	%
	Audited	Unaudited
		(Restated)
Revenue	20,712,027	20,149,781	+2.8
Gross profit	9,400,171	8,610,402	+9.2
Operating profit (excluding other income and other gains-net)	4,077,414	3,490,481	+16.8
Operating profit	4,586,483	4,192,076	+9.4
EBITDA3	5,440,400	5,109,049	+6.5
Profit attributable to equity holders of the Company	3,476,599	3,115,834	+11.6
Key financial ratios	%	%	% point
Gross profit margin	45.4	42.7	+2.7
Operating profit margin (excluding other income
and other gains-net)	19.7	17.3	+2.4
Operating profit margin	22.1	20.8	+1.3
EBITDA margin	26.3	25.4	+0.9
Margin of Profit attributable to equity holders of the Company	16.8	15.5	+1.3

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As announced by the Company on 22 August 2017, the Company's financial year end date has been changed from 31 December to 31 March, commencing from the financial period ended on 31 March 2018. Accordingly, the current financial year covers a twelve-month period from 1 April 2018 to 31 March 2019 with comparative figures for a fifteen-month period from 1 January 2017 to 31 March 2018, and therefore may not be comparable.

In order to improve the comparability of financial information, the unaudited comparative financial figures for the twelve-month period from 1 April 2017 to 31 March 2018 were presented on a voluntary basis.

EBITDA refers to earnings before interest, income tax, depreciation and amortization. It is calculated by adding back depreciation and amortization expenses to the operating profit for the period.

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The board (the "Board") of directors (the "Directors") of Want Want China Holdings Limited (the "Company") is pleased to announce the audited consolidated results of the Company and its subsidiaries (together, the "Group") for the year ended 31 March 2019 together with the comparative figures for the fifteen months ended 31 March 2018 as follows:

CONSOLIDATED INCOME STATEMENT

For the year ended 31 March 2019

		Audited		Unaudited	Audited
			Twelve months	Fifteen months
		Year ended 31 March		ended 31 March*	ended 31 March
	Note	2019		2018	2018
		RMB'000		RMB'000	RMB'000
					(Restated)	(Restated)
Revenue	4	20,712,027		20,149,781	24,705,513
Cost of sales		(11,311,856)	(11,539,379)	(14,064,890)
Gross profit		9,400,171		8,610,402	10,640,623
Distribution costs		(2,984,626)	(2,878,847)	(3,543,205)
Administrative expenses		(2,338,131)	(2,241,074)	(2,783,910)
Other income	5	459,304		553,211	711,839
Other gains - net	6	49,765		148,384	167,473
Operating profit		4,586,483		4,192,076	5,192,820
Finance income		503,035		349,680	435,450
Finance costs		(277,753)	(240,963)	(297,598)
Finance income-net		225,282		108,717	137,852
Share of losses of associates		(5,444)	(7,326)	(7,939)
Profit before income tax		4,806,321		4,293,467	5,322,733
Income tax expense	7	(1,343,750)	(1,183,019)	(1,468,445)
Profit for the year/period		3,462,571		3,110,448	3,854,288
Profit attributable to:
	3,476,599
- Equity holders of the Company			3,115,834	3,862,603
- Non-controlling interests		(14,028)	(5,386)	(8,315)
		3,462,571		3,110,448	3,854,288
Earnings per share for profit attributable
to equity holders of the Company
Basic earnings per share	8	RMB27.93 cents		RMB24.93 cents	RMB30.90 cents
Diluted earnings per share	8	RMB27.93 cents		RMB24.93 cents	RMB30.90 cents

• Voluntarily presented

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 March 2019

			Unaudited	Audited
	Audited	Twelve months	Fifteen months
	Year ended 31 March	ended 31 March*	ended 31 March
Note	2019		2018	2018
	RMB'000	RMB'000	RMB'000
Profit for the year/period	3,462,571		3,110,448	3,854,288
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of post-employment benefit obligations	2,991		(1,946)	(1,946)
Change in value of financial assets at fair value through
other comprehensive income	(9,376)	-	-
Items that may be reclassified to profit or loss
Change in value of available-for-sale financial assets	-	7,031	11,975
Currency translation differences	(332,143)	471,144	503,409
Other comprehensive income for the year/period	(338,528)	476,229	513,438
Total comprehensive income for the year/period	3,124,043		3,586,677	4,367,726
Attributable to:
- Equity holders of the Company	3,139,120		3,592,118	4,374,552
- Non-controlling interests	(15,077)	(5,441)	(6,826)
Total comprehensive income for the year/period	3,124,043		3,586,677	4,367,726

• Voluntarily presented

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CONSOLIDATED BALANCE SHEET

As at 31 March 2019

		Audited	Audited
		As at 31 March	As at 31 March
	Note	2019		2018
		RMB'000	RMB'000
				(Restated)
ASSETS
Non-current assets
Property, plant and equipment		7,324,116		7,800,800
Leasehold land and land use rights		939,914		1,149,627
Investment properties		38,038		39,293
Intangible assets		14,199		15,968
Investments in associates		18,779		28,859
Deferred income tax assets		242,205		248,560
Available-for-sale financial assets		-	46,962
Financial assets at fair value through other
comprehensive income		38,671		-
Other non-current assets		25,980		-
		8,641,902		9,330,069
Current assets
Inventories		2,384,046		2,569,489
Trade receivables	10	1,034,949		1,146,340
Prepayments, deposits and other receivables		641,450		671,723
Financial assets at fair value through profit or loss		-	465,790
Cash and cash equivalents		17,134,091		12,499,692
		21,194,536		17,353,034
Total assets		29,836,438		26,683,103

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		Audited		Audited
		As at 31 March		As at 31 March
	Note	2019	2018
		RMB'000		RMB'000
				(Restated)
EQUITY
Equity attributable to equity holders of the Company
Share capital		1,871,067	1,871,067
Reserves		13,459,632	12,617,130
		15,330,699	14,488,197
Non-controlling interests		97,537	122,703
Total equity		15,428,236	14,610,900
LIABILITIES
Non-current liabilities
Borrowings		7,770,478	3,101,257
Deferred income tax liabilities		267,528	144,200
Other non-current liabilities		75,037	97,794
		8,113,043	3,343,251
Current liabilities
Trade payables	11	1,034,900	1,286,830
Accruals and other payables		2,057,816	1,902,794
Contract liabilities	4(b)	1,117,431	1,320,652
Current income tax liabilities		341,130	415,820
Borrowings		1,743,882	3,802,856
		6,295,159	8,728,952
Total liabilities		14,408,202	12,072,203
Total equity and liabilities		29,836,438	26,683,103

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