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.
WH Group Limited萬洲國際有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 288) AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2016 OF HENAN LUOHE SHUANGHUI INDUSTRY GROUP CO., LTD.Henan Luohe Shuanghui Industry Group Co., Ltd.* (河南省漯河市雙匯實業集團有限責任公 司) ("Shuanghui Group") is a company incorporated in the People's Republic of China (the "PRC") with medium-term notes trading on the inter-bank bond market in the PRC.
As at the date of this announcement, Shuanghui Group is an indirect wholly owned subsidiary of WH Group Limited (the "Company"). On March 22, 2017, Shuanghui Group filed its annual financial statements for the year ended December 31, 2016 (the "Shuanghui Group Financial Statements") with the Shanghai Clearing House. It is important to note that the audited consolidated financial results contained in the Shuanghui Group Financial Statements have been prepared in accordance with the China Accounting Standards for Business Enterprises. The Company prepares its consolidated financial results in accordance with International Financial Reporting Standards ("IFRS"). Accordingly, Shuanghui Group's results reported herein differ from Shuanghui Group's results contained in the Company's consolidated financial statements, which include certain adjustments in order to conform to IFRS.
SUMMARY OF RESULTS OF SHUANGHUI GROUP FOR THE YEAR ENDED DECEMBER 31, 2016For the year ended December 31, 2016, turnover increased 15.9% from the comparable period of 2015 to RMB51,983 million. Net profit increased 4.9% from the comparable period of 2015 to RMB4,627 million.
* For identification purposes only
The audited consolidated statement of profit or loss for the year ended December 31, 2016 and the audited consolidated balance sheet as at December 31, 2016 of Shuanghui Group are provided below:
SHUANGHUI GROUP CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the year ended December 31, 2016 2015RMB RMB
(audited) (audited) I. Total operating income 51,982,849,776.27 44,869,324,658.03Including: Operating income 51,968,861,144.17 44,869,324,658.03 Interest income 13,965,816.02 -
Handling and commission income 22,816.08 - Less: Total operating costs 46,477,126,812.48 39,693,540,572.90
Including: Operating costs 42,481,057,718.70 35,479,566,852.00
Interest expenses 798,867.66 -
Handling and commission
charges 336,163.04 -
Business tax and levies 327,038,686.02 200,543,418.79
Selling expenses 2,163,803,711.11 2,210,796,191.92
Administrative expenses 1,307,064,847.39 1,529,678,448.43
Financial expenses 31,499,903.98 163,939,835.96
Impairment losses of assets 165,526,914.58 109,015,825.80
Add: Investment income 112,487,082.79 193,621,829.24 Including: Income from investments in
associates and joint ventures 18,416,856.20 14,981,875.12
II. Operating profit 5,618,210,046.58 5,369,405,914.37Add: Non-operating income 397,579,393.54 322,279,775.56 Including: Gain on disposal of
non-current assets 3,012,671.67 1,525,467.74
Less: Non-operating expenses 44,166,881.63 27,639,690.82 Including: Loss on disposal of
non-current assets 30,784,255.94 20,763,228.80
III. Total profit 5,971,622,558.49 5,664,045,999.11Less: Income tax expenses 1,345,109,004.09 1,254,929,729.21
IV. Net profit 4,626,513,554.40 4,409,116,269.90Net profit attributable to owners of Shuanghui
Group 2,661,786,654.22 2,525,702,779.65
Profit or loss attributable to non-controlling
interests 1,964,726,900.18 1,883,413,490.25
V. Total comprehensive income 4,626,513,554.40 4,409,116,269.90 Total comprehensive income attributable toowners of Shuanghui Group 2,661,786,654.22 2,525,702,779.65 Total comprehensive income attributable to
non-controlling interests 1,964,726,900.18 1,883,413,490.25
SHUANGHUI GROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAs at December 31, 2016 RMB (audited) | As at January 1, 2016 RMB (audited) | |
Current assets: Cash and bank balances | 4,095,127,847.64 | 2,594,979,496.68 |
Bills receivables | 60,233,834.95 | 34,175,619.57 |
Trade receivables | 114,882,233.19 | 158,235,038.76 |
Other receivables | 57,034,937.23 | 262,757,026.03 |
Prepayments | 72,790,887.27 | 97,587,638.44 |
Inventories | 3,279,843,111.65 | 3,424,976,244.37 |
Non-current assets due within one year | 2,334,034.42 | 2,272,659.63 |
Other current assets | 258,644,251.68 | 2,814,151,519.73 |
Total current assets Non current assets: Available-for-sale investments | 7,940,891,138.03 36,038,891.59 | 9,389,135,243.21 - |
Long-term equity investments | 176,666,881.24 | 161,593,594.79 |
Fixed assets | 11,804,685,571.75 | 12,048,997,944.86 |
Construction in progress | 532,734,054.60 | 715,482,901.94 |
Materials for construction of fixed assets | 2,340,246.89 | 6,841,417.05 |
Biological assets | 70,951,919.14 | 52,801,618.67 |
Intangible assets | 974,082,474.53 | 999,828,809.39 |
Capitalised development expenditure | 2,475,300.00 | 1,816,080.00 |
Long-term prepaid expenses | 63,505,964.93 | 73,360,877.29 |
Deferred tax assets | 78,799,532.66 | 223,492,858.19 |
Other non-current assets | 5,412,685.60 | 44,552,160.88 |
Total non-current assets | 13,747,693,522.93 | 14,328,768,263.06 |
Total assets Current liabilities: Short-term borrowings | 21,688,584,660.96 2,055,075,083.14 | 23,717,903,506.27 2,222,720,015.95 |
Deposit receipts | 143,024,915.29 | - |
Bills payables | 2,459,015,648.45 | 2,441,149,522.55 |
Trade payables | - | 4,185,763.00 |
Receipts in advance | 717,450,430.63 | 638,644,451.09 |
Accrued staff costs | 633,902,988.71 | 677,271,998.29 |
Taxes payables | 318,557,910.91 | 322,202,385.52 |
Interest payables | 20,468,801.24 | 22,441,891.71 |
Dividend payables | 118,669,486.59 | 1,423,459.07 |
Other payables | 830,629,435.23 | 792,191,062.96 |
Non-current liabilities due within one year | 1,077,111.25 | 1,032,499.27 |
Other current liabilities | 8,440,201.50 | 10,103,449.79 |
Total current liabilities | 7,306,312,012.94 | 7,133,366,499.20 |
As at December 31, 2016 RMB (audited) | As at January 1, 2016 RMB (audited) | |
Non-current liabilities: Long-term borrowings | 18,692,977.44 | 18,939,454.77 |
Notes payable | 997,309,182.85 | 995,802,465.96 |
Special account payables | 286,605.02 | 321,400.25 |
Deferred tax liabilities | 49,400,289.66 | 16,596,345.82 |
Deferred income | 52,591,390.28 | 57,251,396.79 |
Total non-current liabilities | 1,118,280,445.25 | 1,088,911,063.59 |
Total liabilities | 8,424,592,458.19 | 8,222,277,562.79 |
Owners' equity: Share capital | 1,500,000,000.00 | 1,500,000,000.00 |
Capital reserve | 1,244,560,050.25 | 751,932,154.02 |
Special account reserve | 810,188.10 | 841,537.66 |
Surplus reserve | 750,000,000.00 | 693,129,469.09 |
Other reserve | 25,522.71 | - |
Retained profits Total equity attributable to owners of Shuanghui Group | 3,180,612,590.38 6,676,008,351.44 | 4,815,721,989.78 7,761,625,150.55 |
Non-controlling interests | 6,587,983,851.33 | 7,734,000,792.93 |
Total owners' equity | 13,263,992,202.77 | 15,495,625,943.48 |
Total liabilities and owners' equity | 21,688,584,660.96 | 23,717,903,506.27 |
If you wish to review the Shuanghui Group Financial Statements in full, please visit http://www.shclearing.com or http://www.chinamoney.com.cn.
By order of the board of directors of
WH Group Limited Wan LongChairman and Chief Executive Officer
Hong Kong, March 22, 2017
As at the date of this announcement, the executive directors of the Company are Mr. WAN Long, Mr. GUO Lijun, Mr. ZHANG Taixi, Mr. SULLIVAN Kenneth Marc and Mr. YOU Mu; the non-executive director of the Company is Mr. JIAO Shuge; and the independent non-executive directors of the Company are Mr. HUANG Ming, Mr. LEE Conway Kong Wai and Mr. LAU, Jin Tin Don.
WH Group Ltd. published this content on 22 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 March 2017 10:14:06 UTC.
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