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Singapore Exchange Securities Trading Limited assumes no responsibility for the correctness of any of the statements made, reports contained or opinions expressed in this announcement.
WILLAS-ARRAY ELECTRONICS (HOLDINGS) LIMITED
威雅利電子(集團)有限公司
(Incorporated in Bermuda with limited liability)
(Hong Kong stock code: 854)
(Singapore stock code: BDR)
UNAUDITED FIRST QUARTER
FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2019
This overseas regulatory announcement is issued pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
This results announcement is made in accordance with the relevant regulations of Singapore Exchange Securities Trading Limited. The financial information set out in this announcement has been prepared in accordance with the International Financial Reporting Standards and has not been audited nor reviewed by the Company's auditors. Shareholders of Willas-Array Electronics (Holdings) Limited (the "Company") and public investors should exercise caution when trading in the shares of the Company.
i
Please refer to the following pages for the document which has been published by the Company on the website of Singapore Exchange Securities Trading Limited on August 14, 2019.
By Order of the Board
Willas-Array Electronics (Holdings) Limited
Leung Chun Wah
Chairman and Executive Director
Hong Kong, August 14, 2019
As at the date of this announcement, the Board comprises four Executive Directors, namely Leung Chun Wah (Chairman), Kwok Chan Cheung (Deputy Chairman), Hon Kar Chun (Managing Director) and Leung Hon Shing; and three Independent Non-executive Directors, namely Jovenal R. Santiago, Wong Kwan Seng, Robert and Iu Po Chan, Eugene.
In the case of inconsistency, the English text of this announcement shall prevail over the Chinese text.
ii
WILLAS-ARRAY ELECTRONICS (HOLDINGS) LIMITED
Unaudited First Quarter Financial Statements And Dividend Announcement For The Three Months Ended June 30, 2019
PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS
1(a)(i) An income statement and statement of comprehensive income, or a statement of comprehensive income, for the group, together with a comparative statement for the corresponding period of the immediately preceding financial year.
Group Income Statement and Statement of Comprehensive Income for the First Quarter Ended June 30, 2019
For the three months | ||||||||
ended June 30, | ||||||||
2019 | 2018 | Change | ||||||
HK$'000 | HK$'000 | % | ||||||
(Unaudited) | (Unaudited) | |||||||
Revenue | 792,225 | 1,094,411 | -27.6 | |||||
Cost of sales | (737,614) | (984,734) | -25.1 | |||||
Gross profit | 54,611 | 109,677 | -50.2 | |||||
Other income | 1,004 | 1,170 | -14.2 | |||||
Distribution costs | (8,904) | (13,564) | -34.4 | |||||
Administrative expenses | (51,414) | (56,855) | -9.6 | |||||
Other gains and losses | (9,697) | (18,325) | -47.1 | |||||
Impairment losses, net of reversal | (700) | - | NM | |||||
Finance costs | (9,544) | (9,415) | +1.4 | |||||
(Loss) profit before tax | (24,644) | 12,688 | NM | |||||
Income tax expense | 72 | (5,733) | NM | |||||
(Loss) profit for the period | (24,572) | 6,955 | NM | |||||
Other comprehensive expense: | ||||||||
Items that may be reclassified subsequently to | ||||||||
profit or loss: | ||||||||
- Exchange differences on translation of | ||||||||
foreign operations | (7,374) | (10,956) | -32.7 | |||||
Other comprehensive expense for the period | (7,374) | (10,956) | -32.7 | |||||
Total comprehensive expense for the period | ||||||||
attributable to owners of the Company | (31,946) | (4,001) | -698.5 | |||||
NM - Not Meaningful
1
1(a)(ii) The (loss) profit before income tax had been arrived at after charging (crediting) the following:
For the three months | ||||
ended June 30, | ||||
2019 | 2018 | |||
HK$'000 | HK$'000 | |||
(Unaudited) | (Unaudited) | |||
Allowance for inventories | 8,272 | 3,415 | ||
Amortisation of prepaid lease payments | 3 | 3 | ||
Depreciation of property, plant and equipment | 3,589 | 3,090 | ||
Depreciation of right-of-use assets (Note) | 2,319 | - | ||
Impairment losses recognized on trade receivables | 700 | - | ||
Gain on disposal of property, plant and equipment | - | (2) | ||
Net foreign exchange loss | 10,347 | 18,302 | ||
Net (gain) loss on fair value changes of derivative | ||||
financial instruments | (650) | 25 | ||
Share-based payment expense | - | 944 | ||
Interest income from bank deposits | (827) | (392) | ||
Interest expense on borrowings | 9,404 | 9,415 | ||
Note: Certain rental expenses of operating lease were reclassified to depreciation of right-of-use assets in accordance with the adoption of IFRS 16 Leases with effect from April 1, 2019. The right-of-use assets were grouped under property, plant and equipment in the Group's statement of financial position.
2
1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year.
Group Statement of Financial Position | |||
As at | As at | ||
June 30, | March 31, | ||
2019 | 2019 | ||
HK$'000 | HK$'000 | ||
(Unaudited) | (Audited) | ||
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 288,917 | 279,355 | |
Prepaid lease payments - non-current | 541 | 544 | |
Club debentures | 2,001 | 2,001 | |
Interest in an associate | - | - | |
Financial assets measured at fair value through other | |||
comprehensive income | - | - | |
Long-term deposits | 16,001 | 16,514 | |
Deferred tax assets | 2,091 | 1,972 | |
Restricted bank deposits | 2,270 | - | |
Total non-current assets | 311,821 | 300,386 | |
Current assets | |||
Inventories | 629,610 | 689,898 | |
Trade receivables | 814,458 | 768,428 | |
Other receivables, deposits and prepayments | 9,954 | 10,019 | |
Prepaid lease payments - current | 12 | 12 | |
Income tax recoverable | 12,095 | 12,201 | |
Derivative financial instruments | 519 | 31 | |
Restricted bank deposits | 4,540 | 4,673 | |
Cash and cash equivalents | 294,856 | 297,498 | |
Total current assets | 1,766,044 | 1,782,760 | |
Total assets | 2,077,865 | 2,083,146 | |
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HKEx - Hong Kong Exchanges and Clearing Ltd. published this content on 14 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2019 09:51:01 UTC