Min Xin : ANNOUNCEMENT OF 2018 ANNUAL RESULTS

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MIN XIN HOLDINGS LIMITED

閩信集團有限公司

(Incorporated in Hong Kong with limited liability)

(Stock code: 222)

ANNOUNCEMENT OF 2018 ANNUAL RESULTS

FINANCIAL HIGHLIGHTS

•Profit attributable to shareholders amounted to HK$578 million, an increase of 11.8%

•Basic earnings per share increased by 0.5% to 96.79 HK cents

•Total assets increased by 0.8% to HK$7.3 billion

•Total equity attributable to shareholders increased by 3.4% to HK$6.73 billion

•Recommended a final dividend of 10 HK cents per ordinary share, an increase of 25%

The board (the "Board") of directors (the "Directors") of Min Xin Holdings Limited (the "Company") hereby announces the audited consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the year ended 31 December 2018 as follows:

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CONSOLIDATED INCOME STATEMENT

For the year ended 31 December 2018

		2018				2017
	Note	HK$'000				HK$'000
Total revenues	2	1,038,698				960,046
Other (losses)/gains - net	3	(11,427)				25,803
Costs of sales		(920,394)				(819,733)
Net insurance claims incurred and commission
expenses incurred on insurance business	4	(36,973)				(53,293)
Write back of impairment loss on loans to
customers and interest receivable		4,016				3,393
Selling and distribution costs		(2,332)				(1,214)
Administrative and other expenses		(52,260)				(58,947)
Operating profit	5	19,328				56,055
Finance costs	6	(26,165)				(37,056)
Share of results of associates		617,363				517,924
Profit before taxation		610,526				536,923
Income tax expense	7	(32,436)				(20,033)
Profit for the year		578,090				516,890
Dividend
Final dividend		59,726				47,781
		HK CENTS				HK CENTS
Earnings per share
Basic and diluted	8	96.79				96.30
Dividend per share
Final dividend		10				8

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December 2018

2018 2017

HK$'000 HK$'000

Profit for the year

578,090

516,890

Other comprehensive income

Items that will not be reclassified to income statement:

Equity investments at fair value through other
	comprehensive income - net movement
	in fair value reserve (non-recycling)	66,903		-
Share of other comprehensive income of associates		(171)		-
		66,732		-

Items that may be reclassified subsequently to   income statement:

Available-for-sale financial assets - net movement
in fair value reserve (recycling)
	Fair value changes	-		(29,946)
	Deferred income tax	-		(41)
	Released on disposal	-		(10,265)
		-		(40,252)
Exchange differences arising on translation of the
financial statements of foreign subsidiaries and
	associates	(311,630)		399,654
Share of other comprehensive income of associates		191,041		(139,080)
		(120,589)		220,322
Other comprehensive income for the year, net of tax		(53,857)		220,322
Total comprehensive income for the year		524,233		737,212

- 3 -

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2018

		2018	2017
	Note	HK$'000		HK$'000
Non-current assets		20,935
Property, plant and equipment			16,878
Intangible assets		1,573	2,504
Investment properties		169,632	169,818
Associates		4,988,673	4,842,032
Financial assets at fair value through		570,417
other comprehensive income				-
Available-for-sale financial assets		-	503,514
Financial assets at amortised cost		3,129		-
Held-to-maturity financial assets		-	3,119
Loans to customers and interest receivable	10	-	39
Reinsurance assets		1,546	213
Prepayments		6	180
Pledged bank deposit		227,800		-
Deferred income tax assets		535		10,150
		5,984,246	5,548,447
Current assets		10,668
Inventories			89,946
Investments in receivables		-	132,105
Deferred acquisition costs		21,242	16,868
Insurance receivable	9	13,134	10,854
Reinsurance assets		4,791	6,099
Loans to customers and interest receivable	10	22,875	26,026
Banker's acceptance		56,186		-
Other debtors		2,927	6,324
Advance payment		1,387	99,480
Other prepayments and deposits		1,548	1,437
Repossessed assets		-	3,940
Financial assets at fair value through profit or loss		306	304
Cash and bank balances		1,177,580		1,300,589
		1,312,644	1,693,972
Current liabilities		65,523
Insurance contracts			49,991
Insurance payable	11	9,196	7,250
Other creditors and accruals		24,498	29,579
Bank borrowings		198,804	354,141
Current income tax payable		25,495		26,369
		323,516	467,330
Net current assets		989,128	1,226,642
Total assets less current liabilities		6,973,374	6,775,089

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)

As at 31 December 2018

		2018	2017
Note		HK$'000		HK$'000
Non-current liabilities		199,966
Bank borrowings			198,131
Insurance contracts		17,482	37,659
Deferred income tax liabilities		24,106		28,397
		241,554	264,187
Net assets		6,731,820		6,510,902
Equity		1,715,377
Share capital			1,715,377
Other reserves		1,504,672	1,628,236
Retained profits		3,511,771	3,167,289
Total equity attributable to shareholders
of the Company		6,731,820	6,510,902

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