Wai Kee : 8/19/2019, Announcement of Interim Results for the six months ended 30th June, 2019 (Download)

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.

WAI KEE HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability)

(Stock Code: 610)

ANNOUNCEMENT OF INTERIM RESULTS

FOR THE SIX MONTHS ENDED 30TH JUNE, 2019

Financial Performance Highlights
Revenue	HK$3,738 million
Profit attributable to owners of the Company	HK$398 million
Basic earnings per share	HK50.14 cents
Interim dividend per share	HK8 cents
Equity attributable to owners of the Company per share	HK$10.09

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RESULTS

The board of directors (the "Board") of Wai Kee Holdings Limited (the "Company") announces the unaudited results of the Company and its subsidiaries (the "Group") for the six months ended 30th June,

2019 as follows:

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SIX MONTHS ENDED 30TH JUNE, 2019

		Six months ended
		30th June,
		2019	2018
		(Unaudited)	(Unaudited)
	Notes	HK$'000	HK$'000
Revenue from goods and services	3	3,738,115	3,380,544
Cost of sales		(3,367,956)	(2,903,529)
		________________________	________________________
Gross profit		370,159	477,015
Other income	5	41,859	33,859
Other gains and losses	6	23,139	(46,015)
Selling and distribution costs		(45,007)	(47,499)
Administrative expenses		(221,068)	(208,591)
Finance costs	7	(37,437)	(37,340)
Share of results of associates		375,917	336,331
Share of results of joint ventures		(2,309)	3,291
		________________________	________________________
Profit before tax	8	505,253	511,051
Income tax expense	9	(45,205)	(52,547)
		________________________	________________________
Profit for the period		460,048	458,504
		________________________	________________________
		________________________	________________________
Profit for the period attributable to:
Owners of the Company		397,660	358,376
Non-controlling interests		62,388	100,128
		________________________	________________________
		460,048	458,504
		________________________	________________________
		________________________	________________________
		HK cents	HK cents
Earnings per share	11
- Basic		50.14	45.19
		________________________	________________________
		________________________	________________________
- Diluted		50.14	45.17
		________________________	________________________
		________________________	________________________

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CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30TH JUNE, 2019

Six months ended 30th June,

20192018

(Unaudited) (Unaudited)

HK$'000HK$'000

Profit for the period	460,048	458,504
	________________________	________________________
Other comprehensive (expense) income
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising on translation of foreign operations	(237)	(1,913)
Share of translation reserves of associates	7,273	(45,239)
Share of translation reserves of joint ventures	(374)	-
	________________________	________________________
Other comprehensive income (expense) for the period	6,662	(47,152)
	________________________	________________________
Total comprehensive income for the period	466,710	411,352
	________________________	________________________
	________________________	________________________
Total comprehensive income for the period attributable to:
Owners of the Company	404,256	312,095
Non-controlling interests	62,454	99,257
	________________________	________________________
	466,710	411,352
	________________________	________________________
	________________________	________________________

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30TH JUNE, 2019

		30th June,	31st December,
		2019	2018
		(Unaudited)	(Audited)
	Notes	HK$'000	HK$'000
Non-current assets
Property, plant and equipment		211,330	307,714
Right-of-use assets		74,656	-
Intangible assets		232,860	254,557
Goodwill		29,838	29,838
Interests in associates		7,485,145	7,391,059
Interests in joint ventures		262,970	268,124
Financial assets at fair value through profit or loss
("FVTPL")		43,048	80,125
Other financial asset at amortised cost		38,025	38,654
		________________________	________________________
		8,377,872	8,370,071
		________________________	________________________
Current assets
Inventories		98,903	97,775
Debtors, deposits and prepayments	12	496,441	551,621
Contract assets	13	1,631,161	1,672,750
Amounts due from associates		10,879	11,201
Loans to joint ventures		19,777	22,020
Amount due from a joint venture		2,027	-
Amounts due from other partners of joint operations		246,315	212,994
Tax recoverable		6,545	13,135
Financial assets at FVTPL		97,856	102,588
Cash held on behalf of customers		46,546	744
Pledged bank deposits		65,317	2,336
Time deposits with original maturity of not
less than three months		320,000	284,400
Bank balances and cash		2,024,846	1,526,070
		________________________	________________________
		5,066,613	4,497,634
		________________________	________________________
Current liabilities
Creditors and accrued charges	14	2,491,333	2,428,595
Contract liabilities		917,619	566,355
Amounts due to associates		18,791	17,686
Amounts due to joint ventures		1,236	1,236
Amounts due to other partners of joint operations		2,011	2,691
Amounts due to non-controlling shareholders		3,359	3,359
Lease liabilities		36,074	-
Tax liabilities		143,063	128,738
Bank loans		240,264	327,250
Bonds		76,794	-
		________________________	________________________
		3,930,544	3,475,910
		________________________	________________________
Net current assets		1,136,069	1,021,724
		________________________	________________________
Total assets less current liabilities		9,513,941	9,391,795
		________________________	________________________

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	30th June,	31st December,
	2019	2018
	(Unaudited)	(Audited)
	HK$'000	HK$'000
Non-current liabilities
Payable for extraction right	218,076	258,227
Provision for rehabilitation costs	20,924	20,354
Deferred tax liabilities	5,750	5,750
Obligations in excess of interests in associates	16,472	14,416
Obligations in excess of interests in joint ventures	6,460	4,853
Amount due to an associate	2,399	3,192
Lease liabilities	37,518	-
Bank loans	630,350	672,000
Bonds	135,447	219,869
	________________________	________________________
	1,073,396	1,198,661
	________________________	________________________
Net assets	8,440,545	8,193,134
	________________________	________________________
	________________________	________________________
Capital and reserves
Share capital	79,312	79,312
Share premium and reserves	7,926,226	7,707,733
	________________________	________________________
Equity attributable to owners of the Company	8,005,538	7,787,045
Non-controlling interests	435,007	406,089
	________________________	________________________
Total equity	8,440,545	8,193,134
	________________________	________________________
	________________________	________________________

Notes:

1. BASIS OF PREPARATION
   The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange").
2. SIGNIFICANT ACCOUNTING POLICIES
   The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at fair values.
   Other than changes in accounting policies resulting from application of new and amendments to Hong Kong Financial Reporting Standards ("HKFRSs"), the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30th June, 2019 are the same as those followed in the preparation of the consolidated financial statements for the year ended 31st December, 2018.

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