Wong International : INTERIM REPORT FOR 2021

WONG'S INTERNATIONAL HOLDINGS LIMITED

王 氏 國 際 集 團 有 限 公 司

(Incorporated in Bermuda with limited liability)

INTERIM REPORT FOR 2021

This interim report is printed on environmentally friendly paper

UNAUDITED INTERIM RESULTS

The board of directors (the "Board" or "Directors") of Wong's International Holdings Limited (the "Company") is pleased to present the unaudited condensed consolidated interim financial information of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2021 as follows:

CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2021

			2021		Unaudited
				2020
	Note	HK$'000				HK$'000
Revenue	6		1,556,820		1,438,904
Other income			7,795		9,212
Changes in inventories of finished			(60,562)
goods and work in progress						(41,920)
Raw materials and consumables used			(1,089,386)				(1,011,007)
Employee benefit expenses			(228,839)				(208,722)
Depreciation	7		(38,918)	(35,118)
Other operating expenses	7		(83,355)	(77,322)
Change in fair value of investment properties	13		(11,700)	(353,220)
Other gains - net	8		5,076		10,372
Provision of impairment losses on			(1,104)
trade receivables	7,15		(920)
Operating profit/(loss)			55,827		(269,741)
Finance income	9		8,202		10,854
Finance costs	9		(22,553)	(31,137)
Share of profit/(loss) of an associate			297		(891)
Share of profits/(losses) of			4,306
joint ventures	14			(303,881)
Profit/(loss) before income tax			46,079		(594,796)
Income tax expense	10		(18,267)	(18,370)
Profit/(loss) after income tax			27,812		(613,166)
Profit/(loss) attributable to
owners of the Company			27,812			(613,166)
Non-controlling interests			-				-
			27,812		(613,166)
Dividends	11		7,177		9,570
Earnings/(loss) per share
attributable to owners of the
Company during the period
Basic	12		HK$0.06				(HK$1.28)
Diluted	12		HK$0.06				(HK$1.28)

The notes on pages 7 to 29 are an integral part of this condensed consolidated interim financial information.

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CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2021

Unaudited

20212020

HK$'000 HK$'000

Profit/(loss) for the period

27,812

(613,166)

Other comprehensive income:

Items that may be reclassified to

• consolidated income statement:
• Cash flow hedge - fair value gains/(losses)

		for the period	8,016	(23,084)
	Cash flow hedge - deferred income tax recognised	(1,323)	3,809
	Currency translation differences
		- Group	16,075	(30,476)
		- Associates	323	(53)

Item that will not be reclassified subsequently to

• consolidated income statement:
• Changes in fair value of financial assets at

	fair value through other comprehensive income	964		25
Other comprehensive income/(loss)
for the period, net of tax	24,055		(49,779)
Total comprehensive income/(loss) for the period	51,867		(662,945)
Attributable to:
Owners of the Company	51,867		(662,945)
	Non-controlling interests	-	-
Total comprehensive income/(loss) for the period	51,867		(662,945)

The notes on pages 7 to 29 are an integral part of this condensed consolidated interim financial information.

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CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2021

				Unaudited		Audited
				As at		As at
				30 June		31 December
				2021	2020
			Note	HK$'000		HK$'000
ASSETS
Non-current assets
	Property, plant and equipment	13	229,802	249,956
	Investment properties	13	2,041,057	2,052,585
	Right-of-use assets		142,104	110,176
	Investments in associates		26,339	25,719
	Interests in joint ventures	14	2,138,677	2,148,651
Financial assets at fair value through
		other comprehensive income		8,400	7,454
Deferred income tax assets		26,821	27,301
Deposits and other receivables		12,338	12,107
	Restricted cash		3,002	2,981
				4,628,540	4,636,930
Current assets
	Inventories		384,473	313,566
Stock of completed properties		213,410	213,410
	Trade receivables	15	904,602	912,141
Prepayments, deposits and other receivables		72,606	89,366
Financial assets at fair value through
		other comprehensive income		46	28
Current income tax recoverable		1,108	1,372
	Restricted cash		130,887		-
	Short-term bank deposits		834,770	738,916
Cash and cash equivalents		532,783	680,202
				3,074,685	2,949,001
Total assets		7,703,225	7,585,931

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