China Yurun Food : Announcements and Notices - Annual Results Announcement for the Financial Year Ended 31 December 2018

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CHINA YURUN FOOD GROUP LIMITED

中 國 雨 潤 食 品 集 團 有 限 公 司*

(Incorporated in Bermuda with limited liability)

(Stock Code: 1068)

ANNUAL RESULTS ANNOUNCEMENT

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018

SUMMARY OF RESULTS

The board of directors (the "Board") of China Yurun Food Group Limited ("Yurun Food" or the "Company") announces the consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2018 (the "Review Year") together with the comparative figures of the corresponding period in

2017 as follows:

* For identification purposes only

1

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the year ended 31 December 2018

		2018		2017
	Notes	HK$'000		HK$'000
Revenue	4	12,650,595		12,057,239
Cost of sales		(11,685,060)		(11,333,870)
Gross profit		965,535		723,369
Other net loss	5	(64,302)		(370,790)
Distribution expenses		(585,219)		(568,975)
Administrative and other operating expenses		(4,655,430)		(1,424,858)
Results from operating activities		(4,339,416)		(1,641,254)
Finance income		4,163		3,298
Finance costs		(431,943)		(267,116)
Net finance costs		(427,780)		(263,818)
Loss before income tax	6	(4,767,196)		(1,905,072)
Income tax credit/(expense)	7	10,317		(9,973)
Loss for the year		(4,756,879)		(1,915,045)
Attributable to:
Equity holders of the Company		(4,758,804)		(1,915,101)
Non-controlling interests		1,925		56
Loss for the year		(4,756,879)		(1,915,045)
Loss per share
Basic and diluted	9	HK$(2.611)		HK$(1.051)

2

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2018

		2018			2017
	Note	HK$'000			HK$'000
Loss for the year		(4,756,879)			(1,915,045)
Other comprehensive income for the year
(after tax and reclassification adjustments)	10
Items that may be reclassified subsequently
to profit or loss:
Foreign currency translation differences for
foreign operations		(339,092)			447,514
Foreign currency translation differences
reclassified to profit or loss upon disposal
of subsidiaries/deconsolidation of a deemed
subsidiary		8,246			(15,042)
		(330,846)			432,472
Total comprehensive income for the year		(5,087,725)			(1,482,573)
Attributable to:
Equity holders of the Company		(5,087,605)			(1,485,974)
Non-controlling interests		(120)			3,401
Total comprehensive income for the year		(5,087,725)			(1,482,573)

3

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 December 2018

		2018		2017
	Notes	HK$'000		HK$'000
Non-current assets
Property, plant and equipment		7,700,791		12,394,914
Investment properties		213,562		211,395
Lease prepayments		1,787,051		2,441,581
Intangible assets		8,783		18,283
Non-current prepayments and other receivables		1,168,525		1,114,729
Deferred tax assets		7,994		-
		10,886,706		16,180,902
Current assets
Inventories		705,379		663,733
Current portion of lease prepayments		64,883		74,467
Trade and other receivables	11	1,753,123		1,980,304
Income tax recoverable		1,755		2,749
Restricted bank deposits		45,496		53,207
Pledged deposits		-		25
Cash and cash equivalents		218,687		218,212
		2,789,323		2,992,697
Current liabilities
Bank and other loans	13	6,355,546		7,214,335
Finance lease liabilities		410		492
Trade and other payables	12	3,693,322		3,682,396
Income tax payable		4,380		7,438
		10,053,658		10,904,661
Net current liabilities		(7,264,335)		(7,911,964)
Total assets less current liabilities		3,622,371		8,268,938

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		2018		2017
	Note	HK$'000		HK$'000
Non-current liabilities
Bank loans	13	703,678		217,538
Finance lease liabilities		93,664		131,870
Deferred tax liabilities		206		6,982
		797,548		356,390
NET ASSETS		2,824,823		7,912,548
EQUITY
Share capital		182,276		182,276
Reserves		2,591,819		7,679,424
Total equity attributable to equity holders
of the Company		2,774,095		7,861,700
Non-controlling interests		50,728		50,848
TOTAL EQUITY		2,824,823		7,912,548

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