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.
GREATVIEW ASEPTIC PACKAGING COMPANY LIMITED ॸߕ̍ༀϞࠢʮ̡
(incorporated in the Cayman Islands with limited liability)
(Stock code: 00468)
ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2021
HIGHLIGHTS
• Revenue for the year ended 31 December 2021 increased by 14.0% to RMB3,464.3 million.
• Net profit after tax of RMB285.1 million, compared with RMB342.8 million in 2020. Profit significantly impacted by raw material costs and international freight charges.
• The Company's business in the PRC was resilient. Sales volume and revenue increased by approximately 19.4% and 13.6% respectively.
• Solid progress in international expansion. Sales volume and revenue grew by 22.2% and 14.9% respectively. Revenue at constant currency up 18.1%.
• Global shortage in raw material, as well as the cost of international logistics will continue to impact the Group's operations. Management expects that if raw material costs continue to rise and international freight charges remain high, there will be a significant adverse effect on profitability in 2022.
The board (the "Board") of directors (the "Directors") of Greatview Aseptic Packaging Company Limited (the "Company" or "Greatview") is pleased to announce the consolidated financial statements of the Company and its subsidiaries (the "Group") for the year ended 31 December 2021 together with comparative figures for the year ended 31 December 2020 as follows:
The figures in respect of this announcement of the Group's consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity, consolidated statement of cash flows and the related notes ("financial information") does not constitute the Group's statutory financial statements for the year ended 31 December 2021, but represents an extract from those financial statements. The following financial information, including the comparative figures has been reviewed by the audit committee of the Company (the "Audit Committee") and agreed by the Group's external auditors, PricewaterhouseCoopers ("PwC"), Certified Public Accountants in Hong Kong, to the amounts set out in the Group's draft consolidated financial statements for the year ended 31 December 2021. The work performed by PwC in this respect did not constitute an assurance engagement in accordance with International Standards on Auditing, International Standards on Review Engagements or International Standards on Assurance Engagements issued by the International Federation of Accountants and consequently no assurance has been expressed by PwC on this announcement.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2021
Amounts expressed in thousands of RMB except for share data
Year ended 31 December
Note
2021 2020
Revenue | 3 | 3,464,333 | 3,038,864 |
Cost of sales | 6 | (2,766,669) | (2,233,301) |
Gross profit | 697,664 | 805,563 | |
Other income | 4 | 60,983 | 37,291 |
Other gains/(losses) - net | 5 | 14,742 | (15,045) |
Impairment of losses on financial assets - net | (5,854) | (11,681) | |
Distribution expenses | 6 | (230,931) | (177,713) |
Administrative expenses | 6 | (174,286) | (177,272) |
Operating profit | 362,318 | 461,143 | |
Finance income | 7 | 6,029 | 10,465 |
Finance costs | 7 | (8,455) | (15,693) |
Finance (costs)/income - net | (2,426) | (5,228) | |
Profit before income tax | 359,892 | 455,915 | |
Income tax expense | 8 | (74,820) | (113,152) |
Profit for the year | 285,072 | 342,763 |
Note
Year ended 31 December 2021 2020
Profit attributable to:
Owners of the Company | 285,072 | 342,763 | |
Non-controlling interests | - | - | |
285,072 | 342,763 | ||
Other comprehensive income: | |||
Item that may be reclassified to profit or loss | |||
Currency translation differences | (68,941) | 17,738 | |
Total comprehensive income for the year | 216,131 | 360,501 | |
Total comprehensive income attributable to: | |||
Owners of the Company | 216,131 | 360,501 | |
Non-controlling interests | - | - | |
216,131 | 360,501 | ||
Earnings per share for profit attributable to equity holders | |||
of the Company (expressed in RMB per share) | |||
- Basic and diluted earnings per share | 9 | 0.21 | 0.26 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2021
Amounts expressed in thousands of RMB except for share data
2020 | |||
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 10 | 1,223,700 | 1,312,236 |
Right-of-use assets | 11 | 64,001 | 49,851 |
Intangible assets | 87,265 | 93,843 | |
Deferred income tax assets | 33,807 | 39,018 | |
Trade receivables | 13 | 27,614 | 18,957 |
Prepayments | 14 | 10,984 | 10,407 |
1,447,371 | 1,524,312 | ||
Current assets | |||
Inventories | 12 | 798,614 | 710,735 |
Trade and notes receivables | 13 | 722,721 | 573,051 |
Prepayments | 14 | 37,459 | 40,556 |
Other receivables | 14 | 12,219 | 11,871 |
Cash and cash equivalents | 425,242 | 577,237 | |
Restricted cash | 214,854 | 183,631 | |
2,211,109 | 2,097,081 | ||
Total assets | 3,658,480 | 3,621,393 | |
EQUITY | |||
Capital and reserves attributable to equity holders of | |||
the Company | |||
Share capital, share premium and capital reserve | 15 | 551,458 | 600,260 |
Statutory reserve | 296,211 | 281,325 | |
Retained earnings | 1,670,035 | 1,638,899 | |
Exchange reserve | (97,670) | (28,729) | |
Total equity | 2,420,034 | 2,491,755 |
As at 31 December 2021
Note
Note | 2020 | ||
LIABILITIES | |||
Non-current liabilities | |||
Deferred government grants | 59,947 | 73,173 | |
Lease liabilities | 11 | 11,603 | 2,316 |
Deferred income tax liabilities | 19,469 | 21,257 | |
Borrowings | 16 | 5,415 | 14,044 |
96,434 | 110,790 | ||
Current liabilities | |||
Deferred government grants | 7,933 | 7,771 | |
Contract liabilities | 27,663 | 35 | |
Trade payables, other payables and accruals | 17 | 792,283 | 746,379 |
Income tax liabilities | 19,933 | 41,154 | |
Borrowings | 16 | 283,121 | 191,525 |
Lease liabilities | 11 | 11,079 | 5,206 |
Derivative financial instruments | - | 26,778 | |
1,142,012 | 1,018,848 | ||
Total liabilities | 1,238,446 | 1,129,638 | |
Total equity and liabilities | 3,658,480 | 3,621,393 |
As at 31 December 2021
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Greatview Aseptic Packaging Co. Ltd. published this content on 28 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2022 12:50:09 UTC.