Infinity Financial : Interim Results

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(Incorporated in Bermuda with limited liability)

(Stock Code: 1152)

INTERIM RESULTS

FOR THE SIX MONTHS ENDED 30 JUNE 2017

The board (the ''Board'') of directors (the ''Directors'') of Infinity Financial Group (Holdings) Limited (the ''Company'') is pleased to announce the unaudited interim results of the Company and its subsidiaries (the ''Group'') for the six months ended 30 June 2017 as follows. The interim results have not been audited, but have been reviewed by the Company's Audit Committee.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six months ended 30 June 2017

The board (the ''Board'') of directors (the ''Directors'') of Infinity Financial Group (Holdings) Limited (the ''Company'') announces the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively, the ''Group'') for the six months ended 30 June 2017 together with the comparative figures as follows:

Six months ended 30 June 2017 2016

Notes	HK$'000 (Unaudited)	HK$'000 (Unaudited)
Continuing Operations Revenue	4	52,243	57,593
Cost of sales	(48,327)	(51,299)
Gross profit	3,916	6,294
Other operating income (expense)	4	20,741	(1,097)
Selling and distribution expenses	(503)	(852)
Administrative and other expenses	(15,698)	(15,220)
Finance costs	6	(10,428)	(7,719)
Loss before taxation	(1,972)	(18,594)
Income tax expense	7	(1,397)	(371)
Loss for the period from continuing operations	8	(3,369)	(18,965)
Discontinued operations Loss after tax for the period from discontinued operations	9	-	(707)
Loss for the period	( 3,369)	(19,672)
Other comprehensive income (expense): Items that may be subsequently reclassified to profit or loss

Exchange differences arising on translation of foreign

operations 5,112 (5,703)

Fair value gain on available-for-sale investment - 219 Total comprehensive income (expense) for the period 1,743 (25,156)

Loss per share for continuing and discontinued operations (HK cents)

Basic and diluted 11 (0.34)

Loss per share for continuing operations (HK cents)

Basic and diluted 11 (0.34)

(2.0)

(2.0)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2017

Notes	30.6.2017 HK$'000 (Unaudited)	31.12.2016 HK$'000 (Audited)
Non-current assets
Property, plant and equipment	12	12,880	14,271
Interest in a joint venture	14	-	-
Finance lease receivables	15	-	34,608
12,880	48,879
Current assets
Other receivables	16	52,112	43,528
Finance lease receivables	15	63,342	27,597
Held-for-trading investment	17	1,915	4,104
Bank balances and cash	18	124,225	153,806
241,594	229,035
Current liabilities
Other payables	19	5,535	31,039
Other borrowings	20	130,000	80,000
Loan from a director	21	10,000	-
Convertible bonds	22	-	58,812
Income tax payables	1,411	1,925
146,946	171,776
Net current assets	94,648	57,259
Total assets less current liabilities	107,528	106,138
Non-current liabilities
Corporate bonds	23	8,003	8,356
99,525	97,782
Capital and reserves
Share capital	24	4,910	4,910
Reserves	94,615	92,872
99,525	97,782

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2017

1. GENERAL

   The Company was incorporated in Bermuda as an exempted company with limited liability. The addresses of the registered office and principal place of business of the Company are disclosed in the corporate information of the interim report.

   The Company acts as an investment holding company and its subsidiaries are principally engaged in finance leasing and trading business.

   On 12 January 2015, the Board has decided to cease the operations of the Group's textile segment. Since then, the Group is principally engaged in finance leasing and trading business. Details of the discontinued operations are set out in note 9. The accompanying condensed consolidated financial statements and the comparative figures have been prepared to reflect the results of the discontinued business separately.

   The functional currency of the Company is Renminbi (''RMB''). The condensed consolidated interim financial statements are presented in Hong Kong dollars as the directors of the Company consider that HK$ is appropriate presentation currency for the users of the Group's condensed consolidated financial statements.

2. BASIS OF PREPARATION

   The condensed consolidated interim financial statements have been prepared in accordance with the applicable disclosure provisions of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the ''Listing Rules'') and with Hong Kong Accounting Standard (''HKAS'') 34 ''Interim Financial Reporting'' issued by the Hong Kong Institute of Certified Public Accountants (''HKICPA'').

3. PRINCIPAL ACCOUNTING POLICIES

The condensed consolidated interim financial statements have been prepared on the historical cost basis, except for certain properties and financial instruments, which are measured at fair values or revalued amounts, as appropriate.

The accounting policies and methods of computation used in the condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2016.

In the current interim period, the Group has applied, for the first time, the following amendments (''new and revised HKFRSs'') issued by the HKICPA which are effective for the Group's financial year beginning 1 January 2017.

Amendments to HKFRSs Annual Improvements to HKFRSs 2012-2014 Cycle: Amendments to HKFRS12

Amendments to HKAS 7 Disclosure Initiative

Amendments to HKAS 12 Recognition of Deferred Tax Assets for Unrealised Losses

The application of the new and revised HKFRSs in the current interim period has had no material effect on the Group's financial performance and positions for the current and prior interim period and/or on the disclosures set out in these condensed consolidated interim financial statements.