Portico : Annual Results for the Year Ended 31 December 2015

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 f

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.

Portico International Holdings Limited

寶國國際控股有限公司*

(Incorporated in Bermuda with limited liability) (Stock Code: 589)

ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015

HIGHLIGHTS OF ANNUAL RESULTS

• Total revenue was RMB 1,594.6 million, decreased by 15.2%

  
  

• Gross profit margin stood at 80.4% (FY2014: 80.8%)

  
  

• Loss attributable to shareholders was RMB 72.7 million (FY2014: profit of RMB 73.2 million)

  
  

• Loss per share was RMB 0.13

  
  

• No final dividend was recommended

ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015

The board of directors (the "Board") of Portico International Holdings Limited (the "Company") hereby announces the audited consolidated annual results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2015 with comparative figures for the same period ended 2014 as follows:

*For identification purpose only

Consolidated Statement of Comprehensive Income for the year ended 31 December 2015

(Expressed in Renminbi Yuan, except share and per share data)

Note	2015 RMB'000	2014 RMB'000
Revenue	2	1,594,575	1,879,430
Cost of sales	(312,118)	(361,364)
Gross profit	1,282,457	1,518,066
Other revenue	3(a)	10,014	5,199
Other net expense	3(b)	(1,228)	(1,177)
Distribution costs	(985,801)	(1,066,623)
Administrative expenses	(111,613)	(112,782)
Other operating expenses	(217,247)	(172,488)
(Loss)/profit from operations	(23,418)	170,195
Finance income	25,476	32,602
Finance costs	(24,601)	(33,701)
Net finance income/(costs)	4(a)	875 ------------------------	(1,099) ------------------------
(Loss)/profit before taxation	4	(22,543)	169,096
Income tax	5	(50,620)	(96,486)
(Loss)/profit for the year	(73,163)	72,610

Other comprehensive income for the year, (after tax and reclassification adjustment)

Items that may be reclassified subsequently to profit or loss

Exchange difference on translation of financial

statements of overseas subsidiaries	(8,954)	5,525
Other comprehensive income for the year	(8,954)	5,525
Total comprehensive income for the year	(82,117)	78,135
(Loss)/profit attributable to: Equity shareholders of the Company	(72,730)	73,238
Non-controlling interests	(433)	(628)
(Loss)/profit for the year	(73,163)	72,610
Total comprehensive income attributable to: Equity shareholders of the Company	(82,132)	78,588
Non-controlling interests	15	(453)
Total comprehensive income for the year	(82,117)	78,135
(Loss)/earnings per share (RMB) Basic	6	(0.13)	0.13
Diluted	6	(0.13)	0.13

Consolidated Balance Sheet at 31 December 2015 (Expressed in Renminbi Yuan)	At 31 December	At 31 December
Note	2015	2014
RMB'000	RMB'000
Non-current assets Lease prepayments	22,770	23,563
Property, plant and equipment	438,904	456,270
Intangible assets	-	8,422
Interest in an associate	2,951	-
Deferred tax assets	183,300	159,280
647,925	647,535
Current assets Inventories	743,502	721,551
Trade and other receivables, deposits and
prepayments	8	346,713	364,283
Pledged bank deposits	110,928	284,945
Fixed deposits with banks	351,772	511,115
Trading securities	1,590	-
Cash and cash equivalents	507,958	519,176
2,062,463	2,401,070
Current liabilities Trade payables, other payables and accruals	9	282,587	219,126
Interest-bearing borrowings	11	301,015	602,106
Current taxation	18,593	50,195

602,195 871,427

------------------------ -------------------------

Net current assets 1,460,268 1,529,643

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Total assets less current liabilities 2,108,193 2,177,178

Non-current liabilities Deferred tax liabilities	5,745	17,443
Interest-bearing borrowings	11	5,515	-
Trade payables, other payables and accruals	9	83,512	62,887
94,772	80,330

------------------------ ------------------------

Net assets 2,013,421 2,096,848

Capital and reserves

Share capital 1,474 1,474

Reserves 1,991,878 2,074,010

Total equity attributable to equity shareholders of the Company 1,993,352 2,075,484 Non-controlling interests 20,069 21,364 Total equity 2,013,421 2,096,848 NOTES 1 Significant accounting policies

Portico International Holdings Limited (formerly known as Ports Design Limited) (the "Company") is a company incorporated in Bermuda with limited liability. Pursuant to the resolution passed at the Annual General Meeting on 29 May 2015, the name of the Company has been changed from Ports Design Limited to Portico International Holdings Limited, with effect from 4 June 2015. The consolidated financial statements of the Company as at and for the year ended 31 December 2015 comprise the Company and its subsidiaries (together referred to as the "Group").

1. Statement of compliance

   The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRSs") which collective form includes all applicable individual International Financial Reporting Standards, International Accounting Standards ("IASs") and Interpretations issued by the International Accounting Standards Board ("IASB") and the disclosure requirements of the Hong Kong Companies Ordinance. The financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

   
   

   The IASB has issued certain new and revised IFRSs that are first effective or available for early adoption for the current accounting period of the Group and the Company. Note 1(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current and prior accounting periods reflected in the financial statements.

   
   

2. Basis of preparation of the financial statements

The measurement basis used in the preparation of the financial statements is the historical cost basis. The financial statements are presented in Renminbi ("RMB"). Items included in the financial statements of each entity in the Group are measured using currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity ("functional currency"). The Company has its functional currency in RMB. Most of the companies comprising the Group are operating in the People's Republic of China ("PRC") and their functional currency is RMB, hence, RMB is used as the presentation currency of the Group. Except for share and per share data, all financial information presented in Renminbi has been rounded to the nearest thousand.