Sheen Tai : Announcements and Notices - Announcement of Annual Results for the Year Ended 31 December 2016

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Sheen Tai Holdings Group Company Limited

順泰控股集團有限公司

(incorporated in the Cayman Islands with limited liability)

(Stock code: 01335) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016

GROUP FINANCIAL HIGHLIGHT for the year ended 31 December 2016 (Expressed in Hong Kong dollars)
2016 $'000	2015 $'000
Revenue	478,354	469,241
Gross profit	173,556	130,954
Profit before taxation	47,984	381,164
Profit attributable to: Equity shareholders of the Company	36,132	326,530
Earnings per share
Basic (HKD)	0.017	0.164
Diluted (HKD)	0.001	0.151
Cash and cash equivalents	171,003	194,410
Net assets	833,933	917,350
Total assets	2,134,825	1,414,399
RESULTS

The board (the "Board") of directors (the "Directors") of Sheen Tai Holdings Group Company Limited (the "Company" or "Sheentai") is pleased to announce the consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2016 (the "Year"), with the comparative figures for the year ended 31 December 2015, as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the year ended 31 December 2016 (Expressed in Hong Kong dollars)

Note	2016 $'000	2015 $'000
Revenue	5	478,354	469,241
Cost of sales	(304,798)	(338,287)
Gross profit	173,556	130,954
Other income	6	26,272	13,185
Distribution costs	(37,236)	(17,665)
Administrative expenses	(95,341)	(89,364)
Other operating expenses	(10,706)	(2,649)
Profit from operations	56,545	34,461
Net income from disposal of a subsidiary	-	362,125
Finance costs	7(a)	(8,561)	(15,422)
Profit before taxation	7	47,984	381,164
Income tax	8(a)	(11,852)	(54,634)
Profit for the year	36,132	326,530
Attributable to: Equity shareholders of the Company	36,132	326,530
Non-controlling interests	-	-
Profit for the year	36,132	326,530
Earnings per share
Basic (HK$)	9	0.017	0.164
Diluted (HK$)	9	0.001	0.151

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2016 (Expressed in Hong Kong dollars)

2016 $'000	2015 $'000
Profit for the year	36,132	326,530
Other comprehensive income for the year

(after tax and reclassification adjustments) Item that may be reclassified subsequently to profit or loss:

Exchange differences on translation of

financial statements of subsidiaries (48,634) (38,684)

Other comprehensive income for the year (48,634) (38,684) Total comprehensive income for the year (12,502) 287,846 Attributable to:

Equity shareholders of the Company (12,502) 287,846 Non-controlling interests - -

Total comprehensive income for the year (12,502) 287,846

CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31 December 2016 (Expressed in Hong Kong dollars)
Note	2016 $'000	2015 $'000
Non-current assets
Property, plant and equipment Interests in leasehold land held for own use under operating lease	468,135 19,460	354,386 21,287
Goodwill	52,475	-
Intangible assets	185,145	1,082
Other non-current assets	2,166	1,885
Deferred tax assets	13,054	8,278
740,435	386,918
Current assets
Financial assets at fair value through profit or loss	224,648	83,410
Inventories	682,205	416,677
Trade and other receivables 11	311,669	329,356
Tax recoverable	4,864	-
Restricted cash	1	3,628
Cash and cash equivalents	171,003	194,410
1,394,390	1,027,481
Current liabilities
Trade and other payables 12	888,575	315,854
Bank loans and overdrafts 13	144,040	95,789
Financial liabilities at fair value through profit or loss	-	1,403
Current taxation	9,230	4,268
1,041,845	417,314
Net current assets	352,545	610,167
Total assets less current liabilities	1,092,980	997,085