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.
(Incorporated in Bermuda with limited liability)
(Stock Code: 458)
ANNOUNCEMENT OF 2018 ANNUAL RESULTS
FINANCIAL SUMMARY OF 2018 ANNUAL RESULTS
• Revenue of HK$2,578 million
• Loss attributable to equity shareholders of HK$80 million
• Loss per share of HK$0.30
RESULTS
The board of directors (the "Board") of Tristate Holdings Limited (the "Company") presents the consolidated results of the Company and its subsidiaries (together, the "Group") for the year ended 31 December 2018 together with comparative figures for 2017.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the year ended 31 December 2018
2018 | 2017 | ||
(Note) | |||
Note | HK$'000 | HK$'000 | |
Revenue | 3, 4 | 2,578,322 | 1,922,706 |
Cost of sales | (1,958,175) | (1,500,872) | |
Gross profit | 620,147 | 421,834 | |
Other income and other gains | 5 | 3,430 | 30,990 |
Selling and distribution expenses | (208,697) | (98,939) | |
General and administrative expenses | (471,364) | (421,218) | |
Loss from operations | 6 | (56,484) | (67,333) |
Finance income | 7 | 3,574 | 4,457 |
Finance costs | 7 | (17,928) | (4,310) |
Loss before taxation | (70,838) | (67,186) | |
Income tax (charge)/credit | 8 | (8,995) | 2,206 |
Loss for the year | (79,833) | (64,980) | |
Attributable to: | |||
Equity shareholders of the Company | (80,455) | (64,180) | |
Non-controlling interests | 622 | (800) | |
Loss for the year | (79,833) | (64,980) | |
Loss per share attributable to equity shareholders | |||
of the Company: | |||
Basic | 10 | HK$(0.30) | HK$(0.24) |
Diluted | 10 | HK$(0.30) | HK$(0.24) |
Details of dividends payable to equity shareholders of the Company are set out in Note 9.
Note: The Group has initially applied HKFRS 9 and HKFRS 15 at 1 January 2018. Under the transition methods chosen, comparative information is not restated. See Note 2.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December 2018
2018
2017
HK$'000
(Note) HK$'000
Loss for the yearOther comprehensive income, net of nil tax unless specified:
Items that may be reclassified subsequently to profit or loss
Fair value changes on cash flow hedges:
(Losses)/Gains arising during the year Transferred to and included in the following line items in the consolidated statement of profit or loss:
Cost of sales
General and administrative expenses
(79,833) (64,980)
(14,477) 43,063
5,464 5,558
3,242 1,037
Exchange difference on translation of financial statements of overseas subsidiaries
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans and long service payment liabilities Income tax effect
(32,446) 73,518
399 (187)
(1,857)
296
Other comprehensive income for the year
(38,005) 121,615
Total comprehensive income for the year
Attributable to:
Equity shareholders of the Company Non-controlling interests
(117,838) 56,635
(118,460) 57,435
622 (800)Total comprehensive income for the year
(117,838) 56,635
Note: The Group has initially applied HKFRS 9 and HKFRS 15 at 1 January 2018. Under the transition methods chosen, comparative information is not restated. See Note 2.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2018
As at | As at | ||
31 December | 31 December | ||
2018 | 2017 | ||
(Note) | |||
Note | HK$'000 | HK$'000 | |
Non-Current Assets | |||
Property, plant and equipment | 308,963 | 325,958 | |
Leasehold land and land use rights | 126,310 | 136,392 | |
Intangible assets | 491,905 | 208,334 | |
Other long-term assets | 13,006 | 12,708 | |
Deferred tax assets | 5,230 | 4,669 | |
Defined benefit plan assets | 7,930 | 7,769 | |
Forward foreign exchange contracts | 964 | 382 | |
Interest in an associate | - | - | |
954,308 | 696,212 | ||
Current Assets | |||
Inventories | 402,939 | 231,769 | |
Accounts receivable and bills receivable | 11 | 297,609 | 264,864 |
Forward foreign exchange contracts | 449 | 913 | |
Prepayments and other receivables | 74,337 | 74,709 | |
Current tax recoverable | 258 | 1,054 | |
Cash and bank balances | 321,892 | 512,990 | |
1,097,484 | 1,086,299 | ||
Current Liabilities | |||
Accounts payable and bills payable | 12 | 166,179 | 105,537 |
Accruals and other payables and | |||
contract liabilities | 245,689 | 195,508 | |
Forward foreign exchange contracts | 8,350 | 6,239 | |
Current tax liabilities | 13,078 | 5,535 | |
Bank borrowings | 73,792 | 98,871 | |
507,088 | 411,690 | ||
Net Current Assets | 590,396 | 674,609 | |
Total Assets Less Current Liabilities | 1,544,704 | 1,370,821 | |
Non-Current Liabilities | |||
Retirement benefits and other post retirement | |||
obligations | 26,486 | 24,500 | |
Licence fees payable | 310,548 | 26,613 | |
Deferred tax liabilities | 25,148 | 25,221 | |
Forward foreign exchange contracts | 5,178 | 1,399 | |
367,360 | 77,733 | ||
Net Assets | 1,177,344 | 1,293,088 | |
Capital and Reserves | |||
Share capital | 27,161 | 27,161 | |
Reserves | 1,152,509 | 1,268,875 | |
Total equity attributable to equity shareholders of | |||
the Company | 1,179,670 | 1,296,036 | |
Non-controlling interests | (2,326) | (2,948) | |
Total Equity | 1,177,344 | 1,293,088 |
Note:
The Group has initially applied HKFRS 9 and HKFRS 15 at 1 January 2018. Under the transition methods chosen, comparative information is not restated. See Note 2.
Notes:
1. Statement of Compliance and Basis of Preparation of the Financial Statements
The consolidated results set out in this announcement do not constitute the Group's annual consolidated financial statements for the year ended 31 December 2018 but are extracted from those financial statements.
The basis of preparation and significant accounting policies applied in the preparation of the consolidated financial statements have been consistently applied to all the years presented, unless otherwise stated.
These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards ("HKFRSs"), which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ("HKASs") and Interpretations issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance. These 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 consolidated financial statements for the year ended 31 December 2018 comprise the Group and the Group's interest in an associate.
The measurement basis used in the preparation of the financial statements is the historical cost basis except that the derivative financial instruments, club debentures and structured bank deposits are stated at their fair values.
The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
2. Changes in Accounting Policies
The HKICPA has issued a number of new HKFRSs and amendments to HKFRSs that are first effective for the current accounting period of the Group. Of these, the following developments are relevant to the Group's financial statements:
(i) HKFRS 9, Financial instruments
(ii) HKFRS 15, Revenue from contracts with customers
(iii) HK(IFRIC) 22, Foreign currency transactions and advance consideration
The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period, except for the amendment to HKFRS 9, Prepayment features with negative compensation which have been adopted at the same time as HKFRS 9.
2.
Changes in Accounting Policies (Continued)
(i)
HKFRS 9, Financial instruments, including the amendments to HKFRS 9, Prepayment features with negative compensation
HKFRS 9 replaces HKAS 39, Financial instruments: recognition and measurement. It sets out the requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items.
The Group has applied HKFRS 9 retrospectively to items that existed at 1 January 2018 in accordance with the transition requirements. The Group has recognised the cumulative effect of initial application as an adjustment to the opening equity at 1 January 2018. Therefore, comparative information continues to be reported under HKAS 39.
Further details of the nature and effect of the changes to previous accounting policies and the transition approach are set out below:
a.
Classification of financial assets and financial liabilities
HKFRS 9 categorises financial assets into three principal classification categories: measured at amortised cost, at fair value through other comprehensive income ("FVOCI") and at fair value through profit or loss ("FVPL"). These supersede HKAS 39's categories of held-to-maturity investments, loans and receivables, available-for-sale financial assets and financial assets measured at FVPL. The classification of financial assets under HKFRS 9 is based on the business model under which the financial asset is managed and its contractual cash flow characteristics. Under HKFRS 9, derivatives embedded in contracts where the host is a financial asset in the scope of the standard are not separated from the host. Instead, the hybrid instrument as a whole is assessed for classification.
The following table shows the original measurement categories for each class of the Group's financial assets under HKAS 39 and reconciles the carrying amounts of those financial assets determined in accordance with HKAS 39 to those determined in accordance with HKFRS 9.
HKAS 39 carrying amount at 31 December 2017
HKFRS 9 carrying amount atReclassificationRemeasurement
1 January 2018
HK$'000
HK$'000
HK$'000
HK$'000
Financial assets carried at FVPL Other long term assets - Club debenture Cash and bank balances - Bank structured deposits
- -
-
2,100 29,310 31,410
1,550 3,650
- 29,310
1,550 32,960
Financial assets classified as available-for-sale under HKAS 39 (Note (i))
2,100
(2,100)
-
-
Financial assets classified as loans and receivables with embedded derivatives under HKAS 39 (Note (ii))
29,310
(29,310)
-
-
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Tristate Holdings Ltd. published this content on 25 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 March 2019 15:24:02 UTC