Combine Will International : Financial Statements and Related Announcement - Second Quarter Results

Combine Will International Holdings Limited

(Incorporated in Cayman Islands) (Co. Reg. No: MC-196613)

FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE SECOND QUARTER AND THREE MONTHS ENDED 30 JUNE 2017

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

1(a) A statement of Profit or Loss (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year.

1(a)(i) Statement of profit or loss for the quarter ended 30 June 2017

The Group
3 months ended 30 June				6 months ended 30 June
2017	2016	Change	%	2017	2016	Change	%
HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000
Revenue	316,435	240,860	75,575	31.38	627,674	617,076	10,598	1.72
Cost of sales	(291,333)	(228,671)	62,662	27.40	(581,013)	(572,950)	8,063	1.41
Gross Profit	25,102	12,189	12,913	105.94	46,661	44,126	2,535	5.74
Other income	3,621	6,317	(2,696)	(42.68)	9,189	12,300	(3,111)	(25.29)
Selling and distribution expenses	(5,138)	(3,627)	1,511	41.66	(9,682)	(7,845)	1,837	23.42
Administrative expenses	(17,861)	(19,900)	(2,039)	(10.25)	(37,117)	(44,092)	(6,975)	(15.82)
Profit/(Loss) From Operations	5,724	(5,021)	10,745	214.00	9,051	4,489	4,562	101.63
Finance costs	(3,311)	(3,118)	193	6.19	(6,068)	(8,909)	(2,841)	(31.89)
Profit/(Loss) Before Tax	2,413	(8,139)	10,552	129.65	2,983	(4,420)	7,403	167.49
Income tax expenses	(178)	(151)	27	17.88	(474)	(707)	(233)	(32.96)
Profit/(Loss) for the period	2,235	(8,290)	10,525	126.96	2,509	(5,127)	7,636	148.94
Attributable to:
Owners of the Company	1,611	(7,009)	8,620	122.98	1,849	(4,110)	5,959	144.99
Non-controlling interests	624	(1,281)	1,905	148.71	660	(1,017)	1,677	164.90

1(a)(ii) Statement of Profit or Loss and other Comprehensive Income for the quarter ended 30 June 2017

The Group
3 months ended 30 June				6 months ended 30 June
2017	2016	Change	%	2017	2016	Change	%
HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000
Profit/(Loss) for the period	2,235	(8,290)	10,525	126.96	2,509	(5,127)	7,636	148.94
Other comprehensive income
Exchange difference on translating foreign operations	(1,881)	(11,215)	9,334	83.23	175	(20,288)	20,463	100.86
Other comprehensive income for the period, net of tax	(1,881)	(11,215)	9,334	83.23	175	(20,288)	20,463	100.86
Total comprehensive income for the period	354	(19,505)	19,859	101.81	2,684	(25,415)	28,099	110.56
Attributable to:
Owners of the Company	(270)	(18,224)	17,954	98.52	2,024	(24,398)	26,422	108.30
Non-controlling interests	624	(1,281)	1,905	148.71	660	(1,017)	1,677	164.90

Note:

The Group's profit/(loss) before tax is arrived at after charging / (crediting):

3 months ended 30 June		6 months ended 30 June
2017	2016	2017	2016
HK$'000	HK$'000	HK$'000	HK$'000
Depreciation	10,818	10,938	22,022	21,724
Interest income	(13)	(368)	(26)	(1,875)
Interest on bank loans and overdrafts	3,311	3,151	6,068	8,942
Exchange difference, net	87	(1,063)	1,428	1,799

1(b)(i) A statement of financial position (for the issuer and the group), together with a comparative statement as at the end of the immediately preceding financial year.

Non-current assets Property, plant and equipment Investments In Subsidiaries Goodwill Current assets Inventories Trade and bills receivables Prepayments, deposits and other receivables Current tax assets Bank and cash balances Total assets Current liabilities Trade and bills payables Accruals and other payables Amount due to a subsidiary Short-term borrowings Current tax liabilities Non-current liabilities Deferred tax liabilities Total liabilities Equity attributable to owners of the Company Share capital Reserves Non-controlling interests Total equity Total liabilities and equity	The Group		The Company
	At 30.06.2017	At 31.12.2016	At 31.03.2017	At 31.12.2016
	HK$'000	HK$'000	HK$'000	HK$'000
	206,731	219,293	-	-
	-	-	461,263	461,263
	1,927	1,927	-	-
	208,658	221,220	461,263	461,263
	494,044	495,853	-	-
	244,378	278,927	-	-
	119,281	115,776	-	-
	1,034	6,025	-	-
	59,517	43,389	1,125	1,125
	918,254	939,970	1,125	1,125
	1,126,912	1,161,190	462,388	462,388
	138,755	129,674	-	-
	131,959	109,661	-	-
	-	-	11,319	11,319
	287,527	347,616	-	-
	2,129	10,381	-	-
	560,370	597,332	11,319	11,319
	2,650	2,650	-	-
	2,650	2,650	-	-
	563,020	599,982	11,319	11,319
	242,456	242,456	242,456	242,456
	311,344	309,320	208,613	208,613
	553,800	551,776	451,069	451,069
	10,092	9,432	-	-
	563,892	561,208	451,069	451,069
	1,126,912	1,161,190	462,388	462,388

1(b)(ii) Aggregate amount of group's borrowings and debt securities.

Amount repayable in one year or less, or on demand

As at 30 June 2017	As at 31 December 2016
Secured	Secured
HK$'000	HK$'000
287,527	347,616

Amount repayable after one year

As at 30 June 2017	As at 31 December 2016
Secured	Secured
HK$'000	HK$'000
-	-

Details of collaterals

The Group's banking facilities are secured by cross corporate guarantees executed by group companies.