Global Sweeteners : Announcements and Notices - Announcement of the Final Results for the Year Ended 31 December 2018

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.

GLOBAL SWEETENERS HOLDINGS LIMITED

大 成 糖 業 控 股 有 限 公 司 *

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 03889)

ANNOUNCEMENT OF THE FINAL RESULTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Financial HIGHLIGHTS
	2018	2017	Change %
Revenue (HK$'Mn)	1,961	1,395	40.6
Gross profit (HK$'Mn)	203	154	31.3
Loss before tax (HK$'Mn)	(205)	(143)	N/A
Loss attributable to owners of the Company (HK$'Mn)	(208)	(140)	N/A
Basic loss per share (HK cents)	(13.7)	(9.2)	N/A
Proposed final dividend per share (HK cents)	-	-	N/A

* For identification purposes only

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The board (the "Board") of directors (the "Directors") of Global Sweeteners Holdings Limited (the "Company") announces the consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2018 (the "Year"), together with the comparative figures in the previous year as follows:

CONSOLIDATED STATEMENT OF profit or loss and other COMPREHENSIVE INCOME

Year ended 31 December 2018

		2018		2017
	Notes	HK$'000		HK$'000
REVENUE	4	1,961,004		1,395,090
Cost of sales		(1,758,173)		(1,240,651)
Gross profit		202,831		154,439
Other income and gains	4	20,374		21,126
Selling and distribution costs		(188,649)		(134,735)
Administrative expenses		(109,323)		(102,825)
Other expenses		(56,179)		(31,024)
Finance costs	6	(74,540)		(49,708)
LOSS BEFORE TAX	5	(205,486)		(142,727)
Income tax (expenses) credit	7	(3,010)		2,469
LOSS FOR THE YEAR		(208,496)		(140,258)
OTHER COMPREHENSIVE INCOME (LOSS)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of financial statements		18,250
of operations outside Hong Kong				(18,368)
Items that will not be reclassified subsequently to profit or loss:
	10	-
Gain on property revaluation				31,565
Income tax effect		-		(7,892)
		-		23,673
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF TAX		18,250		5,305
TOTAL COMPREHENSIVE LOSS FOR THE YEAR		(190,246)		(134,953)

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		2018		2017
	Notes	HK$'000		HK$'000
LOSS ATTRIBUTABLE TO:		(208,496)
Owners of the Company				(140,258)
Non-controlling interests		-		-
		(208,496)		(140,258)
TOTAL COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO:
		(190,618)
Owners of the Company				(134,443)
Non-controlling interests		372		(510)
		(190,246)		(134,953)
LOSS PER SHARE	9
Basic		HK(13.7) cents		HK(9.2) cents
Diluted		HK(13.7) cents		HK(9.2) cents

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 December 2018

		2018		2017
	Notes	HK$'000		HK$'000
NON-CURRENT ASSETS
Property, plant and equipment	10	798,859		896,985
Prepaid land lease payments		130,650		147,999
Deposits paid for acquisition of property, plant and equipment		5,254		308
Goodwill	11	-		-
Other intangible assets		1,704		3,243
		936,467		1,048,535
CURRENT ASSETS
Inventories		255,041		169,130
Trade and bills receivables	12	204,724		136,980
Prepayments, deposits and other receivables	13	76,482		66,012
Pledged bank deposits		79,433		41,103
Cash and bank balances		20,120		173,697
		635,800		586,922
CURRENT LIABILITIES
Trade and bills payables	14	446,957		176,446
Other payables and accruals		241,582		258,432
Interest-bearing bank borrowings		826,378		711,807
Due to fellow subsidiaries		120,577		126,095
Tax payables		24,324		26,355
		1,659,818		1,299,135
NET CURRENT LIABILITIES		(1,024,018)		(712,213)
TOTAL ASSETS LESS CURRENT LIABILITIES		(87,551)		336,322

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		2018		2017
	Notes	HK$'000		HK$'000
NON-CURRENT LIABILITIES
Interest-bearing bank borrowings		182,954		415,663
Deferred income		31,955		34,072
Deferred tax liabilities		10,759		9,560
		225,668		459,295
NET LIABILITIES		(313,219)		(122,973)
Capital and reserves
Share capital	15	152,759		152,759
Reserves		(460,047)		(269,429)
Deficit attributable to owners of the Company		(307,288)		(116,670)
Non-controlling interests		(5,931)		(6,303)
TOTAL DEFICIT		(313,219)		(122,973)

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