Global Sweeteners : Announcements and Notices - Interim Results Announcement for the Six Months Ended 30 June 2019

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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)

INTERIM RESULTS ANNOUNCEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2019

	Six months ended 30 June
FINANCIAL HIGHLIGHTS	2019	2018	Change %
	(Unaudited)	(Unaudited)
Revenue (HK$'Mn)	876.0	894.5	(2.1%)
Gross profit (HK$'Mn)	80.7	56.8	42.1%
Loss before tax (HK$'Mn)	(102.6)	(132.0)	N/A
Loss for the period (HK$'Mn)	(102.6)	(132.8)	N/A
Basic loss per share (HK cents)	(6.7)	(8.7)	N/A
Interim dividend per share (HK cents)	Nil	Nil	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") hereby announces the unaudited consolidated interim results of the Company and its subsidiaries (collectively the "Group") for the six months ended 30 June 2019 (the "Period").

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six months ended 30 June 2019

		Six months ended 30 June
		2019		2018
		(Unaudited)	(Unaudited)
	Notes	HK$'000	HK$'000
REVENUE	4	876,003		894,474
Cost of sales		(795,256)	(837,707)
Gross profit		80,747		56,767
Other income and gains	4	9,386		12,548
Selling and distribution costs		(77,066)	(89,310)
Administrative expenses		(54,571)	(57,242)
Other expenses		(23,793)	(20,727)
Finance costs	5	(37,337)	(34,078)
LOSS BEFORE TAX	6	(102,634)	(132,042)
Income tax expenses	7	-		(786)
LOSS FOR THE PERIOD		(102,634)	(132,828)
OTHER COMPREHENSIVE INCOME
Items that may be reclassified to profit or loss in
subsequent periods:
Exchange differences on translation of financial
statements of operations outside Hong Kong		2,079		7,580
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD		(100,555)	(125,248)
		!		!

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		Six months ended 30 June
		2019		2018
		(Unaudited)	(Unaudited)
	Notes	HK$'000	HK$'000
LOSS ATTRIBUTABLE TO:
Owners of the Company		(102,634)	(132,828)
Non-controlling interests		-		-
		(102,634)	(132,828)
TOTAL COMPREHENSIVE (LOSS) INCOME
ATTRIBUTABLE TO:
Owners of the Company		(100,555)	(125,326)
Non-controlling interests		-		78
		(100,555)	(125,248)
LOSS PER SHARE	8
Basic		HK(6.7) cents		HK(8.7) cents
Diluted		HK(6.7) cents	HK(8.7) cents

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INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 June 2019

		30 June	31 December
		2019		2018
		(Unaudited)	(Audited)
	Notes	HK$'000	HK$'000
NON-CURRENT ASSETS
Property, plant and equipment		770,995		798,859
Prepaid land lease payments		-	130,650
Right-of-use assets		140,935		-
Deposits paid for acquisition of property,
plant and equipment		1,148		5,254
Goodwill		-	-
Other intangible assets		1,704		1,704
		914,782		936,467
CURRENT ASSETS
Inventories		310,846		255,041
Trade and bills receivables	10	135,854		204,724
Prepayments, deposits and other receivables	11	116,733		76,482
Pledged bank deposits		57,581		79,433
Cash and bank balances		26,193		20,120
		647,207		635,800
CURRENT LIABILITIES
Trade and bills payables	12	474,896		446,957
Other payables and accruals		272,513		241,582
Interest-bearing bank borrowings		622,159		826,378
Lease liabilities		5,603		-
Due to fellow subsidiaries		151,430		120,577
Tax payables		23,144		24,324
		1,549,745		1,659,818
NET CURRENT LIABILITIES		(902,538)	(1,024,018)
TOTAL ASSETS LESS CURRENT LIABILITIES		12,244		(87,551)

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		30 June	31 December
		2019		2018
		(Unaudited)	(Audited)
	Notes	HK$'000	HK$'000
NON-CURRENT LIABILITIES
Interest-bearing bank borrowings		385,227		182,954
Lease liabilities		912		-
Deferred income		29,307			31,955
Deferred tax liabilities		10,759			10,759
		426,205		225,668
NET LIABILITIES		(413,961)	(313,219)
CAPITAL AND RESERVES
Share capital	13	152,759		152,759
Reserves		(560,789)	(460,047)
Deficit attributable to owners of the Company		(408,030)	(307,288)
Non-controlling interests		(5,931)	(5,931)
TOTAL DEFICIT		(413,961)	(313,219)

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