Greatview Aseptic Packaging : 28/03/2022 - Announcement of Annual Results for the Year Ended 31 December 2021 (PDF, 142 kB)

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GREATVIEW ASEPTIC PACKAGING COMPANY LIMITED ॸߕ̍ༀϞࠢʮ̡

(incorporated in the Cayman Islands with limited liability)

(Stock code: 00468)

ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2021

HIGHLIGHTS

• • Revenue for the year ended 31 December 2021 increased by 14.0% to RMB3,464.3 million.

• • Net profit after tax of RMB285.1 million, compared with RMB342.8 million in 2020. Profit significantly impacted by raw material costs and international freight charges.

• • The Company's business in the PRC was resilient. Sales volume and revenue increased by approximately 19.4% and 13.6% respectively.

• • Solid progress in international expansion. Sales volume and revenue grew by 22.2% and 14.9% respectively. Revenue at constant currency up 18.1%.

• • Global shortage in raw material, as well as the cost of international logistics will continue to impact the Group's operations. Management expects that if raw material costs continue to rise and international freight charges remain high, there will be a significant adverse effect on profitability in 2022.

The board (the "Board") of directors (the "Directors") of Greatview Aseptic Packaging Company Limited (the "Company" or "Greatview") is pleased to announce the consolidated financial statements of the Company and its subsidiaries (the "Group") for the year ended 31 December 2021 together with comparative figures for the year ended 31 December 2020 as follows:

The figures in respect of this announcement of the Group's consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity, consolidated statement of cash flows and the related notes ("financial information") does not constitute the Group's statutory financial statements for the year ended 31 December 2021, but represents an extract from those financial statements. The following financial information, including the comparative figures has been reviewed by the audit committee of the Company (the "Audit Committee") and agreed by the Group's external auditors, PricewaterhouseCoopers ("PwC"), Certified Public Accountants in Hong Kong, to the amounts set out in the Group's draft consolidated financial statements for the year ended 31 December 2021. The work performed by PwC in this respect did not constitute an assurance engagement in accordance with International Standards on Auditing, International Standards on Review Engagements or International Standards on Assurance Engagements issued by the International Federation of Accountants and consequently no assurance has been expressed by PwC on this announcement.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 December 2021

Amounts expressed in thousands of RMB except for share data

Year ended 31 December

Note

2021 2020

Revenue	3	3,464,333	3,038,864
Cost of sales	6	(2,766,669)	(2,233,301)
Gross profit	697,664	805,563
Other income	4	60,983	37,291
Other gains/(losses) - net	5	14,742	(15,045)
Impairment of losses on financial assets - net	(5,854)	(11,681)
Distribution expenses	6	(230,931)	(177,713)
Administrative expenses	6	(174,286)	(177,272)
Operating profit	362,318	461,143
Finance income	7	6,029	10,465
Finance costs	7	(8,455)	(15,693)
Finance (costs)/income - net	(2,426)	(5,228)
Profit before income tax	359,892	455,915
Income tax expense	8	(74,820)	(113,152)
Profit for the year	285,072	342,763

Note

Year ended 31 December 2021 2020

Profit attributable to:

Owners of the Company	285,072	342,763
Non-controlling interests	-	-
285,072	342,763
Other comprehensive income:
Item that may be reclassified to profit or loss
Currency translation differences	(68,941)	17,738
Total comprehensive income for the year	216,131	360,501
Total comprehensive income attributable to:
Owners of the Company	216,131	360,501
Non-controlling interests	-	-
216,131	360,501
Earnings per share for profit attributable to equity holders
of the Company (expressed in RMB per share)
- Basic and diluted earnings per share	9	0.21	0.26

CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2021

Amounts expressed in thousands of RMB except for share data

2020
ASSETS
Non-current assets
Property, plant and equipment	10	1,223,700	1,312,236
Right-of-use assets	11	64,001	49,851
Intangible assets	87,265	93,843
Deferred income tax assets	33,807	39,018
Trade receivables	13	27,614	18,957
Prepayments	14	10,984	10,407
1,447,371	1,524,312
Current assets
Inventories	12	798,614	710,735
Trade and notes receivables	13	722,721	573,051
Prepayments	14	37,459	40,556
Other receivables	14	12,219	11,871
Cash and cash equivalents	425,242	577,237
Restricted cash	214,854	183,631
2,211,109	2,097,081
Total assets	3,658,480	3,621,393
EQUITY
Capital and reserves attributable to equity holders of
the Company
Share capital, share premium and capital reserve	15	551,458	600,260
Statutory reserve	296,211	281,325
Retained earnings	1,670,035	1,638,899
Exchange reserve	(97,670)	(28,729)
Total equity	2,420,034	2,491,755

As at 31 December 2021

Note

Note	2020
LIABILITIES
Non-current liabilities
Deferred government grants	59,947	73,173
Lease liabilities	11	11,603	2,316
Deferred income tax liabilities	19,469	21,257
Borrowings	16	5,415	14,044
96,434	110,790
Current liabilities
Deferred government grants	7,933	7,771
Contract liabilities	27,663	35
Trade payables, other payables and accruals	17	792,283	746,379
Income tax liabilities	19,933	41,154
Borrowings	16	283,121	191,525
Lease liabilities	11	11,079	5,206
Derivative financial instruments	-	26,778
1,142,012	1,018,848
Total liabilities	1,238,446	1,129,638
Total equity and liabilities	3,658,480	3,621,393

As at 31 December 2021