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 the Cayman Islands with limited liability)
(Stock Code: 825) INTERIM RESULTS ANNOUNCEMENT 2016/2017 HIGHLIGHTSSame-store sales(1)was flat which indicates a significant improvement compared to -8.5% in the same period of Previous Year.
Revenue for the period was HK$1,781.5 million compared with HK$1,934.3 million in the same period of Previous Year.
Operating profit for the period increased by approximately 13.5% to HK$156.2 million from HK$137.7 million in the same period of Previous Year.
Profit for the period significantly increased by approximately 54.6% to HK$92.5 million from HK$59.8 million in the same period of Previous Year.
Earnings per share increased by 25.0% to HK$0.05 from the same period of Previous Year.
(1) Same-store sales calculation reflects the gross sales proceeds and the adjustment of the operational strategy for the stores in operation.
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2016The board of directors (the "Board" or "Directors") of New World Department Store China Limited (the "Company") is pleased to announce the unaudited interim results of the Company and its subsidiaries (together, the "Group") for the six months ended 31 December 2016 as follows:
CONDENSED CONSOLIDATED INCOME STATEMENT Unaudited Unaudited Six months ended 31 DecemberNote | 2016 HK$'000 | 2015 HK$'000 | |
Revenue | 2 | 1,781,451 | 1,934,290 |
Other income | 3 | 76,426 | 86,673 |
Other gains, net | 4 | 1,025 | 7,477 |
Changes in fair value of investment properties | (10,471) | (5,676) | |
Purchases of and changes in inventories, net | (397,842) | (390,247) | |
Employee benefit expense | (312,397) | (323,849) | |
Depreciation and amortisation | (131,187) | (155,570) | |
Operating lease rental expense | (534,782) | (603,207) | |
Other operating expenses, net | 5 | (316,033) | (412,233) |
Operating profit | 156,190 | 137,658 | |
Finance income | 10,050 | 41,833 | |
Finance costs | (7,037) | (23,140) | |
Finance income, net | 3,013 | 18,693 | |
159,203 | 156,351 | ||
Share of result of associated companies | 279 | - | |
Profit before income tax | 159,482 | 156,351 | |
Income tax expense | 6 | (67,024) | (96,541) |
Profit for the period | 92,458 | 59,810 | |
Attributable to: Shareholders of the Company | 92,782 | 59,810 | |
Non-controlling interests | (324) | - | |
92,458 | 59,810 | ||
Earnings per share for profit attributable to |
shareholders of the Company during
the period (expressed in HK$ per share)
- Basic and diluted 8 0.05 0.04
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Unaudited Unaudited Six months ended 31 December 2016 2015HK$'000 HK$'000
Profit for the period 92,458 59,810
Other comprehensive income
Items that will not be reclassified to profit or loss
Fair value loss on financial asset at fair value
through other comprehensive income (16,591) - Revaluation of properties upon reclassification
from property, plant and equipment and land use rights to investment properties | 1,775 | - |
- Deferred income tax thereof | (444) | - |
(15,260) | - | |
Items that may be reclassified subsequently to profit and loss Fair value loss on available-for-sale financial asset | - | (7,267) |
Translation differences | (264,343) | (261,525) |
(264,343) | (268,792) | |
Other comprehensive income for the period, net of tax | (279,603) | (268,792) |
Total comprehensive income for the period | (187,145) | (208,982) |
Attributable to: Shareholders of the Company | (186,823) | (208,982) |
Non-controlling interests | (322) | - |
(187,145) | (208,982) |
Note | Unaudited As at 31 December 2016 HK$'000 | Audited As at 30 June 2016 HK$'000 | |
Assets Non-current assets Property, plant and equipment | 1,321,686 | 1,482,758 | |
Investment properties | 4,381,642 | 4,567,522 | |
Land use rights | 620,975 | 671,759 | |
Intangible assets | 1,670,494 | 1,748,725 | |
Interests in associated companies | 890 | 361 | |
Other non-current assets | 9 | 601,063 | 616,336 |
Prepayments, deposits and other receivables Financial asset at fair value through other comprehensive income | 296,679 17,702 | 332,816 - | |
Available-for-sale financial asset | - | 35,893 | |
Financial asset at fair value through profit or loss | 8,694 | 9,040 | |
Deferred income tax assets | 141,218 | 150,866 | |
9,061,043 | 9,616,076 | ||
Current assets Inventories | 229,272 | 231,117 | |
Debtors | 10 | 152,168 | 114,183 |
Prepayments, deposits and other receivables | 595,496 | 542,733 | |
Amounts due from fellow subsidiaries | 8,102 | 2,842 | |
Amounts due from related companies | 1 | 2,210 | |
Financial asset at fair value through profit or loss | 1,170 | - | |
Fixed deposits | 21,108 | 39,269 | |
Cash and cash equivalents | 1,856,475 | 1,163,409 | |
2,863,792 | 2,095,763 | ||
Total assets | 11,924,835 | 11,711,839 | |
Equity and liabilities Equity Share capital | 168,615 | 168,615 | |
Reserves | 5,557,403 | 5,744,224 | |
Shareholders' funds | 5,726,018 | 5,912,839 | |
Non-controlling interests | (52) | (4) | |
Total equity | 5,725,966 | 5,912,835 |
New World Department Store China Limited published this content on 20 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 February 2017 08:19:11 UTC.
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