Starlite : ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2022

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.

Website : http://www.hkstarlite.com

ANNOUNCEMENT OF ANNUAL RESULTS

FOR THE YEAR ENDED 31ST MARCH, 2022

The Directors of Starlite Holdings Limited (the "Company") are pleased to announce the consolidated results of the Company and its subsidiaries (together the "Group") for the year ended 31st March, 2022 together with the comparative figures for the previous year, as follows:

Consolidated Income Statement

For the year ended 31st March, 2022

	Note	2022	2021
		HK$'000	HK$'000
Revenue	3	1,048,700	1,057,477
Cost of sales		(950,020)	(888,364)
		───────────	───────────
Gross profit		98,680	169,113
Other income and gains/(losses) - net	4	468,781	(65,852)
Selling and distribution costs		(65,465)	(66,055)
General and administrative expenses		(131,031)	(137,476)
(Impairment loss)/reversal of impairment losses on
financial assets		(3,544)	1,557
		───────────	───────────
Operating profit/(loss)	5	367,421	(98,713)
		--------------------	--------------------
*For identification purpose only.
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Consolidated Income Statement (Continued)

For the year ended 31st March, 2022

	Note	2022	2021
		HK$'000	HK$'000
Finance income		465	16,072
Finance costs		(17,545)	(10,623)
		───────────	──────────
Finance (costs)/income - net	6	(17,080)	5,449
		-------------------	------------------
Profit/(loss) before income tax		350,341	(93,264)
Income tax credit/(expense)	7	7,132	(5,261)
		───────────	──────────
Profit/(loss) for the year attributable to the owners of
the Company		357,473	(98,525)
		═══════════	══════════
Earnings/(losses) per share attributable to the
owners of the Company for the year
(expressed in HK cents per share)	8
- Basic		68.10	(18.76)
		═══════════	══════════
- Diluted		68.10	(18.76)
		═══════════	══════════

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Consolidated Statement of Comprehensive Income

For the year ended 31st March, 2022

	2022	2021
	HK$'000	HK$'000
Profit/(loss) for the year	357,473	(98,525)
Other comprehensive income/(loss):
Items that may be reclassified to profit or loss
Currency translation differences	19,895	34,569
Items that will not be reclassified to profit or loss
(Decrease)/increase in fair value of financial assets at fair
value through other comprehensive income	(75)	92
	──────	──────
Other comprehensive income for the year, net of tax	19,820	34,661
	-----------	-----------
Total comprehensive income/(loss) for the year
attributable to the owners of the Company	377,293	(63,864)
	══════	══════

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Consolidated Statement of Financial Position

As at 31st March, 2022

		As at	As at
		31st March,	31st March,
	Note	2022	2021
ASSETS		HK$'000	HK$'000
Non-current assets
Property, plant and equipment		361,213	333,095
Investment properties		17,463	-
Right-of-use assets		25,735	33,337
Prepayments for non-current assets		9,130	48,737
Deferred income tax assets		11,169	1,769
Financial assets at fair value through other
comprehensive income		1,435	1,510
Financial assets at fair value through profit or loss		8,571	8,332
		───────	───────
		434,716	426,780
Current assets		-------------	-------------
Inventories		115,330	104,139
Trade and bill receivables	10	172,461	179,671
Prepayments and deposits		28,743	29,672
Tax recoverable		2,602	3,992
Bank deposits with maturity over 3 months
from date of deposits		202	201
Cash and cash equivalents		285,422	275,047
		───────	───────
		604,760	592,722
Total assets		-------------	-------------
	1,039,476	1,019,502
EQUITY		═══════	═══════
Equity attributable to the owners of the Company
Share capital		51,864	52,514
Reserves		618,781	300,705
		───────	───────
Total equity		670,645	353,219
LIABILITIES		-------------	-------------
Non-current liabilities
Amount due to a purchaser of a subsidiary	12	-	154,065
Lease liabilities		1,371	1,885
Deferred income tax liabilities		890	1,688
		───────	───────
		2,261	157,638
Current liabilities		-------------	-------------
Trade and bill payables	11	99,734	136,842
Other payables and accruals		89,519	102,802
Contract liabilities		4,851	4,904
Current income tax liabilities		26,449	30,422
Borrowings		141,357	158,728
Amount due to a purchaser of a subsidiary	12	-	69,692
Lease liabilities		4,660	5,255
		───────	───────
		366,570	508,645
		-------------	----------------
Total liabilities		368,831	666,283
Total equity and liabilities		-------------	-------------
	1,039,476	1,019,502
		═══════	═══════
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Notes:

1. General information

Starlite Holdings Limited (the "Company") is an investment holding company. Its subsidiaries are principally engaged in the printing and manufacturing of packaging materials, labels and paper products, including environmentally friendly paper products. The Company and its subsidiaries are collectively referred to the "Group".

The Company was incorporated in Bermuda on 3rd November, 1992, as an exempted company with limited liability under the Companies Act 1981 of Bermuda. The address of its registered office is Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda and its principal place of business is 3/F, Perfect Industrial Building, 31 Tai Yau Street, Sanpokong, Kowloon, Hong Kong. The Company's shares have been listed on The Stock Exchange of Hong Kong Limited since 1993.

These consolidated financial statements are presented in Hong Kong dollars ("HK$"), unless otherwise stated.

2. Basis of preparation

The consolidated financial statements of the Company have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRS") and the disclosure requirements of the Hong Kong Companies Ordinance Cap. 622. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income which are carried at fair value.

The preparation of consolidated financial statements in conformity with HKFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies.

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