(Incorporated in Hong Kong under the Companies Ordinance)
(Stock Code: 40)Pursuant to Paragraph 13.09(2) of the Listing Rules, the Board of Directors of Gold Peak Industries (Holdings) Limited is pleased to announce the unaudited consolidated results of GP Batteries International Limited for the six months ended 30 September 2015. GP Batteries Group's turnover increased by 11.9% to S$402.5 million and the net profit attributable to equity holders of GP Batteries increased by 9.8% to S$12.6 million.
Pursuant to Paragraph 13.09(2) of the Listing Rules, the Board of Directors of Gold Peak Industries (Holdings) Limited (the 'Company') is pleased to announce the unaudited consolidated results of GP Batteries International Limited ('GP Batteries' and together with its subsidiaries, 'GP Batteries Group') for the six months ended 30 September 2015. GP Batteries is a 63.9%-owned subsidiary of GP Industries Limited which is in turn an 85.4%-owned subsidiary of the Company. Both GP Batteries and GP Industries Limited are companies listed on the Singapore Exchange Securities Trading Limited.
GP BATTERIES INTERNATIONAL LIMITED UNAUDITED CONSOLIDATED RESULTSTurnover 402,492 2,275,247 359,577 2,217,188
Cost of sales (311,644) (1,761,692) (276,906) (1,707,431)
Gross profit 90,848 513,555 82,671 509,757
Other operating income and expenses 14,142 79,943 10,587 65,281
Distribution expenses (37,267) (210,667) (27,979) (172,521)
Administrative expenses (43,356) (245,087) (38,166) (235,335)
Finance costs (3,047) (17,224) (2,804) (17,290)
Profit before share of results of associates 21,320 120,520 24,309 149,892
Share of results of associates 2,364 13,363 (308) (1,899)
Profit before income tax 23,684 133,883 24,001 147,993
Income tax (4,970) (28,095) (5,922) (36,516)
Equity holders of GP Batteries | 12,587 | 71,153 | 11,461 | 70,670 |
Non-controlling interests | 6,127 | 34,635 | 6,618 | 40,807 |
18,714 | 105,788 | 18,079 | 111,477 | |
S cents | HK cents | S cents | HK cents | |
Earnings per share | 7.69 | 43.47 | 6.95 | 42.85 |
Dividend per share Interim | 3.00 | 16.96 | 1.25 | 7.71 |
Profit after income tax 18,714 105,788 18,079 111,477 Attributable to:
Note:-
The Hong Kong dollar equivalents as shown above for illustrative purposes are converted at the average exchange rates for the respective periods.
REVIEW OF OPERATIONTurnover for the three months ended 30 September 2015 was S$213.1 million, an increase of 15.1% over the corresponding period last year. Turnover for the six months ended 30 September 2015 was S$402.5 million, an increase of 11.9% over the corresponding period last year. As the Singapore dollar has weakened significantly against the US dollar, the aforesaid increases in turnover were just 3.8% and 2.6% respectively in US dollar terms.
Sales of primary batteries increased by 15.5% and 10.7% for the three months and six months ended 30 September 2015 respectively over the corresponding periods last year. Sales of rechargeable batteries increased by 15.8% and 18.2% for the three months and six months ended 30 September 2015 respectively over the corresponding periods last year.
Sales in the Americas, Europe and Asia increased by 14.0%, 15.7% and 15.3% respectively for the three months ended 30 September 2015 over the corresponding period last year. For the six months ended 30 September 2015, sales in the Americas, Europe and Asia increased by 12.7%, 4.1% and 14.1% respectively over the corresponding period last year.
Profit before income tax for the three months and six months ended 30 September 2015 were S$15.6 million and S$23.7 million respectively as compared to S$16.1 million and S$24.0 million over the corresponding periods last year. Gross profit margins for the three months and six months ended 30 September 2015 were 22.0% and 22.6% respectively as compared to 22.5% and 23.0% in the respective corresponding periods last year.
Distribution expenses for the three months and six months ended 30 September 2015 were S$21.7 million and S$37.3 million respectively as compared to S$14.4 million and S$28.0 million over the respective corresponding periods last year. The increase is mainly due to increase in turnover as well as additional doubtful debt provisions of about S$4.0 million as a prudent measure against the recent weakening economy in the PRC.
Administrative expenses for the three months and six months ended 30 September 2015 were S$23.6 million and S$43.4 million respectively as compared to S$19.9 million and S$38.2 million over the respective corresponding periods last year. This is mainly due to increase in staff cost, office rental and IT expenses.
Finance costs for the three months and six months ended 30 September 2015 were S$1.8 million and S$3.0 million respectively as compared to S$1.4 million and S$2.8 million over the respective corresponding periods last year mainly due to additional interest expenses incurred after the drawdown of the S$85 million three-year term loan facility in July 2015.
Net other operating income for the three months and six months ended 30 September 2015 was both S$14.1 million as compared to both S$10.6 million over the same periods last year mainly due to (a) a gain of S$4.0 million arising from the disposal of a factory building in the PRC this year; (b) a gain on foreign exchange of S$8.8 million due to stronger US dollars against Asian currencies, in particular the Malaysia Ringgit; and (c) a gain of S$9.2 million last year arising from the disposal of the factory building in Singapore.
Share of profits of associates for the three months and six months ended 30 September 2015 were S$1.6 million and S$2.4 million respectively as compared to losses of S$0.5 million and S$0.3 million over the respective corresponding periods last year mainly due to the improved performance of STL Group and AZ Limited, GP Batteries Group's 40%-owned associate in Russia.
GP Batteries Group expects the business environment in the near term will be challenging. Sales in emerging markets are negatively impacted by volatile exchange rates against US dollars. Sales growth of primary batteries globally is slowing down. New electronic products become more energy efficient and, therefore, consume fewer batteries. New applications are shifting towards rechargeable batteries. Increasing idle capacities of competitors, mainly in Asia, will result in fierce competition.
GP Batteries Group will continue to invest in brand building and distribution development in selected regions. More resources will be allocated to grow the rechargeable batteries business. GP Batteries Group has decided to relocate its Hong Kong Headquarters to Hong Kong Science Park in early 2016 for long-term development and advancement.
GP Batteries Group's balance sheet remains healthy and strong cashflow surplus was generated for the first half of the year.
As at the date of this announcement, the Board consists of Messrs. Victor LO Chung Wing (Chairman & Chief Executive), LEUNG Pak Chuen, Richard KU Yuk Hing, Andrew CHUANG Siu Leung and Brian LI Yiu Cheung as Executive Directors, Messrs. LUI Ming Wah, Frank CHAN Chi Chung and CHAN Kei Biu as Independent Non-Executive Directors, and Ms. Karen NG Ka Fai as a Non-Executive Director.
Company Secretary
Hong Kong, 5 November 2015
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