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UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30TH JUNE, 2019
The board of directors ("Board") of Tian An China Investments Company Limited ("Company") announces that the unaudited consolidated results of the Company and its subsidiaries ("Group") for the six months ended 30th June, 2019 with the comparative figures for the corresponding period in 2018 are as follows:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six months ended 30th June, 2019
(Unaudited) | |||||
Six months ended 30th June, | |||||
2019 | 2018 | ||||
Notes | HK$'000 | HK$'000 | |||
Revenue | (4) | 1,005,980 | 2,355,685 | ||
Cost of sales | (535,497) | (1,327,790) | |||
Gross profit | 470,483 | 1,027,895 | |||
Other income and gains | (5) | 166,006 | 134,096 | ||
Marketing and distribution expenses | (22,271) | (28,451) | |||
Administrative expenses | (171,473) | (145,195) | |||
Other operating expenses | (2,491) | (14,069) | |||
Net increase (decrease) in fair value of equity | 16,340 | ||||
securities at fair value through profit or loss | (15,582) | ||||
Net decrease in fair value of financial assets at | (15,406) | ||||
fair value through profit or loss | (9,482) | ||||
Fair value gain on transfer of inventories of | 32,642 | ||||
completed properties to investment properties | 139,295 | ||||
Increase in fair value of investment properties | 131,686 | 107,261 | |||
Write-down of inventories of completed properties | (1,935) | - | |||
Impairment loss on properties for development | (42,330) | - | |||
Amortisation of properties for development | (13,549) | (14,014) | |||
Finance costs | (78,949) | (82,049) | |||
Share of profit of associates | 4,867 | 46,382 | |||
Share of profit of joint ventures | 527,293 | 160,529 | |||
- 1 -
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS (Continued) For the six months ended 30th June, 2019
(Unaudited) | |||||
Six months ended 30th June, | |||||
2019 | 2018 | ||||
Notes | HK$'000 | HK$'000 | |||
Profit before tax | 1,000,913 | 1,306,616 | |||
Taxation | (6) | (135,511) | (454,593) | ||
Profit for the period | (7) | 865,402 | 852,023 | ||
Profit for the period attributable to: | |||||
853,472 | |||||
Owners of the Company | 836,929 | ||||
Non-controlling interests | 11,930 | 15,094 | |||
865,402 | 852,023 | ||||
HK cents | HK cents | ||||
Earnings per share | (8) | 56.64 | |||
Basic | 55.54 | ||||
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CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30th June, 2019
(Unaudited) | |||||
Six months ended 30th June, | |||||
2019 | 2018 | ||||
HK$'000 | HK$'000 | ||||
Profit for the period | 865,402 | 852,023 | |||
Other comprehensive (expense) income | |||||
Items that will not be reclassified to profit or loss: | |||||
Exchange differences arising on translation to presentation | (163,863) | ||||
currency | (208,442) | ||||
Share of other comprehensive expense of associates and | (43,609) | ||||
joint ventures | (49,470) | ||||
Net change in fair value of investments in equity | |||||
instruments at fair value through other comprehensive | (22,689) | ||||
income | (15,842) | ||||
Deferred tax effect on change in fair value of | |||||
investment in an equity instrument at fair value | 165 | ||||
through other comprehensive income | 1,513 | ||||
(229,996) | (272,241) | ||||
Items that may be subsequently reclassified to profit or loss: | |||||
Exchange differences arising on translation of | (7,918) | ||||
foreign operations | (34,295) | ||||
Others | 339 | 254 | |||
(7,579) | (34,041) | ||||
Other comprehensive expense for the period | (237,575) | (306,282) | |||
Total comprehensive income for the period | 627,827 | 545,741 | |||
Total comprehensive income attributable to: | |||||
618,124 | |||||
Owners of the Company | 541,387 | ||||
Non-controlling interests | 9,703 | 4,354 | |||
627,827 | 545,741 | ||||
- 3 -
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30th June, 2019
(Unaudited) | (Audited) | ||||
30th June, | 31st December, | ||||
2019 | 2018 | ||||
Notes | HK$'000 | HK$'000 | |||
Non-current Assets | 225,776 | ||||
Property, plant and equipment | 234,312 | ||||
Right-of-use assets | 39,587 | - | |||
Investment properties | 13,712,491 | 13,622,280 | |||
Properties for development | 3,661,123 | 3,818,333 | |||
Deposits for acquisition of properties | 191,923 | ||||
for development | 193,245 | ||||
Prepaid lease payments on land use rights | - | 39,212 | |||
Other assets - properties interests | 16,783 | 17,225 | |||
Interests in associates | 2,893,918 | 2,891,331 | |||
Interests in joint ventures | 6,119,686 | 5,304,245 | |||
Loans receivable | 283,153 | 264,305 | |||
Financial assets at fair value through profit or loss | 187,197 | 114,790 | |||
Equity instruments at fair value through | 316,821 | ||||
other comprehensive income | 211,698 | ||||
Club memberships | 10,500 | 10,500 | |||
Deferred tax assets | 119,029 | 116,962 | |||
27,777,987 | 26,838,438 | ||||
Current Assets | |||||
Inventories of properties | 2,125,679 | ||||
- under development | 1,797,689 | ||||
- completed | 3,559,628 | 3,993,950 | |||
Other inventories | 2,738 | 415 | |||
Amounts due from associates | 189,792 | 202,792 | |||
Amounts due from joint ventures | 1,323,254 | 1,333,437 | |||
Amounts due from non-controlling interests | 18,182 | 18,391 | |||
Loans receivable | 956,564 | 1,369,144 | |||
Trade and other receivables, deposits and | 360,031 | ||||
prepayments | (9) | 331,494 | |||
Prepaid lease payments on land use rights | - | 892 | |||
Financial assets at fair value through profit or loss | 176,136 | 229,885 | |||
Equity securities at fair value through profit or loss | 61,685 | 49,390 | |||
Prepaid tax | 888 | 2,791 | |||
Pledged bank deposits | 1,142,728 | 552,663 | |||
Bank balances and cash | 2,038,297 | 2,293,386 | |||
11,955,602 | 12,176,319 | ||||
- 4 -
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued) At 30th June, 2019
(Unaudited) | (Audited) | ||||
30th June, | 31st December, | ||||
2019 | 2018 | ||||
Notes | HK$'000 | HK$'000 | |||
Current Liabilities | 1,842,979 | ||||
Trade and other payables | (10) | 1,859,071 | |||
Contract liabilities | 1,585,491 | 1,991,420 | |||
Tax liabilities | 1,432,116 | 1,431,416 | |||
Interest-bearing borrowings | 1,637,847 | 1,328,035 | |||
Interest-free borrowings | 1,139,000 | 950,768 | |||
7,637,433 | 7,560,710 | ||||
Net Current Assets | 4,318,169 | 4,615,609 | |||
32,096,156 | 31,454,047 | ||||
Capital and Reserves | |||||
3,788,814 | |||||
Share capital | 3,788,814 | ||||
Reserves | 20,411,034 | 20,094,264 | |||
Equity attributable to owners of the Company | 24,199,848 | 23,883,078 | |||
Non-controlling interests | 1,348,568 | 1,369,933 | |||
Total Equity | 25,548,416 | 25,253,011 | |||
Non-current Liabilities | |||||
3,724,505 | |||||
Interest-bearing borrowings | 3,402,238 | ||||
Deferred rental income from a tenant | 20,432 | 24,800 | |||
Rental deposits from tenants | 23,331 | 22,145 | |||
Deferred tax liabilities | 2,779,472 | 2,751,853 | |||
6,547,740 | 6,201,036 | ||||
32,096,156 | 31,454,047 | ||||
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HKEx - Hong Kong Exchanges and Clearing Ltd. published this content on 16 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2019 15:36:07 UTC