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HK Bourse: Announcement From Golik Holdings Ltd. -3-

28 Aug 2017 12:32 am
 
 
 
                                                  Metal    construction     segment         Other 
                                               products       materials         total   operations   Eliminations Consolidated 
                                               HK$'000        HK$'000      HK$'000       HK$'000        HK$'000      HK$'000 
 
REVENUE 
 
External sales                                  416,801         519,955      936,756       44,981              -      981,737 
Inter-segment sales                               4,647               -        4,647            -         (4,647)           - 
 
Total                                           421,448         519,955      941,403       44,981         (4,647)     981,737 
 
 
SEGMENT RESULT                                   44,992          35,181       80,173       (2,939)            54        77,288 
 
 
Unallocated other income                                                                                                 2,351 
Unallocated corporate expenses                                                                                         (11,111) 
Fair value loss on put option derivative                                                                                  (317) 
Finance costs                                                                                                           (5,760) 
Share of result of a joint venture                                                                                         154 
Share of result of an associate                                                                                         (2,050) 
 
Profit before taxation                                                                                                  60,555 
 
 
The accounting policies of the operating segments are the same as the Group's accounting policies. Segment 
result represents the gross profit or loss generated/suffered from each segment, net of selling and distribution 
costs and administrative expenses directly attributable to each segment without allocation of certain other 
income, corporate expenses, fair value loss on put option derivative, finance costs and share of results of a joint 
venture and an associate. This is the measure reported to the chief operating decision makers for the purposes of 
resource allocation and performance assessment. 
 
 
 
 
                                                          -6- 
4.   OTHER GAINS AND LOSSES 
                                                                                  Six months ended 30th June, 
                                                                                         2017               2016 
                                                                                      HK$'000            HK$'000 
                                                                                    (unaudited)        (unaudited) 
 
                                                                                              - 
     Fair value loss on put option derivative                                                                 317 
                                                                                         (4,729) 
     Gain on disposal of property, plant and equipment                                                       (269) 
                                                                                         (1,570) 
     Net exchange (gain) loss                                                                               2,919 
                                                                                         (7,928) 
     (Reversal of allowance) allowance for bad and doubtful debts, net                                      1,096 
 
                                                                                        (14,227)            4,063 
 
 
5.   FINANCE COSTS 
                                                                                  Six months ended 30th June, 
                                                                                         2017                2016 
                                                                                      HK$'000            HK$'000 
                                                                                   (unaudited)         (unaudited) 
 
     Interest on: 
 
                                                                                          8,240 
     Bank borrowings                                                                                        5,710 
                                                                                             35 
     Finance leases                                                                                            50 
 
 
                                                                                          8,275             5,760 
                                                                                           (765) 
     Less: amounts capitalised in the cost of qualifying assets                                                 - 
 
                                                                                          7,510             5,760 
 
 
6.   INCOME TAX EXPENSES 
                                                                                  Six months ended 30th June, 
                                                                                         2017                2016 
                                                                                      HK$'000            HK$'000 
                                                                                   (unaudited)         (unaudited) 
 
     The charge comprises: 
 
     Current period 
                                                                                          6,355 
       Hong Kong                                                                                            4,356 
                                                                                          3,496 
       Other regions in The People's Republic of China (the "PRC")                                          6,789 
 
                                                                                          9,851            11,145 
 
     (Overprovision) underprovision in prior years 
                                                                                              - 
       Hong Kong                                                                                              103 
                                                                                         (1,597) 
       Other regions in the PRC                                                                             1,108 
 
                                                                                         (1,597)            1,211 
 
                                                                                            140 
     Deferred tax                                                                                             240 
 
                                                                                          8,394            12,596 
 
 
     Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profit for both periods. 
 
 
 
 
                                                        -7- 
     Under the Law of the PRC on Enterprise Income Tax (the "EIT Law") and Implementation Regulation of the 
     EIT Law, the tax rate of the PRC subsidiaries is 25%. In addition, a PRC subsidiary of the Company was 
     qualified as "High-tech Enterprise" in Tianjin. Accordingly, the PRC subsidiary was subject to an Enterprise 
     Income Tax rate of 15% for futher three years starting from 2016. 
 
     The EIT Law requires withholding tax to be levied on distribution of profits earned by a PRC entity to a Hong 
     Kong resident company (which is the beneficial owner of the dividend received) for profits generated after 1st 
     January, 2008 at the rate of 5%. As at 30th June, 2017 and 2016, deferred tax was provided for in full in respect 
     of the temporary differences attributable to such profits. 
 
7.   PROFIT FOR THE PERIOD 
                                                                                  Six months ended 30th June, 
                                                                                         2017               2016 
                                                                                      HK$'000            HK$'000 
                                                                                    (unaudited)        (unaudited) 
 
     Profit for the period has been arrived at after charging (crediting): 
 
                                                                                             225 
     Amortisation of prepaid lease payments                                                                       232 
                                                                                          18,469 
     Depreciation of property, plant and equipment                                                             19,239 
                                                                                         (11,071) 
     Reversal of write down of inventories (included in cost of sales)                                         (7,163) 
 
 
8.   DIVIDEND 
     During the current period, a final dividend of HK3.0 cents per share in respect of the year ended 31st December, 
     2016 (six months ended 30th June, 2016: HK3.5 cents per share in respect of the year ended 31st December, 
 
 
 
 

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August 27, 2017 20:32 ET (00:32 GMT)
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