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ANNOUNCEMENT OF INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2017
INTERIM RESULTS
The board (the "Board") of directors (the "Directors") of Ping Shan Tea Group Limited (the
"Company") is pleased to announce the unaudited condensed consolidated results of the
Company and its subsidiaries (collectively, the "Group") for the six months ended 30 June
2017 (the "Period"). The interim results for the Period are unaudited, but have been reviewed
by the audit committee of the Company (the "Audit Committee").
1
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the six months ended 30 June 2017
Six months ended 30 June
2017 2016
HK$ '000 HK$ '000
Note (unaudited) (unaudited)
4
REVENUE 133,990 159,136
(81,250)
Cost of sales (98,927)
GROSS PROFIT 52,740 60,209
Changes in fair value of agricultural produce less
(8,117)
costs to sell during the period 6,191
5 5,143
Other income 3,720
(3,765)
Selling and distribution expenses (8,478)
Administrative and other
(18,835)
operating expenses (21,661)
PROFIT FROM OPERATIONS 27,166 39,981
6 (107,662)
Finance costs (103,731)
Change in fair value of financial liabilities
14 9,687
at fair value through profit or loss 3,561
76
Share of profits of associates 524
LOSS BEFORE INCOME TAX (70,733) (59,665)
7 596
Income tax credit/(expense) (1,679)
8
LOSS FOR THE PERIOD (70,137) (61,344)
ATTRIBUTABLE TO:
(70,268)
Equity shareholders of the Company (60,904)
131
Non-controlling interests (440)
LOSS FOR THE PERIOD (70,137) (61,344)
HK Cents
9 HK Cents
Loss per share:
(0.30)
- Basic (0.32)
N/A
- Diluted N/A
2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the six months ended 30 June 2017
Six months ended 30 June
2017 2016
HK$ '000 HK$ '000
(unaudited) (unaudited)
LOSS FOR THE PERIOD (70,137) (61,344)
OTHER COMPREHENSIVE
INCOME/(LOSS), NET OF TAX
Items that may be subsequently reclassified to
profit or loss:
Exchange difference on translating foreign
96,329
operations (86,701)
Share of other comprehensive
7,393
income/(losses) of associates (4,272)
103,722 (90,973)
TOTAL COMPREHENSIVE
INCOME/(LOSS) FOR THE PERIOD 33,585 (152,317)
ATTRIBUTABLE TO:
33,427
Equity shareholders of the Company (151,675)
158
Non-controlling interests (642)
TOTAL COMPREHENSIVE
INCOME/(LOSS) FOR THE PERIOD 33,585 (152,317)
3
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
At 30 June 2017
At 30 June At 31 December
2017 2016
HK$ '000 HK$ '000
Note (unaudited) (audited)
NON-CURRENT ASSETS
851,037
Property, plant and equipment 847,608
17,210
Intangible assets 19,340
283,481
Interests in associates 276,012
167,175
Available-for-sale financial assets 164,640
-
Deposits paid 425,600
1,917
Prepayments 1,871
4,197
Deferred tax assets 4,087
1,325,017 1,739,158
CURRENT ASSETS
13,983
Inventories 11,374
10(a) 14,168
Trade receivables 110
10(b) 29,643
Prepayments, deposits and other receivables 102,201
3,009,255
Cash and bank balances 2,091,168
3,067,049 2,204,853
4
At 30 June At 31 December
2017 2016
HK$ '000 HK$ '000
Note (unaudited) (audited)
CURRENT LIABILITIES
35,202
Bank loans, secured 34,283
11 16,907
Trade payables 7,844
Receipts in advance,
132,914
other payables and accruals 127,352
1,300
Amount due to a related party 1,591
12 426,591
Convertible bonds 379,048
13 893,765
Debentures 448,849
Financial liabilities at fair value
14 27
through profit or loss 9,714
73,371
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