ANNOUNCEMENT OF FINAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER PDF

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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
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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. (Stock Code: 176) Websites: ANNOUNCEMENT OF FINAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2014 RESULTS The Board of Directors ( the Board ) of United Pacific Industries Limited ( United Pacific Industries, UPI or the Company ) is pleased to announce the consolidated results of UPI and its subsidiaries (the Group ) for the year ended 30 September 2014 as set out below compared with the audited consolidated results for the year ended 30 September CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 30 SEPTEMBER 2014 Note HK$ 000 HK$ 000 (restated) Continuing operations Revenue 3 286, ,282 Cost of sales (244,786) (195,072) Gross profit 41,463 31,210 Other income 4 61, Interest income Selling and distribution costs (12,106) (9,936) Administrative costs (37,754) (25,149) Finance costs 5 (814) (625) Share of results of an associate 10 9,583 Profit/(loss) before tax 6 61,492 (3,662) Income tax charge 7 (11,581) (2,529) Profit/(loss) for the year from continuing operations 49,911 (6,191) Discontinued operations Net result from discontinued operations 13 (228,670) 59,567 (Loss)/profit for the year (178,759) 53,376 Attributable to owners of the Company (178,759) 53,376 (Loss)/earnings per share from continuing and discontinued operations 9 Basic (16.78) cents 5.42 cents Diluted (16.31) cents 5.42 cents Earnings/(loss) per share from continuing operations 9 Basic 4.69 cents (0.63) cents Diluted 4.60 cents (0.63) cents 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER HK$ 000 HK$ 000 (restated) (Loss)/profit for the year (178,759) 53,376 Other comprehensive income Items that will not be reclassified to profit or loss: Recognition of actuarial (losses)/gains on defined benefit pension plan (net of tax) (53,143) 31,701 Items that may be reclassified subsequently to profit or loss: Exchange differences arising on the translation of foreign operations (838) (1,064) Cash flow hedge loss recognised in equity (361) (351) Cash flow hedge recycled to the statement of profit or loss Deficit on revaluation of available-for-sale financial assets (957) (681) Realised exchange differences on the sale of a disposal group recycled to the statement of profit or loss 57,122 Realised exchange differences on the liquidation of a subsidiary undertaking recycled to the statement of profit or loss (1,186) Impairment of available-for-sale financial assets recycled to the statement of profit or loss 1,702 Other comprehensive income for the year, net of tax 4,237 29,258 Total comprehensive income for the year attributable to owners of the Company (174,522) 82,634 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2014 Note 30 September 2014 HK$ September 2013 HK$ 000 (restated) 1 October 2012 HK$ 000 (restated) Non-current assets Property, plant and equipment 4, , ,854 Prepaid land lease payments under operating leases Goodwill 2,419 2,432 Other intangible assets Interest in an associate ,234 10,052 7,007 Available-for-sale financial assets 237 1,921 2,593 Deferred tax assets 43,330 65, , , ,509 Current assets Inventories 18, , ,735 Trade and other receivables 11 96, , ,915 Pledged bank deposits 5,000 Cash and bank balances 287, , , , , ,007 Current liabilities Trade and other payables 12 62, , ,911 Interest-bearing bank borrowings - amounts due within one year 6,020 63,020 57,103 Obligations under finance leases - amounts due within one year 9 6,112 8,127 Provisions 3,860 4,121 Derivative financial instruments 351 2,874 Tax payable 13,174 13,478 9,020 81, , ,156 Net current assets 320, , ,851 Total assets less current liabilities 475, , ,360 4 Note 30 September 2014 HK$ September 2013 HK$ 000 (restated) 1 October 2012 HK$ 000 (restated) Non-current liabilities Interest-bearing bank borrowings - amounts due after one year 2,400 Obligations under finance leases - amounts due after one year 4,847 9,104 Convertible bonds 14 73,101 Retirement benefit obligations 166, ,083 Deferred tax liabilities 10,140 11,973 73, , ,560 Net assets 402, , ,800 Capital and reserves Share capital 116, ,744 99,338 Reserves 286, , ,462 Total equity attributable to owners of the Company 402, , ,800 5 NOTES 1. BASIS OF CONSOLIDATION The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries (together referred to as the Group ) made up to 30 September each year. Subsidiaries are investees over which the Company is able to exercise control. The results of subsidiaries acquired or disposed of during the year are included in the statement of profit or loss from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by other members of the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. For business combinations, the acquisition of subsidiaries is accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition related costs are recognised in the consolidated statement of profit or loss as incurred unless they are incurred in issuing equity instruments in which case the costs are deducted from equity. At the acquisition date, the acquiree s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under HKFRS 3 (Revised) are recognised at their fair values, except that: deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with HKAS 12 Income Taxes and HKAS 19 Employee Benefits respectively; liabilities or equity instruments related to the replacement by the Group of an acquiree s share-based payment awards are measured in accordance with HKFRS 2 Share-based Payments; and assets (or disposal groups) that are classified as held for sale in accordance with HKFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Group s interest in the fair value of the acquiree s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer s previously held interest in the acquiree (if any) the excess is recognised immediately in profit or loss as a bargain purchase gain. Non-controlling interests that represent present ownership interests may be initially measured either at fair value or at the non-controlling interests proportionate share of the fair value of the acquiree s identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. All other non-controlling interests are measured at fair value unless another measurement basis is required by Hong Kong Financial Reporting Standards. 6 2. APPLICATION OF HONG KONG FINANCIAL REPORTING STANDARDS The Group has adopted the following new and revised HKFRSs issued by the Hong Kong Institute of Certified Public Accountants ( HKICPA ), which are relevant to and effective for the Group s financial statements for the annual financial period beginning on 1 October HKFRSs (Amendments) Amendments to HKFRS 7 HKFRS 10 HKFRS 12 HKFRS 13 HKAS 27 (2011) HKAS 28 (2011) HKAS 19 (2011) Amendments to HKFRS 1 Annual Improvements Cycle Offsetting Financial Assets and Financial Liabilities Consolidated Financial Statements Disclosure of Interests in Other Entities Fair Value Measurement Separate Financial Statements Investments in Associates and Joint Ventures Employee Benefits Government Loans Except as described below, the Group has concluded that the adoption of the new and revised HKFRSs, to the extent that they are relevant to the Group, have had no significant impact on the Group s results of operations and financial position. HKAS 19 (2011) - Employee Benefits In the current year, the Group has applied HKAS 19 (2011) and the related retrospective amendments for the first time. HKAS 19 (2011) abandons the corridor approach with the result that changes in defined benefit obligations and the fair value of plan assets are recognised in the period in which they occur. The revised standard requires the changes in the Group s net defined benefit liability (or asset) to be separated into three components: service cost (including current and past service cost and settlements) recognised in profit or loss; net interest on the net defined benefit liability recognised in profit or loss; and re-measurements of the defined benefit liability (or asset) recognised in other comprehensive income. Under the revised standard, all actuarial gains and losses are required to be recognised immediately in other comprehensive income. Revised HKAS 19 also changed the basis for determining income from plan assets from expected return to interest income calculated at the liability discount rate, and requires immediate recognition of past service cost, whether vested or not. As a result of the adoption of revised HKAS 19, the Group has changed its accounting policy with respect to defined benefit plans. The Group has applied the relevant transitional provisions and restated the comparative amounts on a retrospective basis. The main changes included: (a) (b) (c) Past service costs are recognised immediately in profit or loss. Previously, these costs were recognised over the vesting period; The costs of administering the Plan are recognised in profit or loss, Previously, these costs were deducted from the return on plan assets; The interest income on Plan assets determined at the discount rate is recognised in profit or loss, Previously, an expected return on plan assets was recognised in profit or loss; and 7 2. APPLICATION OF HONG KONG FINANCIAL REPORTING STANDARDS (continued) (d) The return on plan assets, after deducting interest income, is recognised in other comprehensive income. Previously, the return on plan assets after deducting the expected return was recognised in other comprehensive income. The impact of the adoption of the revised HKAS 19 on the Group s financial statements is summarised below: As previously reported Effect of adopting HKAS 19 (2011) As restated HK$ 000 HK$ 000 HK$ 000 Consolidated statement of financial position as at 1 October 2012 Deferred tax assets 72,203 (6,238) 65,965 Total non-current assets 272,747 (6,238) 266,509 Total assets less current liabilities 650,598 (6,238) 644,360 Retirement benefit obligations 245,217 (27,134) 218,083 Total non-current liabilities 268,694 (27,134) 241,560 Net assets / total equity 381,904 20, ,800 Accumulated profits 279,805 20, ,701 Consolidated statement of financial position as at 30 September 2013 Deferred tax assets 48,005 (4,675) 43,330 Total non-current assets 240,625 (4,675) 235,950 Total assets less current liabilities 660,480 (4,675) 655,805 Retirement benefit obligations 189,627 (23,376) 166,251 Total non-current liabilities 204,614 (23,376) 181,238 Net assets / total equity 455,866 18, ,567 Translation reserve (57,031) 1,695 (55,336) Accumulated profits 353,995 17, ,001 Consolidated statement of profit or loss for the year ended 30 September 2013 Retirement benefit plan (credits)/expenses (7,466) 22,475 15,009 Legal and professional fee 4,021 3,260 7,281 Profit before tax 100,568 (25,735) 74,833 Income tax charge (27,518) 6,061 (21,457) Profit for the year 73,050 (19,674) 53,376 8 2. APPLICATION OF HONG KONG FINANCIAL REPORTING STANDARDS (continued) As previously reported Effect of adopting HKAS 19 (2011) As restated HK$ 000 HK$ 000 HK$ 000 Consolidated statement of comprehensive income for the year ended 30 September 2013 Remeasurement of net defined benefit pension plan, net of tax 15,917 15,784 31,701 Exchange differences arising on the retranslation of foreign operations (2,759) 1,695 (1,064) Other comprehensive income for the year, net of tax 11,779 17,479 29,258 Total comprehensive income for the year attributable to owners of the Company 84,829 (2,195) 82,634 The impact on the earnings per share for the year ended 30 September 2013 after the adoption of the HKAS 19 (2011) is as follows: 2013 (Originally stated) Impact on adoption of HKAS 19 (2011) 2013 (restated) Earnings per share Continuing and discontinued operations Basic 7.42 cents (2) cents 5.42 cents Dilluted 7.42 cents (2) cents 5.42 cents Discontinued operations Basic 8.05 cents (2) cents 6.05 cents Dilluted 8.05 cents (2) cents 6.05 cents 9 2. APPLICATION OF HONG KONG FINANCIAL REPORTING STANDARDS (continued) The Group has not early applied the following new and revised HKFRSs that have been issued but are not yet effective. Amendments to HKAS 19 (2011) Defined Benefit Plans: Employee Contributions 2 Amendments to HKAS 32 Offsetting Financial Assets and Financial Liabilities 1 Amendments to HKAS 36 Recoverable Amount Disclosure for Non-Financial Assets 1 HKFRS 9 Financial Instruments 6 HKFRS 15 Revenue from Contracts with Customers 5 HKFRSs (Amendments) Annual Improvements cycle 3 HKFRSs (Amendments) Annual Improvements cycle 2 HKFRSs (Amendments) Annual Improvements cycle 4 Notes: Effective for annual periods beginning on or after 1 January 2014 Effective for annual periods beginning or transactions occurring on or after 1 July 2014 Effective for annual periods beginning on or after 1 July 2014 Effective for annual periods beginning on or after 1 January 2016 Effective for annual periods beginning on or after 1 January 2017 Effective for annual periods beginning on or after 1 January 2018 HKFRS 9-Financial Instruments HKFRS 9 introduces new requirements for the classification and measurement of financial assets. Debt instruments that are held within a business model whose objective is to hold assets in order to collect contractual cash flows (the business model test) and that have contractual terms that give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding (the contractual cash flow characteristics test) are generally measured at amortised cost. Debt instruments that meet the contractual cash flow characteristics test are measured at FVTOCI if the objective of the entity s business model is both to hold and collect the contractual cash flows and to sell the financial assets. Entities may make an irrevocable election at initial recognition to measure equity instruments that are not held for trading at FVTOCI. All other debt and equity instruments are measured at FVTPL. HKFRS 9 includes a new expected loss impairment model for all financial assets not measured at FVTPL replacing the incurred loss model in HKAS 39 and new general hedge accounting requirements to allow entities to better reflect their risk management activities in financial statements. HKFRS 9 carries forward the recognition, classification and measurement requirements for financial liabilities from HKAS 39, except for financial liabilities designated at FVTPL, where the amount of change in fair value attributable to change in credit risk of the liability is recognised in other comprehensive income unless that would create or enlarge an accounting mismatch. In addition, HKFRS 9 retains the requirements in HKAS 39 for derecognition of financial assets and financial liabilities. 10 2. APPLICATION OF HONG KONG FINANCIAL REPORTING STANDARDS (continued) HKFRS 15 - Revenue from Contracts with Customers The standard contains a single model that applies to contracts with customers and two approaches to recognising revenue: at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how much and when revenue is recognised. The five steps are as follows: 1. Identify the contract with the customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognise revenue when (or as) the entity satisfies a performance obligation HKFRS 15 also introduces extensive qualitative and quantitative disclosure requirements which aim to enable users of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. An entity may adopt HKFRS 15 on a full retrospective basis. Alternatively, it may choose to adopt it prospectively from the date of initial application. The Group is in the process of making an assessment of the potential impact of these new pronouncements. The directors so far concluded that the application of these new pronouncements may result in changes in accounting policies but are unlikely to have a significant impact on the consolidated financial statements. 3. REVENUE AND SEGMENT INFORMATION The Group s segmental information is based on regular internal financial information reported to the Company s Executive Directors for their decisions about resources allocation to the Group s business components and their review of these components performance. Up until 30 May 2014, the Group s principal segments for internal reporting purposes were: the contract manufacturing, on OEM and EMS bases, of a wide range of power-related and electrical/electronic products ( Contract Manufacturing ); the manufacture, procurement and distribution of a broad line of hand, lawn and garden tools ( Tools ); the procurement and assembly of magnetic tools and products including the provision of magnetic-based industrial solutions ( Magnetic Technologies ); the manufacture, assembly and procurement of metrology and measurement tools ( Precision Measurement ); and the manufacture of electronic consumer products ( Consumer Electronics ). On that date, the Company sold its entire shareholdings in Pantene Global Holdings Limited ( PGH ) and Pantronics Holdings Limited ( PHL ). PGH was the holding company of the Tools, Magnetic Technologies and Precision Measurement divisions while PHL was the holding company of the Contract Manufacturing division. At the reporting date, there is one remaining business segment ( Consumer Electronics ) upon which the Group reports its primary segment information. 11 3. REVENUE AND SEGMENT INFORMATION (continued) Revenue, which is also the Group s turnover, represents the total invoiced value of goods supplied less discounts and returns. Consumer Electronics Discontinued Operations Total HK$ 000 HK$ 000 HK$ 000 For the year ended 30 September 2014 Revenue External customers 286, ,395 1,161,644 Inter-segment sales 7,210 7, , ,605 1,168,854 Profit before tax Segment operating profit 19,298 68,447 87,745 Restructuring costs (4,112) (4,112) Share of results of an associate 4,016 4,016 Impairment loss on non-current assets (170,283) (170,283) Net finance costs (287) (5,955) (6,242) Reportable segment profit/(loss) 19,011 (107,887) (88,876) Assets Segment assets 120, ,414 Li
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