2008 Annual Report - Kenford Group Holdings Limited

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Five Years Financial Summary CONSOLIDATED INCOME STATEMENTS Year ended 31st March, 2004 2005 2006 2007 2008 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 Turnover 301,634 464,910 403,551 537,273 552,891 Cost of sales (232,979) (370,729) (356,874) (436,406) (439,020) Gross profi t 68,655 94,181 46,677 100,867 113,871 Other income and gains 6,790 12,215 8,588 8,086 8,238 Impairment loss on land and buildings (583) – – – – Distribution costs (8,356) (8,020) (8,309) (7,162) (8,172) Administrative expenses (27,890) (31,704) (36,480) (43,368) (48,601) Loss on fi nancial assets at fair value through profi t or loss, net – – – – (40,674) Profi t from operations 38,616 66,672 10,476 58,423 24,662 Finance costs (3,495) (3,912) (5,728) (7,915) (6,737) Gain on disposal of associates 22 – – – – Share of profi ts and losses of associates (11) – – – – Profi t before income tax expense 35,132 62,760 4,748 50,508 17,925 Income tax expense (4,056) (5,357) (601) (4,193) (235) Profi t attributable to equity holders of the Company 31,076 57,403 4,147 46,315 17,690 Dividends 80,000 40,000 5,200 18,000 16,467 Basic earnings per share (cents) 10.36 19.13 1.094 11.579 4.343 Diluted earnings per share (cents) 10.36 19.13 1.090 11.558 4.343 Annual Report 2008 83
Five Years Financial Summary CONSOLIDATED BALANCE SHEETS 31st March, 2004 2005 2006 2007 2008 HK$’000 HK$’000 HK$’000 HK$’000 HK’000 (Restated) (Restated) Non-current assets Property, plant and equipment 75,737 78,295 91,461 96,167 130,077 Payments for leasehold land held for own use under operating leases 1,790 3,288 3,247 3,236 4,067 Goodwill – 1,403 1,403 1,403 1,403 Total non-current assets 77,527 82,986 96,111 100,806 135,547 Current assets Inventories 50,867 60,881 54,207 55,853 72,414 Trade and bills receivable 26,709 46,880 69,363 94,719 86,299 Deposits, prepayments and other receivables 4,225 12,617 8,479 7,940 8,075 Amounts due from related companies 10,338 – – – – Tax recoverable – – 1,866 – 1,104 Pledged bank deposit 6,043 6,051 – – – Cash and cash equivalents 30,020 77,176 63,334 116,841 126,680 Total current assets 128,202 203,605 197,249 275,353 294,572 Current liabilities Trade and bills payable 38,001 55,298 46,291 55,430 70,068 Accruals and other payables 12,133 15,620 15,461 15,690 21,648 Dividends payable 17,429 32,489 – – – Amount due to a related company 943 – – – – Borrowings-due within one year 61,843 90,004 69,204 84,779 84,232 Bank advances for discounted bills – – 18,534 31,466 7,461 Obligations under fi nance leases – due within one year 2,387 1,014 457 1,973 2,544 Tax payable 317 2,506 48 3,583 66 Total current liabilities 133,053 196,931 149,995 192,921 186,019 Net current assets/(liabilities) (4,851) 6,674 47,254 82,432 108,553 Total assets less current liabilities 72,676 89,660 143,365 183,238 244,100 Non-current liabilities Borrowings – due after one year 7,841 7,622 11,607 8,367 31,014 Obligations under fi nance leases – due after one year 930 599 155 3,501 2,611 Deferred tax liabilities 2,734 2,823 6,100 6,434 9,627 Net assets 61,171 78,616 125,503 164,936 200,848 Capital and reserves Share capital 58 100 400 400 433 Reserves 61,113 78,516 125,103 164,536 200,415 Equity attributable to equity holders of the Company 61,171 78,616 125,503 164,936 200,848 Note: Pursuant to the adoption of all applicable HKFRSs in 2006, certain fi gures have been restated as explained in note 2(c) to the 2006 annual report. 84 KENFORD GROUP HOLDINGS LIMITED
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Contents Page 1. Corporate Informat
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Chairman’s Statement On behalf of
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Management Discussion and Analysis
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Management Discussion and Analysis
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Report of the Directors PROPERTY, P
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Report of the Directors DIRECTORS
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Report of the Directors SUBSTANTIAL
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Report of the Directors SHARE OPTIO
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Report of the Directors SHARE OPTIO
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Report of the Directors TAXATION OF
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Directors' and Senior Management's
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Directors' and Senior Management's
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Corporate Governance Report BOARD O
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Corporate Governance Report CHAIRMA
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Corporate Governance Report NOMINAT
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Corporate Governance Report INVESTO
Page 34 and 35: Corporate Structure CORPORATE STRUC
Page 36 and 37: Independent Auditor’s Report OPIN
Page 38 and 39: Consolidated Balance Sheet As at 31
Page 40 and 41: Consolidated Statement of Changes i
Page 42 and 43: Notes to the Financial Statements F
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2008 Annual Report - Kenford Group Holdings Limited

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