WH Group Limited — Annual Report 2015

Mar 29, 2016

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.

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WH Group Limited 萬洲國際有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 288)

AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2015 OF HENAN LUOHE SHUANGHUI INDUSTRY GROUP CO., LTD.*

Henan Luohe Shuanghui Industry Group Co., Ltd.* (河南省漯河市雙匯實業集團有限責任 公司) (“ Shuanghui Group ”) is a company incorporated in the People’s Republic of China (“ PRC ”) with medium-term notes trading on the inter-bank bond market in the PRC.

As at the date of this announcement, Shuanghui Group is an indirect wholly owned subsidiary of WH Group Limited (the “ Company ”). On March 29, 2016, Shuanghui Group filed its annual financial statements with Shanghai Clearing House (the “ Shuanghui Group Financial Statements ”) for the year ended December 31, 2015. It is important to note that the audited consolidated financial results contained in the Shuanghui Group Financial Statements have been prepared in accordance with the China Accounting Standards for Business Enterprises. The Company prepares its consolidated financial results in accordance with International Financial Reporting Standards (“ IFRS ”). Accordingly, Shuanghui Group’s results reported herein differ from Shuanghui Group’s results contained in the Company’s consolidated financial statements, which include certain adjustments in order to conform to IFRS.

SUMMARY OF RESULTS OF SHUANGHUI GROUP FOR THE YEAR ENDED DECEMBER 31, 2015

For the year ended December 31, 2015, turnover decreased 2.2% from the comparable period of 2014 to RMB44,869 million. Net profit increased 3.5% from the comparable period of 2014 to RMB4,409 million.

• For identification purposes only

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The audited consolidated statement of profit or loss for the year ended December 31, 2015 and the audited consolidated balance sheet as at December 31, 2015 of Shuanghui Group are provided below:

SHUANGHUI GROUP CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the year ended December 31, 2015

For the year ended December 31, 2015 2014 RMB RMB I. Total operating income 44,869,324,658.03 45,877,894,764.17 Including: operating income 44,869,324,658.03 45,877,894,764.17 Less: Total operating costs 39,693,540,572.90 40,897,504,125.14 Including: Operating costs 35,479,566,852.00 36,674,796,632.82 Business tax and levies 200,543,418.79 200,233,755.13 Selling expenses 2,210,796,191.92 2,349,788,175.66 Administrative expenses 1,529,678,448.43 1,601,787,273.99 Financial expenses 163,939,835.96 60,064,135.29 Impairment losses of assets 109,015,825.80 10,834,152.25 Add: Investment income 193,621,829.24 167,007,527.22 Including: Income from investments in associates and joint ventures 14,981,875.12 17,079,873.99 II. Operating profit 5,369,405,914.37 5,147,398,166.25 Add: Non-operating income 322,279,775.56 300,564,334.18 Including: Gain on disposal of non-current assets 1,525,467.74 821,145.74 Less: Non-operating expenses 27,639,690.82 18,233,093.14 Including: Loss on disposal of non-current assets 20,763,228.80 13,684,279.97 III. Total profit 5,664,045,999.11 5,429,729,407.29 Less: Income tax expenses 1,254,929,729.21 1,169,618,307.10 IV. Net profit 4,409,116,269.90 4,260,111,100.19 Net profit attributable to owners of Shuanghui Group 2,525,702,779.65 2,445,181,923.53 Profit or loss attributable to non-controlling interests 1,883,413,490.25 1,814,929,176.66 V. Total comprehensive income 4,409,116,269.90 4,260,111,100.19 Total comprehensive income attributable to owners of Shuanghui Group 2,525,702,779.65 2,445,181,923.53 Total comprehensive income attributable to non-controlling interests 1,883,413,490.25 1,814,929,176.66

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SHUANGHUI GROUP CONSOLIDATED BALANCE SHEET

At December 31, 2015

	At	At
	December 31,	January 1,
	2015	2015
	RMB	RMB
Current assets:
Cash and bank balances	2,594,979,496.68	3,127,611,591.82
Bills receivables	34,175,619.57	23,844,573.34
Trade receivables	158,235,038.76	156,503,476.70
Other receivables	262,757,026.03	88,487,796.27
Prepayments	97,587,638.44	113,475,531.37
Inventories	3,424,976,244.37	3,757,145,471.81
Non-current assets due within one year	2,272,659.63	68,190,557.64
Other current assets	2,814,151,519.73	1,505,137,575.78
Total current assets	9,389,135,243.21	8,840,396,574.73
Non-current assets:
Long-term equity investments	161,593,594.79	200,290,836.13
Fixed assets	12,048,997,944.86	11,526,709,812.40
Construction in progress	715,482,901.94	729,618,118.19
Materials for construction of fixed assets	6,841,417.05	13,557,158.37
Biological assets	52,801,618.67	30,890,194.49
Intangible assets	999,828,809.39	1,004,794,494.15
Capitalised development expenditure	1,816,080.00	1,816,080.00
Long-term prepaid expenses	73,360,877.29	91,251,509.59
Deferred tax assets	223,492,858.19	167,066,943.43
Other non-current assets	44,552,160.88	108,983,712.35
Total non-current assets	14,328,768,263.06	13,874,978,859.10
Total assets	23,717,903,506.27	22,715,375,433.83
Current liabilities:
Short-term borrowings	2,222,720,015.95	2,886,955,649.49
Trade payables	2,441,149,522.55	3,499,808,459.15
Bills payables	4,185,763.00	1,739,720.00
Receipts in advance	638,644,451.09	455,325,829.96
Accrued staff costs	677,271,998.29	682,162,825.46
Taxes payables	322,202,385.52	336,208,285.81
Interest payables	22,441,891.71	37,969,067.93
Dividend payables	1,423,459.07	–
Other payables	792,191,062.96	793,743,699.06
Non-current liabilities due within one year	1,032,499.27	61,491,544.32
Other current liabilities	10,103,449.79	10,763,342.19
Total current liabilities	7,133,366,499.20	8,766,168,423.37

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AtDecember 31,2015AtJanuary 1,2015RMBRMBNon-current liabilities:Long-term borrowings18,939,454.7721,095,158.18Notes payable995,802,465.96–Special account payables321,400.25320,163.96Deferred tax liabilities16,596,345.8213,669,547.91	AtDecember 31,2015AtJanuary 1,2015RMBRMBNon-current liabilities:Long-term borrowings18,939,454.7721,095,158.18Notes payable995,802,465.96–Special account payables321,400.25320,163.96Deferred tax liabilities16,596,345.8213,669,547.91
Deferred revenue57,251,396.7933,971,365.28
Other non-current liabilities––Total non-current liabilities1,088,911,063.5969,056,235.33Total liabilities8,222,277,562.798,835,224,658.70
Owners’ equity:
Share capital1,500,000,000.001,500,000,000.00Capital reserve751,932,154.02645,200,266.75Special account reserve841,537.66749,673.72Surplus reserve693,129,469.09513,993,660.44Retained profits4,815,721,989.784,049,155,018.78Total euit attributable to owners of
qyShuanghui Group776162515055670909861969
,,,.,,,.Non-controlling interests7,734,000,792.937,171,052,155.44Total owners’ equity15,495,625,943.4813,880,150,775.13Total liabilities and owners’ equity23,717,903,506.2722,715,375,433.83
If you wish to review the Shuanghui Group Financial Statements in full, please visit
http://www.shclearing.com or http://www.chinamoney.com.cn.

If you wish to review the Shuanghui Group Financial Statements in full, please visit http://www.shclearing.com or http://www.chinamoney.com.cn.

By order of the board of directors of WH Group Limited Chau Ho Company Secretary

Hong Kong, March 29, 2016

As at the date of this announcement, the executive directors of the Company are Mr. WAN Long, Mr. GUO Lijun, Mr. ZHANG Taixi, Mr. SULLIVAN Kenneth Marc and Mr. YOU Mu; the non-executive director of the Company is Mr. JIAO Shuge; and the independent nonexecutive directors of the Company are Mr. HUANG Ming, Mr. LEE Conway Kong Wai and Mr. LAU, Jin Tin Don.

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