CONTENTS 目錄 02 CORPORATE INFORMATION 04 FINANCIAL HIGHLIGHTS SIX MONTHS ENDED 30 JUNE FINANCIAL RESULTS 05 CONDENSED CONSOLIDATED STATEMENT OF

Transcription

1 Stock Code : 1212 STAY AHEAD WITH LIFESTYLE 2016 Interim Report

2 CONTENTS 目錄 02 CORPORATE INFORMATION 04 FINANCIAL HIGHLIGHTS SIX MONTHS ENDED 30 JUNE FINANCIAL RESULTS 05 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 09 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 10 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 11 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 44 REPORT ON REVIEW OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 46 INTERIM DIVIDEND AND CLOSURE OF REGISTER OF MEMBERS 47 FINANCIAL REVIEW 53 REVIEW OF OPERATIONS 57 OUTLOOK AND PLAN 58 DIRECTORS AND CHIEF EXECUTIVE S INTERESTS 61 INTERESTS OF SHAREHOLDERS DISCLOSEABLE UNDER THE SFO 62 ADDITIONAL INFORMATION 64 ACKNOWLEDGEMENT

3 CORPORATE INFORMATION 企業資料 Board of Directors Executive Director 董事會 執行董事 Ms. Lau Kam Shim Non-executive Directors 非執行董事 Mr. Lau Luen Hung, Thomas (Chairman) Mr. Doo Wai Hoi, William Ms. Lau Yuk Wai, Amy Independent Non-executive Directors 獨立非執行董事 Mr. Lam Siu Lun, Simon The Hon. Shek Lai Him, Abraham Mr. Hui Chiu Chung Mr. Ip Yuk Keung Company Secretary 公司秘書 Mr. Poon Fuk Chuen Audit Committee 審核委員會 Mr. Lam Siu Lun, Simon (Chairman) The Hon. Shek Lai Him, Abraham Mr. Hui Chiu Chung Mr. Ip Yuk Keung Remuneration Committee 薪酬委員會 Mr. Lau Luen Hung, Thomas Mr. Lam Siu Lun, Simon (Chairman) The Hon. Shek Lai Him, Abraham Mr. Hui Chiu Chung Lifestyle International Holdings Limited Interim Report 2016 Nomination Committee Mr. Lau Luen Hung, Thomas Mr. Lam Siu Lun, Simon (Chairman) The Hon. Shek Lai Him, Abraham Mr. Hui Chiu Chung Registered Office Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY Cayman Islands 提名委員會 註冊辦事處 Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY Cayman Islands 02

4 03 CORPORATE INFORMATION (CONTINUED) 企業資料 ( 續 ) Head Office and Principal Place of Business in Hong Kong 20th Floor, East Point Centre 555 Hennessy Road Causeway Bay Hong Kong Principal Banker Bank of China (Hong Kong) Limited Auditor 總辦事處及香港主要營業地點 主要往來銀行 核數師 Deloitte Touche Tohmatsu Certified Public Accountants Solicitors 律師 Reed Smith Richards Butler Sit, Fung, Kwong & Shum Hong Kong Share Registrar and Transfer Office 香港股份過戶登記處 Computershare Hong Kong Investor Services Limited Shops , 17th Floor, Hopewell Centre 183 Queen s Road East, Wanchai, Hong Kong Cayman Islands Share Registrar and Transfer Office 開曼群島股份過戶登記處 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY Cayman Islands Share Information Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY Cayman Islands 股份資料 Place of listing: The Stock Exchange of Hong Kong Limited Main Board Stock code: 1212 Board lot: 500 shares Financial year end: 31 December Closing share price at 30 June 2016: HK$13.00 Market capitalization at 30 June 2016: HK$20,834 million Website 網址

5 FINANCIAL HIGHLIGHTS SIX MONTHS ENDED 30 JUNE 2016 財務摘要 截至二零一六年六月三十日止六個月 Turnover amounted to HK$2,930 million, a decrease of 4.5% % continuing operation: HK$2,280.2 million, down 3.0% 2,280,200,0003.0% discontinued operation: HK$650.6 million, a decrease of 9.3% 650,600, % Profit attributable to owners of the Company dropped 49.9% to HK$587.0 million 49.9%587,000,000 continuing operation: HK$434.6 million, down 56.2% 434,600, % discontinued operation: HK$152.4 million, a decrease of 14.6% 152,400, % Earnings per share decreased 49.3% to HK cents % 36.6 continuing operation: HK cents 27.1, decline 55.7% % discontinued operation: HK cents 9.5, down 13.6% % Interim dividend HK cents 28.9 per share, same as the same period last year 28.9 During the current reporting period, the Company underwent group reorganization for the spin-off and separate listing of the shares in Lifestyle China Group Limited on the Main Board of the Stock Exchange Limited. The spinoff was completed subsequent to the period end in July and the results attributable to Lifestyle China Group Limited for the six months ended 30 June 2016 are being presented as discontinued operation. Accordingly, the condensed consolidated statement of profit or loss and other comprehensive income for the six months ended 30 June 2015 has been restated to present Lifestyle China Group Limited as discontinued operation. Lifestyle International Holdings Limited Interim Report

6 FINANCIAL RESULTS 財務業績 The board of directors ( Board ) of Lifestyle International Holdings Limited ( Company ) is pleased to announce the unaudited consolidated interim results of the Company and its subsidiaries (collectively, Group ) for the six months ended 30 June 2016, together with comparative figures for the corresponding period in 2015, as follows: Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 Six months ended 30 June 截至六月三十日止六個月 二零一六年 NOTES HK$ 000 HK$ 000 千港元 (Unaudited) (Unaudited) ( 未經審核 ) (Restated) 05 Continuing operation 持續經營業務 Turnover 3 2,280,224 2,350,976 Cost of sales 4 (1,025,613) (1,031,653) Gross profit 1,254,611 1,319,323 Other income, gains and losses 58,006 78,623 Selling and distribution costs (272,283) (271,637) Administrative expenses (71,195) (70,189) Investment (loss) income, net 5 (214,881) 223,693 Fair value changes on investment properties 11 (900) 1,500 Finance costs 6 (156,896) (104,740) Profit before taxation 596,462 1,176,573 Taxation 7 (163,798) (181,092) Profit for the period from continuing operation Discontinued operation Profit for the period from discontinued operation 8 432, ,481 非持續經營業務 , ,549 Profit for the period 714,035 1,300,030 Other comprehensive (expense) income Items that may be subsequently reclassified to profit or loss: Exchange differences arising on translation of foreign operation Share of exchange differences of associates Share of exchange difference of a joint venture (115,499) 20,644 (32,638) 5,274 (3,638) 687 Other comprehensive (expense) income for the period Total comprehensive income for the period (151,775) 26, ,260 1,326,635

7 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (continued) 簡明綜合損益及其他全面收益表 ( 續 ) Six months ended 30 June 截至六月三十日止六個月 二零一六年 NOTE HK$ 000 HK$ 000 千港元 (Unaudited) (Unaudited) ( 未經審核 ) (Restated) Profit for the period attributable to owners of the Company: from continuing operation 434, ,132 from discontinued operation 152, , ,030 1,171,551 Profit (loss) for the period attributable to non-controlling interests: from continuing operation (1,984) 2,349 from discontinued operation 128, , , ,479 Profit for the period 714,035 1,300,030 Total comprehensive income attributable to: Owners of the Company 458,353 1,194,190 Non-controlling interests 103, , ,260 1,326,635 Earnings per share 10 From continuing and discontinued operation Basic HK$0.366 港元 HK$0.722 Lifestyle International Holdings Limited Interim Report 2016 From continuing operation Basic HK$0.271 港元 HK$

8 07 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Condensed Consolidated Statement of Financial Position At 30 June 2016 簡明綜合財務狀況表 30 June 2016 二零一六年六月三十日 31 December 2015 NOTES HK$ 000 HK$ 000 千港元 (Unaudited) (Audited) ( 未經審核 ) Non-current assets Investment properties , ,390 Property, plant and equipment 12 1,960,461 5,945,766 Prepaid lease payments ,141 3,425,462 Deposit paid for acquisition of property, plant and equipment 70,380 46,146 Interests in associates 14 3,202,796 Interest in a joint venture ,680 Properties under development ,716 Club debentures 19,137 19,137 3,308,121 14,578,093 Current assets Inventories 40,656 79,348 Prepaid lease payments 13 80,204 Trade and other receivables 16 89, ,242 Financial assets at fair value through profit or loss 17 4,379,149 5,123,761 Bank balances and cash 6,306,638 8,669,626 10,816,323 14,226,181 Disposal group classified as held for distribution to owners 18 13,892,800 24,709,123 14,226,181 Current liabilities Trade and other payables 19 1,113,357 2,430,489 Amount due to a joint venture 20 40,101 Tax payable 387, ,486 Bank borrowings due within one year 21 2,318,046 3,165,156 Bonds due within one year 22 3,879,272 Financial liabilities at fair value through profit or loss 17 11,581 1,997 7,709,387 5,992,229 Liabilities associated with disposal group classified as held for distribution to owners 18 2,388,465 10,097,852 5,992,229 Net current assets 14,611,271 8,233,952 Total assets less current liabilities 17,919,392 22,812,045

9 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Condensed Consolidated Statement of Financial Position (continued) At 30 June 2016 簡明綜合財務狀況表 ( 續 ) 30 June 2016 二零一六年六月三十日 31 December 2015 NOTES HK$ 000 HK$ 000 千港元 (Unaudited) (Audited) ( 未經審核 ) Non-current liabilities Bank borrowings due after one year ,594 Bonds due after one year 22 4,598,102 8,462,750 Deferred tax liabilities 212, ,020 Amount due to a non-controlling shareholder of subsidiaries 130,550 4,810,688 9,715,914 13,108,704 13,096,131 Capital and reserves Share capital 23 8,013 8,013 Reserves 11,023,712 11,115,046 Equity attributable to owners of the Company 11,031,725 11,123,059 Non-controlling interests 2,076,979 1,973,072 13,108,704 13,096,131 The condensed consolidated financial statements on pages 5 to 43 were approved and authorised for issue by the Board on 15 August 2016 and are signed on its behalf by: 5 43 Lifestyle International Holdings Limited Interim Report 2016 Lau Kam Shim 劉今蟾 Executive Director Lau Luen Hung, Thomas 劉鑾鴻 Non-executive Director 08

10 09 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Condensed Consolidated Statement of Changes in Equity Share capital 股本 Statutory surplus fund 法定盈餘公積金 Attributable to owners of the Company 本公司擁有人應佔部份 Capital redemption reserve 資本贖回儲備 Asset revaluation reserve 資產重估儲備 簡明綜合權益變動表 Exchange reserve 匯兌儲備 Retained profits 保留溢利 Noncontrolling interests 非控股權益 Subtotal 小計 Total 總計 HK$ 000 HK$ 000 HK$ 000 HK$ 000 HK$ 000 HK$ 000 HK$ 000 HK$ 000 HK$ 000 At 1 January 2015 (audited) 8,147 76, , ,111 10,388,755 11,102,367 1,886,546 12,988,913 Profit for the period 1,171,551 1,171, ,479 1,300,030 Other comprehensive income for the period 22,639 22,639 3,966 26,605 Total comprehensive income for the period 22,639 1,171,551 1,194, ,445 1,326,635 Share repurchase repurchase of shares (106) (106) (106) premium on repurchase of shares (300,772) (300,772) (300,772) transfer 106 (106) Dividends paid (Note 9) 9 (556,888) (556,888) (556,888) At 30 June 2015 (unaudited) 8,041 76, , ,750 10,702,540 11,438,791 2,018,991 13,457,782 At 1 January 2016 (audited) 8,013 80, , ,359 10,908,627 11,123,059 1,973,072 13,096,131 Profit for the period 587, , , ,035 Other comprehensive expense for the period (128,677) (128,677) (23,098) (151,775) Total comprehensive (expense) income for the period (128,677) 587, , , ,260 Dividends paid (Note 9) 9 (549,687) (549,687) (549,687) Transfer of reserves 3,595 (3,595) At 30 June 2016 (unaudited) 8,013 84, ,680 (7,318) 10,942,375 11,031,725 2,076,979 13,108,704

11 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 Six months ended 30 June 截至六月三十日止六個月 二零一六年 HK$ 000 HK$ 000 千港元 (Unaudited) (Unaudited) ( 未經審核 ) Net cash from operating activities 885, ,652 Net cash from (used in) investing activities Purchase of property, plant and equipment (279,227) (474,936) Additions to properties under development (23,886) Purchase of financial assets at fair value through profit or loss (725,158) (1,729,302) Proceeds from disposal of property, plant and equipment Proceeds from disposal of financial assets at fair value through profit or loss 1,172,678 1,282,097 Interest received from financial assets at fair value through profit or loss 52,089 42,285 Investment expenses paid for financial liabilities at fair value through profit or loss (11,581) (10,821) Repayment from a joint venture 103,457 Dividend received from financial assets at fair value through profit or loss 24,553 10,931 Dividend received from an associate 33, ,382 (743,096) Lifestyle International Holdings Limited Interim Report 2016 Net cash (used in) from financing activities New bank borrowings raised 369, ,570 Proceeds from issue of bonds 2,287,521 Repayments of bank borrowings (933,161) (898,199) Dividends paid (549,687) (556,888) Repurchase of ordinary shares (300,878) Finance costs paid (259,600) (221,118) (1,373,380) 797,008 Net (decrease) increase in cash and cash equivalents (277,233) 980,564 Effect of foreign exchange rate difference (22,759) 5,578 Cash and cash equivalents at the beginning of the period 8,669,626 8,312,497 Cash and cash equivalents at the end of the period 8,369,634 9,298,639 Analysis of the balances of cash and cash equivalents: Bank balances and cash 6,306,638 9,298,639 Bank balances and cash included in a disposal group classified as held for distribution to owners 2,062,996 Cash and cash equivalents at the end of the period 8,369,634 9,298,639 10

12 11 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements 1. Basis of preparation The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants ( HKICPA ) as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ( Stock Exchange ). As further disclosed in notes 18 and 27, during the current period, the Group underwent a group reorganization to spin-off ( Spin-off ) and separate listing of the shares of Lifestyle China Group Limited ( Lifestyle China ) and its subsidiaries (collectively referred to as Lifestyle China Group ) on the Main Board of the Stock Exchange. The Spin-off was effected by way of distribution in specie to the Company s shareholders of the shares of Lifestyle China. The Spin-off was subsequently completed on 14 July 2016 when shares of Lifestyle China was issued to the Company s shareholders and Lifestyle China has since ceased to be a subsidiary of the Company. Trading of the shares of Lifestyle China commenced on 15 July After the Spin-off, the Company is principally engaged in the operation of department stores in Hong Kong, property development and property investment in Hong Kong and the People s Republic of China ( PRC ), and Lifestyle China Group is principally engaged in the operation of department stores and supermarket business in the PRC and restaurant business. 2. Principal accounting policies The condensed consolidated financial statements have been prepared on the historical cost basis except for investment properties and certain financial instruments, which are measured at fair values. Except as described below, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 June 2016 are the same as those followed in the preparation of the Group s annual financial statements for the year ended 31 December 簡明綜合財務報表附註 1. 編製基準 主要會計政策

13 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 2. Principal accounting policies (continued) Non-current assets held for distribution to owners Non-current assets and disposal groups are classified as held for sale or distribution if their carrying amount will be recovered principally through a sale or distribution transaction rather than through continuing use. This condition is regarded as met only when the sale or distribution is highly probable and the non-current asset (or disposal group) is available for immediate sale or distribution in its present condition. Management must be committed to the sale or distribution, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. When the Group is committed to a sale or distribution plan involving loss of control of subsidiaries, all of the assets and liabilities of that subsidiary are classified as held for sale or distribution when the criteria described above are met, regardless of whether the Group will retain a noncontrolling interest in its former subsidiary after the sale or distribution. Non-current assets (and disposal groups) classified as held for sale or distribution are measured at the lower of their carrying amount and fair value less costs to sell. In the current interim period, the Group has applied, for the first time, the following amendments to Hong Kong Financial Reporting Standards ( HKFRSs ) issued by the HKICPA that are effective during the current period. 簡明綜合財務報表附註 ( 續 ) 2. 主要會計政策 ( 續 ) 持有以供分派予擁有人之非流動資產 Lifestyle International Holdings Limited Interim Report 2016 Amendments to HKFRS 11 Amendments to HKAS 1 Amendments to HKAS 16 and HKAS 38 Amendments to HKAS 16 and HKAS 41 Amendments to HKFRS 10, HKFRS 12 and HKAS 28 Amendments to HKFRSs Accounting for Acquisitions of Interests in Joint Operations Disclosure Initiative Clarification of Acceptable Methods of Depreciation and Amortisation Agriculture: Bearer Plants Investment Entities: Applying the Consolidation Exception Annual improvements to HKFRSs cycle The application of the above amendments to HKFRSs in the current interim period has had no material effect on the amounts reported in the condensed consolidated financial statements and/or disclosures set out in the condensed consolidated financial statements

14 13 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 3. Turnover and segment information Turnover represents the amount received and receivable for goods sold by the Group to outside customers net of discounts and sales related taxes, income from concessionaire sales, service income and rental income during the period, and is analysed as follows: 簡明綜合財務報表附註 ( 續 ) 3. 營業額及分部資料 Six months ended 30 June 截至六月三十日止六個月 二零一六年 HK$ 000 HK$ 000 千港元 (Restated) Continuing operation 持續經營業務 Sales of goods direct sales 1,423,740 1,430,773 Income from concessionaire sales 807, ,490 Service income 32,429 32,915 Rental income 16,425 15,798 2,280,224 2,350,976 During the interim period ended 30 June 2016, in order to more accurately reflect the continuing business activities and business model of the Group after the Spin-off, the internal organisation structure and reporting was changed such that Lifestyle China Group, i.e. discontinued operation, are no longer separately assessed or reviewed. Instead, the information reviewed by the chief operating decision maker as at the end of the reporting period analyses the performance of the continuing operation geographically. The operating results and other financial information of the operating segments that are regularly reviewed by the chief operating decision maker have been prepared in accordance with accounting policies as disclosed in note 2 that are regularly reviewed by the directors of the Company. Comparative have been restated to reflect the changes. As part of the change of internal organisation structure due to the Spin-off, pursuant to the board resolution, the chief operation decision maker has been changed from chief executive officer to the executive director. 2

15 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 3. Turnover and segment information (continued) The following is an analysis of the Group s revenue and results by reportable and operating segments for the period under review: Six months ended 30 June 2016 簡明綜合財務報表附註 ( 續 ) 3. 營業額及分部資料 ( 續 ) 截至二零一六年六月三十日止六個月 Hong Kong PRC Consolidated total 香港 中國 綜合總額 HK$ 000 HK$ 000 HK$ 000 千港元 千港元 千港元 Continuing operation 持續經營業務 Segment revenue External sales 2,280,224 2,280,224 Result Segment result 969, ,139 Investment loss (214,881) Fair value changes on investment properties (900) Finance costs (156,896) Profit before taxation 596,462 Six months ended 30 June 2015 (Restated) Hong Kong PRC Consolidated total HK$ 000 HK$ 000 HK$ 000 (Restated) (Restated) (Restated) Lifestyle International Holdings Limited Interim Report 2016 Continuing operation 持續經營業務 Segment revenue External sales 2,350,976 2,350,976 Result Segment result 1,056,120 1,056,120 Investment income 223,693 Fair value changes on investment properties 1,500 Finance costs (104,740) Profit before taxation 1,176,573 14

16 15 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 3. Turnover and segment information (continued) Segment profit represents the profit earned by each segment without share of profits of associates and a joint venture, fair value changes on investment properties, investment (loss) income and finance costs. This is the measure reported to the chief operating decision maker of the Company, for the purposes of resource allocation and performance assessment. Segment assets and liabilities The following is an analysis of the Group s assets and liabilities by reportable and operating segment: As at 30 June 2016 簡明綜合財務報表附註 ( 續 ) 3. 營業額及分部資料 ( 續 ) 分部資產及負債 於二零一六年六月三十日 Hong Kong PRC Consolidated total 香港 中國 綜合總額 HK$ 000 HK$ 000 HK$ 000 千港元 千港元 千港元 Continuing operation 持續經營業務 Assets Segment assets 8,249,590 1,476,568 9,726,158 Financial assets at fair value through profit or loss ( FVTPL ) 4,379,149 Unallocated assets 19,137 Total segment assets 14,124,444 Assets relating to discontinued operation 13,892,800 Consolidated total assets 28,017,244 Liabilities Segment liabilities 1,099,052 14,305 1,113,357 Bank borrowings 2,318,046 Bonds 8,477,374 Unallocated liabilities 611,298 Total segment liabilities 12,520,075 Liabilities relating to discontinued operation 2,388,465 Consolidated total liabilities 14,908,540

17 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 3. Turnover and segment information (continued) Segment assets and liabilities (continued) As at 31 December 2015 (Restated) 簡明綜合財務報表附註 ( 續 ) 3. 營業額及分部資料 ( 續 ) 分部資產及負債 ( 續 ) Hong Kong PRC Consolidated total HK$ 000 HK$ 000 HK$ 000 (Restated) (Restated) (Restated) Continuing operation 持續經營業務 Assets Segment assets 8,321,386 1,535,778 9,857,164 Financial assets at FVTPL 5,123,761 Unallocated assets 19,137 Total segment assets 15,000,062 Assets relating to discontinued operation 13,804,212 Consolidated total assets 28,804,274 Liabilities Segment liabilities 1,110,241 16,983 1,127,224 Amount due to a joint venture 40,101 Bank borrowings 3,012,176 Bonds 8,462,750 Unallocated liabilities 523,267 Total segment liabilities 13,165,518 Liabilities relating to discontinued operation 2,542,625 Consolidated total liabilities 15,708,143 Lifestyle International Holdings Limited Interim Report 2016 At 30 June 2016 and 31 December 2015, the unallocated segment assets from continuing operation represent club debentures held by the Group while unallocated segment liabilities from continuing operation mainly represent tax payable, deferred tax liabilities and financial liabilities at fair value through profit or loss. 16

18 17 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 4. Cost of sales 簡明綜合財務報表附註 ( 續 ) 4. 銷售成本 Six months ended 30 June 截至六月三十日止六個月 二零一六年 HK$ 000 HK$ 000 千港元 (Restated) The cost of sales are analysed as follows: Continuing operation 持續經營業務 Cost of goods sold direct sales 1,025,613 1,031, Investment (loss) income, net 5. 投資 ( 虧損 ) 收入淨額 Six months ended 30 June 截至六月三十日止六個月 二零一六年 HK$ 000 HK$ 000 千港元 (Restated) Continuing operation 持續經營業務 Interest income on bank deposits 26,734 50,408 Dividend income from FVTPL 24,553 10,931 Interest income from FVTPL 42,139 42,285 Realised loss of financial instruments: financial assets at FVTPL other than derivative financial instruments (14,341) (13,279) derivative financial instruments (13,931) (9,519) Change in fair value of financial instruments: financial assets at FVTPL other than derivative financial instruments (267,345) 134,330 derivative financial instruments (12,690) 8,528 Others 9 (214,881) 223,693

19 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 6. Finance costs 簡明綜合財務報表附註 ( 續 ) 6. 融資成本 Six months ended 30 June 截至六月三十日止六個月 二零一六年 HK$ 000 HK$ 000 千港元 (Restated) Continuing operation 持續經營業務 Interest on: Bank borrowings 15,503 21,974 Bonds 129,424 73,823 Others 11,969 8, , , Taxation 7. 稅項 Six months ended 30 June 截至六月三十日止六個月 二零一六年 HK$ 000 HK$ 000 千港元 (Restated) Continuing operation 持續經營業務 Current tax: Hong Kong 159, ,395 PRC Enterprise Income Tax 7 94 Lifestyle International Holdings Limited Interim Report , ,489 Deferred tax 4, Hong Kong Profits Tax is provided at 16.5% (six months ended 30 June 2015: 16.5%) of the estimated assessable profit for the period. PRC Enterprise Income Tax is provided at 25% (six months ended 30 June 2015: 25%) on the estimated assessable profit for the period. 163, , % 16.5% 25% 25% 18

20 19 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 8. Profit for the period 簡明綜合財務報表附註 ( 續 ) 8. 本期間溢利 Six months ended 30 June 截至六月三十日止六個月 二零一六年 HK$ 000 HK$ 000 千港元 (Restated) Profit for the period from continuing operations has been arrived at after charging: Depreciation 68,310 55,950 Release of prepaid lease payments 8,439 9,055 Less: Amount capitalised in construction in progress (8,439) (9,055) 9. Dividends During the current interim period, a final dividend of HK cents 34.3 per share in respect of the year ended 31 December 2015 (2015: HK cents 34.3 per share in respect of the year ended 31 December 2014) was declared and paid to the owners of the Company. The aggregate amount of the final dividend declared and paid in the current interim period amounted to HK$549,687,000 (2015: HK$556,888,000). On 28 June 2016, the Company declared a conditional special interim dividend, satisfied by distribution in specie of the entire issued share capital of Lifestyle China to the shareholders whose names appear on the register of members of the Company at the close of business on the Distribution Record Date (as defined in the Company s announcement dated 28 June 2016). The distribution was made by way of allocating one share of Lifestyle China for every one share held by the shareholders at the close of business on the Distribution Record Date. The aggregate amount of this special interim dividend was approximately HK$10,058,500,000 and has been settled subsequently on 11 July Subsequent to the end of the interim period, the board of directors has declared that an interim dividend of HK cents 28.9 (2015: HK cents 28.9) in cash per share will be paid to the owners of the Company whose names appear in the Register of Members on 7 September 股息 ,687, ,888,000 10,058,500,

21 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 10. Earnings per share From continuing and discontinued operation The calculation of the basic earnings per share attributable to the owners of the Company is based on the following data: 簡明綜合財務報表附註 ( 續 ) 10. 每股盈利 來自持續經營及非持續經營業務 Six months ended 30 June 截至六月三十日止六個月 二零一六年 HK$ 000 HK$ 000 千港元 (Restated) Earnings Profit for the period attributable to owners of the Company for the purposes of basic earnings per share 587,030 1,171, June June 2015 二零一六年六月三十日 千股 Number of shares Number of ordinary shares (six months ended 30 June 2015: weighted average number of ordinary shares) for the purpose of basic earnings per share 1,602,587 1,621,963 Lifestyle International Holdings Limited Interim Report

22 21 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 10. Earnings per share (continued) From continuing operation The calculation of basic earnings per share from continuing operation attributable to the owners of the Company is based on the following data: 簡明綜合財務報表附註 ( 續 ) 10. 每股盈利 ( 續 ) 來自持續經營業務 Six months ended 30 June 截至六月三十日止六個月 二零一六年 HK$ 000 HK$ 000 千港元 (Restated) Earnings figures are calculated as follows: Profit for the period attributable to owners of the Company Less: profit for the period from discontinued operation attributable to owners of the Company 587,030 1,171,551 (152,382) (178,419) Earnings for the purpose of calculating basic earnings per share from continuing operation 434, ,132 The denominator used are the same as those above for basic earnings per share. From discontinued operation Basic earnings per share from discontinued operation is HK$0.095 per share (six months ended 30 June 2015: HK$0.110 per share) based on the profit for the period from discontinued operation of HK$152,382,000 (six months ended 30 June 2015: HK$178,419,000) and the denominators detailed above for basic earnings per share. No diluted earnings per share is presented as there were no dilutive potential ordinary shares during both periods. 來自非持續經營業務 ,382, ,419,000

23 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 11. Investment properties 簡明綜合財務報表附註 ( 續 ) 11. 投資物業 HK$ 000 千港元 At 1 January ,390 Unrealised fair value changes recognised in profit or loss (900) Exchange adjustments (8,488) At 30 June ,002 The fair value of the Group s investment properties at 30 June 2016 and 31 December 2015 had been arrived at based on a valuation carried out on those dates by DTZ Debenham Tie Leung Limited and were determined based on direct comparison method assuming sales of each property interests in their existing state and making references to comparable market observable transactions of similar properties in the same locations and conditions as available in the relevant market. The resulting decrease in fair value of investment properties of HK$900,000 has been recognised directly in profit or loss for the six months ended 30 June 2016 (six months ended 30 June 2015: increase in fair value of investment properties of HK$1,500,000). 12. Property, plant and equipment 900,000 1,500, 物業 廠房及設備 HK$ 000 千港元 Lifestyle International Holdings Limited Interim Report 2016 At 1 January ,945,766 Additions 360,435 Depreciation (138,690) Disposals (4,235) Reclassified as disposal group classified as held for distribution to owners (note 18) 18 (4,155,177) Exchange adjustments (47,638) At 30 June ,960,461 22

24 23 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 13. Prepaid lease payments 簡明綜合財務報表附註 ( 續 ) 13. 預付租賃款項 30 June 2016 二零一六年六月三十日 HK$ 000 千港元 31 December 2015 HK$ 000 Analysed for reporting purpose as: Current portion 80,204 Non-current portion 599,141 3,425, ,141 3,505,666 Note: An amount of HK$2,812,293,000 as at 30 June 2016 have been reclassified as disposal group classified as held for distribution to owners as shown in note Interests in associates/a joint venture Interests in associates 2,812,293, 於聯營公司權益 一家合資企業權益 於聯營公司權益 30 June 31 December 二零一六年 六月三十日 HK$ 000 HK$ 000 千港元 (Note) ( 附註 ) Unlisted investments, at cost 1,527,491 Discount arising on acquisition of additional interest in an associate in prior years 114,556 Share of post-acquisition profits and other comprehensive income, net of dividend 1,560,749 3,202,796 Note: The whole amount as at 30 June 2016 have been reclassified as disposal group classified as held for distribution to owners as shown in note

25 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 14. Interests in associates/a joint venture (continued) Interests in associates (continued) As at 30 June 2016 and 31 December 2015, the Group had interests in the following associates: 簡明綜合財務報表附註 ( 續 ) 14. 於聯營公司權益 一家合資企業權益 ( 續 ) 於聯營公司權益 ( 續 ) Name of entity 實體名稱 Form of business structure 業務結構模式 Place/ country of establishment/ incorporation 註冊成立 註冊地點 國家 Principal place of operation 主要經營地點 Proportion of nominal value of issued capital/registered capital held by the Group Proportion of voting power held Principal activities 本集團所持已發行股本 註冊股本面值比例 所持投票權比例 主要業務 30 June 2016 二零一六年六月三十日 31 December June 2016 二零一六年六月三十日 31 December 2015 ( Beiren Group ) (Note 1) 1 Incorporation PRC PRC 49% 49% 49% 49% Investment holding of a group of companies engaging in operation of department stores, supermarkets and property leasing ( Future Mall ) (Note 2) 2 Incorporation PRC PRC 49% 49% 49% 49% Retailing businesses in the PRC Dragon Sign Limited Incorporation Hong Kong PRC 50% 50% 50% 50% Investment holding of a company engaged in operation of restaurants in the PRC Notes: (1) The Group s 60% owned subsidiary holds equity interest of 49% (31 December 2015: 49%) in Beiren Group. (1) 60% 49%49% Lifestyle International Holdings Limited Interim Report 2016 (2) The Group s 60% owned subsidiary, Ample Sun Group Limited, holds equity interest of 49% (31 December 2015: 49%) in Future Mall. In addition, 51% equity interest of Future Mall is being indirectly held by a non-wholly owned subsidiary of Beiren Group. Interest in a joint venture The whole amount as at 30 June 2016 have been reclassified as disposal group classified as held for distribution to owners as shown in note 18. (2) 60% 49% 49%51% 於一家合資企業權益 18 24

26 25 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 15. Properties under development 簡明綜合財務報表附註 ( 續 ) 15. 發展中物業 HK$ 000 千港元 At 1 January ,716 Additions 23,886 Reclassified as disposal group classified as held for distribution to owners (note 18) 18 (793,252) Exchange adjustments (9,350) At 30 June Trade and other receivables 16. 應收賬款及其他應收款項 30 June 2016 二零一六年六月三十日 HK$ 000 千港元 31 December 2015 HK$ 000 Trade receivables 27,545 82,311 Prepayments 7,664 28,685 Deposit paid 36,518 38,652 Value added tax ( VAT ) receivable ,317 Others 17,612 57,277 89, ,242 Note: An amount of HK$161,221,000 as at 30 June 2016 have been reclassified as disposal group classified as held for distribution to owners as shown in note ,221,000 18

27 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 16. Trade and other receivables (continued) The Group s retail sales to customers are mainly made in cash, through debit card or credit card payments. Its major trade receivables arising from credit card sales are normally settled in one or two business days in arrears and the rental income receivables are normally settled 30 days in arrears. The following is an aged analysis of trade receivables net of allowance for doubtful debts presented based on the invoice date which approximates the respective revenue recognition dates. The analysis below includes trade receivables of HK$23,225,000 which have been classified as part of a disposal group held for distribution to owners, net of allowance for doubtful debts. 簡明綜合財務報表附註 ( 續 ) 16. 應收賬款及其他應收款項 ( 續 ) 23,225, June 2016 二零一六年六月三十日 HK$ 000 千港元 31 December 2015 HK$ days ,244 74, days ,127 4, days ,038 Over 90 days 90 1,532 2,310 50,770 82,311 Lifestyle International Holdings Limited Interim Report

28 27 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 17. Financial assets/liabilities at fair value through profit or loss 簡明綜合財務報表附註 ( 續 ) 17. 按公平值計入損益之金融資產 負債 30 June 2016 二零一六年六月三十日 HK$ 000 千港元 31 December 2015 HK$ 000 Financial assets at FVTPL: listed equity securities in Hong Kong 837, ,816 listed equity securities in New York 413, ,539 listed equity securities in Tokyo 328, ,968 listed debt securities (note a) a 1,160,902 1,344,378 listed investment funds 1,102,848 1,593,006 unlisted securities (note b) b 469, ,607 unlisted equity investment (note c) c 29,075 29,075 written put options (note d) d 20,757 16,464 unlisted index-linked notes (note e) e 15, ,908 4,379,149 5,123,761 Financial liabilities at FVTPL: written put options (note d) d 2,379 interest rate swaps (note f) f 9,202 1,997 11,581 1,997 Notes: (a) The listed debt securities mainly represent investment in corporate bonds which are mainly listed in Hong Kong and Singapore. (a) (b) The unlisted securities mainly include hedge funds with carrying amount of HK$69,366,000 (31 December 2015: HK$77,283,000), investment portfolios managed by financial institutions with carrying amount of HK$376,660,000 (31 December 2015: HK$399,865,000) and debt securities with carrying amount of HK$23,099,000 (31 December 2015: HK$23,459,000). (b) 69,366,000 77,283, ,660, ,865,000 23,099,000 23,459,000 (c) At 30 June 2016 and 31 December 2015, the unlisted equity investment in the PRC represents the Group s 10% equity interest in Shenyang Jiajian Property Development Company Limited ( Shenyang Jiajian ). The fair value is determined by reference to the fair value of the underlying property assessed by the management of the Group and after adjusting for lack of marketability of the investment. (c) 10%

29 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 17. Financial assets/liabilities at fair value through profit or loss (continued) Notes: (Continued) 簡明綜合財務報表附註 ( 續 ) 17. 按公平值計入損益之金融資產 負債 ( 續 ) (d) The written put options are derivative financial instruments. The details of the major written put options are as follows: (d) Underlying variables Strike Quantities Expiration Date 相關變數 行使價 數量到期日 At 30 June 2016 於二零一六年六月三十日 EURO STOXX 50 Index (exercisable only at expiry date) 50 2,625 to 2,775 points July 2016 to 19 August ,625 2,775 S&P 500 ETF Trust (exercisable anytime until the expiry date) 500 ETF US$195 to US$ , July 2016 to 19 August 2016 Nikkei 225 Index (exercisable only at expiry date) 14,750 to 16,250 points 55,000 8 July 2016 to 14 October ,750 16,250 ishares FTSE A50 China Index ETF (exercisable only at expiry date) ishares A50 ETF HK$8.00 to HK$ ,940, July 2016 to 29 September 2016 At 31 December 2015 EURO STOXX 50 Index (exercisable only at expiry date) 50 3,050 to 3,250 points January 2016 to 19 February ,050 3,250 Lifestyle International Holdings Limited Interim Report 2016 S&P 500 ETF Trust (exercisable anytime until the expiry date) 500 ETF Nikkei 225 Index (exercisable only at expiry date) ishares FTSE A50 China Index ETF (exercisable only at expiry date) ishares A50 ETF US$191 to US$ , January 2016 to 19 February ,000 to 18,500 points 67,000 8 January 2016 to 11 March ,000 18,500 HK$9.75 to HK$ ,740, January 2016 to 30 March

30 29 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 17. Financial assets/liabilities at fair value through profit or loss (continued) Notes (continued): (e) As at 30 June 2016, the index-linked notes were denominated in United States dollars ( US$ ) with principal amount of US$2,500,000 (31 December 2015: in Japanese Yen ( JPY ) with principal amount of JPY1,440,000,000 and in US$ with principal amount of US$2,500,000). All investments have a maturity period of one year. The returns of these investments are linked to various stock market indexes around the globe ( Underlying Indexes ). The final redemption amount at maturity is determined by the performance of the Underlying Indexes. The index-linked notes are designated as financial asset at fair value through profit or loss upon initial recognition as they contain one or more embedded derivatives. The maturity dates of the index-linked notes outstanding as at 30 June 2016 and 31 December 2015 were within one year and was therefore classified as current assets. 簡明綜合財務報表附註 ( 續 ) 17. 按公平值計入損益之金融資產 負債 ( 續 ) (e) 2,500,000 1,440,000,000 2,500,000 (f) Major terms of the interest rate swaps are as follows: (f) Notional amount Maturity Pay fixed Receive floating 名義金額 到期日 支付固定利息之利率 收取浮動利息之利率 At 30 June 2016 and 31 December 2015 於二零一六年六月三十日及二零一五年十二月三十一日 US$4,000,000 to US$10,000,000 3 September 2019 to 20 May ,000,000 10,000,000 Note: The Group will pay fixed interest on the notional amount semi-annually and receive floating interest on the notional amount quarterly based on the interest rate swaps contracts. These interest rate swaps contracts can be terminated by the Group at any time before the maturity date. At 30 June 2016, financial assets at FVTPL with carrying amount of HK$914,568,000 (31 December 2015: HK$1,174,739,000) have been pledged as security for short term loan facility granted to the Group % to 3.230% London Interbank Offered Rate ( LIBOR ) ,568,000 1,174,739,000

31 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 18. Discontinued operation/disposal group classified as held for distribution to owners At 30 June 2016, the directors of the Company considered that it was highly probable that Lifestyle China Group would be distributed to the Company s shareholders within the next twelve months through the Spin-off. As a result, it was classified as disposal group held for distribution as at that date and presented as a discontinued operation in the condensed consolidated financial statements. Accordingly, the condensed consolidated statement of profit or loss and other comprehensive income for the six months ended 30 June 2015 has been restated to present such business as discontinued operation and the assets and liabilities attributable to Lifestyle China Group have been classified as disposal group held for distribution to owners accordingly and are presented separately in the condensed consolidated statement of financial position as at 30 June The distribution in specie by the Company is accounted for at the carrying amount of the assets and liabilities of Lifestyle China Group as the directors of the Company consider that the Lifestyle China Group is ultimately under the control of the same parties before and after the distribution. The profit for the period from the discontinued operation is analysed as follows: 簡明綜合財務報表附註 ( 續 ) 18. 非持續經營業務 歸類為持有分派予擁有人出售組別 Six months ended 30 June 截止六月三十日止六個月 二零一六年 HK$ 000 HK$ 000 千港元 Lifestyle International Holdings Limited Interim Report 2016 Turnover 650, ,178 Cost of sales (179,995) (191,475) Other income, gains and losses 56,175 64,551 Selling and distribution costs (324,145) (356,371) Administrative expenses (58,523) (73,725) Investment income 28,437 35,419 Share of profit of a joint venture 19,372 20,122 Share of profits of associates 192, ,944 Listing expenses (24,291) Finance costs (8,141) (15,373) Profit before taxation 351, ,270 Taxation (70,435) (75,721) Profit for the period 281, ,549 30

32 31 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 18. Discontinued operation/disposal group classified as held for distribution to owners (continued) The carrying amounts of the assets and liabilities of Lifestyle China Group as at 30 June 2016 are as follows: 簡明綜合財務報表附註 ( 續 ) 18. 非持續經營業務 歸類為持有分派予擁有人出售組別 ( 續 ) HK$ 000 千港元 Assets 資產 Property, plant and equipment 4,155,177 Prepaid lease payments 2,812,293 Interests in associates 3,362,524 Interest in a joint venture 472,014 Properties under development 793,252 Deferred tax assets 439 Inventories 37,964 Trade and other receivables 161,221 Amount due from a joint venture 34,920 Bank balances and cash 2,062,996 Disposal group classified as held for distribution to owners 13,892,800 HK$ 000 千港元 Liabilities 負債 Trade and other payables 1,021,840 Amount due to a joint venture 18,905 Tax payable 27,773 Bank borrowings 1,157,489 Deferred tax liabilities 33,632 Amount due to a non-controlling shareholder of subsidiaries 128,826 Liabilities associated with disposal group classified as held for distribution to owners 2,388,465 Net assets attributable to Lifestyle China Group classified as held for distribution to owners (note) 11,504,335 Note: The amounts do not include amounts due to group companies amounting to approximately HK$8,127.7 million which had been capitalised pursuant to and prior to the Spin-off. 8,127,700,000

33 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 18. Discontinued operation/disposal group classified as held for distribution to owners (continued) Cash flows (used in) from Lifestyle China Group Limited: 簡明綜合財務報表附註 ( 續 ) 18. 非持續經營業務 歸類為持有分派予擁有人出售組別 ( 續 ) Six months ended 30 June 截止六月三十日止六個月 二零一六年 HK$ 000 HK$ 000 千港元 Net cash flows from operating activities 45, ,037 Net cash flows used in investing activities (205,777) (325,399) Net cash flows (used in) from financing activities (36,215) 383,674 Net cash flows (196,131) 244, Trade and other payables 19. 應付賬款及其他應付款項 30 June 2016 二零一六年六月三十日 HK$ 000 千港元 31 December 2015 HK$ 000 Lifestyle International Holdings Limited Interim Report 2016 Trade payables 156, ,700 Construction payables ,194 Concessionaire sales payables 295,390 1,022,788 Deferred income 197, ,662 Rental deposits received 15,212 67,207 Accrued expense 189, ,281 VAT payable 62 11,784 Interest payables 109, ,629 Others 149, ,244 Note: An amount of HK$1,021,840,000 as at 30 June 2016 have been reclassified as liabilities associated with disposal group classified as held for distribution to owners as shown in note 18. 1,113,357 2,430,489 1,021,840,

34 33 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 19. Trade and other payables (continued) The following is an aged analysis of trade payables presented based on the invoice date at the end of the reporting period. The analysis below includes trade payable of HK$46,453,000 as at 30 June 2016 which have been classified as part of liabilities associated with disposal group held for distribution to owners. 簡明綜合財務報表附註 ( 續 ) 19. 應付賬款及其他應付款項 ( 續 ) 46,453, June 2016 二零一六年六月三十日 HK$ 000 千港元 31 December 2015 HK$ days , , days ,632 45, days ,547 2,837 Over 90 days 90 9,094 5, , ,700 The average credit period of trade payables and concessionaire sales payables is within 45 days. All concessionaire sales payable are aged within 45 days from invoice date at the end of the reporting period. The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe. 20. Amount due to a joint venture The amount as at 31 December 2015 represented accrued rental and management fee to a joint venture, which was unsecured, non-interest bearing and repayable on demand. The amounts as at 30 June 2016 have been reclassified as liabilities associated with disposal group classified as held for distribution to owners as shown in note 應付一家合資企業之款項 18

35 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 21. Bank borrowings 簡明綜合財務報表附註 ( 續 ) 21. 銀行借貸 30 June 2016 二零一六年六月三十日 HK$ 000 千港元 31 December 2015 HK$ 000 Bank borrowings comprised bank loans and analysed as: Secured 2,318,046 3,653,750 Unsecured 400,000 2,318,046 4,053, June 2016 二零一六年六月三十日 HK$ 000 千港元 31 December 2015 HK$ 000 Carrying amount repayable based on contractual repayment dates: Within one year* * 2,318,046 3,165,156 More than one year, but not exceeding two years 184,842 More than two years, but not exceeding three years 11,800 More than three years, but not exceeding four years 11,800 More than four years, but not exceeding five years 35,400 After five years 644,752 Lifestyle International Holdings Limited Interim Report 2016 Less: Amount due within one year shown under current liabilities 2,318,046 4,053,750 (2,318,046) (3,165,156) Amount due after one year 888,594 * Bank borrowings amounted to approximately HK$916.9 million (31 December 2015: HK$1,210.7 million) contain repayment on demand clause. Note: An amount of HK$1,157,489,000 as at 30 June 2016 have been reclassified as liabilities associated with disposal group classified as held for distribution to owners as shown in note 18. * 916,900,000 1,210,700,000 1,157,489,

36 35 FINANCIAL RESULTS (CONTINUED) 財務業績 ( 續 ) Notes to the Condensed Consolidated Financial Statements (continued) 21. Bank borrowings (continued) Fixed/variable rate borrowings comprise: 30 June 2016 二零一六年六月三十日 HK$ 000 千港元 31 December 2015 HK$ 000 HK$ bank loans at Hong Kong Interbank Offered Rate ( HIBOR ) % per annum (31 December 2015: HIBOR % per annum) (1) (1) 1,401,120 1,801,440 HK$ bank loan at 0.55% per annum (3) 0.55 (3) 400,000 US$ bank loans at LIBOR % per annum (31 December 2015: LIBOR % per annum) (2) Euro bank loans at Euro Interbank Offered Rate ( EURIBOR ) % per annum (31 December 2015: EURIBOR % per annum) (2) Great Britain Pound bank loans at LIBOR +0.65% per annum (31 December 2015: LIBOR % per annum) (2) Japanese Yen bank loans at LIBOR % per annum (31 December 2015: LIBOR % per annum) (2) 簡明綜合財務報表附註 ( 續 ) 21. 銀行借貸 ( 續 ) (2) 227, , (2) 187, , (2) 66,707 13, (2) 434, ,604 Other RMB bank loans (4) (4) 1,041,574 Total bank borrowings 2,318,046 4,053,750 (1) Repayable in one year and interest rates will be repriced every one month to three months. (2) Repayable in one year and interest rates will be repriced every week, one month or three months. (3) Repayable in one month and fixed interest rate at 0.55% (30 June 2016: nil). (4) As at 31 December 2015, the RMB bank loans were repayable within one to nine years and carried interest with reference to The People s Bank of China Standard Loan Rate (30 June 2016: nil). The unsecured bank borrowing was guaranteed by the Company. The range of effective interest rates of borrowings is 2.11% to 2.38% (31 December 2015: 1.88% to 2.07%) per annum. (1) (2) (3) 0.55 (4)