Exhibit 99.1
The following financial information is extracted from our unaudited condensed consolidated interim financial statements for the nine months ended December 31, 2009 prepared in accordance with International Financial Reporting Standards (“IFRSs”). It does not include all the information and disclosures required by IFRSs and should be read in conjunction with the annual consolidated financial statements of Man Sang Holdings Inc. for the year ended March 31, 2009 prepared in accordance with IFRSs and the aforesaid unaudited condensed consolidated interim financial statements for the nine months ended December 31, 2009, which are annexed to the proxy statement to be filed as an exhibit to our Current Report on Form 6-K with the Securities and Exchange Commission on the date hereof.
MAN SANG INTERNATIONAL (B.V.I.) LIMITED
UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT
For the nine months ended December 31, 2009 and 2008
2009 HK$’000 (unaudited) | 2008 HK$’000 (unaudited) | |||||||
Revenue | 254,244 | 296,388 | ||||||
Cost of sales | (144,241 | ) | (174,359 | ) | ||||
Gross profit | 110,003 | 122,029 | ||||||
Other income and gains, net | 16,652 | 13,978 | ||||||
Selling and distribution costs | (11,817 | ) | (17,065 | ) | ||||
Administrative expenses | (71,430 | ) | (69,999 | ) | ||||
Other operating expenses | (51,501 | ) | (17,853 | ) | ||||
Net unrealised loss on financial assets at fair value through profit or loss | (1,438 | ) | (5,836 | ) | ||||
Fair value loss on investment properties | — | (115,083 | ) | |||||
Finance costs | (945 | ) | — | |||||
Share of profit of an associate | 56 | 7 | ||||||
Loss before tax | (10,420 | ) | (89,822 | ) | ||||
Tax | (7,428 | ) | 24,611 | |||||
Loss for the period | (17,848 | ) | (65,211 | ) | ||||
Attributable to: | ||||||||
Shareholders of the Company | 519 | (14,187 | ) | |||||
Minority interests | (18,367 | ) | (51,024 | ) | ||||
(17,848 | ) | (65,211 | ) | |||||
Earnings/(Loss) per share attributable to shareholders of the Company | ||||||||
— Basic | HK$ | 0.08 | HK$ | (2.19 | ) | |||
— Diluted | HK$ | 0.07 | N/A | |||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the nine months ended December 31, 2009 and 2008
|
| |||||||
2009 HK$’000 (unaudited) | 2008 HK$’000 (unaudited) | |||||||
Loss for the period | (17,848 | ) | (65,211 | ) | ||||
Other comprehensive (loss)/income: | ||||||||
Exchange difference on translation of foreign operations | (133 | ) | 17,894 | |||||
Change in deferred tax liability of property revaluation arising from tax rate change | — | (238 | ) | |||||
Other comprehensive (loss)/income for the period, net of tax | (133 | ) | 17,656 | |||||
Total comprehensive loss for the period, net of tax | (17,981 | ) | (47,555 | ) | ||||
Attributable to: | ||||||||
Shareholders of the Company | 463 | (9,850 | ) | |||||
Minority interests | (18,444 | ) | (37,705 | ) | ||||
(17,981 | ) | (47,555 | ) | |||||
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MAN SANG INTERNATIONAL (B.V.I.) LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
December 31, 2009 and March 31, 2009
December 31, 2009 HK$’000 (unaudited) | March 31, 2009 HK$’000 (unaudited) | |||
Non-current assets | ||||
Property, plant and equipment | 39,158 | 40,158 | ||
Investment properties | 801,487 | 845,384 | ||
Prepaid land lease payments | 27,240 | 27,776 | ||
Properties under development | — | 201,328 | ||
Investment properties under construction | 201,801 | — | ||
Interest in an associate | 108 | 52 | ||
Deferred tax assets | 1,029 | — | ||
Total non-current assets | 1,070,823 | 1,114,698 | ||
Current assets | ||||
Inventories | 53,214 | 41,942 | ||
Properties under development | 55,851 | — | ||
Completed properties held for sale | 115,515 | 179,619 | ||
Trade and other receivables | 216,096 | 222,896 | ||
Financial assets at fair value through profit or loss | 47,261 | 18,619 | ||
Tax receivable | 3,446 | 3,937 | ||
Restricted cash | 17,000 | 17,000 | ||
Cash and cash equivalents | 561,916 | 493,146 | ||
Total current assets | 1,070,299 | 977,159 | ||
Current liabilities | ||||
Trade and other payables | 511,471 | 445,056 | ||
Dividend payable | 21,924 | — | ||
Income taxes payable | 83,826 | 68,507 | ||
Interest-bearing bank loans | 158,197 | 90,400 | ||
Total current liabilities | 775,418 | 603,963 | ||
Net current assets | 294,881 | 373,196 | ||
Total assets less current liabilities | 1,365,704 | 1,487,894 | ||
Non-current liabilities | ||||
Interest-bearing bank loans | 22,600 | 101,700 | ||
Deferred tax liabilities | 95,769 | 103,592 | ||
Total Non-current liabilities | 118,369 | 205,292 | ||
Net assets | 1,247,335 | 1,282,602 | ||
Equity | ||||
Equity attributable to shareholders of the Company | ||||
Issued capital | 50 | 50 | ||
Reserves | 471,980 | 469,723 | ||
472,030 | 469,773 | |||
Minority interests | 775,305 | 812,829 | ||
Total equity | 1,247,335 | 1,282,602 | ||
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