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CHINA ENVIRONMENTAL RESOURCES GROUP LIMITED
中 國 環 境 資 源 集 團 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1130)
ANNOUNCEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 30 JUNE 2020
AND CHANGE OF AGENT FOR THE SERVICE OF PROCESS
IN HONG KONG
The board of directors (the "Board") of China Environmental Resources Group Limited (the "Company") announces the annual audited consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the year ended 30 June 2020 together with comparative figures for the year ended 30 June 2019.
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 30 June 2020
2020 | 2019 | ||||||
Notes | HK$'000 | HK$'000 | |||||
Revenue | 3 | 75,406 | 119,387 | ||||
Cost of sales | (56,620) | (101,003) | |||||
Gross profit | 18,786 | 18,384 | |||||
Other income | 5 | 964 | 1,896 | ||||
Administrative and operating expenses | (45,001) | (61,184) | |||||
Fair value (loss)/gain on investment properties | (15,322) | 2,299 | |||||
Loss arising from changes in fair value less costs to | |||||||
sell of biological assets | (4,814) | (72,769) | |||||
Net loss on fair value changes on investments at | |||||||
fair value through profit or loss | (2,914) | (7,247) | |||||
Gain on disposals of subsidiaries | - | 149 | |||||
Provision for impairment loss of intangible assets | - | (17,185) | |||||
Provision for impairment loss of trade and other | |||||||
receivables | (6,337) | (2,725) | |||||
Loss from operations | (54,638) | (138,382) | |||||
Finance costs | 6 | (2,144) | (749) | ||||
Loss before tax | (56,782) | (139,131) | |||||
Income tax credit | 7 | 1,008 | 17,991 | ||||
Loss for the year | 8 | (55,774) | (121,140) | ||||
Other comprehensive loss after tax: | |||||||
Items that may be reclassified to profit or loss: | |||||||
Exchange differences on translation of foreign | |||||||
operations | (12,423) | (15,886) | |||||
Other comprehensive loss for the year, net of tax | (12,423) | (15,886) | |||||
Total comprehensive loss for the year | (68,197) | (137,026) | |||||
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2020 | 2019 | ||||||
Notes | HK$'000 | HK$'000 | |||||
Loss for the year attributable to: | |||||||
Owners of the Company | (55,558) | (122,322) | |||||
Non-controlling interests | (216) | 1,182 | |||||
(55,774) | (121,140) | ||||||
Total comprehensive loss for the year attributable to: | |||||||
Owners of the Company | (67,610) | (137,774) | |||||
Non-controlling interests | (587) | 748 | |||||
(68,197) | (137,026) | ||||||
Loss per share | 9 | ||||||
Basic (HK cents per share) | (3) | (6) | |||||
Diluted (HK cents per share) | (3) | (6) | |||||
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2020
2020 | 2019 | |||
Notes | HK$'000 | HK$'000 | ||
Non-current assets | ||||
Property, plant and equipment | 10,203 | 9,890 | ||
Right-of-use assets | 28,057 | - | ||
Investment properties | 259,002 | 277,041 | ||
Biological assets | 11 | 248,759 | 262,989 | |
Intangible assets | 90,792 | 98,952 | ||
Goodwill | 1,087 | 1,087 | ||
Loans receivable | 3,380 | 6,274 | ||
641,280 | 656,233 | |||
Current assets | ||||
Inventories | 22,804 | 23,165 | ||
Trade and other receivables | 12 | 66,859 | 65,240 | |
Loans receivable | 14,808 | 18,692 | ||
Investments at fair value through profit or loss | 13 | 1,696 | 4,883 | |
Refundable secured deposit | 12,000 | 12,000 | ||
Cash and cash equivalents | 2,951 | 5,551 | ||
121,118 | 129,531 | |||
Current liabilities | ||||
Trade and other payables | 14 | 31,723 | 24,463 | |
Contract liabilities | 4,834 | 2,202 | ||
Lease liabilities | 4,085 | - | ||
Borrowings | 26,000 | 22,000 | ||
Bank overdrafts | 3,679 | - | ||
Current tax liabilities | 3,115 | 2,203 | ||
73,436 | 50,868 | |||
Net current assets | 47,682 | 78,663 | ||
Total assets less current liabilities | 688,962 | 734,896 | ||
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