Microsoft Word - 2015 Q3 Result announcement R1



Third Quarter Results and Dividend Announcement for the Period Ended 30 September 2015



The Board of Directors are pleased to announce the consolidated results of the Group for the three months ended 30 September 2015. The figures presented below have not been audited.


PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS


1(a)(i) An income statement and statement of comprehensive income, or a statement of comprehensive income, for the group, together with a comparative statement for the corresponding period of the immediately preceding financial year.


Three months ended 30 September

Nine months ended 30 September

%

%

2015

2014

Increase /

2015

2014

Increase /

HK$'000

HK$'000

(Decrease)

HK$'000

HK$'000

(Decrease)

(Restated)

(Restated)

Revenue

31,585

21,422

47.44

155,054

36,046

330.15

Cost of sales

(24,756)

(20,201)

22.55

(146,473)

(33,805)

333.29

Gross profit

6,829

1,221

459.12

8,581

2,241

282.84

Other income

794

187

325.29

1,266

295

329.60

Administrative expenses

(17,843)

(9,445)

88.91

(50,136)

(25,821)

94.17

Loss from operations

(10,220)

(8,037)

27.16

(40,289)

(23,285)

73.03

Finance costs

(393)

(67)

488.89

(425)

(322)

32.10

Loss before taxation from continuing operations

(10,613)

(8,104)

30.96

(40,714)

(23,607)

72.47

Income tax expense

-

-

N.M

-

-

N.M

Loss from continuing operations attributable to the owners of the Company

(10,613)

(8,104)

30.96

(40,714)

(23,607)

72.47

Gain from discontinuing operations attributable to the owners of the Company

-

2,579

(100.00)

113,162

51,772

118.58

Net Profit / (Loss)

(10,613)

(5,525)

72,448

28,165

Other comprehensive income, net of tax:

Items that may be reclassified to profit or loss:

Exchange difference on translating foreign operations

(11,982)

4,001

(399.48)

(11,181)

(9,645)

15.93

Available-for-sale financial assets:

Fair value losses

(522,868)

-

N.M

(260,533)

-

N.M


Total comprehensive loss for the year attributable to the owners of the Company


(545,463)


(1,524)


35,696.93


(199,266)


18,520


(1,175.94)


Other income/(loss) comprises:

Continuing operations

The Group

The Group

Three months ended 30 September

Three months ended 30 September

Nine months ended 30 Septembertember

Nine months ended 30 Septembertember

Continuing operations

Continuing operations

2015

2014

2015

2014

HKD'000

HKD'000

HKD'000

HKD'000

Interest income

20

1

281

5

Other Income

801

186

985

290

821

187

1,266

295

Profit/(Loss) before tax is arrived at after charging/(crediting)

The Group

The Group

Three months ended 30 September

Three months ended 30 September

Nine months ended 30 Septembertember

Nine months ended 30 Septembertember

Continuing operations

Continuing operations

2015

2014

2015

2014

HKD'000

HKD'000

HKD'000

HKD'000

Decpreciation and amortisation

435

139

790

389

Interest on bank loans

377

48

377

265

Interest on finance lease

16

18

48

57

Other income/(loss) comprises:

Disontinued operations

The Group

The Group

Three months ended 30 September

Three months ended 30 September

Nine months ended 30 Septembertember

Nine months ended 30 Septembertember

Discontinued operations

Discontinued operations

2015

2014

2015

2014

HKD'000

HKD'000

HKD'000

HKD'000

Other Income

-

7,527

-

25,046

Reversal of impairment loss of value-added tax receivables

-

1,007

-

3,506

-

8,534

-

28,552

Profit/(Loss) before tax is arrived at after charging/(crediting)

The Group

The Group

Three months ended 30 September

Three months ended 30 September

Nine months ended 30 Septembertember

Nine months ended 30 Septembertember

Discontinued operations

Discontinued operations

2015

2014

2015

2014

HKD'000

HKD'000

HKD'000

HKD'000

Decpreciation and amortisation

-

33,981

-

102,362

Interest on bank loans

-

37,050

-

109,825

the end of the immediately preceding financial year.

The Group

The Company

30.9.2015

31.12.2014

30.9.2015

31.12.2014

HK$'000

HK$'000

HK$'000

HK$'000

Non-current assets

Fixed assets

3,324

2,479

-

-

Intangible assets

269,601

176,499

-

-

Available-for-sale financial assets

1,067,749

1,328,283

-

-

Investment in subsidiaries

-

-

575,396

575,396

Goodwill

47,628

-

-

-

Investment in a joint venture

71

71

-

-

1,388,373

1,507,332

575,396

575,396

Current assets

Inventories

43,522

-

-

-

Trade receivables

58,263

410

-

-

Gross amounts due from customers for contract work

53,979

35,767

-

-

Other deposits and other receivables

152,445

1,313,311

128

13

Trade deposits and prepayments

1,658

58

-

-

Due from a subsidiary

-

-

1,104,766

1,060,675

Pledged bank deposits

31,871

34,305

9,316

9,316

Bank and cash balances

215,326

1,490

96

216

557,064

1,385,341

1,114,306

1,070,220

TOTAL ASSETS

1,945,437

2,892,673

1,689,702

1,645,616

Capital and reserves

Share capital

97,776

97,302

97,776

97,302

Reserves

1,438,802

1,986,531

1,011,584

1,363,222

Equity attributable to owners of the Company

1,536,578

2,083,833

1,109,360

1,460,524

Non-current liabilities

Interest-bearing borrowings

304,438

106,724

145,508

106,724

Finance lease payables

593

809

-

-

305,031

107,533

145,508

106,724

Current liabilities

Trade payables

50,789

323

-

-

Accruals and other payables

52,671

385,493

714

3,020

Advance payment received

-

315,165

-

-

Due to a subsidiary

-

-

434,120

75,348

Finance lease payables

368

326

-

-

103,828

701,307

434,834

78,368

Total liabilities

408,859

808,840

580,342

185,092

TOTAL EQUITY AND LIABILITIES

1,945,437

2,892,673

1,689,702

1,645,616

1(b)(ii) In relation to the aggregate amount of the group's borrowings and debt securities, specify the following as at the end of the current financial period reported on with comparative figures as at the end of the immediately preceding financial year.


Amount repayable in one year or less, or on demand


As at 30 September 2015 As at 31 December 2014



Secured (HK$'000)


Unsecured (HK$'000)


Secured (HK$'000)


Unsecured (HK$000)


Nil Nil Nil Nil


Amount repayable after one year


As at 30 September 2015 As at 31 December 2014



Secured (HK$'000)


Unsecured (HK$'000)


Secured (HK$'000)


Unsecured (HK$'000)


304,438 Nil 106,724 Nil


Details of any collateral


The Group's interest-bearing borrowings of HK$304,438,000 as at 30 September 2015 are secured by the following:

  1. Share pledge of 75,183,993 shares in its wholly-owned subsidiary, C&G Environmental Protection (Thailand) Company Limited ('C&G (Thailand)');

  2. Corporate guarantee provided by C&G (Thailand);

  3. Pledged bank deposit of US$1,200,000 (equivalent to approximately HK$ 9,316,000);

  4. Share pledged of 42,000,000 shares of Grandblue Environment Co. Ltd. which held as available-for-sale financial assets.

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