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
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 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 |
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
The Group's interest-bearing borrowings of HK$304,438,000 as at 30 September 2015 are secured by the following:
Share pledge of 75,183,993 shares in its wholly-owned subsidiary, C&G Environmental Protection (Thailand) Company Limited ('C&G (Thailand)');
Corporate guarantee provided by C&G (Thailand);
Pledged bank deposit of US$1,200,000 (equivalent to approximately HK$ 9,316,000);
Share pledged of 42,000,000 shares of Grandblue Environment Co. Ltd. which held as available-for-sale financial assets.
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