C&G Environmental Protection Hldgs : Full Year Results and Dividend Announcement for the Period Ended 31 December 2015

2015 Q4 Result announcement

Full Year Results and Dividend Announcement for the Period Ended 31 December 2015

The Board of Directors are pleased to announce the consolidated results of the Group for the three months ended 31 December 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 31 December			Twelve months ended 31 December
%	%
2015	2014	Increase /	2015	2014	Increase /
HK$'000	HK$'000	(Decrease)	HK$'000	HK$'000	(Decrease)
Revenue	132,423	132,496	(0.05)	287,477	168,542	70.57
Cost of sales	(162,177)	(131,068)	23.73	(308,650)	(164,873)	87.20
Gross profit	(29,754)	1,428	(2,184.18)	(21,173)	3,669	(677.08)
Other income	8,182	501	1,532.14	9,448	796	1,086.93
Administrative expenses	(75,101)	(23,978)	213.21	(125,237)	(49,799)	151.48
Loss from operations	(96,673)	(22,049)	338.45	(136,962)	(45,334)	202.12
Finance costs	(1,117)	31	(3,734.18)	(1,542)	(291)	429.90
Loss before taxation from continuing operations	(97,790)	(22,018)	344.13	(138,504)	(45,625)	203.57
Income tax expense	-	-	N.M	-	-	N.M
Loss from continuing operations attributable to the owners of the Company	(97,790)	(22,018)	344.13	(138,504)	(45,625)	203.57
(Loss)/gain from discontinuing operations attributable to the owners of the Company	(113,209)	435,216	(126.01)	(47)	486,988	(100.01)
Net Profit / (Loss)	(210,999)	413,198	(138,551)	441,363
Other comprehensive income, net of tax:
Items that may be reclassified to profit or loss:
Exchange difference on translating foreign operations	6,102	4,556	33.93	(5,079)	(5,089)	(0.20)
Reclassification of foreign currency translation reserve on disposal of subsidiaries	-	(150,215)	(100.00)	-	(150,215)	(100.00)
Available-for-sale financial assets: Fair value (losses)/gains	188,177	54,618	N.M	(72,356)	54,618	N.M
Total other comprehensive income that will be reclassified to profit or loss, net of taxation	194,279	(91,041)	(66)	(77,435)	(100,686)	(23.09)
Total other comprehensive income, net of taxation	194,279	(91,041)	(313.40)	(77,435)	(100,686)	(23.09)
Total comprehensive loss for the year attributable to the owners of the Company	(16,720)	322,157	(105.19)	(215,986)	340,677	(163.40)

Other income/(loss) comprises:
Continuing operations	The Group		The Group
Three months ended 31 December	Three months ended 31 December	Year ended 31 December	Year ended 31 December
Continuing operations		Continuing operations
2015	2014	2015	2014
HKD'000	HKD'000	HKD'000	HKD'000
Interest income	252	477	533	585
Other Income	7,930	24	8,915	211
8,182	501	9,448	796
Profit/(Loss) before tax is arrived at after charging/(crediting)
The Group		The Group
Three months ended 31 December	Three months ended 31 December	Year ended 31 December	Year ended 31 December
Continuing operations		Continuing operations
2015	2014	2015	2014
HKD'000	HKD'000	HKD'000	HKD'000
Depreciation and amortisation	315	209	1,105	598
Interest on bank loans	1,101	(48)	1,478	216
Interest on finance lease	16	17	64	75
Other income/(loss) comprises:
Discontinued operations	The Group		The Group
Three months ended 31 December	Three months ended 31 December	Year ended 31 December	Year ended 31 December
Discontinued operations		Discontinued operations
2015	2014	2015	2014
HKD'000	HKD'000	HKD'000	HKD'000
Other Income	-	5,259	-	30,305
Reversal of impairment loss of value-added tax receivables	-	16,842	-	20,348
-	22,101	-	50,653
Profit/(Loss) before tax is arrived at after charging/(crediting)
The Group		The Group
Three months ended 31 December	Three months ended 31 December	Year ended 31 December	Year ended 31 December
Discontinued operations		Discontinued operations
2015	2014	2015	2014
HKD'000	HKD'000	HKD'000	HKD'000
Depreciation and amortisation	-	21,725	-	124,087
Interest on bank loans	-	20,315	-	130,140

the end of the immediately preceding financial year.

The Group		The Company
31.12.2015	31.12.2014	31.12.2015	31.12.2014
HK$'000	HK$'000	HK$'000	HK$'000
Non-current assets
Fixed assets	5,328	2,479	-	-
Intangible assets	385,128	176,499	-	-
Available-for-sale financial assets	1,255,926	1,328,283	-	-
Investment in subsidiaries	-	-	575,396	575,396
Investment in a joint venture	71	71	-	-
1,646,453	1,507,332	575,396	575,396
Current assets
Inventories	15,965	-	-	-
Trade receivables	13,320	410	-	-
Gross amounts due from customers for contract work	20,838	35,767	-	-
Other deposits and other receivables	39,541	1,313,311	-	13
Amount due from ultimate holding company	118,773	-	-	-
Trade deposits and prepayments	714	58	-	-
Due from a subsidiary	-	-	1,115,378	1,060,675
Pledged bank deposits	32,160	34,305	9,362	9,316
Bank and cash balances	13,406	1,490	252	216
254,717	1,385,341	1,124,992	1,070,220
TOTAL ASSETS	1,901,170	2,892,673	1,700,388	1,645,616
Capital and reserves
Share capital	97,776	97,302	97,776	97,302
Reserves	1,431,911	1,986,531	1,007,077	1,363,222
Equity attributable to owners of the Company	1,529,687	2,083,833	1,104,853	1,460,524
Non-current liabilities
Interest-bearing borrowings	159,746	106,724	-	106,724
Finance lease payables	538	809	-	-
160,284	107,533	-	106,724
Current liabilities
Trade payables	51,957	323	-	-
Accruals and other payables	158,877	385,493	1,134	3,020
Advance payment received	-	315,165	-	-
Due to a subsidiary	-	-	594,401	75,348
Finance lease payables	365	326	-	-
211,199	701,307	595,535	78,368
Total liabilities	371,483	808,840	595,535	185,092
TOTAL EQUITY AND LIABILITIES	1,901,170	2,892,673	1,700,388	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 31 December 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 31 December 2015 As at 31 December 2014

Secured (HK$'000)

Unsecured (HK$'000)

Secured (HK$'000)

Unsecured (HK$'000)

159,746 Nil 106,274 Nil

Details of any collateral

The Group's interest-bearing borrowings of HK$159,746,000 as at 31 December 2015 are secured by the following:

(i) Share pledged of 33,650,000 shares of Grandblue Environment Co. Ltd ("Grandblue"). which held as available-for-sale financial assets.