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HANERGY THIN FILM POWER GROUP LIMITED 漢 能 薄 膜 發 電 集 團 有 限 公 司 (Incorporated in Bermuda with Limited Liability) (Stock Code: 566)

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HANERGY THIN FILM POWER GROUP LIMITED 漢 能 薄 膜 發 電 集 團 有 限 公 司 (Incorporated in Bermuda with Limited Liability) (Stock Code: 566) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. HANERGY THIN FILM POWER GROUP LIMITED 漢 能 薄 膜 發 電 集 團 有 限 公 司 (Incorporated in Bermuda with limited liability) (Stock code: 566) ANNOUNCEMENT OF 2015 RESULTS The board of directors (the “Board”) of Hanergy Thin Film Power Group Limited (the “Company” or “HANERGY TFP”) hereby announces the audited consolidated results of the Company and its subsidiaries (collectively the “Group”) for the year ended 31 December 2015 with comparative figures for the previous corresponding year as follows: CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2015 2015 2014 Notes HK$’000 HK$’000 (Restated) REVENUE 5 2,814,668 9,615,028 Cost of sales (1,441,439) (4,110,380) Gross profit 1,373,229 5,504,648 Other income and gains 362,675 323,492 Selling and distribution expenses (629,129) (179,287) Administrative expenses (1,843,873) (900,947) Research and development costs 6 (825,427) (513,966) Loss on disposal of an available-for-sale investment 6 — (12,274) Impairment of goodwill 6 (7,915,318) — Impairment of property, plant and equipment 6 (770,022) — Impairment of intangible assets 6 (969,727) — Impairment of an available-for-sale investment 6 — (23,610) Loss on disposal of a subsidiary 15 (11,499) — Other expenses (786,259) (4,269) Finance costs (72,063) (7,095) (LOSS)/PROFIT BEFORE TAX 6 (12,087,413) 4,186,692 Income tax expense 7 (146,129) (983,074) (LOSS)/PROFIT FOR THE YEAR (12,233,542) 3,203,618 — 1 — 2015 2014 Notes HK$’000 HK$’000 (Restated) OTHER COMPREHENSIVE LOSS TO BE RECLASSIFIED TO PROFIT OR LOSS IN SUBSEQUENT PERIODS: Exchange differences on translation of foreign operations (523,533) (18,299) OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF TAX (523,533) (18,299) TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR (12,757,075) 3,185,319 (Loss)/profit for the year attributable to: Owners of the parent (12,233,564) 3,203,696 Non-controlling interests 22 (78) (12,233,542) 3,203,618 Total comprehensive (loss)/income for the year attributable to: Owners of the parent (12,757,097) 3,185,397 Non-controlling interests 22 (78) (12,757,075) 3,185,319 HK cents HK cents (Restated) (LOSS)/EARNINGS PER SHARE ATTRIBUTABLE TO THE OWNERS OF THE PARENT 8 Basic (29.3) 9.7 Diluted (29.3) 7.3 — 2 — Consolidated Statement of FINANCIAL Position As at 31 December 2015 2015 2014 Notes HK$’000 HK$’000 (Restated) NON-CURRENT ASSETS Property, plant and equipment 342,707 766,781 Goodwill — 7,915,318 Intangible assets 16,597 1,181,777 Deposits paid for acquisition of items of property, plant and equipment 30 32 Deferred tax assets — 76,404 Restricted cash 6,071 4,072 Other non-current assets 245,059 — Total non-current assets 610,464 9,944,384 CURRENT ASSETS Inventories 2,358,290 659,023 Trade receivables 9 3,695,639 6,078,695 Tax recoverable 6,303 — Gross amount due from contract customers 10 2,930,836 3,278,508 Other receivables 11 518,989 399,634 Bills receivable 2,805 101,411 Deposits and prepayments 12 1,688,108 1,636,919 Restricted cash 212,438 76,689 Cash and cash equivalents 447,826 3,056,916 Total current assets 11,861,234 15,287,795 — 3 — 2015 2014 Notes HK$’000 HK$’000 (Restated) CURRENT LIABILITIES Trade and bills payables 13 1,110,827 435,817 Other payables and accruals 1,606,923 1,484,606 Interest-bearing bank and other borrowings 279,385 484,190 Tax payable 647,611 860,908 Deferred income 18,780 — Finance lease payables 8,147 7,875 Total current liabilities 3,671,673 3,273,396 NET CURRENT ASSETS 8,189,561 12,014,399 TOTAL ASSETS LESS CURRENT LIABILITIES 8,800,025 21,958,783 NON-CURRENT LIABILITIES Deferred tax liabilities 417,406 561,995 Interest-bearing bank and other borrowings 903,573 871,255 Finance lease payables 28,769 37,015 Other non-current liabilities 2,675 2,880 Total non-current liabilities 1,352,423 1,473,145 Net assets 7,447,602 20,485,638 EQUITY Equity attributable to the owners of the parent Issued capital 104,367 104,084 Reserves 7,342,626 20,380,967 7,446,993 20,485,051 Non-controlling interests 609 587 Total equity 7,447,602 20,485,638 — 4 — NOTES: 1 BASIS OF PREPARATION These financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) (which include all Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”), accounting principles generally accepted in Hong Kong and the applicable disclosure requirements of the Hong Kong Companies Ordinance. The financial statements have been prepared under the historical cost convention. These financial statements are presented in Hong Kong dollars (“HK$”) and all values are rounded to the nearest thousand except when otherwise indicated. For the year ended 31 December 2015, the Group had a net loss of HK$12,233,542,000 and net cash outflows used in operating activities of HK$1,173,330,000 and the current assets were in excess of the current liabilities of HK$8,189,561,000. Included in Note 9, 10, 11 and 12, there were trade receivables, gross amount due from contract customers and other receivables due from Hanergy Affiliates and prepayments made to Hanergy Affiliates with a total amount of HK$5,493,461,000 and trade receivables and gross amount due from contract customers from a third-party customer with a total amount of HK$1,894,128,000. The directors of the Company are considering on monitoring and improving the cash flows of the Group, which included but was not limited to the expansion to downstream business and the execution of other manufacturing business with individual customers. As at the date of approval of these financial statements, the Company has entered into a production line supply contract with an independent customer for sale of a production line with a production capacity of 150MW and a contract amount of US$125,500,000. Also the Group’s downstream business undergoes substantial expansion. In addition to ongoing proactive development of ground-mounted power stations, as at the date of this announcement, orders for household systems exceeding 7,100 sets have been received, as well as numerous orders for rooftop and SME commercial systems etc. In light of the measures of the Group described above and based on the cashflow forecast prepared by the Company’s management for the coming 12 months, the directors of the Company are of the view that the Group is able to meet with its liabilities as and when they fall due in the foreseeable future. Accordingly, the directors of the Company consider that it is appropriate to prepare these financial statements on a going concern basis. Comparative information Certain items in the consolidated financial statements have been restated due to common control business combination, further summary details of which are included in note 3 below. — 5 — Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year ended 31 December 2015. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee). When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: (a) the contractual arrangement with the other vote holders of the investee; (b) rights arising from other contractual arrangements; and (c) the Group’s voting rights and potential voting rights. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described in the accounting policy for subsidiaries. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) the carrying amount of any non-controlling interest and (iii) the cumulative translation differences recorded in equity; and recognizes (i) the fair value of the consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus of deficit in profit or loss.
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