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GREENHEART GROUP LIMITED 綠心集團有限公司 (Incorporated in Bermuda with Limited Liability) (Stock Code: 94)

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GREENHEART GROUP LIMITED 綠心集團有限公司 (Incorporated in Bermuda with Limited Liability) (Stock Code: 94) 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. GREENHEART GROUP LIMITED 綠心集團有限公司 (Incorporated in Bermuda with limited liability) (Stock Code: 94) ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2017 The board (the “Board”) of directors (the “Directors”) of Greenheart Group Limited (“Greenheart” or the “Company”) is pleased to announce the audited consolidated results of the Company and its subsidiaries (together the “Group”) for the year ended 31 December 2017 (the “Year”), together with the comparative figures, as follows: CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2017 2017 2016 Notes HK$’000 HK$’000 REVENUE 6 606,896 543,708 Cost of sales (486,257) (403,988) Gross profit 120,639 139,720 Other income 7 696 2,469 Other gains and losses 7 (34,710) (5,571) Fair value gain on plantation forest assets 130,801 65,109 Selling and distribution costs (104,292) (120,710) Administrative expenses (52,308) (60,517) Finance costs 8 (20,010) (21,480) PROFIT (LOSS) BEFORE TAX 9 40,816 (980) Income tax expense 10 (478) (26,849) PROFIT (LOSS) FOR THE YEAR 40,338 (27,829) 1 2017 2016 Notes HK$’000 HK$’000 OTHER COMPREHENSIVE INCOME Item that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations 2,855 1,644 Item that will not be reclassified to profit or loss Revaluation gain on forestry land 6,228 7,210 OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX OF NIL 9,083 8,854 TOTAL COMPREHENSIVE INCOME (EXPENSE) FOR THE YEAR 49,421 (18,975) PROFIT (LOSS) FOR THE YEAR ATTRIBUTABLE TO: Owners of the Company 86,451 8,735 Non-controlling interests (46,113) (36,564) 40,338 (27,829) TOTAL COMPREHENSIVE INCOME (EXPENSE) FOR THE YEAR ATTRIBUTABLE TO: Owners of the Company 95,534 17,589 Non-controlling interests (46,113) (36,564) 49,421 (18,975) EARNINGS PER SHARE Basic 11 HK$0.056 HK$0.006 Diluted 11 HK$0.056 HK$0.006 2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31 December 2017 31 December 31 December 1 January 2017 2016 2016 Notes HK$’000 HK$’000 HK$’000 (Restated) (Restated) NON-CURRENT ASSETS Property, plant and equipment 336,951 341,508 342,819 Prepaid lease payments 21,985 19,764 20,992 Goodwill 5,651 5,651 – Timber concessions and cutting rights 394,990 463,750 465,529 Other intangible assets 23 98 376 Plantation forest assets 400,837 320,682 357,907 Prepayments, deposits and other receivables 585 2,276 3,591 Deferred tax assets 24,356 4,016 4,449 1,185,378 1,157,745 1,195,663 CURRENT ASSETS Inventories 23,939 32,309 35,889 Trade receivables 12 238,455 122,366 45,223 Prepayments, deposits and other receivables 41,245 39,930 40,784 Amount due from a fellow subsidiary 15(b)(iv) 500 185 – Tax recoverable – 3,166 2,804 Pledged bank deposit 3,136 – – Cash and cash equivalents 174,435 79,312 121,851 481,710 277,268 246,551 CURRENT LIABILITIES Trade payables 13 30,168 36,514 32,706 Other payables and accruals 45,427 48,427 44,911 Obligations under finance lease – amount due within one year 10,229 8,778 9,853 Loan from ultimate holding company 15(a)(iii) – 78,000 78,000 Loan from immediate holding company 15(a)(ii) 8,580 – 339,300 Amount due to immediate holding company 15(b)(i) 202 461 15,597 Amount due to ultimate holding company 15(b)(iii) 1,101 1,101 1,101 Tax payable 33,460 29,124 55,564 129,167 202,405 577,032 NET CURRENT ASSETS (LIABILITIES) 352,543 74,863 (330,481) TOTAL ASSETS LESS CURRENT LIABILITIES 1,537,921 1,232,608 865,182 3 31 December 31 December 1 January 2017 2016 2016 Notes HK$’000 HK$’000 HK$’000 (Restated) (Restated) NON-CURRENT LIABILITIES Loan from ultimate holding company 15(a)(iii) 78,000 – – Loans from immediate holding company 15(a)(ii) 126,385 121,844 92,906 Amount due to immediate holding company 15(b)(ii) 22,860 16,032 – Bank borrowings 14 195,000 195,000 195,000 Deferred tax liabilities 194,369 197,817 183,933 616,614 530,693 471,839 NET ASSETS 921,307 701,915 393,343 CAPITAL AND RESERVES Equity attributable to owners of the Company Share capital 16,863 14,863 9,625 Reserves 1,131,583 868,078 528,180 1,148,446 882,941 537,805 Non-controlling interests (227,139) (181,026) (144,462) TOTAL EQUITY 921,307 701,915 393,343 4 Notes: 1. GENERAL The Company is a public limited company incorporated in Bermuda and its shares are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). Its parent is Newforest Limited (“Newforest”), a company incorporated in Cayman Islands and its ultimate parent is Chow Tai Fook Enterprises Limited (“CTFE”), a company incorporated in Hong Kong. The addresses of the registered office and principal place of business of the Company are disclosed in the corporate information to the annual report. The consolidated financial statements are presented in Hong Kong dollars, which is different from the functional currency of the Company, United States dollars. The Company is a public company with principal place of business in Hong Kong with its shares listed on the Stock Exchange, where most of its investors are located and therefore, the Directors consider that Hong Kong dollars is preferable in presenting the operating results and financial position of the Group. 2. PRIOR YEAR ADJUSTMENTS In previous years, deferred tax liabilities in respect of fair value adjustments arising from acquisition of subsidiaries in Suriname were measured and recognised at a rate different from the statutory income tax rate of 36% of the relevant subsidiaries. As required under HKAS 8, the revision in measurement of deferred tax liabilities in respect of fair value adjustments arising from acquisition of subsidiaries has been applied retrospectively. Comparative figures have been restated accordingly. In addition, a reclassification adjustment was made between deferred tax assets and deferred tax liabilities. The effects of the adjustments as described above on the Group’s financial performance for the years ended 31 December 2017 and 31 December 2016 are as follows: The comparative figures in the consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2016 have not been restated as the amounts involved were immaterial. Consolidated statement of profit or loss and other comprehensive income 2017 2016 HK$’000 HK$’000 (Restated) Decrease in income tax expense 11,967 – Increase in profit and total comprehensive income for the year 11,967 – Increase in profit and total comprehensive income for the year attributable to owners of the Company 7,504 – Decrease in loss and total comprehensive expense for the year attributable to non-controlling interests 4,463 – Increase in profit and total comprehensive income for the year 11,967 – Increase in earnings per share – Basic HK$0.005 – – Diluted HK$0.005 – 5 The effects of adjustments described above on the Group’s financial positions as at 31 December 2017 and 31 December 2016 are as follows: Consolidated statement of financial position 31 December 31 December 2017 2016 HK$’000 HK$’000 (Restated) Increase in deferred tax assets – 4,016 Increase in deferred tax liabilities (52,463) (68,446) Effects on net assets (52,463) (64,430) Increase in accumulated losses (35,179) (42,683) Decrease in non-controlling interests (17,284) (21,747) Effects on total equity (52,463) (64,430) The effects of adjustments described above on the financial position of the Group as at the beginning of the comparative period, i.e. 1 January 2016, are as follows: Consolidated statement of financial position as at 1 January 2016 As originally stated Adjustments As restated HK$’000 HK$’000 HK$’000 Deferred tax assets – 4,449 4,449 Deferred tax liabilities (115,054) (68,879) (183,933) Effects on net assets (64,430) Accumulated losses (1,144,859) (42,683) (1,187,542) Non-controlling interests (122,715) (21,747) (144,462) Effects on total equity (64,430) 6 The effects of adjustments described above on the financial position of the Group as at the end of the immediately preceding financial year, i.e. 31 December 2016, are as follows: Consolidated statement of financial position as at 31 December 2016 As originally stated Adjustments As restated HK$’000 HK$’000 HK$’000 Deferred tax assets – 4,016 4,016 Deferred tax liabilities (129,371) (68,446) (197,817) Effect on net assets (64,430) Accumulated losses (1,135,897) (42,683) (1,178,580) Non-controlling interests (159,279) (21,747) (181,026) Effect on total equity (64,430) 3. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) Amendments to HKFRSs that are mandatorily effective for the current year The Group has applied the following amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) for the first time in the current year: Amendments to HKAS 7 Disclosure Initiative Amendments to HKAS 12 Recognition of Deferred Tax Assets for Unrealised Losses Amendments to HKFRS 12 As part of the Annual Improvements to HKFRSs 2014 – 2016 Cycle Except as described below, the application of the amendments to HKFRSs in the current year has had no material impact on the Group’s financial performance and positions for the current and prior years and/or on the disclosures set out in the Group’s consolidated financial statements.
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