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Announcement of Annual Results for the Year Ended 31 December 2020

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Announcement of Annual Results for the Year Ended 31 December 2020 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. (Incorporated in the Cayman Islands with limited liability) (Stock Code: 2349) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 KEY HIGHLIGHTS – Revenue is approximately HK$73,742,000 for the year, while approximately HK$101,107,000 was recorded in 2019, decreased by approximately 27.1%. – Revenue from property investment business is approximately HK$30,521,000 for the Current Year, a decrease of approximately 15.1% compared with that of approximately HK$35,970,000 in 2019. – During Current Year, the Group incurred an one-off non-cash impairment loss on goodwill and inventory of properties of approximately HK$40,000,000 and HK$41,679,000 respectively. – The Group’s net loss for the year is approximately HK$95,744,000, decreased by 46.3% compared with approximately HK$178,239,000 recorded in the year of 2019. – As at 31 December 2020, the Group’s total assets amounted to approximately HK$2,709,722,000, a decrease of approximately 26.2% from that of approximately HK$3,672,640,000 as at 31 December 2019. 1 ANNUAL RESULTS The board (the “Board”) of directors (the “Directors”) of China City Infrastructure Group Limited (the “Company”) is pleased to announce the audited consolidated financial results of the Company and its subsidiaries (collectively refer to as the “Group”) for the year ended 31 December 2020 (the “Current Year”), together with the comparative figures for the previous financial year. CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the year ended 31 December 2020 2020 2019 NOTES HK$’000 HK$’000 Revenue 3 73,742 101,107 Cost of sales (44,598) (45,707) Gross profit 29,144 55,400 Fair value (loss) gain in respect of investment properties revaluation (235,364) 2,085 Gain on disposal of subsidiaries 323,847 – Gain on disposal of a joint venture 819 – Share of result of a joint venture, net of dividend 503 731 Other operating income 43,032 31,447 Other operating expenses (95,129) (16,934) Selling and distribution expenses (3,410) (5,358) Administrative expenses (68,267) (65,605) Finance costs 4 (149,057) (141,923) Loss before tax (153,882) (140,157) Income tax credit (expenses) 5 58,138 (38,082) Loss for the year 6 (95,744) (178,239) Loss attributable to: Owners of the Company (85,341) (175,938) Non-controlling interests (10,403) (2,301) (95,744) (178,239) Loss per share 8 HK cents HK cents – Basic (2.73) (5.66) – Diluted (2.73) (5.66) 2 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2020 2020 2019 HK$’000 HK$’000 Loss for the year (95,744) (178,239) Other comprehensive income (expenses) for the year: Items that are reclassified or may be reclassified subsequently to profit or loss: Exchange differences arising on translation of foreign operations 86,711 (19,089) Release of translation reserve upon disposal of subsidiaries 22,791 – Release of translation reserve upon disposal of a joint venture 177 – Share of translation reserve of a joint venture 44 (33) Other comprehensive income (expenses) for the year 109,723 (19,122) Total comprehensive income (expenses) for the year (net of tax) 13,979 (197,361) Total comprehensive income (expenses) attributable to: Owners of the Company 24,591 (194,804) Non-controlling interests (10,612) (2,557) 13,979 (197,361) 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31 December 2020 2020 2019 NOTES HK$’000 HK$’000 ASSETS Non-current assets Property, plant and equipment 8,510 4,405 Investment properties 2,146,429 2,588,764 Goodwill 151,598 227,203 Interest in a joint venture – 2,837 Right-of-use assets 24,920 42,077 2,331,457 2,865,286 Current assets Inventories 83 92 Inventory of properties 188,221 385,146 Trade and other receivables 9 67,605 400,965 Pledged bank deposit 95,238 – Bank balances and cash 27,118 21,151 378,265 807,354 TOTAL ASSETS 2,709,722 3,672,640 EQUITY AND LIABILITIES EQUITY Capital and reserves Share capital 312,828 312,828 Reserves 830,208 847,728 Equity attributable to owners of the Company 1,143,036 1,160,556 Non-controlling interests – (5,734) TOTAL EQUITY 1,143,036 1,154,822 4 2020 2019 NOTES HK$’000 HK$’000 LIABILITIES Non-current liabilities Deferred tax liabilities 375,269 462,238 Borrowings – due after one year 457,428 612,076 Convertible note – due after one year 393,802 373,102 Promissory note – due after one year 52,908 357,385 Deposits received for lease of properties 7,367 11,780 Lease liabilities – due after one year 2,803 13,737 1,289,577 1,830,318 Current liabilities Trade and other payables 10 121,370 169,234 Contract liabilities 821 158,495 Deposits received for lease of properties 6,233 – Tax payable 49,089 71,592 Borrowings – due within one year 89,583 274,414 Lease liabilities – due within one year 10,013 13,765 277,109 687,500 TOTAL LIABILITIES 1,566,686 2,517,818 TOTAL EQUITY AND LIABILITIES 2,709,722 3,672,640 NET CURRENT ASSETS 101,156 119,854 TOTAL ASSETS LESS CURRENT LIABILITIES 2,432,613 2,985,140 5 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2020 1. General China City Infrastructure Group Limited (the “Company”) is an exempt company with limited liability incorporated in the Cayman Islands under the Companies Law Chapter 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands on 9 October 2002. The shares of the Company have been listed on the main board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) since 25 June 2003. The Directors of the Company consider Linkway Investment Holdings Limited, a company incorporated in the British Virgin Islands with limited liability, as the substantial shareholder of the Company. The consolidated financial statements are presented in Hong Kong Dollars (“HK$”), which is also the functional currency of the Company. The Company is an investment holding company. The principal activities of the Company and its subsidiaries (collectively, the “Group”) are property investment, property development, hotel business and property management in the People’s Republic of China (the “PRC”). 2. Application of New and Amendments to Hong Kong Financial Reporting Standards (“HKFRSs”) Revised and Amendments to HKFRSs that are Mandatorily Effective for the Current Year The Group has applied the following revised and amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) for the first time in the current year: Amendments to HKFRS 3 Definition of a Business Amendments to HKAS 1 and Definition of Material HKAS 8 Amendments to HKFR9, Interest Rate Benchmark Reform HKAS 39 and HKFRS 7 Revised Conceptual Framework Revised Conceptual Framework for Financial Reporting In addition, the Group has early applied the HKFRS 16 (Amendments) Covid-19-Related Rent Concession. Except as described below, the application of the revised and 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 these consolidated financial statements. 6 Impacts on early application of Amendment to HKFRS 16 Covid-19-Related Rent Concessions The Group has applied the amendment for the first time in the current year. The amendment introduces a new practical expedient for lessees to elect not to assess whether a Covid-19-related rent concession is a lease modification. The practical expedient only applies to rent concessions occurring as a direct consequence of the Covid-19 that meets all of the following conditions: • the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change; • any reduction in lease payments affects only payments due on or before 30 June 2021; and • there is no substantive change to other terms and conditions of the lease. A lessee applying the practical expedient accounts for changes in lease payments resulting from rent concessions the same way it would account for the changes applying HKFRS 16 Leases if the changes were not a lease modification. Forgiveness or waiver of lease payments are accounted for as variable lease payments. The related lease liabilities are adjusted to reflect the amounts forgiven or waived with a corresponding adjustment recognised in the profit or loss in the period in which the event occurs. The application of the amendment had no impact to the opening retained profits at 1 January 2020. 7 New and Amendments to HKFRSs in Issue but not yet Effective The Group has not early applied the following new and amendments to HKFRSs that have been issued but are not yet effective: HKFRS 17 Insurance Contracts and the related Amendments1 Amendments to HKFRS 3 Reference to the Conceptual Framework2 Amendments to HKFRS 9, HKAS 39, Interest Rate Benchmark Reform – Phase 24 HKFRS 7, HKFRS 4 and HKFRS 16 Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture3 Amendments to HKAS 1 Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretations 5 (2020)1 Amendments to HKAS 16 Property, Plant and Equipment – Proceeds before Intended Use2 Amendments to HKAS 37 Onerous Contracts – Cost of Fulfilling a Contract2 Amendments to HKFRSs Annual Improvements to HKFRSs 2018-20202 1 Effective for annual periods beginning on or after 1 January 2023.
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