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Announcement of Results for the Year Ended 31 March 2020

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Announcement of Results for the Year Ended 31 March 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 Bermuda with limited liability) ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 MARCH 2020 The board of Directors (the “Board”) of Chuang’s Consortium International Limited (the “Company”) announces the consolidated results of the Company and its subsidiaries (collectively as the “Group”) for the year ended 31 March 2020 as follows: BUSINESS HIGHLIGHTS FOR THE YEAR ENDED 31 MARCH 2020 1. For the redevelopment project at Gage Street, the Group has successfully acquired one more unit at No. 16 Gage Street subsequent to the year ended 31 March 2020. Currently the Group has already acquired full ownership of No. 20 Gage Street, and about 94.4% and 87.5% ownership of No. 16 and No. 18 Gage Street respectively, and with remaining 3 units to be acquired. The application for the compulsory acquisition of Nos. 16-18 Gage Street had been made in March 2019 and was approved in May 2020, and auction will be carried out in mid-July 2020. It is expected that the whole process of the compulsory acquisition will be completed within the financial year ending 31 March 2021. The Group will actively monitor the progress in order to consolidate the whole site in the coming year for redevelopment. 2. For Po Shan Road joint venture project, site formation and foundation works are at the final stage and will be completed by the end of this year. Two sets of building plans to develop the property into (1) two semi-detached residences (left/right) and (2) a single residence have been approved by the Buildings Department respectively, and at the same time, the Group is also studying the possibility of a third set of building plans to develop the property into two semi-detached residences (top/bottom). In the meantime, both joint venture partners are also exploring other options (including disposal) to accelerate return on this investment. Marketing to promote this project has been commenced. – 1 – 3. For Mongkok joint venture project, the development is proceeding as scheduled. General building plans had been submitted to the relevant authorities for approval. Site formation and foundation works are in progress and are expected to be completed before the end of 2020, and superstructure works will be followed promptly. Pre-sale of this project is expected to be commenced in the last quarter of this year upon the grant of the pre-sale consent by the relevant authorities. 4. For sáv Plaza in Mongolia, superstructure works have been topped off, and internal and external finishing works are nearly completed. Application for the issuance of occupation permit of the project has been submitted to the relevant authorities for approval. In view of the lockdown of Mongolia recently due to Covid-19 which has delayed the approval process, the Group will closely monitor the progress in order to obtain the occupation permit promptly. Marketing works for leasing are in satisfactory progress with potential tenants showing genuine interests. 5. The Group has successfully entered into an agreement with an independent third party to dispose of the property holding company that holds the investment property in the United Kingdom for approximately GBP94.2 million (equivalent to approximately HK$909.2 million). The transaction is expected to be completed around the end of August 2020 and the net cash proceeds to be received is approximately GBP45.6 million (equivalent to approximately HK$440.0 million). 6. Pre-sale of The Esplanade in Tuen Mun, Hong Kong has commenced with satisfactory results, and the residential units have largely been pre-sold. Up to the date of this report, out of the total 371 residential units, 364 units have been pre-sold with only 7 units left. The aggregate sales value of those pre-sold residential units and 3 carparking spaces is about HK$1,641.5 million. Approximately HK$1,552.5 million sales deposits have been received up to the date hereof, and the remaining balance is expected to be received on or before completion of sales. The construction works of The Esplanade have been completed. Occupation permit has been obtained in January 2020, and the Group is in the course of fulfilling the procedures to obtain the certificate of compliance. Handover of the units to end-buyers is targeted to be in the third quarter of 2020, and the Group can then recognize the sales as revenues in the financial statements accordingly. 7. The Group has replenished its land bank in Hong Kong with the completion of the acquisition of a property site at a consideration of about HK$455.0 million in July 2019. The property has a site area of about 4,320 sq. ft. and has a developable GFA of about 39,767 sq. ft.. Negotiation is on-going with a few tenants for the delivery of vacant possession of the property. Hoarding and demolition plans have been submitted to the relevant authorities for approval. – 2 – CONSOLIDATED INCOME STATEMENT For the year ended 31 March 2020 2020 2019 Note HK$’000 HK$’000 Revenues 3 598,987 619,238 Cost of sales (174,679) (176,294) Gross profit 424,308 442,944 Other income and net (loss)/gain 5A (151,687) 44,374 Fair value gain on transfer of properties from properties for sale to investment properties 5B 217,976 6,349 Gain on disposal of subsidiaries 6 – 461,208 Selling and marketing expenses (37,420) (56,840) Administrative and other operating expenses (445,851) (476,077) Change in fair value of investment properties (458,133) 1,108,170 Operating (loss)/profit 7 (450,807) 1,530,128 Finance costs 8 (263,841) (184,765) Share of results of associated companies 2,020 2,573 Share of results of joint ventures 9 10,962 23,944 (Loss)/profit before taxation (701,666) 1,371,880 Taxation 10 (77,041) (79,212) (Loss)/profit for the year (778,707) 1,292,668 Attributable to: Equity holders (705,084) 1,226,643 Non-controlling interests (73,623) 66,025 (778,707) 1,292,668 HK cents HK cents (Loss)/earnings per share (basic and diluted) 12 (42.16) 73.34 – 3 – CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 March 2020 2020 2019 HK$’000 HK$’000 (Loss)/profit for the year (778,707) 1,292,668 Other comprehensive income: Items that may be reclassified subsequently to profit and loss: Net exchange differences (227,098) (177,198) Share of exchange reserve of a joint venture (15,538) (10,043) Total other comprehensive loss that may be reclassified subsequently to profit and loss (242,636) (187,241) Item that may not be reclassified subsequently to profit and loss: Change in fair value of financial assets at fair value through other comprehensive income (4,178) (40,244) Total other comprehensive loss for the year (246,814) (227,485) Total comprehensive (loss)/income for the year (1,025,521) 1,065,183 Total comprehensive (loss)/income attributable to: Equity holders (860,991) 1,092,391 Non-controlling interests (164,530) (27,208) (1,025,521) 1,065,183 – 4 – CONSOLIDATED BALANCE SHEET As at 31 March 2020 2020 2019 Note HK$’000 HK$’000 Non-current assets Property, plant and equipment 469,226 488,223 Investment properties 10,308,325 10,281,404 Right-of-use assets 701,054 – Leasehold lands and land use rights – 709,627 Properties for/under development 1,054,166 979,295 Cemetery assets 260,624 282,534 Associated companies 60,518 69,274 Joint ventures 739,005 739,328 Financial assets at fair value through other comprehensive income 128,730 131,570 Loans and receivables and other deposits 396,135 386,735 Deferred taxation assets 31,254 29,700 14,149,037 14,097,690 Current assets Properties for sale 2,631,037 2,082,749 Cemetery assets 419,112 451,943 Inventories 103,104 139,294 Debtors and prepayments 13 242,608 179,340 Financial assets at fair value through profit or loss 2,437,230 2,146,099 Cash and bank balances 2,520,301 3,492,271 8,353,392 8,491,696 Current liabilities Creditors and accruals 14 407,575 372,714 Sales deposits received 1,552,356 343,153 Short-term bank borrowings 646,777 607,555 Current portion of long-term bank borrowings 1,481,741 1,350,290 Taxation payable 224,315 219,728 4,312,764 2,893,440 Net current assets 4,040,628 5,598,256 Total assets less current liabilities 18,189,665 19,695,946 – 5 – 2020 2019 HK$’000 HK$’000 Equity Share capital 418,138 418,138 Reserves 10,689,219 11,684,014 Shareholders’ funds 11,107,357 12,102,152 Non-controlling interests 1,498,430 1,687,625 Total equity 12,605,787 13,789,777 Non-current liabilities Long-term bank borrowings 4,957,204 5,349,668 Deferred taxation liabilities 519,168 494,896 Loans and payables with non-controlling interests 47,472 24,879 Other non-current liabilities 60,034 36,726 5,583,878 5,906,169 18,189,665 19,695,946 – 6 – NOTES: 1. GENERAL INFORMATION Chuang’s Consortium International Limited (the “Company”) is a limited liability company incorporated in Bermuda and listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).
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