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.
CHINA RUIFENG RENEWABLE ENERGY HOLDINGS LIMITED
中國 瑞風 新能 源 控 股 有限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 00527)
ANNUAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2020
AND
RESUMPTION OF TRADING
RESULTS
The board (the "Board") of directors (the "Directors") of China Ruifeng Renewable Energy Holdings Limited (the "Company") announces the consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2020 (or the "Reporting Period") together with the comparative figures for the previous year as follows:
Consolidated Statement of Profit or Loss
For the year ended 31 December 2020
2020 | 2019 | ||||
Notes | RMB'000 | RMB'000 | |||
Revenue | 3 | 346,401 | 361,683 | ||
Cost of sales | (233,788) | (245,217) | |||
Gross profit | 112,613 | 116,466 | |||
Interest income | 7,417 | 11,959 | |||
Other revenue and net income | 5 | 23,271 | 34,703 | ||
Administrative expenses | (82,444) | (77,988) | |||
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2020 | 2019 | ||||
Notes | RMB'000 | RMB'000 | |||
Profit from operations | 60,857 | 85,140 | |||
Finance costs | 6(a) | (140,271) | (148,580) | ||
Share of (losses)/profits of associates | (92,803) | 3,330 | |||
Share of loss of a joint venture | (1,660) | (1,497) | |||
Loss before taxation | 6 | (173,877) | (61,607) | ||
Income tax | 7 | (30,096) | (19,171) | ||
Loss for the year | (203,973) | (80,778) | |||
Attributable to: | |||||
Equity shareholders of the Company | (213,010) | (103,879) | |||
Non-controlling interests | 9,037 | 23,101 | |||
Loss for the year | (203,973) | (80,778) | |||
Loss per share attributable to the equity | |||||
shareholders of the Company during the year | |||||
Basic and diluted (RMB) | 8 | (0.108) | (0.058) | ||
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Consolidated Statement of Comprehensive Income
For the year ended 31 December 2020
2020 | 2019 | |||
RMB'000 | RMB'000 | |||
Loss for the year | (203,973) | (80,778) | ||
Other comprehensive income/(expense) for the year | ||||
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translation of financial | ||||
statements of operations outside the People's Republic | ||||
of China (the "PRC") | 51,736 | (16,138) | ||
Exchange differences reclassified to profit or loss on | ||||
disposal of a subsidiary | - | 1,081 | ||
Items that will not be reclassified subsequently to profit or | ||||
loss: | ||||
Exchange differences on translation of financial | ||||
statements of the Company | (16,256) | 5,822 | ||
Net movement in the fair value change in respect | ||||
of financial assets at fair value through other | ||||
comprehensive income | 665 | 288 | ||
Other comprehensive income/(expense) for the year | ||||
(net of tax) | 36,145 | (8,947) | ||
Total comprehensive expense for the year | (167,828) | (89,725) | ||
Total comprehensive (expense)/income attributable to: | ||||
Equity shareholders of the Company | (177,058) | (112,910) | ||
Non-controlling interests | 9,230 | 23,185 | ||
Total comprehensive expense for the year | (167,828) | (89,725) | ||
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Consolidated Statement of Financial Position
At 31 December 2020
2020 | 2019 | |||
Notes | RMB'000 | RMB'000 | ||
Non-current assets | ||||
Property, plant and equipment | 1,246,848 | 1,396,118 | ||
Right-of-use assets | 9,610 | 12,595 | ||
Interests in associates | - | 92,803 | ||
Interest in a joint venture | 2,961 | 4,621 | ||
Financial assets at fair value through other | 8,165 | |||
comprehensive income | 7,500 | |||
Financial assets at fair value through profit or loss | 5,225 | 5,225 | ||
Prepayments and other receivables | 11 | 155,381 | 141,981 | |
Deferred tax assets | - | 2,920 | ||
1,428,190 | 1,663,763 | |||
Current assets | ||||
2,100 | ||||
Financial assets at fair value through profit or loss | 2,692 | |||
Inventories | 618 | 583 | ||
Trade receivables | 10 | 273,735 | 243,620 | |
Prepayments and other receivables | 11 | 535,307 | 538,140 | |
Cash and cash equivalents | 858,837 | 103,456 | ||
1,670,597 | 888,491 | |||
Current liabilities | ||||
207,837 | ||||
Trade and other payables | 12 | 150,219 | ||
Borrowings | 835,562 | 569,300 | ||
Lease liabilities | - | 2,343 | ||
Current taxation | 16,901 | 2,588 | ||
1,060,300 | 724,450 | |||
Net current assets | 610,297 | 164,041 | ||
Total assets less current liabilities | 2,038,487 | 1,827,804 | ||
Non-current liabilities | ||||
1,386,070 | ||||
Borrowings | 1,014,646 | |||
Deferred tax liabilities | 19,194 | 22,805 | ||
1,405,264 | 1,037,451 | |||
Net assets | 633,223 | 790,353 | ||
Capital and reserves | ||||
17,286 | ||||
Share capital | 15,677 | |||
Reserves | 384,720 | 523,965 | ||
Total equity attributable to equity shareholders | ||||
of the Company | 402,006 | 539,642 | ||
Non-controlling interests | 231,217 | 250,711 | ||
Total equity | 633,223 | 790,353 | ||
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Notes
-
GENERAL INFORMATION
China Ruifeng Renewable Energy Holdings Limited was incorporated in the Cayman Islands on 23 June 2005 as an exempted company with limited liability under the Companies Law, Chapter 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The shares of the Company have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") since 9 June 2006. The addresses of the registered office and principal place of business of the Company are Windward 3, Regatta Office Park, P.O. Box 1350, Grand Cayman KY1- 1108, Cayman Islands and Room 1801, 18/F, Great Eagle Centre, No. 23 Harbour Road, Wanchai, Hong Kong, respectively.
The Company acts as an investment holding company. The Group is principally engaged in wind farm operations.
The annual results set out in this announcement do not constitute the Group's consolidated financial statements for the year ended 31 December 2020 but are extracted from those consolidated financial statements. - SIGNIFICANT ACCOUNTING POLICIES
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Statement of compliance
These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards ("HKFRSs"), that are relevant to its operations and effective for its accounting year beginning on 1 January 2020 which collective term includes all applicable individual Hong Kong Financial Reporting Standards ("HKFRS"), Hong Kong Accounting Standards ("HKAS") and Interpretations issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance (Cap. 622). These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange ("Listing Rules").
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Statement of compliance
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China Ruifeng Renewable Energy Holdings Ltd. published this content on 14 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2021 15:58:05 UTC.