Coastal Greenland : ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2016 (in PDF)

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COASTAL GREENLAND LIMITED

沿海綠色家園有限公司 *

(Incorporated in Bermuda with limited liability)

(Stock Code: 1124) ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2016 HIGHLIGHTS:

1. Revenue for the year amounted to about HK$786 million, a decrease of 63% from last year.

2. Loss for the year attributable to owners of the Company was about HK$123 million, a mitigation of 76% from last year.

3. Contracted sales for the year amounted to about HK$3,841 million, an increase of 20% from last year. Included in the amount was HK$2,751 million (2015: HK$1,917 million) related to contracted sales attributable to the development projects in which the Group has equity interests ranging from 12% to 40% and of which the Group is the project manager.

The Board of Directors (the "Board") of Coastal Greenland Limited (the "Company") announce the audited consolidated results of the Company and its subsidiaries (the "Group") for the year ended 31 March 2016, together with the comparative figures for the previous year, as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 March 2016

Notes	2016 HK$'000	2015 HK$'000
(Restated)
Continuing operations
Revenue	3	786,483	2,141,477
Cost of sales	(818,173)	(1,917,002)
Gross (loss) profit	(31,690)	224,475
Other income and gains	4	71,577	187,515
Change in fair value of
held-for-trading investment	-	302
Marketing and selling expenses	(54,148)	(94,079)
Administrative expenses	(213,094)	(297,232)
Other expenses	(206,551)	(230,835)
Finance costs	5	(126,814)	(180,101)
Share of profit of associates	3,696	23,685
Share of loss of joint ventures	(13,417)	(5,671)
Net gain on disposal of subsidiaries	5,670	9,205
Loss before taxation	(564,771)	(362,736)
Taxation	6	266,256	(86,860)
Loss for the year from continuing operations	7	(298,515)	(449,596)
Discontinued operation
Profit (loss) for the year from discontinued operation	8	175,230	(74,492)
Loss for the year	(123,285)	(524,088)
Other comprehensive (expense) income
Items that will not be reclassified to profit or loss
Exchange differences arising on translation to
presentation currency	(195,574)	(4,972)
Surplus (deficit) on revaluation of buildings	24,563	(1,690)
Deferred tax (charge) credit arising on
revaluation of buildings	(6,141)	421
Other comprehensive expense for the year	(177,152)	(6,241)
Total comprehensive expense for the year	(300,437)	(530,329)

Notes	2016 HK$'000	2015 HK$'000
(Restated)
(Loss) profit for the year attributable to owners
of the Company:
from continuing operations	(298,498)	(433,922)
from discontinued operation	175,230	(74,492)
Loss for the year attributable to owners of the Company	(123,268)	(508,414)
Loss for the year attributable to non-controlling interests:
from continuing operations	(17)	(15,674)
from discontinued operation	-	-
Loss for the year attributable to non-controlling interests	(17)	(15,674)
(123,285)	(524,088)
Total comprehensive expense attributable to:
Owners of the Company	(298,477)	(514,150)
Non-controlling interests	(1,960)	(16,179)
(300,437)	(530,329)
HK cents	HK cents
Loss per share	9
From continuing and discontinued operations
Basic and diluted	(2.94)	(12.15)

From continuing operations

Basic and diluted (7.13) (10.37)

CONSOLIDATED STATEMENT OF FINANCIAL At 31 March 2016	POSITION
Notes	2016 HK$'000	2015 HK$'000
NON-CURRENT ASSETS Property, plant and equipment	241,596	235,201
Investment properties	219,250	230,643
Prepaid land lease payments	48,876	52,850
Pledged deposits for other borrowing	196,698	-
Interests in associates	724,963	745,313
Interests in joint ventures	382,233	427,800
Amounts due from associates and joint ventures	233,820	-
Available-for-sale investments	170,017	178,697
Total non-current assets	2,217,453	1,870,504
CURRENT ASSETS Properties under development	9,776,748	7,808,925
Completed properties for sale	992,917	1,574,764
Trade receivables	10	2,040	21,986
Prepayments, deposits and other receivables	2,968,203	2,588,034
Amounts due from associates and joint ventures	1,015,834	1,620,539
Amounts due from customers for contract work	-	59,169
Prepaid tax	94,999	92,889
Pledged bank deposits	390,305	1,551,678
Cash and bank balances	433,535	843,951
Total current assets	15,674,581	16,161,935
CURRENT LIABILITIES Trade and bills payables	11	342,753	1,370,894
Deposits received from pre-sales of properties	1,472,495	1,143,001
Other payables and accruals Amount due to a substantial shareholder of the Company	3,719,767 7,948	1,214,871 3,948
Tax payable	363,604	808,850
Interest-bearing bank and other borrowings	3,310,054	4,670,570
Total current liabilities	9,216,621	9,212,134