Cosmos Machinery Enterprises : ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015

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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 Hong Kong with limited liability)

(Stock Code: 118)

ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2015

Notes	2015 HK$'000	2014 HK$'000
Revenue	3	2,395,166	2,492,729
Cost of sales	(2,016,147)	(2,059,154)
Gross profit	379,019	433,575
Other income and gains, net	37,477	21,640
Distribution costs	(145,462)	(152,479)
Administrative expenses Allowance for impairment of bad and doubtful debts, net	(293,675) (2,040)	(289,184) (6,429)
(Loss) Profit from operations	(24,681)	7,123
Finance costs	(20,808)	(21,267)
Investment income	15,570	11,804
Share of profits (losses) of associates	680	(48)
Gain on disposal of associates	2,577	2,037
Loss before taxation	4	(26,662)	(351)
Taxation	5	(12,156)	(7,583)
Loss for the year	(38,818)	(7,934)

Note	2015 HK$'000	2014 HK$'000
Attributable to: - Equity shareholders of the Company	(49,601)	(33,301)
- Non-controlling interests	10,783	25,367
(38,818)	(7,934)
Loss per share for loss attributable to the equity shareholders of the Company during the year	6
- Basic	(6.92 cents)	(4.65 cents)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2015

2015 HK$000	2014 HK$000
Loss for the year	(38,818)	(7,934)
Other comprehensive income (expense) for the year,

net of tax:

Items that have been reclassified or may be reclassified subsequently to profit or loss:

Exchange differences arising from translation of

financial statements of foreign operations (78,732) (5,272)

Changes in fair value of available-for-sale

financial assets 127 112

Share of other comprehensive expense of

associates (1,757) (103)

Release of translation reserve upon disposal

of associates	1,143	(1,589)
(79,219)	(6,852)
Items that will not be reclassified to profit or loss:
Surplus on revaluation of properties held for own use	14,392	7,996
(64,827)	1,144
Total comprehensive expense for the year	(103,645)	(6,790)
Attributable to: - Equity shareholders of the Company	(107,487)	(31,554)
- Non-controlling interests	3,842	24,764
Total comprehensive expense for the year	(103,645)	(6,790)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 31 DECEMBER 2015

Notes	2015 HK$'000	2014 HK$'000
Non-current Assets Property, plant and equipment	691,750	788,844
Leasehold land and land use rights	47,667	54,501
Goodwill	8	53,483	53,483
Intangible assets	9	10,604	11,987
Interests in associates	36,693	41,174
Available-for-sale financial assets	734	606
Finance lease receivables	46,923	14,103
Deferred tax assets	41,413	39,608
929,267	1,004,306
Current Assets Inventories	562,523	656,310
Finance lease receivables	61,934	22,396
Trade and other receivables	10	774,467	743,337
Other financial assets	9,012	174,810
Current tax recoverable	1,451	2,120
Cash and bank balances	607,567	510,270
2,016,954	2,109,243
Current Liabilities Trade and other payables	11	749,829	843,882
Amounts due to associates	-	481
Bank borrowings - due within one year	526,575	478,112
Obligations under finance leases	8,286	8,752
Deferred consideration payable	8,123	4,811
Current tax payable	6,307	6,738
1,299,120	1,342,776
Net Current Assets	717,834	766,467
Total Assets less Current Liabilities	1,647,101	1,770,773