SIIC Environment : Unaudited Condensed Interim Financial Statements and Dividend Announcement for the Fourth Quarter and Twelve Months ended 31 December 2021

The Singapore Exchange Securities Trading Limited, 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.

SIIC ENVIRONMENT HOLDINGS LTD.

上海實業環境控股有限公司*

(Incorporated in the Republic of Singapore with limited liability)

(Hong Kong stock code: 807)

(Singapore stock code: BHK)

Unaudited Condensed Interim Financial Statements and

Dividend Announcement for the Fourth Quarter and

Twelve Months ended 31 December 2021

This overseas regulatory announcement is issued pursuant to Part XIVA of the Securities and Futures Ordinance and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

This results announcement is made in accordance to Listing Manual of the Singapore Exchange Securities Trading Limited. This results announcement contains financial information based on Singapore Financial Reporting Standards (International) and International Financial Reporting Standards. The figures in respect of the Group's consolidated financial position, consolidated statement of comprehensive income, and the related notes thereto for the year ended 31 December 2021 as set out in this announcement have been agreed by the Group's auditors, Deloitte & Touche LLP, to the amounts set out in the Group's draft consolidated financial statements for the year. The work performed by Deloitte & Touche LLP in this respect did not constitute an assurance engagement in accordance with Singapore Standards on Auditing or Singapore Standards on Review Engagements and consequently no assurance has been expressed by Deloitte & Touche LLP on this announcement. Shareholders and public investors should be cautious trading in the shares of the Company.

By Order of the Board

SIIC Environment Holdings Ltd.

Mr. Yang Jianwei

Executive Director

Singapore and Hong Kong, 24 February 2022

As at the date of this announcement, the non-executive Chairman is Mr. Zhou Jun; the executive Directors are Mr. Yang Jianwei, Mr. Zhu Dazhi, Mr. Xu Xiaobing, Mr. Huang Hanguang and Mr. Zhao Youmin; and the independent non-executive Directors are Mr. Yeo Guat Kwang, Mr. An Hongjun and Mr. Zhong Ming.

• For identification purpose only

SIIC ENVIRONMENT HOLDINGS LTD.

(Incorporated in the Republic of Singapore)

(Company Registration No: 200210042R)

Unaudited Condensed Interim Financial Statements and

Dividend Announcement for the Fourth Quarter and

Twelve Months ended 31 December 2021

24 February 2022

Table of Contents

	Page No
Business Review	1
Review of Annual Results	1
Corporate Governance	1
Condensed Interim Consolidated Statement of Comprehensive Income	2
Condensed Interim Statements of Financial Position	3
Condensed Interim Consolidated Statement of Cash Flows	5
Condensed Interim Statements of Changes in Equity	8
Notes to the Condensed Interim Consolidated Financial Statements	20
Other Information Required by SGX Listing Rule Appendix 7.2	37

SIIC Environment Holdings Ltd.

(Incorporated in the Republic of Singapore)

(Company Registration No. 200210042R)

Fourth Quarter and Twelve Months of Financial Year 2021 Financial Statements And Dividend Announcement

Business Review

The board of SIIC Environment Holdings Ltd. (the "Company") is pleased to announce the unaudited consolidated annual results of the Company and its subsidiaries (the "Group") for the twelve months ended 31 December 2021 ("FY2021"). The Group's net profit attributable to shareholders for the period amounted to RMB706.2 million, an increase of 11.1% year-on- year.

This performance was on the back of a 16.2% increase in revenue to RMB7.27 billion as supported by the increase in operating and maintenance income from service concession arrangement and construction revenue arising from the higher amount of construction activities in progress. Gross profit rose 10.1% to RMB2.40 billion, mainly driven by higher construction activity and the increase in both wastewater treatment volume and average tariff per tonne.

As at 31 December 2021, the Group's cash and cash equivalents stood at a healthy RMB2.79 billion.

Review of Annual Results

The audit committee has reviewed the Company's unaudited consolidated annual results for the twelve months ended 31 December 2021.

The figures in respect of the Group's consolidated financial position, consolidated statement of comprehensive income, and the related notes thereto for FY2021 as set out in this announcement have been agreed by the Group's auditors, Deloitte & Touche LLP, to the amounts set out in the Group's draft consolidated financial statements for FY2021.

Corporate Governance

The Company has complied with all the code provisions set out in the Corporate Governance Code contained in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of the Hong Kong Limited (the "Stock Exchange") throughout the twelve months ended 31 December 2021.

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PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS

1(a) A statement of comprehensive income (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year.

CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

				Group
		3 Months Ended	Changes	12 Months Ended	Changes
		31.12.21	31.12.20		31.12.21	31.12.20
	Note	(unaudited)	(unaudited)		(unaudited)	(audited)
		RMB'000	RMB'000	%	RMB'000	RMB'000	%
Revenue	5	2,195,516	2,105,768	4.3	7,267,139	6,251,939	16.2
Cost of sales		(1,565,011)	(1,397,241)	12.0	(4,862,862)	(4,067,575)	19.6
Gross profit		630,505	708,527	(11.0)	2,404,277	2,184,364	10.1
Other income		68,465	4,100	1,569.8	200,253	169,472	18.2
Other gains and losses		19,654	10,199	92.7	37,167	21,848	70.1
Selling and distribution costs		(20,546)	(20,427)	0.6	(80,834)	(72,932)	10.8
Administrative expenses		(147,010)	(161,996)	(9.3)	(486,526)	(454,623)	7.0
Finance expenses		(170,395)	(173,642)	(1.9)	(679,318)	(698,845)	(2.8)
Share of results of joint ventures		874	2,893	(69.8)	24,061	30,335	(20.7)
Share of results of associates		3,670	2,363	55.3	7,172	4,811	49.1
Profit before tax		385,217	372,017	3.5	1,426,252	1,184,430	20.4
Income tax expense	6	(114,233)	(76,764)	48.8	(357,233)	(266,592)	34.0
Profit for the period	7	270,984	295,253	(8.2)	1,069,019	917,838	16.5
Other comprehensive income:
Items that will not be reclassified
subsequently to profit or loss:
Exchange difference arising from
translation		51,099	2,897	1,663.8	76,994	50,424	52.7
Fair value change on investments
in equity instruments designated
as at FVTOCI		(313)	(4,254)	(92.6)	2,180	(96)	N.M.
Items that may be reclassified
subsequently to profit or loss:
Exchange differences arising from
translation of foreign operations		6,846	15,243	(55.1)	32,692	23,248	40.6
Total other comprehensive
income for the period, net of tax		57,632	13,886	315.1	111,866	73,576	52.0
Total comprehensive income
for the period		328,616	309,139	6.3	1,180,885	991,414	19.1
Profit for the period attributable
to:
Owners of the Company		192,357	190,614	0.9	706,159	635,344	11.1
Non-controlling interests		78,627	104,639	(24.9)	362,860	282,494	28.4
		270,984	295,253	(8.2)	1,069,019	917,838	16.5
Total comprehensive income
attributable to:
Owners of the Company		249,989	204,500	22.2	818,025	708,920	15.4
Non-controlling interests		78,627	104,639	(24.9)	362,860	282,494	28.4
		328,616	309,139	6.3	1,180,885	991,414	19.1
Earnings per share for profit for
the period attributable to the
owners of the Company
during the period:
-Basic (RMB in cent)		7.47	7.32	2.0	27.35	24.41	12.0
-Diluted (RMB in cent)		7.47	7.32	2.0	27.35	24.41	12.0

N.M. - Not Meaningful

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