China Ruifeng Renewable Energy : ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 AND RESUMPTION OF TRADING

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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

1. 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.
2. SIGNIFICANT ACCOUNTING POLICIES
3. 1. 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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