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.

卡姆丹克太陽能系統集團有限公司

Comtec Solar Systems Group Limited

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 712)

FURTHER ANNOUNCEMENT OF AUDITED FINAL RESULTS FOR THE

YEAR ENDED 31 DECEMBER 2020

AUDITED FINAL RESULTS

Reference is made to the announcement of Comtec Solar Systems Group Limited (the "Company" and together with its subsidiaries, the "Group") dated 31 March 2021, in relation to the unaudited final results for the year ended 31 December 2020 (the "Announcement"). Unless otherwise stated, capitalised terms used in this announcement shall have the same meaning as those defined in the Announcement.

The Board of Directors (the "Board") of the Company is pleased to announce that the Company's auditor, Prism CPA Limited ("Prism"), has completed its audit of the consolidated financial statements of the Group for the year ended 31 December 2020 in accordance with Hong Kong Standards on Auditing ("HKSAs") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). Save for the reconciliation as disclosed in this announcement, the final results contained in the Announcement remain unchanged.

The figures in respect of the Group's consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income and the related notes thereto for the year ended 31 December 2020 as set out in the Announcement have been audited by Prism to the amounts set out in the Group's Annual Report for the year ended 31 December 2020 as approved by the Board on 30 April 2021 and the reconciliations are set out below. The work performed by Prism in this respect did not constitute an assurance engagement in accordance with HKSAs, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the HKICPA and consequently no assurance has been expressed by Prism on the Announcement.

- 1 -

RECONCILIATION OF THE UNAUDITED AND AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020

Set forth below are the reconciliation of the 2020 unaudited annual results of the Group and the audited financial information contained in the Annual Report. The items give rise to such differences are also set out in the respective notes below.

Disclosure

Disclosure

in the

in the

Annual Report

Announcement

Difference

Note

RMB'000

RMB'000

RMB'000

(Audited)

(Unaudited)

Consolidated Statement of Profit or

Loss for the year ended 31 December

2020

Revenue

55,015

55,015

-

Cost of sales and services

(51,152)

(52,670)

1,518

Gross profit

3,863

2,345

1,518

Other income

8,230

5,354

2,876

Other net losses

1

(21,579)

(10,943)

(10,636)

Distribution and selling expenses

(1,014)

(1,014)

-

Administrative expenses

(35,674)

(36,727)

1,053

Research and development expenses

(1,112)

(1,112)

-

Share of profit of a joint venture

134

134

-

Share of loss of an associate

-

-

-

Finance costs

(23,770)

(23,450)

(320)

Loss before taxation

(70,922)

(65,413)

(5,509)

Income tax

2

4,087

62

4,025

Loss for the year

(66,835)

(65,351)

(1,484)

Loss for the year attributable to

Owners of the Company

(65,704)

(63,896)

(1,808)

Non-controlling interests

(1,131)

(1,455)

324

(66,835)

(65,351)

(1,484)

Loss per share

RMB cents

RMB cents

RMB cents

- Basic

(9.18)

(11.29)

2.11

- Diluted

(9.18)

(11.29)

2.11

- 2 -

Disclosure

Disclosure

in the

in the

Annual Report

Announcement

Difference

Note

RMB'000

RMB'000

RMB'000

(Audited)

(Unaudited)

Consolidated Statement of Financial

Position as at 31 December 2020

Non-current assets

Investment properties

82,914

86,027

(3,113)

Property, plant and equipment

3

147,804

134,826

12,978

Intangible assets

2,135

2,135

-

Goodwill

6,573

3,807

2,766

Interest in an associate

159

159

-

Interest in a joint venture

-

-

-

Deposits paid for acquisition of

property, plant and equipment

691

415

276

240,276

227,369

12,907

Current assets

Inventories

17,215

14,633

2,582

Trade and other receivables

4

70,771

80,678

(9,907)

Advance to suppliers

29,737

29,737

-

Equity instruments at fair value

through profit or loss

-

-

-

Pledged bank deposits

21,214

21,214

-

Bank balances and cash

5,126

5,126

-

144,063

151,388

(7,325)

Current liabilities

Trade and other payables

5

137,444

127,557

9,887

Contract liabilities

34,720

35,141

(421)

Interest-bearing borrowings

5

164,481

170,038

(5,557)

Tax liabilities

5,808

5,808

-

Deferred income

840

537

303

Consideration payable

5,130

5,130

-

Convertible bonds

6

84,587

-

84,587

Lease liabilities

1,591

3,445

(1,854)

434,601

347,656

86,945

Net current liabilities

(290,538)

(196,268)

(94,270)

- 3 -

Disclosure

Disclosure

in the

in the

Annual Report

Announcement

Difference

Note

RMB'000

RMB'000

RMB'000

Total assets less current liabilities

(Audited)

(Unaudited)

(50,262)

31,101

(81,363)

Non-current liabilities

Interest-bearing borrowings

10,300

10,300

-

Deferred tax liabilities

2

11,541

17,456

(5,915)

Deferred income

7,329

7,632

(303)

Convertible bonds

6

-

72,624

(72,624)

Lease liabilities

9,713

11,813

(2,100)

38,883

119,825

(80,942)

Net liabilities

(89,145)

(88,724)

(421)

Capital and reserves

Share capital

2,556

2,556

-

Reserves

(89,580)

(88,835)

(745)

Equity attributable to owners of the

Company

(87,024)

(86,279)

(745)

Non-controlling interests

(2,121)

(2,445)

324

Total deficits

(89,145)

(88,724)

(421)

- 4 -

Notes:

  1. The other net losses are adjusted upward as a result of the major changes as mentioned in Notes (3), (4) and (6);
  2. Additional income tax for the year ended 31 December 2020 amounted to approximately RMB4 million is credited;
  3. Having considered the facts and circumstances, impairment losses for property, plant and equipment were adjusted downward by approximately RMB13 million as at 31 December 2020;
  4. As a result of recognising increased impairment losses under expected credit loss model, the impairment losses of trade and other receivables were adjusted upward by approximately RMB10 million during the year ended 31 December 2020;
  5. Amounting to approximately RMB5 million in interest-bearing borrowings is reclassified as trade and other payables;
  6. Additional fair value loss on the derivative component of the convertible bonds as at 31 December 2020 amounted to RMB10 million is recognised. Moreover, based on the terms for the subscription agreement of the convertible bonds, convertible bonds of approximately RMB85 million are reclassified from non-current liabilities to current liabilities since the convertible bonds will become mature within one year as at 31 December 2020.

By order of the board of

Comtec Solar Systems Group Limited

John Yi Zhang

Chairman

Shanghai, the People's Republic of China, 30 April 2021

As at the date of this announcement, the executive Director is Mr. John Yi Zhang, the non-executive Directors are Mr. Dai Ji and Mr. Qiao Fenglin, and the independent non-executive Directors are Mr. Jiang Qiang and Mr. Ma Teng.

- 5 -

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Comtec Solar Systems Group Ltd. published this content on 02 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2021 11:42:00 UTC.