China Ecotourism : • Announcement of Unaudited Annual Results for the Year Ended 31 December 2021

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.

China Ecotourism Group Limited 中國生態旅遊集團有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 1371)

ANNOUNCEMENT OF UNAUDITED ANNUAL RESULTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FINANCIAL RESULTS (UNAUDITED)

The board of directors (the "Board" or the "Directors") of China Ecotourism Group Limited (the "Company") hereby presents the unaudited consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the year ended 31 December 2021, together with the comparative audited figures for the year ended 31 December 2020, as follows.

For the reasons explained in the paragraph headed "Review of Unaudited Annual Results" in this announcement, the auditing process of the annual results of the Group for the year ended 31 December 2021 has not been completed and the Company is unable to publish an annual results announcement that has been agreed with the Company's auditors by 31 March 2022 in accordance with Rule 13.49 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the year ended 31 December 2021

Unaudited	Audited
2021	2020
Notes	HK$'000	HK$'000
Revenue	3	117,155	118,563
Costs of sales and services
－ Depreciation of lottery terminals	(3,867)	(33,605)
－ Others	(71,962)	(57,443)
(75,829)	(91,048)
Gross profit	41,326	27,515
Other income	4	20,493	13,520
Other losses - net	5	(14,187)	(409,777)
Net impairment losses on financial assets	(62,943)	(26,332)
General and administrative expenses	(201,704)	(144,085)
Operating loss	6	(217,015)	(539,159)
Finance costs	7	(57,410)	(86,034)
Share of losses of associates	-	(2,756)
Share of loss of a joint venture	-	(2,496)
Loss before income tax	(274,425)	(630,445)
Income tax credit	8	3,156	6,527
Loss for the year	(271,269)	(623,918)
Loss attributable to:
Owners of the Company	(256,398)	(573,971)
Non-controlling interests	(14,871)	(49,947)
(271,269)	(623,918)
Loss per share attributable to owners of
the Company
－ basic	9	(11.73) HK cents	(55.75) HK cents
－ diluted	9	(11.73) HK cents	(55.75) HK cents
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December 2021

Unaudited	Audited
2021	2020
HK$'000	HK$'000
Loss for the year	(272,763)	(623,918)
Other comprehensive income/(expense):
Items that will not be reclassified to profit or loss
Gain on revaluation of properties held for own use	-	245,546
Deferred tax arising on revaluation of properties
held for own use	-	(7,518)
-	238,028
Items that may be reclassified to profit or loss	238,028
Currency translation differences	4,516	22,495
-	176
4,516	22,671
4,516	260,699
(268,247)	(363,219)
(253,257)	(326,641)
(14,990)	(36,578)
(268,247)	(363,219)

Share of other comprehensive expense asasoncdiatejosint venture

Other comprehensive income for the year

Total comprehensive expense for the year

Attributable to:

Owners of the Company Non-controlling interests

Total comprehensive expense for the year

of

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31 December 2021

Unaudited	Audited
2021	2020
Notes	HK$'000	HK$'000
Non-current assets
Property, plant and equipment	45,356	50,138
Right-of-use assets	330,622	342,130
Intangible assets	20,408	63,292
Interests in associates	189	189
Financial assets at fair value through profit
or lporsosfit or loss	4,536	6,769
401,111	462,518
Current assets
Inventories	21,356	9,694
Accounts receivable	10	13,270	70,705
Prepayments, deposits and other receivables	73,704	128,123
rCeacsehivanbdlesbank balances	101,049	76,430
209,379	284,952
Total assets	610,490	747,470
Current liabilities
Accounts payable	11	5,485	4,399
Accruals and other payables	56,105	38,872
Contract liabilities	45,808	31,285
Amount due to a joint venture	6,225	6,766
Amount due to a shareholder	1,224	56,880
Amounts due to directors	7,500	19,703
Tax payable	4,355	8,100
Bank and other borrowings	2121,020,709231
197,000
Lease liabilities	6,722	10,920
Convertible bonds	127,062	137,205
457,486	526,923
Net current liabilities	(248,107)	(241,971)
Total assets less current liabilities	153,004	220,547
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Cont'd) At 31 December 2021

Unaudited	Audited
2021	2020
Notes	HK$'000	HK$'000
Non-current liabilities
Deferred income tax liabilities	39,161	39,993
Lease liabilities	6,827	12,256
45,988	52,249
Net assets	107,016	168,298
Equity attributable to owners of the
Company
Share capital	12	77,211	25,737
Reserves	1,774,605	1,622,090
Accumulated losses	(1,989,166)	(1,738,885)
(137,350)	(91,058)
Non-controlling interests	244,366	259,356
Total equity	107,016	168,298
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