中国生态旅游2024/2025中期报告

INTERIM FINANCIAL STATEMENTS Theboard of directors of China Ecotourism GroupLimited(the“Company”)(the“Board”or“Directors”)hereby presents the unaudited condensed consolidatedinterimfinancial statements of the Company and itssubsidiaries (collectively referred to as the “Group”) forthesix months ended 31 December 2024,togetherwiththe comparative unaudited figures for thecorresponding period in 2023, as follows: CONDENSED CONSOLIDATED STATEMENT OFPROFIT OR LOSS CONDENSED CONSOLIDATED STATEMENT OFPROFIT OR LOSS(Continued) CONDENSED CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME CONDENSED CONSOLIDATED STATEMENT OFFINANCIAL POSITION CONDENSED CONSOLIDATED STATEMENT OFFINANCIAL POSITION(Continued) CONDENSED CONSOLIDATED STATEMENT OFFINANCIAL POSITION(Continued) CONDENSED CONSOLIDATED STATEMENT OFCHANGES IN EQUITY CONDENSED CONSOLIDATED STATEMENT OFCHANGES IN EQUITY(Continued) CONDENSED CONSOLIDATED STATEMENT OFCASH FLOWS NOTES TO CONDENSED CONSOLIDATED INTERIMFINANCIAL STATEMENTS 1. 1.BASIS OF PREPARATION ANDSIGNIFICANT ACCOUNTING POLICIES 34 Theunaudited condensed consolidated interimfinancialstatements have been prepared inaccordance with Hong Kong Accounting Standards34,“Interim Financial Reporting”,issued by theHong Kong Institute of Certified Public Accountants(“HKICPA” )and the applicable disclosurerequirements of the Rules Governing the Listing ofSecurities on the Stock Exchange of Hong KongLimited (the “Stock Exchange”) (the “Listing Rules”). 1. 1.BASIS OF PREPARATION ANDSIGNIFICANT ACCOUNTING POLICIES(Continued) 1.1 1.1Going concern 67,748,000466,253,000479,961,000596,708,00046,221,00021,769,000 Inpreparing the unaudited condensedconsolidated interim financial statements, thedirectors of the Company have given carefulconsiderationto the future liquidity of theGroupin light of the fact that the Groupincurreda net loss of approximatelyHK$67,748,000for the six months ended31 December 2024 and, as of that date, theGroup’scurrent liabilities exceeded itscurrent assets and total liabilities exceededi t st o t a l a s s e t s b y a p p r o x i m a t e l yHK$466,253,000and HK$479,961,000respectively.As at that date,the Group’st o t a ll i a b i l i t i e sa m o u n t e dt oHK$596,708,000. Since October 2023, theGroup defaulted in repayment of mortgageloansand convertible bonds triggeringappointments of receivers (the “Receivers”)bythe bank in respect of the mortgagedproperty and a trustee of convertible bondsin respect of the charged shares. Moreover,the Company received a winding-up petitionfiled by a trustee of convertible bonds. On13 November 2024the petition was finallywithdrawn. Currently, the Group might notbe able to meet its liabilities in full unless itis able to generate sufficient cash flows fromfuture operations and/or other sources, sinceas at 31 December 2024, the Group onlyh a dc a s ha n db a n kb a l a n c e so fapproximately HK$46,221,000 and restrictedb a n kd e p o s i t so fa p p r o x i m a t e l yHK$21,769,000. These events or conditionsi n d i c a t et h e e x i s t e n c e o f m a t e r i a luncertaintieswhich may cast significantdoubt on the Group’s ability to continue asa going concern. 1. 1.BASIS OF PREPARATION ANDSIGNIFICANT ACCOUNTING POLICIES(Continued) 1.1 1.1Going concern (Continued) In this regard, the directors of the Companyhave identified various initiatives to addresstheGroup’s liquidity needs,which includethe following: (a)(b)(c)(d) (a)The management of the Group is inthe course of seeking for a possiblesolution to the issues resulting fromthe defaults and will work closely withitsadvisors,Acclime CorporateAdvisory(Hong Kong)Limited,toconducta review of the financialpositions of the Group and formulatea viable restructuring plan; (b)TheGroup has also been activelynegotiatingwith various banks andpersonsor institutions providingfinanceto obtain additional newcredit facilities; (c)TheGroup has been activelynegotiatingwith bondholders toformulate a debt restructuring plan; (d)The Group will continue to seek forequity financing opportunities; 1. 1.BASIS OF PREPARATION ANDSIGNIFICANT ACCOUNTING POLICIES(Continued) 1.1 1.1Going concern (Continued) (e)(f) (e)The Group will continue to implementmeasures to speed up the collectionofoutstanding accounts and otherreceivables; and (f)The Group will continue to take activemeasuresto control administrativecostsand maintain containment ofcapital expenditures. Basedon the cash flow forecast of theGroupprepared by the management andassuming success of the above measures,thedirectors of the Company are of theopinionthat the Group would haveadequatefunds to meet its liabilities.Accordingly, the directors of the Companyconsiderit is appropriate to prepare theunauditedcondensed consolidated interimfinancialstatements on a going concernbasis.Should the Group be unable tocontinueas a going concern,adjustmentswould have to be made to write down thevalue of assets to their recoverable amounts,to provide for fur