BAGUIO GREEN GROUP LIMITED ... - :: HKEX :: HKEXnews ::

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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.

BAGUIO GREEN GROUP LIMITED碧瑤綠色集團有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1397)

ANNOUNCEMENT OF FINAL RESULTSFOR THE YEAR ENDED 31 DECEMBER 2021

FINANCIAL SUMMARY

• Revenue for the year ended31December 2021 amounted to approximatelyHK$1,273.8million (2020:HK$1,131.8million), representingan increaseofapproximately12.5%ascomparedwiththeprecedingyear.

• Grossprofitfortheyearended31December2021wasapproximatelyHK$109.0million (2020:HK$63.5million), representingan increaseof approximately71.5%ascomparedwiththeprecedingyear.

• TheGroup’sprofit attributable to shareholdersof theCompany for theyearended31December2021wasapproximatelyHK$12.8million (2020:HK$51.4million), representingadecreaseofapproximately75.0%ascomparedwith theprecedingyear.

• A final dividend ofHK0.9 cents (2020:HK3.6 cents) per share, totallingHK$3,735,000 (2020:HK$14,940,000)was recommendedby theBoard for theyearended31December2021.

Theboard (the“Board”)ofdirectors (the“Directors”)ofBaguioGreenGroupLimited(the“Company”)ispleasedtoannouncetheconsolidatedannualresultsoftheCompanyand its subsidiaries (the“Group”or“Baguio”) for theyearended31December2021(“2021”orthe“Year”).

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MANAGEMENT DISCUSSION & ANALYSIS

MARKET REVIEW

TheHongKongClimateActionPlan2050announcedby theChiefExecutive in the2021PolicyAddressclearlyoutlinesthestrategiesandmeasurestoreduceHongKong’scarbonemissionsby50%before2035,comparedto2005level,withtheultimategoalofachieving thevisionofcarbonneutralityby2050.This important initiativehascreatedsignificantopportunitiesfortheGroup’sintegratedenvironmentalbusiness.

Throughout2021, theglobalCOVID-19pandemiccontinued to flareup.HongKongstrivedtoraisevaccinationrates,publichealthstandardsandawarenesstocopewiththepandemic,creatingmoredemandforcleaningservices.Nonetheless,theOmicronvarianthasposedsignificant threats to theglobaleconomyandcreateduncertainty, straininghumanresourcesandsupplychainswhich in turnhas led tostricter resourceallocationandcostcontrolbydifferentcompanies.

Nevertheless,environmentalservicesareabasicneed.Duringthepastyear,theGroup’sdiversified and integrated environmental servicesbenefited from increasingpublicawarenessofenvironmentalhygieneandsustainabledevelopment.

AsHongKongpeople andbusinessesbecame increasingly awareof environmentalhygiene,demand forcleaninganddisinfectionservicesgrewsignificantly.Regardingwastemanagementand recycling,wehavebenefited from theGovernment’s“WasteReduction” strategy andmeasures, aswell as the high demand formedicalwastecollection servicesduring thepandemic.TheCOVID-19crisis coupledwith rodentinfestation incertainHongKongcommunities thisyearcreatedsizeableopportunitiesfor our pestmanagement business.However, demand for our landscaping servicesdeclinedascompaniestightenedcostcontrolsgiventheuncertaineconomicoutlook.

BUSINESS REVIEW

TheGroupactivelyexpandeditscleaningandwastemanagement&recyclingbusinessesduring theYear.Both recordedconsiderablegrowth,accounting formore than80%oftheGroup’stotalrevenue.

OurcleaningbusinessbenefitedfromtheincreaseddemandcreatedbythepandemicandtheGroup’ssuccessinsecuringanumberofnewservicecontractsfromtheGovernmentandpublicorganizations.Theseincludedstreet-cleaningservicecontractsfromtheFoodandEnvironmentalHygieneDepartment, anddisinfectionandcleaning services forquarantinehotels.Moreover, thanks to innovativecleaning technology,anewdigitalplatformandvariouscostmanagement initiatives, theGroup’soperationalefficiencysignificantlyimproved—resultinginadramaticincreaseinprofitsandprofitmarginforitscleaningbusiness.

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With regard to thewastemanagementand recyclingbusiness, theGroupcontinued toexpanditsoperationalcapacityandcollectionnetworkforrecyclableitems.BaguiowascontractedbyEnvironmentalProtectionDepartment(“EPD”)tohandlemorethan5,000recycling spots (includingplastic,glassbottles,metal andwastepaper) acrossHongKongandcurrentlyoperatesvarioussortingfacilities torecycleproducts.Toensureitsrecyclingcapacitykeepspacewith its rapidbusinessexpansion,Baguioopenedanewwaste-sortingplantcovering50,000sq.ft.inYuenLongwithamaximumdailycapacityof20tonnes.ThisnewsortingplantisequippedwithadvancedmachinesfeaturingNIRtechnology, imported fromoverseas, thatsupporthigh-speedautomaticsorting.Thankstomoreefficientrecycling,thevolumehassignificantlyincreased.

DuringtheYear,BaguioexpandeditscollectionnetworkforrecyclablestoincludeShellandEssopetrol stations, reverse vendingmachines,EPD’s recycling stations, andrecyclingstoresandspots—consolidatingBaguio’sleadershippositionintherecyclingsector.Significantgrowth inbusinessmixand scalehasgreatly increased theprofitmarginforitsrecyclingbusiness.

Turningtolandscapingservices,theoverallmarketremainedweakduetoprojectdelayscausedby thepandemic,decreasingdemandand intensemarketcompetition.All theseaffectedourlandscapingbusiness’sperformance.However,givenitssolidexperienceinprovidinghigh-end landscape services, theGroupwasawardeda two-yeargreeningcontractforthepublicopenspaceatKaiTakSportsPark.AsHongKong’slargestsportsstadium, thisvenuewill host various international sporting events andcultural andrecreationalactivities in thecomingyears.TheGroup isdelighted tocontribute to thedevelopment of sports inHongKong.Our pestmanagement business,which hasdeliveredhigh-qualityprofessional servicesover theyears,continued toenjoyhealthygrowthduringtheYear.

Leveraging itsyearsofexperienceand reputation forquality, theGroupsecuredmanyone-stop service contracts from large corporations to provide cleaning, wastemanagementandpestcontrolservices—whichallcontributedtoitssteadygrowthanddevelopment.

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Results

FortheYear,theGroup’srevenuewasapproximatelyHK$1,273.8million,representingan increaseofapproximately12.5%fromapproximatelyHK$1,131.8million for2020.Grossprofit increasedbyapproximately71.5% toapproximatelyHK$109.0million(2020:HK$63.5million)andgrossprofitmargin increasedby3.0percentagepoints (“p.p.”) toapproximately8.6%(2020:5.6%).Profitattributable toequityshareholdersoftheCompanyamountedtoapproximatelyHK$12.8million,representinginayear-on-yeardecreaseofapproximately75.0%(2020:HK$51.4million),withnetprofitmargindecreasedby3.5p.p.toapproximately1.0%(2020:4.5%).SuchsubstantialdecreaseintheGroup’sprofitwasmainlyduetonosubsidiesbeingreceivedfromtheEmploymentSupportSchemeunderAnti-epidemicFundgrantedby theHongKongGovernment for2021.EarningspersharewasHK3.1cents(2020:HK12.4cents).

Final Dividend

TheBoard recommends thepaymentofa finaldividend for theYearatHK0.9cents( 2020 : HK3 .6 c en t s ) p e r o rd ina ry sha r e , t o t a l l i ng HK$3 ,735 ,000 ( 2020 :HK$14,940,000), subject to approval by the shareholders of theCompany (the“Shareholders”) at the forthcoming annual generalmeeting (the “AnnualGeneralMeeting”) of the Company to be held on 31May 2022. If so approved by theShareholders,itisexpectedthatthefinaldividendwillbepaidonoraround8July2022totheShareholderswhosenamesappearontheregisterofmembersoftheCompanyon23June2022.

Revenue breakdown of major business segments

For the year ended31 December 2021 31December2020Revenue

(HK$ million)% of total

revenueRevenue

(HK$ million)% of total

revenue Change

Cleaning 825.5 64.8% 679.5 60.0% +21.5%Landscaping 112.3 8.8% 172.4 15.2% -34.9%Pestmanagement 102.0 8.0% 111.3 9.9% -8.4%Wastemanagementandrecycling 234.0 18.4% 168.6 14.9% +38.8%

Total 1,273.8 100.0% 1,131.8 100.0% +12.5%

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Gross profit margin of major business segments

For the year ended31 December

202131December

2020 Change

Cleaning 8.8% 4.5% +4.3p.p.Landscaping 5.4% 10.8% -5.4p.p.Pestmanagement 7.7% 5.8% +1.9p.p.Wastemanagementandrecycling 9.4% 4.7% +4.7p.p.Overall 8.6% 5.6% +3.0p.p.

Ridingonourprofessionalmanagement,qualityservicesandstringentcontrolinsafetyprecaution,theGroupcontinuedtomaintainahightendersuccessrateatapproximately39.5%in2021(2020:37.0%).Wecontinuouslystrivedtoexpandourservicesscopeinorder toenhanceourcompetitiveness. During theYear, theGroupwasdrivenby theincrease in revenueof approximately38.8% fromwastemanagement and recyclingsegment.Thisencouraging resultwasattributable to theGroup’senormouseffort tosecure new contractswith Food andEnvironmentalHygieneDepartment for theprovision ofwaste collection services, andAirportAuthorityHongKong for theprovisionofwastemanagement services.Additions,with theawardofnewcontractsfromcleaningandpestmanagement segmentswithhigherprofitmarginandeffectivecostcontrol, theprofitmargin for the relevant segmentswere improvedsatisfactorilyapproximately from4.5% to8.8%,andapproximately from5.8% to7.7%respectively.However, the landscaping segmentwas still affected by the impact ofCOVID-19pandemic.Theprogressdelay in landscapingprojects increasedoperation cost andoverhead, and thekeencompetition in landscapingmarket alsohindered the tenderresultsofnewcontracts.

TheoverallgrossprofitamountandmarginoftheGroupwereimprovedapproximatelyfromHK$63.5million toHK$109.0million, andapproximately from5.6% to8.6%respectively.

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Contracts on hand

Asof31December2021, theGrouphada totalamountofapproximatelyHK$2,145.3millionworthofunexpiredcontractsonhand,ofwhich, approximatelyHK$1,201.8millionwillberecognisedbytheendof2022,approximatelyHK$672.5millionwillberecognised in2023and the restofapproximatelyHK$271.0millionwillbe recognisedin2024andbeyond.

Backlog contract value

Contract value to be

recognised by 31 December

2022


recognised by31 December

2023


recognised in 2024 and

beyond (HK$ million) (HK$ million) (HK$ million) (HK$ million)

Cleaningservices 1,505.4 888.5 491.7 125.2Landscapingservices 126.1 79.3 38.4 8.4Pestmanagementservices 101.4 76.8 21.4 3.2Wastemanagementand recyclingservices 412.4 157.2 121.0 134.2

Total 2,145.3 1,201.8 672.5 271.0

PROSPECTS

Givenits“Zero-carbonEmissions•LiveableCity•SustainableDevelopment”visioninHong Kong’s Climate Action Plan 2050 and the Waste Blueprint for Hong Kong 2035, theHongKongGovernmentwill likely introducemore favorable policies for therecycling industry that should createmajornewbusinessopportunities.We remainoptimisticabouttheindustry’sfuture.

In linewithHongKong’s sustainabledevelopment,wewill continueenhancingourcollectionand recyclingcapabilities. In2022,weparticipated ina jointventurewithSwireBeveragesHoldingsLimitedandanother investor to setupHongKong’s firstfood-gradePETplasticfactoryatEcoParkinTuenMun.Recycledplasticswillbeturnedintoplastic flakesandpellets,whichcan thenbe re-manufacturedaswaterbottlesandrelatedproducts.Theprojectwillbeginoperatinginmid-2022.

BaguiowasalsoawardedtheEPD’sfirstservicecontractthisyearforthebioconversionoforganicwastefromchickenmanureintoanimalfeedandfertilizerusingBlackSoldierFlies.This innovativeprojectappliesorganicbioconversion technology tohelpsolveHongKong’swaste problem.Located at EcoPark inTuenMun, the factorywillcommence operations inmid-2022, opening a new chapter for theGroup’s greentechnologybusiness.

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TohelptheHongKongGovernmentfulfillitsvisionofcarbonneutralityandcooperateand implement itsWasteBlueprint forHongKong2035,Baguio andThe JardineEngineeringCorporationLimited formeda strategicpartnership.By theendof2022,BaguiowillbeginoperatinganewPilotBiocharProductionPlant(PBPP)attheEcoParkinTuenMunforafour-yearperiod.TheprocesswillincludecollectingofshreddedyardwasteandapplyingAustralia’sadvancedPyrolysistechnologytoconvertwoodmaterialsinto high-quality biochar.Theproductionplant effectively turnswaste into usefulresources.Whencompleted,thefacilityshouldbeabletoprocessaround6,000tonnesoflocalwoodwasteandproduceapproximately1,200tonnesofbiocharperyear.

Starting2022,BaguiowascontractedbyEPD tocollectmore than20 tonnesof foodwaste everyday inKowloonandprovidecollection& recycling services forplasticrecyclablematerials inanumberofHongKongdistricts.These twoserviceswillbesignificantnewrevenuesourcesfortheGroup.

To furtherenhance theGroup’s servicequalityandcompetitiveness,wewill introducevarious information technology solutions toenhanceoperational efficiency,monitorserviceperformance,andoptimize theuseofcorporate resources.Wewillalsopursueanynewopportunities to enhanceour existing corebusinesses and introducegreentechnologyprojectswithstronggrowthpotential.

TheGroup’siRecycleplatform,whichestablishedaninnovative“door-to-doorrecyclingservice”,hasbeenwellreceivedbyusersandmerchants.Withtheofficiallaunchofthemunicipal solidwaste (MSW)chargingscheme in2023,HongKongpeoplewillhaveevenmore incentive to recyclewhich in turnwill increase transactionvolumes forouriRecycleplatform.Byadoptingbigdata technology for iRecycle,weaim toprovidemorepersonalizedservicesandcapturesignificantbusinessopportunities.

Looking forward, we wil l cont inue bui lding a greener , c leaner ci ty throughprofessionalism and innovation, while delivering sustainable returns for ourshareholders.

FINANCIAL REVIEW

Revenue

TheGroup’s revenue for theyears ended31December2021and2020amounted toapproximatelyHK$1,273.8millionandHK$1,131.8million respectively, representinganincreaseofapproximately12.5%.Theincreasewasmainlyduetotheoverallincreasein revenue inour services segmentsofcleaning togetherwithwastemanagementandrecyclingwithincreaseinnumberofcontractsandordersduringtheYear.

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Cost of Services

For theyears ended31December2021and2020, the costof servicesof theGroupamounted toapproximatelyHK$1,164.8millionandHK$1,068.3million respectively,representing approximately 91.4% and 94.4% of the Group’s revenue for thecorrespondingyearsrespectively.Thecostofservicesprimarilycompriseddirectwages,directoverheadexpenses,materialconsumablesandsub-contractingfees.

Gross Profit

TheGroup’sgrossprofitfortheYearwasapproximatelyHK$109.0million,representingan increaseofapproximately71.5%fromapproximatelyHK$63.5million for theyearended31December2020.

Gross Profit Margin

ThegrossprofitmarginsoftheGroupfortheyearsended31December2021and2020wereapproximately8.6%and5.6%respectively.Theincreaseingrossprofitmarginwasmainlydue to the increaseofnewcontractswithhighprofitmarginandeffectivecostcontrolduringtheYear.

Other Income

Theother incomeof theGroup for theyearsended31December2021and2020wereapproximatelyHK$22.2million andHK$95.5million respectively, representing adecrease of approximately 76.8%.The substantial decreasewasmainly due to nosubsidiesbeingreceivedfromtheEmploymentSupportSchemeundertheAnti-epidemicFundgrantedbytheHongKongGovernmentfor2021,whichduringtheyearended31December2020wasapproximatelyHK$81.0million.

Change in Fair Value Less Costs to Sell of Biological Assets

TheGroup’sbiologicalassetsconsistoftrees,plantsandflowerslocatedattheGroup’snurseries in thePRCandHongKong.Thechange in fairvalueof thebiologicalassetsfor theyearsended31December2021and2020wereapproximately lossofHK$4.2millionandHK$4.0million respectively.Thedecrease in fairvaluewasmainlydue tothedecrease indemand innew landscapingcontractsandsalesmarketaffectedby theCOVID-19pandemic.

Selling and Marketing Expenses

ThesellingandmarketingexpensesoftheGroupfortheyearsended31December2021and 2020were approximatelyHK$1.8million andHK$1.2million respectively,representingan increaseofapproximately46.2%.Theseexpensesaremainly for thepromotionalactivitiesandchannels topromoteour recyclingbusinessand toenhancethepublicawarenessofenvironmentalprotectionandwasterecycling.

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Administrative Expenses

Theadministrativeexpensesof theGroup for theyearsended31December2021and2020were approximatelyHK$92.5million andHK$95.7million respectively,representingadecreaseofapproximately3.4%,andapproximately7.3%and8.5%oftherespectiveyear’stotalrevenue.Thedecreasewasmainlyduetonolossondisposalandimpairmentofmotorvehiclesfor2021andtheincreaseinwagesandbonusallowancesfor staffandofficeoverheadduring theYear.TheGroupcontinued to implement itsbudgetcostcontrolmeasuresforadministrativeexpensesduringtheYear.

Finance Costs

ThefinancecostsoftheGroupamountedtoapproximatelyHK$4.7millionandHK$7.8million for theyears ended31December2021and2020 respectively, representingapproximately0.4%ofand0.7%oftheGroup’stotalrevenuerespectively.ThedecreasewasmainlyduetothedecreaseinthelevelofworkingcapitalloanandinterestcostsonbankborrowingsduringtheYear.

Profit for the Year Attributable to Equity Shareholders of The Company

TheGroup’sprofit attributable toequity shareholdersof theCompany for theyearsended31December 2021 and2020 approximatelyHK$12.8million andHK$51.4millionrespectively,representingadecreaseofapproximately75.0%.Thedecreasewasmainlyduetothefactorsdescribedabove.

FOREIGN CURRENCY EXPOSURE

TheGroup’sforeigncurrencyexposureislimitedasmostofitstransactions,assetsandliabilitiesaredenominated inHongKongdollars.During theYear, themain foreigncurrencyexposurearosefromthefluctuationinRenminbi(“RMB”).DuetotheGroup’sPRCoperation, theGroup possessedRMBbank balances and a small portion oftransactionsweredenominatedinRMB.

LIQUIDITY AND FINANCIAL RESOURCES

TheGroupderives cash flow fromoperatingactivitiesprincipally from renderingacomprehensiverangeofenvironmentalservices.FortheYear,wehadnetcashgeneratedfromoperatingactivitiesofapproximatelyHK$88.0million(2020:HK$162.3million).Asat31December2021,theGrouphadavailablecashandbankbalancesamountingtoapproximatelyHK$32.3million (2020:HK$28.5million), representingan increaseofapproximately13.1%.

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Asat31December2021, theGroup’s totalcurrentassetsandcurrent liabilitieswereapproximatelyHK$381.8million (2020:HK$355.2million) andHK$318.8million(2020:HK$264.6million) respectively,while thecurrent ratiowasapproximately1.2times (2020:1.3 times).The liquiditypositionof theGroup ismaintainedatahealthylevel.

Asat31December2021, theGroup’sbankborrowings amounted to approximatelyHK$123.6million(2020:HK$107.6million),representinganincreaseofapproximately14.8%; theGroup’s lease liabilitieswere approximatelyHK$37.7million (2020:HK$46.0million), representingadecreaseofapproximately18.0%, for financing theacquisitionofmotorvehicles for operational usage and recognised lease liabilitiesrelated to the leasecontracts in respectofcertain lands,officebuildingsandnurseries.DuringtheYear,nofinancialinstrumentswereusedforhedgingpurposes(2020:Nil).

Asat31December2021, thegearing ratioof theGroupwasapproximately0.6 times(2020: 0.5 times),whichwas calculated based on the total interest-bearing bankborrowingsandleaseliabilitiesovertotalequityoftheGroup.

CAPITAL EXPENDITURES AND CAPITAL COMMITMENT

For theYear,capitalexpenditures,whichmainly includedadditions inmotorvehiclesandequipment, amounted toapproximatelyHK$73.4million (2020:HK$17.1million).Capital expenditureswere fundedbybanksand fundsgenerated fromouroperatingactivities.

As at 31December 2021, theGroup had capital commitment contracted for ofapproximatelyHK$4.4million (2020:HK$0.1million) andno capital commitmentauthorisedbutnotcontractedfor(2020:Nil).

CONTINGENT LIABILITIES

Asat31December2021, theGroupdidnothaveanymaterial contingent liabilities(2020:Nil).

CHARGES ON THE GROUP’S ASSETS

Asat31December2021,theamountspayableunderleaseliabilitieswithinoneyearwasapproximatelyHK$9.3million (2020:HK$13.3million), thatafteroneyearbutwithinfiveyearswasapproximatelyHK$9.9million (2020:HK$12.5million),and thatafterfiveyearswasapproximatelyHK$18.5million(2020:HK$20.2million).

Asat31December2021, the lease liabilitiesof theGroupofapproximatelyHK$0.9million(2020:HK$4.2million)wereguaranteedbytheCompanyandasubsidiaryoftheCompany.

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In addition as at 31December 2021, theGroup had (i) pledged bank deposits ofapproximatelyHK$7.2million (2020:HK$6.2million); (ii)pledgeof cashandcashequivalentsofapproximatelyHK$0.7million(2020:HK$1.5million);(iii)mortgageofthelandandbuildingsofapproximatelyHK$67.7million(2020:HK$70.4million);(iv)pledgeof the financial assets at fair value throughprofit or loss of approximatelyHK$2.5million (2020:HK$2.4million); (v) pledge of the trade receivables ofapproximatelyHK$75.6million(2020:HK$59.5million);and(vi)pledgeofthecontractassets arising fromperformanceunderglassmanagement contractof approximatelyHK$4.1million(2020:HK$2.4million).

Save asmentioned above,wedid not have anyoutstandingmortgages or charges,borrowingsorindebtednessincludingbankoverdrafts,loansordebentures,loancapital,debtsecuritiesorothersimilarindebtedness,financeleaseorhirepurchase.

ACQUISITION, DISPOSAL AND SIGNIFICANT INVESTMENT HELD

During theYear, theGroup did notmake anymaterial acquisition, disposal norsignificantinvestment.

INTELLECTUAL PROPERTIES

DuringtheYear,theGroupregisteredthetrademarks and in

HongKongforaperiodof10years.

HUMAN RESOURCES

As at 31December 2021, theGroup employed 5,621 employees (2020: 5,255employees),includingbothfulltimeandparttime.Remunerationpackagesaregenerallystructuredby reference tomarket terms togetherwith individual qualifications andexperience.

DuringtheYear,varioustrainingactivities,suchastrainingonoperationalsafety,teambuilding,administrativeandmanagementskills,wereconducted to improve thequalityof front-end services togetherwith office support andmanagement. In addition,employeesarealsoencouraged,subsidisedandsponsoredtoattendjob-relatedseminarsandcoursesorganisedbyprofessionaland/oreducationalinstitutiontoensurethesmoothandeffectivemanagementoftheGroup’sbusiness.

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Theconsolidatedannual resultsof theGroup for theyear ended31December2021togetherwiththecomparativefiguresof2020areasfollows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the year ended 31 December 2021

2021 2020Note HK$’000 HK$’000

Revenue 5 1,273,809 1,131,781Costofservices (1,164,804) (1,068,235)

Gross profit 109,005 63,546Otherincome 6 22,154 95,537Changeinfairvaluelesscoststo sellofbiologicalassets 13 (4,223) (3,956)Sellingandmarketingexpenses (1,759) (1,203)Administrativeexpenses (92,482) (95,707)

Profit from operations 32,695 58,217Financecosts 7 (4,691) (7,768)Shareoflossesofajointventure (6,278) (1,327)

Profit before taxation 8 21,726 49,122Incometax(expense)/credit 9 (8,882) 2,254

Profit for the year 12,844 51,376

Other comprehensive income:

Items that may be reclassified subsequently to profit or loss:Exchangedifferencesontranslationof financialstatementsofsubsidiaries, netofniltax 59 121Cashflowhedge:shareofnetmovementin thehedgingreserveofajointventure (414) 414

Other comprehensive income (355) 535

Total comprehensive income for the year 12,489 51,911

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2021 2020Note HK$’000 HK$’000

Profit for the year attributable to:EquityshareholdersoftheCompany 12,847 51,376Non-controllinginterests (3) –

12,844 51,376

Total comprehensive income for the year attributable to:EquityshareholdersoftheCompany 12,492 51,911Non-controllinginterests (3) –

12,489 51,911

Earnings per share

Basicanddiluted(HKcents) 11 3.10 12.38

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CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAs at 31 December 2021

2021 2020Note HK$’000 HK$’000

Non-current assetsProperty,plantandequipment 190,023 149,837Right-of-useassets 38,442 54,829Interestinajointventure 1,747 8,439Financialassetsatfairvaluethroughprofitorloss 14,669 14,348Prepayments,depositsandotherreceivables 31,628 19,292Deferredtaxassets 2,643 2,367

279,152 249,112

Current assetsInventories 3,531 3,180Contractassets 10,418 9,451Tradereceivables 12 297,146 259,529Prepayments,depositsandotherreceivables 18,062 26,775Taxrecoverable 7 1,072Biologicalassets 13 13,209 20,493Pledgedbankdeposits 7,164 6,161Cashandcashequivalents 32,254 28,522

381,791 355,183

Current liabilitiesTradepayables 14 32,269 23,899Contractliabilities 756 1,750Accruals,depositsreceivedandotherpayables 152,428 117,790Bankborrowings 123,605 107,642Leaseliabilities 9,282 13,254Taxpayable 426 218

318,766 264,553

Net current assets 63,025 90,630

Total assets less current liabilities 342,177 339,742

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2021 2020Note HK$’000 HK$’000

Non-current liabilitiesOtherpayables 1,620 –Leaseliabilities 28,439 32,749Provision 10,969 10,548Deferredtaxliabilities 14,568 7,413

55,596 50,710

Net assets 286,581 289,032

Capital and reservesSharecapital 15 4,150 4,150Reserves 282,434 284,882

Total equity attributable to equity shareholders of the Company 286,584 289,032Non-controlling interests (3) –

Total equity 286,581 289,032

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NOTES

1. GENERAL INFORMATION

TheCompanywasincorporatedwithlimitedliabilityintheCaymanIslandsanditssharesarelistedontheMainBoardofTheStockExchangeofHongKongLimited.TheultimateholdingcompanyoftheCompany isBaguioGreen (Holding)Limited,whichwas incorporated in theBritishVirginIslands.TheregisteredofficeoftheCompanyislocatedatCricketSquare,HutchinsDrive,P.O.Box2681,GrandCaymanKY1-1111,CaymanIslandsanditsprincipalplaceofbusinessinHongKongislocatedatUnitA,4/F.,DragonIndustrialBuilding,No.93KingLamStreet,LaiChiKok,Kowloon,HongKong.

The principal activity of theCompany is investment holding. The principal activities of itssubsidiariesareengagedintheprovisionofenvironmentalandrelatedservice.

2. BASIS FOR PREPARATION

The financial information set out in this announcementdoesnot constitute theGroup’s annualconsolidated financial statements for theyearended31December2021,but isderived from thosefinancialstatements.

Theconsolidated financial statementshavebeenprepared inaccordancewith thesameaccountingpolicies adopted in the2020annual financial statements, except for the changes in accountingpoliciessetoutinnote3.

Themeasurementbasisused in thepreparationof the financial statements is thehistorical costsexceptforbiologicalassetsandcertainfinancialinstrumentsthataremeasuredattheirfairvaluesattheendofeachreportingperiod.ThefinancialstatementshavebeenpreparedinaccordancewithallapplicableHongKongFinancialReportingStandards,whichcollective term includesallapplicableindividualHongKongFinancialReportingStandards,HongKongAccountingStandards andInterpretations issuedby theHongKong InstituteofCertifiedPublicAccountants (“HKICPA”),accountingprinciplesgenerallyacceptedinHongKongandthedisclosurerequirementsoftheHongKongCompaniesOrdinance.The financial statementsalsocomplywith theapplicabledisclosureprovisionsof theRulesGoverning theListingofSecuritiesonTheStockExchangeofHongKongLimited(“ListingRules”).

3. CHANGES IN ACCOUNTING POLICIES

TheHKICPAhasanumberofnewandamendedstandards, thatare firsteffective for thecurrentaccountingperiodoftheGroup.

ExceptfortheAmendmenttoHKFRS16,Covid-19-Related Rent Concessions beyond 30 June 2021, noneof thesedevelopmentshavehadamaterial effectonhow theGroup’s results and financialpositionforthecurrentorpriorperiodshavebeenpreparedorpresented.TheGrouphasnotappliedanynewstandardor interpretation that isnotyeteffective for thecurrentaccountingperiodexceptfortheAmendmenttoHKFRS16,Covid-19-Related Rent Concessions beyond 30 June 2021.

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Amendment to HKFRS 16, Covid-19-Related Rent Concessions beyond 30 June 2021 (2021 amendment)

TheGrouppreviouslyapplied thepracticalexpedient inHKFRS16such thatas lessee itwasnotrequired toassesswhether rent concessionsoccurringasadirect consequenceof theCOVID-19pandemicwere leasemodifications, if theeligibilityconditionsaremet.Oneof theseconditionsrequiresthereductioninleasepaymentsaffectonlypaymentsoriginallydueonorbeforeaspecifiedtimelimit.The2021amendmentextendsthistimelimitfrom30June2021to30June2022.

TheGrouphasearlyadopted the2021amendment in this financialyear.This isno impacton theopeningbalanceofequityat1January2021.

4. SEGMENT INFORMATION

Information reported to theexecutivedirectors,being thechiefoperatingdecisionmaker, for thepurposesofresourceallocationandassessmentofsegmentperformancefocusesontypesofservicesprovided.TheGrouphas identified four reportable segments.Nooperating segmentshavebeenaggregatedtoformthefollowingreportablesegments:

— Cleaningservicesbusiness

— Landscapingservicesbusiness

— Pestmanagementbusiness

— Wastemanagementandrecyclingbusiness

InformationregardingtheGroup’sreportablesegmentsispresentedbelow.

Segment revenue and results

Segmentresultsrepresenttheearningsfromeachsegmentbeforeinterest,taxationandadministrativeexpensesincludingdirectors’emolumentsandexcludeotherincome,changeinfairvaluelesscoststosellofbiologicalassetsandshareoflossesofajointventure.ThefollowingisananalysisoftheGroup’srevenueandresultsbyreportablesegments.

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Cleaningservicesbusiness

Landscapingservicesbusiness

Pestmanagement

business

Wastemanagement

and recyclingbusiness Total

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

For the year ended 31 December 2021

Revenuefromexternal customers —recognisedovertime 825,451 112,321 102,011 193,690 1,233,473 —recognisedatpointintime – – – 40,336 40,336

Reportablesegmentrevenue 825,451 112,321 102,011 234,026 1,273,809

Segmentresults 71,563 6,069 7,889 21,725 107,246

Otherincome 22,154Changeinfairvaluelesscosts tosellofbiologicalassets (note 13) (4,223)Administrativeexpenses (92,482)Financecosts (4,691)Shareoflossesofajointventure (6,278)

(1,327)

Profitbeforetaxation 21,726



Pestmanagement

business

Wastemanagementandrecycling

business TotalHK$’000 HK$’000 HK$’000 HK$’000 HK$’000


Revenuefromexternal customersandreportable segmentrevenue recognisedovertime 679,465 172,356 111,347 168,613 1,131,781

Segmentresults 29,438 18,647 6,492 7,766 62,343

Otherincome 95,537Changeinfairvaluelesscosts tosellofbiologicalassets (note 13) (3,956)Administrativeexpenses (95,707)Financecosts (7,768)Shareoflossesofajointventure (1,327)

Profitbeforetaxation 49,122

–19–

Segment assets and liabilities

Segmentassets includeallassetsattributable to theactivitiesof the individual segments,with theexceptionof intercompany receivablesandothercorporateassets.Segment liabilities includeallliabilitiesattributabletotheactivitiesoftheindividualsegments,withtheexceptionofintercompanypayablesandcorporateliabilities.Thesegmentassetsandliabilitiesattheendofthereportingperiodbyreportablesegmentsareasfollows:



Pestmanagement

business

Wastemanagement

and recyclingbusiness Total

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

As at 31 December 2021

Segmentassets 363,973 83,035 38,888 171,922 657,818Unallocated 3,125

Totalassets 660,943

Segmentliabilities 244,669 23,798 23,015 81,281 372,763Unallocated 1,599

Totalliabilities 374,362



Pestmanagement

business

Wastemanagementandrecycling

business TotalHK$’000 HK$’000 HK$’000 HK$’000 HK$’000

As at 31 December 2020

Segmentassets 292,163 106,696 40,267 162,909 602,035Unallocated 2,260

Totalassets 604,295

Segmentliabilities 171,502 24,392 35,137 81,700 312,731Unallocated 2,532

Totalliabilities 315,263

–20–

Other segment information



Pestmanagement

business

Wastemanagement

andrecyclingbusiness Unallocated Total

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000


Depreciation 18,751 2,510 2,337 25,325 677 49,600Additionstonon-currentassets 55,571 241 10,791 15,798 102 82,503Gainondisposalof property,plantandequipment (593) (249) (1,157) (785) – (2,784)Gainondisposalofright-of-useassets (101) (96) – – – (197)



Pestmanagement

business

Wastemanagement

andrecyclingbusiness Unallocated Total

HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000


Depreciation 19,116 3,234 2,342 29,205 712 54,609Additionstonon-currentassets 9,691 1,944 830 18,503 1,247 32,215Loss/(gain)ondisposalof property,plantandequipment 284 (191) 79 5,807 – 5,979Lossondisposalofright-of-useassets 167 – – – – 167

Geographical information

The following setsout information about thegeographical regionof theGroup’s revenue fromexternalcustomers,whichisbasedonthelocationtowhichtheservicesandgoodsaredelivered.

2021 2020HK$’000 HK$’000

HongKong 1,246,408 1,131,781MainlandChina 12,389 –SoutheastAsia 15,012 –

1,273,809 1,131,781

Allof theGroup’snon-current assets are eitherbased inHongKongor related to theGroup’soperationsinHongKongasat31December2021and2020.

–21–

Information about major customers

For the year ended 31December 2021, the Group’s revenue of HK$335,402,000 (2020:HK$399,749,000)forvarioussegmentswasderivedfromonecustomer(2020:twocustomers),eachofwhomhas individually accounted for over 10%of theGroup’s total revenue,which is/aredisclosedasfollows:

2021 2020HK$’000 HK$’000

CustomerA 335,402 201,043CustomerB(Note) N/A 198,706

Note: TherevenuefromcustomerBfortheyearended31December2021waslessthan10%oftheGroup’srevenue.

5. REVENUE

TheprincipalactivityoftheGroupisenvironmentalandrelatedservicesandgoods.Theamountofeachsignificantcategoryofrevenuerecognisedisasfollows:

2021 2020HK$’000 HK$’000

Cleaningservices 825,451 679,465Landscapingservices 112,321 172,356Pestmanagementservices 102,011 111,347Wastemanagementandrecyclingservices 193,690 168,613Salesofrecycledmaterials 40,336 –

1,273,809 1,131,781

6. OTHER INCOME

2021 2020HK$’000 HK$’000

Administrationfeeincome 637 3,401Changeinfairvalueofinvestmentsinlifeinsurance 321 172Compensationincomefromservicescontracts 8,900 –COVID-19-relatedrentconcessionsreceived 1,946 1,524Gainondisposalofproperty,plantsandequipment 2,784 –Gainondisposalofright-of-useassets 197 –Governmentgrants* 2,312 84,944Incomerelatingtoright-of-useassets 3,971 3,964Interestincome 203 226Rentalincome 582 790Sundryincome 301 516

22,154 95,537

–22–

* During theyear ended31December2021, theGroup recognised thegovernmentgrants asfollows:

(i) EmploymentSupportScheme,whichaims to retainemploymentandcombatCOVID-19,under theAnti-epidemicFundof theGovernmentofnil (2020:HK$80,986,000).Thepurpose of the funding is to provide financial support to enterprises to retain theiremployeeswhowouldotherwisebemade redundant.Under the termsof thegrant, theGroupisrequirednottomakeredundanciesduringthesubsidyperiodandtospendallthefundingonpayingwagestotheemployees;

(ii) TransportTradesSubsidyundertheAnti-epidemicFundofnil(2020:HK$3,190,000);

(iii) subsidies fromOne-offRentalSupportSchemeunder theRecyclingFundofnil (2020:HK$375,000);

(iv) subsidies from the Green Employment Scheme of the Environment Bureau ofHK$1,166,000(2020:HK$174,000);

(v) subsidies for phasing out certain diesel commercial vehicles by the Group ofHK$1,041,000(2020:Nil);and

(vi) othersubsidiesofHK$105,000(2020:HK$219,000).

Therewereneitherunfulfilledconditionsnorothercontingenciesattached to the receiptofthosegrants.There isnoassurance that theGroupwillcontinue to receivesuchgrant in thefuture.

7. FINANCE COSTS

2021 2020HK$’000 HK$’000

Interest on: Bankoverdrafts 10 8 Bankborrowings 3,211 6,055 Leaseliabilities 1,470 1,705

4,691 7,768

–23–

8. PROFIT BEFORE TAXATION

Profitbeforetaxationhasbeenarrivedataftercharging/(crediting):

2021 2020HK$’000 HK$’000

Auditors’remuneration: Auditservices 1,680 1,580 Otherservices 129 150Costofconsumablegoods 79,941 69,523(Reversal)/recognitionofcreditlossesontradereceivables (622) 6,173Depreciation: Ownedproperty,plantandequipment 35,805 40,057 Right-of-useassets 13,795 14,552(Gain)/lossdisposalofproperty,plantandequipment (2,784) 5,979(Gain)/lossondisposalofright-of-useassets (197) 167Impairmentlossonproperty,plantandequipment – 1,877

Staffcosts(includingdirectors’remuneration): Wages,salariesandotherbenefits 906,156 830,857 Provisionforlongserviceandseverancepayments 23,339 24,340 Provisionforuntakenpaidleave 11,213 9,305 Contributionstodefinedcontributionretirementscheme 29,483 25,696

970,191 890,198

Short-termleasepaymentsnotincludedinthemeasurement ofleaseliabilities: Machineryandmotorvehicles 41,962 36,848 Landandbuildings 5,948 2,005

47,910 38,853

–24–

9. INCOME TAX EXPENSES/(CREDIT)

2021 2020HK$’000 HK$’000

Currenttax—HongKongProfitsTax Provisionfortheyear 1,964 1,114 Under/(over)-provisioninrespectofprioryears 18 (35)

1,982 1,079Currenttax—People’sRepublicofChinaEnterpriseIncomeTax Provisionfortheyear 21 13

2,003 1,092Deferredtax Reversaloftemporarydifferences 6,879 (3,346)

8,882 (2,254)

Theprovision forHongKongProfitsTax for2021 is calculatedat16.5% (2020:16.5%)of theestimatedassessableprofitsfortheyear,exceptforonesubsidiaryoftheGroupwhichisaqualifyingcorporationunderthetwo-tieredProfitsTaxrateregime.Forthissubsidiary,thefirstHK$2millionofassessableprofitsaretaxedat8.25%andtheremainingassessableprofitsaretaxedat16.5%.TheprovisionforHongKongProfitsTaxforthissubsidiarywascalculatedatthesamebasisin2020.

TheprovisionforHongKongProfitsTaxfor2021hasalsotakenintoaccountareductiongrantedbytheHongKongSARGovernmentfor theyearofassessment2020/21.TheGroupiseligiblefor themaximumreductionofHK$10,000(2020:amaximumreductionofHK$20,000wasgrantedfor theyearofassessment2019/20andwas taken intoaccount incalculating theprovision for2020) foreachHongKongsubsidiarieswithintheGroup.

Taxationforoverseassubsidiariesischargedattheappropriatecurrentratesoftaxationrulingintherelevantjurisdictions.

10. DIVIDENDS

(a) Dividends payable to equity shareholders of the Company attributable to the year

2021 2020HK$’000 HK$’000

Finaldividendproposedaftertheendofthereportingperiod ofHK0.9cents(2020:HK3.6cents)perordinaryshare 3,735 14,940

Thefinaldividendproposedafter theendof thereportingperiodhasnotbeenrecognisedasaliabilityattheendofthereportingperiod.

–25–

(b) Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year

2021 2020HK$’000 HK$’000

Finaldividendinrespectofthepreviousfinancialyear, wasapprovedandpaidduringtheyear,ofHK3.6cents (2020:Nil)perordinaryshare 14,940 –

11. EARNINGS PER SHARE

(a) Basic earnings per share

Thecalculationof thebasicearningspersharefor theyearended31December2021 isbasedon the profit for the year attributable to ordinary equity shareholders of theCompanyofHK$12,847,000 (2020:HK$51,376,000) and theweightedaveragenumberof415,000,000(2020:415,000,000)ordinarysharesinissueduringtheyear.

(b) Diluted earnings per share

Dilutedearningspersharefortheyearsended31December2021and2020arethesameasthebasicearningspershareastherewerenopotentialdilutiveordinarysharesinexistenceduringtheyearspresented.

12. TRADE RECEIVABLES

Theageinganalysisoftradereceivablesbasedontheinvoicedate(ordateofrevenuerecognition,ifearlier)andnetoflossallowanceattheendofthereportingperiodisasfollows:

2021 2020HK$’000 HK$’000

Within60days 221,198 175,562Over60daysbutwithin120days 48,304 56,315Over120daysbutwithin365days 23,430 21,770Over365days 4,214 5,882

297,146 259,529

Ingeneral, for thecontractswithsomequasi-governmentorganisationsandTheGovernmentof theHongKongSpecialAdministrativeRegion, theGrouphasnospecificcredit terms inaccordancewiththetenderterms.Forothercontracts,theGroupnormallyallowsacreditperiodrangingfrom30to60daysdependingonthecustomers’creditworthinessandthelengthofbusinessrelationship.

–26–

13. BIOLOGICAL ASSETS

Movementsofbiologicalassetsaresummarisedasfollows:

2021 2020HK$’000 HK$’000

Plantsandflowers

Balanceasat1January 20,493 28,316Purchases 1,567 4,042Usageinservices (2,665) (6,144)Disposal (1,963) (1,765)Changeinfairvaluelesscoststosell(note 4) (4,223) (3,956)

Balanceasat31December 13,209 20,493

Theplants and flowers are primarilyheld for further growth for theusage in services and areclassifiedascurrentassets.

ThefairvalueofbiologicalassetsoftheGroupasat31December2021and2020hasbeenarrivedatthebasisofavaluationcarriedoutatthatdatebytheindependentvaluerandtheindependentvaluerhasappropriatequalificationsandexperiencesinprovidingbiologicalassetsvaluationservices.

Thefairvaluelesscoststosellofplantsandflowersaredeterminedusingthemarketbasedapproachwhichassumessalesofbiologicalassetsintheirexistingstateandmakingreferencetosimilarsalesorofferingsorlistingsofcomparableassetsonthemarket.

14. TRADE PAYABLES

Attheendofthereportingperiod,theageinganalysisoftradepayables,basedontheinvoicedate,isasfollows:

2021 2020HK$’000 HK$’000

Within30days 17,284 13,281Over30daysbutwithin60days 6,957 6,450Over60daysbutwithin90days 884 664Over90days 7,144 3,504

32,269 23,899

Thecreditperiodonpurchasesofcertaingoodsandservicesisgenerallywithin30to60days.

–27–

15. SHARE CAPITAL

Numberof shares

Nominalvalue

’000 HK$’000

Authorised:Ordinary shares of HK$0.01 eachAsat1January2020,31December2020,1January2021and 31December2021 1,000,000 10,000

Issued and fully paid:Ordinary shares of HK$0.01 eachAsat1January2020,31December2020,1January2021and 31December2021 415,000 4,150

Theholdersofordinarysharesareentitledtoreceivedividendsasdeclaredfromtimetotimeandareentitled toonevoteper shareatmeetingsof theCompany.Allordinaryshares rankequallywithregardtotheCompany’sresidualassets.

–28–

POST BALANCE SHEET EVENTS

On26January2022, theCompanyhasgranted11,120,000shareoptions to4eligiblepersonsundertheshareoptionscheme.Fordetailsof thegrantofshareoptions,pleaserefertotheannouncementoftheCompanydated26January2022.

Save foraforesaid, theGrouphadnomaterialevent subsequent to theendof theYearanduptothedateofthisannouncement.

CLOSURE OF REGISTER OF MEMBERS

The registerofmembersof theCompanywillbeclosed tentatively fromThursday,26May2022 toTuesday,31May2022,bothdays inclusive,duringwhichno transferofsharesoftheCompanywillberegistered.TobeeligibletoattendandvoteattheAnnualGeneralMeetingwhichshallbeheldon31May2022,alltransferformsaccompaniedbythe relevant sharecertificatesmustbe lodgedwith theCompany’sHongKongBranchShareRegistrar,Tricor InvestorServicesLimitedofLevel54,HopewellCentre,183Queen’sRoadEast,HongKongforregistrationnotlaterthan4:30p.m.onWednesday,25May2022oratanothertimeand/ordateasadvised.

The registerofmembersof theCompanywillbeclosed tentatively fromThursday,23June2022 toFriday,24 June2022,bothdays inclusive,duringwhichno transferofsharesoftheCompanywillberegistered.InorderfortheShareholderstoqualifyfortheproposedfinaldividend,alltransferformsaccompaniedbytherelevantsharecertificatesmustbelodgedwiththeCompany’sHongKongBranchShareRegistrar,TricorInvestorServicesLimitedofLevel54,HopewellCentre,183Queen’sRoadEast,HongKongforregistrationnotlaterthan4:30p.m.onWednesday,22June2022.

CORPORATE GOVERNANCE

TheCompany iscommitted tomaintaininghighstandardsofcorporategovernance tosafeguard the interests of the Shareholders and to enhance corporate value andaccountability.TheCompanyhascompliedwithallapplicablecodeprovisionsundertheCorporateGovernanceCode (the“CGCode”)as setout inAppendix14 to theListingRules throughout theYear.TheCompanywill continue to reviewand enhance itscorporategovernancepracticestoensurecompliancewiththeCGCode.

Informationon thecorporategovernancepracticesadoptedby theCompanywillbesetout in theCorporateGovernanceReport in theGroup’s 2021 annual report to bepublishedinduecourse.

–29–

AUDIT COMMITTEE

The audit committee of theCompany has reviewedwith themanagement of theCompanytheconsolidatedfinancialstatementsoftheGroupfortheYear,andreviewedtheeffectivenessof the riskmanagementand internalcontrol systemof theCompanywiththemanagementoftheCompany.

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

TheCompanyhasadopted theModelCode forSecuritiesTransactionsbyDirectorsofListedIssuers(the“ModelCode”)assetout inAppendix10totheListingRulesas itsowncodeofconduct regardingdirectors’ securities transactions.HavingmadespecificenquirieswithallDirectors,eachof theDirectorsconfirmed thathe/shehascompliedwiththeModelCodethroughouttheYear.

PURCHASE, REDEMPTION OR SALE OF LISTED SECURITIES OF THE COMPANY

NeithertheCompanynoranyofitssubsidiariespurchased,redeemedorsoldanyoftheCompany’slistedsecuritiesduringtheYear.

SCOPE OF WORK OF KPMG

The financial figures in respect of theGroup’s consolidated statement of financialposition,consolidatedstatementofprofitor lossandothercomprehensive incomeandthe related notes thereto for theYear as set out in this announcement have beencomparedbytheGroup’sauditor,KPMG,CertifiedPublicAccountants,totheamountsset out in theGroup’s draft consolidated financial statements for theYear and theamountswerefoundtobe inagreement.TheworkperformedbyKPMGin thisrespectdidnotconstituteanaudit, revieworotherassuranceengagement inaccordancewithHongKongStandardsonAuditing,HongKongStandardsonReviewEngagementsorHongKong Standards onAssurance Engagements issued by theHKICPA andconsequentlynoassurancehasbeenexpressedbytheGroup’sauditor.

–30–

PUBLICATION OF FINAL RESULTS AND ANNUAL REPORT

This final results announcementwill be published on thewebsites of The StockExchange o f Hong Kong L im i t ed (www.hkex . com .hk ) and t h e Company(www.baguio.com.hk). The annual report of theCompany for theYearwill bedespatched to theShareholders aswell as publishedon thewebsites ofTheStockExchangeofHongKongLimitedandtheCompanyinduecourse.

ByorderoftheBoardofBaguio Green Group Limited

Ng Wing HongChairman

HongKong,30March2022

As at the date of this announcement, the Board comprises Mr. Ng Wing Hong, Ms. Ng Yuk Kwan Phyllis, Mr. Ng Wing Chuen, Ms. Leung Shuk Ping and Ms. Cheung Siu Chun as executive Directors and Mr. Sin Ho Chiu, Dr. Law Ka Hung and Mr. Lau Chi Yin Thomas as independent non-executive Directors.

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