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• Revenue: +44.3% (4Q08), +67.3% (FY08)
• Net Profit: NM (4Q08), NM (FY08)
• Press Release: Strong 67% top Line increase and 34% EBITDA Growth across all operating segments
• Marked-to-market losses of RMB 226 million owing to market fluctuations taken in relation to Convertible Bonds & Equity Swap that raised S$149 million (RMB 749 million)
• Excluding marked–to-market losses of Convertible Bonds Issue and Equity Swap, EBITDA increased 34% to RMB 226 million
• Maiden contributions of RMB 151.6 million from Desulphurisation Segment (“deSOx”)Year-end cash reserves stood at RMB728 million
• Acquired remaining 40% of subsidiary Fujian Weidong for operational synergies
• De-nitrogenation (“deNOx”) plant operational 2Q2009, received strong order book
• Outlook: For the next 12 months, the Group’s total turnover will continue to be driven by growth in sales across various sales segments.
• The Group expects to see a decrease in the overall gross profit margin as a result in the continual shift in contribution of various sales segments.
• As a result of the decrease in crude oil prices and global economic downturn, it may see a contraction of revenue in the next 12 months for industrial waste gas treatment, management and recovery business,
• For its water treatment line of business, it expects the revenue contribution for FY2009 to be higher than that of FY2008 due to its presence in the industrialising areas of Chongqing and Chengdu.
• For its deSOx and deNOx line of business, it expects to start operating its first line of deNOx production facilities at its Fuzhou Plant in 2Q2009.
• For dust elimination business, as its dust-elimination devices are more efficient and effective, it is expecting revenue in the next 12 months to be higher than that of FY2008.

FINANCIAL RECORDS

Revenue (RMB '000)

FY 1Q 2Q 3Q 4Q Total
2008 168,253 190,616 215,299 201,631 775,798
2007 72,379 109,610 142,090 139,763 463,842
2006 44,651 60,104 38,982 31,734 175,471
2005 14,700 40,717 20,852 23,339 99,608
2004 NA NA NA NA 69,598
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Earnings (RMB '000)

FY 1Q 2Q 3Q 4Q Total
2008 51,044 57,590 (46,720) (111,739) (44,994)
2007 26,854 38,682 45,017 36,597 147,150
2006 23,845 26,749 13,005 25,992 89,591
2005 7,728 22,537 9,432 10,886 50,583
2004 NA NA NA NA 33,169
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Dividends

FY Interim Final Special (RMB)
NA
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Bonus / Rights / Stock Split

Date Type Details
NA
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Share Data (RMB)

NAV = $2.22
EPS = $(0.1321) (12M FY08)
Diluted EPS = $(0.0508) (12M FY08)
No of Shares = 338,932,180
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA