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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Aseana Prop | AQSE:ASPL.GB | Aquis Stock Exchange | Ordinary Share | JE00B1RZDJ41 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMASPL
RNS Number : 1586I
Aseana Properties Limited
26 August 2016
26 August 2016
Aseana Properties Limited
("Aseana" or the "Company")
Half-Year Results for the Six Months Ended 30 June 2016
Aseana Properties Limited (LSE: ASPL), a property developer investing in Malaysia and Vietnam, listed on the Main Market of the London Stock Exchange, announces its unaudited half-year results for the six-month period ended 30 June 2016.
Operational highlights:
-- Aseana disposed of the Aloft Kuala Lumpur Sentral Hotel ("Aloft") to Prosper Group Holdings for a gross transaction value of RM418.7 million (approximately US$104.2 million) and the transaction was completed on 23 June 2016.
-- The cinema located at the Harbour Mall Sandakan ("HMS") opened for business on 30 July 2016 and the mall is approximately 62% let.
Hot Features
Premium
-- SENI Mont' Kiara ("SENI") achieved approximately 97% sales to date.
-- The RuMa Hotel and Residences ("The RuMa") achieved approximately 56% sales based on sales and purchase agreement signed.
-- Four Points by Sheraton Sandakan Hotel ("FPSS") recorded an average occupancy rate of approximately 35% for the six-month period ended 30 June 2016.
-- Since the period end, Aseana disposed of an additional 2.2 million Nam Long shares in August 2016 at an average price of VND21,837 per share generating gross proceeds of approximately US$2.1 million. Following the recent disposal of shares and Nam Long's Employee Stock Ownership Plan ("ESOP") exercise, Aseana's stake in Nam Long now stands at 3.95%.
Financial highlights:
-- Revenue of US$3.9 million for the six-month period ended 30 June 2016 (H1 2015: US$16.9 million)
-- Profit before tax for the six-month period ended 30 June 2016 of US$29.2 million (H1 2015: loss of US$5.1 million)
-- Profit after tax for the six-month period ended 30 June 2016 of US$28.9 million (H1 2015: loss of US$6.6 million)
-- Consolidated comprehensive income of US$33.5 million for the six months period ended 30 June 2016 (H1 2015: loss of US$14.1 million)
-- Net asset value of US$165.0 million at 30 June 2016 (31 December 2015 (audited): US$130.2 million) or US$0.778 per share* (31 December 2015 (audited): US$0.614 per share)
-- Realisable net asset value of US$209.7 million at 30 June 2016 (31 December 2015 (unaudited): US$209.6 million) or US$0.989 per share* (31 December 2015 (unaudited): US$0.989 per share)
-- Following the completion of the Aloft disposal, RM394.0 million (US$97.7 million) of Medium Term Notes ("MTNs") associated with the Aloft and the Sandakan Harbour Square properties have been repaid as at 19 August 2016, resulting in a reduction of Aseana's gearing level from 1.1 to 0.6 times.
* NAV per share and RNAV per share as at 30 June 2016 are calculated based on 212,025,000 voting shares (31 December 2015: 212,025,000 voting shares).
First Distribution Update:
Following completion of the disposal of the Aloft hotel, the Manager is engaging further with the lenders to seek necessary consents for the capital distribution. Consideration will be given to make further capital distributions based on the availability of surplus cash within the Company and the receipt of consents from the lenders. A further announcement will be made when there is further clarity on the progress and timeline of obtaining these consents.
Commenting on the results, Mohammed Azlan Hashim, Chairman of Aseana, said:
"The Group's results have turned around positively following the disposal of the Aloft and the proceeds were used to repay borrowings. However, general business conditions continued to be affected by the weak economy and poor property market sentiment especially in Malaysia. Nevertheless, the Board and the Manager are continuing their efforts to achieve optimum performance and value for the Group's assets and repositioning the Group's portfolio to capture any recovery and growth of both the economy and property markets in Malaysia and Vietnam. "
The Group has also published its Quarterly Investment Update (including updates on projects and RNAV figures) for the period to 30 June 2016, which can be obtained on its website at www.aseanaproperties.com/quarterly.htm.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 which is disclosed in accordance with the Market Abuse Regulation.
For further information:
Aseana Properties Limited Tel: 603 6411 6388 Chan Chee Kian Email: cheekian.chan@ireka.com.my N+1 Singer Tel: 020 7496 3000 James Maxwell / Liz Yong (Corporate Finance) Sam Greatrex (Sales) Tavistock Tel: 020 7920 3150 Jeremy Carey Email: jeremy.carey@tavistock.co.uk
Notes to Editors:
London-listed Aseana Properties Limited (LSE: ASPL) is a property developer investing in Malaysia and Vietnam.
Ireka Development Management Sdn Bhd ("IDM") is the exclusive Development Manager for Aseana. It is a wholly-owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 49 years' experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio.
CHAIRMAN'S STATEMENT
Introduction
I am pleased to report on the half-year results for Aseana Properties Limited ("Aseana") and its group of companies (the "Group") for the six months ended 30 June 2016.
The global recovery continued during the first half of the year, but at an increasingly fragile pace and is still struggling to regain momentum. Major macroeconomic realignments are affecting prospects differently across countries and regions. Growth continues to falter in advanced economies and the overall growth in the emerging market and developing economies remains below potential. Global growth prospects have become more susceptible to increased downside risks. However, some improved data releases such as the firming oil prices, lower capital outflows from China and decisions by major central banks in recent months have all contributed to improved sentiment. Despite the slower growth recorded in the early part of the year, Malaysia's economy continues to display an underlying resilience supported by strong domestic demand and positive employment growth. Malaysia recorded a Gross Domestic Product ("GDP") growth of 4.1% in the first half of the year. Fiscal reform measures such as the introduction of the Goods and Services Tax ("GST") in April last year and subsidy rationalization have been effective in shielding the country from the effects of lower oil related revenues, capital outflows and domestic political controversy. In July, the central bank of Malaysia unexpectedly slashed the Overnight Policy Rate by 25 basis points to 3.0%, the first cut in seven years with the intention of helping the country to remain on a steady growth path.
Vietnam's economy slowed in the first half of 2016 after the country suffered a historic drought which took a heavy toll on the country's agricultural sector. In addition, the less active global trade and investment, unpredictable upheavals in the world's financial and monetary markets have also adversely affected Vietnam's economy. GDP growth dropped to 5.5% during the first half of 2016 compared to 6.3% during the same period last year. Notwithstanding the drop in GDP growth, Foreign Direct Investment ("FDI") continued to be the highlight for the Vietnamese economy in the first half of the year. Total FDI registered in Vietnam reached more than US$11.3 billion for the first six months of the year, a significant surge of 105.4% against the same period last year.
Results
For the six months ended 30 June 2016, the Group recorded unaudited revenue of US$3.9 million (H1 2015: US$16.9 million), which was mainly attributable to the sale of completed units in SENI Mont' Kiara. No revenue was recognised for The RuMa, in accordance with IFRIC 15 - Agreements for Construction of Real Estate which prescribes that revenue be recognised only when the properties are completed and occupancy permits are issued.
The Group recorded an unaudited profit before tax for the period of US$29.2 million (H1 2015: loss of US$5.1 million), predominantly due to the gain on disposal of the Aloft of US$36.3 million, which was offset by operating losses and financing costs of City International Hospital of US$4.2 million and of Four Points by Sheraton Sandakan Hotel and Harbour Mall Sandakan totaling US$2.3 million.
The Group's unaudited profit after tax for the six-months ended 30 June 2015 stood at US$28.9 million (H1 2015: loss of US$6.6 million). The Group's unaudited consolidated comprehensive profit for the period of US$33.5 million (H1 2015: loss of US$14.1 million) has included a foreign currency translation gain of US$5.2 million (H1 2015: loss of US$8.1 million) which was attributable to the strengthening of the Malaysian Ringgit against the US Dollar by 6.1%, but offset by a decrease in fair value of the share of investment in Nam Long of US$0.6 million.
Unaudited net asset value for the Group for the period under review increased to US$165.0 million (31 December 2015 (audited): US$130.2 million) due to the gain recorded on sale of the Aloft during the period. This is equivalent to US$0.778 per share (31 December 2015 (audited): US$0.614 per share). Meanwhile, unaudited realisable net asset value for the Group increased slightly to US$209.7 million as at 30 June 2016 (31 December 2015 (unaudited): US$209.6 million). This is equivalent to US$0.989 per share (31 December 2015 (unaudited): US$0.989 per share).
Review of Activities and Property Portfolio
Sales status (based on Sales and Purchase agreements signed):
Projects % sales as
% sales as at
at December
15 August 2016 2015
-------------------------------- ---------------- -----------
Tiffani by i-ZEN 99.7% 99.2%
SENI Mont' Kiara
* Proceeds received 96.7% 96.0%
* Pending completion 0.2% 0.3%
The RuMa Hotel and Residences 55.8% 51.3%
-------------------------------- ---------------- -----------
Malaysia
The disposal of the Aloft hotel to Prosper Group Holdings Limited for a gross transaction value of RM418.7 million (approximately US$104.2 million) was completed on 23 June 2016. The disposal represents a significant milestone in the divestment investment policy approved by Shareholders, pursuant to which the Company is seeking to realise the Company's assets in a controlled, orderly and timely manner.
In light of the slowdown in the Malaysian property sector as a result of a number of external and domestic shocks, the sales performance of both SENI and The RuMa have been adversely affected. To date, SENI has recorded approximately 97% sales based on sales and purchase agreements signed.
Meanwhile, sales at the RuMa progressed marginally to 56% to date. The Manager participated in marketing, and promotional events and activities both locally and internationally to boost sales, and is planning further activities throughout the rest of the year, focusing on China and Taiwan. Construction of the main building is underway and completion is expected in Q3 2017.
In Sabah, the overall economic condition remains gloomy and the adverse travel advisory notices for travels to the coastal areas of Sabah issued by several countries are still in place. Against a backdrop of weak market sentiment, FPSS recorded an average occupancy rate of 35% for the six-months to 30 June 2016. However, the outlook for HMS looks more promising with the signing of a number of new tenants which lifted the occupancy rate of the mall to approximately 62% to date. The Lotus Five Star ("LFS") Cinema was officially launched by Sabah's Chief Minister, Datuk Seri Panglima Musa Aman on 30 July 2016. The cinema which is located on the 11(th) floor of the mall is a modern purpose built cinema with seven digital screens, 1,000 seats and is equipped with the most advanced audio and visual technology.
Aseana will continue its efforts to dispose of the remaining units of SENI and to increase the sales at The RuMa. In addition, the Company will continue to strive to achieve optimum performance and value for the Group's assets, in line with the Company's commitment to realise its assets at the appropriate time and manner.
Vietnam
The performance of City International Hospital ("CIH") has seen consistent improvement over the past six months. As at 15 August 2016, CIH had registered 3,938 in-patient days (15 August 2015: 2,561), equivalent to a daily average of 16 in-patient days (15 August 2015: 12), with an average revenue per in-patient day of US$512.1 (15 August 2015: US$525.6). Outpatients visits as at 15 August 2016 had reached 18,665 visits (15 August 2015: 11,049), equivalent to an average of 101 outpatients daily (15 August 2015: 64), which generated average revenue per visit of US$91.3 (15 August 2015: US$101.7). Dr Le Quoc Su, an experienced Chief Executive Officer with a proven track record in the Vietnamese healthcare sector, has been appointed to lead the operations team at CIH following the cessation of Parkway Pantai Limited as the operator of CIH. The new hospital management under Dr Le Quoc Su's leadership is working hard to improve the cost structure and efficiency of operations, and at the same time growing revenue streams through improved awareness and new service lines.
Meanwhile, Nam Long Investment Corporation ("Nam Long") has recently launched 450 affordable villas and townhouses under the Valora brand name. On the back of its commendable performance, Nam Long was recently crowned the Best Developer 2016 during the second annual Vietnam Property Awards gala dinner. On top of that, Nam Long was also awarded with another top accolade which is the Special Recognition in Corporate Social Responsibility ("CSR") for its efforts in creating long-term benefits for local Vietnamese Communities through fundraising, sustainable urban planning campaigns and construction of schools. Aseana has successfully realised a further 2.2 million Nam Long shares in August 2016 at an average price of VND21,837 per share generating gross proceeds of approximately US$2.1 million. Following the recent disposals and an increase in Nam Long's issued share capital due to an ESOP exercise, Aseana's stake in Nam Long now stands at 3.95% (5.5% as at 30 June 2016). The disposal reflects Aseana's on-going effort to strategically divest its holding in Nam long at the appropriate time and price. At the date of this publication, Nam Long shares closed at VND 21,600 per share.
Passing of Non-Executive Director
It is with great regret that the Board of Aseana Properties Limited reports that Dato' Seri Ismail Shahudin passed away on 30 July 2016.
On behalf of the Company and its shareholders, the Board would like to express its recognition and gratitude for his dedication over many years of service as a director, and to express its sympathy and condolences to his family.
MOHAMMED AZLAN HASHIM
Chairman
25 August 2016
DEVELOPMENT MANAGER'S REVIEW
Malaysia Economic Update
Despite its solid macroeconomic fundamentals, Malaysia has been adversely affected by the lingering decline in commodity prices, China's growth slowdown and political uncertainties in the country. These factors combined have impaired the confidence of investors. The recovery in oil and gas prices during the first three months of 2016 saw the Ringgit surged 10.1% in the first quarter. However, the gains proved to be short-lived as oil prices faltered in the second quarter, leading to weaker exports and an easing in private investment. Despite outperforming all other regional currencies in the first quarter of the year, the Ringgit dwindled 3.3% in the second quarter. Meanwhile, domestic demand continues to be the main driver of growth, albeit its pace is expected to have slowed. The Malaysian economy registered a Gross Domestic Product growth ("GDP") of 4.0% in the second quarter of 2016 and 4.1% in the first half of 2016.
The central bank of Malaysia, Bank Negara Malaysia ("BNM") surprised markets in July 2016 by cutting its key interest rate for the first time in seven years. BNM unexpectedly cut the Overnight Policy Rate ("OPR") by 25 basis points to 3.0% due to the uncertainties in the global environment, which could negatively impact Malaysia's growth prospects. The cut in OPR will likely have a positive impact on borrowers and the property sector as well as lowering inflation forecasts for the year. Inflation is projected to be lower at 2.0% to 3.0% in 2016, compared to an earlier projection of 2.5% to 3.5%.
Notwithstanding weaker external demand, the Consumer Sentiment Index issued by the Malaysian Institute of Economic Research exhibited a slight increase of 5.6 points quarter-on-quarter to 78.5 points, albeit still below the threshold level of 100 points as consumer confidence level remains low. Job security and household income are the key concerns among consumers amidst the current state of economy. Business Conditions Index on the other hand, gained 13.6 points quarter-on-quarter to settle at 106.4 points, surpassing the 100-point threshold, indicating that manufacturing activities are making a recovery.
In the World Competitiveness Yearbook 2016, Malaysia's performance has declined to 19(th) position compared to 14(th) out of 61 economies last year. However, Malaysia's engagement in a new generation of regional agreements such as the Trans-Pacific Partnership Agreement and the European Union Free Trade Agreement can provide the needed impetus to boost Malaysia's economy to greater heights. These agreements help to attract investments, provide greater access to more advanced skills and technologies and also provide a platform to open up the Malaysian exports of goods and services to the rest of the world. That being said, the Foreign Direct Investment in Malaysia recorded a net inflow of RM8.8 billion in the second quarter of the year, compared to a net inflow of RM15.0 billion in the first quarter of 2016.
Overview of Property Market in Klang Valley, Malaysia
Offices
* 13 new office buildings were completed in Q2 2016,
increasing the total supply of office space in the
Klang Valley by 0.31 to 111.30 million sq.ft..
Overall occupancy rate remained stable at 80.0% (Q1
2016: 80.0%).
* Market rentals and prices remained stable while
rental yield remained between 5.5% and 7.5%.
* En-bloc transactions during the quarter: (i) Menara
Shell (Prime A 33 storeys) was sold at a price of
RM640 million (US$159 million) or RM1,149 psf (US$285
psf).
* Inflow of new supply of 10.55 million sq.ft. office
space by end 2017, weakened business sentiments,
prevailing economic uncertainties, the supply and
demand imbalance as well as the tenant favourable
conditions, all of which are expected to continue in
short to medium term, are likely to create downward
pressure to market rentals.
Retail
* Market prices and market rentals for retail centres
in Klang Valley were generally stable in Q2 2016.
* Average occupancy rate in Klang Valley increased by
0.3% to 80.6% in Q2 2016 (Q1 2016: 80.3%).
* One new retail centre was completed during Q2 2016.
* No retail mall transactions during the quarter.
Residential
* 24 projects with 7,359 units of condominium in Klang
Valley were completed in Q2 2016.
* 16 projects with 7,296 units were launched in Q2
2016.
* Market prices and market rental rates for
condominiums were generally stable in Q2 2016.
However, some of the high-end developments' owners
have indicated lower asking rentals.
* Selected new launches: (i) King of the Hill (8 Kia
Peng) (442 units), launched in March 2016 with an
average price of RM2,150 psf (US$533 psf) achieved
10% take-up rate; (ii) The Colony by Infinitium Block
A (423 units), launched in April 2016 with an average
price of RM1,300 psf (US$322 psf) is 70% sold.
Hospitality
* In Q2 2016, the average daily room rate for
comparable hotels to Four Points by Sheraton Sandakan
("FPSS") (inclusive of FPSS) was stable at RM181 per
room per night unchanged from Q2 2015.
* Average occupancy rate for comparable hotels to FPSS
(inclusive of FPSS) decreased by 2.3% to 33.1% in Q2
2016 compared to the same period in 2015.
* 6.67 million tourists visited Malaysia in the first 3
months of 2016, representing an increase of 2.8%
compared to same period in 2015.
------------------------------------------------------------------
Source: Bank Negara Malaysia website, Jones Lang Wootton Q2 report, MIER, various publications
Exchange rate - 30 June 2016: US$1:RM4.0323
Vietnam Economic Update
The first half of the year saw a dip in Vietnam's economic growth as a result of global economic volatility as well as the disappointing agricultural output that was severely hit by unfortunate weather conditions. Vietnam's GDP growth contracted to 5.5%, marking its first slowdown in economic growth since 2014. The World Bank has recently revised Vietnam's growth forecast downward to 6.0% from 6.2% due to the severe impact of the drought and slowing growth in key industries. However, robust export growth, buoyant private consumption and higher Foreign Direct Investment ("FDI") inflows are expected to offset the impact of lower agricultural yield and help the economy to recover in the second half of the year.
Apart from that, rising food prices due to the crippling drought are pushing up inflation, which may exceed the Vietnamese Government's 5.0% target for the year. Vietnam's Consumer Price Index for the first six months of the year rose by 1.7% as compared to the same period in 2015. Planned hikes in health care and education services, minimum wage as well as the rising global commodity prices are expected to place upward pressure on the country's inflation.
FDI continued to be the highlight of the Vietnamese economy during the first half of the year. Total FDI registered in Vietnam reached more than US$11.3 billion, a significant surge of 105.4% against the same period last year, with most of the funds going to manufacturing, processing and real estate projects. In addition, the total disbursed FDI escalated to an estimated US$7.3 billion in the six-month period, a year-on-year increase of 15.1%. On the back of the Free Trade Agreements that Vietnam has established over the last couple of years, the biggest being the Trans-Pacific Partnership Agreement , Vietnam has emerged as an attractive investment destination to foreign investors.
Meanwhile, Vietnam posted a trade surplus of approximately US$1.5 billion in the first six months of the year, owing to strong exports to major markets. Export revenue reached US$82.2 billion, a year-on-year increase of 5.9%, and spent US$80.7 billion on imports, down 0.5% over the same period last year. Foreign-invested enterprises are the main contributors to Vietnam's trade surplus as their exports have been US$11.2 billion higher than their imports while domestic firms have caused a trade deficit of US$9.7 billion for the six-month period.
The introduction of visa waivers to a number of European countries by the Vietnamese Government has paid off. Foreign arrivals to Vietnam recovered strongly after a year of lukewarm performance, with more than 4.7 million foreign visitors recorded in the first half of 2016. This is an increase of 21.3% compared to the same period last year. It is expected that with Vietnam's political stability and the gradual effort by the Government in loosening the visa regulations, the country's tourism industry should see a similar growth moving forward.
Overview of Property Market in Vietnam
Offices
* No office buildings were completed in Q2 2016. The
total NLA stood at 1.81 mil sqm.
* Overall occupancy rate remained stable at 96% in Q2
2016.
* Average rental rates remained stable in Q2 2016 at
US$24 psm per month.
Retail
* Retail stock decreased by 2% q-o-q due to the opening
of Aeon shopping centre in Binh Tan district and the
closing of two department stores (Parkson Paragon,
District 7 and Parkson Flemington, District 11).
* Average rental rate in CBD for department stores and
shopping centres remained stable at US$65 psm per
month and US$74 psm per month respectively in Q2
2016, while, retail podiums average rental rate
decreased by 2.9%q-o-q to US$61 psm per month.
* Average occupancy for department stores, shopping
centres and retail podiums is between 91% and 97%.
Residential
* 20 new condominium projects (10,378 units) were
launched in Q2 2016. Asking prices for the newly
launched luxury segment were between US$4,000 psm to
US$5,600 psm, high-end segment were between US$1,626
psm to US$2,666 psm, mid-end segment were between US$
798 psm to US$1,550 psm and affordable segment were
between US$670 psm to US$830 psm.
* Condominiums' transaction volume was registered at
approx. 5,887 units in Q2 2016, a decrease of 45%
y-o-y.
* Four townhouse projects (1,029 units) were launched
in Q2 2016. Three new projects with 4,539 land plots
were launched in Q2 2016.
* Selected new launches: (i) Sarah Villa (17 units),
District 2 with an average price of US$2,587 psm
based on land area.(ii) Lakeview City (960 units),
District 2 with an average price of US$3,028 psm
based on land area.
Hospitality
* One 4-star hotel and four 3-star hotels were opened,
in Q2 2016. Overall, the hotel stock was up by 3%
q-o-q and 12% y-o-y.
* Average occupancy rate decreased by 4% q-o-q and 1%
y-o-y to 64% in Q2 2016, while average room rate
increased by 3% q-o-q and 7% y-o-y to US$83 per room
per night.
* One serviced apartment project with 217 units was
added in Q2 2016. Average occupancy decreased by 2%
q-o-q to 81%.
-------------------------------------------------------------
Source: General Statistics Office of Vietnam, Savills, CBRE, various publications
Exchange rate - 30 June 2016: US$1:VND22,305
LAI VOON HON
President / Chief Executive Officer
Ireka Development Management Sdn. Bhd.
Development Manager
25 August 2016
PROPERTY PORTFOLIO AS AT 30 JUNE 2016
Project Type Effective Approximate
Ownership Gross
Floor Approximate
Area Land Area
(sq m) (sq m) Remarks
--------------------------- --------------------- ----------- ------------ ------------ -------------------------
Completed projects
----------------------------------------------------------------------------------------------------------------------
Tiffani by i-ZEN Construction completion
Kuala Lumpur, Malaysia Luxury condominiums 100.0% 81,000 15,000 in August 2009
--------------------------- --------------------- ----------- ------------ ------------ -------------------------
Phase 1: Completed
in April 2011
SENI Mont' Kiara Phase 2: Completed
Kuala Lumpur, Malaysia Luxury condominiums 100.0% 225,000 36,000 in October 2011
--------------------------- --------------------- ----------- ------------ ------------ -------------------------
Retail lots: Completed
in 2009
Sandakan Harbour Retail mall: Completed
Square Retail lots, in March 2012
Sandakan, Sabah, hotel and retail Hotel: Completed in
Malaysia mall 100.0% 126,000 48,000 May 2012
--------------------------- --------------------- ----------- ------------ ------------ -------------------------
Phase 1: City
International
Hospital, International
Healthcare Park,
Ho Chi Minh City, Private general Completed in March
Vietnam hospital 72.35%* 48,000 25,000 2013
--------------------------- --------------------- ----------- ------------ ------------ -------------------------
Project under development
----------------------------------------------------------------------------------------------------------------------
The RuMa Hotel and Luxury residential Expected completion
Residences tower and boutique in Third quarter of
Kuala Lumpur, Malaysia hotel 70.0% 40,000 4,000 2017
--------------------------- --------------------- ----------- ------------ ------------ -------------------------
Listed equity investment
----------------------------------------------------------------------------------------------------------------------
Listed equity investment Listed equity 5.5% n/a n/a n/a
in Nam Long Investment investment
Corporation,
an established developer
in
Ho Chi Minh City,
Vietnam
--------------------------- --------------------- ----------- ------------ ------------ -------------------------
Undeveloped projects
----------------------------------------------------------------------------------------------------------------------
Other developments
in International
Healthcare Park, Commercial
Ho Chi Minh City, and residential
Vietnam (formerly development
International Hi-Tech with healthcare
Healthcare Park) theme 72.35%* 972,000 351,000 n/a
--------------------------- --------------------- ----------- ------------ ------------ -------------------------
Kota Kinabalu Seafront (i) Boutique 100.0% n/a 327,000 n/a
resort & residences resort hotel
Kota Kinabalu, Sabah, and resort
Malaysia villas 80.0%
(ii) Resort
homes
--------------------------- --------------------- ----------- ------------ ------------ -------------------------
Divested project
----------------------------------------------------------------------------------------------------------------------
Business-class
Aloft Kuala Lumpur hotel
Sentral Hotel (a Starwood Sale completion in
Kuala Lumpur, Malaysia Hotel) 100.0% 28,000 5,000 June 2016
--------------------------- --------------------- ----------- ------------ ------------ -------------------------
Waterside Estates
Ho Chi Minh City, Villa and high-rise Sale completion in
Vietnam apartments 55.0% 94,000 57,000 December 2015
--------------------------- --------------------- ----------- ------------ ------------ -------------------------
Kuala Lumpur Sentral
Office Towers & Office towers Office towers and Hotel:
Hotel and a business Exited joint venture
Kuala Lumpur, Malaysia hotel 40.0% 107,000 8,000 in June 2014
--------------------------- --------------------- ----------- ------------ ------------ -------------------------
*Shareholding as at 30 June 2016
n/a: Not available / not applicable
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHSED 30 JUNE 2016
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
Continuing activities Notes US$'000 US$'000 US$'000
---------------------------------------- ------ ----------- ------------------ -------------------
Revenue 3,873 16,891 22,096
Cost of sales 5 (3,040) (12,723) (21,612)
---------------------------------------- ------ ----------- ------------------ -------------------
Gross profit 833 4,168 484
Other income 51,279 14,140 29,561
Administrative expenses (798) (874) (1,787)
Foreign exchange (loss)/gain 6 (577) 547 (2,915)
Management fees (1,409) (1,598) (3,115)
Marketing expenses (79) (140) (288)
Other operating expenses (14,604) (15,947) (31,916)
---------------------------------------- ------ ----------- ------------------ -------------------
Operating profit/(loss) 34,645 296 (9,976)
----------- ------------------ -------------------
Finance income 274 194 355
Finance costs (5,763) (5,565) (11,031)
----------- ------------------ -------------------
Net finance costs (5,489) (5,371) (10,676)
Net profit/(loss) before taxation 29,156 (5,075) (20,652)
Taxation 7 (227) (1,542) (1,278)
---------------------------------------- ------ ----------- ------------------ -------------------
Profit/(loss) for the period/year 28,929 (6,617) (21,930)
---------------------------------------- ------ ----------- ------------------ -------------------
Other comprehensive income/(expense),
net of tax
Items that are or may be reclassified
subsequently to profit or loss
Foreign currency translation
differences for foreign operations 5,191 (8,086) (15,920)
(Decrease)/increase in fair value
of available-for-sale investments (604) 626 2,190
---------------------------------------- ------ ----------- ------------------ -------------------
Total other comprehensive
income/(expense) for the period/year 4,587 (7,460) (13,730)
Total comprehensive income/
(loss) for the period/year 33,516 (14,077) (35,660)
---------------------------------------- ------------------- ------------------ -------------------
Profit/(loss) attributable to:
Equity Holders of the parent 30,829 (4,428) (15,784)
Non-controlling interests (1,900) (2,189) (6,146)
---------------------------------------- ------------------- ------------------ -------------------
Total 28,929 (6,617) (21,930)
---------------------------------------- ------------------- ------------------ -------------------
Total comprehensive income/
(loss) attributable to:
Equity holders of the parent 35,330 (11,492) (29,748)
Non-controlling interests (1,814) (2,585) (5,912)
---------------------------------------- ------ ----------- ------------------ -------------------
Total 33,516 (14,077) (35,660)
---------------------------------------- ------ ----------- ------------------ -------------------
Earnings/(loss) per share
Basic and diluted (US cents) 8 14.54 (2.09) (7.44)
---------------------------------------- ------ ----------- ------------------ -------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
Unaudited Unaudited Audited
-------------------------------- ------
As at As at As at
30 June 30 June 31 December
--------------------------------
2016 2015 2015
Notes US$'000 US$'000 US$'000
-------------------------------- ------ ---------- ------------------- -------------
Non-current assets
Property, plant and equipment 806 944 861
Available-for-sale investments 7,853 11,834 9,917
Intangible assets 7,123 8,668 7,233
Deferred tax assets 1,435 1,652 1,337
-------------------------------- ------ ---------- ------------------- -------------
Total non-current assets 17,217 23,098 19,348
-------------------------------- ------ ---------- ------------------- -------------
Current assets
Inventories 261,522 356,001 307,328
Held-for-trading financial - 55 -
instrument
Trade and other receivables 13,101 8,832 17,741
Prepayments 591 444 218
Current tax assets 1,234 900 1,360
Cash and cash equivalents 124,076 25,775 22,978
-------------------------------- ------ ---------- ------------------- -------------
Total current assets 400,524 392,007 349,625
-------------------------------- ------ ---------- ------------------- -------------
TOTAL ASSETS 417,741 415,105 368,973
-------------------------------- ------ ---------- ------------------- -------------
Equity
Share capital 10,601 10,601 10,601
Share premium 218,926 218,926 218,926
Capital redemption reserve 1,899 1,899 1,899
Translation reserve (21,296) (17,937) (26,401)
Fair value reserve 1,837 877 2,441
Accumulated losses (46,949) (66,159) (77,301)
-------------------------------- ------ ---------- ------------------- -------------
Shareholders' equity 165,018 148,207 130,165
Non-controlling interests 209 9,158 1,433
-------------------------------- ------ ---------- ------------------- -------------
Total equity 165,227 157,365 131,598
-------------------------------- ------ ---------- ------------------- -------------
Non-current liabilities
Amount due to non-controlling - 1,155 -
interests
Loans and borrowings 9 54,363 55,536 55,823
Medium term notes 10 10,989 10,369 10,330
-------------------------------- ------ ---------- ------------------- -------------
Total non-current liabilities 65,352 67,060 66,153
-------------------------------- ------ ---------- ------------------- -------------
Current liabilities
Trade and other payables 48,003 38,990 37,336
Amount due to non-controlling
interests 13,234 10,490 10,014
Loans and borrowings 9 8,549 14,412 13,500
Medium term notes 10 115,142 124,285 108,190
Current tax liabilities 2,234 2,503 2,182
-------------------------------- ------ ---------- ------------------- -------------
Total current liabilities 187,162 190,680 171,222
-------------------------------- ------ ---------- ------------------- -------------
Total liabilities 252,514 257,740 237,375
-------------------------------- ------ ---------- ------------------- -------------
TOTAL EQUITY AND LIABILITIES 417,741 415,105 368,973
-------------------------------- ------ ---------- ------------------- -------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 JuNE 2016 - Unaudited
Total Equity
Attributable
to Equity
Redeemable Capital Fair Holders Non-
Ordinary Management Share Redemption Translation Value Accumulated of the Controlling Total
Shares Shares Premium Reserve Reserve Reserve Losses Parent Interests Equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
----------------- ------------ ----------- --------- ------------ ------------- --------- ------------- ------------- ------------- ---------
1 January 2016 10,601 - * 218,926 1,899 (26,401) 2,441 (77,301) 130,165 1,433 131,598
Changes in
ownership
interests in
subsidiaries - - - - - - (477) (477) 477 -
Non-controlling
interests
contribution - - - - - - - - 113 113
------------ ----------- --------- ------------ ------------- --------- ------------- ------------- ------------- ---------
Profit for the
period - - - - - - 30,829 30,829 (1,900) 28,929
Total other
comprehensive
income - - - - 5,105 (604) - 4,501 86 4,587
------------ ----------- --------- ------------ ------------- --------- ------------- ------------- ------------- ---------
Total
comprehensive
income - - - - 5,105 (604) 30,829 35,330 (1,814) 33,516
Shareholders'
equity
at 30 June 2016 10,601 - * 218,926 1,899 (21,296) 1,837 (46,949) 165,018 209 165,227
================= ============ =========== ========= ============ ============= ========= ============= ============= ============= =========
* represents 2 management shares at US$0.05 each
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 JuNE 2015 - Unaudited
Total Equity
Attributable
to Equity
Capital Fair Holders Non-
Share Share Redemption Translation Value Accumulated of the Controlling Total
Capital Premium Reserve Reserve Reserve Losses Parent Interests Equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
----------------- --------- --------- ------------ ------------- --------- ------------- ------------- ------------- ---------
1 January 2015 10,601 218,926 1,899 (10,247) 251 (60,932) 160,498 10,187 170,685
Changes in
ownership
interests in
subsidiaries - - - - - (799) (799) 799 -
Non-controlling
interests
contribution - - - - - - - 757 757
--------- --------- ------------ ------------- --------- ------------- ------------- ------------- ---------
Loss for the
period - - - - - (4,428) (4,428) (2,189) (6,617)
Total other
comprehensive
expense - - - (7,690) 626 - (7,064) (396) (7,460)
--------- --------- ------------ ------------- --------- ------------- ------------- ------------- ---------
Total
comprehensive
loss - - - (7,690) 626 (4,428) (11,492) (2,585) (14,077)
Shareholders'
equity
at 30 June 2015 10,601 218,926 1,899 (17,937) 877 (66,159) 148,207 9,158 157,365
================= ========= ========= ============ ============= ========= ============= ============= ============= =========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 DECEMBER 2015 - audited
Total Equity
Attributable
to Equity
Redeemable Capital Fair Holders Non-
Ordinary Management Share Redemption Translation Value Accumulated of the Controlling Total
Shares Shares Premium Reserve Reserve Reserve Losses Parent Interests Equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
----------------- ------------ ----------- --------- ------------ ------------- --------- ------------- ------------- ------------- ---------
At 1 January
2015 10,601 - 218,926 1,899 (10,247) 251 (60,932) 160,498 10,187 170,685
Issuance of
management
shares - - * - - - - - - - - *
Changes in
ownership
interests in
subsidiaries - - - - - - (585) (585) (5,340) (5,925)
Non-controlling
interests
contribution - - - - - - - - 2,498 2,498
------------ ----------- --------- ------------ ------------- --------- ------------- ------------- ------------- ---------
Loss for the
year - - - - - - (15,784) (15,784) (6,146) (21,930)
Total other
comprehensive
expense - - - - (16,154) 2,190 - (13,964) 234 (13,730)
------------ ----------- --------- ------------ ------------- --------- ------------- ------------- ------------- ---------
Total
comprehensive
loss - - - - (16,154) 2,190 (15,784) (29,748) (5,912) (35,660)
Shareholders'
equity
at 31 December
2015 10,601 - * 218,926 1,899 (26,401) 2,441 (77,301) 130,165 1,433 131,598
================= ============ =========== ========= ============ ============= ========= ============= ============= ============= =========
* represents 2 management shares at US$0.05 each
CONSOLIDATED STATEMENT OF CASH FLOWS
SIX MONTHSED 30 JUNE 2016
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
-------------------------------------------------------------- -------------- -------------- ---------------
Cash Flows from Operating Activities
Net profit/(loss) before taxation 29,156 (5,075) (20,652)
Finance income (274) (194) (355)
Finance costs 5,763 5,565 11,031
Unrealised foreign exchange loss/(gain) 596 (718) 2,544
Impairment of goodwill 110 129 1,565
Depreciation of property, plant
and equipment 51 53 105
Gain on disposal of available-for-sale
investments (493) (214) (806)
Gain on disposal of a subsidiary (36,308) - (675)
Gain on disposal of property, plant (5) - -
and equipment
Fair value loss on amount due to
non-
controlling interests - 35 320
Operating loss before changes in
working capital (1,404) (419) (6,923)
Changes in working capital:
(Increase)/decrease in inventories (4,620) 4,983 8,245
Decrease/(increase) in trade and
other
receivables and prepayments 2,724 (1,054) (4,105)
Increase/(decrease) in trade and
other payables 10,324 (220) 7,249
-------------------------------------------------------------- -------------- -------------- -------------
Cash generated from operations 7,024 3,290 4,466
Interest paid (5,763) (5,565) (11,031)
Tax paid (10) (4,253) (4,321)
-------------------------------------------------------------- -------------- -------------- -------------
Net cash generated from/(used in)
operating activities 1,251 (6,528) (10,886)
-------------------------------------------------------------- -------------- -------------- -------------
Cash Flows From Investing Activities
Proceeds from disposal of available-for-sale
investments 2,040 1,827 5,359
Net cash inflow/(outflow) from disposal
of a
subsidiary 101,453 - (146)
Proceeds from disposal of property,
plant and 5 -
equipment -
Disposal of held-for-trading financial
instrument - 3,689 3,291
Finance income received 274 194 355
-------------------------------------------------------------- -------------- -------------- -------------
Net cash generated from investing
activities 103,772 5,710 8,859
-------------------------------------------------------------- -------------- -------------- -------------
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
-------------------------------------------------------------- -------------- -------------- ---------------
Cash Flows From Financing Activities
Advances from non-controlling interests 2,875 772 1,067
Issuance of ordinary shares of subsidiaries
to non-controlling interests (ii) 113 757 1,058
Issuance of management shares - - -*
Repayment of loans and borrowings (7,882) (9,773) (15,854)
Drawdown of loans and borrowings 262 10,121 16,046
(Increase)/decreased in pledged
deposits placed in licensed banks (689) 411 (1,537)
-------------------------------------------------------------- -------------- -------------- ---------------
Net cash (used in)/generated from
financing activities (5,321) 2,288 780
-------------------------------------------------------------- -------------- -------------- ---------------
Net changes in cash and cash equivalents
during the period/year 99,702 1,470 (1,247)
Effect of changes in exchange rates 227 (621) (1,632)
Cash and cash equivalents at the
beginning of the period/year (i) 13,332 16,211 16,211
-------------------------------------------------------------- -------------- -------------- ---------------
Cash and cash equivalents at the
end of the period/year (i) 113,261 17,060 13,332
-------------------------------------------------------------- -------------- -------------- ---------------
(i) Cash and Cash Equivalents
Cash and cash equivalents included in the consolidated statement
of cash flows comprise the following consolidated statement of financial
position amounts:
Cash and bank balances 9,560 11,975 9,143
Short term bank deposits 114,516 13,800 13,835
-------------------------------------------------------------- -------------- -------------- ---------------
124,076 25,775 22,978
Less: Deposits pledged (10,815) ( 8,715) (9,646)
-------------------------------------------------------------- -------------- -------------- ---------------
Cash and cash equivalents 113,261 17,060 13,332
-------------------------------------------------------------- -------------- -------------- ---------------
(ii) During the financial period/year, US$113,000 (30 June 2015: US$757,000; 31 December 2015: US$2,498,000) of ordinary shares of subsidiaries were issued to non-controlling shareholders, of which US$113,000 (30 June 2015: US$757,000; 31 December 2015: US$1,058,000) was satisfied via cash consideration. The remaining of US$1,440,000 was satisfied via capitalisation of amount due to non-controlling interests for 31 December 2015.
* represents 2 management shares at US$0.05 each
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2016
1 General Information
The principal activities of the Group are acquisition, development and redevelopment of upscale residential, commercial, hospitality and healthcare projects in the major cities of Malaysia and Vietnam. The Group typically invests in development projects at the pre-construction stage and may also selectively invests in projects in construction and newly completed projects with potential capital appreciation.
2 Summary of Significant Accounting Policies
2.1 Basis of Preparation
The interim condensed consolidated financial statements for the six months ended 30 June 2016 has been prepared in accordance with IAS 34, Interim Financial Reporting.
The interim condensed consolidated financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2015 which has been prepared in accordance with IFRS.
Taxes on income in the interim period are accrued using the tax rate that would be applicable to expected total annual earnings.
The interim results have not been audited nor reviewed and do not constitute statutory financial statements.
The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2015 as described in those annual financial statements.
The interim report and financial statements were approved by the Board of Directors on 25 August 2016.
3 SegmentAL Information
The Group's assets and business activities are managed by Ireka Development Management Sdn. Bhd. ("IDM") as the Development Manager under a management agreement dated 27 March 2007.
Segmental information represents the level at which financial information is reported to the Executive Management of IDM, being the chief operating decision maker as defined in IFRS 8. The Executive Management consists of the Chief Executive Officer, the Chief Financial Officer, Chief Operating Officer and Chief Investment Officer of IDM. The management determines the operating segments based on reports reviewed and used by the Executive Management for strategic decision making and resource allocation. For management purposes, the Group is organised into project units.
The Group's reportable operating segments are as follows:
(i) Investment Holding Companies - investing activities; (ii) Ireka Land Sdn. Bhd. - develops Tiffani by i-ZEN;
(iii) ICSD Ventures Sdn. Bhd. - owns and operates Harbour Mall Sandakan and Four Points by Sheraton Sandakan Hotel;
(iv) Amatir Resources Sdn. Bhd. - develops SENI Mont' Kiara; (v) Iringan Flora Sdn. Bhd. - owns and operates Aloft Kuala Lumpur Sentral Hotel; (vi) Urban DNA Sdn. Bhd.- develops The RuMa Hotel and Residences; and
(vii) Hoa Lam-Shangri-La Healthcare Group - master developer of International Healthcare Park; owns and operates City International Hospital.
Other non-reportable segments comprise the Group's other development projects. None of these segments meets any of the quantitative thresholds for determining reportable segments in 2016 and 2015.
Information regarding the operations of each reportable segment is included below. The Executive Management monitors the operating results of each segment for the purpose of performance assessments and making decisions on resource allocation. Performance is based on segment gross profit/(loss) and profit/(loss) before taxation, which the Executive Management believes are the most relevant in evaluating the results relative to other entities in the industry. Segment assets and liabilities are presented inclusive of inter-segment balances and inter-segment pricing is determined on an arm's length basis.
The Group's revenue generating development projects are in Malaysia and Vietnam.
Operating Segments - ended 30 June 2016 - Unaudited
Hoa
Investment Ireka ICSD Amatir Iringan Urban Lam-Shangri-La
Holding Land Ventures Resources Flora DNA Healthcare
Companies Sdn. Sdn. Sdn. Bhd. Sdn. Sdn. Bhd. Group Total
Bhd. Bhd. Bhd.
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------- ------------ ---------- ---------- ----------- ---------- ----------- --------------- --------
Segment
(loss)/profit
before
taxation 35,247 209 (2,323) (76) 1,002 (358) (4,480) 29,221
=============== ============ ========== ========== =========== ========== =========== =============== ========
Included in
the measure
of segment
profit/(loss)
are:
Revenue - 1,002 - 2,871 - - - 3,873
Revenue from
hotel
operations - - 1,570 - 8,954 - - 10,524
Revenue from
mall
operations - - 470 - - - - 470
Revenue from
hospital
operations - - - - - - 2,694 2,694
Cost of
acquisition
written
down # - (81) - (690) - - - (771)
Impairment of
goodwill - - - (37) - - (73) (110)
Marketing
expenses - - - (1) - (78) - (79)
Expenses from
hotel
operations - - (1,873) - (5,845) - - (7,718)
Expenses from
mall
operations - - (630) - - - - (630)
Expenses from
hospital
operations - - - - - - (5,075) (5,075)
Depreciation
of property,
plant and
equipment - - (3) - (3) - (45) (51)
Finance costs - - (1,905) - (2,000) - (1,777) (5,682)
Finance income 45 1 134 3 2 2 23 210
=============== ============ ========== ========== =========== ========== =========== =============== ========
Segment assets 15,681 4,164 85,672 20,450 - 67,072 101,739 294,778
Included in the
measure
of segment assets
are:
Addition to
non-current
assets other than
financial
instruments
and deferred tax
assets - - - - - - - -
==================== ======= ====== ======= ======= ======= ======== ========
# Cost of acquisition relates to the fair value adjustment
in relation to the inventories upon the acquisition
of certain subsidiaries of the Group. The cost of
acquisition written down is charged to profit or loss
as part of cost of sales upon the sales of these inventories.
Reconciliation of reportable segment revenues, profit or loss, assets and liabilities and other material items
Profit or loss US$'000 -------------------------------------- -------- Total profit for reportable segments 29,221 Other non-reportable segments (48) Depreciation - Finance cost (81) Finance income 64 Consolidated profit before taxation 29,156 ====================================== ========
Operating Segments - ended 30 June 2015 - Unaudited
Hoa
Investment Ireka ICSD Amatir Iringan Urban Lam-Shangri-La
Holding Land Ventures Resources Flora DNA Healthcare
Companies Sdn. Sdn. Sdn. Bhd. Sdn. Sdn. Group Total
Bhd. Bhd. Bhd. Bhd.
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------- ------------ ---------- ---------- ----------- ---------- ---------- --------------- ---------
Segment
(loss)/profit
before
taxation (415) (224) (2,499) 3,717 519 (569) (5,570) (5,041)
=============== ============ ========== ========== =========== ========== ========== =============== =========
Included in
the measure
of segment
(loss)/profit
are:
Revenue - - - 16,891 - - - 16,891
Revenue from
hotel
operations - - 1,851 - 9,089 - - 10,940
Revenue from
mall
operations - - 588 - - - - 588
Revenue from
hospital
operations - - - - - - 1,894 1,894
Cost of
acquisition
written - - -
down # - - - (2,388) - - - (2,388)
Impairment of -
goodwill - - - (129) - - - (129)
Marketing
expenses - - - (21) - (119) - (140)
Expenses from
hotel
operations - - (2,238) - (6,246) - - (8,484)
Expenses from
mall
operations - - (776) - - - - (776)
Expenses from
hospital
operations - - - - - - (5,433) (5,433)
Depreciation
of property, -
plant and
equipment - - (4) - (4) - (45) (53)
Finance costs - - (1,924) - (2,213) - (1,428) (5,565)
Finance income 10 1 142 17 2 4 18 194
=============== ============ ========== ========== =========== ========== ========== =============== =========
Segment assets 21,589 5,032 94,535 28,957 71,207 59,260 98,725 379,305
Included in the measure
of segment assets
are:
Addition to non-current
assets other than
financial instruments
and deferred tax assets - - - - - - - -
========================== ======= ====== ======= ======= ======= ======= ======= ========
# Cost of acquisition relates to the fair value adjustment in relation to the inventories upon the acquisition of certain subsidiaries of the Group. The cost of acquisition written down is charged to profit or loss as part of cost of sales upon the sales of these inventories.
Reconciliation of reportable segment revenues, profit or loss, assets and liabilities and other material items
Profit or loss US$'000 ------------------------------------ -------- Total loss for reportable segments (5,041) Other non-reportable segments (34) Consolidated loss before taxation (5,075) ==================================== ========
Operating Segments - ended 31 December 2015 - Audited
Hoa
Investment Ireka ICSD Amatir Iringan Urban Lam-Shangri-La
Holding Land Ventures Resources Flora DNA Healthcare
Companies Sdn. Sdn. Sdn. Bhd. Sdn. Sdn. Group Total
Bhd. Bhd. Bhd. Bhd.
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------- ------------ ---------- ---------- ----------- ---------- ---------- --------------- ---------
Segment
profit/(loss)
before
taxation (297) 79 (9,168) 4,156 1,621 (863) (16,090) (20,562)
=============== ============ ========== ========== =========== ========== ========== =============== =========
Included in
the measure
of segment
profit/(loss)
are:
Revenue - 1,322 - 20,774 - - - 22,096
Revenue from
hotel
operations - - 3,701 - 18,314 - - 22,015
Revenue from
mall
operations - - 1,033 - - - - 1,033
Revenue from
hospital
operations - - - - - - 4,244 4,244
Cost of
acquisition
written
down # - (103) (3,199) (3,089) - - - (6,391)
Impairment of
goodwill - - (1,397) (168) - - - (1,565)
Marketing
expenses - - - (57) - (231) - (288)
Expenses from
hotel
operations - - (4,256) - (12,351) - - (16,607)
Expenses from
mall
operations - - (1,401) - - - - (1,401)
Expenses from
hospital
operations - - - - - - (11,110) (11,110)
Depreciation
of property,
plant and
equipment - - (7) - (7) - (90) (104)
Finance costs - - (3,635) - (4,133) - (3,263) (11,031)
Finance income 19 2 268 19 4 7 34 353
--------------- ------------ ---------- ---------- ----------- ---------- ---------- --------------- ---------
Segment assets 26,589 3,903 80,392 22,271 62,112 56,776 98,362 350,405
Included in the measure
of segment assets
are:
Addition to non-current
assets other than
financial instruments
and deferred tax assets - - - - - - - -
========================== ======= ====== ======= ======= ======= ======= ======= ========
# Cost of acquisition relates to the fair value adjustment in relation to the inventories upon the acquisition of certain subsidiaries of the Group. The cost of acquisition written down is charged to profit or loss as part of cost of sales upon the sales of these inventories.
Reconciliation of reportable segment revenues, profit or loss, assets and liabilities and other material items
Profit or loss US$'000
----------------------------------------------- --------------
Total loss for reportable segments (20,562)
Other non-reportable segments (91)
Depreciation (1)
Finance cost -
Finance income 2
Consolidated loss before taxation (20,652)
=============================================== ==============
30 June 2016 - Addition to
Unaudited non-current
US$'000 Revenue Depreciation Finance costs Finance income Segment assets assets
--------------------- -------- ------------- -------------- --------------- --------------- -------------
Total reportable
segment 3,873 (51) (5,682) 210 294,778 -
Other
non-reportable
segments - - (81) 64 122,963* -
--------------------- -------- ------------- -------------- --------------- --------------- -------------
Consolidated total 3,873 (51) (5,763) 274 417,741 -
===================== ======== ============= ============== =============== =============== =============
* Included in segment assets for other non-reporting segment is US102.46 million (RM413.13 million) represent the consideration received for the disposal of Aloft Hotel which had been transferred by the buyer into Silver Sparrow's bank account as at 23 June 2016. Subsequent to 30 June 2016, the Group had redeemed the MTN for Series 3 amounting US$66.71 million (RM269.00 million) and MTN for Series 2 amounting US$31.00 million (RM125.00 million) by using the consideration received.
30 June 2015 - Unaudited Addition to
US$'000 non-current
Revenue Depreciation Finance costs Finance income Segment assets assets
-------------------------- -------- ------------- -------------- --------------- --------------- -------------
Total reportable segment 16,891 (53) (5,565) 194 379,305 -
Other non-reportable
segments - - - - 35,800 -
-------------------------- -------- ------------- -------------- --------------- --------------- -------------
Consolidated total 16,891 (53) (5,565) 194 415,105 -
========================== ======== ============= ============== =============== =============== =============
31 December 2015 - Audited Addition to
US$'000 non-current
Revenue Depreciation Finance costs Finance income Segment assets assets
---------------------------- -------- ------------- -------------- --------------- --------------- -------------
Total reportable segment 22,096 (104) (11,031) 353 350,405 -
Other non-reportable
segments - (1) - 2 18,568 -
---------------------------- -------- ------------- -------------- --------------- --------------- -------------
Consolidated total 22,096 (105) (11,031) 355 368,973 -
============================ ======== ============= ============== =============== =============== =============
Geographical Information - ended 30 June 2016 - Unaudited
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
-------------------- --------- -------- -------------
Revenue 3,873 - 3,873
Non-current assets 2,216 15,001 17,217
==================== ========= ======== =============
For the financial period ended 30 June 2016, no single customer exceeded 10% of the Group's total revenue.
Geographical Information - ended 30 June 2015 - Unaudited
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
-------------------- --------- -------- -------------
Revenue 16,891 - 16,891
Non-current assets 3,932 19,166 23,098
==================== ========= ======== =============
For the financial period ended 30 June 2015, no single customer exceeded 10% of the Group's total revenue.
Geographical Information - ended 31 December 2015 - Audited
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
-------------------- --------- -------- -------------
Revenue 22,096 - 22,096
Non-current assets 2,172 17,176 19,348
==================== ========= ======== =============
For the financial year ended 31 December 2015, no single customer exceeded 10% of the Group's total revenue.
4 Seasonality
The Group's business operations have not been materially affected by seasonal factors for the period under review.
5 Cost of Sales
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
--------------------------------- ----------- ----------- -------------
Direct costs attributable:
Completed units 2,930 12,594 20,047
Impairment of intangible assets 110 129 1,565
--------------------------------- ----------- ----------- -------------
3,040 12,723 21,612
--------------------------------- ----------- ----------- -------------
6 Foreign exchange (loss)/GAIN
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
--------------------------------------- ----------- ----------- -------------
Foreign exchange (loss)/gain
comprises:
Realised foreign exchange gain/(loss) 19 (171) (371)
Unrealised foreign exchange
(loss)/gain (596) 718 (2,544)
(577) 547 (2,915)
--------------------------------------- ----------- ----------- -------------
7 Taxation
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
--------------------------------------- ----------- ----------- --------------
Current tax expense 238 1,637 1,241
Deferred tax (credit)/expense (11) (95) 37
--------------------------------------- ----------- ----------- --------------
Total tax expense for the period/year 227 1,542 1,278
--------------------------------------- ----------- ----------- --------------
The numerical reconciliation between the income tax expense and the product of accounting results multiplied by the applicable tax rate is computed as follows:
Unaudited Unaudited Audited
Six months Six months Year
ended ended Ended
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
--------------------------------------- ----------- ----------- -------------
Net profit/(loss) before taxation 29,156 (5,075) (20,652)
--------------------------------------- ----------- ----------- -------------
Income tax at a rate of 24% (30
June 2015: 25%;
31 December 2015: 25%) 6,997 (1,269) (5,163)
Add :
Tax effect of expenses not deductible
in determining taxable profit 2,756 1,241 3,689
Current year losses and other tax
benefits for which no deferred
tax asset was recognised 1,149 1,284 2,449
Tax effect of different tax rates
in subsidiaries 837 1,025 2,703
Less :
Tax effect of income not taxable
in determining taxable profit (11,512) (499) (1,532)
Over provision in respect of prior
period/year - (240) (868)
--------------------------------------- ----------- ----------- -------------
Total tax expense for the period/year 227 1,542 1,278
--------------------------------------- ----------- ----------- -------------
The applicable corporate tax rate in Malaysia is 24%.
The Company is treated as a tax resident of Jersey for the purpose of Jersey tax laws and is subject to a tax rate of 0%.
The applicable corporate tax rates in Singapore and Vietnam are 17% and 22% respectively.
A subsidiary of the Group, Hoa Lam-Shangri-La Healthcare Ltd Liability Co is granted preferential corporate tax rate of 10% for the results of the hospital operations. The preferential income tax is given by the government of Vietnam due to the subsidiary's involvement in the healthcare industry.
A Goods and Services Tax was introduced in Jersey in May 2008. The Company has been registered as an International Services Entity so it does not have to charge or pay local GST. The cost for this registration is GBP200 per annum.
The Directors intend to conduct the Group's affairs such that the central management and control is not exercised in the United Kingdom and so that neither the Company nor any of its subsidiaries carries on any trade in the United Kingdom. The Company and its subsidiaries will thus not be residents in the United Kingdom for taxation purposes. On this basis, they will not be liable for United Kingdom taxation on their income and gains other than income derived from a United Kingdom source.
8 EARNINGS/(LOSS) Per Share
Basic and diluted earnings/(loss) per ordinary share
The calculation of basic and diluted earnings/(loss) per ordinary share for the period/year ended was based on the profit/(loss) attributable to equity holders of the parent and a weighted average number of ordinary shares outstanding, calculated as below:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
----------------------------------- ------------------ ------------------- -------------
Earnings/(loss) attributable
to equity holders of the parent 30,829 (4,428) (15,784)
Weighted average number of shares 212,025 212,025 212,025
Earnings/(loss) per share
Basic and diluted (US cents) 14.54 (2.09) (7.44)
----------------------------------- ------------------ ------------------- -------------
9 Loans and Borrowings
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
--------------------------- ---------- ---------- -------------
Non-current
Bank loans 54,362 55,518 55,813
Finance lease liabilities 1 18 10
---------------------------- ---------- ---------- -------------
54,363 55,536 55,823
--------------------------- ---------- ---------- -------------
Current
Bank loans 8,545 14,400 13,489
Finance lease liabilities 4 12 11
---------------------------- ---------- ---------- -------------
8,549 14,412 13,500
--------------------------- ---------- ---------- -------------
62,912 69,948 69,323
--------------------------- ---------- ---------- -------------
The effective interest rates on the bank loans and finance lease arrangement for the period ranged from 5.00% to 12.50% (30 June 2015: 5.25% to 12.50%; 31 December 2015: 5.25% to 12.50%) per annum and 2.50% (30 June 2015: 2.50%; 31 December 2015: 2.50% to 3.50%) per annum respectively.
Borrowings are denominated in Malaysian Ringgit, United States Dollars and Vietnamese Dong.
Bank loans are repayable by monthly, quarterly or semi-annually instalments.
Bank loans are secured by land held for property development, work-in-progress, operating assets of the Group, pledged deposits and some by the corporate guarantee of the Company.
Finance lease liabilities are payable as follows:
Present value
of minimum
Future minimum lease payment
lease payment Interest 30 June
30 June 30 June 2016
Unaudited 2016 US$'000 2016 US$'000 US$'000
---------------------------- --------------- -------------- ---------------
Within one year 5 1 4
Between one and five years 1 - 1
---------------------------- --------------- -------------- ---------------
6 1 5
---------------------------- --------------- -------------- ---------------
Present value
of minimum
Future minimum lease payment
lease payment Interest 30 June
30 June 30 June 2015
Unaudited 2015 US$'000 2015 US$'000 US$'000
---------------------------- --------------- -------------- ---------------
Within one year 14 2 12
Between one and five years 21 3 18
---------------------------- --------------- -------------- ---------------
35 5 30
---------------------------- --------------- -------------- ---------------
Present value
of minimum
Future minimum Interest lease payment
lease payment 31 December 31 December
31 December 2015 2015
Audited 2015 US$'000 US$'000 US$'000
---------------------------- --------------- ------------- ---------------
Within one year 12 1 11
Between one and five years 12 2 10
---------------------------- --------------- ------------- ---------------
24 3 21
---------------------------- --------------- ------------- ---------------
10 Medium Term Notes
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
----------------------------------- ---------- ---------- ------------
Outstanding medium term notes 127,472 136,210 119,711
Net transaction costs (1,341) (1,556) (1,191)
Less: Repayment due within twelve months* (115,142) (124,285) (108,190) ----------------------------------- ---------- ---------- ------------ Repayment due after twelve months 10,989 10,369 10,330 ----------------------------------- ---------- ---------- ------------
* Includes net transaction costs in relation to medium term notes due within twelve months
US$1.17 million.
The medium term notes ("MTN") were issued pursuant to a programme with a tenure of ten (10) years from the first issue date of the notes. The MTN were issued by a subsidiary, to fund two development projects known as Sandakan Harbour Square and Aloft Kuala Lumpur Sentral Hotel in Malaysia. US$60.76 million (RM245.00 million) was drawn down in 2011 for Sandakan Harbour Square. US$3.72 million (RM15.00 million) was drawn down in 2012 for Aloft Kuala Lumpur Sentral Hotel and the remaining US$62.90 million (RM254 million) in 2013. The Group secured a rollover of MTN amounting US$6.20 million (RM25 million) and US$56.79 million (RM229 million) which were due for repayment on 29 January 2016 and 8 April 2016 to be repaid on 31 January 2017 and 10 April 2017 respectively.
No repayments were made in the current financial period.
The weighted average interest rate of the MTN was 6.17% per annum at the statement of financial position date. The effective interest rates of the MTN and their outstanding amounts are as follows:
Interest
Maturity Dates rate % per US$'000
annum
-------------------------- ------------------- ------------ ----------
Series 1 Tranche FG
003 8 December 2017 5.90 6,200
Series 1 Tranche BG
003 8 December 2017 5.85 4,960
Series 1 Tranche FG
004 7 December 2016 6.25 11,160
Series 1 Tranche BG
004 7 December 2016 6.15 7,440
Series 2 Tranche FG
002 7 December 2016 6.25 17,360
Series 2 Tranche BG
002 7 December 2016 6.15 13,640
30 September
Series 3 Tranche FG004 2016 6.03 2,480
30 September
Series 3 Tranche BG004 2016 6.00 1,240
Series 3 Tranche FG005 31 January 2017 6.25 3,720
Series 3 Tranche BG005 31 January 2017 6.15 2,480
Series 3 Tranche FG006 10 April 2017 6.25 31,992
Series 3 Tranche BG006 10 April 2017 6.15 24,800
------------------------- -------------------- ------------ ----------
127,472
-------------------------- -------------------------------- ----------
The medium term notes are secured by way of:
(i) bank guarantee from two financial institutions in respect of the BG Tranches;
(ii) financial guarantee insurance policy from Danajamin Nasional Berhad in respect to the FG Tranches;
(iii) a first fixed and floating charge over the present and future assets and properties of Silver Sparrow Berhad, ICSD Ventures Sdn. Bhd. and Iringan Flora Sdn. Bhd. by way of a debenture;
(iv) a third party first legal fixed charge over ICSD Ventures Sdn. Bhd.'s assets and land;
(v) assignment of all Iringan Flora Sdn. Bhd.'s present and future rights, title, interest and benefits in and under the Sales and Purchase Agreement to purchase the Aloft Kuala Lumpur Sentral Hotel from Excellent Bonanza Sdn. Bhd.;
(vi) first fixed land charge over the Aloft Kuala Lumpur Sentral Hotel and the Aloft Kuala Lumpur Sentral Hotel's land (to be executed upon construction completion);
(vii) a corporate guarantee by Aseana Properties Limited;
(viii) letter of undertaking from Aseana Properties Limited to provide financial and other forms of support to ICSD Ventures Sdn. Bhd. to finance any cost overruns associated with the development of the Sandakan Harbour Square;
(ix) assignment of all its present and future rights, interest and benefits under the ICSD Ventures Sdn. Bhd.'s and Iringan Flora Sdn. Bhd.'s Put Option Agreements and the proceeds from the Harbour Mall Sandakan, Four Points by Sheraton Sandakan Hotel and Aloft Kuala Lumpur Sentral Hotel;
(x) assignment over the disbursement account, revenue account, operating account, sales proceed account, debt service reserve account and sinking fund account of Silver Sparrow Berhad; revenue account of ICSD Ventures Sdn. Bhd. and escrow account of Ireka Land Sdn. Bhd.;
(xi) assignment of all ICSD Ventures Sdn. Bhd.'s and Iringan Flora Sdn. Bhd.'s present and future rights, title, interest and benefits in and under the insurance policies; and
(xii) a first legal charge over all the shares of the Silver Sparrow Berhad, ICSD Ventures Sdn. Bhd. and Iringan Flora Sdn. Bhd. and any dividends, distributions and entitlements.
11 Related Party Transactions
Transactions between the Group with Ireka Corporation Berhad ("ICB") and its group of companies are classified as related party transactions based on ICB's 23.07% shareholding in the Company.
Related parties also include key management personnel defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group either directly or indirectly. The key management personnel includes all the Directors of the Group, and certain members of senior management of the Group.
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
------------------------------------- ----------- ----------- -------------
ICB Group of Companies
Accounting and financial reporting
services fee charged by an ICB
subsidiary 25 25 50
Advance payment to the contractors
of an ICB subsidiary 947 - 833
Construction progress claims
charged by an ICB subsidiary 4,359 2,708 6,423
Acquisition of SENI Mont' Kiara
units by an ICB subsidiary - - 2,008
Acquisition of Tiffani by i-Zen
unit by an ICB subsidiary 508 - -
Management contractor services
charged by an ICB subsidiary 55 - -
Management fees charged by an
ICB subsidiary 1,409 1,598 3,115
Marketing commission charged
by an ICB subsidiary 154 104 281
Project management fees charged
by an ICB subsidiary 31 - -
Project staff costs reimbursed
to an ICB subsidiary 70 170 289
Rental expenses charged by an
ICB subsidiary - 4 4
Rental expenses paid on behalf
of ICB 252 - 512
Secretarial and administrative
services fee charged by an ICB
subsidiary 25 25 50
Key management personnel
Remuneration of key management
personnel - Directors' fees 159 159 317
Remuneration of key management
personnel - Salaries 22 21 49
------------------------------------- ----------- ----------- -------------
Transactions between the Group with other significant related parties are as follows:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
------------------------------------- ----------- ----------- -------------
Non-controlling interests
Advances - non-interest bearing 2,875 772 1,067
Capitalisation of amount due to
non-controlling interests as share
capital - - 1,440
------------------------------------- ----------- ----------- -------------
The above transactions have been entered into in the normal course of business and have been established under negotiated terms.
The outstanding amounts due from/ (to) ICB and its group of companies as at 30 June 2016, 30 June 2015 and 31 December 2015 are as follows:
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2016 2015 2015
Note US$'000 US$'000 US$'000
------------------------------------- -------- ---------- ---------- -------------
Amount due from an ICB subsidiary
for advance payment to its
contractors (ii) 2,566 - 1,997
Amount due to an ICB subsidiary
for construction progress claims
charged (i) (821) (232) (38)
Amount due from an ICB subsidiary
for acquisition of SENI Mont'
Kiara units (i) 1,959 - 1,840
Amount due from an ICB subsidiary
for acquisition of Tiffani (i) 376 - -
by i-Zen unit
Amount due to an ICB subsidiary
for management contractor services (ii) (55) - -
Amount due from an ICB subsidiary
for management fees (ii) 161 - 25
Amount due to an ICB subsidiary
for marketing commissions (ii) (28) - (43)
Amount due to ICB subsidiary
for project management fees (ii) (32) - -
Amount due to ICB subsidiary
for reimbursement of project
staff costs (ii) (9) (29) (24)
Amount due to an ICB subsidiary
for rental expenses (ii) - (3) (3)
Amount due from ICB for rental
expenses paid on behalf (ii) 1,760 - 1,415
------------------------------------- -------- ---------- ---------- -------------
(i) These amounts are trade in nature and subject to normal trade terms.
(ii) These amounts are non-trade in nature and are unsecured, interest-free and repayable on
demand.
The outstanding amounts due from/ (to) the other significant related parties as at 30 June 2016, 30 June 2015 and 31 December 2015 are as follows:
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
--------------------------------- ---------- ---------- -------------
Non-controlling interests
Advances - non-interest bearing (13,234) (11,645) (10,014)
--------------------------------- ---------- ---------- -------------
Transactions between the parent company and its subsidiaries are eliminated in these consolidated financial statements.
12 DISPOSAL OF A SUBSIDIARY
During the financial period, the Group entered into a sale and purchase agreement to dispose of the Aloft Kuala Lumpur Sentral Hotel ("Aloft Hotel") to Prosper Group Holdings Limited. The total consideration of US$103.78 million (RM417.04 million) to dispose Aloft Hotel included US$36.84 million (RM148.04 million) to disposed of the entire issued share capital of ASPL M3B Limited and Iringan Flora Sdn. Bhd and a repayment of amount due to Silver Sparrow Berhad, a subsidiary of the Group amounting US$66.94 million (RM269.00 million). The loan was provided by Silver Sparrow Berhad to Iringan Flora Sdn. Bhd. in previous financial years to fund its development project known as Aloft Kuala Lumpur Sentral Hotel in Malaysia.
The condition precedent for the completion of the disposal of Aloft Hotel was met on 23 June 2016 when the transfer of shares was effected.
The details of the gain on disposal are as follows:
Analysis of assets and liabilities over which control was lost:
2016
US$'000
--------------------------------------------- ---------
Non-current assets
Property, plant & equipment 12
Current assets
Inventories - Completed unit 64,742
Trade and other receivables 2,089
Cash and cash equivalents 550
Current liabilities
Trade and other payables (1,687)
Finance lease liabilities (11)
Net assets disposed of 65,695
--------------------------------------------- ---------
Gain on disposal of a subsidiary
Consideration received 103,780
Incidental expenses (1,777)
--------------------------------------------- ---------
Net consideration received 102,003
Net assets disposed of (65,695)
--------------------------------------------- ---------
Gain on disposal 36,308
--------------------------------------------- ---------
Net cash inflow on disposal of a subsidiary
Consideration received * 102,003
Cash and cash equivalent disposed of (550)
--------------------------------------------- ---------
101,453
--------------------------------------------- ---------
* Out of the total consideration received of US$102.00, US$66.940.00 million will be used to redeem the MTN amounting US$66.940.00 million (RM269.00 million) upon disposal of the subsidiary. The remaining consideration received of US$35.06 million is the consideration paid for the entire issued share capital of ASPL M3B Limited and Iringan Flora Sdn. Bhd..
13 Dividends
The Company has not paid or declared any dividends during the financial period ended 30 June 2016.
14 EVENT AFTER THE STATEMENT OF FINANCIAL POSITION DATE
Subsequent to 30 June 2016, the Group had redeemed the MTN for Series 3 amounting US$66.71 million (RM269.00 million) and MTN for Series 2 amounting US$28.52 million (RM115.00 million) at US$68.27 million (RM275.29 million) and US$28.83 (RM116.23 million) on 28 July 2016 and 29 July 2016 respectively. On 19 August 2016, the Group had redeemed the remaining US$2.48 million (RM10.00 million) of the MTN for Series 2 at US$2.54 million (RM10.24 million).
15 Interim Statement
Copies of this interim statement are available on the Company's website www.aseanaproperties.com or from the Company's registered office at 12 Castle Street, St. Helier, Jersey, JE2 3RT, Channel Islands.
Principal Risks and Uncertainties
The Board has overall responsibility for risk management and internal control. The following have been identified previously as the areas of principal risk and uncertainty facing the Company, and they remain relevant in the second half of the year.
-- Economic -- Strategic -- Regulatory -- Law and regulations -- Tax regimes -- Management and control -- Operational -- Financial -- Going concern
For greater detail, please refer to page 18 of the Company's Annual Report for 2015, a copy of which is available on the Company's website www.aseanaproperties.com.
RESPONSIBILITY STATEMENT
The Directors of the Company confirm that to the best of their knowledge that:
a) The condensed consolidated financial statements have been prepared in accordance with IAS 34 (Interim Financial Reporting);
b) The interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
c) The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).
On behalf of the Board
Mohammed Azlan Hashim Christopher Henry Lovell Director Director
25 August 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UVUARNWAWUAR
(END) Dow Jones Newswires
August 26, 2016 02:00 ET (06:00 GMT)
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