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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Canton Prop | LSE:CPIL | London | Ordinary Share | VGG182601028 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 20.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:9461P
Canton Property Investment Limited
12 March 2008
Canton Property Investment Limited
Preliminary Results to 31 December 2007
Canton Property Investment Ltd ("Canton Properties" or the "Company" or the
"Group" AIM: CPIL) an AIM-listed commercial real estate developer focused on
establishing itself as a leading commercial property developer in China today
announces its preliminary results for the year ended 31 December 2007.
A copy of this preliminary announcement will be available on the Company's
website from 13 March 2008 at www.canton-properties.com
PERFORMANCE HIGHLIGHTS
* Consolidated profit before tax RMB 26.6 million (US$3.7 million)
* Admission to AIM at US$0.90 per share
* Comic City occupancy 96.5%, up from 58.9%
* Mall of Canton value increased to RMB 2.15 billion (US$303 million)
KEY MILESTONES
2007 was a fruitful and challenging year for Canton Properties. The Company
achieved solid growth during the course of the year, reflected by strong
financial results.
On 16 August 2007, following a successful placing to raise gross funds for the
Company of US$49.5m, 408,900,000 ordinary shares (the "Existing Shares"),
representing the entire issued share capital of the Company, were admitted to
trading on the AIM market of the London Stock Exchange. The share price had
increased 94% to 85.5p as of 31 December 2007.
Through the implementation of proactive and well-planned business strategies,
the Company increased occupancy rates at its existing retail complex, Comic
City, throughout the year, raising them to 96.5% as at 31 December 2007 from
58.9% at 30 April 2007. As a result, and in spite of Comic City having been
acquired only in August, group revenue during the period reached RMB 47.0m
(US$6.6m) (2006: nil).
Group net profit after tax for the year is RMB 16.9m (US$2.4m) (2006: RMB 10.1m
(US$1.4m) loss). The growth was attributed to higher revenues and lower total
property operating expenses.
Chairman and CEO review:
Since our arrival on AIM on 16 August 2007, we have made steady progress with
our property development and investment business. To date we have maintained a
strategic focus on Guangzhou, one of mainland China's first tier cities. The
Chinese economy, the world's fourth largest, showed an outstanding growth rate
of 11.4% during the year, while investment in the real estate market grew even
more rapidly at 30.2%. The Chinese Government has imposed various measures to
curb the rapid pace of growth in the real estate market and while their effects
on the residential sector has to date been more significant, the commercial
property sector, where performance depends upon local economic activities and
the location of individual properties, has been much less affected.
Our existing retail complex, Comic City, is a three-storey underground shopping
mall occupying a prime location at the interchange of Metro-Lines 1 & 2 at
Gongyuanqian Station in Guangzhou's long-established commercial area of Yuexiu
District. It is currently the only Metro-station that provides direct and easy
access to the north side of the busy Beijing Road, one of the most prominent
pedestrian shopping areas in the city. In selecting incoming tenants, our asset
management team has placed emphasis on a tenant-mix enhancement that, we
believe, will lead to long-term value enhancement. Our successful occupancy
improvement from 58.9% as at 30 April 2007 to 96.5% as at 31 December 2007 is
worthy of note.
Situated on the other side of Beijing Road is our development project, Mall of
Canton. Mall of Canton is an eleven floor shopping mall with eight floors
erected above a three-storey basement complex itself directly connected to the
Line 6 metro station which is under construction. This metro station will be the
only one on Beijing Road. Again, in pursuit of our long-term strategy of
profit-escalation over the next 15 to 20 years, we perceive the Mall of Canton
as an 'urban lifestyle centre', the first of its kind in the area, where
shoppers will be provided with fun and entertainment. Coupled with design
features that promote energy saving and environmental protection, and including
landscaped water features stretching across both ends of the atrium, providing a
natural and comfortable ambience for shoppers. In early 2008 our marketing team
launched a pre-lease marketing campaign committed to achieving a balanced mix of
quality tenants for the Mall of Canton to maximise the mall's value potential.
In our drive to expand our property portfolio, and following the announcement
dated 13 November 2007, our Company has on 12 March 2008 announced its intention
to acquire a 100% interest in the Pearl River New City B1-1 Development project
(the "Canton Finance Centre Development" or the "Project"), a mixed-use
commercial development with Grade A offices, retail, hotel and service
apartments located in the heart of the new Central Business District of
Guangzhou. Acquisition of this prime development project is consistent with our
stated strategy.
Acknowledgement:
We would like to express our thanks to the outstanding efforts and commitment of
the management teams as well as the wisdom and guidance from our fellow Board
members. They have all contributed greatly in our successful delivery of higher
returns to our shareholders. Finally, on behalf of the Board, we thank you, our
shareholders, for your continued support and confidence in Canton Properties.
Mr. Keng Wong
Chairman
Mr. Charlie Chung Sing Lin
CEO
MARKET REVIEW
The Fast- Growing Economy of China
Having undergone a steady series of continuing economic reforms and successfully
entered the World Trade Organization in 2001, China has established itself as a
major economic force in the global marketplace. Its annual income growth per
capita which remained as high as 9.35% in the 10 years from 1997 to 2006,
touched a record high of 11.4% in 2007 and has been forecast by leading
economists to run at 10.5% during 2008.
Guangzhou is the largest city in Southern Mainland China with a population of
over 9.5 million and is also one of the most important commercial, political and
cultural centers in the region. Ranked third in the country in terms of GDP, it
is estimated that Guangzhou has contributed over RMB 700 billion (US$98.5
billion) to China's GDP in 2007, representing a 14% increase over the previous
year. It is estimated that disposable income per capita of the urban population
reached RMB 22,469 (US$3,160), with urban household per capita living
expenditure of RMB 18,951.3 (US$2,665), representing increases of 13.2% and
16.6 %, respectively, over the previous year.
An Expanding Retail Market
Guangzhou's retail market boomed during 2007. Retail sales for the year rose to
RMB 235 billion (US$33 billion), up 18.5% over the previous 12 months. On the
back of that increase, average retail property rentals rose by about 9.6%. As
volumes increased, consumer demand shifted towards high-end commodities. This in
turn attracted the presence of an increasing number of international brands and
other quality retailers into the marketplace of Guangzhou.
OPERATIONAL REVIEW
Comic City:
* The occupancy rate rose 96.5% for the financial year ended 31 December 2007,
from 58.9% at 30 April 2007.
* The management has implemented proactive strategies to enhance the tenant mix,
including bringing in popular food and beverage chains such as McDonalds and
Starbucks, and actively promoting the mall to other target tenants.
* Intelligent Access System and Parking Lot Surveillance were implemented for
car parking to effect better customer service and cost control. Further cost
control would be focused upon automation that will lead to improved staff
efficiency and reduced head count.
Mall of Canton:
* Construction has progressed to completion of 54% substructure and 13.2%
super-structure.
* Mall of Canton is positioned as an "urban lifestyle center", targeting
"medium-to-high" end consumers; the mall provides a natural ambience of fun
and entertainment.
Architecturally, emphasis has been laid upon energy saving and environmental
protection measures. While a chiller system to improve air quality and recycle
waste water is being installed, the Company is also using high quality materials
to maximise thermal insulation and acoustic control. On the whole, the mall has
been designed to create a natural ambience of fun and entertainment.
Construction of the Mall is on schedule and the north portion is expected to be
completed by this coming June, with a pre-sale permit (including pre-lease
rights) to be issued shortly thereafter. This will be followed by internal
decoration and the delivery of possession to tenants for fitting-out. It is
expected that the Mall of Canton will be open in the first half of 2009.
The pre-lease marketing campaign has been launched with focus on achieving a
well balanced mix of major anchor tenants, including a cinema, a department
store and a supermarket, as well as renowned food and beverage operators.
INVESTOR RELATIONS REVIEW
* Our website www.canton-properties.com, as required under AIM Rule 26 of the
AIM Rules for Companies, provides up-to-date information about the activities of
the Company. Investors or prospective investors are welcome to make direct
inquiries to the designated personnel as stated on the website.
* In taking a more active role of meeting with prospective investors, the
Company had its senior staff attend conferences such as Real Estate Investment
2007 IQ on 6 and 7 November 2007.
* In January 2008, the Company was the only AIM Company invited to the recent
opening of the London Stock Exchange in Beijing to meet British Prime Minister
the Rt. Hon. Gordon Brown MP.
CORPORATE GOVERNANCE REVIEW
* The Board carries the responsibilities for management structure and
appointments, policy and strategy formulation, and major transaction decisions.
To enable the Board to perform its duties, all members of the Board have full
access to all relevant information and non-executive directors may take
independent advice. The Board has delegated specific responsibilities to the
Audit Committee, the Remuneration Committee and the Nomination Committee.
* The Audit Committee, containing a minimum of two non-executive directors of
the Company identified by the Board as independent. The Chairman is an
independent non-executive director. The Audit Committee has the main duties
such as monitoring and discussing with the auditors the integrity of the
financial statements of the Company, and other formal announcements etc;
* The Remuneration Committee, as appointed by the Board on the recommendation of
the Nomination Committee if so appointed, comprises a minimum of two
non-executive directors identified as independent. The Remuneration Committee
has the responsibilities such as determining targets for any performance-related
pay schemes and ensuring that contractual payment terms on termination and any
payment made are fair to the individual and the Company.
* The Nomination Committee considers the selection and re-appointment of
directors. For instance, identifying and nominating candidates to fill up the
Board vacancies etc.
FINANCIAL REVIEW
Income Statement Highlights:
Consolidated revenue during the period was RMB 47.0m (US$6.6m) (2006: nil). This
includes the results of the rental income derived from tenants of Comic City
which represents the main trading activities of the Company.
Consolidated net profit after tax for the year was RMB 16.9m (US$2.4m) (2006:
RMB 10.1m (US$1.4m) loss), which includes a negative goodwill credit of
approximately RMB 23m (US$3.2m). Prior to the acquisition of the subsidiary
companies holding Comic City, in August 2007, the Company generated little
activity.
OUTLOOK
* The Company continues to generate returns for investors from rental incomes
and from capital appreciation. It will seek to achieve an attractive yield
through developing commercial projects with high growth potential at strategic
prime locations in Guangzhou and other first-tier cities in China.
* The Company will focus on the construction and the pre-lease marketing of the
Mall of Canton, and make every effort to ensure that it opens on time during the
first half of 2009. The Mall of Canton is expected to become a major income
contributor to the Company.
* The Company will continue to actively look for development and investment
opportunities in China so as to improve operational efficiency and create value
for its shareholders.
REVIEW OF PRELIMINARY RESULTS
The preliminary consolidated results of the Company for the Reporting Year have
been reviewed by the Audit Committee.
ANNUAL GENERAL MEETING
It is proposed that the annual general meeting of the Company will be held on
Friday, 16 May 2008.
Notice of the annual general meeting will be published and issued to
shareholders in due course.
ENQUIRIES:
Canton Property Investment Limited
Charlie Lin, Chief Executive Officer Tel: +852 2219 9669
Dennis Yau, Chief Financial Officer Tel: +852 2219 9669
Libertas Capital
Jakob Kinde/Stephen Pickup Tel:+44 207569 9650
First City Financial Public Relations
Allan Piper/Jiang Lei Tel:+44 207242 2666
Tel: +852 2854 2666
Consolidated income statement
For the year ended 31 December 2007
2007 2006
Note RMB '000 RMB '000
Revenue 46,950 -
Cost of sales (4,514) -
_________ _________
Gross profit 42,436 -
Net movement on fair value on investment property (1,157) -
Other income 178 423
Selling and distribution expenses (1,660) -
Marketing expenses (155) -
Administrative expenses (31,876) (11,481)
Other operating expenses (9,084) (356)
_________ _________
Operating loss before exceptional items (1,318) (11,414)
Negative goodwill 23,127 -
_________ _________
Operating profit/(loss) 21,809 (11,414)
Interest income 4,830 1,318
Interest expenses (1) -
_________ _________
Profit /(loss) before taxation 26,638 (10,096)
Taxation 2 (9,762) -
_________ _________
Profit/(loss) after taxation 16,876 (10,096)
Earnings per share
RMB RMB
Basic 9 0.12 (219.20)
Diluted 9 0.11 (219.20)
Consolidated statement of changes in shareholders' equity
For the year ended 31 December 2007
Share
Share based Retained Exchange Merger
Capital payment profits reserve reserve Total
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Balance at 1 January
2006 - - (329) 117 - (212)
Loss for the year - - (10,096) - - (10,096)
Exchange reserve - - - 348 - 348
________________________________________________________________
Balance at 31 December
2006 - - (10,425) 465 - (9,960)
Issue of shares 3,447,939 - - - - 3,447,939
Share based payment (77,038) 39,329 - - - (37,709)
Net profit for the year - - 16,876 - - 16,876
Exchange reserve - - - 82,636 - 82,636
Merger reserve - - - - (1,126,395)(1,126,395)
________________________________________________________________
Balance at 31 December
2007 3,370,901 39,329 6,451 83,101 (1,126,395) 2,373,387
================================================================
Consolidated balance sheet
2007 2006
RMB'000 RMB'000
Non-current assets
Investment property 3 1,351,000 -
Property, plant and equipment 4 12,297 1,523
Intangible assets 5 110 -
Properties under development 6 964,719 895,985
_________ _________
2,328,126 897,508
_________ _________
Current assets
Deposits for investment 312,099 -
Trade and other receivables 7 16,008 5,256
Cash and bank balances 213,838 194,724
_________ _________
541,945 199,980
_________ _________
Current liabilities
Trade and other payables 8 167,457 650,258
Tax payables 8,363 -
Short term bank loan - 180,000
Provisions 76,260 -
_________ _________
252,080 830,258
_________ _________
Non-current liabilities
Long term bank loan - 120,000
Deferred tax liabilities 206,154 -
Provisions 38,450 157,190
_________ _________
244,604 277,190
_________ _________
_________ _________
2,373,387 (9,960)
========= =========
Capital and reserve
Share capital 3,370,901 -
Share based payment reserve 39,329 -
Translation reserve 83,101 465
Retained earnings 6,451 (10,425)
Merger reserve (1,126,395) -
_________ _________
2,373,387 (9,960)
_________ _________
Consolidated cash flow statement - For the year ended 31 December 2007
2007 2006
RMB'000 RMB'000
Cash flow from operating activities
Net profit/(loss) from ordinary activities before
taxation 26,638 (10,096)
Adjustments for: -
Negative goodwill (23,127) -
Property, plant & equipment - depreciation 1,453 518
Property, plant & equipment - loss on disposal 5 5
Amortisation of intangible assets 4 -
Loss on fair value of investment property 1,157 -
Interest income (4,830) (1,318)
_________ _________
Operating profit (loss) before working
capital changes 1,300 (10,891)
Decrease in receivables 1,428 312,388
Decrease in payables (18,552) (32,114)
_________ _________
Cash (used in)/from operations (15,824) 269,383
Income tax paid (7) -
_________ _________
Net cash flow generated by/(used in) operating
activities (15,831) 269,383
_________ _________
Cash flow from investing activities
Acquisition of subsidiary 43,699 (240,573)
Interest received 4,830 1,318
Deposits for new investment (312,099) -
Investment property - additions (1,157) -
Land and development expenditure (101,250) (32,746)
Property, plant & equipment - additions (7,135) (1,078)
Acquisition of intangible assets (54) -
_________ _________
Net cash generated by investing activities (373,166) (273,079)
_________ _________
Cash flow from financing activities
Drawdown of bank borrowing - 300,000
Repayments of bank borrowing (300,000) (200,297)
Loan from related companies 4,043 -
Proceeds from issuance of shares 367,642 -
Shareholders' loans 329,244 -
Borrowing cost capitalised (4,147) (8,468)
_________ _________
Net cash generated by investing activities 396,782 91,235
_________ _________
Net increase in cash and cash equivalents 7,785 87,539
Cash and cash equivalents:
At start of year 194,724 107,175
Effect of exchange rate changes 11,329 10
_________ _________
Cash and cash equivalents at end of year 213,838 194,724
========= =========
Notes forming part of the financial statements
For the year ended 31 December 2007
1. Basis of preparation
The financial information set out in the preliminary announcement does not
constitute the Company's statutory accounts for the period ended 31 December
2007.
The auditors have yet to sign their report on the 2007 accounts. The statutory
financial statements for the period ended 31 December 2007 will be finalised on
the basis of the financial information presented by the Directors in this
preliminary announcement.
The accounts have been prepared in accordance with International Financial
Reporting Standards and the accounting policies adopted in the Company's AIM
Admission Document dated August 2007, as well as applying the principles of
uniting of interests (merger accounting) to the acquisition by the Company of
Skylink Group Holdings Limited. The Company's accounts have been presented on a
different basis from the financial information on the underlying Canton
businesses which was contained in the admission document issued in relation to
the admission of Canton Property Investment Limited to the AIM Market of the
London Stock Exchange on 16 August 2007. In that document financial information
on the Canton companies was presented on a combined basis in accordance with
Standards of Investment Reporting issued by the Auditing Practices Board in the
United Kingdom.
The financial information set out in this announcement was approved by the Board
on 10 March 2008.
2. Taxation
2007 2006
RMB'000 RMB'000
Current tax charge 8,356 -
Deferred tax charge 1,406 -
_________ _________
9,762 -
========= =========
The charge for the year is reconciled to the loss per the income statement as
follows:
Profit/(loss) before tax 26,638 (10,096)
Tax at corporation tax rate of 33% (2006: 33%) 8,791 (3,332)
Effect of non-taxable income (8,231) (41)
Effect of non-deductible expenses 5,505 24
Effect of tax losses movement 3,697 3,349
_________ _________
Corporation tax 9,762 -
========= =========
3. Investment property
2007 2006
At valuation RMB'000 RMB'000
At 1 January - -
Acquired on acquisition of subsidiary 1,351,000 -
Additions 1,157 -
Revaluation (1,157) -
_________ _________
At 31 December 1,351,000 -
========= =========
It is the Company's policy to carry investment property at fair value in
accordance with IAS 40 "Investment Property". Investment property was valued at
31 December 2007 by Knight Frank Petty Limited, valuers independent of the
Group. The valuation was made by reference to sales evidence as available in the
market and where appropriate on the basis of capitalisation of net income.
Outgoings have been allowed and, in appropriate cases, provisions for
reversionary income potential have been made in the valuation.
4. Property, plant and equipment
Furniture Office Motor Gaming
and fittings equipment vehicles equipment Renovation Total
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Cost
At 1 January 2006 191 368 1,140 - - 1,699
Addition 148 567 - - 364 1,079
Disposal - (9) - - - (9)
________ ________ ________ ________ _________ _________
At 31 December 2006 339 926 1,140 - 364 2,769
On acquisition of
subsidiaries
80 1,189 1,265 2,482 110 5,126
Additions 516 861 501 - 5,257 7,135
Disposal - (21) - - - (21)
Exchange adjustment - (9) (25) - - (34)
________ ________ ________ ________ ________ _________
At 31 December 2007 935 2,946 2,881 2,482 5,731 14,975
======= ======= ======= ======= ======= ========
Accumulated
depreciation
At 1 January 2006 70 173 490 - - 733
Charge for the year 54 154 205 - 104 517
Disposal - (4) - - - (4)
________ ________ ________ ________ ________ _________
At 31 December 2006 124 323 695 - 104 1,246
Charge for the year 87 311 437 209 409 1,453
Disposal - (16) - - - (16)
Exchange adjustment - - (5) - - (4)
________ ________ ________ ________ ________ ________
At 31 December 2007 211 618 1,127 209 513 2,678
======= ======= ======= ======= ======= ========
Net Book Value
At 31 December 2007 724 2,328 1,754 2,273 5,218 12,297
======= ======= ======= ======= ======= =======
At 31 December 2006 215 603 445 - 260 1,523
======= ======= ======= ======= ======= =======
5. Intangible assets
Total
RMB'000
Cost
From acquisition of subsidiaries 60
Additions 54
_________
At 31 December 2007 114
=========
Accumulated amortisation
At 1 January 2006 -
Charge for the year -
_________
At 31 December 2006 -
Charge for the year 4
_________
At 31 December 2007 4
=========
Net book value
At 31 December 2007 110
=========
At 31 December 2006 -
=========
6. Properties under development
Borrowing Other
Land use Development cost indirect
rights cost capitalised costs Total
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
At Cost
At 1 January 2006 266,881 279,167 58,476 2,594 607,118
Addition - 277,635 8,468 2,764 288,867
________ ________ ________ _________ _________
At 31 December 2006 266,881 556,802 66,944 5,358 895,985
Additions - 61,504 5,147 2,083 68,734
________ ________ ________ ________ _________
At 31 December 2007 266,881 618,306 72,091 7,441 964,719
======== ======== ======== ======== =========
7. Trade and other receivables
2007 2006
RMB'000 RMB'000
Trade receivables 103 -
Other receivables 161 3,679
Deposits 6,573 1,577
Prepayments and accrued income 9,171 -
_________ _________
16,008 5,256
========= =========
8. Trade and other payables
2007 2006
RMB'000 RMB'000
Social welfare and other taxes payables 12,768 -
Deferred consideration 37,197 559,249
Amount due to related parties 4,043 -
Other payables 8,455 488
Accruals 96,958 90,521
Deposits received 8,036 -
_________ _________
167,457 650,258
========= =========
9. Earnings per share
Group Group
2007 2006
RMB'000 RMB'000
Profit/(loss) after taxation 16,876 (10,096)
_________ _________
Number Number
Basic weighted average ordinary shares in 144,931,824 46,058
issue during the period
Diluted weighted average ordinary shares 151,563,846 46,058
in issue during the period
_________ _________
Group Group
2007 2006
RMB RMB
Basic earnings per share 0.12 (219.20)
Diluted earnings per share 0.11 (219.20)
_________ _________
10. Contingent liabilities
As at 31 December 2007, Guangzhou Tian Yuan Investment Management Limited, a
subsidiary of the Company, had pledged a fixed asset owned by the Group included
in the financial statements at a revalued book vale of RMB 1,351 million in the
form of mortgages granted for borrowings of up to RMB 275,000,000 and RMB
230,000,000 made to Guangzhou Zhong Jin Export and Import Trade Limited and
Guangzhou Fei Hang Electronics Equipment Limited respectively, companies
independent of the Group. Mr Wong, Chairman of the Company, has given an
undertaking in favour of the Company on 11 March 2008 that he will fully
discharge the mortgages within 30 days of the date of completion of the sale of
the Pearl River New City B1-1 Development to the Company and will remove the
registration of the mortgages from the Government Records in the PRC.
11. Acquisition
On 6 August 2007, the Group acquired 100% of the issued share capital of Glory
Horn International Limited and Forelle Holdings Limited for share consideration.
The net assets acquired and the goodwill arising are as follows:-
Acquiree's carrying
amount before Fair value
combination adjustment Fair value
RMB'000 RMB'000 RMB'000
Cash and cash equivalent 43,699 - 43,699
Property, plant & equipment 5,126 - 5,126
Intangible assets 60 - 60
Investment properties 1,351,000 - 1,351,000
Other receivables and prepayments 12,180 - 12,180
Other payables and accruals (76,370) - (76,370)
Deposits received (9,645) - (9,645)
Deferred tax liabilities (204,748) - (204,748)
__________
1,121,302
Negative goodwill (23,127)
__________
1,098,175
==========
Total consideration satisfied by:
RMB'000
Allotment of shares by Skylink Group Holdings Limited 1,098,175
==========
Net cash inflow arising on acquisition:
Cash consideration paid -
Bank balances and cash acquired 43,699
__________
43,699
==========
This information is provided by RNS
The company news service from the London Stock Exchange
END
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