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Name | Symbol | Market | Type |
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Alternative Access First Priority CLO Bond ETF | AMEX:AAA | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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-0.02 | -0.08% | 25.11 | 25.15 | 25.09 | 25.10 | 6,684 | 21:02:20 |
THIS IS A PIMSWIRE TEST MESSAGE 6th August, 2010 TEST COMPANY HOLDINGS LIMITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010 Chairman's Statement Although the Chinese economy experienced positive growth in 2010 and remained one of the bright spots in Asia, the Group's hotel operations were adversely impacted by the slow down in travel experienced worldwide in the fourth quarter and by increasing market competition. The intensified competition of other hotels and restaurants, particularly in ????????, caused a decline in operating results. In addition, the Group's property interests in Beijing continued to be adversely impacted by difficult market conditions and a continuing oversupply of commercial buildings. A write down in the value of the ?????? Hotel and property was deemed prudent. As reported in our interim statement for June 2010, the Group made a significant change in its structure as a result of which the parent company of the Group, Test Company Holdings Limited (the "Company"), is now a company domiciled in ?????????. The new corporate structure should provide the Group with an international profile and a platform for expanding the shareholder base to a wider range and larger number of international investors. It should also allow greater flexibility for future business development and growth and international tax planning. The Company also purchased all of the preference shares of Test Company Holdings plc resulting in a simpler capital structure within the Group. In addition, since the US dollar and currencies closely linked to it form the main currency bloc in which the Group's business is transacted, the Group has adopted the US dollar as its reporting currency with effect from 1 January 2010. Gross turnover for the year ended 31 December 2010 of USD12,015,000 was higher than the USD33,737 achieved in 2000. The operating loss for 2010 was USD91,464,000 (2000: operating loss of USD8,710,000). This includes an exceptional charge from the write-down in the carrying value of fixed assets, mainly attributable to the ??????? Hotel and ??????? development project, of USD30,480,000 (2000: USD30,931,000) which is partly offset by amortisation of negative goodwill of USD18,288,000 (2000: USD18,558,000). The pre-tax loss before minority interests was USD10,316,000 (2000: USD9,537,000). The loss after tax and minority interests for the year was USD539,000 compared with a profit after tax and minority interests of USD405,000 for the year ended 31 December 2000. Net assets per share were USD0.491 (2000: USD0.484). Gearing slightly reduced to 26.5% (2000: 26.7%). On behalf of the Board, I would like to thank our management and staff for their continued commitment. Chairman Operational Review ??????? HOTEL AND SITE (££) Test Company Holdings Limited owns a 60% equity interest in the Beijing ??????? Landmark Limited ("???????"), a joint venture company with the Municipal Government, to operate the ??????? Hotel and to develop the site of some 10,000 sq.m. in the District. During the year, ??????? continued to make significant investments in the facilities of the hotel. The Health Centre was upgraded to include a new sauna, jacuzzi, extra massage facilities as well as new exercise equipment. The guestrooms from floors 12 to 16 were totally refurbished while the guestrooms from floors 5 to 7 benefited from minor soft refurbishment. All six guest elevators were refurbished. The Revolving Restaurant also underwent soft refurbishment. Management also introduced stringent measures to reduce costs particularly those associated with the conservation of energy and other utility costs. In a very competitive market, ??????? managed to maintain its occupancy rate at 75% in 2010, the same level as in 2000. Room rates were 3.5% higher than those achieved in 2000. Food and beverage result increased by 8.4% from 2000 to 2010. Because of the growing oversupply of commercial buildings, and the delay in pursuing the development of the site, there was a decrease in the value of the hotel and development properties at the end of the year. We have kept the ??????? development on hold but will continue to review the scope and timing of this project. Note: The Directors believe that it is advantageous for the Company to be able to buy its own common shares in the market and accordingly will propose at its forthcoming annual general meeting a general authority to do so. GROUP PROFIT AND LOSS ACCOUNT Year ended Year ended 31 December 31 December 2010 2010 USD'000 USD'000 TURNOVER 2 34,015 33,737 COST OF SALES (27,620) (27,930) ___________ __________ GROSS PROFIT 6,395 5,807 ADMINISTRATIVE EXPENSES Administrative expenses (1,667) (2,144) (excluding impairment of fixed assets) Deficit on revaluation of fixed assets (30,480) (30,931) Amortisation of negative goodwill 18,288 18,558 ___________ __________ (13,859) (14,517) ___________ __________ OPERATING LOSS (7,464) (8,710) EXCEPTIONAL ITEMS Reorganisation costs of continuing operations (782) - OTHER INCOME - 1,512 ___________ __________ LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST AND (8,246) (7,198) TAXATION INTEREST (2,070) (2,339) ___________ __________ LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION 2 (10,316) (9,537) TAXATION 4 (1,028) (1,101) ___________ __________ LOSS ON ORDINARY ACTIVITES AFTER TAXATION (11,344) (10,638) MINORITY INTERESTS 10,805 11,043 ___________ __________ (ACCUMULATED LOSS) RETAINED PROFIT ATTRIBUTABLE TO SHAREHOLDERS (539) 405 ___________ __________ (LOSS) PROFIT PER SHARE BASIC 4 (0.19) 0.14 cents cents GROUP BALANCE SHEET (Restated) As at As at 31 December 31 December 2010 2010 USD'000 USD'000 FIXED ASSETS Tangible assets 369,121 395,295 Negative goodwill (102,544) (120,832) ___________ ___________ 266,577 274,463 ___________ ___________ CURRENT ASSETS Stocks 1,140 1,297 Debtors 1,788 1,602 Cash at bank and in hand 39,865 36,929 ___________ ___________ 42,793 39,828 CREDITORS: amounts falling due within one year (28,682) (42,061) ___________ ___________ NET CURRENT ASSETS (LIABILITIES) 14,111 (2,233) ___________ ___________ TOTAL ASSETS LESS CURRENT LIABILITES 280,688 272,230 CREDITORS: amounts falling due after one year (33,870) (16,600) ___________ ___________ 246,818 255,630 MINORITY INTEREST (108,882) (119,723) ___________ ___________ NET ASSETS 137,936 135,907 ========== ========== CAPITAL AND RESERVES Called up share capital 14,042 14,042 Revaluation reserve 76,213 71,838 Capital and special reserve 3,206 3,282 Statutory reserve 2,463 2,086 Merger reserve 58,433 58,433 Exchange equalisation reserve 1,029 2,793 Profit and loss account (17,450) (16,567) ___________ ___________ SHAREHOLDERS' FUNDS 137,936 135,907 ========== ========== GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (Restated) Year ended Year ended 31 December 31 December 2010 2010 USD'000 USD'000 (LOSS) PROFIT FOR THE YEAR (539) 405 Unrealised gain on revaluation of hotel properties 2,546 4,894 ___________ ___________ Total gains for the year before currency adjustments 2,007 5,299 Exchange adjustments 22 735 ___________ ___________ TOTAL GAINS RECOGNISED FOR THE YEAR 2,029 6,034 Prior year adjustments (see note below) 1,524 ========== ___________ TOTAL GAINS RECOGNISED SINCE LAST FINANCIAL 3,553 STATEMENTS ========== RECONCILIATION OF SHAREHOLDERS' FUNDS Total recognised gains 2,029 6,034 Shareholders' funds at beginning of year (originally USD134,383,000 before 135,907 129,873 addition of prior year adjustment of USD1,524,000) ___________ ___________ Shareholders' funds at end of year 137,936 135,907 ========== ========== The deferred tax liability was previously provided as a result of the upward revaluation of properties held for development. On acquisition the intention was to redevelop and then sell these properties and a deferred tax liability of USD40,480,000 was provided to cover the tax charge arising on the expected gain on disposal. The Group's share of the deferred tax liability was included in the calculation of negative goodwill which arose on the acquisition of the company which held these properties. The balance was borne by the minority interest. THIS IS A PIMSWIRE TEST MESSAGE
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