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All Asia LSE:AAA London Ordinary Share VGG017801082 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 2.00p 1.50p 2.50p 2.00p 2.00p 2.00p 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 1.1 0.5 4.0 4.24

All Asia Asset Capital Limited Interim Results for the period ended 30 June 2018

28/09/2018 11:29am

UK Regulatory (RNS & others)


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All Asia Asset Capital Limited

28 September 2018

28 September 2018

All Asia Asset Capital Limited

("All Asia Asset Capital", "AAA" or the "Company")

Unaudited Interim Results for the period ended 30 June 2018

All Asia Asset Capital (AIM: AAA), an investing company focused on investing in the growing markets of the Asia Pacific region, today announces its unaudited interim results for the six months ended 30 June 2018.

 
 All Asia Asset Capital Limited 
 Robert Berkeley, Executive Chairman and 
  Finance Director 
 Wai Tak Jonathan Chu, Executive Director 
 Tel: +44 (0) 207 621 8910 
 Tel: +852 3756 0124 
 www.aaacap.com 
 
 
   Allenby Capital Limited 
   (Nominated Adviser and Broker) 
 Nick Athanas / Alex Brearley 
 Tel: +44 (0) 203 328 5656 
 www.allenbycapital.com 
 

About AAA

AAA is an investment company that has been established as a platform for investors looking to access growing markets in the Asia-Pacific region. The Company invests in a portfolio of companies with at least a majority of operations (or early-stage companies that intend to have at least a majority of their operations) in the Asia-Pacific region in industries with high growth potential including, but not limited to: agriculture, forestry and plantations, mining, natural resources, property, and/or technology. AAA is publicly quoted and its shares are traded on the AIM Market, which is operated by the London Stock Exchange.

CHAIRMAN'S STATEMENT

I am pleased to report the results of All Asia Asset Capital Limited (the "Company") together with its subsidiaries (the "Group") for the six months ended 30 June 2018.

Business Review

During the six months ended 30 June 2018 the Company continued its focus on Myanmar. The Company retained its investment in Myanmar Allure Group Co., Ltd., ("MAG"), which owns and operates the Allure Resort, a combined hotel, resort and gaming facility located in Tachileik province, Myanmar, in the vicinity of the Thailand-Myanmar Mae Sai border.

In maintaining its minority investment of 7 per cent in MAG, the Board maintains its positive outlook regarding the long-term outlook towards Myanmar and the hotel, resort and gaming sector in particular.

During the period, MAG continued its search for partnership opportunities as well as seeking to leverage its prime position for foreign gaming partners to collaborate in the expansion of its Tachileik facilities.

Furthermore, the Board of AAA understands that MAG continues to work on plans to expand its facilities starting in 2019. The expected construction time is one year, with an increase in revenue streams and capacity expected to start during 2020. The preliminary capital outlay for the expansion of MAG's facilities will be approximately GBP6.09 million and this funding is anticipated to be raised via a loan from MAG's majority shareholder.

Notwithstanding these developments, the Company continues to actively seek realisation of its investment in MAG, although the Company has yet to engage in any advanced discussions with third parties in respect of realising AAA's interest in MAG.

The proceeds from the disposal of the Company's minority interests in APU during the year ended 31 December 2017 continues to provide the Company with working capital in order to allow the Company to continue its operations and refocus its energies to pave the way towards delivering shareholder value by finding new investment opportunities.

Financial Results

During the six months ended 30 June 2018 the Company incurred a net loss of GBP0.12 million (six months ended 30 June 2017: net profit of GBP1.21 million). The loss was attributable to Administrative expenses incurred by the Company.

During the six months ended 30 June 2018, the main asset of the Group consisted of its investment in MAG. AAA's investments in MAG were valued by an independent third-party valuer at a fair value of GBP1.24 million as at 30 June 2018 (31 December 2017: carrying value of MAG - GBP1.21 million).

Notwithstanding the Company's careful control of running costs, the cash reserves continue to reduce. As at 30 June 2018 the net assets of the Group were GBP1.49 million (31 December 2017: net assets of GBP1.56 million) and the Group had cash and cash equivalents of GBP0.28 million (31 December 2017: cash and cash equivalents of GBP0.37 million). Annual expenditure of the Group is running at circa GBP0.25 million.

Board Changes

On 30 July 2018, during the Annual General Meeting of the Company, the resolution to re-appoint Robert Anthony Rowland Berkeley to the Board of Directors as Executive Chairman and Finance Director was passed.

On 2 November 2016, the Company announced that it was considering a proposal to amend the existing investing policy of the Company and it was noted that this change in investing policy would be subject to approval of shareholders. The Company intends to re-assess this proposal once it has appointed a new Chief Executive Officer.

Economic Outlook

With the Company's sole investment at the present time being situated in Myanmar, it is worth reviewing Myanmar's current economic environment. In the World Bank's May 2018 Myanmar Economic Monitor report, the overall assessment was an improved economic growth performance during fiscal year 2017/18, with a real GDP growth of 6.4 per cent. This signaled an about-turn from the more modest experience of fiscal year 2016/17 which saw 5.9 per cent real GDP growth amid a deteriorating outlook at the time. Furthermore, inflation pressure has moderated and the current account deficit has narrowed against the backdrop of strong export growth, whilst exchange rates were stable during that period.

Within the tourism and hospitality sector, according to statistical data published by Myanmar's Ministry of Hotels & Tourism, visitor arrivals increased by approximately 500,000, to a total 3.443 million arrivals, with the majority of these (over 400,000) arriving through border gateways. This may have helped offset shorter stays and marginally less daily tourism spend as, according to a World Bank report, Myanmar experienced flat tourism-related earnings in 2017/18, attributed to international concerns about the Rakhine humanitarian crisis which the Board of AAA remains acutely aware of. Despite some protracted risk factors arising within certain sectors, the economic outlook remains buoyant for Myanmar, with the World Bank's May 2018 Myanmar Economic Monitor projecting growth at 6.8 percent for the 2018/19 fiscal year.

Appreciation

I would like to thank all the hard work my fellow Board members and staff, our advisers and of course our shareholders for their continuing support for AAA. I sincerely hope that the Company will continue to enjoy such support towards the development of the Group in the years to come.

ALL ASIA ASSET CAPITAL LIMITED

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

FOR THE SIX MONTHSED 30 JUNE 2018

 
                                                               Six months ended 30 June 
                                                                      2018           2017 
                                                             -------------  ------------- 
                                                    Notes              GBP            GBP 
                                                               (Unaudited)    (Unaudited) 
 
 Net realised gain on disposal 
  of available-for-sale investments                                      -      1,213,028 
 Change in fair value of convertible 
  loan designated at fair value 
  through profit or loss                                                 -        220,243 
 Administrative expenses                                         (124,132)      (219,697) 
                                                             -------------  ------------- 
 (Loss) / Profit before tax                           3          (124,132)      1,213,574 
 Income tax                                           5                  -              - 
                                                             -------------  ------------- 
 
   (Loss) / Profit for the period 
   attributable to the owners of 
   the Company                                                   (124,132)      1,213,574 
 Other comprehensive income: 
 Items that may reclassified 
  subsequently to profit or loss: 
 
        Release upon disposal of available-for-sale 
        investments                                                      -    (1,230,513) 
 
            Exchange difference on translating financial 
            statements of foreign subsidiaries                           -       (99,792) 
                                                             -------------  ------------- 
 Total comprehensive expense 
  for the period                                                 (124,132)      (116,731) 
                                                             =============  ============= 
 
 (Loss) / Profit per ordinary 
  share 
 Basic (loss) / profit per ordinary                   6(a)    (0.06) pence     0.57 pence 
  share 
                                                             =============  ============= 
 Diluted (loss) / profit per                          6(b)    (0.06) pence     0.57 pence 
  ordinary share 
                                                             =============  ============= 
 
 

The notes on pages 9 to 12 form an integral part of these financial statements

ALL ASIA ASSET CAPITAL LIMITED

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2018

 
                                                        As at 30      As at 31 
                                                        Jun 2018           Dec 
                                                                          2017 
                                                   -------------  ------------ 
                                            Notes            GBP           GBP 
                                                     (Unaudited)     (Audited) 
 ASSETS 
 Non-current assets 
 Property, plant and equipment                             5,299         6,411 
 Investment in equity instrument 
  at fair value through profit 
  or loss/Available-for-sale 
  financial assets                            7        1,240,035     1,208,815 
                                                   -------------  ------------ 
                                                       1,245,334     1,215,226 
                                                   ------------- 
 Current assets 
 Prepayment, deposit and other 
  receivable                                              10,514        10,547 
 Cash and bank balances                                  267,438       355,418 
                                                   -------------  ------------ 
 Total current assets                                    277,952       365,965 
                                                   -------------  ------------ 
 Total assets                                          1,523,286     1,581,191 
                                                   =============  ============ 
 
   CAPITAL AND RESERVES 
 Share capital                                8        6,284,194     6,284,194 
 Reserves                                            (4,793,403)   (4,719,341) 
                                                   -------------  ------------ 
 Total equity                                          1,490,791     1,564,853 
                                                   =============  ============ 
 
   LIABILITIES 
 
   Current liabilities 
 Other payables and accruals                              32,495        16,338 
                                                   -------------  ------------ 
 
   Total liabilities                                      32,495        16,338 
                                                   =============  ============ 
 
   Total equity and liabilities                        1,523,286     1,581,191 
                                                   =============  ============ 
 
   Net current assets                                    245,457       349,627 
                                                   =============  ============ 
 
   Total assets less current liabilities               1,490,791     1,564,853 
                                                   =============  ============ 
 
   Net assets                                          1,490,791     1,564,853 
                                                   =============  ============ 
 

Approved and authorised for issue by the board of directors on 28 September, 2018.

 
 
 
 
 
 Wai Tak Jonathan Chu     Robert Anthony Rowland Berkeley 
       Director                       Director 
 

The notes on pages 9 to 12 form an integral part of these financial statements

ALL ASIA ASSET CAPITAL LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY

FOR THE SIX MONTHSED 30 JUNE 2018

 
                                          Fair      Share 
                             Share       value     option      Exchange   Accumulated 
                           capital     reserve    reserve       reserve        losses       Total 
                        ----------  ----------  ---------  ------------  ------------  ---------- 
                               GBP         GBP        GBP           GBP           GBP         GBP 
 
 At 1 January 2018       6,284,194   (350,618)          -       300,051   (4,757,024)   1,564,853 
  Total comprehensive 
   income for the 
   period                        -           -          -      (50,070)        35,882     688,982 
 
 As at 30 June 2018      6,284,194   (350,618)          -       350,121   (4,792,906)   1,490,791 
                        ==========  ==========  =========  ============  ============  ========== 
 
 At 1 January 2017       6,284,194   (106,780)     44,125     1,687,395   (5,782,916)   2,126,018 
  Total comprehensive 
   income for the 
   period                        -           -          -   (1,330,305)     1,213,574   (116,731) 
 
 
 As at 30 June 2017      6,284,194   (106,780)     44,125       357,090   (4,569,342)   2,009,287 
                        ==========  ==========  =========  ============  ============  ========== 
 
 

The notes on pages 9 to 12 form an integral part of these financial statements

ALL ASIA ASSET CAPITAL LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHSED 30 JUNE 2018

 
 
                                                         Six months ended 30 June 
                                                              2018               2017 
                                                   ---------------  ----------------- 
                       Notes                                   GBP                GBP 
                                                       (Unaudited)        (Unaudited) 
 Operating activities 
 (Loss) / Profit before taxation                         (124,132)          1,213,574 
 Adjustments for: 
   Depreciation of property, plant 
    and equipment                                            1,112              1,518 
   Gain on change in fair value of 
    convertible loan                                             -          (220,243) 
   Net realised gain on disposal of 
    available-for-sale investments                               -        (1,213,028) 
 Operating loss before working capital 
  changes                                                (123,020)          (218,179) 
  Decrease / (Increase) in prepayment, 
   deposit and other receivables                                33           (20,918) 
  Increase / (Decrease) in accruals 
   and other payables                                       16,156            (3,023) 
 
   Cash used in operating activities                     (106,831)          (242,120) 
 
   Interest received                                             -                  - 
                                                   ---------------      ------------- 
 Net cash used in operating activities                   (106,831)          (242,120) 
                                                   ---------------      ------------- 
 Investing activities 
    Proceed from disposal of available-for-sale 
     investments                                                 -            795,069 
 Net cash generated from investing 
  activities                                                     -            795,069 
                                                   ---------------      ------------- 
 Financing activities 
    Repayment of convertible loan                                -          (100,000) 
 Net cash used in financing activities                           -          (100,000) 
                                                   ---------------      ------------- 
 Net (decrease) / increase in cash 
  and cash equivalents                                   (106,831)            452,949 
 Cash and cash equivalents at beginning 
  of the period                                            355,418             44,648 
 Effect of foreign exchange rate changes, 
  net                                                       18,851            (3,391) 
                                                   ---------------      ------------- 
 Cash and cash equivalents at end 
  of the period                                            267,438            494,206 
                                                   ===============      ============= 
 Analysis of balances of cash and 
  cash equivalents 
 Cash and bank balances                                    267,438            494,206 
                                                   ===============      ============= 
 
 

The notes on pages 9 to 12 form an integral part of these financial statements

ALL ASIA ASSET CAPITAL LIMITED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHSED 30 JUNE 2018

   1.    GENERAL INFORMATION 

All Asia Asset Capital Limited (the "Company") is an investment company incorporated in British Virgin Islands on 14 September 2012 with its registered office located on Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands. The shares of the Company are listed on the AIM market of the London Stock Exchange on 2 May 2013.

The principal activity of the Company is to invest in growing markets of Asia Pacific region.

The interim financial information relating to the six months ended 30 June 2018 is unaudited and does not constitute statutory accounts.

   2.    APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS ("IFRSs") 

(a) Statement of compliance

These condensed consolidated financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34, Interim financial reporting, issued by the International Accounting Standards Board ("IASB"), the applicable disclosure provisions of the AIM Rules issued by the London Stock Exchange. The interim financial information is presented in Great British Pound ("GBP"), rounded to the nearest thousand, unless otherwise stated.

These condensed consolidated financial statements have been prepared under the historical cost convention, except that certain available-for-sale investments are carried at their fair values. The principal accounting policies adopted in the preparation of these condensed consolidated financial statements are consistent with those followed in the Group's annual financial statements for the year ended 31 December 2016, except for below amendments to IFRSs effective on 1 January 2017.

   Amendments to IAS 7                               Disclosure Initiative 

Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealised Losses

The adoption of the amendments to IFRSs in the current period has had no material effect on the Group's financial performance and positions for the current and prior years and/or the disclosures set out in these interim condensed consolidated financial statements.

The preparation of condensed consolidated financial statements in conformity with IAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates.

This interim financial information contains condensed consolidated financial statements and explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the 2016 annual financial statements. The condensed consolidated financial statements and notes thereon do not include all of the information required for a full set of financial statements prepared in accordance with International Financial Reporting Standards ("IFRSs").

(b) New and revised IFRSs issued but not yet effective

The Group has not applied the following new and revised IFRSs that have been issued but are not

yet effective:

Amendments to IFRSs Annual Improvements to IFRS Standards 2014-2016 Cycle(3)

Amendments to IFRS 10 Sale or contribution of assets between an investor and its

       and IAS 28                                               Associate or joint venture(5) 
   IFRS 9                                                     Financial instruments(1) 
   IFRS 15                                                   Revenue from contracts with customers(1) 
   IFRS 16                                                   Lease(2) 
   IFRS 17                                                   Insurance Contracts(4) 

IFRIC 22 Foreign Currency Transactions and Advance Consideration(3)

   IFRIC 23                                                  Uncertainty over Income Tax Treatments(2) 

Amendments to IFRS 2 Classification and movement of share-based payment Transactions(2)

Amendments to IFRS 4 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance

Contracts(1)

          Amendments to IAS 40                             Transfers of Investment Property(1) 

Notes:

(1) Effective for annual periods beginning on or after 1 January 2018

(2) Effective for annual periods beginning on or after 1 January 2019

(3) Effective for annual periods beginning on or after 1 January 2017 or 1 January 2018, as appropriate

            (4)          Effective for annual periods beginning on or after 1 January 2021 
            (5)          Effective for annual periods beginning on or after a date to be determined 

The Company has already commenced an assessment of the impact of these new IFRSs but is not yet in a position to state whether these new IFRSs would have a material impact on its results of operations and financial position.

   3.    PROFIT BEFORE TAX 

Profit before tax arrived at after charging/(crediting):

 
                                                Six month ended 30 June 
                                                      2018           2017 
                                             -------------  ------------- 
                                                       GBP            GBP 
                                               (unaudited)    (unaudited) 
 Depreciation of property, plant and 
  equipment                                          1,112          1,518 
 Staff costs (including directors' 
  remuneration) 
 
       *    Salaries and other benefits             26,250         38,694 
 
       *    Fees                                    12,000         10,500 
 
       *    Retirement scheme contribution               -          1,935 
 
 
   4.    DIRECTORS' REMUNERATION 

The emoluments paid or payable to each of the directors were as follows:

For six months ended 30 June 2018 (unaudited):

 
                                          Salaries             Retirement 
                                         and other    scheme contribution 
                                 Fees     benefits                             Total 
                            ---------  -----------  ---------------------  --------- 
                                  GBP          GBP                    GBP        GBP 
 Executive directors 
 Mr. Robert Anthony 
  Rowland Berkeley                  -       15,000                      -     15,000 
 Mr. Chu Wai Tak                    -            -                      -          - 
 Jonathan 
 
 
   Independent 
   non-executive director           -       15,000                      -     15,000 
 Mr. Seah Boon Chin            11,250            -                      -     11,250 
                            ---------  -----------  ---------------------  --------- 
 
                               11,250       15,000                      -     26,250 
                            =========  ===========  =====================  ========= 
 

For six months ended 30 June 2017 (unaudited):

 
                                            Salaries             Retirement 
                                           and other    scheme contribution 
                                   Fees     benefits                             Total 
                              ---------  -----------  ---------------------  --------- 
                                    GBP          GBP                    GBP        GBP 
 Executive directors 
 Mr. Robert Anthony 
  Rowland Berkeley                    -        8,600                      -      8,600 
 Mr. Chu Wai Tak 
  Jonathan                            -            -                      -          - 
  Mr.Paniti Junhasavasdikul 
  (Note 1)                            -       25,200                      -     25,200 
 
 
 
   Independent 
   non-executive director             -       33,800                      -     33,800 
 Mr. Seah Boon Chin              10,500            -                      -     10,500 
                              ---------  -----------  ---------------------  --------- 
 
                                 10,500       33,800                      -     44,300 
                              =========  ===========  =====================  ========= 
 

Notes:

   1.   Mr. Paniti Junhasavasdikul was appointed on 9 September 2016 and resigned on 30 April 2017. 
   5.    INCOME TAX 

No change to income tax arises in the period as there were no taxable profits in the period. The Company and its subsidiaries, except the Hong Kong subsidiary, are incorporated in British Virgin Islands and are not subject to any income tax.

The Hong Kong subsidiary of the Company did not record any assessable profits during the period (2017: nil).

No deferred tax asset has been recognised in respect of the tax loss due to the loss are not recognised by the tax authority of relevant jurisdictions.

   6.    (LOSS) / PROFIT PER SHARE 
   (a)   Basic (loss) / profit per share 

During the period, the calculation of basic loss per share is based on the loss for the period attributable to shareholders of GBP124,132 (2017: profit of GBP1,213,574) by the weight average number of 212,826,072 ordinary shares in issue during the period (2017: 212,826,072).

   (b)   Diluted (loss) / profit per share 

No adjustment has been made to the basic loss per share presented for the six months ended 30 June 2018 and 30 June 2018 in respect of a dilution as the impact of the share options outstanding had an anti-dilutive effect on the basic profit per share presented.

   7.    AVAILABLE-FOR-SALE FINANCIAL ASSETS 

Available-for-sale financial assets comprise of:

 
                                              30 June   31 December 
                                                 2018          2017 
                                        -------------  ------------ 
                                                  GBP           GBP 
                                          (Unaudited)     (Audited) 
 Unlisted equity securities 
 Andaman Power and Utility Company                  -             - 
  Limited 
 Myanmar Allure Group Company Limited       1,240,035     1,208,815 
                                        -------------  ------------ 
 
                                            1,240,035     1,208,815 
                                        =============  ============ 
 

The unlisted equity securities are measured at fair value and are classified as Level 3 fair value measurement. Fair value is estimated using Discounted Cash Flow ("DCF") method. There were no changes in valuation techniques during the periods.

The movement of available-for-sale financial assets during the period mainly arising from the exchange realignment.

   8.    SHARE CAPITAL 
 
                                   Number of 
                             ordinary shares 
                                  of GBP0.10        GBP 
                                        each 
                             ---------------  --------- 
 Authorised 
 At 30 June 2017 and 2018      1,000,000,000        N/A 
                             ===============  ========= 
 Issued 
 As at 31 December 2017, 
  1 January 
 2018 and 30 June 2018           212,826,072  6,284,194 
                             ===============  ========= 
 

All the shares issued were ranked pari passu in all respects with the existing ordinary shares of the Company.

-ENDS-

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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