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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| All Active Asset Capital Limited | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 53.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMAAA
RNS Number : 3508C
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
Hot Features
Premium
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
IR ZMGZLGRGGRZM
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