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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Asian Growth Properties | LSE:AGP | London | Ordinary Share | BMG054131021 | COM SHS USD0.05 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.05 | 0.10 | 2.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAGP
RNS Number : 6535S
Asian Growth Properties Limited
18 March 2016
18 March 2016
Asian Growth Properties Limited
Results for the year ended 31 December 2015
Asian Growth Properties Limited (the "Company") (AIM Stock Code: AGP), the Hong Kong based China property development and investment company, announces its audited consolidated results for the year ended 31 December 2015 as follows:
Financial Highlights
n Profit attributable to the Company's shareholders of HK$1,336.7 million (GBP116.4 million) (2014: HK$703.1 million (GBP58.3 million)).
n Profit attributable to the Company's shareholders (excluding revaluation surplus net of deferred tax) was HK$355.9 million (GBP31.0 million) (2014: HK$102.8 million (GBP8.5 million)). The increment was a result of a realized gain of HK$431.8 million (GBP37.6
million) on the sale of the Fo Tan project after netting off of the increase of HK$163.3 million (GBP14.2 million) in management fee paid to South-East Asia Investment And Agency Company, Limited ("SEAI"), a wholly-owned subsidiary of S E A Holdings Limited (the holding company of the Company), pursuant to a cost sharing agreement made between the Company, its various subsidiaries and SEAI in 2014 for the use of SEAI's personnel and facilities on a cost-sharing basis for the Company to carrying its
business activities. The increase in the said management fee is mainly due to the rise in SEAI's employee benefits during the year under review.
n Earnings per share for profit attributable to the Company's shareholders of HK150.8 cents (13.1 pence) (2014: HK79.3 cents (6.6 pence)).
n Net asset value per share attributable to the Company's shareholders as at 31 December 2015 of HK$16.0 (139.3 pence) (31 December 2014: HK$14.8 (122.7 pence)).
n Geographical location of the Group's property assets were as follows: 31 December 2015 31 December 2014 -------------- ------------------------------- ------------------------------- Hong Kong HK$10,298.3 million (GBP896.7 HK$10,177.4 million (GBP843.7 million) million) Mainland China HK$4,534.2 million (GBP394.9 HK$4,635.7 million (GBP384.3 million) million) -------------- ------------------------------- ------------------------------- Total HK$14,832.5 million (GBP1,291.6 HK$14,813.1 million (GBP1,228.0 million) million) ============== =============================== =============================== n Gearing ratio of 2.3% (31 December 2014: 9.3%).
n The Board has declared a special cash dividend of HK$1.9 per ordinary share to the shareholders of the Company, payable on Friday, 10 June 2016 on the share register on Friday, 27 May 2016.
Operational Highlights
n Stable gross rental income generated from Dah Sing Financial Centre in Hong Kong and its occupancy rate remains high.
n The hotel operation results of Crowne Plaza Hong Kong Causeway Bay were in general in line with the weaker hotel business environment in 2015.
n Major mixed use development projects in Chengdu and Kaifeng, Mainland China are progressing. Site formation works for Phase I of Chengdu project have been completed. The construction works for Phase 1A were completed and superstructure works for Phase IB of Kaifeng project are in progress. Sales of units have commenced and are in
progress.
n Sale of the Fo Tan project was completed in November 2015 realised a gain on disposal of HK$431.8 million (GBP37.6 million) and generated net cash after repayment of bank loans of approximately HK$1,250 million (approximately GBP109 million).
n Following the year end, in February 2016, announcement regarding the proposed disposal of Dah Sing Financial Centre for a net cash consideration (after repayment of bank loans) of approximately HK$8,019 million (approximately GBP698 million), subject to approval at a shareholder meeting on 29 April 2016.
Notes:
1. Figures in Pounds Sterling are translated from Hong Kong dollars based upon the exchange rates
prevailing on the latest practicable business day of the respective accounting years. The
relevant exchange rates adopted are stated as follows: For 31 December GBP1 = HK$11.4841 2015: For 31 December GBP1 = HK$12.0627 2014:
2. For the Company's shareholders' information, the exchange rate on 17 March 2016 was GBP1 = HK$11.1280
Miscellaneous
The results included in this announcement are extracted from the audited consolidated financial statements of the Company for the year ended 31 December 2015, which have been approved by the Board of Directors on 18 March 2016.
The 2015 Annual Report is expected to be posted to the Company's shareholders and holders of depositary interests in late April 2016.
For further information, please contact:
Lu Wing Chi TEL: +852 2828 6363 Executive Director Asian Growth Properties Limited Richard Gray TEL: +44 207 886 2500 Andrew Potts Panmure Gordon (UK) Limited (Nominated Advisor)
Attached:-
1. Chairman's Review; 2. Executive Directors' Review; 3. Consolidated Statement of Profit or Loss; 4. Consolidated Statement of Profit or Loss and Other Comprehensive Income; 5. Consolidated Statement of Financial Position; 6. Consolidated Statement of Changes in Equity; 7. Consolidated Statement of Cash Flows; and 8. Notes to the Consolidated Financial Statements.
This announcement can also be viewed on the Company's website at:
http://www.asiangrowth.com/html/eng/news.asp
CHAIRMAN'S REVIEW
I am pleased to present the audited consolidated financial results of Asian Growth Properties Limited ("AGP" or the "Company", together with its subsidiaries, the "Group") for the year of 2015 to the shareholders of the Company.
Results
AGP reported a profit attributable to the Company's shareholders of HK$1,336.7 million (GBP116.4 million) for the year ended 31 December 2015 (2014: HK$703.1 million (GBP58.3 million)). The reported profit included a revaluation surplus on investment properties net of deferred taxation of HK$980.8 million (GBP85.4 million) (2014: HK$600.3 million (GBP49.8 million)). By excluding the net effect of such surplus, the Group's net profit attributable to the Company's shareholders was HK$355.9 million (GBP31.0 million) (2014: HK$102.8 million (GBP8.5 million)), including a realised gain of HK$431.8 million (GBP37.6 million) in relation to the sale of the Fo Tan project.
As at 31 December 2015, the Group's equity attributable to the Company's shareholders amounted to HK$14,218.8 million (GBP1,238.1 million) (31 December 2014: HK$13,148.1 million (GBP1,090.0 million)). The net asset value per share attributable to the Company's shareholders as at 31 December 2015 was HK$16.0 (139.3 pence) as compared with HK$14.8 (122.7 pence) as at 31 December 2014.
Figures in Pounds Sterling are translated from Hong Kong dollars based upon the exchange rates prevailing on the latest practicable business day of the respective accounting years.
Operations
During the year ended 31 December 2015, the Group has continued the development of various property projects in Hong Kong and Mainland China.
The rental income from investment properties situated in both Hong Kong and Mainland China continue to provide stable returns to the Group. Crowne Plaza Hong Kong Causeway Bay's
performance dropped comparing with 2014, which was a result in line with the weaker hotel business market, the tense relationship between Hong Kong residents and China visitors may also further reduce Hong Kong's attractiveness to visitors. The hotel was able to maintain its market share among the primary competitors.
In October 2015, the Company was pleased to announce the sale of the Fo Tan project, which completed in November 2015. The sale realised a gain on disposal of HK$431.8 million (GBP37.6 million) and generated net cash after repayment of bank loans of approximately HK$1,250
million (approximately GBP109 million). The Board believed that the sale of Fo Tan provided an attractive opportunity to realise its investment at this time, reducing the time and overall risk and uncertainty of realising the value of the Land by undertaking the development project itself.
In addition, after the year end, the Company announced in February 2016 the proposed disposal of Dah Sing Financial Centre for a net cash consideration (after repayment of bank loans) of
approximately HK$8,019 million (approximately GBP698 million). The Board believes that the disposal of Dah Sing Financial Centre provides an optimum opportunity for the Company to
realise cash and unlock the value of its investment in the Property at fair market value.
For details of the Group's operations, please refer to the Executive Directors' Review.
Outlook
The complicated global economy continues to create a challenging business environment. The United States economy has been growing at a moderate pace with improved labour market and household spending which led the Federal Reserve to start increasing interest rates. However, the European Central Bank introduced a new round of quantitative easing. Japan remained in
recession without growth. 2016 has began with significant financial market volatilities and
uncertainty.
Mainland China's economy experienced a moderate slowdown with increasing downside risks becoming apparent. The Mainland China's authorities have been implementing policies to boost the PRC property market, such as, a series of official lending rate cuts, targeted tax reduction, easing of restrictions on the property market and relaxation of mortgage requirements of first and second home buyers.
March 18, 2016 13:28 ET (17:28 GMT)
Development Co., registered Ltd.* capital and investment Harvest Hill Limited Hong Kong HK$2 100 100 Financing Huangshan City Huizhou Property and District PRC RMB35,000,000 100 100 tourist Feng Dan Bailu Investment registered and capital leisure facilities Development Company Limited* development Kaifeng International City No. 1 PRC US$152,500,000 100 100 Property development Realty Development registered Company capital Limited* Kaifeng International City No. 5 PRC US$42,450,000 100 100 Property development Realty Development registered Company capital Limited* Kingston Pacific B.V.I./Hong Investment Kong US$100 55 55 Property development Limited Leighton Road Hotel Management Hong Kong HK$1 100 100 Hotel operation Services Limited 42. PRINCIPAL SUBSIDIARIES - continued Effective % of issued share capital/registered capital held by the Company Place/country Issued and of paid up share incorporation/ capital/ registered Principal Name of subsidiary operation capital activities 2015 2014 Indirect subsidiaries - continued Property, Nanjing Hushu Ecology PRC RMB100,000,000 51 51 cultural and Travel Development registered Co., Ltd.(@) capital tourism development Nanjing Taligang Property, Tourist Leisure PRC RMB35,000,000 51 51 cultural and Facilities Company registered Limited(@) capital tourism development Shine Concord Investments Hong Kong HK$1 100 100 Hotel operation Limited Sino Harvest Real Estate Development PRC US$3,000,000 100 100 Property investment (Chengdu) Company registered Limited* capital Sky Trend Investments Limited Hong Kong HK$2 100 100 Hotel operation Sunfold Development Limited Hong Kong HK$1 100 100 Hotel operation Wing Siu Company Limited Hong Kong HK$2 100 100 Property investment (*) Wholly foreign owned enterprise (@) Sino-foreign equity joint venture
The directors of the Company are of the opinion that a complete list of the particulars of all subsidiaries of the Company will be of excessive length and therefore the above list contains only the particulars of subsidiaries which principally affect the results or assets of the Group.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UWRBRNSAOAAR
(END) Dow Jones Newswires
March 18, 2016 13:28 ET (17:28 GMT)
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