REG - Aseana Prop Ltd - Final Results <Origin Href="QuoteRef">ASPL.L</Origin> - Part 2
27/04/2016 07:06
- Part 2: For the preceding part double click ID:nRSa4306Wa
FINANCIAL POSITION
Total assets at 31 December 2015 were US$368.9 million, compared to US$445.4 million for 2014, representing a decrease of
US$76.5 million. The decrease was mainly due to a decrease in inventories following the disposal of completed units of
SENI Mont' Kiara and Tiffani, the disposal of the ASPL PLB Limited's 55% equity interest in ASPL PLB-Nam Long Ltd Liability
Co, a subsidiary of the Group owning the Waterside Estates project, the disposal of some shares in Nam Long and translation
effect due to weaker Ringgit against US Dollars. Cash and cash equivalents were lower at US$23.0 million (2014: US$26.0
million).Included in the other receivables at 31 December 2015 is US$6.4 million representing the balance of consideration
receivable for the disposal of the Group's 55% equity interest in ASPL PLB-Nam Long Ltd Liability Co, a subsidiary of the
Group. Other receivables also includes an interest free advance of US$1.0 million which was provided by the Group to ASPL
PLB-Nam Long Ltd Liability Co in previous financial years in the form of a shareholder's loan for working capital purposes.
The shareholder's loan was undertaken by the buyer as part of the disposal arrangement.
The balance of consideration receivable of US$6.4 million was subsequently received on 13 January 2016, while US$0.9
million out of the US$1.0 million shareholder's loan was received on 3 March 2016.
Total liabilities have decreased from US$274.7 million in 2014 to US$237.4 million in 2015, a decrease of US$37.3 million.
This was mainly due to translation differences for the Medium Term Notes ("MTNs") due to weakening of Ringgit against US
Dollars during the financial year. Net Asset Value per share at 31 December 2015 was US cents 61.4 (2014: US cents 75.7).
CASH FLOW AND FUNDING
Cash flow from operation was negative at US$10.9 million in 2015, compared to a negative cash flow of US$3.5 million in
2014. The negative cash flow was attributable to losses recorded in the year, mainly by City International Hospital, Four
Points by Sheraton Sandakan Hotel and Harbour Mall Sandakan.
During the year, the Group generated net cash flow of US$8.9 million (2014: US$3.1 million) from investing activities,
mainly due to disposal of 5,800,000 number of shares in Nam Long.
The Group's subsidiaries borrow to fund property development projects. At 31 December 2015, the Group had gross borrowings
of US$187.8 million (2014:US$217.9 million), a decrease of 13.8% over the previous year. However, net debt-to-equity ratio
increased from 110.0% in 2014 to 125.0% in 2015 basing on a reduced shareholders' funds due to losses incurred during the
year.
Finance income was US$0.4 million in 2015 compared to US$0.6 million in 2014. Finance costs decreased from US$13.8 million
in 2014 to US$11.0 million in 2015. The financing costs were mainly attributable to City International Hospital, Aloft
Kuala Lumpur Sentral Hotel("Aloft Hotel"),Four Points by Sheraton Sandakan Hotel and Harbour Mall Sandakan.
event after statement of financial position date
Subsequent to year end, the Group entered into a sale and purchase agreement to dispose of the Aloft Hotel to Prosper Group
Holdings Limited ("Prosper Group"). The gross transaction value is approximately RM418.70 million (US$104.60 million),
which includes the purchase of the entire issued share capital of ASPL M3B Limited and Iringan Flora Sdn. Bhd. ("Aloft
Companies"), and assumption of certain debts, assets and liabilities of the Aloft Companies. The transaction, which is
expected to complete in Quarter 3, 2016, is conditional upon satisfactory completion of a due diligence review by Prosper
Group, and certain consents being obtained from Starwood Asia Pacific Hotels & Resorts Pte Ltd, the operator of the Aloft
Hotel, and consents from the Company's financiers for the Aloft Hotel. All proceeds received from the sale will be used to
repay the MTNs issued for the Aloft Hotel and to partly repay the MTNs issued for the Harbour Mall Sandakan and Four Points
Sheraton Sandakan Hotel. This will significantly reduce the gearing of the Group.
DIVIDEND
No dividend was declared or paid in 2015.
PRINCIPAL RISKS AND UNCERTAINTIES
A review of the principal risks and uncertainties facing the Group is set out in the Directors' Report of the Annual
Report.
TREASURY AND FINANCIAL RISK MANAGEMENT
The Group undertakes risk assessments and identifies the principal risks that affect its activities. The responsibility
for the management of each key risk has been clearly identified and delegated to the senior management of the Development
Manager. The Development Manager's senior management team is involved in the day-to-day operation of the Group.
A comprehensive discussion on the Group's financial risk management policies is included in the notes to the financial
statements of the Annual Report.
MONICA LAI VOON HUEY
Chief Financial Officer
Ireka Development Management Sdn. Bhd.
Development Manager
26 April 2016
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 DECEMBER 2015
2015 2014
Continuing activities Notes US$'000 US$'000
Revenue 3 22,096 85,102
Cost of sales 5 (21,612) (51,821)
Gross profit 484 33,281
Other income 6 29,561 27,369
Administrative expenses (1,787) (1,193)
Foreign exchange (loss)/ gain 7 (2,915) 716
Management fees 8 (3,115) (3,344)
Marketing expenses (288) (823)
Other operating expenses (31,916) (32,715)
Operating (loss)/ profit (9,976) 23,291
Finance income 355 577
Finance costs (11,031) (13,760)
Net finance costs 9 (10,676) (13,183)
Gain on disposal of investment in associate 14 - 5,641
Share of loss of equity-accounted associate, net of tax 14 - (335)
Net (loss)/ profit before taxation 10 (20,652) 15,414
Taxation 11 (1,278) (9,387)
(Loss)/ profit for the year (21,930) 6,027
Other comprehensive income/ (expense), net of tax
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences for foreign operations (15,920) (7,388)
Increase in fair value of available-for-sale investments 15 2,190 125
Total other comprehensive expense for the year 12 (13,730) (7,263)
Total comprehensive loss for the year (35,660) (1,236)
The notes to the financial statements form an integral part of the financial statements.
2015 2014
Continuing activities Notes US$'000 US$'000
(Loss)/ profit attributable to:
Equity holders of the parent (15,784) 9,091
Non-controlling interests (6,146) (3,064)
Total (21,930) 6,027
Total comprehensive loss attributable to:
Equity holders of the parent (29,748) 2,074
Non-controlling interests (5,912) (3,310)
Total (35,660) (1,236)
(Loss)/ earnings per share
Basic and diluted (US cents) 13 (7.44) 4.29
The notes to the financial statements form an integral part of the financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31 DECEMBER 2015
Notes 2015US$'000 2014US$'000
Non-current assets
Property, plant and equipment 861 1,018
Investment in an associate 14 - -
Available-for-sale investments 15 9,917 12,822
Intangible assets 16 7,233 8,798
Deferred tax assets 17 1,337 1,683
Total non-current assets 19,348 24,321
Current assets
Inventories 18 307,328 381,778
Held-for-trading financial instrument 19 - 4,041
Trade and other receivables 17,741 8,359
Prepayments 218 337
Current tax assets 1,360 513
Cash and cash equivalents 22,978 26,011
Total current assets 349,625 421,039
TOTAL ASSETS 368,973 445,360
Equity
Share capital 20 10,601 10,601
Share premium 21 218,926 218,926
Capital redemption reserve 22 1,899 1,899
Translation reserve (26,401) (10,247)
Fair value reserve 2,441 251
Accumulated losses (77,301) (60,932)
Shareholders' equity 130,165 160,498
Non-controlling interests 1,433 10,187
Total equity 131,598 170,685
The notes to the financial statements form an integral part of the financial statements.
Notes 2015US$'000 2014US$'000
Non-current liabilities
Amount due to non-controlling interests 23 - 1,120
Loans and borrowings 24 55,823 53,364
Medium term notes 25 10,330 84,993
Total non-current liabilities 66,153 139,477
Current liabilities
Trade and other payables 37,336 40,510
Amount due to non-controlling interests 23 10,014 10,222
Loans and borrowings 24 13,500 19,274
Medium term notes 25 108,190 60,237
Current tax liabilities 2,182 4,955
Total current liabilities 171,222 135,198
Total liabilities 237,375 274,675
TOTAL EQUITYAND LIABILITIES 368,973 445,360
Included in the other receivables at 31 December 2015 is US$6,400,000 representing the balance of consideration receivable
for the disposal of the Group's 55% equity interest in ASPL PLB-Nam Long Ltd Liability Co, a subsidiary of the Group. Other
receivables also includes an interest free advance of US$1,000,000 which was provided by the Group to ASPL PLB-Nam Long Ltd
Liability Co in previous financial years in the form of a shareholder's loan for working capital purposes. The
shareholder's loan was undertaken by the buyer as part of the disposal arrangement.
The balance of consideration receivable of US$6,400,000 was subsequently received on 13 January 2016, while US$880,000 out
of the US$1,000,000 shareholder's loan was received on 3 March 2016.
The notes to the financial statements form an integral part of the financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 december 2015
Redeemable Ordinary SharesUS$'000 Management SharesUS$'000 Share PremiumUS$'000 Capital Redemption ReserveUS$'000 Translation ReserveUS$'000 Fair ValueReserveUS$'000 Accumulated LossesUS$'000 Total Equity Attributable to Equity Holders of the ParentUS$'000 Non- Controlling InterestsUS$'000 Total EquityUS$'000
1 January 2014 10,601 - 218,926 1,899 (3,105) 126 (69,876) 158,571 11,429 170,000
Changes in ownership interests in subsidiaries (Note 28) - - - - - - (147) (147) 147 -
Non-controlling interests contribution - - - - - - - - 1,921 1,921
Profit for the year - - - - - - 9,091 9,091 (3,064) 6,027
Total other comprehensive expense - - - - (7,142) 125 - (7,017) (246) (7,263)
Total comprehensive loss - - - - (7,142) 125 9,091 2,074 (3,310) (1,236)
At 31 December 2014/ 1 January 2015 10,601 - 218,926 1,899 (10,247) 251 (60,932) 160,498 10,187 170,685
Issuance of management shares (Note 20) - - * - - - - - - - - *
Changes in ownership interests in subsidiaries (Note 28) - - - - - - (585) (585) (5,340) (5,925)
Non-controlling interests contribution - - - - - - - - 2,498 2,498
Loss for the year - - - - - - (15,784) (15,784) (6,146) (21,930)
Total other comprehensive expense - - - - (16,154) 2,190 - (13,964) 234 (13,730)
Total comprehensive loss - - - - (16,154) 2,190 (15,784) (29,748) (5,912) (35,660)
Shareholders' equity at 31 December 2015 10,601 - * 218,926 1,899 (26,401) 2,441 (77,301) 130,165 1,433 131,598
* represents 2 management shares at US$0.05 each
The notes to the financial statements form an integral part of the financial statements.
CONSOLIDATED Statement OF Cash FlowS
For the year ended 31 december 2015
2015 2014
Notess US$'000 US$'000
Cash Flows from Operating Activities
Net (loss)/ profit before taxation (20,652) 15,414
Finance income (355) (577)
Finance costs 11,031 13,760
Unrealised foreign exchange loss/ (gain) 2,544 (291)
Impairment of goodwill 1,565 4,727
Depreciation of property, plant and equipment 105 122
Gain on disposal of available-for-sale investments (806) -
Gain on disposal of investment in an associate - (5,641)
Gain on disposal of property, plant and equipment - (3)
Gain on disposal of a subsidiary (675) -
Share of loss of equity-accounted associate, net of tax - 335
Fair value loss/ (gain) on amount due to non-controlling interests 320 (320)
Fair value gain on held-for-trading financial instrument - (39)
Operating (loss)/ profit before changes in working capital (6,923) 27,487
Changes in working capital:
Decrease in inventories 8,245 29,437
(Increase)/ Decrease in trade and other receivables and prepayments (4,105) 647
Increase/ (Decrease) in trade and other payables 7,249 (40,615)
Cash generated from operations 4,466 16,956
Interest paid (11,031) (13,760)
Tax paid (4,321) (6,679)
Net cash used in operating activities (10,886) (3,483)
Cash Flows from Investing Activities
Repayment from associate - 853
Proceeds from disposal of available-for-sale investments 5,359 -
Net cash outflow from disposal of a subsidiary 28 (146) -
Proceeds from disposal of investment in an associate - 5,306
Proceeds from disposal of property, plant and equipment - 12
Disposal/ (purchase) of held-for-trading financial instrument 3,291 (3,651)
Purchase of property, plant and equipment - (20)
Finance income received 355 577
Net cash generated from investing activities 8,859 3,077
2015 2014
Notes US$'000 US$'000
Cash Flows from Financing Activities
Advances from non-controlling interests 1,067 1,635
Issuance of ordinary shares of subsidiaries to non-controlling interests (ii) 1,058 1,921
Issuance of management shares - * -
Repayment of loans and borrowings (15,854) (16,858)
Drawdown of loans and borrowings 16,046 17,108
Increase in pledged deposits placed in licensed banks (1,537) -
Net cash generated from financing activities 780 3,806
Net changes in cash and cash equivalents during the year (1,247) 3,400
Effect of changes in exchange rates (1,632) (1,355)
Cash and cash equivalents at the beginning of the year (i) 16,211 14,166
Cash and cash equivalents at the end of the year (i) 13,332 16,211
(i) Cash and Cash Equivalents
Cash and cash equivalents included in the consolidated statement of cash flows comprise the following consolidated
statement of financial position amounts:
Cash and bank balances 9,143 12,057
Short term bank deposits 13,835 13,954
22,978 26,011
Less: Deposits pledged (9,646) (9,800)
Cash and cash equivalents 13,332 16,211
(ii) During the financial year, US$2,498,000 (2014: US$1,921,000) of ordinary shares of subsidiaries were issued to
non-controlling shareholders, of which US$1,058,000 (2014: US$1,921,000) was satisfied via cash consideration. The
remaining amount of US$1,440,000 was satisfied via capitalisation of amount due to non-controlling interests.
* represents 2 management shares at US$0.05 each
The notes to the financial statements form an integral part of the financial statements.
Notes to the Financial Statements
1 General Information
The principal activities of the Group and the Company are the acquisition, development and redevelopment of upscale
residential, commercial, hospitality and healthcare projects in the major cities of Malaysia and Vietnam. The Group
typically invests in development projects at the pre-construction stage and may also selectively invest in projects in
construction and newly completed projects with potential capital appreciation.
2 BASIS OF PREPARATION
2.1 Statement of compliance and going concern
The Group and the Company financial statements have been prepared in accordance with International Financial Reporting
Standards ("IFRS"), and IFRIC interpretations issued, and effective, or issued and early adopted, at the date of these
financial statements.
The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses
during the reporting period. Although these estimates are based on management's best knowledge of the amount, event or
actions, actual results ultimately may differ from those estimates. The Board has reviewed the accounting policies set out
below and considers them to be the most appropriate to the Group's business activities.
The financial statements have been prepared on the historical cost basis except for available-for-sale investments and
held-for-trading financial instruments which are measured at fair value and on the assumption that the Group and the
Company are going concerns.
The Group has prepared and considered prospective financial information based on assumptions and events that may occur for
at least 12 months from the date of approval of the financial statements and the possible actions to be taken by the Group.
Prospective financial information includes the Group's profit and cash flow forecasts for the ongoing projects. In
preparing the cash flow forecasts, the Directors have considered the availability of cash, along with the adequacy of bank
loans and medium term notes and refinancing of these medium term notes (as described in Notes 24 and 25).
Subsequent to year end, the Group entered into a sale and purchase agreement in relation to the sale of a completed
inventory for a consideration of approximately US$104.60 million (RM418.70 million). The consideration receivable from the
sale of the completed inventory will be used to repay a significant portion of medium term notes of the Group.
The Directors expect to "roll-over" the remaining medium term notes which are due to expire in the next 12 months, as the
notes are rated AAA (a highly sought after investment in Malaysia) and are backed by two remaining completed inventories of
the Group with carrying amount of US$78.24 million as at 31 December 2015. Included in the terms of the medium term notes
programme is an option for the Group to refinance the notes as provided on the onset of the programme. The option is
available until 2021. The forecasts also incorporate current payables, committed expenditure and other future expected
expenditure, along with substantial sales of completed inventories, in addition to the disposal of certain land held for
property development and available-for-sale investments. In the event that the Group disposes any of the two remaining
completed inventories that guaranteed the medium term notes, the proceeds from the disposal will be used to expire the
notes.
Based on these forecasts, cash resources and existing credit facilities, the Directors consider that the Group and the
Company have adequate resources to continue in business for the foreseeable future. For this reason, the Directors continue
to adopt the going concern basis in preparing the financial statements.
The Group and the Company have not applied the following new/revised accounting standards that have been issued by
International Accounting Standards Board but are not yet effective.
New/Revised International Financial Reporting Standards Issued/Revised Effective Date
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Amendments resulting from September 2014 Annual Improvements to IFRSs September 2014 Annual periods beginning on or after 1 January 2016
IFRS 7 Financial Instruments: Disclosures Amendments resulting from September 2014 Annual Improvements to IFRSs September 2014 Annual periods beginning on or after 1 January 2016
IFRS 9 Financial Instruments Finalised version, incorporating requirements for classification and measurement, impairment, general hedge accounting and derecognition July 2014 Effective for annual periods beginning on or after 1 January 2018
IFRS 10 Consolidated Financial Statements Amendments regarding applying the consolidation exception December 2014 Annual periods beginning on or after 1 January 2016
IFRS 10 Consolidated Financial Statements Amendments regarding the sale or contribution of assets between an investor and its associate or joint venture December 2015 Deferred indefinitely
IFRS 11 Joint Arrangements Amendments regarding the accounting for acquisitions of an interest in a joint operation May 2014 Annual periods beginning on or after 1 January 2016
IFRS 12 Disclosure of Interests in Other Entities Amendments regarding applying the consolidation exception December 2014 Annual periods beginning on or after 1 January 2016
IFRS 14 Regulatory Deferral Accounts Original Issue January 2014 Annual periods beginning on or after 1 January 2016
IFRS 15 Revenue from Contracts with Customers IASB defers effective date to annual periods beginning on or after 1 January 2018 April 2016 Applies to an entity's first annual IFRS financial statements for a period beginning on or after 1 January 2018
IFRS 16 Leases Original Issue January 2016 Annual periods beginning on or after 1 January 2019
IAS 1 Presentation of Financial Statements Amendments resulting from the disclosure initiative December 2014 Annual periods beginning on or after 1 January 2016
IAS 7 Statement of Cash Flows Amendments resulting from the disclosure initiative January 2016 Annual periods beginning on or after 1 January 2017
IAS 12 Income Taxes Amendments regarding the recognition of deferred tax assets for unrealised losses January 2016 Annual periods beginning on or after 1 January 2017
IAS 16 Property, Plant and Equipment Amendments regarding the clarification of acceptable methods of depreciation and amortisation May 2014 Annual periods beginning on or after 1 January 2016
IAS 16 Property, Plant and Equipment Amendments bringing agriculture bearer plants from the scope of IAS 41 into the scope of IAS 16 so that they are accounted for in the same way as property, plant and equipment June 2014 Annual periods beginning on or after 1 January 2016
IAS 19 Employee Benefits Amendments resulting from September 2014 Annual Improvements to IFRSs September 2014 Annual periods beginning on or after 1 January 2016
IAS 27 Separate Financial Statements (as amended in 2011) Amendments reinstating the equity method as an accounting option for investments in subsidiaries, joint ventures and associates in an entity's separate financial statements August 2014 Annual periods beginning on or after 1 January 2016
IAS 28 Investments in Associates and Joint Ventures Amendments regarding the application of the consolidation exception December 2014 Annual periods beginning on or after 1 January 2016
IAS 28 Investments in Associates and Joint Ventures Amendments regarding the sale or contribution of assets between an investor and its associate or joint venture December 2015 Deferred indefinitely
IAS 38 Intangible Assets Amendments regarding the clarification of acceptable methods of depreciation and amortisation May 2014 Annual periods beginning on or after 1 January 2016
IAS 41 Agriculture Amendments bringing agriculture bearer plants from the scope of IAS 41 into the scope of IAS 16 so that they are accounted for in the same way as property, plant and equipment June 2014 Annual periods beginning on or after 1 January 2016
The Directors anticipate that the adoption of the above standards, amendments and interpretations in future periods will
have no material impact on the financial information of the Group or Company except as mentioned below.
(a) IFRS 9, Financial instruments
IFRS 9, which becomes mandatory for the Group's 2018 Consolidation Financial Statements, could change the classification
and measurement of financial assets. The Directors are currently determining the impact of IFRS 9.
(b) IFRS 15, Revenue from contracts with customers
IFRS 15 replaces the guidance in IFRS 11, Construction Contracts, IFRS 18, Revenue, IC Interpretation 13, Customer Loyalty
Programmes, IC Interpretation 15, Agreements for Construction of Real Estate, IC Interpretation 18, Transfer of Assets from
Customers and IC Interpretation 131, Revenue - Barter Transactions Involving Advertising Services. The Directors are
currently determining the impact of IFRS 15.
3 revenue AND SEGmeNTAL information
The gross revenue represents the sales value of development properties where the effective control of ownership of the
properties is transferred to the purchasers when the completion certificate or occupancy permit has been issued.
The Company is an investment holding company and has no operating revenue. The Group's operating revenue for the year was
mainly attributable to the sale of completed units in Malaysia.
3.1 Revenue recognised during the year as follows:
2015 2014
US$'000 US$'000
Sale of completed units 22,096 55,762
Sale of land held for property development - 29,340
22,096 85,102
3.2 Segmental Information
The Group's assets and business activities are managed by Ireka Development Management Sdn. Bhd. ("IDM") as the Development
Manager under a management agreement dated 27 March 2007.
Segmental information represents the level at which financial information is reported to the Executive Management of IDM,
being the chief operating decision maker as defined in IFRS 8. The Executive Management consists of the Chief Executive
Officer, the Chief Financial Officer, Chief Operating Officer and Chief Investment Officer of IDM. The management
determines the operating segments based on reports reviewed and used by the Executive Management for strategic decision
making and resource allocation. For management purposes, the Group is organised into project units.
The Group's reportable operating segments are as follows:
(i) Investment Holding Companies - investing activities;
(ii) Ireka Land Sdn. Bhd. - develops Tiffani by i-ZEN;
(iii) ICSD Ventures Sdn. Bhd. - owns and operates Harbour Mall Sandakan and Four Points by Sheraton Sandakan Hotel;
(iv) Amatir Resources Sdn. Bhd. - develops SENI Mont' Kiara;
(v) Iringan Flora Sdn. Bhd. - owns and operates Aloft Kuala Lumpur Sentral Hotel;
(vi) Urban DNA Sdn. Bhd.- develops The RuMa Hotel and Residences; and
(vii) Hoa Lam-Shangri-La Healthcare Group - master developer of International Healthcare Park; owns and operates the City
International Hospital.
Other non-reportable segments comprise the Group's development projects. None of these segments meets any of the
quantitative thresholds for determining reportable segments in 2015 and 2014.
Information regarding the operations of each reportable segment is included below. The Executive Management monitors the
operating results of each segment for the purpose of performance assessments and making decisions on resource allocation.
Performance is based on segment gross profit/(loss) and profit/(loss) before taxation, which the Executive Management
believes are the most relevant in evaluating the results relative to other entities in the industry. Segment assets and
liabilities are presented inclusive of inter-segment balances and inter-segment pricing is determined on an arm's length
basis.
The Group's revenue generating development projects are in Malaysia and Vietnam.
3.3 Analysis of the group's reportable operating segments are as follows:-
Operating Segments - ended 31 December 2015
Investment Holding Companies Ireka Land Sdn. Bhd. ICSD Ventures Sdn. Bhd. Amatir Resources Sdn. Bhd. Iringan Flora Sdn. Bhd. UrbanDNASdn. Bhd. Hoa Lam-Shangri-La Healthcare Group Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Segment profit/ (loss) before taxation (297) 79 (9,168) 4,156 1,621 (863) (16,090) (20,562)
Included in the measure of segment profit/ (loss) are:
Revenue - 1,322 - 20,774 - - - 22,096
Revenue from hotel operations - - 3,701 - 18,314 - - 22,015
Revenue from mall operations - - 1,033 - - - - 1,033
Revenue from hospital operations - - - - - - 4,244 4,244
Cost of acquisition written down # - (103) (3,199) (3,089) - - - (6,391)
Impairment of goodwill - - (1,397) (168) - - - (1,565)
Marketing expenses - - - (57) - (231) - (288)
Expenses from hotel operations - - (4,256) - (12,351) - - (16,607)
Expenses from mall operations - - (1,401) - - - - (1,401)
Expenses from hospital operations - - - - - - (11,110) (11,110)
Depreciation of property, plant and equipment - - (7) - (7) - (90) (104)
Finance costs - - (3,635) - (4,133) - (3,263) (11,031)
Finance income 19 2 268 19 4 7 34 353
Segment assets 26,589 3,903 80,392 22,271 62,112 56,776 98,362 350,405
Included in the measure of segment assets are:
Addition to non-current assets other than financial instruments and deferred tax assets - - - - - - - -
# Cost of acquisition relates to the fair value adjustment in relation to the inventories upon the acquisition of certain
subsidiaries of the Group. The cost of acquisition written down is charged to profit or loss as part of cost of sales upon
the sales of these inventories.
Reconciliation of reportable segment revenues, profit or loss, assets and liabilities and other material items
Profit or loss US$'000
Total lossfor reportable segments (20,562)
Other non-reportable segments (91)
Depreciation (1)
Finance cost -
Finance income 2
Consolidated lossbefore taxation (20,652)
Operating Segments - ended 31 December 2014
Investment Holding Companies Ireka Land Sdn. Bhd. ICSD Ventures Sdn. Bhd. Amatir Resources Sdn. Bhd. Iringan Flora Sdn. Bhd. UrbanDNASdn. Bhd. Hoa Lam-Shangri-La Healthcare Group Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Segment profit/ (loss) before taxation 3,100 99 (5,436) 16,607 569 (1,474) 1,366 14,831
Included in the measure of segment profit/ (loss) are:
Revenue - 4,839 - 50,923 - - 29,340 85,102
Revenue from hotel operations - - 4,323 - 18,171 - - 22,494
Revenue from mall operations - - 1,027 - - - - 1,027
Revenue from hospital operations - - - - - - 2,525 2,525
Cost of acquisition written down # - (150) - (8,329) - - -- (8,479)
Impairment of goodwill - - - (451) -- - (4,276) (4,727)
Marketing expenses - - - (266) - (557) - (823)
Expenses from hotel operations - - (4,507) - (12,499) - - (17,006)
Expenses from mall operations - - (1,789) - - - - (1,789)
Expenses from hospital operations - - - - - - (9,702) (9,702)
Depreciation of property, plant and equipment - - (10) - (9) - (99) (118)
Finance costs - - (4,328) - (4,906) - (4,526) (13,760)
Finance income 24 11 312 115 20 14 81 577
Segment assets 19,471 5,150 100,570 45,938 76,447 58,587 101,643 407,806
Included in the measure of segment assets are:
Addition to non-current assets other than financial instruments and deferred tax assets - - - - - 1 19 20
# Cost of acquisition relates to the fair value adjustment in relation to the inventories upon the acquisition of certain
subsidiaries of the Group. The cost of acquisition written down is charged to profit or loss as part of cost of sales upon
the sales of these inventories.
Reconciliation of reportable segment revenues, profit or loss, assets and liabilities and other material items
Profit or loss US$'000
Total profit for reportable segments 14,831
Other non-reportable segments 587
Depreciation (4)
Consolidated profit before taxation 15,414
2015US$'000 Revenue Depreciation Finance costs Finance income Segment assets Addition to non-current assets
Total reportable segment 22,096 (104) (11,031) 353 350,405 -
Other non-reportable segments - (1) - 2 18,568 -
Consolidated total 22,096 (105) (11,031) 355 368,973 -
2014US$'000 Revenue Depreciation Finance costs Finance income Segment assets Addition to non-current assets
Total reportable segment 85,102 (118) (13,760) 577 407,806 20
Other non-reportable segments - (4) - - 37,554 -
Consolidated total 85,102 (122) (13,760) 577 445,360 20
Geographical Information - ended 31 December 2015
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
Revenue 22,096 - 22,096
Non-current assets 2,172 17,176 19,348
In 2015, no single customer exceeded 10% of the Group's total revenue.
Geographical Information - ended 31 December 2014
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
Revenue 55,762 29,340 85,102
Non-current assets 4,104 20,217 24,321
For the year ended 31 December 2014, one customer exceeded 10% of the Group's
total revenue as follows:
US$'000 Segments
AEON Vietnam Co. Ltd. 22,991 Hoa Lam-Shangri-La Healthcare Group
4 SEASONALITY
The Group's business operations are not materially affected by seasonal factors for the period under review.
5 Cost of Sales
2015 2014
US$'000 US$'000
Direct costs attributable to: Completed units 20,047 36,856
Land held for property development - 10,238
Impairment of intangible assets (Note 16) 1,565 4,727
21,612 51,821
6 Other Income
2015 2014
US$'000 US$'000
Dividend income 293 409
Fair value gain on amount due to non-controlling interests - 320
Fair value gain on held-for-trading financial instrument - 39
Gain on disposal of available-for-sale investments 806 -
Gain on disposal of property, plant and equipment - 3
Gain on disposal of a subsidiary (a) 675 -
Late payment interest income 5 52
Rental income 115 196
Revenue from hotel operations (b) 22,015 22,494
Revenue from mall operations (c) 1,033 1,027
Revenue from hospital operations (d) 4,244 2,525
Sundry income 375 304
29,561 27,369
(a) Gain on disposal of a subsidiary
The Group entered into an agreement with Nam Long Investment Corporation and Nam Khang Construction Investment Development
One Member Ltd Liability Co on 10 September 2015 to dispose of ASPL PLB Limited's 55% equity interest in ASPL PLB-Nam Long
Ltd Liability Co, a subsidiary of the Group for a consideration of US$8,227,000 (VND185,165,679,414). A gain on disposal of
US$675,000 was recognised from the disposal of the subsidiary (see Note 28).
(b) Revenue from hotel operations
The revenue relates to the operations of two hotels - Four Points by Sheraton Sandakan Hotel and Aloft Kuala Lumpur Sentral
- More to follow, for following part double click ID:nRSa4306WcRecent news on Aseana Properties
See all newsREG - Aseana Prop Ltd - Extension of Medium Term Notes Repayment Date
AnnouncementREG - Aseana Prop Ltd - Result of AGM and GM
AnnouncementREG - Official List Aseana Prop Ltd - Restoration - Aseana Properties Limited
AnnouncementREG - Aseana Prop Ltd - Lifting of Suspension
AnnouncementREG - Aseana Prop Ltd - Posting of 2024 Annual Report, Notice of AGM & GM
Announcement