REG - Aseana Prop Ltd - Final Results <Origin Href="QuoteRef">ASPL.L</Origin> - Part 3
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in Jersey in May 2008. The Company has been registered as an International Services
Entity so it does not have to charge or pay local GST. The cost for this registration is £200 per annum.
The Directors intend to conduct the Group's affairs such that the central management and control is not exercised in the
United Kingdom and so that neither the Company nor any of its subsidiaries carries on any trade in the United Kingdom. The
Company and its subsidiaries will thus not be residents in the United Kingdom for taxation purposes. On this basis, they
will not be liable for United Kingdom taxation on their income and gains other than income derived from a United Kingdom
source.
12 OTHER COMPRENHENSIVE EXPENSE
Items that are or may be reclassified subsequently to profit or loss, net of tax 2014US$'000 2013US$'000
Foreign currency translation differences for foreign operation (7,388) (6,220)
Fair value of available-for-sale investment 125 126
(7,263) (6,094)
13 EARNINGS/ (LOSS) Per Share
Basic and diluted earnings/ (loss) per ordinary share
The calculation of basic and diluted earnings/ (loss) per ordinary share for the year ended 31 December 2014 was based on
the profit/ (loss) attributable to equity holders of the parent and a weighted average number of ordinary shares
outstanding, calculated as below:
2014US$'000 2013US$'000
Profit/ (loss) attributable to equity holders of the parent 9,091 (19,006)
Weighted average number of shares 212,025 212,025
Earnings/ (loss) per share (US cents):Basic and diluted 4.29 (8.96)
14 Investment in AN Associate
2014 2013
US$'000 US$'000
At cost - unquoted shares 611 611
Share of post-acquisition reserve 1,306 1,641
Disposal of associate (1,917) -
At 31 December - 2,252
The Company, via a wholly-owned subsidiary ASPL M3A Limited, had a 40% equity interest in a company known as Excellent
Bonanza Sdn. Bhd.("EBSB"), a company incorporated in Malaysia, which is a vehicle set up to undertake a commercial
development in Kuala Lumpur, Malaysia.
A summary of the current assets, non-current assets, current liabilities, non-current liabilities, income and expenses of
the associate for the financial year ended 31 December 2013 was as follows:
2013
Statement of Financial Position US$'000
Non-current assets 148,041
Current assets 5,281
Total assets 153,322
Non-current liabilities 3,239
Current liabilities 144,452
Total liabilities 147,691
Equity 5,631
Total Equity and Liabilities 153,322
Statement of Comprehensive Income
Revenue 218,452
Finance income 1,627
Cost of sales, expenses including finance costs and taxation (213,880)
Profit 6,199
The Group entered into a Sales and Purchase Agreement on 20 June 2014 to dispose of ASPL M3A Limited's interest in EBSB.
The sale consideration was US$5,306,000.
The condition precedent for the completion of the disposal of EBSB was met on 20 August 2014, when the transfer of share
was effected and payment of the sales proceeds were received.
The Group recognised a gain on disposal of US$5,641,000 from the sales of the associate. The details are as follows:
2014
US$'000
Sales consideration 5,306
Carrying value of associate as at 20 August 2014 (1,917)
Realisation of previously unrealised profit in relation to sales of Aloft Kuala Lmpur Sentral Hotel 2,252
Gain on disposal 5,641
The unrealised profit of US$2,252,000 in relation to the sale of Aloft Kuala Lumpur Sentral Hotel to a subsidiary of the
Group was realised as EBSB is no longer an associate of the Group.
15 Available-for-Sale Investments
The available-for-sale investments represent the investment in shares of Nam Long Investment Corporation ("Nam Long") which the Group acquired over four tranches in 2008 and 2009.
Quoted shares
2014 US$'000
1 January - fair value 12,697
Recognised in other comprehensive income 125
At 31 December - fair value 12,822
Quoted shares
2013 US$'000
1 January - fair value 12,571
Recognised in other comprehensive income 126
At 31 December - fair value 12,697
At 31 December 2014, an increase in fair value of US$0.125 million (2013: US$0.126 million) has been recognised in other
comprehensive income. The Directors have considered various prevailing factors at year end, including the economic
conditions and market conditions of the Ho Chi Minh Stock Exchange in assessing the fair value of the investment.
16 Intangible Assets
Licence Contracts and Related Relationships Goodwill Total
US$'000 US$'000 US$'000
Cost
At 1 January 2013 / 31 December 2013 / 31 December 2014 10,695 6,479 17,174
Accumulated impairment losses
At 1 January 2013 - 3,329 3,329
Impairment loss - 320 320
At 31 December 2013 / 1 January 2014 - 3,649 3,649
Impairment loss 4,276 451 4,727
At 31 December 2014 4,276 4,100 8,376
Carrying amounts
At 31 December 2013 10,695 2,830 13,525
At 31 December 2014 6,419 2,379 8,798
The licence contracts and related relationships represents the rights to develop the International Healthcare Park. Other
than Phase 1 of City International Hospital, the rest of the projects have not commenced development. In 2014, the Group
sold its undeveloped land in International Healthcare Park consisted of Lot D1, PT1, BV5 and BV6 to third party
purchasers.
For the purpose of impairment testing, goodwill and licence contracts and related relationships are allocated to the
Group's operating divisions which represent the lowest level within the Group at which the goodwill and licence contracts
and related relationships are monitored for internal management purposes.
The aggregate carrying amounts of intangible assets allocated to each unit are as follows:
2014US$'000 2013US$'000
Licence, contracts and related relationships
International Healthcare Park 6,419 10,695
Goodwill
SENI Mont' Kiara 432 883
Sandakan Harbour Square 1,947 1,947
2,379 2,830
The recoverable amount of licence, contracts and related relationships has been tested based on the fair value less cost to
sell of the Land Use Rights ("LUR") owned by the subsidiaries. The key assumption used is the expected market value of the
LUR. The Group believes that any reasonably possible changes in the above key assumptions applied is not likely to
materially cause the recoverable amount to be lower than its carrying amount.
Impairment losses of US$451,000 (2013: US$320,000) and US$4,276,000 (2013: US$Nil) in relation to the SENI Mont' Kiara and
International Healthcare Park projects have been recognised as the recoverable amount of the cash generating units,
estimated based on fair value less costs to sell is below their carrying amount.
The recoverable amount of goodwill has been tested by reference to underlying profitability of the developments using
discounted cash flow projections.
17 Deferred Tax Assets
2014US$'000 2013US$'000
At 1 January 595 -
Exchange adjustments (112) (21)
Deferred tax credit relating to origination and reversal of temporary differences during the year 1,200 616
At 31 December 1,683 595
The deferred tax assets comprise:
2014US$'000 2013US$'000
Taxable temporary differences between accounting profit and taxable profit of property development units sold 1,683 595
At 31 December 1,683 595
Deferred tax assets have not been recognised in respect of unused tax losses of US$38,821,000 (2013: US$22,983,000) and
other tax benefits which includes temporary differences between net carrying amount and tax written down value of property,
plant and equipment, accrual of construction costs and other deductible temporary differences of US$3,722,000 (2013:
US$29,000) which are available for offset against future taxable profits. Deferred tax assets have not been recognised due
to the uncertainty of the recovery of the losses.
18 INVENTORIES
2014 2013
Note US$'000 US$'000
Land held for property development (a) 40,560 24,403
Work-in-progress (b) 55,332 73,134
Stock of completed units, at cost 285,234 330,475
Consumables 652 597
At 31 December 381,778 428,609
(a) Land held for property development
2014 2013
US$'000 US$'000
At 1 January 24,403 24,912
Add:
Exchange adjustments (849) (1,036)
Additions 2,710 1,344
Transfer from work-in-progress 24,534 -
Transfer to stock of completed units - (817)
50,798 24,403
Less:
Costs recognised as expenses in the statement of comprehensive income during the year (10,238) -
At 31 December 40,560 24,403
(b) Work-in-progress
2014 2013
US$'000 US$'000
At 1 January 73,134 116,876
Add :
Exchange adjustments (3,464) (4,243)
Work-in-progress incurred during the year 10,196 112,390
Transfer to land held for property development # (24,534) -
Transfer to stock of completed units - (151,889)
At 31 December 55,332 73,134
The above amounts included borrowing cost capitalised at interest rate ranges from 7.53% to 12.62% per annum (2013: 7.43%
to 13.58% per annum) of US$1,799,000 during the financial year (2013: US$2,446,000).
# The land was reclassified as land held for property development from work-in-progress in line with the Group's intention
to dispose of the land held.
19 held-for-trading financial instrument
The financial asset represents a placement in money market fund ("Fund"), which is held as a trading instrument. The market
value and the market price per unit of the Fund at 31 December 2014 were US$4,041,000 (2013: US$375,000) and US$0.29 (2013:
US$0.31) respectively. During the year, the Group acquired additional held-for-trading financial instrument for a
consideration of US$3,651,000 at a market price per unit of US$0.29. The Group recognised a fair value gain of US$39,000
(2013: fair value loss of US$5,000) in relation to the investment.
The Fund is permitted under the Deed to invest in the following:
(i) Bank deposits;
(ii) Money market instruments such as treasury bills, bankers acceptance, negotiable certificates of deposits, Bank Negara
Malaysia bills, Bank Negara Malaysia negotiable notes, Negotiable Instruments of Deposit and Negotiable Islamic Debt
Certificate with maturities not exceeding one (1) year; and
(iii) Malaysian Government Securities and/or securities guaranteed by the Government of Malaysia and/or notes/securities
issued by Bank Negara Malaysia with maturity not exceeding two (2) years.
20 Amount Due from an Associate
The amount due from an associate was unsecured, interest free and repayable on demand. The amount was repaid during the
financial year.
21 Share Capital
2014Number of Shares'000 2013Number of Shares'000
Authorised Share Capital 2,000,000 2,000,000
Issued Share Capital
At 1 January 212,025 212,525
Cancellation of shares (Note 27) - (500)
At 31 December 212,025 212,025
2014US$'000 2013 US$'000
Authorised Share Capital of US$0.05 each 100,000 100,000
Issued Share Capital of US$0.05 each
At 1 January 10,601 10,626
Cancellation of shares (Note 27) - (25)
At 31 December 10,601 10,601
22 Share Premium
Share premium represents the excess of proceeds raised on the issuance of shares over the nominal value of those shares.
The costs incurred in issuing shares were deducted from the share premium.
2014US$'000 2013US$'000
At 1 January/31 December 218,926 218,926
23 CAPITAL REDEMPTION RESERVE
The capital redemption reserve was incurred after the Company cancelled its 37,475,000 and 500,000 ordinary shares of
US$0.05 per share in 2009 and 2013 respectively.
24 AMOUNT DUE TO NON-CONTROLLING INTERESTS
2014 2013
US$'000 US$'000
Non-current
Minority Shareholders of Shangri-La Healthcare Investment Pte Ltd:
- Tran Thi Lam 415 533
- Econ Medicare Centre Holdings Pte Ltd 491 632
- Value Energy Sdn. Bhd. 147 189
- Thang Shieu Han 56 72
- Nguyen Quang Duc 11 14
1,120 1,440
Current
Minority Shareholder of Bumiraya Impian Sdn. Bhd.:
- Global Evergroup Sdn. Bhd. 1,418 1,514
Minority Shareholders of Hoa Lam Services Co Ltd:
- Tran Thi Lam 1,725 1,613
- Tri Hanh Consultancy Co Ltd 2,510 1,191
- Hoa Lam Development Investment Joint Stock Company 188 89
- Duong Ngoc Hoa 126 60
Minority Shareholder of Urban DNA Sdn. Bhd.:
- Ireka Corporation Berhad 4,255 4,541
10,222 9,008
11,342 10,448
The current amount due to non-controlling interests amounting to US$10,222,000 (2013: US$9,008,000) is unsecured, interest
free and repayable on demand.
The non-current amount due to non-controlling interests amounting to US$1,120,000 (2013: US$1,440,000) is unsecured,
interest free and shall only be repayable to the respective minority shareholders if the minority shareholders cease to be
a shareholder in Shangri-La Healthcare Investment Pte Ltd.
25 Loans AND BORROWINGS
2014 2013
US$'000 US$'000
Non-current
Bank loans 53,338 49,267
Finance lease liabilities 26 42
53,364 49,309
Current
Bank loans 19,262 25,452
Finance lease liabilities 12 14
19,274 25,466
72,638 74,775
The effective interest rates on the bank loans and finance lease arrangement for the year ranged from 5.25% to 17.70%
(2013: 5.25% to 17.70%) per annum and 2.50% to 3.50% (2013: 2.50% to 3.50%) per annum respectively.
Borrowings are denominated in Ringgit Malaysia, United State Dollars and Vietnam Dong.
Bank loans are repayable by monthly, quarterly or semi-annually instalments.
Bank loans are secured by land held for property development, work-in-progress, operating assets of the Group, pledged
deposits and some by the corporate guarantee of the Company.
Finance lease liabilities are payable as follows:
Future minimum lease payment 2014 Interest 2014 Present value of minimum lease payment 2014 Future minimum lease payment 2013 Interest 2013 Present value of minimum lease payment 2013
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Within one year 15 3 12 16 2 14
Between one and five years 30 4 26 49 7 42
45 7 38 65 9 56
26 MEDIUM TERM NOTES
2014US$'000 2013US$'000
Outstanding medium term notes 147,004 156,924
Net transaction costs (1,774) (2,308)
Less:
Repayment due within twelve months* (60,237) (13,739)
Repayment due after twelve months 84,993 140,877
* Includes net transaction costs in relation to medium term notes due within twelve months of US$1.25 million.
The medium term notes ("MTN") were issued pursuant to a programme with a tenure of ten (10) years from the first issue date
of the notes. The MTN were issued by a subsidiary, to fund two development projects known as Sandakan Harbour Square and
Aloft Kuala Lumpur Sentral Hotel in Malaysia. US$70.07 million (RM245.00 million) was drawn down in 2011 for Sandakan
Harbour Square. US$4.29 million (RM15.00 million) was drawn down in 2012 for Aloft Kuala Lumpur Sentral Hotel and the
remaining US$72.64 million (RM254 million) in 2013. The Group secured a rollover of MTN amounting US$12.87 million (RM45
million) which was due for repayment on 8 December 2014 to be repaid on 8 December 2017. No repayments were made in the
current financial year.
The weighted average interest rate of the MTN was 5.56% per annum at the statement of financial position date. The
effective interest rates of the MTN and their outstanding amounts are as follows:
Maturity Dates Interest rate % per annum US$'000
Series 1 Tranche FG 003 8 December 2017 5.90 7,150
Series 1 Tranche BG 003 8 December 2017 5.85 5,720
Series 1 Tranche FG 002 8 December 2015 5.46 12,870
Series 1 Tranche BG 002 8 December 2015 5.41 8,580
Series 2 Tranche FG 001 8 December 2015 5.46 20,020
Series 2 Tranche BG 001 8 December 2015 5.41 15,730
Series 3 Tranche FG 001 1 October 2015 5.40 2,860
Series 3 Tranche BG 001 1 October 2015 5.35 1,430
Series 3 Tranche FG 002 29 January 2016 5.50 4,290
Series 3 Tranche BG 002 29 January 2016 5.45 2,860
Series 3 Tranche FG 003 8 April 2016 5.65 36,894
Series 3 Tranche BG 003 8 April 2016 5.58 28,600
147,004
The medium term notes are secured by way of:
(i) bank guarantee from two financial institutions in respect of the BG Tranches;
(ii) financial guarantee insurance policy from Danajamin Nasional Berhad in respect to the FG Tranches;
(iii) a first fixed and floating charge over the present and future assets and properties of Silver Sparrow Berhad,
ICSD Ventures Sdn. Bhd. and Iringan Flora Sdn. Bhd. by way of a debenture;
(iv) a third party first legal fixed charge over ICSD Ventures Sdn. Bhd.'s assets and land;
(v) assignment of all Iringan Flora Sdn. Bhd.'s present and future rights, title, interest and benefits in and under
the Sales and Purchase Agreement to purchase the Aloft Kuala Lumpur Sentral Hotel from Excellent Bonanza Sdn. Bhd.;
(vi) first fixed land charge over the Aloft Kuala Lumpur Sentral Hotel and the Aloft Kuala Lumpur Sentral Hotel's
Land (to be executed upon construction completion);
(vii) a corporate guarantee by Aseana Properties Limited;
(viii) letter of undertaking from Aseana Properties Limited to provide financial and other forms of support to ICSD
Ventures Sdn. Bhd. to finance any cost overruns associated with the development of the Sandakan Harbour Square;
(ix) assignment of all its present and future rights, interest and benefits under the ICSD Ventures Sdn. Bhd.'s and
Iringan Flora Sdn. Bhd.'s Put Option Agreements and the proceeds from the Harbour Mall Sandakan, Four Points by Sheraton
Sandakan Hotel and Aloft Kuala Lumpur Sentral Hotel;
(x) assignment over the disbursement account, revenue account, operating account, sale proceed account, debt service
reserve account and sinking fund account of Silver Sparrow Berhad; revenue account of ICSD Venture Sdn. Bhd. and escrow
account of Ireka Land Sdn. Bhd.;
(xi) assignment of all ICSD Ventures Sdn. Bhd.'s and Iringan Flora Sdn. Bhd.'s present and future rights, title,
interest and benefits in and under the insurance policies; and
(xii) a first legal charge over all the shares of Silver Sparrow Berhad, ICSD Ventures Sdn. Bhd. and Iringan Flora
Sdn. Bhd. and any dividends, distributions and entitlements.
27 PURCHASE OF OWN SHARES AND CANCELLATION OF SHARES
The shareholders of the Company, by a special resolution passed in a general meeting held on 25 June 2014, approved the
Company's plan to repurchase its own shares.
There was no repurchase of issued share capital in the current financial year.
Cancellation of treasury shares
The shares repurchased in the prior year were cancelled and an amount equivalent to their nominal value was transferred to
the capital redemption reserve in accordance with the requirement of Section 61 of the Companies (Jersey) Law 1991. The
transfer to capital redemption reserve and the premium paid on the shares repurchased were made out of the share premium.
28 Related Party Transactions
Transactions between the Group and the Company with Ireka Corporation Berhad ("ICB") and its group of companies are
classified as related party transactions based on ICB's 23.07% shareholding in the Company.
Related parties also include key management personnel defined as those persons having authority and responsibility for
planning, directing and controlling the activities of the Group either directly or indirectly. The key management personnel
includes all the Directors of the Group, and certain members of senior management of the Group.
Group 2014US$'000 2013US$'000
ICB Group of Companies
Group 2014US$'000 2013US$'000
ICB Group of Companies
Accounting and financial reporting services fee charged by an ICB subsidiary 53 53
Construction progress claims charged by an ICB subsidiary 13,912 11,035
Management fees charged by an ICB subsidiary 3,344 3,762
Marketing commission charged by an ICB subsidiary 1,226 330
Project management fee for interior fit out works charged by an ICB subsidiary - 90
Project staff costs reimbursed to an ICB subsidiary 544 682
Rental expenses charged by an ICB subsidiary 31 -
Sales and administrative fee charged by an ICB subsidiary - 50
Secretarial and administrative services fee charged by an ICB subsidiary 53 53
Key management personnel
Remuneration of key management personnel - Directors' fees 317 317
Remuneration of key management personnel - Salaries 49 40
Transactions between the Group with other significant related parties are as follows:
2014 2013
US$'000 US$'000
Non-controlling interests
Advances - non-interest bearing (Note 24) 1,635 1,081
Associate - Excellent Bonanza Sdn. Bhd.
Advances - non-interest bearing - 630
Settlement of purchase consideration of Aloft Kuala Lumpur Sentral Hotel - 63,867
The above transactions have been entered into in the normal course of business and have been established under negotiated
terms.
The outstanding amounts due from/ (to) ICB and its group of companies as at 31 December 2014 and 31 December 2013 are as
follows:
2014US$'000 2013US$'000
Amount due to an ICB subsidiary for accounting and financial reporting services fee - 53
Amount due to an ICB subsidiary for construction progress claims charged (2013: Net of LAD's recoverable US$6,046,000) 891 965
Amount due to an ICB subsidiary for management fees - 2,343
Amount due to an ICB subsidiary for marketing commissions 34 151
Amount due to an ICB subsidiary for reimbursement of project staff costs 60 488
Amount due to an ICB subsidiary for rental expenses 2 -
Amount due to an ICB subsidiary for secretarial and administrative services fee - 80
The outstanding amounts due from/ (to) the other significant related parties as at 31 December 2014 and 31 December 2013
are as follows:
2014 2013
US$'000 US$'000
Non-controlling interests
Advances - non-interest bearing (Note 24) (11,342) (10,448)
Associate - Excellent Bonanza Sdn. Bhd.
Advances - non-interest bearing - 853
Transactions between the parent company and its subsidiaries are eliminated in these consolidated financial statements.
29 Business COMBINATION
During the financial year, the Group increased its equity interest in Shangri-La Healthcare Investment Pte Ltd ("SHIPL")
from 74.11% to 75.38% (2013: 73.50% to 74.11%) resulting from an issue of new shares in the subsidiary. Consequently, the
Company's effective equity interest in Hoa Lam-Shangri-La Healthcare Ltd Liability Co, City International Hospital Co Ltd,
Hoa Lam-Shangri-La 3 Ltd Liability Co and Hoa Lam - Shangri-La 4 Ltd Liability Co, subsidiaries of SHIPL, increased to
68.07% (2013: 67.20%).
The Group recognised an increase in non-controlling interests of US$147,000 (2013: US$42,000) and an increase in
accumulated losses of US$147,000 (2013: US$42,000) resulting from the increase in equity interest in the above
subsidiaries. The transaction was accounted for using the purchase method of accounting.
During the financial year, the Group disposed of its entire interest in Hoa Lam-Shangri-La 2 Ltd Liability Co, a subsidiary
of the Group for a consideration of US$500,000 (VND10.50 billion). The disposal of Hoa Lam-Shangri-La 2 Ltd Liability Co.
has no significant impact on the results of the Group.
30 DIVIDEND
The Company has not paid or declared any dividends during the financial year ended 31 December 2014.
31 cOMMITMENTS AND Contingencies
The Group and Company do not have any contingencies at the statement of financial position date except as follows:
Debt service reserve account
Under the medium term notes programme of up to US$147 million, Silver Sparrow Berhad ("SSB") had opened a Ringgit Malaysia
debt service reserve account ("DSRA") and shall ensure that an amount equivalent to RM30.0 million (US$8.58 million) (the
"Minimum Deposit") be maintained in the DSRA at all times. In the event the funds in the DSRA falls below the Minimum
Deposit, SSB shall within five (5) Business Days from the date of receipt of written notice from the facility agent or upon
SSB becoming aware of the shortfall, whichever is earlier, deposit such sums of money into the DSRA to ensure the Minimum
Deposit is maintained.
32 REPORT CIRCULATION
Copies of the Annual Report and Financial Statements will be sent to shareholders for approval at the Annual General
Meeting ("AGM") to be held in June 2015.
Principal Risks and Uncertainties
The Group's business is property development in Malaysia and Vietnam. Its principal risks are therefore related to the
property market in these countries in general, and also the particular circumstances of the property development projects
it is undertaking. More detailed explanations of these risks and the way they are managed are contained under the heading
of Financial and Capital Risk Management Objectives and Policies in the Annual Report.
Other risks faced by the Group in Malaysia and Vietnam include the following:
Economic Inflation, economic recessions and movements in interest rates could affect property development activities.
Strategic Incorrect strategy, including sector and geographical allocations and use of gearing, could lead to poor returns for shareholders.
Regulatory Breach of regulatory rules could lead to suspension of the Company's Stock Exchange listing and financial penalties.
Law and regulations Changes in laws and regulations relating to planning, land use, development standards and ownership of land could have adverse effects on the business and returns for the shareholders.
Tax regimes Changes in the tax regimes could affect the tax treatment of the Company and/or its subsidiaries in these jurisdictions.
Management and control Changes that cause the management and control of the Company to be exercised in the United Kingdom could lead to the Company becoming liable to United Kingdom taxation on income and capital gains.
Operational Failure of the Development Manager's accounting system and disruption to the Development Manager's business, or that of a third party service providers, could lead to an inability to provide accurate reporting and monitoring leading to a loss of shareholders' confidence.
Financial Inadequate controls by the Development Manager or third party service providers could lead to misappropriation of assets. Inappropriate accounting policies or failure to comply with accounting standards could lead to misreporting or breaches of regulations or a qualified audit report.
Going Concern Failure of property development projects due to poor sales and collection, construction delay, inability to secure financing from banks may result in inadequate financial resources to continue operational existence and to meet financial liabilities and commitments.
The Board seeks to mitigate and manage these risks through continual review, policy setting and enforcement of contractual
rights and obligations. It also regularly monitors the economic and investment environment in countries that it operates in
and the management of the Group's property development portfolio. Details of the Group's internal controls are described in
the Annual Report.
RESPONSIBILITY STATEMENT
The Directors of the Group and the Company confirm that to the best of their knowledge that:
(a) the consolidated financial statement have been prepared in accordance with International Financial Reporting
Standards, including International Accounting Standards and Interpretations adopted by the International Accounting
Standards Board; and
(b) the sections of this Report, including the Chairman's Statement, Development Manager's Review, Financial Review
and Principal Risks and Uncertainties, which constitute the management report include a fair review of all information
required to be disclosed by the Disclosure and Transparency Rules 4.1.8 to 4.1.11 issued by the Financial Services
Authority of the United Kingdom.
On behalf of the Board
Mohammed Azlan Hashim Christopher Henry Lovell
Director Director
27 April 2015
This information is provided by RNS
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