REG - Aseana Prop Ltd - Half-year Report <Origin Href="QuoteRef">ASPL.L</Origin> - Part 2
25/08/2017 07:06
- Part 2: For the preceding part double click ID:nRSY9533Oa
15,426
Cash generated from operations 2,115 108,477 105,110
Interest paid (2,377) (5,763) (9,616)
Tax paid (455) (10) (318)
Net cash (used in) /from operating activities (717) 102,704 (95,176)
Cash Flows From Investing Activities
Proceeds from disposal of available-for-sale Investments (iii) 893 2,040 8,955
Proceeds from disposal of property, plant andequipment - 5 5
Finance income received 52 274 401
Net cash from investing activities 945 2,319 9,361
* see Note 14
CONSOLIDATED STATEMENT OF CASH FLOWS (CONT'D)
SIX MONTHS ENDED 30 JUNE 2017
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2017 2016 2016
US$'000 US$'000Restated* US$'000
Cash Flows From Financing Activities
Advances from non-controlling interests 205 2,875 2,819
Issuance of ordinary shares of subsidiaries to non-controlling interests (ii) 158 113 113
Payment of finance lease liabilities (3) - -
Purchase of own shares (10,001) - -
Repayment of loans and borrowings (216) (7,882) (104,880)
Drawdown of loans and borrowings 176 262 1,571
Increase in pledged deposits placed in licensed banks (183) (689) (698)
Net cash used in financing activities (9,864) (5,321) (101,075)
Net changes in cash and cash equivalents during the period/year (9,636) 99,702 3,462
Effect of changes in exchange rates 506 227 (155)
Cash and cash equivalents at the beginning of the period/year (i) 16,639 13,332 13,332
Cash and cash equivalents at the end of the period/year (i) 7,509 113,261 16,639
(i) Cash and Cash EquivalentsCash and cash equivalents included in the consolidated statement of cash flows comprise the following consolidated statement of financial position amounts:
Cash and bank balances 5,940 9,560 14,858
Short term bank deposits 12,066 114,516 11,792
18,006 124,076 26,650
Less: Deposits pledged (10,497) (10,815) (10,011)
Cash and cash equivalents 7,509 113,261 16,639
(ii) During the financial period/year, US$158,000 (30 June 2016: US$113,000;
31 December 2016: US$113,000) of ordinary shares of subsidiaries were issued
to non-controlling shareholders, of which US$158,000 (30 June 2016:
US$113,000; 31 December 2016: US$113,000) was satisfied via cash
consideration
(iii) In 2016, the Group disposed the entire balance representing 9,784,653
shares in Nam Long for a consideration of US$9,848,000 of which US$8,955,000
was received. During the financial period ,the balance consideration
recoverable of US$ 893,000 was received.
* see Note 14
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30
JUNE 2017
1 General Information
The principal activities of the Group are development of upscale residential
and hospitality projects, sale of development land and operation of hotel,
mall and hospital in Malaysia and Vietnam.
2 Summary of Significant Accounting Policies
2.1 Basis of Preparation
The interim condensed consolidated financial statements for the six months
ended 30 June 2017 has been prepared in accordance with IAS 34, Interim
Financial Reporting.
The interim condensed consolidated financial statements should be read in
conjunction with the annual financial statements for the year ended 31
December 2016 which has been prepared in accordance with IFRS.
Taxes on income in the interim period are accrued using the tax rate that
would be applicable to expected total annual earnings.
The interim results have not been audited nor reviewed and do not constitute
statutory 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 accounting policies applied are consistent with those of the annual
financial statements for the year ended 31 December 2016 as described in those
annual financial statements.
The interim report and financial statements were approved by the Board of
Directors on 24 August 2017.
3 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 ("Tiffani") by i-ZEN;
(iii) ICSD Ventures Sdn. Bhd. - owns and operates Harbour Mall Sandakan
("HMS") and Four Points by Sheraton Sandakan Hotel ("FPSS");
(iv) Amatir Resources Sdn. Bhd. - develops SENI Mont' Kiara ("SENI");
(v) Iringan Flora Sdn. Bhd. - owns and operates Aloft Kuala Lumpur Sentral
Hotel ("AKLS"); sold in June 2016;
(vi) Urban DNA Sdn. Bhd.- develops The RuMa Hotel and Residences ("The
Ruma"); and
(vii) Hoa Lam-Shangri-La Healthcare Group - master developer of International
Healthcare Park ("IHP"); owns and operates the City International Hospital
("CIH").
Other non-reportable segments comprise the Group's other development projects.
None of these segments meets any of the quantitative thresholds for
determining reportable segments in 2017 and 2016.
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 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.
Operating Segments - ended 30 June 2017 - Unaudited
Investment Holding Companies Ireka Land Sdn. Bhd. ICSD Ventures Sdn. Bhd. Amatir Resources Sdn. Bhd. UrbanDNASdn. Bhd. Hoa Lam-Shangri-La Healthcare Group Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Segment (loss)/profit before taxation 226 (141) (961) 273 (676) (1,947) (3,226)
Included in the measure of segment profit/(loss) are:
Revenue - - - 4,002 - 5,377 9,379
Revenue from hotel operations - - 1,777 - - - 1,777
Revenue from mall operations - - 667 - - - 667
Revenue from hospital operations - - - - - 3,503 3,503
Cost of acquisition written down # - - - (807) - - (807)
Impairment of goodwill - - - (44) - (1,435) (1,479)
Marketing expenses - - - (6) (164) - (170)
Expenses from hotel operations - - (1,917) - - - (1,917)
Expenses from mall operations - - (782) - - - (782)
Expenses from hospital operations - - - - - 4,869 4,869
Depreciation of property, plant and equipment - - - - - (43) (43)
Finance costs - - (729) - - (1,648) (2,377)
Finance income 8 1 2 8 13 20 52
Segment assets 1,202 1,910 79,310 16,393 82,016 94,988 275,819
Included in the measure of segment assets are:
Addition to non-current assets other than financial instruments and deferred tax assets - - - - - - -
# Cost of acquisition relates to the fair value adjustment in relation to the
inventories upon the acquisition of certain subsidiaries of the Group. The
cost of acquisition written down is charged to profit or loss as part of cost
of sales upon the sales of these inventories.
Reconciliation of reportable segment revenues, profit or loss, assets and
liabilities and other material items
Profit or loss US$'000
Total loss for reportable segments (3,226)
Other non-reportable segments (56)
Depreciation -
Finance costs -
Finance income -
Consolidated loss before taxation (3,282)
Operating Segments - ended 30 June 2016 - Unaudited (Restated)
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 (loss)/profit before taxation (1,061) 209 (2,323) (76) 37,090 (358) (4,260) 29,221
Included in the measure of segment (loss)/profit are:
Revenue - 1,002 - 2,871 103,878 - 411 108,162
Revenue from hotel operations - - 1,570 - 8,954 - - 10,524
Revenue from mall operations - - 470 - - - - 470
Revenue from hospital operations - - - - - - 2,694 2,694
Cost of acquisition writtendown # - (81) - (690) - - - (771)
Impairment of goodwill - - - (37) - - (73) (110)
Marketing expenses - - - (1) - (78) - (79)
Expenses from hotel operations - - (1,873) - (5,845) - - (7,718)
Expenses from mall operations - - (630) - - - - (630)
Expenses from hospital operations - - - - - - (5,075) (5,075)
Depreciation of property, plant and equipment - - (3) - (3) - (45) (51)
Finance costs - - (1,905) - (2,000) - (1,777) (5,682)
Finance income 45 1 134 3 2 2 23 210
Segment assets 21,589 5,032 94,535 28,957 71,207 59,260 98,725 379,305
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$'000
Total profit for reportable segments 29,221
Other non-reportable segments (48)
Depreciation -
Finance costs (81)
Finance income 64
Consolidated profit before taxation 29,156
Operating Segments - ended 31 December 2016 - Audited
Investment Holding Companies Ireka Land Sdn. Bhd. ICSD VenturesSdn. Bhd. Amatir Resources Sdn. Bhd. Iringan Flora Sdn.Bhd. UrbanDNASdn. Bhd. Hoa Lam-Shangri-La Healthcare Group Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Segment profit/ (loss) before taxation (4,410) 135 (6,237) 515 37,223 (1,338) (9,359) 16,529
Included in the measure of segment profit/ (loss) are:
Revenue - 1,306 - 6,529 104,289 - 411 112,535
Revenue from hotel operations - - 3,435 - 8,762 - - 12,197
Revenue from mall operations - - 1,041 - - - - 1,041
Revenue from hospital operations - - - - - - 5,754 5,754
Impairment of inventory * - - (2,408) - - - - (2,408)
Write down of intangible assets - - - (79) - - (73) (152)
Marketing expenses - - - - - (193) - (193)
Expenses from hotel operations - - (3,763) - (5,719) - - (9,482)
Expenses from mall operations - - (1,399) - - - - (1,399)
Expenses from hospital operations - - - - - - (9,039) (9,039)
Depreciation of property, plant and equipment - - (6) - (3) - (89) (98)
Finance costs - - (2,992) - (1,957) - (4,363) (9,312)
Finance income 57 2 258 9 2 7 66 401
Segment assets 12,160 1,843 76,174 18,722 - 69,618 97,833 276,350
Included in the measure of segment assets are:
Addition to non-current assets other than financial instruments and deferred tax assets - - - - - - - -
* The amount relates to impairment of FPSS as the recoverable amount,
estimated based on its net realisable value, is below its carrying amount
Reconciliation of reportable segment revenues, profit or loss, assets and
liabilities and other material items
Profit or loss US$'000
Total profit for reportable segments 16,529
Other non-reportable segments (61)
Finance income (304)
Consolidated profit before taxation 16,164
30 June 2017 - UnauditedUS$'000 Revenue Depreciation Finance costs Finance income Segment assets Addition to non-current assets
Total reportable segment 9,379 (43) (2,377) 52 275,819 -
Other non-reportable segments - - - - 18,932 -
Consolidated total 9,379 (43) (2,377) 52 294,751 -
30 June 2016 - Unaudited US$'000(Restated) Revenue Depreciation Finance costs Finance income Segment assets Addition to non-current assets
Total reportable segment 108,162 (51) (5,682) 210 294,778 -
Other non-reportable segments - - (81) 64 122,963 -
Consolidated total 108,162 (51) (5,763) 274 417,741 -
31 December 2016 - AuditedUS$'000 Revenue Depreciation Finance costs Finance income Segment assets Addition to non-current assets
Total reportable segment 112,535 (98) (9,312) 401 276,350 -
Other non-reportable segments - - (304) - 18,030 -
Consolidated total 112,535 (98) (9,616) 401 294,380 -
Geographical Information - ended 30 June 2017 - Unaudited
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
Revenue 4,002 5,377 9,379
Non-current assets 2,751 5,611 8,362
Included in the revenue of the Group for financial period ended 30 June 2017
is proceeds for the sale of a plot of land (D2) at International Healthcare
Park.
For the financial period ended 30 June 2017, one customer exceeded 10% of the
Group's total revenue as follows:
US$'000 Segments
Tien Phat Consultancy Investment Company Limited 5,377 Ho Lam Shangri-La
Healthcare Group
Geographical Information - ended 30 June 2016 - Unaudited (Restated)
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
Revenue 107,751 411 108,162
Non-current assets 2,216 15,001 17,217
For the financial period ended 30 June 2016, no single customer exceeded 10%
of the Group's total revenue.
Geographical Information - ended 31 December 2016 - Audited
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
Revenue 112,124 411 112,535
Non-current assets 2,359 7,088 9,447
Included in the revenue of the Group for the financial year ended 31 December
2016 is proceeds from the sale of Aloft Kuala Lumpur Sentral Hotel and a plot
of land (GD1) at International Healthcare Park.
For the year ended 31 December 2016, one customer exceeded 10% of the Group's
total revenue as follows:
US$'000 Segments
Prosper Group Holdings Limited 104,289 Iringan Flora
Sdn Bhd
4 Seasonality
The Group's business operations are not materially affected by seasonal
factors for the period
under review.
5 Cost of Sales
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2017 2016 2016
US$'000 US$'000 US$'000
Restated
Direct costs attributable to:
Completed units 3,252 70,720 74,796
Sales of land held for property development 2,511 191 191
Impairment of inventory - - 2,408
Impairment of intangible assets 1,479 110 152
7,242 71,021 77,547
Included in the cost of sales of the Group for the financial period ended 30
June 2017 is expenses related to the sale of a plot of land (D2) at IHP. (30
June 2016 and 31 December 2016: Sale of AKLS and a plot of land (GD1) at the
International Healthcare Park )
6 Foreign exchange (loss)/GAIN
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2017 2016 2016
US$'000 US$'000 US$'000
Foreign exchange gain/(loss)comprises:
Realised foreign exchange (loss)/gain (28) 19 (112)
Unrealised foreign exchange gain/(loss) 1,261 (596) (4,939)
1,233 (577) (5,051)
7 Taxation
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2017 2016 2016
US$'000 US$'000 US$'000
Current tax expense 628 238 1,058
Deferred tax credit (357) (11) (372)
Total tax expense for the period/year 271 227 686
The numerical reconciliation between the income tax expense and the product of
accounting results multiplied by the applicable tax rate is computed as
follows:
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June Ended 31 December
2017 2016 2016
US$'000 US$'000 US$'000
Net (loss)/profit before taxation (3,277) 29,156 16,164
Income tax at a rate of 24% (30 June 2016: 24%; 31 December 2016: 24%) (786) 6,997 3,879
Add :
Tax effect of expenses not deductible in determining taxable profit 1,552 2,756 6,854
Current year losses and other tax benefits for which no deferred tax asset was recognised 1,939 1,149 2,029
Tax effect of different tax rates in subsidiaries 634 837 1,521
Less :
Tax effect of income not taxable in determining taxable profit (3,068) (11,512) (13,841)
Over provision in respect of prior period/year - - 244
Total tax expense for the period/year 271 227 686
The applicable corporate tax rate in Malaysia is 24%.
The Company is treated as a tax resident of Jersey for the purpose of Jersey
tax laws and is subject to a tax rate of 0%.
The applicable corporate tax rates in Singapore and Vietnam are 17% and 20%
respectively.
A subsidiary of the Group, CIH is granted preferential corporate tax rate of
10% for the results of the hospital operations. The preferential income tax is
given by the government of Vietnam due to the subsidiary's involvement in the
healthcare industry.
A Goods and Services Tax was introduced 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.
8 (LOSS)/EARNINGS Per Share
Basic and diluted (loss)/earnings per ordinary share
The calculation of basic and diluted (loss)/earnings per ordinary share for
the period/year ended was based on the (loss)/profit attributable to equity
holders of the parent and a weighted average number of ordinary shares
outstanding, calculated as below:
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2017 2016 2016
US$'000 US$'000 US$'000
(Loss)/earnings attributable to equity holders of the parent (1,418) 30,829 18,856
Weighted average number of shares 212,025 212,025 212,025
(Loss)/earnings per share
Basic and diluted (US cents) 0.67 14.54 8.89
9 Loans and Borrowings
Unaudited Unaudited Audited
As at30 June As at30 June As at31 December
2017 2016 2016
US$'000 US$'000 US$'000
Non-current
Bank loans 44,245 54,362 46,405
Finance lease liabilities - 1 -
44,245 54,363 46,405
Current
Bank loans 10,814 8,545 10,804
Finance lease liabilities - 4 3
10,814 8,549 10,807
55,059 62,912 57,212
The effective interest rates on the bank loans and finance lease arrangement
for the period ranged from 5.25% to 12.50% (30 June 2016: 5.00% to 12.50%; 31
December 2016: 5.25% to 12.50%) per annum and 2.50% (30 June 2016: 2.50%; 31
December 2016: 2.50%) per annum respectively.
Borrowings are denominated in Malaysian Ringgit, United States Dollars and
Vietnamese 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:
Unaudited Future minimum lease payment 30 June 2017US$'000 Interest 30 June2017 US$'000 Present value of minimum lease payment 30 June 2017US$'000
Within one year - - -
Between one and five years - - -
- - -
Unaudited Future minimum lease payment 30 June 2016 US$'000 Interest 30 June2016 US$'000 Present value of minimum lease payment 30 June 2016US$'000
Within one year 5 1 4
Between one and five years 1 - 1
6 1 5
Audited Future minimum lease payment 31 December 2016 US$'000 Interest 31 December2016US$'000 Present value of minimum lease payment 31 December 2016US$'000
Within one year 3 - 3
Between one and five years - - -
3 - 3
10 Medium Term Notes
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2017 2016 2016
US$'000 US$'000 US$'000
Outstanding medium term notes 27,948 127,472 26,748
Net transaction costs (228) (1,341) (405)
Less:
Repayment due within twelve months* (27,720) (115,142) (26,343)
Repayment due after twelve months - 10,989 -
* Includes net transaction costs in relation to medium term notes due within
twelve months
US$0.61 million.
The medium term notes ("MTNs") 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$57.1
million (RM245.0 million) was drawn down in 2011 for Sandakan Harbour Square.
US$3.50 million (RM15.0 million) was drawn down in 2012 for Aloft Kuala Lumpur
Sentral Hotel and the remaining US$59.2 million (RM254.0 million) in 2013.
In 2016, the Group completed the sale of the AKLS. The net adjusted price for
the sale of AKLS, which includes the sale of the entire issued share capital
of ASPL M3B Limited and Iringan Flora Sdn. Bhd is approximately US$104.3
million. Proceeds received from the sale of AKLS were used to redeem the MTNs
Series 2 and Series 3. Following the completion of the disposal of AKLS,
US$91.8 million (RM394.0 million) of MTNs associated with the AKLS (Series 3)
and the FPSS (Series 2) was repaid on 19 August 2016. The charges in respect
of AKLS was also discharged following the completion of the disposal.
Subsequent to the repayment of MTNs Series 2 and Series 3, MTNs Series 1 of
US$27.95 million (RM120.0 million) remained. The Group secured a rollover of
US$17.5 million (RM75.0 million) on 7 December 2016 to expire on 8 December
2017.
No repayments were made in the current financial period.
The weighted average interest rate of the MTN was 5.93% per annum at the
statement of financial position date. The effective interest rates of the MTN
and their outstanding amounts are as follows:
Maturity Dates Interest rate % per annum US$'000
Series 1 Tranche FG 003 8 December 2017 5.90 5,823
Series 1 Tranche BG 003 8 December 2017 5.85 4,658
Series 1 Tranche FG 004 8 December 2017 6.00 10,480
Series 1 Tranche BG 004 8 December 2017 5.90 6,987
27,948
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 ("Danajamin") 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 and ICSD Ventures 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) a corporate guarantee by Aseana Properties Limited;
(vi) 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;
(vii) assignment of all its present and future rights, interest and
benefits under the ICSD Ventures Sdn. Bhd.'s Put Option Agreements in favor of
Danajamin, Malayan Banking Berhad and OCBC Bank (Malaysia) Berhad
(collectively as "the guarantors") where once exercised, the sale and purchase
of HMS and FPSS shall take place in accordance with the provision of the Put
Option Agreement; and the
proceeds from HMS and FPSS will be utilised to repay the MTNs;
(viii) 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.;
(ix) assignment of all ICSD Ventures Sdn. Bhd's present and future
rights, title, interest and benefits in and under the insurance policies; and
(x) a first legal charge over all the shares of Silver Sparrow Berhad,
ICSD Ventures Sdn. Bhd. and any dividends, distributions and entitlements.
11 Related Party Transactions
Transactions between the Group 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.
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2017 2016 2016
US$'000 US$'000 US$'000
ICB Group of Companies
Accounting and financial reporting services fee charged by an ICB subsidiary 25 25 50
Advance payment to the contractors of an ICB subsidiary 943 947 1,591
Construction progress claims charged by an ICB subsidiary 6,751 4,359 9,960
Acquisition of Tiffani by i-Zen unit by an ICB subsidiary - 508 -
Management contractor services charged by an ICB subsidiary - 55 -
Management fees charged by an ICB subsidiary 1,534 1,409 3,331
Marketing commission charged by an ICB subsidiary 53 154 248
Project management fees charged by an ICB subsidiary - 31 -
Project staff costs reimbursed to an ICB subsidiary - 70 2
Rental expenses paid on behalf of ICB 253 252 493
Secretarial and administrative services fee charged by an ICB subsidiary 25 25 50
Key management personnel
Remuneration of key management personnel - Directors' fees 135 159 297
Remuneration of key management personnel - Salaries 70 22 123
Transactions between the Group with other significant related parties are as
follows:
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2017 2016 2016
US$'000 US$'000 US$'000
Non-controlling interests
Advances - non-interest bearing 205 2,875 2,819
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 30
June 2017, 30 June 2016 and 31 December 2016 are as follows:
Note Unaudited As at 30 June 2017US$'000 Unaudited As at 30 June 2016US$'000 Audited As at 31 December 2016US$'000
Amount due from an ICB subsidiary for advance payment to its contractors (ii) 3,993 2,566 2,903
Amount due to an ICB subsidiary for construction progress claims charged (i) (20) (821) (928)
Amount due from an ICB subsidiary for acquisition of SENI Mont' Kiara units (i) 2,012 1,959 1,760
Amount due from an ICB subsidiary for acquisition of Tiffani by i-Zen unit (i) - 376 -
Amount due to an ICB subsidiary for management contractor services (ii) - (55) -
Amount due from/(to) an ICB subsidiary for management fees (ii) - 161 (22)
Amount due to an ICB
- More to follow, for following part double click ID:nRSY9533OcRecent 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