REG - Aseana Prop Ltd - Half-year Report <Origin Href="QuoteRef">ASPL.L</Origin> - Part 3

Aseana PropertiesAnnouncement

25/08/2017 07:06

- Part 3: For the preceding part double click  ID:nRSY9533Ob 

subsidiary for marketing commissions                    (ii)  (28)                                 (28)                                 (13)                                   
 Amount due to ICB subsidiary for project management fees                     (ii)  -                                    (32)                                 -                                      
 Amount due to ICB subsidiary for reimbursement of project staff costs        (ii)  (26)                                 (9)                                  -                                      
 Amount due from ICB for rental expenses paid on behalf                       (ii)  328                                  1,760                                114                                    
 
 
(i)  These amounts are trade in nature and subject to normal trade terms. 
 
(ii) These amounts are non-trade in nature and are unsecured, interest-free
and repayable on demand. 
 
The outstanding amounts due from/ (to) the other significant related parties
as at 30 June 2017, 30 June 2016 and 31 December 2016 are as follows: 
 
                                  Unaudited       Unaudited       Audited             
                                  As at  30 June  As at  30 June  As at  31 December  
                                  2017            2016            2016                
                                  US$'000         US$'000         US$'000             
 Non-controlling interests                                                            
 Advances - non-interest bearing  (12,984)        (13,234)        (12,573)            
 
 
Transactions between the parent company and its subsidiaries are eliminated in
these consolidated financial statements. 
 
12        Dividends 
 
The Company has not paid or declared any dividends during the financial period
ended 30 June 2017. 
 
13        EVENT AFTER THE STATEMENT OF FINANCIAL POSITION DATE 
 
Subsequent to 30 June 2017, following the recent capital calls, Aseana
increased its equity interest in Shangri-La Healthcare Investment Pte Ltd
("SHIPL") to 81.58% arising from an issue of new shares in the subsidiary for
cash consideration of US$485,896. 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 6 Ltd Liability Co, subsidiaries of SHIPL, increased to
72.41%. 
 
Subsequent to 30 June 2017, Aseana disposed of a plot of land in International
Healthcare Park through disposal of its entire interest in Hoa Lam Shangri-La
Limited Liability Co 6 ("HLSL6"). The gross transaction value is approximately
US$7,730,401 (VND175 billion). The condition precedent for the completion of
the disposal is expected to complete in Quarter 3, 2017 when the shares are
transferred to the purchaser. 
 
14        prior period restatement 
 
In the previous financial period, the Group entered into a sale and purchase
agreement to dispose of Aloft Kuala Lumpur Sentral Hotel ("AKLS") to Prosper
Group Holdings Limited 
 
for a net adjusted price of US$104.3 million through disposal of the entire
issued share 
 
capital of ASPL M3B Limited and Iringan Flora Sdn. Bhd. 
 
As the Group is principally a property developer, the disposal of ASPL M3B
Limited and Iringan Flora Sdn. Bhd. represents a disposal of the AKLS.
Accordingly, the Group has more appropriately reflected the disposal of ASPL
M3B Limited and Iringan Flora Sdn. Bhd. as a disposal of the Group's
inventory, thus reflecting the transaction as revenue from sale of the
inventory with the relevant costs being recognised as its cost of sales,
instead of gain on disposal of a subsidiary which was reflected in the
previous period's financial statements. 
 
The cash generated from Operating profit/(loss) before changes in working
capital  has been adjusted by the gain on disposal of subsidiary of
US$36,308,000, this has now been reflected into changes in working capital in
net cash from operating activities rather than Operating profit/(loss) before
changes in working capital as previously stated. The operating cash flows have
been adjusted by the net cash outflows on disposal, which was made up of
proceeds received in June 2016 (US$102,003,000), offset by the cash and cash
equivalents disposed of (US$550,000), this has been reflected in net cash from
operating activities rather than net cash from investing activities as
previously stated. 
 
The effects of restatement are disclosed below: 
 
                                                                                                      
                                                                Unaudited   RestatedAs at30 June2016    Unaudited  Previously StatedAs at30 June2016  
                                                                US$'000                                 US$'000                                       
                                                                                                                                                      
 Consolidated statement of comprehensive income                                                                                                       
 Revenue                                                        108,162                                 3,873                                         
 Cost of sales                                                  71,021                                  3,040                                         
 Other income                                                   14,971                                  51,279                                        
                                                                                                                                                      
 Consolidated statement of cash flows                                                                                                                 
 Operating profit/(loss) before changes in working capital      34,904                                  (1,404)                                       
 Cash generated from operations (before interest and tax paid)  108,477                                 7,024                                         
 Net cash used in operating activities                          102,704                                 1,251                                         
 Net cash from investing activities                             2,319                                   103,772                                       
 
 
The comparatives in notes 3 and 5 to the financial statements were restated to
reflect the above. 
 
The restatement had no impact on the profit for the financial period/year or
the total assets or total equity or net cash flow for any of the periods
presented of the Group. 
 
15        Interim Statement 
 
Copies of this interim statement are available on the Company's website
www.aseanaproperties.com or from the Company's registered office at 12 Castle
Street, St. Helier, Jersey, JE2 3RT, Channel Islands. 
 
Principal Risks and Uncertainties 
 
The Board has overall responsibility for risk management and internal control.
The following have been identified previously as the areas of principal risk
and uncertainty facing the Company, and they remain relevant in the second
half of the year. 
 
·    Economic 
 
·    Strategic 
 
·    Regulatory 
 
·    Law and regulations 
 
·    Tax regimes 
 
·    Management and control 
 
·    Operational 
 
·    Financial 
 
·    Going concern 
 
For greater detail, please refer to page 16 of the Company's Annual Report for
2016, a copy of which is available on the Company's website
www.aseanaproperties.com. 
 
RESPONSIBILITY STATEMENT 
 
The Directors of the Company confirm that to the best of their knowledge
that: 
 
a)   The condensed consolidated financial statements have been prepared in
accordance with IAS 34 (Interim Financial Reporting); 
 
b)   The interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first six
months and description of principal risks and uncertainties for the remaining
six months of the year); and 
 
c)   The interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related party transactions and changes
therein). 
 
On behalf of the Board 
 
Mohammed Azlan Hashim                                            Christopher
Henry Lovell 
 
Director                                                                      
 Director 
 
25 August 2017 
 
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