REG - Aseana Prop Ltd - Half-Year Results
15/09/2022 07:01
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RNS Number : 4914Z Aseana Properties Limited 15 September 2022
15 September 2022
Aseana Properties Limited
("Aseana", the "Company" or, the "Group")
Half-Year Results for the Six Months Ended 30 June 2022
Aseana Properties Limited (LSE: ASPL), a property developer with investments
in Malaysia and Vietnam listed on the Main Market of the London Stock
Exchange, announces its unaudited half-year results for the six-month period
ended 30 June 2022.
Operational highlights:
· The COVID-related Movement Control Order ("MCO") in Malaysia was
officially lifted on 3 January 2022 with borders reopening to non-residents on
1 April 2022. The RuMa Hotel has achieved 32% occupancy in the first six
months of 2022 and continues to improve its performance. Losses for the
period ending 30 June 2022 were approximately RM 2.0 million due to a slower
than expected recovery.
· The RuMa Residences achieved approximately 71% sales to date based on
sales completed of the 199 residential units.
· The Guaranteed Rental Return ("GRR") payment to the hotel unit owners was
reinstated in July 2022. The Group has provisioned RM 14.2 million for the
GRR payment postponed during the period when the hotel was forced to shut down
due to the COVID-related MCO enforcement.
· In the first half year of 2022, The Harbour Mall Sandakan performance has
exceeded expectations with occupancy rates at about 96%. Financial
performance through 30 June 2022 is on target.
· On 28 February 2022, the Group completed its sale of its Vietnam assets
comprising the City International Hospital and the adjacent International
Healthcare Park in Ho Chi Minh City.
· As reported in our Annual Report published 28 April 2022, it is expected
that the Group would be financed via the sale of the remaining units of
residential inventories at The RuMa Hotel & Residences in West Malaysia,
and through the disposal of the Sandakan hotel asset (formerly Four Points
Sheraton Sandakan Hotel), the Harbour Mall Sandakan and the RuMa Hotel. The
Divestment Team has been actively seeking for potential purchasers.
Financial highlights:
· Other Income of US$4.0 million (H1 2021 (re-presented): US$2.1 million)
· Loss before tax from continuing operations of US$12.5 million (H1 2021
(re-presented): loss of US$1.4 million) which includes certain non-recurring
expenses such as the provision of the Ruma Guaranteed Rental Return of US$3.3
million, a foreign exchange loss of US$2.7 million due to the appreciation of
the US Dollars, a loss on asset value of the sold Vietnamese assets of US$3.8
million and operating expenses associated with that divestment of
approximately US$1.1 million.
· Loss after tax from continuing operations of US$12.8 million (H1 2021
(re-presented): loss of US$1.4 million)
· Loss for the period of US$12.8 million (H1 2021 (re-presented): loss of
US$3.3 million)
· Total comprehensive loss of US$14.5 million (H1 2021 (re-presented): loss
of US$6.6 million)
· Net asset value of US$79.5 million (31 December 2021 (audited): US$92.7
million) or US$0.40 per share (31 December 2021 (audited): US$0.47 per share)
Events After Statement of Financial Position Date:
On 3 August 2022, the Group terminated the conditional agreement dated 9
September 2021 for the sale of the remaining 58 residential units at The RuMa
Hotel and Residences as a result of certain conditions in the agreement that
had not been met.
Commenting on the results, Nick Paris, Chairman of Aseana, said:
"The first half results of 2022 reflect the continued challenging market
conditions and the slower than expected recovery from the negative impact of
COVID-19, the economic impacts from the conflict in Ukraine, the on-going
COVID-19 restrictions in China and monetary tightening across most central
banks in the face of inflationary conditions. Although the MCO was lifted on
3 January, the Malaysian borders were not reopened to non-residents until 1
April and therefore our hotel operations were negatively impacted. The
Company continues to focus on improving operational performance of its assets,
increasing their value and actively marketing the assets to potential buyers
despite the macro challenges mentioned above and the illiquid nature of the
assets."
For further information:
Aseana Properties Limited Tel: 020 3325 7050
Nick Paris (Chairman) Email: nick.paris@limadvisors.com
Grant Thornton UK LLP Tel: 020 7728 2578
Philip J Secrett Email: philip.j.secrett@uk.gt.com
Notes to Editors:
London-listed Aseana Properties Limited (LSE: ASPL) is a property developer
with investments in Malaysia and Vietnam and is in the process of divesting
its remaining assets.
CHAIRMAN'S STATEMENT
Introduction
I am pleased to report on the results of Aseana Properties Limited and its
Group of companies for the six months ended 30 June 2022.
Interim Results for the Half Year ended 30 June 2022
Our interim results in this period continue to reflect the significant impact
of the COVID-19 virus on our various operating businesses. Our operating
revenues continued to decline and despite significant ongoing cost cutting
initiatives, operating losses and cash outflows were inevitable due largely to
debt service payments. The loss for the period for Aseana for the half year
increased to US$12.8 million (H1 2021 (re-presented): US$3.3 million) as
explained in the Financial Highlights, our net cash used in operating
activities was US$0.4 million (H1 2021 (re-presented): US$3.9 million) and our
cash balance at the end of the period was US$8.9 million (H1 2021
(re-presented): US$9.1 million) after further paydown of debt service. The
loss which we are reporting for the six months ended 30 June 2022 has reduced
our Net Asset Value per Share from 47 US cents at 31 December 2021 to 40 US
cents (30 June 2021 (re-presented): 49 US cents).
Our Business Focus and Recent Property Divestments
The business focus for the Group is to continue improving the operational
performance of our remaining assets in order to preserve our cash balances
thereby increasing the value of these assets in conjunction with the ongoing
divestment process.
In Vietnam, the Group completed its sale of its Vietnam assets comprising the
City International Hospital and the adjacent International Healthcare Park in
Ho Chi Minh City, through disposal of the relevant subsidiaries on 28 February
2022. The majority of the proceeds were used to pay down debt.
In addition, further sale discussions are underway on some of our other
remaining assets. Our aim continues to be to seek asset sales in a controlled,
orderly and timely manner, to pay down remaining debts and then to return
surplus sale proceeds to our shareholders. Due to the current difficult
economic environment and the inherent nature of the remaining illiquid assets,
the Board will remain open to assessing all options to meet the debt
obligations.
Acknowledgements
I would like to take this opportunity to thank my colleagues on the Board and
throughout our Group and our external advisors, bankers and service providers
for their tireless efforts on behalf of the Group and its Shareholders.
This has been another very challenging period in the corporate life of Aseana
but with our recently announced divestments and the continuous efforts to sell
the remaining assets, I believe that we are heading into the final stages of
the life of the Company.
NICK PARIS
Chairman
15 September 2022
PROPERTY PORTFOLIO AS AT 30 JUNE 2022
Project Type Effective Ownership Approximate Gross Approximate Land Area
Floor Area (sq m)
(sq m)
Completed projects
The RuMa Hotel and Residences Luxury residential tower and bespoke hotel 70.0% 40,000 4,000
Kuala Lumpur, Malaysia
Sandakan Harbour Square Retail lots, hotel and retail mall 100.0% 126,000 48,000
Sandakan, Sabah, Malaysia
Undeveloped projects
Kota Kinabalu Seafront resort & residences Land parcel approved for development of: (i) Boutique resort hotel and resort 80.0% n/a 172,900
villas
(ii) Resort homes
*Shareholding as at 30 June 2022
n/a: Not available/ Not applicable
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2022
Unaudited Unaudited Audited
Notes Six months ended Six months ended Year
ended
30 June 30 June
31 December
2022 2021 2021
Continuing activities US$'000 US$'000 US$'000
Re-presented
Revenue 3 - 516 595
Cost of sales 5 - (416) (318)
Gross profit - 100 277
Other income 4,006 2,100 5,677
Administrative expenses (1,833) (357) (1,408)
Foreign exchange (loss)/gain 6 (2,703) 856 345
Loss on disposal of subsidiaries (3,752) - -
Other operating expenses (7,524) (3,168) (6,826)
Operating loss (11,806) (469) (1,935)
Finance income 981 1,398 710
Finance costs (1,718) (2,274) (3,621)
Net finance costs (737) (876) (2,911)
Net loss before taxation (12,543) (1,345) (4,846)
Taxation 7 (274) (38) (141)
Loss for the period/year from continuing operations (12,817) (1,383) (4,987)
Discontinued operations
Loss for the period/year - (1,875) (3,087)
from discontinued operations
Loss for the period/year (12,817) (3,258) (8,074)
Other comprehensive income/(loss), net of tax
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences (1,647) (3,316) (3,584)
for foreign operations
Total other comprehensive (1,647) (3,316) (3,584)
loss for the period/year
Total comprehensive loss (14,464) (6,574) (11,658)
for the period/year
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONT'D)
FOR THE SIX MONTHS ENDED 30 JUNE 2022
Unaudited Unaudited Audited
Notes Six months ended Six months ended Year
ended
30 June 30 June
31 December
2022 2021 2021
US$'000 US$'000 US$'000
Re-presented
Loss attributable to:
Equity holders of the parent company
Loss for the period/year (11,314) (701) (3,850)
from continuing operations
Loss for the period/year - (1,032) (1,632)
from discontinued operations
Loss for the period/year attributable to equity holders of the parent company (11,314) (1,733) (5,482)
Non-controlling interests
Loss for the period/year (1,503) (682) (1,137)
from continuing operations
Loss for the period/year - (843) (1,455)
from discontinued operations
Loss for the period/year attributable to non-controlling interests (1,503) (1,525) (2,592)
Loss for the period/year (12,817) (3,258) (8,074)
Total comprehensive loss
attributable to:
Equity holders of the parent company
Total comprehensive loss (13,145) (2,646) (5,960)
from continuing operations
Total comprehensive loss - (2,044) (2,719)
from discontinued operations
Total comprehensive loss attributable to equity holders of the parent company (13,145) (4,690) (8,679)
Non-controlling interests
Total comprehensive loss (1,319) (627) (1,080)
from continuing operations
Total comprehensive loss - (1,257) (1,899)
from discontinued operations
Total comprehensive loss attributable to non-controlling interests (1,319) (1,884) (2,979)
Total comprehensive loss (14,464) (6,574) (11,658)
for the period/year
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONT'D)
FOR THE SIX MONTHS ENDED 30 JUNE 2022
Unaudited Unaudited Audited
Notes Six months ended Six months ended Year
ended
30 June 30 June
31 December
2022 2021 2021
US$'000 US$'000 US$'000
Re-presented
Loss per share
Basic and diluted (US cents)
- from continuing operations (5.69) (0.35) (1.94)
- from discontinued operations - (0.52) (0.82)
(5.69) (0.87) (2.76)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
Unaudited Unaudited Audited
Notes As at As at As at
30 June 30 June 31 December
2022 2021 2021
US$'000 US$'000 US$'000
Re-presented
Non-current assets
Property, plant and equipment 82 106 104
Intangible assets 578 578 578
Right of use - 17 1
Deferred tax assets 4,707 4,944 4,979
Total non-current assets 5,367 5,645 5,662
Current assets
Inventories 140,344 160,715 147,048
Trade and other receivables 13,252 14,289 13,540
Prepayments 498 354 496
Current tax assets 476 923 781
Assets held for sale - 108 14,466
Cash and cash equivalents 8,849 9,083 7,114
Total current assets 163,419 185,472 183,445
TOTAL ASSETS 168,786 191,117 189,107
Equity
Share capital 10,601 10,601 10,601
Share premium 208,925 208,925 208,925
Capital redemption reserve 1,899 1,899 1,899
Translation reserve (24,683) (22,612) (22,852)
Accumulated losses (117,229) (102,166) (105,915)
Shareholders' equity 79,513 96,647 92,658
Non-controlling interests (3,871) (8,761) (1,678)
Total equity 75,642 87,886 90,980
Non-current liabilities
Trade and other payables 36,246 38,508 38,339
Total non-current liabilities 36,246 38,508 38,339
Current liabilities
Trade and other payables 22,986 6,709 13,824
Amount due to non-controlling interests 1,169 11,588 1,952
Loans and borrowings 9 1,589 2,978 1,695
Medium term notes 10 31,154 43,448 42,317
Total current liabilities 56,898 64,723 59,788
Total liabilities 93,144 103,231 98,127
TOTAL EQUITY AND LIABILITIES 168,786 191,117 189,107
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2022 - UNAUDITED
Redeemable Ordinary Shares Management Shares Share Premium Capital Redemption Reserve Translation Reserve Accumulated Losses Total Equity Attributable to Equity Holders of the Parent Non- Controlling Interests Total Equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
1 January 2022 10,601 - 208,925 1,899 (22,852) (105,915) 92,658 (1,678) 90,980
Loss for the period - - - - - (11,314) (11,314) (1,503) (12,817)
Total other comprehensive loss - - - - (1,831) - (1,831) 184 (1,647)
Total comprehensive loss - - - - (1,831) (11,314) (13,145) (1,319) (14,464)
Disposal of subsidiaries (874) (874)
Shareholders' equity at 30 June 2022 10,601 -# 208,925 1,899 (24,683) (117,229) 79,513 (3,871) 75,642
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2021 - UNAUDITED
Redeemable Ordinary Shares Management Shares Share Premium Capital Redemption Reserve Translation Reserve Accumulated Losses Total Equity Attributable to Equity Holders of the Parent Non- Controlling Interests Total Equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
1 January 2021 (re-presented) 10,601 - 208,925 1,899 (19,655) (100,433) 101,337 (6,877) 94,460
Loss for the period - - - - - (1,733) (1,733) (1,525) (3,258)
Total other comprehensive loss - - - - (2,957) - (2,957) (359) (3,316)
Total comprehensive loss - - - - (2,957) (1,733) (4,690) (1,884) (6,574)
Shareholders' equity at 30 June 2021 10,601 -# 208,925 1,899 (22,612) (102,166) 96,647 (8,761) 87,886
(re-presented)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2021 - audited
Consolidated Redeemable Ordinary Shares Management Shares Share Premium Capital Redemption Reserve Translation Reserve Accumulated Losses Total Equity Attributable to Equity Holders of the Parent Non- Controlling Interests Total Equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 January 2020 (re-presented) 10,601 - 208,925 1,899 (21,644) (90,135) 109,646 (3,848) 105,798
Changes in ownership interests in subsidiaries - - - - - (38) (38) 38 -
Non-controlling interests contribution - - - - - (10,260) (10,260) (3,256) (13,516)
Loss for the year - - - - 1,889 - 1,889 189 2,078
Total other comprehensive loss for the year - - - - 1,889 (10,260) (8,371) (3,067) (11,428)
Total comprehensive loss for the year 100 - 100 - 100
As at 31 December 2020/ 1 January 2021 (re-presented) 10,601 -# 208,925 1,899 (19,655) (100,433) 101,337 (6,877) 94,460
Changes in ownership interests in subsidiaries - - - - - - - (341) (341)
Non-controlling interests contribution - - - - - - - 8,519 8,519
Loss for the year - - - - - (5,482) (5,482) (2,592) (8,074)
Total other comprehensive loss for the year - - - - (3,197) - (3,197) (387) (3,584)
Total comprehensive loss for the year - - - - (3,197) - (8,679) (2,979) (11,658)
Shareholders' equity at 31 December 2021 10,601 -# 208,925 1,899 (22,852) (105,915) 92,658 (1,678) 90,980
# Represents 2 management shares at US$0.05 each
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2022
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
US$'000 US$'000 US$'000
Re-presented
Cash Flows from Operating Activities
Loss before taxation
- Continuing operations (12,543) (1,345) (4,846)
- Discontinued operation - (1,875) (3,087)
Finance income (981) (1,399) (710)
Finance costs 1,718 4,311 3,621
Loss on disposal of subsidiaries 3,752 - -
Unrealised foreign exchange gain/(loss) 2,650 853 (346)
Depreciation of property, plant and equipment and right-of-use asset 30 187 207
Operating (loss)/profit before changes in working capital (5,374) 732 (5,161)
Changes in working capital:
Decrease/(increase) in inventories 1,643 (753) 4,660
(Increase)/decrease in trade and other receivables and prepayments (441) 875 (3,341)
Increase/(decrease) in trade and other payables 5,469 (443) (2,324)
Cash generated from/(used in) operations 1,297 411 (6,166)
Interest paid (1,715) (4,299) (3,618)
Tax paid (3) (36) (46)
Net cash used in operating activities (421) (3,924) (9,830)
Cash Flows from Investing Activities
Purchase of property, plant and (12) (14) (42)
equipment
Proceeds from disposal of subsidiaries 10,045 - -
Finance income received 981 1,399 710
Net cash from investing activities 11,014 1,385 668
CONSOLIDATED STATEMENT OF CASH FLOWS (CONT'D)
FOR THE SIX MONTHS ENDED 30 JUNE 2022
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
June 30 June 31 December
2022 2021 2021
US$'000 US$'000 US$'000
Re-presented
Cash Flows From Financing Activities
Advances (from)/to non-controlling interests (697) 303 121
Issuance of ordinary share of subsidiaries to non-controlling interests - - 8,519
Repayment of finance lease liabilities (155) (227) (163)
Repayment of loans and borrowings (9,133) - -
Drawdown of loans and borrowings and Medium Term notes - 5,806 3,559
Net cash (used in)/from financing activities (9,985) 5,881 12,036
Net changes in cash and cash equivalents during the period/year 608 3,342 2,874
Effect of changes in exchange rates 1,127 (207) (1,148)
Cash and cash equivalents at the beginning of the period/year (i) 7,114 5,948 5,388
Cash and cash equivalents at the end of the period/year (i) 8,849 9,083 7,114
(i) Cash and Cash Equivalents
Cash and cash equivalents included in the consolidated statement of cash flows
comprise the following consolidated statement of financial position amounts:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
June 30 June 31 December
2022 2021 2021
US$'000 US$'000 US$'000
Re-presented
Cash and bank balances 6,405 6,622 4,644
Short term bank deposits 2,444 2,461 2,470
8,849 9,083 7,114
Less: Deposits pledged (ii) (2,312) (2,174) (2,470)
Cash and cash equivalents 6,537 6,909 4,644
(ii) Included in short term bank deposits and cash and bank balance is
US$2,312,000 (31 December 2021: US$2,470,000; 30 June 2021: US$2,174,000)
pledged for loans and borrowings and Medium Term Notes of the Group.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2022
1 GENERAL INFORMATION
The principal activities of the Group are the sale of development land and the
operation and sale of hotels, and a shopping mall in Malaysia, and a hospital
in 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 2022 have 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 2021 which have 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 2021 as described in those
annual financial statements.
The interim report and financial statements were approved by the Board of
Directors on 14 September 2022.
3 SEGMENTAL INFORMATION
Segmental information represents the level at which financial information is
reported to the Board of Directors, being the chief operating decision makers
as defined in IFRS 8. The Directors determine the operating segments based
on reports reviewed and used by their staff for strategic decision making and
resource allocations. 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. - developed Tiffani ("Tiffani") by i-ZEN;
(iii) ICSD Ventures Sdn. Bhd. - owns and operates the Harbour Mall
Sandakan ("HMS") and the Sandakan hotel asset ("SHA", formerly Four Points by
Sheraton Sandakan Hotel);
(iv) Amatir Resources Sdn. Bhd. - developed the SENI Mont' Kiara
("SENI");
(v) The RuMa Hotel KL Sdn. Bhd. - operates the RuMa Hotel; and
(vi) Urban DNA Sdn. Bhd. - developed and owns the RuMa Hotel and
Residences ("The RuMa")
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 2022 and 2021.
Information regarding the operations of each reportable segment is included
below. The Board of Directors 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 Directors 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 located in Malaysia
and Vietnam.
3 SegmentAL Information (cont'd)
Operating Segments ended 30 June 2022 - Unaudited
Investment Holding Companies Ireka ICSD Ventures Sdn. Bhd. Amatir Resources Sdn. Bhd. The RuMa Hotel KL Sdn. Bhd. Urban Total
Land Sdn. Bhd.
DNA
Sdn. Bhd.
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Segment (loss)/profit before taxation (5,348) (7) (219) 187 (3,784) (1,222) (10,393)
Included in the measure of segment (loss)/profit are:
Revenue - - - - - - -
Cost of sales - - - - - - -
Revenue from hotel operations - - - - 2,721 - 2,721
Revenue from mall operations - - 1,084 - - - 1,084
Expenses from hotel operations - - (127) - (3,136) - (3,263)
Expenses from mall operations - - (636) - - - (636)
Depreciation of property, plant and equipment - - (4) - (26) - (30)
Finance costs - - (623) (98) - (976) (1,697)
Finance income 682 - 22 255 - - 959
Segment assets 9,647 60 56,175 2,819 891 89,676 159,268
Segment liabilities 418 3 1,599 2,556 5,647 50,266 60,489
3 SegmentAL Information (cont'd)
Reconciliation of reportable segment revenues, profit or loss, assets and
liabilities and other material items
Profit or loss US$'000
Total loss for reportable segments (10,393)
Other non-reportable segments (2,107)
Finance income 22
Others (65)
Consolidated loss before taxation (12,543)
3 SegmentAL Information (conT'd)
Operating Segments ended 30 June 2021 - Unaudited (re-presented)
Continuing operations
Investment Holding Companies Ireka ICSD Ventures Sdn. Bhd. Amatir Resources Sdn. Bhd. The RuMa Hotel KL Sdn. Bhd. Urban Total continuing operations Discontinued operations Total
Land Sdn. Bhd.
DNA
Sdn. Bhd.
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Segment (loss)/profit before taxation (1,665) - (223) 227 (1,128) (1,143) (3,932) (1,875) (5,807)
Included in the measure of segment (loss)/profit are:
Revenue - - - - - 516 516 - 516
Cost of sales - - - - - (416) (416) - (416)
Revenue from hotel operations - - - - 1,005 - 1,005 - 1,005
Revenue from mall operations - - 945 - - - 945 - 945
Revenue from hospital operations - - - - - - - 5,574 5,574
Expenses from hotel operations - - (27) - (1,967) - (1,994) (1,994)
Expenses from mall operations - - (636) - - - (636) (636)
Expenses from hospital operations - - - - - - - (5,304) (5,304)
Depreciation of property, plant and equipment - - (26) - (139) - (165) (16) (181)
Finance costs - - (585) (102) - (869) (1,556) (2,037) (3,593)
Finance income 356 - 22 336 - 11 725 1 726
Segment assets 5,104 132 58,906 3,192 648 103,929 171,911 86,460 258,371
Segment liabilities 1,850 3 1,806 2,806 2,091 49,686 58,242 77,443 135,685
3 SegmentAL Information (cont'd)
Reconciliation of reportable segment revenues, profit or loss, assets and
liabilities and other material items
Profit or loss US$'000
Total loss for reportable segments (5,807)
Other non-reportable segments 2,515
Finance income 673
Others (601)
Consolidated loss before taxation (3,220)
3 SegmentAL Information (cont'd)
Operating Segments - Year ended 31 December 2021 - Audited
Continuing operations
Investment Holding Companies Ireka Land Sdn. Bhd. ICSD Ventures Sdn. Bhd. Amatir Resources Sdn. Bhd. The RuMa Hotel KL Sdn. Bhd. Urban Total continuing operations Discontinued operations Total
DNA
Sdn. Bhd.
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Segment (loss)/profit before taxation (3,113) (2) (580) 360 (1,637) (2,030) (7,003) (3,087) (10,089)
Included in the measure of segment (loss)/profit are:
Revenue - - - - - 595 595 - 595
Other income from hotel operations - - - - 2,679 - 2,679 - 2,679
Other income from mall operations - - 2,007 - - - 2,007 - 2,007
Other income from hospital operations - - - - - - - 12,768 12,768
Expenses from hotel operations - - (255) - (4,042) - (4,297) - (4,297)
Expenses from mall operations - - (1,072) - - - (1,072) - (1,072)
Expenses from hospital operations - - - - - - - (11,144) (11,144)
Depreciation of property, plant and equipment - - (43) - (164) - (207) - (207)
Finance costs (172) - (1,290) (203) (2) (1,909) (3,576) (5,358) (8,934)
Finance income - - 45 600 - 20 665 335 1,000
Segment assets 6,837 78 58,322 3,212 703 95,243 164,395 100,812 265,207
Segment liabilities 3,659 3 1,589 2,785 1,824 44,246 54,106 86,347 140,453
3 Segmental Information (cont'd)
Reconciliation of reportable segment revenues, profit or loss, assets and
liabilities and other material items
Profit or loss US$'000
Total loss for reportable segments (7,003)
Other non-reportable segments 2,157
Finance income (45)
Others 45
Consolidated loss before taxation (4,846)
3 SegmentAL Information (cont'd)
Six months ended 30 June 2022 - Unaudited
US$'000 Revenue Depreciation Finance Finance Segment Segment liabilities Addition to non-current assets
costs
income
assets
Total reportable segment - (30) (1,696) 959 159,268 60,489 12
Other non-reportable segments - - (22) 22 9,518 32,655 -
Consolidated total - (30) (1,718) 981 168,786 93,144 12
3 SegmentAL Information (cont'd)
Six months ended 30 June 2021 - Unaudited (Re-presented)
US$'000 Revenue Depreciation Finance Finance Segment Segment liabilities Addition to non-current assets
costs
income
assets
Total reportable segment 516 (165) (1,556) 725 171,911 58,242 15
Other non-reportable segments - (22) (162) 674 19,206 44,989 -
Consolidated total 516 (187) (1,718) 1,399 191,117 103,231 15
3 SegmentAL Information (cont'd)
Six months ended 31 December 2021 - Audited
US$'000 Revenue Depreciation Finance Finance Segment Segment liabilities Addition to non-current assets
costs
income
assets
Total reportable segment 595 (207) (3,576) 665 164,395 54,106 42
Other non-reportable segments - 109 (45) 45 24,712 44,021 -
Consolidated total 595 (98) (3,621) 710 189,107 98,127 42
3 Segmental Information (cont'd)
Geographical Information - six months ended 30 June 2022 - Unaudited
Malaysia
US$'000
Revenue -
Non-current assets 5,367
Geographical Information - six months ended 30 June 2021 - Unaudited
(re-presented)
Continuing operations
Malaysia Total continuing operations Discontinued operation Total
US$'000 US$'000 US$'000 US$'000
Revenue 516 516 - 516
Non-current assets 9,164 9,164 422 9,586
Geographical Information - year ended 31 December 2021 - Audited
Continuing operations
Malaysia Total continuing operations Discontinued operation Consolidated
US$'000 US$'000 US$'000 US$'000
Revenue 1,329 1,329 - 1,329
Non-current assets 5,970 5,970 3,963 9,933
In the financial period/year ended 30 June 2022; 30 June 2021; 31 December
2021, no single customer exceeded 10% of the Group's total revenue.
4 SEASONALITY
The Group's business operations were not materially affected by seasonal
factors for the period under review but was negatively affected by the MCO in
Malaysia resulting from the COVID-19 pandemic.
5 COST OF SALES
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(Re-presented)
US$'000 US$'000 US$'000
Direct costs attributable to:
Completed Units - 416 318
6 FOREIGN EXCHANGE (LOSS)/GAIN
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(Re-presented)
US$'000 US$'000 US$'000
Foreign exchange gain/(loss) comprises:
Realised foreign exchange loss (53) 3 (1)
Unrealised foreign exchange gain/(loss) (2,650) 853 346
(2,703) 856 345
7 TAXATION
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(Re-presented)
US$'000 US$'000 US$'000
Current tax expense 274 38 189
Deferred tax credit - - (48)
Total tax expense/(income) for the period/year 141
274 38
7 Taxation (Cont'd)
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 ended ended
30 June 30 June 31 December
2022 2021 2021
(Re-presented)
US$'000 US$'000 US$'000
(12,543) (1,345) (4,846)
Net loss before taxation
Income tax at rate of 24% (3,010) (323) (1,163)
Add :
Tax effect of expenses not deductible in determining taxable profit 2,486 309 1,666
Current year losses and other tax benefits for which no deferred tax asset was 590 406 787
recognised
Tax effect of different tax rates in subsidiaries - 361 -
Less :
Tax effect of income not taxable in determining taxable profit (16) (715) (1,220)
(Under)/over provision in respect of prior period/year 224 - 71
Total tax expense for the period/year 274 38 141
The applicable corporate tax rate in Malaysia is 24%.
The Company is treated as a tax resident of Jersey for the purpose of Jersey
tax laws and is subject to a tax rate of 0%. The Company is also registered
as an International Services Entity so it does not have to charge or pay local
Goods and Services Tax. The cost for this registration is £200 per annum.
The Directors intend to conduct the Group's affairs such that the central
management and control is not exercised in the United Kingdom and so that
neither the Company nor any of its subsidiaries carries on any trade in the
United Kingdom. The Company and its subsidiaries will thus not be residents
in the United Kingdom for taxation purposes. On this basis, they will not be
liable for United Kingdom taxation on their income and gains other than income
derived from a United Kingdom source.
8 LOSS PER SHARE
Basic and diluted loss per ordinary share
The calculation of basic and diluted loss per ordinary share for the
period/year ended was based on the loss attributable to equity holders of the
parent and a weighted average number of ordinary shares outstanding,
calculated as below:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(Re-presented)
Loss attributable to equity holders of the parent (US$'000)
- continuing operations (11,314) (701) (3,850)
- discontinued operations - (1,032) (1,632)
(11,314) (1,733) (5,482)
Weighted average number of shares 198,691,000 198,691,000 198,691,000
Loss per share
Basic and diluted (US cents)
- continuing operations (5.69) (0.35) (1.94)
- discontinued operations - (0.52) (0.82)
(5.69) (0.87) (2.76)
9 LOANS AND BORROWINGS
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2022 2021 2021
US$'000 US$'000 US$'000
(Re-presented)
Current
Bank loans 1,589 2,936 1,681
Finance lease liabilities - 42 14
1,589 2,978 1,695
The effective interest rates on the bank loans and finance lease arrangement
for the period is 12% (30 June 2021 (re-presented): 12%; 31 December 2021:
12%) per annum respectively.
Borrowings are denominated in Malaysian Ringgit.
Bank loans are secured by land held for property development,
work-in-progress, operating assets of the Group, pledged deposits and some by
the corporate guarantee of the Company.
Reconciliation of movement of loans and borrowings to cash flows arising from
financing activities:
As at 1 Drawdown of loan Repayment of loan Foreign exchange movements As at 30
January
June
2022
2022
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
Bank loans 1,681 - - (92) 1,589
As at 1 Drawdown of loan Repayment of loan Foreign exchange movements As at 30
January
June
2021
2021
(Re-presented) (Re-presented)
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
Bank loans 1,742 1,250 - (56) 2,936
9 Loans and Borrowings (Cont'd)
As at 1 January Drawdown of loan Repayment of loan Foreign exchange movements As at 31 December
2021
2021
Audited US$'000 US$'000 US$'000 US$'000 US$'000
Bank loans 1,742 1,250 (1,250) (61) 1,681
As at 1 January Repayment Interest expenses Foreign exchange movements As at 30
2022
of lease payment
June
2022
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
Lease Liabilities 14 (13) - (1) -
As at 1 January Repayment Interest expenses Foreign exchange movements As at 30
2021
of lease payment
June
(Re-presented)
2021
(Re-presented)
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
Lease Liabilities 181 (227) 12 77 43
As at 1 January Repayment Interest expenses Foreign exchange movements As at 31 December 2021
2021
of lease payment
Audited US$'000 US$'000 US$'000 US$'000 US$'000
Lease Liabilities 181 (163) 3 (7) 14
10 MEDIUM TERM NOTES
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2022 2021 2021
(Re-presented)
US$'000 US$'000 US$'000
Outstanding medium term notes 31,154 43,609 42,317
Net transaction costs - (161) -
Less:
Repayment due within twelve months* (31,154) (43,448) (42,317)
Repayment due after twelve months - - -
* Nil net transaction costs in relation to medium term notes due within twelve
months. (30 June 2021: US$0.67 million; 31 December 2021: Nil)
10 Medium Term Notes (cont'd)
Reconciliation of movement of medium term notes to cash flows arising from
financing activities:
As at 1 January Drawdown of loan Repayment of loan Foreign exchange movements As at 30
2022
June
2022
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
42,316 - (9,133) (2,029) 31,154
Medium Term Notes
As at 1 January Drawdown of loan Repayment of loan Foreign exchange movements As at 30
2021
June
2021
(Re-presented)
(Re-presented)
Unaudited US$'000 US$'000 US$'000 US$'000 US$'000
40,200 4,556 - (1,308) 43,448
Medium Term Notes
As at 1 January Drawdown of loan Repayment of loan Foreign exchange movements As at 31 December 2021
2021
Audited US$'000 US$'000 US$'000 US$'000 US$'000
40,200 3,559 - (1,443) 42,316
Medium Term Notes
The Medium Term Notes ("MTNs") were issued pursuant to a programme with a
tenor of ten (10) years from the first issue date of the notes. The MTNs
were issued by a subsidiary, to fund two development projects known as
Sandakan Harbour Square and Aloft Kuala Lumpur Sentral ("AKLS") in Malaysia.
Following the completion of the sale of the AKLS by the Group in 2016, the net
adjusted price value for the sale of AKLS, which included the sale of the
entire issued share capital of ASPL M3B Limited and Iringan Flora Sdn. Bhd.
(the "Aloft Companies") were used to redeem the MTN Series 2 and Series 3.
Following the completion of the disposal of AKLS, US$96.25 million (RM394.0
million) of MTN associated with the AKLS (Series 3) and the Four Points
Sheraton Sandakan (Series 2) were repaid on 19 August 2016. The charge in
relation to AKLS was also discharged following the completion of the disposal.
The Group completed the "roll-over" for the remaining MTNs of US$24.43 million
which is due on 10 December 2020, and 2021; it is now repayable on 8 December
2022. The MTNs are rated AAA.
Repayment of US$9.13 million (RM39.0 million) was made in the current
financial period.
10 Medium Term Notes (cont'd)
The weighted average interest rate of the MTN was 4.50% per annum at the
statement of financial position date. The effective interest rates of the
MTN and their outstanding amounts are as follows:
Maturity Dates Interest rate % per annum US$'000
Series 1 Tranche FGI 8 Dec 2022 4.50 7,892
Series 1 Tranche BG 8 Dec 2022 4.50 5,954
13,846
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 the Company;
(vi) letter of undertaking from the Company 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 favour
of Danajamin, Malayan Banking Berhad and OCBC Bank (Malaysia) Berhad
(collectively as "the guarantors") where once exercised, the sale and purchase
of HMS and SHA shall take place in accordance with the provision of the Put
Option Agreement; and the proceeds from HMS and SHA 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;
(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.
10 Medium Term Notes (cont'd)
Potensi Angkasa Sdn Bhd ("PASB"), a subsidiary incorporated on 25 February
2019, has secured a commercial paper and/or medium term notes programme not
exceeding US$21.02 mil (RM90.0 million) ("CP/MTN Programme") to fund a project
known as The RuMa Hotel and Residences. PASB may, from time to time, issue
commercial paper and/or medium term notes ("Notes") whereby the nominal value
of outstanding Notes shall not exceed US$21.02 million (RM90.0 million) at any
one time. The details of the drawdown schedule were as follows:
Initial Issue First Roll-over Second Roll-over
Tranche Number Date RM Tranche Date RM Tranche Date RM
Number
Number
('000) ('000) ('000)
Tranche 10 Jun 22,850 Tranche 10 Jun 20,950 Tranche 10 Jun 19,050
1-23 2019 63-83 2020 124-142 2021
Tranche 30 Sep 9,600 Tranche 30 Sep 9,600 Tranche 1 Oct 4,750
24-31 2019 84-91 2020 143-147 2021
Tranche 7 Oct 17,100 Tranche 7 Oct 17,100 Tranche 8 Oct 17,100
32-49 2019 92-109 2020 148-165 2021
Tranche 25 Feb 15,350 Tranche 25 Feb 15,350 Tranche 28 Feb 15,350
50-62 2020 110-122 2021 166-178 2022
Tranche 9 Jun 20,000 Tranche 10 Jun 2022 20,000
123 2021 179
The weighted average interest rate of the loan was 8.9% per annum at the
statement of financial position date. The effective interest rates of the
medium-term notes and their outstanding amounts were as follows:
Maturity
Maturity Dates Interest rate % per annum US$'000
Tranche 124-142 13 Jun 2022 * 8.5 4,324
Tranche 143-147 3 Oct 2022 8.5 1,078
Tranche 148-165 11 Oct 2022 8.5 3,882
Tranche 166-178 1 Mar 2023 8.5 3,484
Tranche 179 11 Jun 2023 10.0 4,540
17,308
* Maturity date of Tranche 124-142 was further extended to 12 February 2023.
Security for CP/MTN Programme
(a) A legal charge over the Designated Accounts by the PASB and/or the
Security Party (as defined below) (as the case may be) and assignment of the
rights, titles, benefits and interests of the PASB and/or the Security Party
(as the case may be) thereto and the credit balances therein on a pari passu
basis among all Notes, subject to the following:
(i) In respect of the 75% of the sale proceeds of a Secured Asset
("Net Sale Proceeds") arising from the disposal of a Secured Asset, the
Noteholders of the relevant Tranche secured by such Secured Asset shall have
the first ranking security over such Net Sale Proceeds;
10 Medium Term Notes (cont'd)
(ii) In respect of the insurance proceeds from the Secured Assets
("Insurance Proceeds"), the Noteholders of the relevant Tranche secured by
such Secured Asset shall have the first ranking security over such Insurance
Proceeds;
(iii) In respect of the sale deposits from the Secured Assets ("Sale
Deposits"), the Noteholders of the relevant Tranche secured by such Secured
Asset shall have the first ranking security over such Sale Deposits;
(iv) In respect of the amount at least equivalent to an amount payable
in respect of any coupon payment of that particular Tranche for the next six
(6) months to be maintained by the Issuer ("Issuer's DSRA Minimum Required
Balance"), the Noteholders of the relevant Tranche shall have the first
ranking security over such Issuer's DSRA Minimum Required Balance;
(v) In respect of the proceeds from the Collection Account ("CA
Proceeds"), the Noteholders of the relevant Tranche shall have the first
ranking security over such CA Proceeds; and
(vi) In respect of any amount deposited by the Guarantor which are
earmarked for the purposes of an early redemption of a particular Tranche of
the Notes and/or principal payment of a particular Tranche of the Notes
("Deposited Amount"), the Noteholders of the relevant Tranche shall have the
first ranking security over such Deposited Amount;
(b) An irrevocable and unconditional guarantee provided by the Urban
DNA Sdn Bhd for all payments due and payable under the CP/MTN Programme
("Guarantee"); and
(c) Any other security deemed appropriate and mutually agreed between
the PASB and the Principal Adviser/Lead Arranger ("PA/LA"), the latter being
Kenanga Investment Bank Berhad.
Security for each medium term note:
Each Tranche shall be secured by assets ("Secured Assets") to be identified
prior to the issue date of the respective Tranche.
Such Secured Assets may be provided by third party(ies), (which, together with
the Guarantor, shall collectively be referred to as "Security Parties" and
each a "Security Party") and/or by the PASB. Subject always to final
identification of the Secured Asset prior to the issue date of the respective
Tranche, the security for any particular Tranche may include but not limited
to the following:
(a) Legal assignment and/or charge by the PASB and/or the Security
Party (as the case may be) of the Secured Assets;
(b) An assignment over all the rights, titles, benefits and interests
of the PASB and/or the Security Party (as the case may be) under all the sale
and purchase agreements executed by end-purchasers and any subsequent sale and
purchase agreement to be executed in the future by end-purchaser (if any), in
relation to the Secured Assets;
(i) A letter of undertaking from Aseana Properties Limited to, amongst
others, purchase the Secured Assets ("Letter of Undertaking"); and/or
10 Medium Term Notes (CONT'D)
(c) Any other security deemed appropriate and mutually agreed between
the Issuer and the PA/LA and/or Lead Manager prior to the issuance of the
relevant Tranche.
The security for each Tranche is referred to as "Tranche Security".
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 include all the Directors of the Group, and certain
members of senior management of the Group.
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(Re-presented)
US$'000 US$'000 US$'000
ICB Group of Companies
Accrued interest on shareholders advance payable by ICB 682 356 122
Accrued interest on a contract payment by an ICB subsidiary 66 70 -
Hosting and IT support services charged by an ICB subsidiary - 2 -
Marketing commission charged by an ICB subsidiary - 7 -
Rental expenses charge by an ICB subsidiary - 29 -
Key management personnel
Fees and short-term employee benefits 1,027 271 578
11 Related Party Transactions (continued)
Transactions between the Group and other significant related parties are as
follows:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(Re-presented)
US$'000 US$'000 US$'000
Non-controlling interests
Advances - non-interest bearing (697) 193 121
The outstanding amounts due from/(to) ICB and its group of companies as at 30
June 2022, 30 June 2021 and 31 December 2021 are as follows:
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December 2021
2022 2021
(Re-presented) US$'000
US$'000 US$'000
Net amount due from an ICB subsidiary 1,960 1,945 2,005
Net amount due from ICB 3,771 5,109 3,178
On 29 July 2022, ICB announced that it had submitted an application for
Judicial Management for its subsidiary, Ireka Engineering & Construction
Sdn Bhd ("IECSB"), from which the Group recognizes a net amount due. No
further information is available at the time of this report, the Group will be
monitoring the situation closely including assessing the potential impact to
the Group's financial position and performance.
The outstanding amounts due from/(to) the other significant related parties as
at 30 June 2022, 30 June 2021 and 31 December 2021 are as follows:
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December 2021
2022 2021
(Re-presented) US$'000
US$'000 US$'000
Non-controlling interests
Advances - non-interest bearing (1,169) (11,588) (1,952)
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 2022.
13 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 Osprey
House, Old Street, St Helier, Jersey JE2 3RG, Channel Islands.
14 EVENTS AFTER STATEMENT OF FINANCIAL POSITION DATE
On 3 August 2022, the Group terminated the conditional agreement dated 9
September 2021 for the sale of the remaining 58 residential units at The RuMa
Hotel and Residences as a result of certain conditions in the agreement that
had not been met.
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 17 of the Company's Annual Report for
2021, a copy of which is available on the Company's website
www.aseanaproperties.com (http://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
NICK PARIS
Director
15 September 2022
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