REG - Aseana Prop Ltd - Half Yearly Report <Origin Href="QuoteRef">ASPL.L</Origin> - Part 2
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7,999 (87,532) (73,686)
Interest paid (5,760) (5,141) (9,766)
Tax paid (2,197) (1,124) (4,029)
Net cash generated from/ (used in) operating activities 42 (93,797) (87,481)
Cash Flows From Investing Activities
Advances from non-controlling interests 486 370 1,081
Issuance of ordinary shares of subsidiaries to non- controlling interests 562 170 1,097
(Advances to)/ repayment from associate (88) 239 (630)
Disposal of held-for-trading financial instrument - 982 899
Purchase of property, plant and equipment (13) (50) (154)
Finance income received 227 208 424
Net cash generated from investing activities 1,174 1,919 2,717
Consolidated Statement of Cash Flows (CONT'D)
SIX MONTHS ENDED 30 JUNE 2014
UnauditedSix monthsended 30 June UnauditedSix monthsended 30 June AuditedYearended 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Cash Flows From Financing Activities
Repayment of loans and borrowings and medium term notes (6,212) (5,111) (17,341)
Drawdown of loans and borrowings and medium term notes 7,075 101,243 110,860
(Increase)/ decrease in pledged deposits placed in licensed banks (30) - 77
Net cash generated from financing activities 833 96,132 93,596
Net changes in cash and cash equivalents during the period/year 2,049 4,254 8,832
Effect of changes in exchange rates 247 (845) (248)
Cash and cash equivalents at the beginning of the period/year 14,166 5,582 5,582
Cash and cash equivalents at the end of the period/year 16,462 8,991 14,166
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 8,125 6,345 11,498
Short term bank deposits 18,786 13,400 13,087
26,911 19,745 24,585
Less: Deposits pledged (10,449) (10,754) (10,419)
Cash and cash equivalents 16,462 8,991 14,166
During the financial period/year, the Group acquired property, plant and
equipment with an aggregate cost of US$13,000 (30 June 2013: US$91,000; 31
December 2013: US$194,000) of which US$Nil (30 June 2013: US$41,005; 31
December 2013: US$40,000) was acquired by means of finance leases.
During the financial period/year, US$562,000 (30 June 2013: US$170,000; 31
December 2013: US$1,097,000) of ordinary shares of subsidiaries were issued to
non-controlling shareholders, of which US$562,000 (30 June 2013: US$170,000;
31 December 2013: US$1,097,000) was satisfied via cash consideration.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30
JUNE 2014
1 General Information
The principal activities of the Group are acquisition, development and
redevelopment of upscale residential, commercial, hospitality and healthcare
projects in the major cities of Malaysia and Vietnam. The Group typically
invests in development projects at the pre-construction stage and may also
selectively invests in projects in construction and newly completed projects
with potential capital appreciation.
2 Summary of Significant Accounting Policies
2.1 Basis of Preparation
The interim condensed consolidated financial statements for the six months
ended 30 June 2014 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 2013 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 2013 as described in those
annual financial statements.
The interim report and financial statements were approved by the Board of
Directors on 26 August 2014.
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. Management determines the operating
segments based on reports reviewed and used by the Executive Management for
strategic decision making and resource allocation. For management purposes,
the Group is organised into project units.
The Group's reportable operating segments are as follows:
(i) Investment Holding Companies - investing activities;
(ii) Ireka Land Sdn. Bhd. - develops Tiffani by i-ZEN and 1 Mont' Kiara by
i-ZEN;
(iii) ICSD Ventures Sdn. Bhd. - owns and operates Harbour Mall Sandakan and
Four Points by Sheraton Sandakan Hotel;
(iv) Amatir Resources Sdn. Bhd. - develops SENI Mont' Kiara;
(v) Iringan Flora Sdn. Bhd. - owns and operates Aloft Kuala Lumpur Sentral
Hotel; and
(vi) Hoa Lam-Shangri-La Healthcare Group - owns and develops City
International Hospital and Hi-Tech
Healthcare Park.
Other non-reportable segments comprise the Group's new development projects.
None of these segments meets any of the quantitative thresholds for
determining reportable segments in 2014 and 2013.
Information regarding the operations of each reportable segment is included
below. The Executive Management monitors the operating results of each segment
for the purpose of performance assessments and making decisions on resource
allocation. Performance is based on segment gross profit/(loss) and
profit/(loss) before taxation, which the Executive Management believes are the
most relevant in evaluating the results relative to other entities in the
industry. Segment assets and liabilities are presented inclusive of
inter-segment balances and inter-segment pricing is determined on an arm's
length basis.
The Group's revenue generating development projects are currently only in
Malaysia since development activities in Vietnam are still at early stages of
development and operation.
Operating Segments - ended 30 June 2014 - Unaudited
Investment Holding Companies Ireka LandSdn. Bhd. ICSD Ventures Sdn. Bhd. Amatir Resources Sdn. Bhd. Iringan Flora Sdn. 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 (694) 415 (2,929) 4,939 (245) (5,418) (3,932)
Included in the measure of segment (loss)/profit are:
Revenue - 4,069 - 27,425 - - 31,494
Cost of acquisition written down - (110) - (5,844) - - (5,954)
Goodwill impairment - - - (317) - - (317)
Marketing expenses - - - (226) - - (226)
Depreciation of property, plant and equipment - - (5) - (4) (48) (57)
Finance costs - - (2,130) - (2,469) (1,161) (5,760)
Finance income 2 7 152 34 12 17 224
Segment assets 16,911 4,687 107,704 67,744 81,327 117,201 395,574
Included in the measure of segment assets are:
Addition to non-current assets other than financial instruments and deferred tax assets - - 12 - - - 12
Reconciliation of reportable segment revenues, profit or loss, assets and liabilities and other material items
Statement of comprehensive income US$'000
Total loss for reportable segments (3,932)
Other non-reportable segments (825)
Depreciation (2)
Finance income 3
Consolidated loss before taxation (4,756)
Operating Segments - ended 30 June 2013 - Unaudited
Investment Holding Companies Ireka LandSdn. Bhd. ICSD Ventures Sdn. Bhd. Amatir Resources Sdn. Bhd. Iringan Flora Sdn. Bhd. Hoa Lam-Shangri-La Healthcare Group Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Segment (loss)/profit before taxation (4,731) (121) (2,954) 93 (3,000) (1,569) (12,282)
Included in the measure of segment (loss)/profit are:
Revenue - 436 401 9,385 - - 10,222
Cost of acquisition written down - (8) (68) (1,976) - - (2,052)
Goodwill impairment - - - (107) - - (107)
Marketing expenses - - - (437) - - (437)
Depreciation of property, plant and equipment - (2) (5) (1) (3) (49) (60)
Finance costs - - (2,240) (201) (1,310) (133) (3,884)
Finance income 2 2 150 11 26 14 205
Segment assets 17,254 10,364 109,177 92,062 81,692 94,167 404,716
Included in the measure of segment assets are:
Addition to non-current assets other than financial instruments and deferred tax assets - - 6 - 62 23 91
Reconciliation of reportable segment revenues, profit or loss, assets and liabilities and other material items
Statement of comprehensive income US$'000
Total loss for reportable segments (12,282)
Other non-reportable segments (1,451)
Depreciation (1)
Finance income 3
Consolidated loss before taxation (13,731)
Operating Segments - ended 31 December 2013 - Audited
Investment Holding Companies Ireka Land Sdn. Bhd. ICSD Ventures Sdn. Bhd. Amatir Resources Sdn. Bhd. Iringan Flora Sdn. Bhd. Hoa Lam-Shangri-La Healthcare Group Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Segment (loss)/ profit before taxation (2,217) (323) (5,927) 4,169 (4,382) (7,559) (16,239)
Included in the measure of segment (loss)/profit are:
Revenue - 1,278 433 27,558 - - 29,269
Cost of acquisition written down - (33) (68) (5,918) - - (6,019)
Goodwill impairment - - - (320) - - (320)
Marketing expenses - - - (711) - - (711)
Depreciation of property, plant and equipment - (2) (10) (1) (7) (91) (111)
Finance costs - - (4,464) (252) (3,841) (1,209) (9,766)
Finance income 7 4 301 28 44 27 411
Segment assets 18,273 9,703 105,954 81,743 79,231 110,545 405,449
Included in the measure of segment assets are:
Addition to non- current assets other than financial instruments and deferred tax assets - - 5 - 44 145 194
Reconciliation of reportable segment revenues, profit or loss, assets and liabilities and other material items
Statement of comprehensive income US$'000
Total loss for reportable segments (16,239)
Other non-reportable segments (2,567)
Depreciation (3)
Finance income 13
Consolidated loss before taxation (18,796)
30 June 2014 - UnauditedUS$'000 Revenue Depreciation Finance costs Finance income Segment assets Addition to non-current assets
Total reportable segment 31,494 (57) (5,760) 224 395,574 12
Other non-reportable segments - (2) - 3 93,770* 1
Consolidated total 31,494 (59) (5,760) 227 489,344 13
30 June 2013 - UnauditedUS$'000 Revenue Depreciation Finance costs Finance income Segment assets Addition to non-current assets
Total reportable segment 10,222 (60) (3,884) 205 404,716 91
Other non-reportable segments - (1) - 3 84,490* -
Consolidated total 10,222 (61) (3,884) 208 489,206 91
31 December 2013 - AuditedUS$'000 Revenue Depreciation Finance costs Finance income Segment assets Addition to non-current assets
Total reportable segment 29,269 (111) (9,766) 411 405,449 194
Other non-reportable segments - (3) - 13 89,333* -
Consolidated total 29,269 (114) (9,766) 424 494,782 194
* Included in segment asset for other non-reportable segments is US$53,675,000
(30 June 2013: US$42,449,000; 31 December 2013: S$49,696,000) in relation to
assets of Urban DNA Sdn. Bhd..
Geographical Information - ended 30 June 2014 - Unaudited
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
Revenue 31,494 - 31,494
Non-current assets 5,288 24,439 29,727
For the financial period ended 30 June 2014, no single customer exceeded 10%
of the Group's total revenue.
Geographical Information - ended 30 June 2013 - Unaudited
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
Revenue 10,222 - 10,222
Non-current assets 3,138 28,658 31,796
For the financial period ended 30 June 2013, no single customer exceeded 10%
of the Group's total revenue.
Geographical Information - ended 31 December 2013 - Audited
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
Revenue 29,269 - 29,269
Non-current assets 5,741 24,474 30,215
For the financial year ended 31 December 2013, no single customer exceeded 10%
of the Group's total revenue.
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
2014 2013 2013
US$'000 US$'000 US$'000
Direct costs attributable to property development 24,953 8,379 22,768
6 Foreign exchange loss
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Foreign exchange loss comprises:
Realised foreign exchange loss (8) (65) (40)
Unrealised foreign exchange loss (1) (378) (1,065)
(9) (443) (1,105)
7 Taxation
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Current tax expense 2,980 705 3,470
Deferred tax credit (74) - (616)
Total tax expense for the period/year 2,906 705 2,854
The numerical reconciliation between the income tax expense and the product of
accounting results multiplied by the applicable tax rate is computed as
follows:
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June Ended 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Net loss before taxation (4,756) (13,731) (18,796)
Income tax at a rate of 25%* (1,189) (3,433) (4,699)
Add :
Tax effect of expenses not deductible in determining taxable profit 1,596 2,437 4,989
Movement of unrecognised deferred tax benefits 1,673 1,773 1,833
Tax effect of different tax rates in subsidiaries** 1,027 108 960
Less :
Tax effect of income not taxable in determining taxable profit (201) (183) (377)
Under provision - 3 148
Total tax expense for the period/year 2,906 705 2,854
* The applicable corporate tax rate in Malaysia and Vietnam is 25%.
** The applicable corporate tax rate in Singapore is 17%. A subsidiary of
the Group, Hoa Lam-Shangri-La Healthcare Ltd Liability Co is granted a
preferential corporate tax rate of 10% for its profit/(loss) arising from
hospital income. The preferential income tax rate is given by the government
of Vietnam due to the subsidiary's involvement in the healthcare and education
industries.
The Company is treated as a tax resident of Jersey for the purpose of tax laws
and is subject to a tax rate of 0%.
A Goods and Services Tax was introduced in Jersey in May 2008. The Company has
been registered as an International Services Entity so that 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 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 30 June ended 30 June ended 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Loss attributable to equity holders of the parent (5,198) (13,776) (19,006)
Weighted average number of shares 212,025 212,025 212,025
Loss per share
Basic and diluted (US cents) (2.45) (6.50) (8.96)
9 Loans and Borrowings
Unaudited Unaudited Audited
As at 30 June As at 30 June As at 31 December
2014 2013 2013
Group US$'000 US$'000 US$'000
Non-current
Bank loans 68,936 51,040 49,267
Finance lease liabilities 36 54 42
68,972 51,094 49,309
Current
Bank loans 6,920 26,666 25,452
Finance lease liabilities 14 11 14
6,934 26,677 25,466
75,906 77,771 74,775
The effective interest rates on the bank loans and hire purchase arrangement
for the period ranged from 5.25% to 14.90% (30 June 2013: 5.20% to 23.00%; 31
December 2013: 5.25% to 17.70%) per annum and 2.50% (30 June 2013: 2.50%; 31
December 2013: 2.50% to 3.50%) per annum respectively.
Borrowings are denominated in Ringgit Malaysia, United States 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:
Group - Unaudited Future minimum lease payment 30 June 2014 US$'000 Interest 30 June2014 US$'000 Present value of minimum lease payment 30 June 2014 US$'000
Within one year 16 2 14
Between one and five years 42 6 36
58 8 50
Group - Unaudited Future minimum lease payment 30 June 2013 US$'000 Interest 30 June2013 US$'000 Present value of minimum lease payment 30 June 2013 US$'000
Within one year 13 2 11
Between one and five years 62 8 54
75 10 65
Group - Audited Future minimum lease payment 31 December 2013 US$'000 Interest 31 December2013 US$'000 Present value of minimum lease payment 31 December 2013 US$'000
Within one year 16 2 14
Between one and five years 49 7 42
65 9 56
10 Medium Term Notes
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Outstanding medium term notes 160,060 162,630 156,924
Net transaction costs (2,714) (3,318) (2,308)
Less:
Repayment due within twelve months (14,013) - (13,739)
Repayment due after twelve months 143,333 159,312 140,877
The medium term notes ("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$76.3 million were drawn down in 2011 for
Sandakan Harbour Square. US$4.7 million were drawn down in 2012 for Aloft
Kuala Lumpur Sentral Hotel and the remaining US$79.1 million in 2013. The
weighted average interest rate of the MTN was 5.51% per annum at the statement
of the financial position date. The effective interest rates of the medium
term notes and their outstanding amounts are as follows:
Maturity Dates Interest rate % per annum US$'000
Series 1 Tranche FG 001 8 December 2014 5.38 7,785
Series 1 Tranche BG 001 8 December 2014 5.33 6,228
Series 1 Tranche FG 002 8 December 2015 5.46 14,013
Series 1 Tranche BG 002 8 December 2015 5.41 9,342
Series 2 Tranche FG 001 8 December 2015 5.46 21,798
Series 2 Tranche BG 001 8 December 2015 5.41 17,127
Series 3 Tranche FG001 1 October 2015 5.40 3,114
Series 3 Tranche BG001 1 October 2015 5.35 1,557
Series 3 Tranche FG002 29 January 2016 5.50 4,671
Series 3 Tranche BG002 29 January 2016 5.45 3,114
Series 3 Tranche FG003 8 April 2016 5.65 40,171
Series 3 Tranche BG003 8 April 2016 5.58 31,140
160,060
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, sales proceed account, debt service reserve account and
sinking fund account of Silver Sparrow Berhad; revenue account of ICSD
Ventures 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 the Silver Sparrow
Berhad, ICSD Ventures Sdn. Bhd. and Iringan Flora Sdn. Bhd. and any dividends,
distributions and entitlements.
11 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.
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Accounting and financial reporting services fee charged by an ICB subsidiary 27 27 53
Construction progress claims charged by an ICB subsidiary 9,036 9,341 11,035
Management fees charged by an ICB subsidiary 1,653 1,821 3,762
Marketing commission charged by an ICB subsidiary 825 121 330
Project management fee for interior fit out works charged by an ICB subsidiary - 62 90
Project staff costs reimbursed to an ICB subsidiary 397 309 682
Remuneration of key management personnel - Salaries 21 20 40
Sales and administration fee charged by an ICB subsidiary - 51 50
Secretarial and administrative services fee charged by an ICB subsidiary 27 27 53
Transactions between the Group with other significant related parties are as
follows:
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Non-controlling interests
Advances - non-interest bearing 486 370 1,081
Associate - Excellent Bonanza Sdn. Bhd.
Advances - non-interest bearing (88) 239 630
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 30
June 2014, 30 June 2013 and 31 December 2013 are as follows:
Unaudited As at 30 June 2014US$'000 Unaudited As at 30 June 2013US$'000 Audited As at 31 December 2013US$'000
Amount due to an ICB subsidiary for accounting and financial reporting services fee 27 27 53
Amount due to an ICB subsidiary for construction progress claims charged net of LAD's recoverable of US$4,359,600 (30 June 2013:US$4,429,600; 31 December 2013: US$6,046,000) 523 3,701 965
Amount due to an ICB subsidiary for management fees 280 3,097 2,343
Amount due to an ICB subsidiary for project management fee for interior fit out works - 10 -
Amount due to ICB subsidiary for reimbursement of project staff costs 55 496 488
Amount due to an ICB subsidiary for marketing commissions 725 54 151
Amount due to an ICB subsidiary for sale and administration fee - 50 9
Amount due to an ICB subsidiary for secretarial and administrative services fee 27 53 80
Unaudited Unaudited Audited
As at 30 June As at 30 June As at 31 December
2014 2013 2013
US$'000 US$'000 US$'000
Non-controlling interests
Advances - non-interest bearing (10,672) (10,177) (10,448)
Associate - Excellent Bonanza Sdn. Bhd.
Advances - non-interest bearing 943 (557) 853
12 Dividends
The Company has not paid or declared any dividends during the financial period
ended 30 June 2014.
13 Events after the Statement of Financial Position Date
There were no material adjusting events after the statement of financial
position date ended 30 June 2014 that have not been reflected in the interim
consolidated financial statements.
14 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 18 of the Company's Annual Report for
2013, 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
26 August 2014
This information is provided by RNS
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