REG - Aseana Prop Ltd - Half Yearly Report <Origin Href="QuoteRef">ASPL.L</Origin> - Part 2
28/08/2015 07:01
- Part 2: For the preceding part double click ID:nRSb3768Xa
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Gain on disposal of investment in an associate - - (5,641)
Gain on disposal of property, plant and equipment - - (3)
Share of loss of equity-accounted associate, net of tax - 229 335
Fair value loss/(gain) on amount due to non- controlling interests 35 - (320)
Fair value loss/(gain) on held-for-trading financial instrument - (1) (39)
Operating (loss)/profit before changes in working capital (419) 1,382 27,487
Changes in working capital:
Decrease in inventories 4,983 16,711 29,437
(Increase)/ decrease in trade and other receivables and prepayment (1,054) (4,597) 647
Decrease in trade and other payables (220) (5,497) (40,615)
Cash generated from operations 3,290 7,999 16,956
Interest paid (5,565) (5,760) (13,760)
Tax paid (4,253) (2,197) (6,679)
Net cash (used in)/generated from operating activities (6,528) 42 (3,483)
Cash Flows From Investing Activities
(Advances to)/ repayment from associate - (88) 853
Proceeds from disposal of available-for-sale investments 1,827 - -
Proceeds from disposal of investment in an associate - - 5,306
Proceeds from disposal of property, plant andequipment - - 12
Disposal of/(purchase of) held-for-trading financial instrument 3,689 - (3,651)
Purchase of property, plant and equipment - (13) (20)
Finance income received 194 227 577
Net cash generated from investing activities 5,710 126 3,077
CONSOLIDATED STATEMENT OF CASH FLOWS (CONT'D)
SIX MONTHS ENDED 30 JUNE 2015
Unaudited Unaudited Audited
Six months Six months Year
ended30 June ended30 June ended 31 December
2015 2014 2014
US$'000 US$'000 US$'000
Cash Flows From Financing Activities
Advances from non-controlling interests 772 486 1,635
Issuance of ordinary shares of subsidiaries to non-controlling interests 757 562 1,921
Repayment of loans and borrowings (9,773) (6,212) (16,858)
Drawdown of loans and borrowings 10,121 7,075 17,108
Decrease/(increase) in pledged deposits placed in licensed banks 411 (30) -
Net cash generated from financing activities 2,288 1,881 3,806
Net changes in cash and cash equivalents during the period/year 1,470 2,049 3,400
Effect of changes in exchange rates (621) 247 (1,355)
Cash and cash equivalents at the beginning of the period/year 16,211 14,166 14,166
Cash and cash equivalents at the end of the period/year 17,060 16,462 16,211
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 11,975 8,125 12,057
Short term bank deposits 13,800 18,786 13,954
25,775 26,911 26,011
Less: Deposits pledged ( 8,715) (10,449) (9,800)
Cash and cash equivalents 17,060 16,462 16,211
During the financial period/year, US$757,000 (30 June 2014: US$562,000; 31
December 2014: US$1,921,000) of ordinary shares of subsidiaries were issued to
non-controlling shareholders, which was satisfied via cash consideration.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30
JUNE 2015
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 2015 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 2014 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 2014 as described in those
annual financial statements.
The interim report and financial statements were approved by the Board of
Directors on 27 August 2015.
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 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;
(vi) Urban DNA Sdn. Bhd.- develops The RuMa Hotel and Residences; and
(vii) Hoa Lam-Shangri-La Healthcare Group - master developer of International
Healthcare Park;
owns and operates City International Hospital.
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 2015 and 2014.
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 in Malaysia and
Vietnam.
Operating Segments - ended 30 June 2015 - Unaudited
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$'000
Segment (loss)/profit before taxation (415) (224) (2,499) 3,717 519 (569) (5,570) (5,041)
Included in the measure of segment (loss)/profit are:
Revenue - - - 16,891 - - - 16,891
Revenue from hotel operations - - 1,851 - 9,089 - - 10,940
Revenue from mall operations - - 588 - - - - 588
Revenue from hospital operations - - - - - - 1,894 1,894
Cost of acquisition written down # -- - - (2,388) - - - (2,388)
Impairment of goodwill - - - (129) - - - (129)
Marketing expenses - - - (21) - (119) - (140)
Expenses from hotel operations - - (2,238) - (6,246) - - (8,484)
Expenses from mall operations - - (776) - - - - (776)
Expenses from hospital operations - - - - - - (5,433) (5,433)
Depreciation of property, plant and equipment - - (4) - (4) - (45) (53)
Finance costs - - (1,924) - (2,213) - (1,428) (5,565)
Finance income 10 1 142 17 2 4 18 194
Segment assets 21,589 5,032 94,535 28,957 71,207 59,260 98,725 379,305
Included in the measure of segment assets are:
Addition to non-current assets other than financial instruments and deferred tax assets - - - - - - - -
# Cost of acquisition relates to the fair value adjustment in relation to the inventories upon the acquisition of certain subsidiaries of the Group. The cost of acquisition written down is charged to profit or loss as part of cost of sales upon the sales of these inventories.
Reconciliation of reportable segment revenues, profit or loss, assets and
liabilities and other material items
Profit or loss US$'000
Total loss for reportable segments (5,041)
Other non-reportable segments (34)
Consolidated loss before taxation (5,075)
Operating Segments - ended 30 June 2014 - Unaudited
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 (694) 415 (2,929) 4,939 (245) (742) (5,418) (4,674)
Included in the measure of segment (loss)/profit are:
Revenue - 4,069 - 27,425 - - - 31,494
Revenue from hotel operations - - 2,056 - 9,184 - - 11,240
Revenue from mall operations - - 547 - - - - 547
Revenue from hospital operations - - - - - - 814 814
Cost of acquisition written down # -- (110) - (5,844) -- - -- (5,954)
Impairment of goodwill - - - (317) -- - - (317)
Marketing expenses - - - (226) - (365) - (591)
Expenses from hotel operations - - (2,374) - (6,843) - - (9,217)
Expenses from mall operations - - (871) - - - - (871)
Expenses from hospital operations - - - - - - (4,753) (4,753)
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 3 17 227
Segment assets 16,911 4,687 107,704 67,744 81,327 53,675 117,201 449,249
Included in the measure of segment assets are:
Addition to non-current assets other than financial instruments and deferred tax assets - - 12 - - 1 - 13
# 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$'000
Total loss for reportable segments (4,674)
Other non-reportable segments (80)
Depreciation (2)
Consolidated loss before taxation (4,756)
Operating Segments - ended 31 December 2014 - Audited
Investment Holding Companies Ireka Land Sdn. Bhd. ICSD Ventures Sdn. Bhd. Amatir Resources Sdn. Bhd. Iringan Flora Sdn. Bhd. UrbanDNASdn. Bhd. Hoa Lam-Shangri-La Healthcare Group Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Segment profit/(loss) before taxation 3,100 99 (5,436) 16,607 569 (1,474) 1,366 14,831
Included in the measure of segment profit/(loss) are:
Revenue - 4,839 - 50,923 - - 29,340 85,102
Revenue from hotel operations - - 4,323 - 18,171 - - 22,494
Revenue from mall operations - - 1,027 - - - - 1,027
Revenue from hospital operations - - - - - - 2,525 2,525
Cost of acquisition written down # - (150) - (8,329) - - - (8,479)
Impairment of goodwill - - - (451) - - (4,276) (4,727)
Marketing expenses - - - (266) - (557) - (823)
Expenses from hotel operations - - (4,507) - (12,499) - - (17,006)
Expenses from mall operations - - (1,789) - - - - (1,789)
Expenses from hospital operations - - - - - - (9,702) (9,702)
Depreciation of property, plant and equipment - - (10) - (9) - (99) (118)
Finance costs - - (4,328) - (4,906) - (4,526) (13,760)
Finance income 24 11 312 115 20 14 81 577
Segment assets 19,471 5,150 100,570 45,938 76,447 58,587 101,643 407,806
Included in the measure of segment assets are:
Addition to non-current assets other than financial instruments and deferred tax assets - - - - - 1 19 20
# Cost of acquisition relates to the fair value adjustment in relation to the
inventories upon the acquisition of certain subsidiaries of the Group. The
cost of acquisition written down is charged to profit or loss as part of cost
of sales upon the sales of these inventories.
Reconciliation of reportable segment revenues, profit or loss, assets and
liabilities and other material items
Profit or loss US$'000
Total profit for reportable segments 14,831
Other non-reportable segments 587
Depreciation (4)
Consolidated profit before taxation 15,414
30 June 2015 - UnauditedUS$'000 Revenue Depreciation Finance costs Finance income Segment assets Addition to non-current assets
Total reportable segment 16,891 (53) (5,565) 194 379,305 -
Other non-reportable segments - - - - 35,800 -
Consolidated total 16,891 (53) (5,565) 194 415,105 -
30 June 2014 - UnauditedUS$'000 Revenue Depreciation Finance costs Finance income Segment assets Addition to non-current assets
Total reportable segment 31,494 (57) (5,760) 227 449,249 13
Other non-reportable segments - (2) - - 40,095 -
Consolidated total 31,494 (59) (5,760) 227 489,344 13
31 December 2014 - AuditedUS$'000 Revenue Depreciation Finance costs Finance income Segment assets Addition to non-current assets
Total reportable segment 85,102 (118) (13,760) 577 407,806 20
Other non-reportable segments - (4) - - 37,554 -
Consolidated total 85,102 (122) (13,760) 577 445,360 20
Geographical Information - ended 30 June 2015 - Unaudited
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
Revenue 16,891 - 16,891
Non-current assets 3,932 19,166 23,098
For the financial period ended 30 June 2015, no single customer exceeded 10%
of the Group's total revenue.
Geographical Information - ended 30 June 2014 - Unaudited
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
Revenue 31,494 - 31,494
Non-current assets 5,288 24,439 29,727
For the financial period ended 30 June 2014, no single customer exceeded 10%
of the Group's total revenue.
Geographical Information - ended 31 December 2014 - Audited
Malaysia Vietnam Consolidated
US$'000 US$'000 US$'000
Revenue 55,762 29,340 85,102
Non-current assets 4,104 20,217 24,321
For the year ended 31 December 2014, one customer exceeded 10% of the Group's
total revenue as follows:
US$'000 Segments
AEON Vietnam Co. Ltd. 22,991 Hoa Lam-Shangri-La Healthcare Group
4 Seasonality
The Group's business operations have not been materially affected by seasonal
factors for the period under review.
5 Cost of Sales
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2015 2014 2014
US$'000 US$'000 US$'000
Direct costs attributable:
Completed units 12,594 24,636 36,856
Land held for property development - - 10,238
Impairment of intangible assets 129 317 4,727
12,723 24,953 51,821
6 Foreign exchange GAIN/(loss)
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2015 2014 2014
US$'000 US$'000 US$'000
Foreign exchange gain/(loss) comprises:
Realised foreign exchange (loss)/ gain (171) (8) 425
Unrealised foreign exchange gain/ (loss) 718 (1) 291
547 (9) 716
7 Taxation
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2015 2014 2014
US$'000 US$'000 US$'000
Current tax expense 1,637 2,980 10,587
Deferred tax credit (95) (74) (1,200)
Total tax expense for the period/year 1,542 2,906 9,387
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
2015 2014 2014
US$'000 US$'000 US$'000
Net (loss)/profit before taxation (5,075) (4,756) 15,414
Income tax at a rate of 25% (1,269) (1,189) 3,853
Add :
Tax effect of expenses not deductible in determining taxable profit 1,241 1,596 2,063
Movement of unrecognised deferred tax benefits 1,284 1,673 2,621
Tax effect of different tax rates in subsidiaries 1,025 1,027 1,784
Less :
Tax effect of income not taxable in determining taxable profit (499) (201) (1,415)
Under provision in respect of prior period/year (240) - 481
Total tax expense for the period/year 1,542 2,906 9,387
The applicable corporate tax rate in Malaysia is 25%.
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 22%
respectively.
A subsidiary of the Group, Hoa Lam-Shangri-La Healthcare Ltd Liability Co 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 and education
industries.
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
2015 2014 2014
US$'000 US$'000 US$'000
(Loss)/earnings attributable to equity holders of the parent (4,428) (5,198) 9,091
Weighted average number of shares 212,025 212,025 212,025
(Loss)/earnings per share
Basic and diluted (US cents) (2.09) (2.45) 4.29
9 Loans and Borrowings
Unaudited Unaudited Audited
As at 30 June As at 30 June As at 31 December
2015 2014 2014
US$'000 US$'000 US$'000
Non-current
Bank loans 55,518 68,936 53,338
Finance lease liabilities 18 36 26
55,536 68,972 53,364
Current
Bank loans 14,400 6,920 19,262
Finance lease liabilities 12 14 12
14,412 6,934 19,274
69,948 75,906 72,638
The effective interest rates on the bank loans and finance lease arrangement
for the period ranged from 5.25% to 12.50% (30 June 204: 5.25% to 14.90%; 31
December 2014: 5.25% to 17.70%) per annum and 2.50% to 3.50% (30 June 2014:
2.50%; 31 December 2014: 2.50% to 3.50%) per annum respectively.
Borrowings are denominated in Malaysian Ringgit, United States Dollars and
Vietnamese Dong.
Bank loans are repayable by monthly, quarterly or semi-annually instalments.
Bank loans are secured by land held for property development,
work-in-progress, operating assets of the Group, pledged deposits and some by
the corporate guarantee of the Company.
Finance lease liabilities are payable as follows:
Unaudited Future minimum lease payment 30 June 2015 US$'000 Interest 30 June2015 US$'000 Present value of minimum lease payment 30 June 2015 US$'000
Within one year 14 2 12
Between one and five years 21 3 18
35 5 30
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$'000
Within one year 16 2 14
Between one and five years 42 6 36
58 8 50
Audited Future minimum lease payment 31 December 2014 US$'000 Interest 31 December2014 US$'000 Present value of minimum lease payment 31 December 2014 US$'000
Within one year 15 3 12
Between one and five years 30 4 26
45 7 38
10 Medium Term Notes
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2015 2014 2014
US$'000 US$'000 US$'000
Outstanding medium term notes 136,210 160,060 147,004
Net transaction costs (1,556) (2,714) (1,774)
Less:
Repayment due within twelve months (124,285) (14,013) (60,237)
Repayment due after twelve months 10,369 143,333 84,993
The medium term notes ("MTN") were issued pursuant to a programme with a
tenure of ten (10) years from the first issue date of the notes. The MTN were
issued by a subsidiary, to fund two development projects known as Sandakan
Harbour Square and Aloft Kuala Lumpur Sentral Hotel in Malaysia. US$64.93
million (RM245.00 million) was drawn down in 2011 for Sandakan Harbour Square.
US$3.97 million (RM15.00 million) was drawn down in 2012 for Aloft Kuala
Lumpur Sentral Hotel and the remaining US$67.31 million (RM254 million) in
2013. The Group secured a rollover of MTN amounting US$11.93 million (RM45
million) which was due for repayment on 8 December 2014 to be repaid on 8
December 2017. No repayments were made in the current financial period.
The weighted average interest rate of the MTN was 5.56% per annum at the
statement of financial position date. The effective interest rates of the MTN
and their outstanding amounts are as follows:
Maturity Dates Interest rate % per annum US$'000
Series 1 Tranche FG 003 8 December 2017 5.90 6,625
Series 1 Tranche BG 003 8 December 2017 5.85 5,300
Series 1 Tranche FG 002 8 December 2015 5.46 11,925
Series 1 Tranche BG 002 8 December 2015 5.41 7,950
Series 2 Tranche FG 001 8 December 2015 5.46 18,550
Series 2 Tranche BG 001 8 December 2015 5.41 14,575
Series 3 Tranche FG001 1 October 2015 5.40 2,650
Series 3 Tranche BG001 1 October 2015 5.35 1,325
Series 3 Tranche FG002 29 January 2016 5.50 3,975
Series 3 Tranche BG002 29 January 2016 5.45 2,650
Series 3 Tranche FG003 8 April 2016 5.65 34,185
Series 3 Tranche BG003 8 April 2016 5.58 26,500
136,210
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 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
2015 2014 2014
US$'000 US$'000 US$'000
Accounting and financial reporting services fee charged by an ICB subsidiary 25 27 53
Construction progress claims charged by an ICB subsidiary 2,708 9,036 13,912
Management fees charged by an ICB subsidiary 1,598 1,653 3,344
Marketing commission charged by an ICB subsidiary 104 825 1,226
Project staff costs reimbursed to an ICB subsidiary 170 397 544
Rental expenses charged by an ICB subsidiary 4 - 31
Secretarial and administrative services fee charged by an ICB subsidiary 25 27 53
Key management personnel
Remuneration of key management personnel - Directors' fees 159 159 317
Remuneration of key management personnel - Salaries 21 21 49
Transactions between the Group with other significant related parties are as
follows:
Unaudited Unaudited Audited
Six months Six months Year
ended 30 June ended 30 June ended 31 December
2015 2014 2014
US$'000 US$'000 US$'000
Non-controlling interests
Advances - non-interest bearing 772 486 1,635
Associate - Excellent Bonanza Sdn. Bhd.
Advances - non-interest bearing - (88) -
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 2015, 30 June 2014 and 31 December 2014 are as follows:
Unaudited As at 30 June 2015US$'000 Unaudited As at 30 June 2014US$'000 Audited As at 31 December 2014US$'000
Amount due to an ICB subsidiary for accounting and financial reporting services fee - 27 -
Amount due to an ICB subsidiary for construction
progress claims charged net of LAD's
recoverable of US$Nil (30 June 2014:US$4,359,600; 31
December 2014: US$Nil) 232 523 891
Amount due to an ICB subsidiary for management fees - 280
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