TIDMAGP
RNS Number : 6535S
Asian Growth Properties Limited
18 March 2016
18 March 2016
Asian Growth Properties Limited
Results for the year ended 31 December 2015
Asian Growth Properties Limited (the "Company") (AIM Stock Code:
AGP), the Hong Kong based China property development and investment
company, announces its audited consolidated results for the year
ended 31 December 2015 as follows:
Financial Highlights
n Profit attributable to the Company's shareholders of
HK$1,336.7 million (GBP116.4 million) (2014: HK$703.1 million
(GBP58.3 million)).
n Profit attributable to the Company's shareholders (excluding
revaluation surplus net of deferred tax) was HK$355.9 million
(GBP31.0 million) (2014: HK$102.8 million (GBP8.5 million)). The
increment was a result of a realized gain of HK$431.8 million
(GBP37.6
million) on the sale of the Fo Tan project after netting off of the increase of HK$163.3 million (GBP14.2 million) in management fee paid to South-East Asia Investment And Agency Company, Limited ("SEAI"), a wholly-owned subsidiary of S E A Holdings Limited (the holding company of the Company), pursuant to a cost sharing agreement made between the Company, its various subsidiaries and SEAI in 2014 for the use of SEAI's personnel and facilities on a cost-sharing basis for the Company to carrying its
business activities. The increase in the said management fee is
mainly due to the rise in SEAI's employee benefits during the year
under review.
n Earnings per share for profit attributable to the Company's
shareholders of HK150.8 cents (13.1 pence) (2014: HK79.3 cents (6.6
pence)).
n Net asset value per share attributable to the Company's
shareholders as at 31 December 2015 of HK$16.0 (139.3 pence) (31
December 2014: HK$14.8 (122.7 pence)).
n Geographical location of the Group's property assets were as follows:
31 December 2015 31 December 2014
-------------- ------------------------------- -------------------------------
Hong Kong HK$10,298.3 million (GBP896.7 HK$10,177.4 million (GBP843.7
million) million)
Mainland China HK$4,534.2 million (GBP394.9 HK$4,635.7 million (GBP384.3
million) million)
-------------- ------------------------------- -------------------------------
Total HK$14,832.5 million (GBP1,291.6 HK$14,813.1 million (GBP1,228.0
million) million)
============== =============================== ===============================
n Gearing ratio of 2.3% (31 December 2014: 9.3%).
n The Board has declared a special cash dividend of HK$1.9 per
ordinary share to the shareholders of the Company, payable on
Friday, 10 June 2016 on the share register on Friday, 27 May
2016.
Operational Highlights
n Stable gross rental income generated from Dah Sing Financial
Centre in Hong Kong and its occupancy rate remains high.
n The hotel operation results of Crowne Plaza Hong Kong Causeway
Bay were in general in line with the weaker hotel business
environment in 2015.
n Major mixed use development projects in Chengdu and Kaifeng,
Mainland China are progressing. Site formation works for Phase I of
Chengdu project have been completed. The construction works for
Phase 1A were completed and superstructure works for Phase IB of
Kaifeng project are in progress. Sales of units have commenced and
are in
progress.
n Sale of the Fo Tan project was completed in November 2015
realised a gain on disposal of HK$431.8 million (GBP37.6 million)
and generated net cash after repayment of bank loans of
approximately HK$1,250 million (approximately GBP109 million).
n Following the year end, in February 2016, announcement
regarding the proposed disposal of Dah Sing Financial Centre for a
net cash consideration (after repayment of bank loans) of
approximately HK$8,019 million (approximately GBP698 million),
subject to approval at a shareholder meeting on 29 April 2016.
Notes:
1. Figures in Pounds Sterling are translated from Hong Kong
dollars based upon the exchange rates
prevailing on the latest practicable business day of the
respective accounting years. The
relevant exchange rates adopted are stated as follows:
For 31 December GBP1 = HK$11.4841
2015:
For 31 December GBP1 = HK$12.0627
2014:
2. For the Company's shareholders' information, the exchange
rate on 17 March 2016 was GBP1 = HK$11.1280
Miscellaneous
The results included in this announcement are extracted from the
audited consolidated financial statements of the Company for the
year ended 31 December 2015, which have been approved by the Board
of Directors on 18 March 2016.
The 2015 Annual Report is expected to be posted to the Company's
shareholders and holders of depositary interests in late April
2016.
For further information, please contact:
Lu Wing Chi TEL: +852 2828 6363
Executive Director
Asian Growth Properties Limited
Richard Gray TEL: +44 207 886 2500
Andrew Potts
Panmure Gordon (UK) Limited
(Nominated Advisor)
Attached:-
1. Chairman's Review;
2. Executive Directors' Review;
3. Consolidated Statement of Profit or Loss;
4. Consolidated Statement of Profit or Loss and Other Comprehensive Income;
5. Consolidated Statement of Financial Position;
6. Consolidated Statement of Changes in Equity;
7. Consolidated Statement of Cash Flows; and
8. Notes to the Consolidated Financial Statements.
This announcement can also be viewed on the Company's website
at:
http://www.asiangrowth.com/html/eng/news.asp
CHAIRMAN'S REVIEW
I am pleased to present the audited consolidated financial
results of Asian Growth Properties Limited ("AGP" or the "Company",
together with its subsidiaries, the "Group") for the year of 2015
to the shareholders of the Company.
Results
AGP reported a profit attributable to the Company's shareholders
of HK$1,336.7 million (GBP116.4 million) for the year ended 31
December 2015 (2014: HK$703.1 million (GBP58.3 million)). The
reported profit included a revaluation surplus on investment
properties net of deferred taxation of HK$980.8 million (GBP85.4
million) (2014: HK$600.3 million (GBP49.8 million)). By excluding
the net effect of such surplus, the Group's net profit attributable
to the Company's shareholders was HK$355.9 million (GBP31.0
million) (2014: HK$102.8 million (GBP8.5 million)), including a
realised gain of HK$431.8 million (GBP37.6 million) in relation to
the sale of the Fo Tan project.
As at 31 December 2015, the Group's equity attributable to the
Company's shareholders amounted to HK$14,218.8 million (GBP1,238.1
million) (31 December 2014: HK$13,148.1 million (GBP1,090.0
million)). The net asset value per share attributable to the
Company's shareholders as at 31 December 2015 was HK$16.0 (139.3
pence) as compared with HK$14.8 (122.7 pence) as at 31 December
2014.
Figures in Pounds Sterling are translated from Hong Kong dollars
based upon the exchange rates prevailing on the latest practicable
business day of the respective accounting years.
Operations
During the year ended 31 December 2015, the Group has continued
the development of various property projects in Hong Kong and
Mainland China.
The rental income from investment properties situated in both
Hong Kong and Mainland China continue to provide stable returns to
the Group. Crowne Plaza Hong Kong Causeway Bay's
performance dropped comparing with 2014, which was a result in
line with the weaker hotel business market, the tense relationship
between Hong Kong residents and China visitors may also further
reduce Hong Kong's attractiveness to visitors. The hotel was able
to maintain its market share among the primary competitors.
In October 2015, the Company was pleased to announce the sale of
the Fo Tan project, which completed in November 2015. The sale
realised a gain on disposal of HK$431.8 million (GBP37.6 million)
and generated net cash after repayment of bank loans of
approximately HK$1,250
million (approximately GBP109 million). The Board believed that
the sale of Fo Tan provided an attractive opportunity to realise
its investment at this time, reducing the time and overall risk and
uncertainty of realising the value of the Land by undertaking the
development project itself.
In addition, after the year end, the Company announced in
February 2016 the proposed disposal of Dah Sing Financial Centre
for a net cash consideration (after repayment of bank loans) of
approximately HK$8,019 million (approximately GBP698 million).
The Board believes that the disposal of Dah Sing Financial Centre
provides an optimum opportunity for the Company to
realise cash and unlock the value of its investment in the
Property at fair market value.
For details of the Group's operations, please refer to the
Executive Directors' Review.
Outlook
The complicated global economy continues to create a challenging
business environment. The United States economy has been growing at
a moderate pace with improved labour market and household spending
which led the Federal Reserve to start increasing interest rates.
However, the European Central Bank introduced a new round of
quantitative easing. Japan remained in
recession without growth. 2016 has began with significant
financial market volatilities and
uncertainty.
Mainland China's economy experienced a moderate slowdown with
increasing downside risks becoming apparent. The Mainland China's
authorities have been implementing policies to boost the PRC
property market, such as, a series of official lending rate cuts,
targeted tax reduction, easing of restrictions on the property
market and relaxation of mortgage requirements of first and second
home buyers.
March 18, 2016 13:28 ET (17:28 GMT)
Development Co., registered
Ltd.* capital and investment
Harvest Hill Limited Hong Kong HK$2 100 100 Financing
Huangshan City Huizhou Property and
District PRC RMB35,000,000 100 100 tourist
Feng Dan Bailu
Investment registered
and capital leisure facilities
Development Company
Limited* development
Kaifeng International
City No. 1 PRC US$152,500,000 100 100 Property development
Realty Development registered
Company capital
Limited*
Kaifeng International
City No. 5 PRC US$42,450,000 100 100 Property development
Realty Development registered
Company capital
Limited*
Kingston Pacific B.V.I./Hong
Investment Kong US$100 55 55 Property development
Limited
Leighton Road Hotel
Management Hong Kong HK$1 100 100 Hotel operation
Services Limited
42. PRINCIPAL SUBSIDIARIES - continued
Effective
% of
issued share
capital/registered
capital held
by the Company
Place/country Issued and
of paid
up share
incorporation/ capital/
registered Principal
Name of subsidiary operation capital activities
2015 2014
Indirect subsidiaries
- continued
Property,
Nanjing Hushu Ecology PRC RMB100,000,000 51 51 cultural and
Travel Development registered
Co., Ltd.(@) capital tourism development
Nanjing Taligang Property,
Tourist Leisure PRC RMB35,000,000 51 51 cultural and
Facilities Company registered
Limited(@) capital tourism development
Shine Concord
Investments Hong Kong HK$1 100 100 Hotel operation
Limited
Sino Harvest Real
Estate Development PRC US$3,000,000 100 100 Property investment
(Chengdu) Company registered
Limited* capital
Sky Trend Investments
Limited Hong Kong HK$2 100 100 Hotel operation
Sunfold Development
Limited Hong Kong HK$1 100 100 Hotel operation
Wing Siu Company
Limited Hong Kong HK$2 100 100 Property investment
(*) Wholly foreign owned enterprise
(@) Sino-foreign equity joint venture
The directors of the Company are of the opinion that a complete
list of the particulars of all subsidiaries of the Company will be
of excessive length and therefore the above list contains only the
particulars of subsidiaries which principally affect the results or
assets of the Group.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UWRBRNSAOAAR
(END) Dow Jones Newswires
March 18, 2016 13:28 ET (17:28 GMT)
Asian Growth Properties (LSE:AGP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Asian Growth Properties (LSE:AGP)
Historical Stock Chart
From Apr 2023 to Apr 2024
