TIDMAGP
RNS Number : 6966H
Asian Growth Properties Limited
19 August 2016
19 August 2016
Asian Growth Properties Limited
Results for the period ended 30 June 2016
Asian Growth Properties Limited (the "Company") (AIM Stock Code:
AGP), the Hong Kong based China property development and investment
company, announces its unaudited condensed consolidated results for
the period ended 30 June 2016 as follows:
Financial Highlights
n Profit attributable to the Company's shareholders of HK$561.3
million (GBP53.7 million) (2015: HK$274.7 million (GBP22.6
million)).
n Profit attributable to the Company's shareholders (excluding
revaluation deficit net of deferred tax) was HK$573.9 million
(GBP54.9 million) (2015: HK$39.2 million (GBP3.2 million)). The
increment was a result of a realized gain of HK$611.5 million
(GBP58.5 million) on the sale of property of Dah Sing Financial
Centre after netting off of
(i) realized loss of HK$90.5 million (GBP8.7 million) on the
sale of the Kaifeng project; and
(ii) the increase of HK$69.3 million (GBP6.6 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
period under review.
n Earnings per share for profit attributable to the Company's
shareholders of HK63.3 cents (6.1 pence) (2015: HK31.0 cents (2.6
pence)).
n Net asset value per share attributable to the Company's
shareholders as at 30 June 2016 of HK$14.7 (140.6 pence) (31
December 2015: HK$16.0 (139.3 pence)).
n Geographical location of the Group's property assets were as follows:
30 June 2016 31 December 2015
---------- -------------------- ----------------------
Hong Kong HK$906.4 million HK$10,298.3 million
(GBP86.7 million) (GBP896.7 million)
Mainland HK$3,394.6 million HK$4,534.2 million
China (GBP324.6 million) (GBP394.9 million)
---------- -------------------- ----------------------
Total HK$4,301.0 million HK$14,832.5 million
(GBP411.3 million) (GBP1,291.6 million)
========== ==================== ======================
n As at 30 June 2016, bank balances and cash of the Group
amounted to HK$10,045.6 million (GBP960.7 million). After netting
off bank borrowings of HK$1,459.4 million (GBP139.6 million), the
Group had a net cash position of HK$8,586.2 million (GBP821.2
million) at period end date, compared to a net debt position of
HK$342.3 million (GBP29.8 million) with gearing ratio of 2.3% as at
31 December 2015.
Operational Highlights
n Sale of Dah Sing Financial Centre was completed in May 2016
and realised a gain on disposal of HK$611.5 million (GBP58.5
million) and generated net cash after repayment of bank loans of
approximately HK$8,019 million (approximately GBP766.9
million).
n Prior to the completion of disposal of Dah Sing Financial
Centre in May 2016, stable gross rental income was 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 2016.
n Major mixed use development projects in Chengdu, Mainland
China are progressing. Commercial basement works have been
completed.
n On 19 April 2016, the Group entered into a sale and purchase
agreement in relation to the disposal of Kaifeng Nova City Project
for a consideration of HK$900 million (GBP86.1 million) in cash.
Completion of the disposal took place on 26 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 periods. The
relevant exchange rates adopted are stated as follows:
For 30 June GBP1 = HK$10.4562
2016:
For 31 December GBP1 = HK$11.4841
2015:
For 30 June GBP1 = HK$12.1357
2015:
2. For the Company's shareholders' information, the exchange
rate on 18 August 2016 was GBP1 = HK$10.1975
Miscellaneous
The results included in this announcement are extracted from the
unaudited condensed consolidated financial statements of the
Company for the period ended 30 June 2016, which have been approved
by the Board of Directors on 19 August 2016.
The 2016 Interim Report is expected to be posted to the
Company's shareholders and holders of depositary interests in late
September 2016.
This announcement contains inside information for the purpose of
Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
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. Condensed Consolidated Statement of Profit or Loss;
4. Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income;
5. Condensed Consolidated Statement of Financial Position;
6. Condensed Consolidated Statement of Changes in Equity;
7. Condensed Consolidated Statement of Cash Flows; and
8. Notes to the Condensed 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 unaudited condensed consolidated
financial results of Asian Growth Properties Limited ("AGP" or the
"Company", together with its subsidiaries, the "Group") for the
first six months of 2016 to the shareholders of the Company.
Results
AGP reported a profit attributable to the Company's shareholders
of HK$561.3 million (GBP53.7 million) for the period ended 30 June
2016 (2015: HK$274.7 million (GBP22.6 million)). The reported
profit included a revaluation deficit on investment properties net
of deferred taxation of HK$12.6 million (GBP1.2 million) (2015:
revaluation surplus of HK$235.5 million (GBP19.4 million)). By
excluding the net effect of such deficit, the Group's net profit
attributable to the Company's shareholders was HK$573.9 million
(GBP54.9 million) (2015: HK$39.2 million (GBP3.2 million)),
including a realised gain of HK$611.5 million (GBP58.5 million) in
relation to the sale of the property of Dah Sing Financial Centre
and a realized loss of HK$90.5 million (GBP8.7 million) in relation
to the sale of the Kaifeng project.
As at 30 June 2016, the Group's equity attributable to the
Company's shareholders amounted to HK$13,027.7 million (GBP1,245.9
million) (31 December 2015: HK$14,218.8 million (GBP1,238.1
million)). The net asset value per share attributable to the
Company's shareholders as at 30 June 2016 was HK$14.7 (140.6 pence)
as compared with HK$16.0 (139.3 pence) as at 31 December 2015.
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 periods.
Operations
During the period ended 30 June 2016, 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 compared to 2015, which was a result in line with the
weaker hotel business market, and the tense relationship between
Hong Kong residents and China visitors may also further reduce Hong
Kong's attractiveness to visitors.
The Company completed the sale of Dah Sing Financial Centre in
May 2016. The sale realised a gain on disposal of HK$611.5 million
(GBP58.5 million) and generated net cash after repayment of bank
loans of approximately HK$8,019 million (approximately GBP766.9
million). The Board believes that the disposal of Dah Sing
Financial Centre provided 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
Global economic growth is likely to remain modest in the near
term, with risks still towards the downside. Recoveries in Japan
and the Eurozone are still fragile. Geopolitical tensions and the
uncertainty about the exit of the UK from the EU have also posed
additional challenges. While the economic performance of the US is
relatively better, there remains notable policy risks associated
with its interest rate normalization and increasing policy
divergence among major central banks, which could add financial
volatility and pose a threat to the global economy.
China's economic growth held steady in the most recent quarter,
with a sign that the slowdown in China's economy is stabilizing.
The economy expanded by 6.7 percent in the April-June period
compared with the same period of last year. Despite the slowdown of
China's economic growth, the "One Belt and One Road" policy will
enhance economic growth and sustainable development. It is believed
that the economy in Mainland China is under way to a more
sustainable growth model. Having said that, the domestic and
external conditions are still complicated and severe and the
downward economic pressure remains.
Interim Dividend
The Board does not propose the payment of an interim dividend
for the period ended 30 June 2016 (2015: Nil).
Acknowledgement
The Board would like to take this opportunity to thank the
executive and management team for the execution of the Board's
strategy and their ongoing support.
Richard Prickett
Non-executive Chairman
Hong Kong, 19 August 2016
EXECUTIVE DIRECTORS' REVIEW
FINANCIAL SUMMARY
Turnover for the period ended 30 June 2016 amounted to HK$294.6
million (GBP28.2 million) (2015: HK$308.6 million (GBP25.4
million)). The turnover was principally attributable to the
recognition of rental income from investment properties, revenue
from hotel operation and the sales of residential units in Kaifeng
Nova City.
Profit attributable to the Company's shareholders for the period
amounted to HK$561.3 million (GBP53.7 million) (2015: HK$274.7
million (GBP22.6 million)), equivalent to a basic earnings per
share of HK63.3 cents (6.1 pence) (2015: HK31.0 cents (2.6 pence)).
The reported profit included a revaluation deficit on investment
properties net of deferred taxation of HK$12.6 million (GBP1.2
million) (2015: revaluation surplus of HK$235.5 million (GBP19.4
million)). By excluding the net effect of such deficit, the Group's
net profit attributable to the Company's shareholders was HK$573.9
million (GBP54.9 million) (2015: HK$39.2 million (GBP3.2 million)),
equivalent to HK64.8 cents (6.2 pence) (2015: HK4.4 cents (0.4
pence)) per share.
As at 30 June 2016, the Group's equity attributable to the
Company's shareholders amounted to HK$13,027.7 million (GBP1,245.9
million) (31 December 2015: HK$14,218.8 million (GBP1,238.1
million)). The net asset value per share attributable to the
Company's shareholders as at 30 June 2016 was HK$14.7 (140.6 pence)
as compared with HK$16.0 (139.3 pence) as at 31 December 2015.
For the Company's shareholders' information, 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 periods and the relevant exchange rates
adopted are stated as follows:
For 30 June 2016: GBP1 = HK$10.4562
For 31 December 2015: GBP1 = HK$11.4841
For 30 June 2015: GBP1 = HK$12.1357
BUSINESS REVIEW
Property Investment and Development
The Group continues to focus on its development and investment
projects in Hong Kong and Mainland China. It is the Group's
approach to review and optimise the project portfolios from time to
time. The Group's core projects located in Hong Kong and Mainland
China are listed below.
Following the disposal of certain properties as summarized in
these results, the Group owns one property in Hong Kong (Crowne
Plaza Hong Kong Causeway Bay) and four properties in China (one
development project and three investment properties).
Hong Kong
The Group entered into an agreement in February 2016 to
conditionally dispose of its entire interest in companies which
beneficially owned the property of Dah Sing Financial Centre, for a
consideration of approximately HK$10,000 million (approximately
GBP956.4 million), subject to adjustment. The disposal was
completed in May 2016 and generated a net cash consideration (after
repayment of bank loans) of approximately HK$8,019 million
(approximately GBP766.9 million).
Mainland China
Chengdu, Sichuan Province
During the period under review, the occupancy rate for the two
30-storey office towers of Plaza Central remained at a high level
and its retail podium with a gross floor area of about 29,000
square metres is fully let principally to Chengdu New World
Department Store on a long-term lease. As at 30 June 2016, the
aggregate occupancy rate for the two office towers and the retail
podium was approximately 84% (31 December 2015: 84%). Leasing
activities for the remaining areas of Plaza Central continue.
The shopping arcade of New Century Plaza with a gross floor area
of about 16,300 square metres is fully let to a hotel on a
long-term lease.
The master layout plan of the Longquan project (known as
"Chengdu Nova City"), which has a site area of 506,000 square
metres, was approved by the local government in January 2014.
Commercial basement works have been completed.
Kaifeng, Henan Province
On 19 April 2016, the Group entered into a sale and purchase
agreement in relation to the disposal of Kaifeng Nova City Project
for a consideration of HK$900 million (GBP86.1 million) in cash.
Completion of the disposal took place on 26 April 2016.
Guangzhou, Guangdong Province
As at 30 June 2016, the occupancy rate of the 14-storey office
tower of Westmin Plaza Phase II of about 16,100 square metres was
99% with more than one-third of the total office space being leased
to AIA (31 December 2015: 100%). Leasing activities for the
3-storey shopping arcade of Westmin Plaza Phase II with a total
gross floor area of about 26,400 square metres are in progress.
Huangshan, Anhui Province
The project in Huangshan has a site area of about 337,000 square
metres comprising of development land of about 117,000 square
metres and landscape land of 220,000 square metres. The master
layout plan for the development of the project comprises a hotel,
serviced apartments and resort villas in the integrated resort site
has been approved by the local government and site formation work
for Phase I of the project has been completed.
The Group entered into a sale and purchase agreement with an
independent third party on
3 August 2016 to sell the entire interest in companies which
beneficially own the properties under development in Huangshan
City, Anhui Province, the PRC for a consideration of HK$2 million
(GBP0.2 million).
Chi Shan, Nanjing, Jiangsu Province
The Group has established two 51%-owned joint venture companies
to participate in the tenant relocation arrangements and excavation
and infrastructure works on certain pieces of land in Chi Shan. The
Group intends to acquire such lands through land auctions by
different stages.
Hotel Operation
Crowne Plaza Hong Kong Causeway Bay is a 29-storey five-star
hotel comprising 263 guest rooms with ancillary facilities and is
managed by the InterContinental Hotels Group. Its performance
dropped compared to 2015, which was a result in line with the
weaker hotel business market. The hotel will strive to gain further
market share and look for cost saving measures in the challenging
market conditions.
WORKING CAPITAL AND LOAN FACILITIES
As at 30 June 2016, the Group's total cash balance was
HK$10,045.6 million (GBP960.7 million) (31 December 2015:
HK$3,671.2 million (GBP319.7 million)) and unutilised facilities
were HK$595.0 million (GBP56.9 million) (31 December 2015: HK$370.2
million (GBP32.2 million)).
As at 30 June 2016, after netting off bank borrowings of
HK$1,459.4 million (GBP139.6 million), the Group had a net cash
position of HK$8,586.2 million (GBP821.2 million), compared to a
net debt position of HK$342.3 million (GBP29.8 million) with
gearing ratio of 2.3% as at 31 December 2015.
As at 30 June 2016, the maturity of the Group's outstanding
borrowings was as follows:
30 June 2016 31 December 2015
HK$' million HK$' million
---------------- ------------------------- ----------------
Due
Within 1 year 130.1 1,136.2
1-2 years 97.2 164.1
3-5 years 1,119.5 1,795.8
Over 5 years 121.7 939.5
---------------- ------------------------- ----------------
1,468.5 4,035.6
Less: Front-end
fee (9.1) (22.1)
---------------- ------------------------- ----------------
1,459.4 4,013.5
================ ========================= ================
Pledge of Assets
For the Company's subsidiaries operating in Hong Kong and
Mainland China, the total bank loans drawn as at 30 June 2016
amounted to HK$1,468.5 million (GBP140.4 million) (31 December
2015: HK$4,035.6 million (GBP351.4 million)) which comprised
secured bank loans of HK$1,468.5 million (GBP140.4 million) (31
December 2015: HK$4,035.6 million (GBP351.4 million)). The secured
bank loans were secured by properties valued at HK$2,414.9 million
(GBP231.0 million) (31 December 2015: HK$12,237.5 million
(GBP1,065.6 million)) and note receivables of HK$54.3 million
(GBP5.2 million) (31 December 2015: HK$54.3 million (GBP4.7
million)).
Treasury Policies
The Group adheres to prudent treasury policies. As at 30 June
2016, all of the Group's borrowings were raised through its
wholly-owned or substantially controlled subsidiaries on a
non-recourse basis.
International Financial Reporting Standards ("IFRS")
The Group has adopted IFRS and the unaudited condensed
consolidated financial statements accompanying this Review have
been prepared in accordance with IFRS.
OUTLOOK
The Hong Kong economy slowed further in 2016. The external
environment deteriorated, characterised by soft global growth and
fluctuation in global financial and monetary conditions. Weak
global outlook with rising downside risks affected local economic
sentiment. In the medium term, the Hong Kong economy will still
likely be affected by a challenging and unsteady external
environment.
The supply of residential units in Hong Kong is rising and it is
inevitable that the local market price for the residential sector
is under pressure. The appreciation of the Hong Kong dollar against
the RMB and other major currencies has reduced Hong Kong's
attractiveness to visitors. Also, the tense relationship between
Hong Kong residents and China visitors may also have a negative
impact on the number of visitors. The market share of Crowne Plaza
Hong Kong Causeway Bay was generally maintained among primary and
secondary competitors, but with a recently improving trend. With a
tougher year to come, we will strive to gain market share, improve
the hotel operations efficiency and at the same time look for cost
saving measures, so as to maintain the return of the operations.
Subsequent to the disposal of Dah Sing Financial Centre in May
2016, the contribution of rental income to the Group in year 2016
will be significantly reduced.
In respect of our development projects in Mainland China, the
pace of price growth in new and pre-owned housing markets both
decelerated in June 2016 from May 2016, with growth slowing in all
cities except first-tier ones. For the Longquan project in Chengdu,
the master layout plan was approved and commercial basement works
have been completed.
After completion of the disposal of Dah Sing Financial Centre
and the Kaifeng project, the Group has significant funds for future
investments. The Group will remain cautiously proactive and
continue to monitor the property markets of Hong Kong, Mainland
China and overseas closely in order to identify potential
acquisition targets at opportune times.
On behalf of the Executive Directors
Lu Wing Chi
Executive Director
Hong Kong, 19 August 2016
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE SIX MONTHSED 30 June 2016
Six months ended
30 June
NOTES 2016 2015
HK$'000 HK$'000
(unaudited) (unaudited)
Revenue 4 294,638 308,568
Other income 10,802 16,992
Costs:
Property and related costs 5 (25,473) (25,550)
Staff costs (52,060) (43,656)
Depreciation and amortisation (29,646) (38,900)
Other expenses 6 (164,477) (101,097)
----------------- ----------------
(271,656) (209,203)
----------------- ----------------
Profit from operations before
fair value changes
on investment properties 33,784 116,357
Fair value changes on investment
properties (16,813) 238,001
----------------- ----------------
Profit from operations after
fair value changes
on investment properties 16,971 354,358
Gain on disposal of subsidiaries 24 520,974 -
Finance costs 7 (46,749) (53,935)
----------------- ----------------
Profit before taxation 8 491,196 300,423
Income tax credit (expense) 9 67,234 (27,926)
----------------- ----------------
Profit for the period 558,430 272,497
========== =========
Attributable to:
Company's shareholders 561,348 274,712
Non-controlling interests (2,918) (2,215)
----------------- ----------------
558,430 272,497
========== =========
HK cents HK cents
Earnings per share for profit
attributable to
the Company's shareholders 10
- Basic 63.3 31.0
========== =========
Earnings per share excluding
fair value changes
on investment properties
net of deferred tax
- Basic 10 64.8 4.4
========== =========
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 June 2016
Six months ended
30 June
2016 2015
HK$'000 HK$'000
(unaudited) (unaudited)
Profit for the period 558,430 272,497
----------------- -----------------
Other comprehensive (expense)
income:
Item that may be subsequently
reclassified to profit or loss:
Exchange differences arising on
translation of foreign
operations (62,379) 6,419
Reclassification adjustments for
amounts transferred to
profit or loss:
- upon disposal of subsidiaries
(note 24(b)) (6,654) -
----------------- -----------------
Total comprehensive income for
the period 489,397 278,916
========== ==========
Total comprehensive (expense)
income attributable to:
Company's shareholders 493,014 281,116
Non-controlling interests (3,617) (2,200)
----------------- -----------------
489,397 278,916
========== ==========
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 June 2016
NOTES 30.6.2016 31.12.2015
HK$'000 HK$'000
(unaudited) (audited)
Non-current assets
Investment properties 12 2,126,534 11,169,317
Property, plant and equipment 970,732 1,386,227
Properties for development 13 696,979 1,200,180
loan receivables 3,335 3,789
Note receivables 38,794 54,256
Other receivables 14 353,974 361,114
Other financial assets 11,648 11,648
Restricted bank deposits 5,387 5,613
----------------- -----------------
4,207,383 14,192,144
----------------- -----------------
Current assets
Properties held for sale
Completed properties 443,207 873,987
Properties under development 87,162 231,667
inventories 1,021 1,251
loan receivables 364 371
Note receivables 15,518 -
Trade receivables, deposits
and prepayments 15 321,820 125,844
Tax recoverable 8,643 17,782
Amounts due from non-controlling
interests 16 272 -
Bank balances and cash 10,040,247 3,665,582
----------------- -----------------
10,918,254 4,916,484
----------------- -----------------
Current liabilities
Payables, deposits and
accrued charges 17 255,323 370,719
Sales deposits - 13,064
Tax liabilities 2,939 82,675
Amounts due to non-controlling
interests 16 91,843 93,696
Bank borrowings - due within
one year 18 128,348 1,133,781
----------------- -----------------
478,453 1,693,935
----------------- -----------------
Net current assets 10,439,801 3,222,549
----------------- -----------------
Total assets less current
liabilities 14,647,184 17,414,693
========== ==========
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION -
continued
AT 30 June 2016
NOTES 30.6.2016 31.12.2015
HK$'000 HK$'000
(unaudited) (audited)
Capital and reserves
Share capital 19 345,204 345,204
Reserves 12,682,507 13,873,554
----------------- -----------------
Equity attributable to the Company's
shareholders 13,027,711 14,218,758
Non-controlling interests 38,022 41,639
----------------- -----------------
Total equity 13,065,733 14,260,397
----------------- -----------------
Non-current liabilities
Bank borrowings - due after one year 18 1,331,078 2,879,704
Deferred taxation 20 250,373 274,592
----------------- -----------------
1,581,451 3,154,296
----------------- -----------------
Total equity and non-current liabilities 14,647,184 17,414,693
========== ==========
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 June 2016
Attributable to the Company's
shareholders
--------------------------------------------------------------------------------------------------------------------
Non-
Share Share Translation Other Retained Controlling
capital premium reserve reserves profits Total interests Total
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
At 1 January
2015 (audited) 345,204 4,836,225 513,997 766,370 6,686,332 13,148,128 55,540 13,203,668
Profit for the
period - - - - 274,712 274,712 (2,215) 272,497
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Exchange
differences
arising on
translation
of foreign
operations - - 6,404 - - 6,404 15 6,419
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Other
comprehensive
income for the
period - - 6,404 - - 6,404 15 6,419
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Total
comprehensive
income
(expense)
for the period - - 6,404 - 274,712 281,116 (2,200) 278,916
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
At 30 June 2015
(unaudited) 345,204 4,836,225 520,401 766,370 6,961,044 13,429,244 53,340 13,482,584
Profit for the
period - - - - 1,062,016 1,062,016 (8,335) 1,053,681
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Exchange
differences
arising on
translation
of foreign
operations - - (272,502) - - (272,502) (2,558) (275,060)
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Other
comprehensive
expense for the
period - - (272,502) - - (272,502) (2,558) (275,060)
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Total
comprehensive
income
(expense)
for the period - - (272,502) - 1,062,016 789,514 (10,893) 778,621
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Dividends paid
to
non-controlling
interests - - - - - - (808) (808)
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
At 31 December
2015 (audited) 345,204 4,836,225 247,899 766,370 8,023,060 14,218,758 41,639 14,260,397
Profit for the
period - - - - 561,348 561,348 (2,918) 558,430
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Exchange
differences
arising on
translation
of foreign
operations - - (61,680) - - (61,680) (699) (62,379)
Disposal of
subsidiaries - - (6,654) (340,096) 340,096 (6,654) - (6,654)
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Other
comprehensive
(expense)
income
for the period - - (68,334) (340,096) 340,096 (68,334) (699) (69,033)
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
Total
comprehensive
income
(expense)
for the period - - (68,334) (340,096) 901,444 493,014 (3,617) 489,397
Dividends paid - - - - (1,684,061) (1,684,061) - (1,684,061)
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
At 30 June 2016
(unaudited) 345,204 4,836,225 179,565 426,274 7,240,443 13,027,711 38,022 13,065,733
========= ========= ========= ========= ========= ========= ========= =========
Other reserves comprise (i) a discount on acquisition/assumption
of certain assets and liabilities from the intermediate holding
company, S E A Holdings Limited ("SEA"), and the excess of the
consideration over the market closing price of the shares issued
for the acquisition. The amounts attributable to those assets and
liabilities derecognised in subsequent years will be recognised in
retained profits, as such, an amount of approximately
HK$340,096,000 was transferred to retained profits upon disposal of
subsidiaries (note 24); and (ii) the excess of the consideration
paid for acquisition of an additional interest in a subsidiary from
a non-controlling shareholder over the carrying amount of the
non-controlling interests acquired.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 June 2016
Six months ended
30 June
2016 2015
HK$'000 HK$'000
(unaudited) (unaudited)
Net cash from operating activities 16,671 31,863
----------------- -----------------
Investing activities
Purchase of property, plant and equipment (854) (751)
Acquisition of and additional costs
on properties for development (44,946) (13,044)
Bank deposits placement (7,929,290) (431,251)
Bank deposits refunded 364,164 309,380
Decrease in loan receivables 461 119
Interest received 10,528 12,418
Net consideration received on disposal
of subsidiaries (note 24) 10,486,748 -
Advances to non-controlling interests (272) -
----------------- -----------------
Net cash from (used in) investing
activities 2,886,539 (123,129)
----------------- -----------------
Financing activities
Draw down of bank loans 11,924 150,000
Repayments of bank loans (2,410,088) (211,114)
Payment of front-end fee - (7,000)
Dividend paid (1,684,061) -
Repayment of advances from non-controlling
interests - (621)
----------------- -----------------
Net cash used in financing activities (4,082,225) (68,735)
----------------- -----------------
Net decrease in cash and cash equivalents (1,179,015) (160,001)
Cash and cash equivalents at beginning
of period 3,298,440 2,296,618
Effect of foreign exchange rate changes (8,468) 4,750
----------------- -----------------
Cash and cash equivalents at end
of period 2,110,957 2,141,367
========== ==========
Represented by:
Bank balance and cash 10,040,247 2,574,906
Less: Fixed deposits with original
maturity date more than 3 months
and not exceeding 1 year (7,929,290) (431,251)
Less: Guarantee deposit - (2,288)
----------------- -----------------
2,110,957 2,141,367
========== ==========
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 June 2016
1. GENERAL
The Company is a public company incorporated in the British
Virgin Islands with limited liability and its shares are admitted
for trading on the AIM Market of The London Stock Exchange plc.
The Company acts as an investment holding company. The principal
subsidiaries of the Company are engaged in property investment,
property development and the operation of a hotel.
2. BASIS OF PREPARATION
The condensed consolidated financial statements have been
prepared in accordance with International Accounting Standard
("IAS") 34 "Interim Financial Reporting" issued by the
International Accounting Standards Board (the "IASB").
3. PRINCIPAL ACCOUNTING POLICIES
The condensed consolidated financial statements have been
prepared on the historical cost basis except for investment
properties, which are measured at fair values, as appropriate.
Except as described below, the accounting policies and methods
of computation used in the condensed consolidated financial
statements for the six months ended 30 June 2016 are the same as
those followed in the preparation of the Group's annual financial
statements for the year ended 31 December 2015.
In the current interim period, the Group has applied, for the
first time, the following new and revised International Financial
Reporting Standards ("IFRS") issued by the International Accounting
Standards Board that are mandatorily effective for an accounting
period that begins on or after 1 January 2016:
Amendments to IFRSs Annual Improvements to
IFRSs 2012 - 2014 Cycle
Amendments to IFRS 10, IFRS 12 Investment Entities: Applying the Consolidation
and IAS 28 Exception
Amendments to IFRS 11 Accounting for Acquisitions of Interests and
Joint Operations
IFRS 14 Regulatory Deferral Accounts
Amendments to IAS 1 Disclosure Initiative
Amendments to IAS 16 and IAS 38 Clarification of Acceptable Methods of
Depreciation and Amortisation
Amendments to IAS 16 and IAS 41 Agriculture: Bearer Plants
Amendments to IAS 27 Equity Method in Separate Financial Statements
The application of the above new and revised IFRSs in the
current interim period has had no material effect on the amounts
reported in these condensed consolidated financial statements and/
or disclosures set out in these condensed consolidated financial
statements.
4. SEGMENT INFORMATION
Information reported to the executive directors of the Company,
being the chief operating decision maker, for the purposes of
resource allocation and assessment of segment performance is mainly
focused on the property development, property investment, hotel
operation and financial investment. No operating segments
identified by the chief operating decision maker have been
aggregated in arriving at the reportable segments of the Group.
Property investment activity is in Hong Kong and the People's
Republic of China (the "PRC"). The investment property in Hong Kong
was disposed during the current period as set out on (note
24(a)).
Property development activity is in the PRC and the hotel
operation is in Hong Kong.
During the period, a new operating segment - financial
investment has been established. The directors of the Group are
seeking potential investment opportunities for their investment
portfolio, consisting mainly of investment in debt and/or equity
investments and bank deposits. The investment income from
investment portfolio will be included in financial investment
segment.
The following is an analysis of the Group's revenue and results
by reportable segment:
Six months ended 30 June 2016
Property Property Hotel Financial
development investment operation investment Consolidated
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
SEGMENT REVENUE
External
sales 6,681 168,935 107,275 11,747 294,638
========== ========== ========== ========== ==========
SEGMENT RESULTS
Segment (loss)
profit (168,681) 698,713 6,650 12,152 548,834
========== ========== ========== ==========
Unallocated
interest
income 3,312
Corporate
income less
expenses (14,201)
Finance costs (46,749)
------------------
Profit before
taxation 491,196
==========
Six months ended 30 June 2015
Property Property Hotel
development investment operation Consolidated
HK$'000 HK$'000 HK$'000 HK$'000
SEGMENT REVENUE
External sales - 195,817 112,751 308,568
========== ========== ========== ==========
SEGMENT RESULTS
Segment (loss)
profit (66,838) 392,146 23,460 348,768
========== ========== ==========
Unallocated interest
income 8,677
Corporate income
less
expenses (3,087)
Finance costs (53,935)
-----------------
Profit before taxation 300,423
==========
4. SEGMENT INFORMATION - continued
Segment profit of the property investment division for the six
months ended 30 June 2016 included a decrease in fair value of
investment properties of HK$16,813,000 (30.6.2015: an increase in
fair value of investment properties of HK$238,001,000) and a gain
on disposal of a subsidiary of HK$611,499,000 (note 24(a))
(30.6.2015: nil).
The Group does not allocate general interest income, corporate
income less expenses and finance costs to individual reportable
segment profit or loss for the purposes of resource allocation and
performance assessment by the chief operating decision maker.
The accounting policies adopted in preparing the reportable
segment information are the same as the Group's accounting
policies.
No segment assets and liabilities are presented as the
information is not reportable to the chief operating decision maker
in the resource allocation and assessment of performance.
5. PROPERTY AND RELATED COSTS
Six months ended
30 June
2016 2015
HK$'000 HK$'000
Cost of properties sold and related
expenses 5,007 -
Selling and marketing expenses 2,587 3,834
Direct operating expenses on investment
properties 17,879 21,716
----------------- -----------------
25,473 25,550
========== ==========
6. OTHER EXPENSES
Six months ended
30 June
2016 2015
HK$'000 HK$'000
Included in other expenses are:
Fees paid to a related company
(note 22 (a)) 108,200 46,221
Less: Amount capitalised to property
development project - (7,354)
----------------- -----------------
108,200 38,867
Hotel operating expenses 30,195 30,226
Legal and professional fees 1,443 2,808
========== ==========
7. FINANCE COSTS
Six months ended
30 June
2016 2015
HK$'000 HK$'000
Interest on bank borrowings 43,150 57,593
Less: Amount capitalised to property
development project (376) (7,699)
----------------- -----------------
42,774 49,894
Front end fee 2,311 3,053
Other charges 1,664 988
----------------- -----------------
46,749 53,935
========== ==========
8. PROFIT BEFORE TAXATION
Six months ended
30 June
2016 2015
HK$'000 HK$'000
Profit before taxation has been
arrived at after crediting
and (charging):
Net exchange gain (loss) 1,083 (1,212)
Interest earned on bank deposits 14,916 8,527
Interest income from second mortgage
loans 97 123
========== ==========
9. INCOME TAX CREDIT (EXPENSE)
Six months ended
30 June
2016 2015
HK$'000 HK$'000
Current tax
Hong Kong Profits Tax (9,995) (16,260)
PRC Enterprise Income Tax (5,652) (6,533)
----------------- -----------------
(15,647) (22,793)
Overprovision in prior years
PRC Land Appreciation Tax 80,848 -
----------------- -----------------
65,201 (22,793)
Deferred tax 2,033 (5,133)
----------------- -----------------
67,234 (27,926)
========== ==========
Hong Kong Profits Tax is calculated at 16.5% of the estimated
assessable profits for each of the periods.
PRC Enterprise Income Tax is calculated at 25% of the estimated
assessable profits for each of the periods. The PRC Land
Appreciation Tax for the Guangzhou project was finalised with the
PRC Tax Bureau and the overprovision of amounting to approximately
HK$80,848,000 was written back during the period.
10. EARNINGS PER SHARE
The calculation of the basic earnings per share attributable to
the Company's shareholders is based on the following data:
Six months ended
30 June
2016 2015
HK$'000 HK$'000
Earnings for the purpose of basic
earnings per share:
Profit for the period attributable
to the Company's shareholders 561,348 274,712
========== ==========
2016 2015
Number of ordinary shares for
the purpose of basic
earnings per share 886,347,812 886,347,812
========== ==========
No diluted earnings per share is presented as the Company did
not have any potential ordinary shares in issue during both periods
or at the end of each reporting period.
For the purpose of assessing the performance of the Group, the
directors of the Company are of the view that the profit for the
period should be adjusted for the fair value changes on investment
properties recognised in profit or loss and the related deferred
taxation in arriving at the "adjusted profit attributable to the
Company's shareholders". A reconciliation of the adjusted earnings
is as follows:
Six months ended
30 June
2016 2015
HK$'000 HK$'000
Profit for the period attributable
to the Company's shareholders
as shown in the condensed
consolidated statement of
profit or loss 561,348 274,712
fair value changes on investment
properties 16,813 (238,001)
Deferred tax thereon (4,203) 2,498
------------------- -----------------
Adjusted profit attributable
to the Company's shareholders 573,958 39,209
=========== ==========
Basic earnings per share excluding
fair value changes on investment
properties net of deferred HK64.8
tax cents HK4.4 cents
=========== ==========
The denominators used in the calculation of adjusted earnings
per share are the same as those detailed above.
11. DIVIDS
Six months ended
30 June
2016 2015
HK$'000 HK$'000
Dividends recognised as a distribution
during the period:
Special dividend of HK190 cents
per share
(1.1.2015 - 30.6.2015: nil) 1,684,061 -
========== ==========
The directors of the Company do not recommend the payment of any
interim dividend.
12. INVESTMENT PROPERTIES
In estimating the fair value of investment properties, the Group
uses market-observable data to the extent it is available. The
Group engages third party qualified valuers to perform the
valuation of the Group's investment properties. At the end of each
reporting period, the Group works closely with the qualified
external valuers to establish and determine the appropriate
valuation techniques and inputs to the model.
The fair values of investment properties as at 30 June 2016 and
31 December 2015 were arrived at on the basis of valuations carried
out at those dates by Savills Valuation and Professional Services
Limited ("Savills"), a firm of Chartered Surveyors not connected to
the Group, recognised by The Hong Kong Institute of Surveyors, that
has appropriate qualifications and recent experience in the
valuation of properties in the relevant locations.
The valuation, which conforms to the appropriate sections
contained in "The HKIS Valuation Standards (2012 Edition)"
published by The Hong Kong Institute of Surveyors in Hong Kong, was
arrived at by reference to market evidence of transaction prices or
by capitalisation of future rental which is estimated by reference
to comparable rental as available in the relevant markets. In the
valuation, which falls under Level 3 of the fair value hierarchy,
the market rentals of all lettable units as well as those of
similar properties are made by reference to the rentals achieved by
the Group in the lettable units as well as those of similar
properties in the neighbourhood. The capitalisation rate adopted is
by reference to the yield rates observed by the valuer for similar
properties in the locality and adjusted for the valuer's knowledge
of factors specific to the respective properties.
During the current period, the Group disposed of an investment
property as set out in note 24(a). The decrease in the fair value
of investment properties of HK$16,813,000 (1.1.2015 - 30.6.2015:
increase in the fair value of investment properties of
HK$238,001,000) has been recognised directly in the condensed
consolidated statement of profit or loss.
13. PROPERTIES FOR DEVELOPMENT
The carrying amount represents the Group's interest in certain
pieces of land located in the PRC to be held for future
development. During the current period, the Group disposed of
certain piece of land as set out in note 24(b).
The carrying amount is amortised on a straight-line basis over
the lease terms ranging from 40 to 70 years.
14. OTHER RECEIVABLES
At 30 June 2016, the Group incurred a total amount of
RMB321,060,000 (31.12.2015: RMB321,060,000) equivalent to
HK$375,640,000 (31.12.2015: HK$383,217,000) for the tenant
relocation arrangements, excavation and infrastructure work on
certain pieces of land in Nanjing, the PRC. The amount, together
with further costs to complete the work, are wholly refundable from
the relevant PRC local government either by deduction against the
consideration payable if the Group is successful in bidding for the
land or out of the proceeds received by the relevant PRC local
government from another successful tenderer. The directors of the
Company estimated that, based on the Group's development plan, the
time schedule for auction of the relevant land will be initiated
before the end of 2018 and by then the full amount will be
recovered.
The balance of HK$353,974,000 (31.12.2015: HK$361,114,000)
represents the Hong Kong dollar equivalent of the present value of
the original amount of RMB321,060,000 (31.12.2015: RMB321,060,000)
expected to be recovered in 2018 discounted at the rate of 2% per
annum.
15. TRADE RECEIVABLES, DEPOSITS AND PREPAYMENTS
30.6.2016 31.12.2015
HK$'000 HK$'000
Trade receivables 10,730 10,000
Accrued income 91,194 99,159
Other receivables, deposits and
prepayments 219,896 16,685
----------------- -----------------
321,820 125,844
========== ==========
Trade receivables mainly represent rental receivables from
tenants for the use of the Group's properties and receivables from
corporate customers and travel agents for the use of hotel
facilities. No credit is allowed to tenants. Rentals are payable
upon presentation of demand notes. An average credit period of 30
days is allowed to corporate customers and travel agents.
Other receivables include an amount of HK$200,000,000
(31.12.2015: nil) representing cash consideration receivable for
the disposal of subsidiaries as shown in note 24(b) which was
settled in July 2016.
16. AMOUNTS DUE FROM/TO NON-CONTROLLING INTERESTS
The balances are unsecured, interest-free and repayable on
demand.
17. PAYABLES, DEPOSITS AND ACCRUED CHARGES
30.6.2016 31.12.2015
HK$'000 HK$'000
Trade payables 1,964 3,052
Rental deposits 36,207 113,764
Rental received in advance 11,008 13,463
Other payables, other deposits
and accrued charges 206,144 240,440
----------------- -----------------
255,323 370,719
========== ==========
Included in other payables is an aggregate amount of
HK$94,410,000 (31.12.2015: HK$93,010,000) payable to contractors
for the cost in relation to the tenant relocation arrangements,
excavation and infrastructure work on certain pieces of land as
detailed in note 14.
Rental deposits to be settled after twelve months from the end
of the reporting period based on the respective lease terms
amounted to HK$27,988,000 at 30 June 2016 (31.12.2015:
HK$76,376,000).
18. BANK BORROWINGS
During the period, the Group repaid bank loans amounting to
HK$2,410,088,000 (1.1.2015 - 30.6.2015: HK$211,114,000) and drew
bank loans which carry interest at variable rates amounting to
HK$11,924,000 (1.1.2015 - 30.6.2015: HK$150,000,000).
19. SHARE CAPITAL
30.6.2016 31.12.2015
US$'000 US$'000
Authorised:
1,300,000,000 ordinary shares
of US$0.05 each 65,000 65,000
========== ==========
US$'000 US$'000
Issued and fully paid:
886,347,812 ordinary shares of
US$0.05 each 44,317 44,317
========== ==========
HK$'000 HK$'000
Shown in the condensed consolidated
financial statements as 345,204 345,204
========== ==========
20. deferred TAXATION
The balance at the end of reporting period mainly represents
deferred tax liabilities recognised on the fair value changes of
the investment properties amounting to HK$227,993,000 (31.12.2015:
HK$236,814,000).
21. PLEDGE OF ASSETS
At the end of the reporting period, the Group had pledged the
following assets to secure banking facilities granted to the
Group:
(a) Fixed charges on investment properties and property, plant
and equipment with an aggregate carrying value of HK$1,508,986,000
(31.12.2015: HK$10,934,981,000) together with a floating charge
over all the assets of the property owning subsidiaries and
benefits accrued to the relevant properties.
(b) Fixed charges on hotel properties with an aggregate carrying
value of HK$905,932,000 (31.12.2015: HK$919,691,000) together with
a floating charge over all the assets of the property owning
subsidiaries and benefits accrued to the relevant properties.
(c) Fixed charges on properties under development held for sale
with carrying amount of HK$195,963,000 as at 31 December 2015,
which were released in the current period.
(d) Fixed charges on properties for development with carrying
amount of HK$186,898,000 as at 31 December 2015, which were
released in the current period.
(e) Note receivables of HK$54,312,000 (31.12.2015: HK$54,256,000).
22. RELATED PARTY BALANCES AND TRANSACTIONS
(a) For the six months ended 30 June 2016, the Group paid fees
of HK$108,200,000 (1.1.2015 - 30.6.2015: HK$46,221,000) to
South-East Asia Investment and Agency Company, Limited ("SEAI"), a
wholly-owned subsidiary of S E A Holdings Limited (an intermediate
holding company of the Company), pursuant to the agreement entered
into between the Company, certain subsidiaries of the Company and
SEAI for using SEAI's personnel and facilities on a cost-sharing
basis to carry out the Group's business activities.
(b) The remuneration of directors of the Company who are the
Group's key management personnel during the period amounted to
HK$12,597,000 (1.1.2015 - 30.6.2015: HK$1,663,000).
23. CONTINGENT LIABILITIES
At 31 December 2015, the Group had given guarantees to banks in
respect of mortgage loans provided to the Group's customers for the
purchase of the Group's properties located in Kaifeng, the PRC. The
total outstanding mortgage loans which were under the guarantee
were HK$43,382,000. This development project has been disposed
during the period as set out in note 24(b) and such contingent
liabilities are therefore no longer existed at 30 June 2016.
24. GAIN ON DISPOSAL OF SUBSIDIARIES
During the period, the Group has disposed of certain
subsidiaries which owned the following properties/projects:
(a) Dah Sing Financial Centre
On 25 February 2016, the Group entered into a sale and purchase
agreement, pursuant to which the Group agreed to sell the entire
issued shares of SEA (BVI) Limited, which wholly owns the issued
shares of Wing Siu Company Limited (the sole registered and
beneficial owner of Dah Sing Financial Centre), to an independent
third party at an aggregate consideration of HK$10,101 million in
cash. The disposal was completed on 24 May 2016.
(b) Kaifeng Nova City
On 19 April 2016, the Group entered into a sale and purchase
agreement, pursuant to which the Group agreed to sell the entire
issued share of New Insight Holdings Limited, which wholly owns the
issued shares of all investment companies (the beneficial owners of
a property development project at Kaifeng Nova City, Henan
Province, the PRC), to an independent third party at an aggregate
consideration of HK$900 million in cash. The disposal was completed
on 26 April 2016.
24. GAIN ON DISPOSAL OF SUBSIDIARIES - continued
The major classes of assets and liabilities of the disposed
subsidiaries at the respective date of each disposal were as
follows:
Dah Sing Kaifeng
Financial Nova
Centre City Total
HK$'000 HK$'000 HK$'000
Investment property 8,983,000 - 8,983,000
Property for development - 531,322 531,322
Property, plant and equipment 390,012 2,129 392,141
Properties held for sale
Completed properties - 419,107 419,107
Properties under development - 148,832 148,832
Trade receivables, deposits
and prepayments 18,719 2,360 21,079
Tax recoverable (tax
liabilities) (4,130) 3,449 (681)
Bank balances and cash 44,229 118,580 162,809
Payables, deposits and
accrued charges (86,256) (52,754) (139,010)
Sales deposits - (17,671) (17,671)
Bank borrowings - (159,078) (159,078)
Deferred tax liabilities (17,179) - (17,179)
----------------- ----------------- -----------------
Net assets disposed of 9,328,395 996,276 10,324,671
========== ========== ==========
Gain (loss) on disposal
of subsidiaries:
Cash consideration 10,100,710 900,000 11,000,710
Add: Realisation of translation
reserve
upon disposal - 6,654 6,654
Less: Transaction costs
incurred (150,250) (903) (151,153)
Less: Write off of unamortised
front end fee (10,566) - (10,566)
Less: Net assets disposed
of (9,328,395) (996,276) (10,324,671)
----------------- ----------------- -----------------
Gain (loss) on disposal
of subsidiaries 611,499 (90,525) 520,974
========== ========== ==========
Cash consideration 10,100,710 900,000 11,000,710
Less: Cash consideration
receivable - (200,000) (200,000)
Less: Cash and cash equivalents
disposed of (44,229) (118,580) (162,809)
Less: Transaction costs
paid (150,250) (903) (151,153)
----------------- ----------------- -----------------
Net cash inflow arising
on disposal 9,906,231 580,517 10,486,748
========== ========== ==========
25. EVENT AFTER THE END OF THE REPORTING PERIOD
Subsequent to the end of the reporting period, the Group entered
into a sale and purchase agreement with an independent third party
on 3 August 2016 to sell the entire issued share capital of Rich
Motion Development Limited, which wholly owns the entire registered
capital of the investment company of a property development project
located at Huangshan City, Anhui Province, the PRC for a
consideration of HK$2 million in cash. The disposal was completed
on the same date.
26. COMPARATIVE FIGURES
The amount of interest income contained in the comparative
figures in the condensed consolidated statement of profit or loss
have been reclassified to "other income" to conform with current
year's presentation. Details are disclosed in respective notes.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFFFTTIALIR
(END) Dow Jones Newswires
August 19, 2016 11:35 ET (15:35 GMT)
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