Co. Regn. No. 197000732N
Unaudited Second Quarter Financial Statement And Dividend Announcement for the Period Ended 30 June 2019
PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS
1 (a) Consolidated Statement of Comprehensive Income
Revenue
Other income
Changes in inventories of finished goods Cost of properties sold/consumables used Staff costs
Depreciation Finance costs Other expenses
Share of results of a jointly-controlled entity, net of tax
Profit before tax
Income tax expense
Profit for the period
Other comprehensive (loss)/income:
Items that may be reclassified subsequently to profit or loss:Exchange differences on translation of foreign operations Other comprehensive (loss)/income for the period, net of tax
Total comprehensive (loss)/income for the period
Profit attributable to :
Owners of the Company
Non-controlling interests
Total comprehensive (loss)/income attributable to :
Owners of the Company
Non-controlling interests
Notes to Consolidated Statement of Comprehensive Income :
Profit before tax is arrived at after (charging)/crediting:
Amortisation of other assets Amortisation of land use rights Property, plant and equipment written off
(Loss)/Gain on disposal of property, plant and equipment Income from financial assets, FVTPL**
Gain on disposal of financial assets, FVTPL
Loss on fair value adjustments on financial assets, FVTPL Interest income
Net foreign exchange gain/(loss)
NM : Not meaningful
- Amount less than $1,000
- Financial assets, fair value through profit or loss
Group
Second Quarter | Six Months | |||||
30/06/2019 | 30/06/2018 | Change | 30/06/2019 | 30/06/2018 | Change | |
$'000 | $'000 | % | $'000 | $'000 | % | |
24,725 | 25,818 | (4) | 50,562 | 48,444 | 4 | |
387 | (1,276) | NM | 788 | 133 | 492 | |
(1) | 50 | NM | (65) | 76 | NM | |
(2,079) | (4,137) | (50) | (4,801) | (6,338) | (24) | |
(7,320) | (7,105) | 3 | (14,102) | (14,445) | (2) | |
(2,869) | (1,743) | 65 | (5,375) | (3,895) | 38 | |
(3,293) | (2,231) | 48 | (6,433) | (4,233) | 52 | |
(7,117) | (7,338) | (3) | (14,365) | (14,850) | (3) | |
(20) | 7 | NM | (20) | 230 | NM | |
2,413 | 2,045 | 18 | 6,189 | 5,122 | 21 | |
(802) | (966) | (17) | (1,857) | (1,926) | (4) | |
1,611 | 1,079 | 49 | 4,332 | 3,196 | 36 | |
(3,698) | (1,585) | 133 | (1,753) | 290 | NM | |
(3,698) | (1,585) | 133 | (1,753) | 290 | NM | |
(2,087) | (506) | 312 | 2,579 | 3,486 | (26) | |
1,611 | 1,079 | 49 | 4,332 | 3,196 | 36 | |
- | -* | NM | - | -* | NM | |
1,611 | 1,079 | 49 | 4,332 | 3,196 | 36 | |
(2,087) | (506) | 312 | 2,579 | 3,486 | (26) | |
- | -* | NM | - | -* | NM | |
(2,087) | (506) | 312 | 2,579 | 3,486 | (26) | |
Group | ||||||
30/06/2019 | 30/06/2018 | Change | 30/06/2019 | 30/06/2018 | Change | |
$'000 | $'000 | % | $'000 | $'000 | % | |
(30) | (28) | 7 | (55) | (56) | (2) | |
(103) | (74) | 39 | (207) | (121) | 71 | |
(6) | (128) | (95) | (6) | (194) | (97) | |
(2) | - | - | 16 | 3 | 433 | |
- | 13 | NM | - | 16 | NM | |
- | - | - | - | 30 | NM | |
(74) | (120) | (38) | (53) | (99) | (46) | |
6 | 5 | 20 | 11 | 10 | 10 | |
340 | (1,159) | NM | 590 | 78 | 656 | |
Page 1 of 8
AMARA HOLDINGS LIMITED
Unaudited Second Quarter Financial Statement And Dividend Announcement for the Period Ended 30 June 2019
1 (b) (i) Statements of Financial Position | ||||||
Group | Company | |||||
Notes | 30/06/2019 | 31/12/2018 | 30/06/2019 | 31/12/2018 | ||
$'000 | $'000 | $'000 | $'000 | |||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | 11,234 | 14,976 | 30 | 41 | ||
Trade and other receivables | 13,594 | 13,038 | 62,101 | 72,661 | ||
Inventories | 524 | 587 | - | - | ||
Development properties | 108,211 | 109,803 | - | - | ||
Total current assets | 133,563 | 138,404 | 62,131 | 72,702 | ||
Non-current assets | ||||||
Financial assets at fair value through profit or loss ("FVTPL") | 996 | 1,049 | 166 | 160 | ||
Intangible assets | 1,178 | 1,178 | - | - | ||
Investment in a jointly-controlled entity | A | 470 | 1,691 | - | - | |
Investment in subsidiaries | - | - | 40,987 | 40,987 | ||
Investment properties | 397,110 | 398,085 | - | - | ||
Property, plant and equipment | 261,684 | 239,652 | - | - | ||
Land use rights | 6,358 | 6,618 | - | - | ||
Other assets | 6,188 | 6,243 | - | - | ||
Deferred tax assets | 171 | 97 | - | - | ||
Trade and other receivables | 462 | 472 | - | - | ||
Total non-current assets | 674,617 | 655,085 | 41,153 | 41,147 | ||
Total assets | 808,180 | 793,489 | 103,284 | 113,849 | ||
LIABILITIES AND EQUITY | ||||||
Current liabilities | ||||||
Trade and other payables | B | 25,355 | 30,584 | 220 | 333 | |
Contract liabilities | 3,006 | 7,661 | - | - | ||
Income tax payable | 3,593 | 3,737 | - | - | ||
Bank loans | C | 37,870 | 8,288 | - | - | |
Finance leases | 2,658 | 1,363 | - | - | ||
Total current liabilities | 72,482 | 51,633 | 220 | 333 | ||
Non-current liabilities | ||||||
Trade and other payables | 3,901 | 3,840 | - | - | ||
Bank loans | C | 300,354 | 321,313 | - | - | |
Finance leases | 34,582 | 4,109 | - | - | ||
Deferred tax liabilities | 12,270 | 13,226 | - | - | ||
Total non-current liabilities | 351,107 | 342,488 | - | - | ||
Capital, reserves and non-controlling interests | ||||||
Share capital | 125,646 | 125,646 | 125,646 | 125,646 | ||
Treasury shares | (996) | (996) | (996) | (996) | ||
Reserves | 259,941 | 274,718 | (21,586) | (11,134) | ||
Total equity | 384,591 | 399,368 | 103,064 | 113,516 | ||
Total liabilities and equity | 808,180 | 793,489 | 103,284 | 113,849 | ||
0 | 0 |
Notes to Statements of Financial Position:
- Decrease was mainly due to dividend received and share of losses during the financial period.
- Decrease was mainly due to payments of construction costs during the financial period.
- Net increase was mainly due to drawn down of loans offset against repayment of certain facilities.
Page 2 of 8
AMARA HOLDINGS LIMITED
Unaudited Second Quarter Financial Statement And Dividend Announcement for the Period Ended 30 June 2019
-
(ii) Aggregate amount of group's borrowings and debt securities
Amount repayable in one year or less, or on demand
30/06/2019 | 31/12/2018 | |||||
$'000 | $'000 | |||||
Secured | Unsecured | Secured | Unsecured | |||
40,528 | Nil | 9,651 | Nil | |||
Amount repayable after one year
30/06/2019 | 31/12/2018 | |||||
$'000 | $'000 | |||||
Secured | Unsecured | Secured | Unsecured | |||
334,936 | Nil | 325,422 | Nil | |||
Details of any collateral
The bank borrowings are secured by the followings:
- first mortgages on certain subsidiaries' property, plant and equipment, investment and development properties;
- an assignment in escrow of interest in a subsidiary's lease and rental proceeds from its investment properties and a fixed and floating charge over its assets;
- an assignment of certain subsidiaries' interest in sale and purchase agreements, tenancy agreements, insurance policies, building contracts, performance bonds and all monies standing to the credit in a subsidiary's project account in respect of development properties; and
- corporate guarantee given by the Company and debenture over certain subsidiaries' hotels.
Finance leases of $37,240,000 (2018: $5,472,000) are secured by the lessor's title on the leased assets.
Page 3 of 8
AMARA HOLDINGS LIMITED | ||||||
Unaudited Second Quarter Financial Statement And Dividend Announcement for the Period Ended 30 June 2019 | ||||||
1 ( c ) | Consolidated Statement of Cash Flows | |||||
Group | Group | |||||
Second Quarter | Six Months | |||||
30/06/2019 | 30/06/2018 | 30/06/2019 | 30/06/2018 | |||
$'000 | $'000 | $'000 | $'000 | |||
Operating activities | ||||||
Profit before income tax | 2,413 | 2,045 | 6,189 | 5,122 | ||
Adjustments for: |
Amortisation of other assets | 30 | 28 | 55 | 56 | |
Amortisation of land use rights | 103 | 74 | 207 | 121 | |
Depreciation of property, plant and equipment | 2,869 | 1,743 | 5,375 | 3,895 | |
Property, plant and equipment written off | 6 | 128 | 6 | 194 | |
Loss/(Gain) on disposal of property, plant and equipment | 2 | - | (16) | (3) | |
Income from financial assets, FVTPL | - | (13) | - | (16) | |
Gain on disposal of financial assets, FVTPL | - | - | - | (30) | |
Loss on fair value adjustment of financial assets, FVTPL | 74 | 120 | 53 | 99 | |
Interest income | (6) | (5) | (11) | (10) | |
Interest expense | 3,293 | 2,231 | 6,433 | 4,233 | |
Share of results of a jointly-controlled entity, net of tax | 20 | (7) | 20 | (230) | |
Exchange difference | 200 | 373 | 4 | (1,034) | |
Operating cash flows before movements in working capital | 9,004 | 6,717 | 18,315 | 12,397 | |
Inventories | 2 | (50) | 63 | (76) | |
Trade and other receivables | 294 | (273) | (546) | (880) | |
Trade and other payables | (254) | (3,459) | (4,803) | 7,770 | |
Development properties | 26 | 537 | 1,592 | (1,047) | |
Contract liability | (1,959) | - | (4,655) | - | |
Cash generated from operations | 7,113 | 3,472 | 9,966 | 18,164 | |
Income tax paid | (2,000) | (1,745) | (2,051) | (1,647) | |
Net cash from operating activities | 5,113 | 1,727 | 7,915 | 16,517 | |
Investing activities | |||||
Proceeds from sale of financial assets, FVTPL | - | - | - | 34 | |
Income received from financial assets, FVTPL | - | 13 | - | 16 | |
Payment for land use rights | - | - | - | (1,020) | |
Proceeds from disposal of property, plant and equipment | - | - | 20 | 8 | |
Payments for property, plant and equipment | (1,432) | (192) | (1,727) | (7,729) | |
Additional costs incurred on investment properties | - | - | - | (2,173) | |
Interest received | 6 | 5 | 11 | 10 | |
Dividend received from a jointly-controlled entity | - | - | 1,200 | 520 | |
Net cash used in investing activities | (1,426) | (174) | (496) | (10,334) | |
Financing activities | |||||
Interest paid | (3,293) | (2,415) | (6,433) | (4,590) | |
Payment of dividends on ordinary shares | (11,499) | (5,750) | (11,499) | (5,750) | |
Repayment of finance lease liabilities | (417) | (445) | (850) | (694) | |
Proceeds from bank borrowings | 30,189 | 15,222 | 42,384 | 39,972 | |
Repayment of bank borrowings | (21,189) | (7,084) | (34,770) | (33,944) | |
Net cash used in financing activities | (6,209) | (472) | (11,168) | (5,006) | |
Net (decrease) / increase in cash and cash equivalents | (2,522) | 1,081 | (3,749) | 1,177 | |
Cash and cash equivalents at beginning of period | 13,744 | 9,080 | 14,976 | 8,983 | |
Effect of foreign exchange rate changes on the balance of cash | 12 | (2) | 7 | (1) | |
held in foreign currencies | |||||
Cash and cash equivalents at end of period | 11,234 | 10,159 | 11,234 | 10,159 | |
0 | - | ||||
Note to Consolidated Statement of Cash Flows : | |||||
Cash and cash equivalents at end of period comprise the following: | |||||
Group | |||||
30/06/2019 | 30/06/2018 | ||||
$'000 | $'000 | ||||
Cash at bank and on hand | 8,794 | 8,501 | |||
Fixed deposits | 2,440 | 1,658 | |||
11,234 | 10,159 |
Page 4 of 8
AMARA HOLDINGS LIMITED
Unaudited Second Quarter Financial Statement And Dividend Announcement for the Period Ended 30 June 2019
1 (d) (i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.
Statement of Changes in Equity - Group | ||||||||
Foreign | Equity | |||||||
currency | attributable | Non- | ||||||
Share | Treasury | translation | Retained | Total | to owners of | controlling | ||
capital | shares | reserve | earnings | reserves | the Company | interests | Total | |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
Balance at 1 January 2019 as previously reported | 125,646 | (996) | (6,511) | 281,229 | 274,718 | 399,368 | - | 399,368 |
Effects of adopting SFRS(I) 16 | - | - | - | (5,857) | (5,857) | (5,857) | - | (5,857) |
Balance at 1 January 2019 as restated | 125,646 | (996) | (6,511) | 275,372 | 268,861 | 393,511 | - | 393,511 |
Total comprehensive income for the period | ||||||||
Profit for the period | - | - | - | 4,332 | 4,332 | 4,332 | - | 4,332 |
Other comprehensive loss | - | - | (1,753) | - | (1,753) | (1,753) | - | (1,753) |
Total | - | - | (1,753) | 4,332 | 2,579 | 2,579 | - | 2,579 |
Dividend relating to 2018 | - | - | - | (11,499) | (11,499) | (11,499) | (11,499) | |
Balance at 30 June 2019 | 125,646 | (996) | (8,264) | 268,205 | 259,941 | 384,591 | - | 384,591 |
(0) | ||||||||
Foreign | Equity | |||||||
currency | attributable | Non- | ||||||
Share | Treasury | translation | Retained | Total | to owners of | controlling | ||
capital | shares | reserve | earnings | reserves | the Company | interests | Total | |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
Balance at 1 January 2018 | 125,646 | (996) | (1,263) | 256,213 | 254,950 | 379,600 | (364) | 379,236 |
Total comprehensive income for the period | ||||||||
Profit for the period | - | - | - | 3,196 | 3,196 | 3,196 | - | 3,196 |
Other comprehensive income | - | - | 290 | - | 290 | 290 | - | 290 |
Total | - | - | 290 | 3,196 | 3,486 | 3,486 | - | 3,486 |
Dividend relating to 2017 | - | - | - | (5,750) | (5,750) | (5,750) | - | (5,750) |
Effects of acquiring non-controlling interest in a subsidiary | - | - | - | (364) | (364) | (364) | 364 | - |
Balance at 30 June 2018 | 125,646 | (996) | (973) | 253,295 | 252,322 | 376,972 | - | 376,972 |
Page 5 of 8
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Amara Holdings Ltd. published this content on 13 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2019 10:31:05 UTC