Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Ground International Development Limited    0989   BMG4141P1178

GROUND INTERNATIONAL DEVELOPMENT LIMITED

(0989)
  Report  
SummaryChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Ground International Development : Announcements and Notices - Clarification Announcement in Relation to the Final Results Announcement for the Year Ended 31 March 2019

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/19/2019 | 07:35am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

GROUND INTERNATIONAL DEVELOPMENT LIMITED

廣澤國際發展有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 989)

CLARIFICATION ANNOUNCEMENT IN RELATION TO

THE FINAL RESULTS ANNOUNCEMENT FOR THE

YEAR ENDED 31 MARCH 2019

Reference is made to the announcement of Ground International Development Limited (the "Company") dated 28 June 2019 in relation to the final results of the Company for the year ended 31 March 2019 (the "Results Announcement"). Capitalised terms herein shall have the same meanings as those defined in the Results Announcement unless the context otherwise requires.

The Board would like to clarify that due to an inadvertent statistical error, the Company's outstanding guarantees amount as at 31 March 2019 as stated in the Results Announcement should be RMB1,433.5 million instead of RMB1,111.5 million. Certain breakdown figures and figures in relation to exposure to credit risk in respect of guarantees on page 33 of the Results Announcement should also be amended correspondingly. The Board would like to replace the first paragraph on page 32 of the Results Announcement, the entire page 33 of the Results Announcement and part (ii) of the section headed "CONTINGENT LIABILITIES" on page 48 of the Results Announcement by the following paragraphs respectively (with the changes underlined for easy reference):

First paragraph on P.32

"For the year ended 31 March 2019, the revenue and net profit of the Group from provision of guarantee services were RMB22.3 million and RMB9.6 million respectively (31 March 2018: revenue of RMB15.1 million and net profit of RMB19.2 million respectively). As at 31 March 2019, the Group's total outstanding guarantees were RMB1,433.5million, of which the property development and agriculture sectors accounted for 25% and 47% of the Group's outstanding guarantees, respectively. The provision of guarantee services to customer in property development sector also gives opportunities to create potential synergies with the Group's current property development segment. The Group also took advantage of the controlling shareholder's network in the agricultural sector to gain financing guarantee business opportunities in this sector."

1

Entire P.33

"As at 31 March 2019, the type of outstanding guarantees are set out below:

RMB'000

%

Assets/ securities backed

839,430

58.6

Secured by counter-guarantees

594,100

41.4

1,433,530

100

(Expressed in RMB'000, unless otherwise stated)

As at

31 March

2019

Leverage ratio

2.64

Outstanding guarantee liability

1,433,530

Net assets of the guarantee business

543,884

Provision rate

1.07

Provision for guarantee losses

15,315

Total outstanding guarantees

1,433,530

The maximum exposure to credit risk in respect of guarantees issued by industry at 31 March

2019 and 2018 are as follows:

As at 31 March 2019

As at 31 March 2018

RMB'000

%

RMB'000

%

Agriculture and husbandry sector

682,050

47

541,200

49

Property development

353,860

25

297,700

27

Wholesale and retail

285,250

20

165,000

15

Service sector

109,000

8

48,000

4

Others

3,370

-

56,600

5

Total of guarantees issued

1,433,530

100

1,108,500

100

In addition to the provision of guarantee services, FR Guarantee also provides advance to its guarantee customers for additional financing via entrusted loan arrangement."

Part (ii) of "CONTINGENT LIABILITIES" on P.48

"(ii) The Group has provided financing guarantee services to certain borrowers to secure obligation of such borrowers for repayments. As at 31 March 2019, the financing guarantees amounting to RMB1,433.5million (At 31 March 2018: RMB1,108.5 million) were provided to financial institutions with respect to these borrowers. Such guarantees will terminate upon the full repayment of loans by the borrowers to the financial institutions; and two years after the obligations under the loan agreement have been fulfilled.

Pursuant to the terms of the guarantees, upon default in loan repayments by these borrowers, the Group is responsible for repaying the outstanding loans together with accrued interest to the financial institutions. During the year, the Group did not incur any

2

material losses in respect of any of these guarantees. The Directors consider that the likelihood of default in payments by the borrowers are minimal. Also, the pledged assets were provided by the borrowers pursuant to the terms of the guarantees and a provision of RMB15.3 million (At 31 March 2018: RMB12.8 million) has been made in connection with the guarantees in addition to the deferred income recognised as contract liabilities. Therefore, the Directors expect further losses arising from the guarantees issued to be insignificant."

GENERAL

The above changes do not affect other information contained in the Results Announcement and all other contents of the Results Announcement remain correct and unchanged.

By order of the Board

Ground International Development Limited

Cui Xintong

Chairperson

Hong Kong, 19 July 2019

As at the date of this announcement, the executive Directors are Ms. Cui Xintong and Ms. Liu Hongjian; the non-executive Director is Mr. Cong Peifeng and the independent non-executive Directors are Mr. Tsang Hung Kei, Mr. Zhu Zuoan and Mr. Wang Xiaochu.

3

Disclaimer

Ground International Development Limited published this content on 19 July 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 July 2019 11:34:06 UTC

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GROUND INTERNATIONAL DEVEL
06:23aGROUND INTERNATIONAL DEVELOPMENT : Announcements and Notices - Discloseable Tran..
PU
06:08aGROUND INTERNATIONAL DEVELOPMENT : Discloseable transaction - provision of guara..
PU
10/01GROUND INTERNATIONAL DEVELOPMENT : Announcements and Notices - Discloseable Tran..
PU
10/01GROUND INTERNATIONAL DEVELOPMENT : Discloseable transactions - provision of entr..
PU
09/18GROUND INTERNATIONAL DEVELOPMENT : Announcements and Notices - Discloseable Tran..
PU
09/18GROUND INTERNATIONAL DEVELOPMENT : Discloseable transaction - provision of guara..
PU
09/11GROUND INTERNATIONAL DEVELOPMENT : Supplemental announcement
PU
09/10GROUND INTERNATIONAL DEVELOPMENT : Inside information and resumption of trading
PU
09/09GROUND INTERNATIONAL DEVELOPMENT : Trading halt
PU
08/19GROUND INTERNATIONAL DEVELOPMENT : Announcements and Notices - Notice of Special..
PU
More news
Financials (HKD)
Sales 2019 -
EBIT 2019 -
Net income 2019 -
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020 -
Capi. / Sales2019 -
Capi. / Sales2020 -
Capitalization 506 M
Chart GROUND INTERNATIONAL DEVELOPMENT LIMITED
Duration : Period :
Ground International Development Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GROUND INTERNATIONAL DEVEL
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
 
Mean consensus -
Number of Analysts
Average target price
Last Close Price 0,10  HKD
Spread / Highest target -
Spread / Average Target -
Spread / Lowest Target -
EPS Revisions
Managers
NameTitle
Xin Tong Cui Chairman
Man Kit Ng CFO, Secretary & Director-Investor Relations
Pei Feng Cong Non-Executive Director
Zuoan Zhu Independent Non-Executive Director
Hong Jian Liu Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
GROUND INTERNATIONAL DEVELOPMENT LIMITED-75.31%67
CBRE GROUP, INC.31.09%17 277
JONES LANG LASALLE INCORPORATED12.44%7 334
ZILLOW GROUP, INC.-1.59%6 426
CUSHMAN & WAKEFIELD PLC22.94%3 861
TLG IMMOBILIEN AG3.63%3 101