TIDMAAA
RNS Number : 3508C
All Asia Asset Capital Limited
28 September 2018
28 September 2018
All Asia Asset Capital Limited
("All Asia Asset Capital", "AAA" or the "Company")
Unaudited Interim Results for the period ended 30 June 2018
All Asia Asset Capital (AIM: AAA), an investing company focused
on investing in the growing markets of the Asia Pacific region,
today announces its unaudited interim results for the six months
ended 30 June 2018.
All Asia Asset Capital Limited
Robert Berkeley, Executive Chairman and
Finance Director
Wai Tak Jonathan Chu, Executive Director
Tel: +44 (0) 207 621 8910
Tel: +852 3756 0124
www.aaacap.com
Allenby Capital Limited
(Nominated Adviser and Broker)
Nick Athanas / Alex Brearley
Tel: +44 (0) 203 328 5656
www.allenbycapital.com
About AAA
AAA is an investment company that has been established as a
platform for investors looking to access growing markets in the
Asia-Pacific region. The Company invests in a portfolio of
companies with at least a majority of operations (or early-stage
companies that intend to have at least a majority of their
operations) in the Asia-Pacific region in industries with high
growth potential including, but not limited to: agriculture,
forestry and plantations, mining, natural resources, property,
and/or technology. AAA is publicly quoted and its shares are traded
on the AIM Market, which is operated by the London Stock
Exchange.
CHAIRMAN'S STATEMENT
I am pleased to report the results of All Asia Asset Capital
Limited (the "Company") together with its subsidiaries (the
"Group") for the six months ended 30 June 2018.
Business Review
During the six months ended 30 June 2018 the Company continued
its focus on Myanmar. The Company retained its investment in
Myanmar Allure Group Co., Ltd., ("MAG"), which owns and operates
the Allure Resort, a combined hotel, resort and gaming facility
located in Tachileik province, Myanmar, in the vicinity of the
Thailand-Myanmar Mae Sai border.
In maintaining its minority investment of 7 per cent in MAG, the
Board maintains its positive outlook regarding the long-term
outlook towards Myanmar and the hotel, resort and gaming sector in
particular.
During the period, MAG continued its search for partnership
opportunities as well as seeking to leverage its prime position for
foreign gaming partners to collaborate in the expansion of its
Tachileik facilities.
Furthermore, the Board of AAA understands that MAG continues to
work on plans to expand its facilities starting in 2019. The
expected construction time is one year, with an increase in revenue
streams and capacity expected to start during 2020. The preliminary
capital outlay for the expansion of MAG's facilities will be
approximately GBP6.09 million and this funding is anticipated to be
raised via a loan from MAG's majority shareholder.
Notwithstanding these developments, the Company continues to
actively seek realisation of its investment in MAG, although the
Company has yet to engage in any advanced discussions with third
parties in respect of realising AAA's interest in MAG.
The proceeds from the disposal of the Company's minority
interests in APU during the year ended 31 December 2017 continues
to provide the Company with working capital in order to allow the
Company to continue its operations and refocus its energies to pave
the way towards delivering shareholder value by finding new
investment opportunities.
Financial Results
During the six months ended 30 June 2018 the Company incurred a
net loss of GBP0.12 million (six months ended 30 June 2017: net
profit of GBP1.21 million). The loss was attributable to
Administrative expenses incurred by the Company.
During the six months ended 30 June 2018, the main asset of the
Group consisted of its investment in MAG. AAA's investments in MAG
were valued by an independent third-party valuer at a fair value of
GBP1.24 million as at 30 June 2018 (31 December 2017: carrying
value of MAG - GBP1.21 million).
Notwithstanding the Company's careful control of running costs,
the cash reserves continue to reduce. As at 30 June 2018 the net
assets of the Group were GBP1.49 million (31 December 2017: net
assets of GBP1.56 million) and the Group had cash and cash
equivalents of GBP0.28 million (31 December 2017: cash and cash
equivalents of GBP0.37 million). Annual expenditure of the Group is
running at circa GBP0.25 million.
Board Changes
On 30 July 2018, during the Annual General Meeting of the
Company, the resolution to re-appoint Robert Anthony Rowland
Berkeley to the Board of Directors as Executive Chairman and
Finance Director was passed.
On 2 November 2016, the Company announced that it was
considering a proposal to amend the existing investing policy of
the Company and it was noted that this change in investing policy
would be subject to approval of shareholders. The Company intends
to re-assess this proposal once it has appointed a new Chief
Executive Officer.
Economic Outlook
With the Company's sole investment at the present time being
situated in Myanmar, it is worth reviewing Myanmar's current
economic environment. In the World Bank's May 2018 Myanmar Economic
Monitor report, the overall assessment was an improved economic
growth performance during fiscal year 2017/18, with a real GDP
growth of 6.4 per cent. This signaled an about-turn from the more
modest experience of fiscal year 2016/17 which saw 5.9 per cent
real GDP growth amid a deteriorating outlook at the time.
Furthermore, inflation pressure has moderated and the current
account deficit has narrowed against the backdrop of strong export
growth, whilst exchange rates were stable during that period.
Within the tourism and hospitality sector, according to
statistical data published by Myanmar's Ministry of Hotels &
Tourism, visitor arrivals increased by approximately 500,000, to a
total 3.443 million arrivals, with the majority of these (over
400,000) arriving through border gateways. This may have helped
offset shorter stays and marginally less daily tourism spend as,
according to a World Bank report, Myanmar experienced flat
tourism-related earnings in 2017/18, attributed to international
concerns about the Rakhine humanitarian crisis which the Board of
AAA remains acutely aware of. Despite some protracted risk factors
arising within certain sectors, the economic outlook remains
buoyant for Myanmar, with the World Bank's May 2018 Myanmar
Economic Monitor projecting growth at 6.8 percent for the 2018/19
fiscal year.
Appreciation
I would like to thank all the hard work my fellow Board members
and staff, our advisers and of course our shareholders for their
continuing support for AAA. I sincerely hope that the Company will
continue to enjoy such support towards the development of the Group
in the years to come.
ALL ASIA ASSET CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2018
Six months ended 30 June
2018 2017
------------- -------------
Notes GBP GBP
(Unaudited) (Unaudited)
Net realised gain on disposal
of available-for-sale investments - 1,213,028
Change in fair value of convertible
loan designated at fair value
through profit or loss - 220,243
Administrative expenses (124,132) (219,697)
------------- -------------
(Loss) / Profit before tax 3 (124,132) 1,213,574
Income tax 5 - -
------------- -------------
(Loss) / Profit for the period
attributable to the owners of
the Company (124,132) 1,213,574
Other comprehensive income:
Items that may reclassified
subsequently to profit or loss:
Release upon disposal of available-for-sale
investments - (1,230,513)
Exchange difference on translating financial
statements of foreign subsidiaries - (99,792)
------------- -------------
Total comprehensive expense
for the period (124,132) (116,731)
============= =============
(Loss) / Profit per ordinary
share
Basic (loss) / profit per ordinary 6(a) (0.06) pence 0.57 pence
share
============= =============
Diluted (loss) / profit per 6(b) (0.06) pence 0.57 pence
ordinary share
============= =============
The notes on pages 9 to 12 form an integral part of these
financial statements
ALL ASIA ASSET CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
As at 30 As at 31
Jun 2018 Dec
2017
------------- ------------
Notes GBP GBP
(Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 5,299 6,411
Investment in equity instrument
at fair value through profit
or loss/Available-for-sale
financial assets 7 1,240,035 1,208,815
------------- ------------
1,245,334 1,215,226
-------------
Current assets
Prepayment, deposit and other
receivable 10,514 10,547
Cash and bank balances 267,438 355,418
------------- ------------
Total current assets 277,952 365,965
------------- ------------
Total assets 1,523,286 1,581,191
============= ============
CAPITAL AND RESERVES
Share capital 8 6,284,194 6,284,194
Reserves (4,793,403) (4,719,341)
------------- ------------
Total equity 1,490,791 1,564,853
============= ============
LIABILITIES
Current liabilities
Other payables and accruals 32,495 16,338
------------- ------------
Total liabilities 32,495 16,338
============= ============
Total equity and liabilities 1,523,286 1,581,191
============= ============
Net current assets 245,457 349,627
============= ============
Total assets less current liabilities 1,490,791 1,564,853
============= ============
Net assets 1,490,791 1,564,853
============= ============
Approved and authorised for issue by the board of directors on
28 September, 2018.
Wai Tak Jonathan Chu Robert Anthony Rowland Berkeley
Director Director
The notes on pages 9 to 12 form an integral part of these
financial statements
ALL ASIA ASSET CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2018
Fair Share
Share value option Exchange Accumulated
capital reserve reserve reserve losses Total
---------- ---------- --------- ------------ ------------ ----------
GBP GBP GBP GBP GBP GBP
At 1 January 2018 6,284,194 (350,618) - 300,051 (4,757,024) 1,564,853
Total comprehensive
income for the
period - - - (50,070) 35,882 688,982
As at 30 June 2018 6,284,194 (350,618) - 350,121 (4,792,906) 1,490,791
========== ========== ========= ============ ============ ==========
At 1 January 2017 6,284,194 (106,780) 44,125 1,687,395 (5,782,916) 2,126,018
Total comprehensive
income for the
period - - - (1,330,305) 1,213,574 (116,731)
As at 30 June 2017 6,284,194 (106,780) 44,125 357,090 (4,569,342) 2,009,287
========== ========== ========= ============ ============ ==========
The notes on pages 9 to 12 form an integral part of these
financial statements
ALL ASIA ASSET CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2018
Six months ended 30 June
2018 2017
--------------- -----------------
Notes GBP GBP
(Unaudited) (Unaudited)
Operating activities
(Loss) / Profit before taxation (124,132) 1,213,574
Adjustments for:
Depreciation of property, plant
and equipment 1,112 1,518
Gain on change in fair value of
convertible loan - (220,243)
Net realised gain on disposal of
available-for-sale investments - (1,213,028)
Operating loss before working capital
changes (123,020) (218,179)
Decrease / (Increase) in prepayment,
deposit and other receivables 33 (20,918)
Increase / (Decrease) in accruals
and other payables 16,156 (3,023)
Cash used in operating activities (106,831) (242,120)
Interest received - -
--------------- -------------
Net cash used in operating activities (106,831) (242,120)
--------------- -------------
Investing activities
Proceed from disposal of available-for-sale
investments - 795,069
Net cash generated from investing
activities - 795,069
--------------- -------------
Financing activities
Repayment of convertible loan - (100,000)
Net cash used in financing activities - (100,000)
--------------- -------------
Net (decrease) / increase in cash
and cash equivalents (106,831) 452,949
Cash and cash equivalents at beginning
of the period 355,418 44,648
Effect of foreign exchange rate changes,
net 18,851 (3,391)
--------------- -------------
Cash and cash equivalents at end
of the period 267,438 494,206
=============== =============
Analysis of balances of cash and
cash equivalents
Cash and bank balances 267,438 494,206
=============== =============
The notes on pages 9 to 12 form an integral part of these
financial statements
ALL ASIA ASSET CAPITAL LIMITED
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2018
1. GENERAL INFORMATION
All Asia Asset Capital Limited (the "Company") is an investment
company incorporated in British Virgin Islands on 14 September 2012
with its registered office located on Commerce House, Wickhams Cay
1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands. The
shares of the Company are listed on the AIM market of the London
Stock Exchange on 2 May 2013.
The principal activity of the Company is to invest in growing
markets of Asia Pacific region.
The interim financial information relating to the six months
ended 30 June 2018 is unaudited and does not constitute statutory
accounts.
2. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS ("IFRSs")
(a) Statement of compliance
These 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 ("IASB"), the applicable
disclosure provisions of the AIM Rules issued by the London Stock
Exchange. The interim financial information is presented in Great
British Pound ("GBP"), rounded to the nearest thousand, unless
otherwise stated.
These condensed consolidated financial statements have been
prepared under the historical cost convention, except that certain
available-for-sale investments are carried at their fair values.
The principal accounting policies adopted in the preparation of
these condensed consolidated financial statements are consistent
with those followed in the Group's annual financial statements for
the year ended 31 December 2016, except for below amendments to
IFRSs effective on 1 January 2017.
Amendments to IAS 7 Disclosure Initiative
Amendments to IAS 12 Recognition of Deferred Tax Assets for
Unrealised Losses
The adoption of the amendments to IFRSs in the current period
has had no material effect on the Group's financial performance and
positions for the current and prior years and/or the disclosures
set out in these interim condensed consolidated financial
statements.
The preparation of condensed consolidated financial statements
in conformity with IAS 34 requires management to make judgements,
estimates and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income and expenses
on a year to date basis. Actual results may differ from these
estimates.
This interim financial information contains condensed
consolidated financial statements and explanatory notes. The notes
include an explanation of events and transactions that are
significant to an understanding of the changes in financial
position and performance of the Group since the 2016 annual
financial statements. The condensed consolidated financial
statements and notes thereon do not include all of the information
required for a full set of financial statements prepared in
accordance with International Financial Reporting Standards
("IFRSs").
(b) New and revised IFRSs issued but not yet effective
The Group has not applied the following new and revised IFRSs
that have been issued but are not
yet effective:
Amendments to IFRSs Annual Improvements to IFRS Standards
2014-2016 Cycle(3)
Amendments to IFRS 10 Sale or contribution of assets between an
investor and its
and IAS 28 Associate or joint venture(5)
IFRS 9 Financial instruments(1)
IFRS 15 Revenue from contracts with customers(1)
IFRS 16 Lease(2)
IFRS 17 Insurance Contracts(4)
IFRIC 22 Foreign Currency Transactions and Advance
Consideration(3)
IFRIC 23 Uncertainty over Income Tax Treatments(2)
Amendments to IFRS 2 Classification and movement of share-based
payment Transactions(2)
Amendments to IFRS 4 Applying IFRS 9 Financial Instruments with
IFRS 4 Insurance
Contracts(1)
Amendments to IAS 40 Transfers of Investment Property(1)
Notes:
(1) Effective for annual periods beginning on or after 1 January
2018
(2) Effective for annual periods beginning on or after 1 January
2019
(3) Effective for annual periods beginning on or after 1 January
2017 or 1 January 2018, as appropriate
(4) Effective for annual periods beginning on or after 1 January 2021
(5) Effective for annual periods beginning on or after a date to be determined
The Company has already commenced an assessment of the impact of
these new IFRSs but is not yet in a position to state whether these
new IFRSs would have a material impact on its results of operations
and financial position.
3. PROFIT BEFORE TAX
Profit before tax arrived at after charging/(crediting):
Six month ended 30 June
2018 2017
------------- -------------
GBP GBP
(unaudited) (unaudited)
Depreciation of property, plant and
equipment 1,112 1,518
Staff costs (including directors'
remuneration)
* Salaries and other benefits 26,250 38,694
* Fees 12,000 10,500
* Retirement scheme contribution - 1,935
4. DIRECTORS' REMUNERATION
The emoluments paid or payable to each of the directors were as
follows:
For six months ended 30 June 2018 (unaudited):
Salaries Retirement
and other scheme contribution
Fees benefits Total
--------- ----------- --------------------- ---------
GBP GBP GBP GBP
Executive directors
Mr. Robert Anthony
Rowland Berkeley - 15,000 - 15,000
Mr. Chu Wai Tak - - - -
Jonathan
Independent
non-executive director - 15,000 - 15,000
Mr. Seah Boon Chin 11,250 - - 11,250
--------- ----------- --------------------- ---------
11,250 15,000 - 26,250
========= =========== ===================== =========
For six months ended 30 June 2017 (unaudited):
Salaries Retirement
and other scheme contribution
Fees benefits Total
--------- ----------- --------------------- ---------
GBP GBP GBP GBP
Executive directors
Mr. Robert Anthony
Rowland Berkeley - 8,600 - 8,600
Mr. Chu Wai Tak
Jonathan - - - -
Mr.Paniti Junhasavasdikul
(Note 1) - 25,200 - 25,200
Independent
non-executive director - 33,800 - 33,800
Mr. Seah Boon Chin 10,500 - - 10,500
--------- ----------- --------------------- ---------
10,500 33,800 - 44,300
========= =========== ===================== =========
Notes:
1. Mr. Paniti Junhasavasdikul was appointed on 9 September 2016 and resigned on 30 April 2017.
5. INCOME TAX
No change to income tax arises in the period as there were no
taxable profits in the period. The Company and its subsidiaries,
except the Hong Kong subsidiary, are incorporated in British Virgin
Islands and are not subject to any income tax.
The Hong Kong subsidiary of the Company did not record any
assessable profits during the period (2017: nil).
No deferred tax asset has been recognised in respect of the tax
loss due to the loss are not recognised by the tax authority of
relevant jurisdictions.
6. (LOSS) / PROFIT PER SHARE
(a) Basic (loss) / profit per share
During the period, the calculation of basic loss per share is
based on the loss for the period attributable to shareholders of
GBP124,132 (2017: profit of GBP1,213,574) by the weight average
number of 212,826,072 ordinary shares in issue during the period
(2017: 212,826,072).
(b) Diluted (loss) / profit per share
No adjustment has been made to the basic loss per share
presented for the six months ended 30 June 2018 and 30 June 2018 in
respect of a dilution as the impact of the share options
outstanding had an anti-dilutive effect on the basic profit per
share presented.
7. AVAILABLE-FOR-SALE FINANCIAL ASSETS
Available-for-sale financial assets comprise of:
30 June 31 December
2018 2017
------------- ------------
GBP GBP
(Unaudited) (Audited)
Unlisted equity securities
Andaman Power and Utility Company - -
Limited
Myanmar Allure Group Company Limited 1,240,035 1,208,815
------------- ------------
1,240,035 1,208,815
============= ============
The unlisted equity securities are measured at fair value and
are classified as Level 3 fair value measurement. Fair value is
estimated using Discounted Cash Flow ("DCF") method. There were no
changes in valuation techniques during the periods.
The movement of available-for-sale financial assets during the
period mainly arising from the exchange realignment.
8. SHARE CAPITAL
Number of
ordinary shares
of GBP0.10 GBP
each
--------------- ---------
Authorised
At 30 June 2017 and 2018 1,000,000,000 N/A
=============== =========
Issued
As at 31 December 2017,
1 January
2018 and 30 June 2018 212,826,072 6,284,194
=============== =========
All the shares issued were ranked pari passu in all respects
with the existing ordinary shares of the Company.
-ENDS-
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR ZMGZLGRGGRZM
(END) Dow Jones Newswires
September 28, 2018 06:29 ET (10:29 GMT)
All Active Asset Capital (LSE:AAA)
Historical Stock Chart
From Apr 2024 to May 2024
All Active Asset Capital (LSE:AAA)
Historical Stock Chart
From May 2023 to May 2024