FOR THE YEAR ENDED 31 DECEMBER 2011
Note 2011 2010
US$ US$
Income
Interest income 7,13(d) 1,345,620 581,868
Dividend income 1,658,868 332,100
Consulting income 9 3,532,551 -
Other income 11 1,018,309 1,209,875
------------------ ------------------
Total income 7,555,348 2,123,843
----------------- -----------------
Expenses
Local taxes 10 17,933,562 23,871,231
Performance fees 11,13(b) 12,542,028 12,341,008
Management fees 11,13(b) 5,197,861 4,000,797
Investment agency fees 12 7,841,354 -
Legal and professional fees 1,423,825 2,662,741
Other expenses 910,159 1,195,638
Interest expense 7,13(d) 882,841 -
Loan arrangement and handling fee expenses 7,13(d) 469,599 -
Net loss on loan related expense allocated
to PACL II Limited 7,13(d) 1,256,155 -
------------------ ------------------
Total expenses 48,457,384 44,071,415
----------------- -----------------
Net investment loss (40,902,036) (41,947,572)
----------------- -----------------
Realized and unrealized gain from investments
and foreign currency
Net realized gain from investments
and foreign currency transactions 86,349,238 15,441,136
Net change in unrealized gain from
investments and gain on translation
of assets and liabilities in foreign
currencies 7,13(d) 2,337,673 85,281,423
Net decrease/(increase) in payable
to PACL II Limited from loss/(gain)
attributable to PACL II Limited 13(a) 2,383,238 (9,403,257)
------------------ ------------------
Net realized and unrealized gain from
investments and foreign currency 91,070,149 91,319,302
----------------- -----------------
Net increase in net assets from operations 50,168,113 49,371,730
The accompanying notes are an integral part of these
consolidated financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED 31 DECEMBER 2011
Share capital
and share Capital Tendered Retained
Note premium surplus shares earnings Total
US$ US$ US$ US$ US$
At 1
January
2010 189,833,893 1,816,917 (34,969,715) 52,860,772 209,541,867
Repurchase
of
tendered
shares 8 - - (17,408,877) - (17,408,877)
Net
increase
in
net assets
from
operations - - - 49,371,730 49,371,730
------------------ ------------------ ------------------ ------------------ ------------------
At 31
December
2010 and
1 January
2011 189,833,893 1,816,917 (52,378,592) 102,232,502 241,504,720
Reissue of
tendered
shares 8 - - 3,085,252 - 3,085,252
Net
increase
in
net assets
from
operations - - - 50,168,113 50,168,113
------------------ ------------------ ------------------- ------------------ ------------------
At 31
December
2011 189,833,893 1,816,917 (49,293,340) 152,400,615 294,758,085
The accompanying notes are an integral part of these
consolidated financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2011
2011 2010
US$ US$
Net increase in net assets from operations 50,168,113 49,371,730
Adjustments
(Increase)/decrease in operating assets
Purchase of investments - (22,422,000)
Disposal of investments 109,052,998 69,506,052
Net realized and unrealized gain from investments (85,763,527) (98,828,396)
Net (decrease)/increase in payable from
(losses)/gain attributable to PACL II Limited (2,383,238) 9,403,257
Other receivables 1,314,741 2,148,352
Other assets - 895,509
Restricted cash (43,330,560) 12,000,000
Increase/(decrease) in operating liabilities
Amounts due to PACL II Limited (44,142,178) (23,286,109)
Net loss on loan related expense allocated
to PACL II Limited 1,256,155 -
Performance fee payable 3,286,272 (2,083,986)
Provision for taxation 15,558,387 16,587,490
Provision for investment agency fees 7,841,354 -
Accrued expenses and other payables 1,620,341 (901,112)
------------------ ------------------
Net cash generated from operating activities 14,478,858 12,390,787
----------------- -----------------
Cash flows from financing activities
Bank loans obtained/(repayment) 38,121,000 (12,000,000)
Repurchase of shares - (17,408,877)
------------------ ------------------
Net cash generated from/(used in) financing
activities 38,121,000 (29,408,877)
----------------- -----------------
Net increase/(decrease) in cash and cash
equivalents 52,599,858 (17,018,090)
Beginning balance 64,596,405 81,614,495
------------------ ------------------
Ending balance, representing cash and bank
balances 117,196,263 64,596,405
Non-cash transaction:
See Notes 8 and 11 for the settlement of performance fee in
shares.
The accompanying notes are an integral part of these
consolidated financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2011
1 Organization
Pacific Alliance China Land Limited (the "Company") was
incorporated on 5 September 2007 in the Cayman Islands. It is a
closed-end Cayman Islands registered, exempted company. The address
of its registered office is PO Box 472, 2nd Floor, Harbour Place,
Grand Cayman KY1-1106, Cayman Islands.
The Company's ordinary shares are traded on the AIM Market of
the London Stock Exchange. The Company can raise additional capital
up to the authorized share capital as described in Note 8
below.
The principal investment objective of the Company is to provide
shareholders with capital growth and a regular level of income from
investments in existing properties, new developments, distressed
projects and real estate companies in Greater China.
The Company's investment activities are managed by Pacific
Alliance Real Estate Limited ("PARE" or the "Investment Manager").
The Company has appointed Sanne Trust Company Limited to act as the
custodian of certain assets of the Company, the administrator and
registrar pursuant to the custodian agreement and fund
administration services agreement respectively.
The consolidated financial statements were approved by the Board
of Directors on 2 April 2012.
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