TIDMMCAU
RNS Number : 2443P
Speymill Macau Property Company PLC
30 September 2011
30 September 2011
Speymill Macau Property Company plc
("Speymill Macau" or the "Company")
Interim Results for the period ended 30 June 2011
Speymill Macau Property Company plc (MCAU.L), the Macau focused
property investment company listed on AIM, announces its interim
results for the period ended 30 June 2011.
Highlights of the period
Balance Sheet 30-Jun-11 31-Dec-10
------------------------------------ ----------- ----------
(US$'000) (US$'000)
Net assets 96,892 130,714
Net asset per share (US$) 0.90 1.21
Headline* net assets 100,504 134,326
Headline* net assets per share
(US$) 0.94 1.25
Total assets 182,068 222,917
Property assets 154,242 159,884
------------------------------------ ----------- ----------
*excluding provision for deferred taxation and goodwill
Income Statement 30-Jun-11 30-Jun-10
----------------------------------- ---------- ----------
(US$'000) (US$'000)
Rent and related income 3,959 3,936
Valuation gain - 1,656
Loss after tax (1,021) (97)
Basic loss per share (US cents) (0.95) (0.08)
Diluted loss per share (US cents) (0.95) (0.08)
----------------------------------- ---------- ----------
Business highlights
-- 30 cents per share returned to Shareholders during the
period.
-- NAV of US$ 0.90 per share as of June 2011 down 0.83% on 2010
after taking account of the return of 30 cents per share in April
2011.
-- Performance in line with the corresponding period for 2010
with costs savings of about US$1.2 million from the termination of
the Manager expected to feed through in the second half.
-- With the exception of the AIA tower, all remaining properties
were disposed of in the period.
-- Bank borrowings reduced by $4.7 million in the period after
disposal of the non AIA properties and the refinancing of the AIA
Tower.
-- AIA Tower successfully refinanced with an LTV of 46%, well
short of the 70% covenant level.
-- Investment Manager notice period concluded on 28 June, 2011
resulting in expected cost savings in second half of US$1.2 million
as compared to the current period.
-- AIA Tower occupancy levels increasing with retail space being
substantially fully let with effect from October 2011 and overall
vacancy levels reduced from 21% to 11% in the period from January
to October 2011 which is expected to improve operational cash
flows.
Matrix Corporate Capital
LLP Galileo Fund Services
(Nominated Adviser/Broker) (Administrator)
Paul Fincham/Jonathan Becher Ian Dungate
+44 20 7131 4000 +44 1624 692600
Chairman's Statement
Your Board has continued to be active in managing the funds'
assets since the time of last writing, with recent efforts being
focused in putting in place the necessary arrangements for the
management and administration of the AIA Tower following the
conclusion of the Speymill Property Group Limited's termination
notice period on 28 June, 2011.
As noted in the annual report, the Board has successfully
negotiated an extension of the financing on the AIA Tower and fully
divested the property portfolio in the Rafael joint venture during
the current period.
Attention has now been focused on how to achieve the maximum
return to shareholders from the divestment of the AIA Tower and to
this end we have been focused on the rental and occupancy
levels.
Summarised below is an update on the renting situation at the
AIA Tower over the last reporting period and subsequently up to 30
September, 2011.
OCCUPANCY LEVELS FROM 1 JUN 2010 TO 1 OCT 2011
Oct-11 (executed
Jun-10 Dec-10 Jun-11 Sep-11 leases)
------------------ -------- -------- -------- -------- ------------------
Office 90% 85% 82% 85% 86%
------------------ -------- -------- -------- -------- ------------------
Retail 47% 57% 71% 99% 99%
------------------ -------- -------- -------- -------- ------------------
TOTAL 81% 79% 80% 88% 89%
------------------ -------- -------- -------- -------- ------------------
Vacancy 19% 21% 20% 12% 11%
------------------ -------- -------- -------- -------- ------------------
Office (sq. ft.) 265,620 250,502 244,257 251,087 256,020
------------------ -------- -------- -------- -------- ------------------
Retail (sq. ft.) 36,224 43,925 54,499 76,119 76,119
------------------ -------- -------- -------- -------- ------------------
TOTAL (sq. ft.) 301,844 294,427 298,756 327,206 332,139
------------------ -------- -------- -------- -------- ------------------
Vacancy (sq. ft.) 71,315 78,732 74,403 45,953 41,020
------------------ -------- -------- -------- -------- ------------------
RENTAL REVENUE FROM 1 JUN 2010 - 1 OCT 2011 (FACE RENT IN
HKD)
Oct-11
Jun-10 Dec-10 Jun-11 Sep-11 (forecast)
-------- ----------- ----------- ----------- ----------- ----------------
Office $3,695,515 $3,687,475 $3,662,859 $3,799,055 $3,887,704
-------- ----------- ----------- ----------- ----------- ----------------
Retail $822,331 $749,581 $918,763 $1,461,140 $1,477,290
-------- ----------- ----------- ----------- ----------- ----------------
TOTAL $4,517,846 $4,437,056 $4,581,622 $5,260,195 $5,364,994
-------- ----------- ----------- ----------- ----------- ----------------
1. New Lettings Concluded from January to June 2011
A total of 4 new office leases and 2 new retail leases were
concluded in the period from January to June 2011. Together these 6
leases rented a total of 18,138 sq. ft. at a mixed rate of HK$17.54
per sq. ft. adding total monthly revenue to the building of HK
$318,150
2. Renewal Cases Concluded from January to June 2011
There were a total of 11 office renewal cases and 1 retail
renewal case concluded from January to June 2011. Together these 12
leases rented a total of 33,856 sq. ft. at a mixed rate of HK$
$16.19 per sq ft. for total monthly revenue to the building of HK
$548,111
Subsequent events:
Following the reporting period ending June 30, 2011 the
following additional leases and renewals have been negotiated:
1. New Lettings concluded subsequent to June 2011
A total of 7 new office leases and 2 new retail leases have been
concluded since 30 June, 2011.
Together these 9 leases rented a total of 36,111 sq. ft. at a
mixed rate of HK$21.19 per sq. ft. adding total monthly revenue to
the building going forward of HK $765,214
2. Renewal Cases Concluded subsequent to June 2011
There were a total of 5 office renewal cases concluded since 30
June, 2011.
Together these leases rented a total of 27,886 sq. ft. at a face
rental of $16.28 per sq. ft. for monthly revenue of HK $454,054
Summary:
In the period to date the overall recurring rent in the building
has been increased to HK$ 16.15 per sq. ft. with effect from 1
October, 2011, this compares to recurring rent of HK$ 15.07 per sq.
ft. as of 31 December, 2010 (this is exclusive of car parking
rental and property management fees which currently average of HK$
236,000 and HK$ 1,050,390 per month respectively).
Since 1 January, 2011, overall rent in the building has grown by
7.17%. As at the date of writing, a total of 15 new leases covering
54,249 sq. ft., or 14.54% of space, have been secured while an
additional 17 leases covering 61,742 sq. ft., or 16.55% of space,
were successfully reviewed and renewed. Total space due for renewal
or review in the last quarter of 2011 and the year of 2012 is 6,550
sq ft and 166,509 sq ft respectively.
The board is pleased at the progress made in bringing the AIA
Tower nearer to full occupancy in the current market, something
that reflects the high standard of professional management in the
building.
Sincerely yours,
Howard I. Golden
Chairman
Review report by KPMG Audit LLC to Speymill Macau Property
Company plc
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly report for the six
months ended 30 June 2011, which comprises the consolidated income
statement, the consolidated statement of comprehensive income, the
consolidated balance sheet, the consolidated statement of changes
in equity, the consolidated statement of cash flows and the related
explanatory notes. We have read the other information contained in
the half-yearly report and considered whether it contains any
apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
This report is made solely to the Company in accordance with the
terms of our engagement. Our review has been undertaken so that we
might state to the Company those matters we are required to state
to it in this report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company for our review work, for this
report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly report is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for
preparing the half-yearly report in accordance with the AIM
Rules.
As disclosed in note 2 the annual financial statements are
prepared in accordance with IFRS. The condensed set of financial
statements included in this half yearly report have been prepared
in accordance with IAS 34 Interim Financial Reporting.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly report
based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410: Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity issued by the Auditing Practices Board. A review of
interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and
Ireland) and consequently does not enable us to obtain assurance
that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly report for the six months ended 30 June 2011 is
not prepared, in all material respects, in accordance with IAS 34
and the AIM Rules.
KPMG Audit LLC
Chartered Accountants
Heritage Court
41 Athol Street
Douglas
Isle of Man IM99 1HN
29 September 2011
Unaudited consolidated income statement
For the period from For the period from
1 January 2011 to 1 January 2010 to
Note 30 June 2011 30 June 2010
US$'000 US$'000
--------------------------- ----- -------------------- --------------------
Rent and related income 3,959 3,936
Direct expenses (1,623) (1,347)
--------------------------- ----- -------------------- --------------------
Net rent and related
income 2,336 2,589
--------------------------- ----- -------------------- --------------------
Net gain on investment
property 7 - 1,656
Loss on disposal of
investment
property/assets held for
sale (184) (1,154)
--------------------------- ----- -------------------- --------------------
Manager's fees (1,361) (1,366)
Audit and professional
fees (208) (172)
Other expenses (569) (544)
Administrative expenses (2,138) (2,082)
--------------------------- ----- -------------------- --------------------
Net operating profit
before net finance costs 14 1,009
--------------------------- ----- -------------------- --------------------
Finance income 4 63 30
Finance costs 4 (883) (841)
--------------------------- ----- -------------------- --------------------
Net finance costs (820) (811)
--------------------------- ----- -------------------- --------------------
(Loss)/profit before tax (806) 198
--------------------------- ----- -------------------- --------------------
Taxation (215) (292)
Loss for the period (1,021) (94)
Attributable to:
Equity holders of the
Company (1,021) (97)
Non-controlling interest - 3
--------------------------- ----- -------------------- --------------------
(1,021) (94)
--------------------------- ----- -------------------- --------------------
Basic loss per share (cent
per share) for the equity
holders of the Company
during the period 9 (0.95) (0.08)
--------------------------- ----- -------------------- --------------------
Diluted loss per share
(cent per share) for the
equity holders of the
Company during the
period 9 (0.95) (0.08)
--------------------------- ----- -------------------- --------------------
Unaudited consolidated statement of comprehensive income
For the period from 1 For the period from 1
January 2011 to 30 June January 2010 to 30 June
2011 2010
US$'000 US$'000
-------------------------- ------------------------ ------------------------
Loss for the period (1,021) (94)
Other comprehensive
income/(loss)
Foreign exchange
differences 38 (664)
Total comprehensive loss
for the period (983) (758)
-------------------------- ------------------------ ------------------------
Total comprehensive loss
attributable to:
- owners of the company (983) (761)
- non-controlling
interests - 3
-------------------------- ------------------------ ------------------------
Unaudited consolidated balance sheet
Unaudited Audited
Note At 30 June 2011 At 31 December 2010
US$'000 US$'000
----------------------------- ----- ----------------- ---------------------
Intangible assets 6,451 6,451
Investment property 7 154,242 159,884
Plant and equipment 997 1,121
----------------------------- ----- ----------------- ---------------------
Total non-current assets 161,690 167,456
----------------------------- ----- ----------------- ---------------------
Trade and other receivables 8 1,270 16,943
Cash and cash equivalents 19,108 38,518
Total current assets 20,378 55,461
----------------------------- ----- ----------------- ---------------------
Total assets 182,068 222,917
============================= ===== ================= =====================
Issued share capital 10 10,783 10,783
Share premium 62,356 62,356
Retained earnings 21,169 55,029
Other reserves 2,553 2,553
Foreign currency translation
reserve 31 (7)
Equity attributable to
owners of the parent 96,892 130,714
Non-controlling interest - 1,217
----------------------------- ----- ----------------- ---------------------
Total equity 96,892 131,931
----------------------------- ----- ----------------- ---------------------
Interest-bearing loans and
borrowings 11 70,694 -
Deferred income tax 10,063 10,063
----------------------------- ----- ----------------- ---------------------
Total non-current
liabilities 80,757 10,063
----------------------------- ----- ----------------- ---------------------
Interest-bearing loans and
borrowings 11 643 76,022
Trade and other payables 12 3,776 4,901
Total current liabilities 4,419 80,923
----------------------------- ----- ----------------- ---------------------
Total liabilities 85,176 90,986
----------------------------- ----- ----------------- ---------------------
Total equity and liabilities 182,068 222,917
============================= ===== ================= =====================
Net Asset Value per share 5 0.90 1.21
----------------------------- ----- ----------------- ---------------------
Approved by the Board of Directors on 29 September 2011
Howard I. Golden Harald G. Wengust
Director Director
Unaudited consolidated statement of changes in equity
for the six months ended 30 June 2011
Foreign
currency
Share Share Retained Other translation Non-controlling Total
capital premium earnings reserves reserve Total interest equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------- -------- -------- --------- --------- ------------ --------- ---------------- ---------
Balance at 1
January 2011 10,783 62,356 55,029 2,553 (7) 130,714 1,217 131,931
Loss for the
period - - (1,021) - - (1,021) - (1,021)
Other
comprehensive
income
Foreign
exchange
translation
differences - - - - 38 38 - 38
Total
comprehensive
loss - - (1,021) - 38 (983) - (983)
Contributions
by and
distributions
to owners
Shares
repurchased
to be held in
treasury - - (490) - - (490) - (490)
Non
controlling
interest
settled on
disposal of
properties - - - - - - (1,217) (1,217)
Distribution
paid - - (32,349) - - (32,349) - (32,349)
--------------- -------- -------- --------- --------- ------------ --------- ---------------- ---------
Total
contributions
by and
distributions
to owners - - (32,839) - - (32,839) (1,217) (34,056)
Balance at 30
June 2011 10,783 62,356 21,169 2,553 31 96,892 - 96,892
--------------- -------- -------- --------- --------- ------------ --------- ---------------- ---------
for the six months ended 30 June 2010
Foreign
currency
Share Share Retained Other translation Non-controlling Total
capital premium earnings reserves reserve Total interest equity
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------- -------- -------- --------- --------- ------------ -------- ---------------- --------
Balance at 1
January 2010 11,682 62,356 66,904 1,654 108 142,704 1,227 143,931
Loss for the
period - - (97) - - (97) 3 (94)
Other
comprehensive
income
Foreign
exchange
translation
differences - - - - (664) (664) - (664)
Total
comprehensive
loss - - (97) - (664) (761) 3 (758)
Contributions
by and
distributions
to owners
Shares
repurchased
to be held in
treasury - - (5,648) - - (5,648) - (5,648)
--------------- -------- -------- --------- --------- ------------ -------- ---------------- --------
Total
contributions
by and
distributions
to owners - - (5,648) - - (5,648) - (5,648)
Balance at 30
June 2010 11,682 62,356 61,159 1,654 (556) 136,295 1,230 137,525
--------------- -------- -------- --------- --------- ------------ -------- ---------------- --------
Other reserves represent the fair value of options granted to
the broker on admission to trading on AIM $336,000 (30 June 2010:
$336,000) and a capital redemption reserve established on
cancellation of shares purchased in the market of $2,217,000 (30
June 2010 $1,318,000).
Unaudited consolidated statement of cash flows
For the period from 1 For the period from 1
January 2011 to 30 June January 2010 to 30 June
2011 2010
US$'000 US$'000
------------------------- ------------------------ -------------------------
Operating activities
(Loss)/profit before tax (806) 198
Adjustments for:
Net gain on investment
property - (1,656)
Net loss on disposal of
assets held for sale 184 1,154
Depreciation 124 361
Finance income (63) (30)
Finance costs 883 841
Operating profit before
changes in working
capital 322 868
(Increase)/decrease in
trade and other
receivables (202) 563
Decrease in trade and
other payables (1,125) (310)
(1,005) 1,121
Taxation paid (215) (625)
Net finance costs paid (883) (841)
Interest received 63 30
------------------------- ------------------------ -------------------------
Cash flows used in
operating activities (2,040) (315)
------------------------- ------------------------ -------------------------
Investing activities
Acquisition of
investment property - (88,787)
Sale of investment
property 21,333 88,055
Purchase of fixed assets - (157)
Cash flows generated
from/(used in)
investing activities 21,333 (889)
------------------------- ------------------------ -------------------------
Financing activities
Purchase of shares (490) (5,648)
Repayment of interest
bearing loans (4,685) (2,718)
Dividends paid (32,349) -
Payment to
non-controlling
interest (1,217)
------------------------- ------------------------ -------------------------
Cash flows used in
financing activities (38,741) (8,366)
------------------------- ------------------------ -------------------------
Net decrease in cash and
cash equivalents (19,448) (9,570)
Adjustment for foreign
exchange 38 (425)
Cash and cash
equivalents at
beginning of period 38,518 36,598
Cash and cash
equivalents at end of
period 19,108 26,603
------------------------- ------------------------ -------------------------
Notes to the consolidated financial statements
1. The Company
Speymill Macau Property Company plc (the "Company") was
incorporated and registered in the Isle of Man under the Isle of
Man Companies Acts 1931 to 2004 on 31 October 2006 as a public
company with registered number 118202C.
The interim consolidated financial statements of Speymill Macau
Property Company plc as at and for the six months ended 30 June
2011 comprise the Company and its subsidiaries (together referred
to as the "Group").
The consolidated financial statements of the Group as at and for
the year ended 31 December 2010 are available upon request from the
Company's registered office at Millennium House, 46 Athol Street,
Douglas, Isle of Man, IM1 1JB or at www.speymillmacau.com.
At the Extraordinary General Meeting held on 19 November 2010 it
was resolved that; The Company shall cease making new investments
and shall, as soon as is considered reasonably practicable by the
Directors of the Company in their sole discretion, dispose of all
of its investments in an orderly manner and return the net proceeds
generated to Shareholders.
2. Statement of compliance and significant accounting
policies
These condensed consolidated interim financial statements have
been prepared in accordance with IAS 34 Interim Financial
Reporting. They do not include all of the information required for
full annual financial statements, and should be read in conjunction
with the consolidated financial statements of the Group as at and
for the year ended 31 December 2010.
These condensed consolidated interim financial statements were
approved by the Board of Directors on 29 September 2011.
The Group has one segment investing in the property market in
Macau, which, as stated in note 1 above shall be disposed off as
soon as it is considered reasonably practicable by the Directors.
No additional disclosure is included in relation to segment
reporting as the Group's activities are limited to one business and
geographic segment.
The Group's financial risk management objectives and policies
are consistent with those disclosed in the consolidated financial
statements as at and for the year ended 31 December 2010.
The accounting policies applied by the Group in these condensed
consolidated interim financial statements are the same as those
applied by the Group in its consolidated financial statements as at
and for the year ended 31 December 2010.
3. Use of estimates and judgements
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
In preparing these interim consolidated financial statements,
the significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those that applied to the consolidated
financial statements as at and for the year ended 31 December
2010.
During the six months ended 30 June 2011 management reassessed
its estimates in respect of the valuation of investment property
(see note 7).
4 Finance income and costs
Period ended Period ended
30 June 2011 30 June 2010
US$'000 US$'000
---------------------- -------------- --------------
Bank interest income 63 30
---------------------- -------------- --------------
Finance income 63 30
---------------------- -------------- --------------
Interest expense (880) (835)
Bank charges (3) (6)
---------------------- -------------- --------------
Finance costs (883) (841)
---------------------- -------------- --------------
Net finance costs (820) (811)
---------------------- -------------- --------------
5 Net asset value per share
The net asset value per share as at 30 June 2011 is US$0.90
based on 107,160,910 ordinary shares in issue as at that date
(excluding 668,000 shares held in treasury) (31 December 2010:
US$1.21 based on 107,828,910 ordinary shares).
6 Related party transactions
Balances and transactions between the Company and its
subsidiaries, which are related parties of the Company, have been
eliminated on consolidation and are not disclosed in this note.
Details of transactions between the Group and other related parties
are disclosed below.
Parties are considered to be related if one party has the
ability to control the other party or to exercise significant
influence over the party making financial or operational
decisions.
No director had any interest during the period in any material
contract for the provision of services which was significant to the
business of the Group, except for the Directors Incentive plan as
noted below.
At the Extraordinary General Meeting held on 19 November 2010,
Shareholders approved The Directors' Incentive Plan (payments under
which are to be divided between the Directors as they determine).
The Plan comprised two parts:
-- an immediate payment of $817,770 (representing 0.6 per cent.
of the announced NAV as at 30 June 2010) to reflect the substantial
amount of time, over and above that which would normally be
expected of Non-Executive Directors, that the Board has been
required to devote to the affairs of the Company; and
-- 0.6 per cent. of any future Distributions made by the Company
during its life, payable at the time of the Distribution.
"Distribution" is defined widely to include share buy backs, all
forms of return of capital and distributions in specie.
Payments under the Plan are in addition to the existing
Non-Executive Directors fees payable to the Directors and represent
separate remuneration for management and advisory services
performed outside the ordinary duties of the Directors.
Payments under the plan in the period to 30 June 2011 amounted
to $195,770 (period to 30 June 2010: $nil)
The Managers' contract terminated on 28 June 2011, notice having
been served on 28 June 2010. Consequently the Investment Manager,
Investment Adviser and property Adviser are not considered to be
related parties as at 30 June 2011 and subsequently.
7 Investment property at valuation
Period ended
AIA Rafael 30 June 2011 Year ended 31
Group Tower Properties Total December 2010
US$'000 US$'000 US$'000 US$'000
---------------- -------- ---------------- -------------- ----------------
Balance at
beginning of
period 154,242 5,642 159,884 282,104
Additions - - - -
Disposal - (5,642) (5,642) (121,704)
Revaluation
gain/(loss) in
period - - - -
Exchange
difference - - - (516)
Balance at end
of period 154,242 - 154,242 159,884
---------------- -------- ---------------- -------------- ----------------
The AIA Tower was revalued at 31 December 2010 by independent
professionally qualified valuers, Jones Lang LaSalle ("JLL"), based
on current prices in an active market.
The fair values are based on market values, being the estimated
amount for which property could be exchanged on the date of
valuation between a willing buyer and a willing seller in an arm's
length transaction after property marketing wherein parties had
each acted knowledgeably, prudently and without compulsion.
In the course of preparing the valuation JLL have adopted Direct
Comparison Approach and Income Capitalisation Approach.
The Direct Comparison Approach is based on comparing the
property to be valued directly with other comparable properties,
which have recently been subject to transfer of legal ownership.
However, given differences between individual real estate
properties, appropriate adjustments are usually required to allow
for any qualitative and quantitative differences that may affect
the price likely to be achieved for the property under
consideration.
The Income Capitalisation Approach is based on the
capitalisation of the fully leased, current passing rental income
and potential reversionary income of the property from the date of
valuation at appropriate investment yields to arrive at a capital
value. The rental value and capitalisation rate adopted are derived
from analysis of market transactions and/or JLL's interpretation of
investors' requirements or expectations.
Specific assumptions adopted in the valuation of AIA are as
follows
-- that the design, layout, construction, user and gross floor
area of the property are in compliance with the local laws and
regulations and have been approved by relevant Government
departments.
-- that no onerous conditions are contained within the
Government land lease for the lot on which AIA is erected.
-- that good title is held to the property and there is no
outstanding land premium payable for the property (if any).
-- that the property is free of encumbrance and can be freely
assigned in the market and if any consent to sell or consent to
assign is required, such consent is assumed to be available as at
the date of valuation.
The valuation carried out as at 31 December 2010 is considered
by the Directors to be a reasonable estimate of the fair value of
the property as at 30 June 2011.
8 Trade and other receivables
30 June 2011 31 December 2010
US$'000 US$'000
Prepayments and other receivables 1,270 1,068
Amounts receivable on disposal of
investment property - 15,875
-------------------------------------------- ------------- -----------------
1,270 16,943
-------------------------------------------- ------------- -----------------
9 Basic and diluted loss per share
Basic loss per share is calculated by dividing the loss for the
period attributable to equity holders of the Company by the
weighted-average number of ordinary shares in issue during the
period.
Period ended Period ended
30 June 2011 30 June 2010
Loss attributable to equity holders of the
Company (US$'000) (1,021) (97)
Weighted average number of ordinary shares in
issue (thousands) (excluding 668,000 shares
purchased and placed in treasury)(period
ending 30 June 2010: excluding 7,609,673
shares purchased and placed in treasury) 107,721 115,233
---------------------------------------------- -------------- --------------
Basic loss per share (cent per share) (0.95) (0.08)
---------------------------------------------- -------------- --------------
Fully diluted loss per share (cent per share) (0.95) (0.08)
---------------------------------------------- -------------- --------------
There is no difference between the basic and diluted loss per
share for the current or preceding period as the exercise of
options would be anti-dilutive.
10 Share capital
31 December
30 June 2011 2010
US$'000 US$'000
--------------------------------------------- ------------- ------------
Authorised:
--------------------------------------------- ------------- ------------
400,000,000 Ordinary shares of US$0.10
each 40,000,000 40,000,000
--------------------------------------------- ------------- ------------
Allotted, Called-up and Fully-Paid:
--------------------------------------------- ------------- ------------
107,160,910 (31 December 2010: 107,828,910)
Ordinary shares of US$0.10 each in issue,
with full voting rights 10,716 10,783
668,000 (31 December 2010: nil) Ordinary
shares of US$0.10 each held in treasury 67 -
--------------------------------------------- ------------- ------------
10,783 10,783
During the period to 30 June 2011 the Company repurchased
668,000 (30 June 2010: 7,609,673) Ordinary shares, to be held in
treasury, at a cost of US$491,085 (30 June 2010: US$5,647,647). The
Ordinary shares held in treasury have no voting rights and are not
entitled to dividends.
11 Interest-bearing loans and borrowings
This note provides information about the contractual terms of
the Group's interest-bearing loans and borrowings.
30 June 2011 31 December 2010
US$'000 US$'000
------------------------- ------------- -----------------
Non-Current Liabilities
Secured bank loan 70,694 -
------------------------- ------------- -----------------
Current Liabilities
Secured bank loan 643 76,022
------------------------- ------------- -----------------
71,337 76,022
------------------------- ------------- -----------------
On 4 March 2011, the Group refinanced its existing loan facility
for the AIA Tower with Banco Weng Hang SA. Pursuant to the terms of
the Supplemental Loan Agreement, the Group paid the Bank HK$ 25
million toward the outstanding principal due on the loan, in
addition to the previous repayment of HK$20 million, thereby
reducing the outstanding loan amount on the AIA Tower to HK$ 555
million. The Supplemental Loan Agreement extended the term of the
loan on AIA Tower for a period of thirty months, until 5 September,
2013. The key terms of the refinanced loan are: Loan facility
amount of HK$ 555 million, secured solely by the AIA Tower and the
shares of the Speymill Property I (Macau) Limitada ("SPI") owned by
the Company. The loan is non-recourse to the Company. Interest on
the loan is 2.05% above the 3 month HIBOR. Loan amortization takes
place through an annual cash flow sweep with a contractual minimum
amount of HK$ 5 million (US$643,000) to be paid in July of 2011 and
2012 respectively. This minimum amount will be credited to the
final sweep at year end. The cash flow sweep allows for SPI to
retain up to HK$ 10 million by for capital expenditures on the AIA
Tower. SPI paid an arrangement fee of HK$2,775,000 to refinance the
loan. There is no prepayment penalty if the loan is paid in full
upon the sale of the building, however if the building is
refinanced through another financial institution prior to maturity,
a 0.5% prepayment penalty will be incurred.
12 Trade and other payables
30 June 2011 31 December 2010
US$'000 US$'000
Property taxes payable 595 389
Other accruals 3,181 4,512
------------------------ ------------- -----------------
Total 3,776 4,901
------------------------ ------------- -----------------
13 Capital commitments
The Company has no outstanding capital commitments at 30 June
2011.
14 Post Balance Sheet Events
There have been no material events since the balance sheet date
that require disclosure in the interim financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DMGZLVLLGMZM
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