CHINA PROPERTIES GROUP LIMITED 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.
CHINA PROPERTIES GROUP LIMITED(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1838) INTERIM RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2016The Board of Directors (the "Directors" or "Board") of China Properties Group Limited (the "Company") is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively the "Group") for the six months ended June 30, 2016.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSSFor the six months ended June 30, 2016
Six months ended June 30, | ||||||
2016 | 2015 | |||||
NOTES | HK$'000 | HK$'000 | ||||
(unaudited) | (unaudited) | |||||
Revenue | 3 & 4 | 162,769 | 42,987 | |||
Cost of sales | (50,946 | (22,499 | ||||
Gross profit | 111,823 | 20,488 | ||||
Other income, gains and losses, net | 4 | 10,768 | 5,907 | |||
Net exchange (loss) gain | (30,713 | 8 | ||||
Selling expenses | (10,995 | (5,455 | ||||
Administrative expenses | (33,964 | (41,870 | ||||
Finance costs | 5 | - | - | |||
Profit (loss) from operation before changes in fair value of investment properties and conversion option derivative | 46,919 | (20,922 | ||||
Changes in fair value of investment properties | 1,010,044 | 1,466,716 | ||||
Changes in fair value of conversion option derivative | (1,994 | (77,906 | ||||
Profit before tax | 1,054,969 | 1,367,888 | ||||
Income tax expense | 6 | (278,222 | (368,123 | |||
Profit for the period attributable to owners of the Company | 7 | 776,747 | 999,765 | |||
Earnings per share | ||||||
Basic (HK dollar) | 8 | 0.43 | 0.55 | |||
Diluted (HK dollar) | 8 | 0.39 | 0.53 | |||
)
) ) ) ) CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFor the six months ended June 30, 2016
Six months ended June 30, | ||||||
2016 | 2015 | |||||
NOTES | HK$'000 | HK$'000 | ||||
(unaudited) | (unaudited) | |||||
Profit for the period | 776,747 | 999,765 | ||||
Other comprehensive expense | ||||||
Item that will not be reclassified subsequently to profit or loss: | ||||||
Exchange differences arising on translation to presentation currency | (1,023,637 | (15,509 | ||||
Total comprehensive (expense) income for the period attributable to owners of the Company | (246,890 | 984,256 | ||||
At June 30, 2016
June 30, 2016 | December 31, 2015 | |||
NOTES | HK$'000 | HK$'000 | ||
(unaudited) | (audited) | |||
Non-current Assets | ||||
Property, plant and equipment | 384,982 | 371,431 | ||
Prepaid lease payments | 113,031 | 117,525 | ||
Investment properties | 59,282,962 | 59,306,686 | ||
59,780,975 | 59,795,642 | |||
Current Assets | ||||
Properties under development for sales | 5,631,063 | 5,737,599 | ||
Properties held for sales | 549,267 | 416,154 | ||
Trade and other receivables, deposits and prepayments | 157,943 | 157,803 | ||
Pledged bank deposits | 276,110 | 155,578 | ||
Bank balances and cash | 116,968 | 218,122 | ||
6,731,351 | 6,685,256 | |||
Current Liabilities | ||||
Deposits received for sales of properties | 201,379 | 84,200 | ||
Construction costs accruals | 203,382 | 255,530 | ||
Other payables and accruals | 185,090 | 143,875 | ||
Amount due to a shareholder | 1,953,934 | 2,000,735 | ||
Tax payable | 797,692 | 786,854 | ||
Borrowings - due within one year | 894,436 | 1,790,154 | ||
4,235,913 | 5,061,348 | |||
Net Current Assets | 2,495,438 | 1,623,908 | ||
Total Assets less Current Liabilities | 62,276,413 | 61,419,550 | ||
Non-current Liabilities | ||||
Borrowings - due after one year | 4,653,698 | 3,516,090 | ||
13.5% fixed-rate senior notes, non-current portion | 1,900,318 | 1,917,915 | ||
Convertible note, non-current portion | 383,662 | 362,117 | ||
Conversion option derivative | 72,748 | 70,754 | ||
Deferred tax liabilities | 12,483,589 | 12,523,386 | ||
19,494,015 | 18,390,262 | |||
Net Assets | 42,782,398 | 43,029,288 | ||
Capital and Reserves | ||||
Share capital | 10 | 180,907 | 180,907 | |
Share premium and reserves | 42,601,491 | 42,848,381 | ||
Total Equity | 42,782,398 | 43,029,288 | ||
For the six months ended June 30, 2016
-
BASIS OF PREPARATION
The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 ("HKAS 34") "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") as well as with the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").
In preparing the condensed consolidated financial statements, the directors of the Company have given careful consideration to the future liquidity of the Group in light of the fact that as of June 30, 2016, the Group has borrowings with carrying amounts of approximately HK$894,436,000 which are due to be repaid within one year from the end of the reporting period and the Group had other commitments contracted for but not provided in the condensed consolidated financial statements of approximately HK$1,258,113,000.
The directors of the Company closely monitor the liquidity of the Group having taken into account of:
the availability of the Group's credit facilities. As at June 30, 2016, the unutilised credit facility is approximately HK$2,156,672,000; and
the confirmation from a shareholder, Mr. Wong, that he would not demand repayment of the amount due to him of approximately HK$1,953,934,000 until the Group has excess cash to repay.
The directors of the Company consider that after taking into account the above measures, the Group will have sufficient working capital to finance its operations and to meet its financial obligations as and when they fall due for the foreseeable future. Accordingly, the condensed consolidated financial statements have been prepared on a going concern basis.
- PRINCIPAL ACCOUNTING POLICIES
The condensed consolidated financial statements have been prepared on the historical cost basis except for certain properties and financial instruments, which are measured at fair values.
Except as described below, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended June 30, 2016 are the same as those followed in the preparation of the Group's annual financial statements for the year ended December 31, 2015.
The application of the amendments to Hong Kong Financial Reporting Standards ("HKFRSs") issued by the HKICPA that are mandatorily effective for the current interim period has had no material effect on the amounts reported in these condensed consolidated financial statements and/or disclosures set out in these condensed consolidated financial statements.
CPG - China Properties Group Ltd. published this content on 29 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 August 2016 18:06:03 UTC.
Original documenthttp://www.cpg-group.com/eng/annou/LTN201608291122.pdf
Public permalinkhttp://www.publicnow.com/view/4E680520D226E101CE5045323D4FF38BB193C362
