Co. Regn. No. 197000732N

Unaudited Second Quarter Financial Statement And Dividend Announcement for the Period Ended 30 June 2019

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

1 (a) Consolidated Statement of Comprehensive Income

Revenue

Other income

Changes in inventories of finished goods Cost of properties sold/consumables used Staff costs

Depreciation Finance costs Other expenses

Share of results of a jointly-controlled entity, net of tax

Profit before tax

Income tax expense

Profit for the period

Other comprehensive (loss)/income:

Items that may be reclassified subsequently to profit or loss:Exchange differences on translation of foreign operations Other comprehensive (loss)/income for the period, net of tax

Total comprehensive (loss)/income for the period

Profit attributable to :

Owners of the Company

Non-controlling interests

Total comprehensive (loss)/income attributable to :

Owners of the Company

Non-controlling interests

Notes to Consolidated Statement of Comprehensive Income :

Profit before tax is arrived at after (charging)/crediting:

Amortisation of other assets Amortisation of land use rights Property, plant and equipment written off

(Loss)/Gain on disposal of property, plant and equipment Income from financial assets, FVTPL**

Gain on disposal of financial assets, FVTPL

Loss on fair value adjustments on financial assets, FVTPL Interest income

Net foreign exchange gain/(loss)

NM : Not meaningful

  • Amount less than $1,000
  • Financial assets, fair value through profit or loss

Group

Second Quarter

Six Months

30/06/2019

30/06/2018

Change

30/06/2019

30/06/2018

Change

$'000

$'000

%

$'000

$'000

%

24,725

25,818

(4)

50,562

48,444

4

387

(1,276)

NM

788

133

492

(1)

50

NM

(65)

76

NM

(2,079)

(4,137)

(50)

(4,801)

(6,338)

(24)

(7,320)

(7,105)

3

(14,102)

(14,445)

(2)

(2,869)

(1,743)

65

(5,375)

(3,895)

38

(3,293)

(2,231)

48

(6,433)

(4,233)

52

(7,117)

(7,338)

(3)

(14,365)

(14,850)

(3)

(20)

7

NM

(20)

230

NM

2,413

2,045

18

6,189

5,122

21

(802)

(966)

(17)

(1,857)

(1,926)

(4)

1,611

1,079

49

4,332

3,196

36

(3,698)

(1,585)

133

(1,753)

290

NM

(3,698)

(1,585)

133

(1,753)

290

NM

(2,087)

(506)

312

2,579

3,486

(26)

1,611

1,079

49

4,332

3,196

36

-

-*

NM

-

-*

NM

1,611

1,079

49

4,332

3,196

36

(2,087)

(506)

312

2,579

3,486

(26)

-

-*

NM

-

-*

NM

(2,087)

(506)

312

2,579

3,486

(26)

Group

30/06/2019

30/06/2018

Change

30/06/2019

30/06/2018

Change

$'000

$'000

%

$'000

$'000

%

(30)

(28)

7

(55)

(56)

(2)

(103)

(74)

39

(207)

(121)

71

(6)

(128)

(95)

(6)

(194)

(97)

(2)

-

-

16

3

433

-

13

NM

-

16

NM

-

-

-

-

30

NM

(74)

(120)

(38)

(53)

(99)

(46)

6

5

20

11

10

10

340

(1,159)

NM

590

78

656

Page 1 of 8

AMARA HOLDINGS LIMITED

Unaudited Second Quarter Financial Statement And Dividend Announcement for the Period Ended 30 June 2019

1 (b) (i) Statements of Financial Position

Group

Company

Notes

30/06/2019

31/12/2018

30/06/2019

31/12/2018

$'000

$'000

$'000

$'000

ASSETS

Current assets

Cash and cash equivalents

11,234

14,976

30

41

Trade and other receivables

13,594

13,038

62,101

72,661

Inventories

524

587

-

-

Development properties

108,211

109,803

-

-

Total current assets

133,563

138,404

62,131

72,702

Non-current assets

Financial assets at fair value through profit or loss ("FVTPL")

996

1,049

166

160

Intangible assets

1,178

1,178

-

-

Investment in a jointly-controlled entity

A

470

1,691

-

-

Investment in subsidiaries

-

-

40,987

40,987

Investment properties

397,110

398,085

-

-

Property, plant and equipment

261,684

239,652

-

-

Land use rights

6,358

6,618

-

-

Other assets

6,188

6,243

-

-

Deferred tax assets

171

97

-

-

Trade and other receivables

462

472

-

-

Total non-current assets

674,617

655,085

41,153

41,147

Total assets

808,180

793,489

103,284

113,849

LIABILITIES AND EQUITY

Current liabilities

Trade and other payables

B

25,355

30,584

220

333

Contract liabilities

3,006

7,661

-

-

Income tax payable

3,593

3,737

-

-

Bank loans

C

37,870

8,288

-

-

Finance leases

2,658

1,363

-

-

Total current liabilities

72,482

51,633

220

333

Non-current liabilities

Trade and other payables

3,901

3,840

-

-

Bank loans

C

300,354

321,313

-

-

Finance leases

34,582

4,109

-

-

Deferred tax liabilities

12,270

13,226

-

-

Total non-current liabilities

351,107

342,488

-

-

Capital, reserves and non-controlling interests

Share capital

125,646

125,646

125,646

125,646

Treasury shares

(996)

(996)

(996)

(996)

Reserves

259,941

274,718

(21,586)

(11,134)

Total equity

384,591

399,368

103,064

113,516

Total liabilities and equity

808,180

793,489

103,284

113,849

0

0

Notes to Statements of Financial Position:

  1. Decrease was mainly due to dividend received and share of losses during the financial period.
  2. Decrease was mainly due to payments of construction costs during the financial period.
  3. Net increase was mainly due to drawn down of loans offset against repayment of certain facilities.

Page 2 of 8

AMARA HOLDINGS LIMITED

Unaudited Second Quarter Financial Statement And Dividend Announcement for the Period Ended 30 June 2019

  1. (ii) Aggregate amount of group's borrowings and debt securities
    Amount repayable in one year or less, or on demand

30/06/2019

31/12/2018

$'000

$'000

Secured

Unsecured

Secured

Unsecured

40,528

Nil

9,651

Nil

Amount repayable after one year

30/06/2019

31/12/2018

$'000

$'000

Secured

Unsecured

Secured

Unsecured

334,936

Nil

325,422

Nil

Details of any collateral

The bank borrowings are secured by the followings:

  1. first mortgages on certain subsidiaries' property, plant and equipment, investment and development properties;
  2. an assignment in escrow of interest in a subsidiary's lease and rental proceeds from its investment properties and a fixed and floating charge over its assets;
  3. an assignment of certain subsidiaries' interest in sale and purchase agreements, tenancy agreements, insurance policies, building contracts, performance bonds and all monies standing to the credit in a subsidiary's project account in respect of development properties; and
  4. corporate guarantee given by the Company and debenture over certain subsidiaries' hotels.

Finance leases of $37,240,000 (2018: $5,472,000) are secured by the lessor's title on the leased assets.

Page 3 of 8

AMARA HOLDINGS LIMITED

Unaudited Second Quarter Financial Statement And Dividend Announcement for the Period Ended 30 June 2019

1 ( c )

Consolidated Statement of Cash Flows

Group

Group

Second Quarter

Six Months

30/06/2019

30/06/2018

30/06/2019

30/06/2018

$'000

$'000

$'000

$'000

Operating activities

Profit before income tax

2,413

2,045

6,189

5,122

Adjustments for:

Amortisation of other assets

30

28

55

56

Amortisation of land use rights

103

74

207

121

Depreciation of property, plant and equipment

2,869

1,743

5,375

3,895

Property, plant and equipment written off

6

128

6

194

Loss/(Gain) on disposal of property, plant and equipment

2

-

(16)

(3)

Income from financial assets, FVTPL

-

(13)

-

(16)

Gain on disposal of financial assets, FVTPL

-

-

-

(30)

Loss on fair value adjustment of financial assets, FVTPL

74

120

53

99

Interest income

(6)

(5)

(11)

(10)

Interest expense

3,293

2,231

6,433

4,233

Share of results of a jointly-controlled entity, net of tax

20

(7)

20

(230)

Exchange difference

200

373

4

(1,034)

Operating cash flows before movements in working capital

9,004

6,717

18,315

12,397

Inventories

2

(50)

63

(76)

Trade and other receivables

294

(273)

(546)

(880)

Trade and other payables

(254)

(3,459)

(4,803)

7,770

Development properties

26

537

1,592

(1,047)

Contract liability

(1,959)

-

(4,655)

-

Cash generated from operations

7,113

3,472

9,966

18,164

Income tax paid

(2,000)

(1,745)

(2,051)

(1,647)

Net cash from operating activities

5,113

1,727

7,915

16,517

Investing activities

Proceeds from sale of financial assets, FVTPL

-

-

-

34

Income received from financial assets, FVTPL

-

13

-

16

Payment for land use rights

-

-

-

(1,020)

Proceeds from disposal of property, plant and equipment

-

-

20

8

Payments for property, plant and equipment

(1,432)

(192)

(1,727)

(7,729)

Additional costs incurred on investment properties

-

-

-

(2,173)

Interest received

6

5

11

10

Dividend received from a jointly-controlled entity

-

-

1,200

520

Net cash used in investing activities

(1,426)

(174)

(496)

(10,334)

Financing activities

Interest paid

(3,293)

(2,415)

(6,433)

(4,590)

Payment of dividends on ordinary shares

(11,499)

(5,750)

(11,499)

(5,750)

Repayment of finance lease liabilities

(417)

(445)

(850)

(694)

Proceeds from bank borrowings

30,189

15,222

42,384

39,972

Repayment of bank borrowings

(21,189)

(7,084)

(34,770)

(33,944)

Net cash used in financing activities

(6,209)

(472)

(11,168)

(5,006)

Net (decrease) / increase in cash and cash equivalents

(2,522)

1,081

(3,749)

1,177

Cash and cash equivalents at beginning of period

13,744

9,080

14,976

8,983

Effect of foreign exchange rate changes on the balance of cash

12

(2)

7

(1)

held in foreign currencies

Cash and cash equivalents at end of period

11,234

10,159

11,234

10,159

0

-

Note to Consolidated Statement of Cash Flows :

Cash and cash equivalents at end of period comprise the following:

Group

30/06/2019

30/06/2018

$'000

$'000

Cash at bank and on hand

8,794

8,501

Fixed deposits

2,440

1,658

11,234

10,159

Page 4 of 8

AMARA HOLDINGS LIMITED

Unaudited Second Quarter Financial Statement And Dividend Announcement for the Period Ended 30 June 2019

1 (d) (i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.

Statement of Changes in Equity - Group

Foreign

Equity

currency

attributable

Non-

Share

Treasury

translation

Retained

Total

to owners of

controlling

capital

shares

reserve

earnings

reserves

the Company

interests

Total

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

Balance at 1 January 2019 as previously reported

125,646

(996)

(6,511)

281,229

274,718

399,368

-

399,368

Effects of adopting SFRS(I) 16

-

-

-

(5,857)

(5,857)

(5,857)

-

(5,857)

Balance at 1 January 2019 as restated

125,646

(996)

(6,511)

275,372

268,861

393,511

-

393,511

Total comprehensive income for the period

Profit for the period

-

-

-

4,332

4,332

4,332

-

4,332

Other comprehensive loss

-

-

(1,753)

-

(1,753)

(1,753)

-

(1,753)

Total

-

-

(1,753)

4,332

2,579

2,579

-

2,579

Dividend relating to 2018

-

-

-

(11,499)

(11,499)

(11,499)

(11,499)

Balance at 30 June 2019

125,646

(996)

(8,264)

268,205

259,941

384,591

-

384,591

(0)

Foreign

Equity

currency

attributable

Non-

Share

Treasury

translation

Retained

Total

to owners of

controlling

capital

shares

reserve

earnings

reserves

the Company

interests

Total

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

Balance at 1 January 2018

125,646

(996)

(1,263)

256,213

254,950

379,600

(364)

379,236

Total comprehensive income for the period

Profit for the period

-

-

-

3,196

3,196

3,196

-

3,196

Other comprehensive income

-

-

290

-

290

290

-

290

Total

-

-

290

3,196

3,486

3,486

-

3,486

Dividend relating to 2017

-

-

-

(5,750)

(5,750)

(5,750)

-

(5,750)

Effects of acquiring non-controlling interest in a subsidiary

-

-

-

(364)

(364)

(364)

364

-

Balance at 30 June 2018

125,646

(996)

(973)

253,295

252,322

376,972

-

376,972

Page 5 of 8

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Amara Holdings Ltd. published this content on 13 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2019 10:31:05 UTC