ASEANA PROPERTIES LIMITED
ANNUAL REPORT
2022
1
CONTENTS | |
3 | 12 |
Corporate Information | Corporate Social Responsibility |
4 | 14 |
Corporate Strategy | Board of Directors |
5 | 16 |
Chairman's Statement | Directors' Report |
7 | 22 |
Property Portfolio | Report of Directors' Remuneration |
8 | 24 |
Performance Summary | Corporate Governance Statement |
9 | 32 |
Financial Review | Independent Auditor's Report |
FINANCIAL
STATEMENTS
40
Consolidated Statement of Comprehensive Income
42
Consolidated Statement of Financial Position
44
Consolidated Statement of Changes In Equity
47
Consolidated Statement of Cash Flows
49
Notes to the Financial Statements
2
CORPORATE INFORMATION
NON-EXECUTIVE CHAIRMAN
Nicholas John Paris
NON-EXECUTIVE DIRECTORS
Thomas Holland
Monica Lai Voon Huey
Hock Chye Tan
Helen Wong Siu Ming
COMPANY SECRETARY AND REGISTERED OFFICE
ICECAP (Secretaries) Limited
Osprey House, Old Street, St. Helier
Jersey JE2 3RG
Channel Islands
WEBSITE
www.aseanaproperties.com
LISTING DETAILS
Main Market of the London Stock Exchange under the ticker symbol ASPL
AUDITOR
PKF Littlejohn LLP
15 Westferry Circus
London E14 4HD
United Kingdom
FINANCIAL ADVISER
GRANT THORNTON UK LLP
30 Finsbury Square
London EC2A 1AG
United Kingdom
REGISTRAR
Computershare Investor Services (Jersey) Limited
Queensway House
Hilgrove Street, St. Helier
Jersey JE1 1ES
Channel Islands
Tel: +44(0) 370 707 4040
Fax: +44(0) 370 873 5851
3
CORPORATE STRATEGY
KEY FACTS
Exchange | : | London Stock |
Exchange Main Market | ||
Symbol | : | ASPL |
Lookup | : | Reuters - ASPL.L |
Bloomberg - ASPL:LN | ||
Domicile | : | Jersey |
Shares Issued | : | 212,025,002 |
Shares Held | : | 13,334,000 |
in Treasury | ||
Voting Share | : | 198,691,002 |
Capital | ||
Share | : | US Dollars |
Denomination | ||
Admission | : | 5 April 2007 |
Date | ||
Aseana Properties Limited ("Aseana Properties" or the "Company") is a London-listed company incorporated in Jersey. The Company and its subsidiary undertakings (together with the "Group") were focused on property development opportunities in Malaysia and Vietnam.
The routine operations of the Company are supervised by the Chairman and the Board, with a small team of finance professionals directly engaged to run our finances and operations. A Divestment Director was also designated from the existing Board with a specific focus to sell the Company's remaining assets, in line with the Divestment Policy.
When the Company was launched in 2007, the Board considered it desirable that Shareholders should have an opportunity to review the future of the Company at appropriate intervals. This will enable the realisation of the Company's assets in a controlled, orderly and timely manner, with the objective of achieving a balance between periodically returning cash to Shareholders and maximising the realisation value of the Company's investments.
The Company will hold another discontinuation vote at a general meeting in May 2023, meanwhile the Company continues to seek for disposal of its assets in a measured manner.
To the extent that the Company has not disposed of all of its assets by May 2023, Shareholders will be provided with an opportunity to review the future of the Company, which would include the option for shareholders to vote for the continuation of the Company.
The Directors have considered the appropriateness of preparing the accounts on a going concern basis in light of the decision to realise the Group's investments in an orderly manner. There is no certainty over the timeframe over which the investments will be realised. The Directors note that other viable alternative strategies to a wind-down remain available and they will continue to evaluate whether to propose continuation of the current divestment strategy or change to an alternative strategy.
4
CHAIRMAN'S STATEMENT
Dear Shareholders,
INTRODUCTION
Asia began its recovery from the COVID-19 pandemic from the middle of 2022 onwards, as both Malaysia and Vietnam (where we used to own properties) steadily lifted their restrictions on population movement and international travel. As a result, economic activity, and most importantly, the movement of first the domestic populations and then foreign tourists began to accelerate. These are very important to the Company as our assets comprised a hospital and development land in Vietnam (which have now been sold), a 5-star hotel and luxury residential apartments in Kuala Lumpur, a shopping mall and a hotel in Sandakan and undeveloped beachfront land in Sabah.
COMMENTARY ON THE YEAR
Our focus has been to minimise operating costs and net cash outflows at each of our properties whilst our Asset Divestment team seeks to dispose of them at reasonable prices. The sale of our Vietnam assets significantly reduced the project debts, reducing our debt servicing costs.
I am pleased that shareholders are co-operating in the common aim of selling the Group's assets and returning as much capital as possible to all shareholders.
ECONOMIC OVERVIEW
In 2022, the Malaysian economy recorded growth of 8.7% (2021: 3.1%) according to the Malaysian government as the economy rebounded from the easing of COVID-19 restrictions but this forecast is expected to slow to 4.0% in 2023 according to the World Bank.
PERFORMANCE REVIEW
During 2022, the Company recorded a net loss after finance costs and before taxation of US$17.6 million compared to a net loss before taxation of US$5.8 million (restated) for the previous financial year. The Net Loss attributable to equity holders was US$15.9 million for FY 2022, (2021 (restated): US$5.8 million), and the loss per share was US cents 7.99 (2021 (restated): US cents 2.90).
Our NAV per Share as at 31 December 2022 fell to US cents 37 (2021 (restated): US cents 46).
Our net cash inflow for the year was US$0.1 million (2021 (restated): US$1.7 million) which reflected
foreign exchange gain effect of US$ 2.9 million (2021 (restated): US$1.1 million loss effect), net cash
outflows from operating activities of US$4.5 million (2021 (restated): US$9.8 million) offset by a cash
inflow from investing and financing activities of US$1.7 million (2021 (restated): US$12.7 million).
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Aseana Properties Ltd. published this content on 12 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2023 16:46:10 UTC.