ASIA STANDARD INTERNATIONAL GROUP LIMITED Asia Standard International Group Limited
Interim Report 2021
HKSE Stock Code: 129
Contents
- Corporate Information
- Financial Highlights
- Management Discussion and Analysis
- Condensed Consolidated Profit and Loss Account - Unaudited
- Condensed Consolidated Statement of Comprehensive Income - Unaudited
- Condensed Consolidated Balance Sheet - Unaudited
- Condensed Consolidated Statement of Cash Flows - Unaudited
- Condensed Consolidated Statement of Changes in Equity - Unaudited
- Notes to the Interim Financial Information
40 Other Information
Corporate Information
Directors | Registered Office | Legal Advisers |
Executive
Mr. Fung Siu To, Clement (Chairman) Mr. Poon Jing (Managing Director
- and Chief Executive) Mr. Poon Hai
Mr. Poon Yeung, Roderick Mr. Lun Pui Kan
Mr. Kwan Po Lam, Phileas
Independent non-executive
Mr. Koon Bok Ming, Alan
Mr. Leung Wai Keung, JP
Mr. Wong Chi Keung
Audit Committee
Mr. Koon Bok Ming, Alan (Chairman)
Mr. Leung Wai Keung, JP
Mr. Wong Chi Keung
Remuneration
Committee
Mr. Wong Chi Keung (Chairman)
Mr. Fung Siu To, Clement
Mr. Poon Hai
Mr. Koon Bok Ming, Alan
Mr. Leung Wai Keung, JP
Authorised
Representatives
Mr. Fung Siu To, Clement
Mr. Lun Pui Kan
Company Secretary
Mr. Tung Kwok Lui
Victoria Place, | Stephenson Harwood | |
5th Floor, | 18th Floor, United Centre, | |
31 Victoria Street, | 95 Queensway, | |
Hamilton HM 10, | Hong Kong | |
Bermuda | ||
Appleby | ||
Principal Office in | Suites 4201-03&12, | |
Hong Kong | 42/F, One Island East, Taikoo Place, | |
18 Westlands Road, | ||
30th Floor, YF Life Tower, | Quarry Bay, Hong Kong | |
33 Lockhart Road, | ||
Wanchai, Hong Kong | Independent Auditor | |
Telephone | 2866 3336 | PricewaterhouseCoopers |
Facsimile | 2866 3772 | Certified Public Accountants |
Website http://www.asiastandard.com | Registered Public Interest | |
E-mail asinfo@asiastandard.com | Entity Auditor | |
22nd Floor, Prince's Building, | ||
Principal Bankers | Central, Hong Kong | |
HSBC | Share Registrar in | |
Bank of China (Hong Kong) | Bermuda | |
Industrial and Commercial Bank of | ||
China (Asia) | MUFG Fund Services (Bermuda) | |
Hang Seng Bank | Limited | |
United Overseas Bank | 4th Floor North, | |
Chiyu Banking Corporation | Cedar House, | |
The Bank of East Asia | 41 Cedar Avenue, | |
Chong Hing Bank | Hamilton HM 12, | |
Shanghai Commercial Bank | Bermuda | |
Fubon Bank (Hong Kong) | ||
UBS | Hong Kong Branch | |
Bank of Singapore | Share Registrar and | |
Bank Morgan Stanley | Transfer Office | |
Credit Suisse AG | ||
Bank Julius Baer | Computershare Hong Kong Investor | |
Services Limited | ||
Shops 1712-1716, 17th Floor, | ||
Hopewell Centre, | ||
183 Queen's Road East, | ||
Wanchai, Hong Kong |
2 ASIA STANDARD INTERNATIONAL GROUP LIMITED Interim Report 2021
Financial Highlights
Six months ended | |||
30th September | |||
(in HK$ million, except otherwise indicated) | 2021 | 2020 | Change |
Consolidated profit and loss account | |||
Revenue | 1,278 | 1,262 | +1% |
Operating profit | 292 | 884 | -67% |
Profit attributable to shareholders of the Company | 147 | 652 | -78% |
Earnings per share - basic (HK$) | 0.11 | 0.49 | -78% |
30th September | 31st March | ||
2021 | 2021 | Change | |
Consolidated balance sheet | |||
Total assets | 37,131 | 42,320 | -12% |
Net assets | 17,613 | 22,617 | -22% |
Equity attributable to shareholders of the Company | 17,105 | 21,721 | -21% |
Net debt | 16,346 | 15,348 | +7% |
Supplementary information with hotel properties at valuation (note):
Revalued total assets | 45,895 | 51,028 | -10% |
Revalued net assets | 26,377 | 31,325 | -16% |
Equity attributable to shareholders of the Company | 24,352 | 28,922 | -16% |
Gearing - net debt to revalued net assets | 62% | 49% | +13% |
Note: According to the Group's accounting policies, hotel properties were carried at cost less accumulated depreciation. To give further information on the economic substance of its hotel properties investments, the Group hereby presents supplementary unaudited financial information taking into account the fair market value of these hotel properties and excluding the corresponding deferred income tax on Hong Kong properties as Hong Kong tax jurisdiction does not include capital gain tax.
The hotel properties were revalued by Vigers Appraisal & Consulting Limited, independent professional valuers, on an open market value basis as at 30th September 2021 and 31st March 2021.
ASIA STANDARD INTERNATIONAL GROUP LIMITED Interim Report 2021 | 3 |
Management Discussion and Analysis
Development project "Capital Cove" in Tongzhou, Beijing
RESULTS
The Group recorded a revenue of HK$1,278 million (2020: HK$1,262 million) for the first half of the financial year with profit attributable to shareholders of the Company at HK$147 million (2020: HK$652 million). While there is a slight increase in revenue, the Group's provision for expected credit loss on
its financial investments increased substantially, following the liquidity crisis facing PRC real estate developers, resulting in the decline of the Group's profit attributable to shareholders.
PROPERTIES SALES, DEVELOPMENT AND LEASING
SALES AND DEVELOPMENT
Mainland China
In Tongzhou, Beijing, concreting work of all six blocks of residential towers have been completed and fitting-out works is in progress. Presales have continued progressing and approximately RMB1 billion sales were contracted during the period.
As of 30th September 2021, two-thirds of the residential units were sold, reaching RMB4 billion and profit recognition will begin upon delivery of the residential units which the Group expects to commence in first half of 2022. Sub-structure works for the two commercial towers are in progress as well. The entire joint venture development comprises 2.3 million sq. ft. GFA.
4 ASIA STANDARD INTERNATIONAL GROUP LIMITED Interim Report 2021
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Asia Standard International Group Ltd. published this content on 28 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 December 2021 11:06:03 UTC.
