AMARA HOLDINGS LIMITED
Other income
Changes in inventories of finished goods Cost of properties sold / consumables used Staff costs
Depreciation
Finance costs
Other expenses
Currency translation differences on translation of financial statements of foreign subsidiaries
Fair value loss on available-for-sale financial asets reclassified to profit or loss
Fair value gain on available-for-sale financial assets
Other comprehensive gain / (loss) for the year, net of tax
Equity holders of the Company
Non-controlling interests
Equity holders of the Company
Non-controlling interests
Notes to Consolidated Statement of Comprehensive Income :
Amortisation of other assets
Allowance of doubtful trade receivables, net
Depreciation of property, plant and equipment
Gain / (loss) on disposal of available-for-sale financial assets
Fair value loss on available-for-sale financial asets reclassified to profit or loss
Income from available-for-sale financial assets
Interest income
Net foreign exchange gain / (loss) Under provision of prior year tax
NM : Not meaningful
Page 1 of 9
AMARA HOLDINGS LIMITED Unaudited First Quarter Financial Statement And Dividend Announcement for the Period Ended 31 March 2015 1 (b) (i) Statements of Financial PositionGroup
Company
Notes 31/03/2015 31/12/14 31/03/2015 31/12/14 $'000 $'000 $'000 $'000 Current assets
Cash and bank balances Trade and other receivables Inventories
Development properties
Other current assets
Available-for-sale financial assets
Intangible assets Investment in subsidiaries Investment in an associate Investment properties Property, plant and equipment Goodwill
Other assets
Trade and other receivables Other non-current assets Deferred income tax assets
Trade and other payables
Tax payables
Borrowings
- - 40,937 40,937
1,904 1,904 - - 299,000 299,000 - - D 228,078 215,450 - - 789 789 - - 6,662 6,688 - - 30,982 30,880 - - 271 283 - - 481 402 - -Deferred income tax liabilities
Total liabilities Net assets Capital and reserves attributable to equity holders of the Company
Share capital Treasury shares Reserves
Non-controlling interests
- - - -
Notes to Statements of Financial Position:
A Decrease was due to payment for ongoing projects. B Increase was due to outstanding instalments not yet due for additional units sold in a development project. C Decrease was due to lesser recoverables and prepayments. D Increase was due to construction costs for ongoing projects. E Increase was due to higher tax provision for the period. F Net increase was due to draw down of loans to fund ongoing projects.Page 2 of 9
AMARA HOLDINGS LIMITED Unaudited First Quarter Financial Statement And Dividend Announcement for the Period Ended 31 March 2015 (b) (ii) Aggregate amount of group's borrowings and debt securities. Amount repayable in one year or less, or on demand31/03/2015 | |
$'000 | |
Secured | Unsecured |
39,594 | Nil |
31/03/2015 | |
$'000 | |
Secured | Unsecured |
220,449 | Nil |
The borrowings are secured by the following :
(a) first legal mortgages on certain subsidiaries' property, plant and equipment and investment and development property; (b) an assignment in escrow of interest in a subsidiary's lease and rental proceeds from its investment properties; a fixed and floating charge over its assets; (c) 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 (d) corporate guarantee given by the Company and debenture over certain subsidiaries' hotels.Page 3 of 9
AMARA HOLDINGS LIMITED Unaudited First Quarter Financial Statement And Dividend Announcement for the Period Ended 31 March 2015 1 ( c ) Consolidated Statement of Cash Flows Cash flows from operating activities
Profit before tax
Adjustments for:
Amortisation of other assets 28 28
Depreciation of property, plant and equipment
Income from available-for-sale financial assets
Interest expense 1,222 884
Interest income (143) (141)
(Gain) / loss on disposal of available-for-sale financial
Fair value loss on available-for-sale financial assets reclassified to profit or loss
Exchange difference (157) 21
Operating cash flow before working capital changes
Changes in operating assets and liabilities :
Development properties 3,296 (687) Inventories (63) 16
Payables (1,800) (97)
Receivables (1,680) (1,480)
Cash generated from operations
Net income tax (paid) / refunded (33) 222
Net cash generated from operating activities Cash flows from investing activities
Income received from quoted equity investments
Interest received
Payments for property, plant and equipment
Proceeds from disposal of property, plant and equipment Proceeds from sale of available-for-sale financial assets Additional costs incurred on investment properties
Purchase of intangible assets
Repayment from a third party 36 -
Interest paid
Net repayments of finance lease liabilities Proceeds from bank borrowings Repayment from bank borrowings Purchase of treasury shares
Cash and cash equivalents at beginning of financial period Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of financial period
Note to Consolidated Statement of Cash Flows :
(8,251) (12,960) (1,222) (884) B 114 (33) C 21,796 8,702 C (22,372) (3,727) (421) - (2,105) 4,058 (3,906) (4,522) 12,813 12,565 2 -
Cash and cash equivalents at the end of the financial year comprise the following :
Cash and bank balances
Notes to Statement of Cash Flows:
A Decrease was due to completion of construction for one of the ongoing projects. B Increase was due to addition of finance lease during the period. C Increase was due to draw down of loans to fund ongoing projects. Group 31/03/2015 31/03/2014 $'000 $'000 8,909 8,043Page 4 of 9
AMARA HOLDINGS LIMITED Unaudited First Quarter Financial Statement And Dividend Announcement for the Period Ended 31 March 2015 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
Equity attributable to equity holders of the Company
Retained | Foreign | ||||||||
Earnings | Asset | Currency | Non- | ||||||
Share | Treasury | & Other | Revaluation | Translation | Fair Value | Total | controlling | Total | |
Capital | Shares | Reserves* | Reserve | Reserve | Reserve | Reserves | Total | Interests | Equity |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
Profit for the period
125,646 (51) 197,611 9,773 5,111 154 212,649 338,244 (105) 338,139
- - 3,672 - - - 3,672 3,672 (11) 3,661
Other comprehensive income, net of taxCurrency translation differences on translation of financial statements of foreign subsidiaries
Fair value loss on available-for-sale financial assets
Other comprehensive income for the period, net of tax
Total comprehensive income / (loss) for the period
Purchase of treasury shares
Balance at 31 March 2015- - - - 3,922 - 3,922 3,922 - 3,922
- - - - - 33 33 33 - 33
- - - - 3,922 33 3,955 3,955 - 3,955
- - 3,672 - 3,922 33 7,627 7,627 (11) 7,616
- (421) - - - - - (421) - (421)
125,646 (472) 201,283 9,773 9,033 187 220,276 345,450 (116) 345,334
* Includes other reserves of $112,000 as at 31 March 2015.
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AMARA HOLDINGS LIMITED Unaudited First Quarter Financial Statement And Dividend Announcement for the Period Ended 31 March 2015Statement of Changes in Equity - Group
Equity attributable to equity holders of the Company
Retained | Foreign | |||||||
Earnings | Asset | Currency | Non- | |||||
Share | & Other | Revaluation | Translation | Fair Value | Total | controlling | Total | |
Capital | Reserves* | Reserve | Reserve | Reserve | Reserves | Total | Interests | Equity |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
Profit for the period
Other comprehensive income, net of taxCurrency translation differences on translation of financial statements of foreign subsidiaries
Fair value loss on available-for-sale financial assets reclassified to profit or loss
Fair value gain on available-for-sale financial assets
Other comprehensive (loss) / income for the period, net of tax
Total comprehensive income / (loss) for the period
Balance at 31 March 2014* Includes other reserves of $112,000 as at 31 March 2014.
125,646 168,081 9,773 3,448 (245) 181,057 306,703 (104) 306,599
- 3,399 - - - 3,399 3,399 (2) 3,397
- - - (1,874) - (1,874) (1,874) - (1,874)
- - - - 278 278 278 - 278
- - - - 49 49 49 - 49
- - - (1,874) 327 (1,547) (1,547) - (1,547)
- 3,399 - (1,874) 327 1,852 1,852 (2) 1,850
125,646 171,480 9,773 1,574 82 182,909 308,555 (106) 308,449
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AMARA HOLDINGS LIMITED Unaudited First Quarter Financial Statement And Dividend Announcement for the Period Ended 31 March 2015Statement of Changes in Equity - Company
Share | Treasury | Accumulated | Fair Value | Other | Total | |
Capital | Shares | Losses | Reserve | Reserve | Reserves | Total |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
Loss for the period
Fair value loss on available-for-sale financial assets
Total comprehensive loss for the period
Purchase of treasury shares
Balance at 31 March 2015125,646 (51) (41,118) 25 926 (40,167) 85,428
- - (94) - - (94) (94)
- - - (2) - (2) (2)
- - (94) (2) - (96) (96)
- (421) - - - - (421)
125,646 (472) (41,212) 23 926 (40,263) 84,911
Share Treasury Accumulated Fair Value Other Total
Capital Shares Losses Reserve Reserve Reserves Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January 2014Loss for the period
Fair value gain on available-for-sale financial assets
Total comprehensive (loss) / income for the period
Balance at 31 March 2014125,646 - (42,300) 29 926 (41,345) 84,301
- - (99) - - (99) (99)
- - - 15 - 15 15
- - (99) 15 - (84) (84)
125,646 - (42,399) 44 926 (41,429) 84,217
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AMARA HOLDINGS LIMITED Unaudited First Quarter Financial Statement And Dividend Announcement for the Period Ended 31 March 2015 1 (d) (ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles, as well as the number of shares held as treasury shares, if any, against the total number of issued shares excluding treasury shares of the issuer, as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year.
As at 31 March 2015, the number of ordinary shares in issue was 576,936,000 of which 909,900 were held by the Company as treasury shares. The share capital was $125,646,000 (31 March 2014: 576,936,000 ordinary shares of which none were held as treasury shares).
There was no conversion of shares nor outstanding option during the financial period.
31/03/2015 | 31/12/14 | |
Total issued ordinary shares (including treasury shares) | 576,936,000 | 576,936,000 |
Less: Treasury shares | (909,900) | (100,000) |
Total issued ordinary shares (excluding treasury shares) | 576,026,100 | 576,836,000 |
During the period January to March 2015, the Company purchased 809,900 treasury shares (January to March 2014: nil).
Group and Company | Number of Shares | Treasury Shares ($) |
Balance at 1 January 2015 | 100,000 | 51,282 |
Purchase of treasury shares | 809,900 | 420,897 |
Balance at 31 March 2015 | 909,900 | 472,179 |
The figures have not been audited or reviewed by the Company's auditors.
3 Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of a matter).Not applicable.
4 Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied.The Group has applied the same accounting policies and methods of computation in the preparation of the financial statements for the current period as compared with the audited financial statements for the year ended 31 December 2014 except for the adoption of certain Financial Reporting Standard ("FRS") and Interpretation ("INT FRS") that are mandatory for the financial year beginning on or after 1 January 2015.
5 If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change.The adoption of FRS and INT FRS as highlighted in item 4 has no significant impact on the financial statements.
6 Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends.
(i)
Based on the weighted average number of ordinary shares on issue
(ii) On a fully diluted basis
Net asset value per ordinary share based on issued share capital at the end of the period/year
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AMARA HOLDINGS LIMITED Unaudited First Quarter Financial Statement And Dividend Announcement for the Period Ended 31 March 2015 8 A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. It must include a discussion of the following: (a) any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and (b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on.First Quarter 2015 ("1Q 2015") vs First Quarter 2014 ("1Q 2014")
Group revenue for 1Q 2015 increased by 33% to $24 million, from $18 million for 1Q 2014. This was mainly due to additional units of development property sold and rental income from investment properties in the Property Investment and Development segment. Hotel Investment and Management segment also contributed to the higher revenue from both room and food & beverage division.
Other income for 1Q 2015 increased to $0.9 million, from $0.2 million for 1Q 2014. This was mainly due to higher foreign exchange gain.
Cost of properties sold / consumables used for 1Q 2015 increased to $4.9 million, from $1.5 million for 1Q 2014. This was due to additional units of development property sold.
Staff costs for 1Q 2015 increased by 26% to $5.7 million, from $4.6 million for 1Q 2014 mainly due to increase in headcount from the newly opened hotel in
Bangkok.
Higher interest rates on loans caused finance costs for 1Q 2015 to increase by 38% to $1.2 million, from $0.9 million for 1Q 2014.
Other expenses for 1Q 2015 increased by 20% to $7 million, from $5.8 million for 1Q 2014. This was mainly due to higher advertising and commission, general and administrative expenses and property tax expenses.
In the Company's fourth quarter 2014 results, it was stated that:
"The Singapore tourism sector has experienced a challenging year in 2014. According to the Singapore Tourism Board, international visitor arrivals reported a
3.1% year-on-year drop for 2014.
Singapore has been relentless in its efforts to position itself as the preferred destination to business and leisure travellers. With the host of international events lined up in 2015 as well as the celebrations for its Golden Jubilee SG50, the outlook for Singapore's hospitality industry remains positive. However, with the tight foreign labour market policy, the cost structure remains challenging.
With the soft opening of Amara Bangkok Hotel in 2015, it will give a diversified income stream to the Group."
The results of first quarter 2015 are generally in line with the above statement.
The Singapore Tourism Board has moderated its forecast for 2015 to 15.5 million visitor arrivals. However, with the additional room supply in 2015, the hospitality sector could be challenging.
The launching of key initiatives such as a S$35 million partnership with Changi Airport Group and a S$20 million global marketing campaign aim to improve visitor arrivals.
: None
(b) Corresponding Period of the Immediately Preceding Financial Year: None
(c) Date payable: Not applicable
(d) Books closure date : Not applicable 12 If no dividend has been declared/recommended, a statement to that effect.Not applicable
13 If the Group has obtained a general mandate from shareholders for IPTs, the aggregate value of such transactions as required under Rule 920(1)(a)(ii). If no IPT mandate has been obtained, a statement to that effect.There is no general mandate from shareholders for IPTs.
14 STATEMENT BY DIRECTORS Pursuant to SGX Listing Rule 705(5)
To the best of the directors' knowledge, nothing has come to the attention of the Board of Directors of the Company which may render the unaudited
first quarter 2015 financial results to be false or misleading in all material aspects.
13 May 2015
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