Allied Properties H K : Unaudited Interim Results for the Six Months Ended 30th June, 2019 (in PDF)

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ALLIED PROPERTIES (H.K.) LIMITED

（聯 合 地 產（香 港）有 限 公 司）

(Incorporated in Hong Kong with limited liability)

(Stock Code: 56)

UNAUDITED INTERIM RESULTS

FOR THE SIX MONTHS ENDED 30TH JUNE, 2019

The board of directors ("Board") of Allied Properties (H.K.) Limited ("Company") is pleased to announce that the unaudited consolidated results of the Company and its subsidiaries ("Group") for the six months ended 30th June, 2019 with the comparative figures for the corresponding period in 2018 are as follows:

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS for the six months ended 30th June, 2019

		Six months ended 30th June,
		2019		2018
		Unaudited	Unaudited
	Notes	HK$ Million	HK$ Million
Revenue	4	2,111.2
Interest income			2,036.3
Other revenue		395.0		332.8
		2,506.2		2,369.1
Other income		20.9		142.8
Total income		2,527.1		2,511.9
Cost of sales and other direct costs		(281.8)	(215.6)
Brokerage and commission expenses		(22.5)	(25.3)
Selling and marketing expenses		(70.5)	(67.9)
Administrative expenses		(672.9)	(726.1)
Changes in values of properties	5	178.6	646.2
Net gain on financial assets and liabilities at fair		783.7
value through profit or loss		636.7
Net exchange gain (loss)		27.2	(38.5)
Net impairment losses on financial instruments	6	(469.4)	(443.0)
Other operating expenses		(56.4)	(57.7)
Finance costs	7	(247.8)	(214.1)
Share of results of associates		516.8	391.5
Share of results of joint ventures		75.4	278.3
Profit before taxation	8	2,287.5		2,676.4
Taxation	9	(147.8)	(124.7)
Profit for the period		2,139.7		2,551.7

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CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS (Cont'd)

for the six months ended 30th June, 2019

		Six months ended 30th June,
		2019		2018
		Unaudited	Unaudited
	Notes	HK$ Million	HK$ Million
Attributable to:		1,513.0
Owners of the Company			1,885.2
Non-controlling interests		626.7		666.5
		2,139.7		2,551.7
		HK cents	HK cents
Earnings per share	10	22.21
Basic		27.67
Diluted		22.19		27.67

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CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

for the six months ended 30th June, 2019

	Six months ended 30th June,
	2019			2018
	Unaudited	Unaudited
	HK$ Million	HK$ Million
Profit for the period	2,139.7			2,551.7
Other comprehensive income (expenses):
Items that will not be reclassified to profit or loss:
Fair value gain (loss) on investments in equity instruments	67.3
at fair value through other comprehensive income			(37.7)
Share of other comprehensive expenses of associates	(111.8)	(132.5)
Share of other comprehensive (expenses) income of	(1.8)
joint ventures	1.7
	(46.3)	(168.5)
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising on translation of foreign	0.8
operations		(112.4)
Reclassification adjustment to profit or loss on disposal of	-
an associate	(7.6)
Share of other comprehensive expenses of associates	(4.0)	(50.8)
Share of other comprehensive income (expenses) of	2.0
joint ventures		(6.7)
	(1.2)	(177.5)
Other comprehensive expenses for the period, net of tax	(47.5)	(346.0)
Total comprehensive income for the period	2,092.2			2,205.7
Attributable to:	1,446.8
Owners of the Company			1,637.0
Non-controlling interests	645.4			568.7
	2,092.2			2,205.7

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

at 30th June, 2019

		At	At
		30th June,	31st December,
		2019		2018
		Unaudited	Audited
	Notes	HK$ Million	HK$ Million
Non-current assets		10,487.6
Investment properties			10,291.6
Property, plant and equipment		1,058.0		1,051.9
Right-of-use assets		205.9		-
Net investments in finance lease		2.7		-
Prepaid land lease payments		-	4.0
Goodwill		2,498.7		2,498.7
Intangible assets		894.2		895.1
Interests in associates		13,575.8		13,257.8
Interests in joint ventures		3,530.7		3,455.0
Financial assets at fair value through		247.4
other comprehensive income			206.5
Amounts due from associates		265.1		266.7
Loans and advances to consumer finance		2,750.7
customers due after one year	12	2,618.9
Mortgage loans	13	1,745.1	1,956.8
Deferred tax assets		769.4	730.3
Financial assets at fair value through profit or loss		6,810.8	6,360.9
Term loans	14	200.6	56.6
Trade receivables, prepayments and other		26.4
receivables	15	22.9
		45,069.1		43,673.7
Current assets
	0.2
Other inventories			0.3
Financial assets at fair value through profit or loss		3,603.7		4,378.6
Prepaid land lease payments		-	0.1
Loans and advances to consumer finance		7,317.4
customers due within one year	12	7,150.8
Mortgage loans	13	1,848.4	1,897.4
Term loans	14	3,612.5	4,039.8
Trade receivables, prepayments and		398.3
other receivables	15	447.8
Amounts due from brokers		668.1	507.1
Amounts due from associates		187.1	266.3
Amounts due from joint ventures		2.1	9.8
Tax recoverable		5.4	6.1
Short-term pledged bank deposits and		33.1
bank balances		20.0
Bank deposits		271.3	353.5
Cash and cash equivalents		5,296.1	5,031.6
		23,243.7		24,109.2

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Cont'd)

at 30th June, 2019

		At	At
		30th June,	31st December,
		2019		2018
		Unaudited	Audited
	Notes	HK$ Million	HK$ Million
Current liabilities		460.6
Trade payables, other payables and accruals	16		346.6
Financial assets sold under repurchase agreements		426.3		1,216.5
Financial liabilities at fair value through		384.9
profit or loss			425.3
Amount due to a holding company		41.2		27.8
Amounts due to associates		7.5		7.4
Amounts due to joint ventures		40.1		40.1
Tax payable		238.9		188.6
Bank and other borrowings due within one year		7,635.1		7,569.8
Notes/paper payable		831.2		749.5
Lease liabilities		105.3		-
Provisions		126.0		105.1
		10,297.1		10,676.7
Net current assets		12,946.6		13,432.5
Total assets less current liabilities		58,015.7		57,106.2
Capital and reserves
	4,250.6
Share capital			4,250.6
Reserves		33,355.8		32,487.1
Equity attributable to owners of the Company		37,606.4		36,737.7
Shares held for employee ownership scheme		(26.8)	(29.7)
Employee share-based compensation reserve		8.0		10.5
Share of net assets of subsidiaries		10,597.5		11,162.3
Non-controlling interests		10,578.7		11,143.1
Total equity		48,185.1		47,880.8
Non-current liabilities
	2,490.0
Bank and other borrowings due after one year			1,961.8
Notes/paper payable		6,911.4		6,926.5
Lease liabilities		94.1		-
Deferred tax liabilities		329.7		332.2
Provisions		5.4		4.9
		9,830.6		9,225.4
		58,015.7		57,106.2

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