Interim Results

Aseana Properties Limited 28 September 2007 Date: 28 September 2007 On behalf of: Aseana Properties Limited ('Aseana' or the 'Company' or 'ASPL') Aseana Properties Limited • INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007 Aseana Properties Limited (LSE: ASPL), an Asian property developer investing in Malaysia and Vietnam, is pleased to announce its interim results for the six month period ended 30 June 2007. Highlights • Revenue of US$10.01 million • Profit before tax of US$1.8 million • Announcement of first acquisition on 15 May 2007 with a total gross development value of approximately US$440 million • Invested in an upscale residential project in Malaysia with a gross development value of approximately US$330 million completing the Initial Portfolio. • Further investments in three new projects in Malaysia with expected gross development value of approximately US$382 million • Conditional agreements and memorandum of understandings in respect of seven projects in Vietnam. • Acquisition pipeline remains strong Commenting on the Company's results, Dato' Mohammed Azlan bin Hashim, Chairman of Aseana Properties Limited, said: 'We are pleased with the results to 30 June 2007 and the progress we have made since our recent admission to the London Stock Exchange. With continuing dynamic economic fundamentals in both Malaysia and Vietnam, we are confident in bringing our property portfolio to fruition. 'The Board looks forward to the remainder of the financial year and providing our investors and the market with further progress of our investment pipeline.' Enquiries: Aseana Properties Limited Contactable via Redleaf Redleaf Communications Tel: 020 7822 0200 Samantha Robbins / Adam Leviton Email: sr@redleafpr.com Fairfax I.S. PLC Tel: 020 7598 5368 James King CHAIRMAN'S STATEMENT Following our listing on the 5th April 2007, the Group has recorded a revenue of US$10.01 million and a profit before tax of US$1.8 million, mainly attributable to progress billings by two of its property development projects, i-Zen @ Kiara I and Tiffani by i-Zen, both located in Mont Kiara, Kuala Lumpur Malaysia. Acquisition of Initial Portfolio On 15 May 2007, ASPL announced it had completed its first acquisition. The acquisition comprised four properties in Malaysia namely i-ZEN@Kiara I, Tiffani by i-ZEN, one Mont' Kiara by i-ZEN and Sandakan Harbour Square offering a mix of residential and commercial projects in various stages of development. The properties were acquired from Ireka Corporation Berhad for a consideration of approximately US$63.4 million. Total gross development value of the four properties is approximately US$440 million. Ireka Development Management, the Manager of ASPL will manage the development of the acquired properties. On 31 May 2007, ASPL invested in an upscale residential project in Malaysia, named SENI Mont' Kiara. ASPL has acquired the property from Legacy Essence Limited for a purchase consideration of US$65.5 million. The gross development value of the project is approximately US$330 million. These two acquisitions completed the Initial Portfolio that was contemplated in the ASPL's Prospectus. Status of Property Portfolio Since its listing on 5 April 2007, ASPL successfully launched three projects: the office suites component of one Mont Kiara by i-ZEN, named bz-hub in April 2007 (of which 75% of available units were released for sale); Phase 1 of the ultra-luxurious condominium development of SENI Mont Kiara in July 2007; and the retail lots of Phase 2 of Sandakan Harbour Square in April 2007. Like other ASPL on-going developments, these new launches have been well received by the market. Projects % Sales As At August 2007 i-ZEN@Kiara I 98% Tiffani by i-ZEN 78% one Mont' Kiara by i-ZEN - bz hub 100% Sandakan Harbour Square 90% Phase 1 retail lots 40% Phase 2 retail lots SENI Mont' Kiara - Phase I 52% New Investments The Company has continued to make good progress since 30 June 2007 with the announcement of three further investments. On 13 August 2007, ASPL announced that it has entered into an agreement to purchase a plot of development land of approximately 54,000 square foot in the Mont' Kiara area of Kuala Lumpur, Malaysia. ASPL will acquire the development land via acquisition of United Time Development Sdn. Bhd. for a total cash consideration of approximately US$3.13 million, which is equivalent to approximately US$58 per square foot. The development land is situated in the Mont Kiara area, an exclusive residential and commercial area in Kuala Lumpur. Ireka Development Management, the Manager of ASPL, is currently in the process of finalising the development plans for the land, which is envisaged to include an investment grade office tower and an integrated commercial area. On 16 August 2007, ASPL announced it has entered into a joint venture with Malaysian Resources Corporation Berhad (MRCB), a leading property and construction company in Malaysia, to acquire 95,131 square feet of land in Kuala Lumpur Sentral's Lot G from Kuala Lumpur Sentral Sdn. Bhd. (KLSSB) for a total consideration of approximately US$29 million. With a 40% stake in the joint venture, ASPL and MRCB will jointly develop two office towers and a boutique business hotel, estimated to have a GDV of approximately US$180 million. Kuala Lumpur Sentral is an exclusive urban centre built around Malaysia's largest transit hub supporting six rail networks including a high speed rail access to the Kuala Lumpur International Airport. Many multinational companies currently have offices in the area including General Electric, Cisco Systems and PricewaterhouseCoopers. On 28 August 2007, ASPL announced it has entered into agreements to purchase three contiguous plots of sea-front development land of approximately 79.55 acres in Kota Kinabalu, Sabah, Malaysia for a total cash consideration of US$11.67 million. These three plots of land were acquired from Mangrove Paradise Resort (Sabah) Sdn. Bhd., a Malaysian company based in Sabah, with business interests in golf-course operations and property development in Sabah. ASPL has entered into an agreement to jointly develop one of the development plots of approximately 44.50 acres with Mr. Tseng Chin-I, a director and major shareholder of Mangrove Paradise Resort. A joint venture company will be formed between ASPL and Mr. Tseng to develop luxurious resort villas, where shareholdings between the parties will be on a 50:50 basis. The two remaining plots of land of 17.47 acres and 17.58 acres will be respectively developed into an international boutique resort hotel and an integrated exclusive resort homes. Investment Pipeline ASPL is in detailed discussions regarding a number of potential acquisitions in Vietnam. ASPL has entered into conditional agreements and memorandum of understandings in respect of seven projects in Vietnam. These projects are located in Ho Chi Minh City, Hanoi and Danang, and if successful, are expected to require approximately US$100 million of investment from ASPL. ASPL has submitted development plans for three projects to the authorities in Vietnam to obtain development approvals to further pursue these opportunities. The Company expects to commence construction on at least one of these opportunities in early 2008. Dato' Mohammed Azlan bin Hashim Non-executive Chairman 28 September REPORT OF THE MANAGER Vietnam Economic Update Economic growth for the first half of the year has been strong with GDP growth of 7.87% year-on-year, led, in large part, by the construction and industrial sectors. Foreign direct investment also grew steadily by 8% to US$5.2 billion for first half of the year, on-course to at least equal the FDI recorded in year 2006 of US$9.9 billion. The continued strong economic growth and increase in foreign direct investments have greatly contributed to the robust growth in the real estate sector. The real estate sector has experienced growth across all sectors of the market including residential, office, retail and hotels. Overall, commercial and retail real estate are the biggest benefactors of the increased international interest in Vietnam. Amidst the strong growth, the economy is facing inflationary pressures, with first half CPI recorded at 7.8%. Government has however taken measures to rein the economy, including tightening of State budget, closer monitoring of credit activities in the market and more stringent application of market based mechanism towards land and natural resources transactions. The entry into the World Trade Organization (WTO) at the beginning of the year has allowed more foreign firms to operate in the country. The membership has added momentum to development and market-oriented reforms. At the recently concluded National Assembly in early August, the Prime Minister announced reforms targeted at improving the effectiveness of the Government's role in the economy. These reforms include streamlining of the number of ministries from 26 to 22, and the appointment of two relatively young and dynamic deputy prime ministers, with a strong economic background. Overview of Property Market in Vietnam Residential • Strong investment wave from Asia: Korea, Japan, Singapore. Foreign investors are keen on buying projects already licensed and under construction instead of leasing land or developing from the beginning; • Prices of high end residential condominiums in Ho Chi Minh City with good zoning and infrastructure remain high, with prices ranging from US$1,500 to US$4,000 per square meter; • Residential for lease sector in HCMC is in great demand, with average occupancy of 97%, and rentals up by 20% from 1Q07 to 1Q07 to US$35 psm per month; • At present, the larger cities like HCMC and Hanoi are facing a shortage of residential housing due to high population density and government imposed restrictions on land use. Due to the shortage, residential apartments units are sold off-plan and resold in the market many times before the completion; • In HCMC, the department of housing and land management services estimates that an additional 103 million sqm of housing will be needed by 2010 to meet their expected average housing area of 14.2 sqm per capita. Offices • Rental rates for Grade A offices in Ho Chi Minh City has increased by approximately 39% from US$23 psm in 1Q06 to US$35 psm in 1Q07; • Grade A office rental rates in Ho Chi Minh City reflects upward momentum and growing demand vis-a-vis tight supply with 100% occupancy rate; • Demand for Grade A and B offices in Hanoi continue to increase, with Grade A rental rates increasing by 5% from US$30 psm in 4Q06 to US$32 psm in 1Q07; • Further demand growth will come from local, smaller players who are aiming to upgrade their offices and transfer to bigger, high-rise office buildings, and show that they can compete in the global market; • Demand is also likely to be driven by the increasing number of entrepreneurs who are looking to set up office for the first time. Retail • Vietnam is the third largest country for retail development after India and Russia, as ranked by consultancy AT Kearney, driven by its current low base, and its 86 million consumers; • Being a member of the World Trade Organisation has reduced barriers to entry for foreign retailers and encourages international brand names to Vietnam, hence, increasing demand for high-quality retail space. In the recent months, brands such as Louis Vuitton, Furla, FCUK, Lacoste and Burberry have entered the HCMC market; • Prime retail rental rates in Ho Chi Minh City experienced a healthy growth rate of approximately 21% from US$140 psm in 1Q06 to US$170 psm in 1Q07; • New retail malls in Ho Chi Minh City such as Eden Mall and Saigon Square, launched in December 2006 and January 2007 respectively is experiencing occupancy rate of 90% to 100%. Hospitality • Vietnam is one of the safest and most attractive destinations in the region. The Vietnam National Administration of Tourism reported that in the first 4 months of 2007, the nation attracted 1.4 million arrivals-an increase of 12.5% over last year's figure; • Most of 5 and 4 star hotels rooms in Hanoi came on stream in 1990s and has strong occupancy rate over the year. However, there is no new supply over the last few years. There is also a shortage of quality hotel rooms; • The growing number of tourists in Vietnam provides a good incentive for hospitality property players to come into the market, not only for the prime cities like Hanoi and HCMC, but also for the more prominent coastal areas such as Danang and Hoi-An. Source: Company research, CBRE Vietnam Report Malaysia Economic Update Overall growth of the Malaysian economy in the first half of the year has remained favourable with the slower growth in the external sector being balanced by stronger growth in domestic demand. Sectors that performed best in the first half of 2007 were property, oil and gas and plantations. The Government is committed to progressively liberalise the economy. Positive steps by the Government includes the abolishment of Real Properties Gain Tax (RPGT) for both local and foreign individuals and companies, removal of Foreign Investment Committee (FIC)'s approval for individual foreigners when purchasing properties, relaxation of local mortgage market for foreigners, increased flexibility for domestic money to move funds offshore and future relaxation of the exchange administration rules. The Government has also announced that housing development approvals would be improved to 4 to 6 months from the current 1 to 2 years. In addition, processing time for buyers would be reduced to cut red tape and draw more investors. Developers that 'build-and-sell' will be exempted from the obligatory low cost housing quota and be given priority in obtaining approvals. During the period 1 May - 28 June 2007, the Ringgit depreciated against US dollar and Pound sterling, but appreciated against the Japanese yen and remained unchanged against the Euro. The Ringgit also depreciated against other regional currencies in the range of 0.3% - 3.9%. Inflation moderated in the first half of 2007 to a level of 1.4% in June and averaged 2% for the period as a whole, setting a conducive environment for business growth. Following the various positive measures, the market anticipates future possibilities for more property incentives in the September 2007 Budget such as higher Employee Provident Fund withdrawal for property purchases and stamp duty waiver. Overview of Property Market in Malaysia Residential • The high-end residential sector appears to be the main benefactor of the abolishment of RPGT, with new launches of high-end condominiums in 2Q07 registering an impressive 57% sales, compared to 31% sales for new launches in previous quarter; • Although the stock of high-end condominiums has increased to 1,034 units in 2Q07 from 896 units in the 1Q07, the sales rate has also edged up to 47% this quarter (cf. 37% previous quarter), signalling a healthy appetite for high-end condominium developments; • Selling prices in the Mont Kiara has reached new highs in the region of RM650 psf, whilst prices in KLCC has breached RM1,200 psf; • The occupancy rate for these high-end condominium developments stood at a healthy 93% in 2Q07, with reported net rental yields in the region of 6.5% to 8%; • Despite continued rise in capital values, Malaysia generally offers good value in high-end developments, where ownership regulations and access to funding are relatively simple compared to other countries in the region; • Demand from foreigners is expected to increase and will continue to drive prices upwards in 2007. Mont Kiara, KLCC and Ampang Hilir will remain as choice locations for foreigners. Offices • The take-up rate for office space in the Bangsar/Pantai locality continued to outpace that of the Golden Triangle and Central Business District, with the banking & finance sector being the main demand driver; • Occupancy rates and supply of prime office in select areas remains high as of Q207: Bangsar/Pantai: 78% (1.3m sf), Damansara Heights: 94% (0.9m sf), CBD: 93% (2.5m sf), Golden Triangle: 91% (5.1m sf); • Rental values remained stable across the market, with prime offices rental within the range of RM4.50 psf per month to RM7.50 psf per month. Super prime offices such as Petronas Twin Towers and Menara Maxis in KLCC are near 100% occupancy with record rental levels of RM9.00 to RM11.00 psf per month. Net yields are in region of 6% to 8%; • Three en-bloc transactions of prime offices took place in 1H07: Wisma Technip (RM536 psf), Wisma Denmark (RM527 psf) and Plaza Sentral (RM527 psf). Retail • The retail market is expected to record strong activity in 2007 as nation celebrates its 50th year independence coupled with it being a Visit Malaysia Year; • The extensions of popular suburban retail malls such as MidValley Megamall and Sunway Pyramid in the suburbs are slated for completion in September 2007 together with the completion of KL Pavillion in the city centre; • Market rentals remained stable with ground floor locations in city centre at RM16 to RM26 psf per month, and suburban malls at RM12 to RM20 psf per month, with net yields in region of 8% to 11%; • There were no prime retail transactions in 1H07, but market prices for prime retail is estimated to be in region of RM680psf; • 1H07 saw the debut of several international retailers in Malaysia, namely Ted Baker, Massimo Dutti and Principles. Hospitality • Malaysia recorded a record tourist arrivals of 17.55 million in year 2006, with 1Q07 recording 4.9 million tourists, 9.8% increase q-on-q; • Strong tourist arrivals expected in 2007 with Tourism Malaysia engaging in worldwide publicity blitz of Visit Malaysia Year 2007; • This is already evident in Average Daily Rate (ADR) achieved in 1H07 for top- tier hotels of RM413, a 10% increase from full year 2006 ADR; • Average occupancy rate increase from 64.9% in 1Q07 to 68.4% in 2Q07, with occupancy rates expected to rise in 3Q07; • Approximately 1,816 rooms are planned in Kuala Lumpur city from 2007 to 2009, adding to current supply of 33,495 rooms. None of the new supply however constitutes international chains. Source: Company research, Jones Lang Wootton 1Q07 & 2Q07 Report Ireka Development Management Sdn Bhd Manager 28 September CONSOLIDATED INCOME STATEMENT Six months ended 30 June 2007 Unaudited Six months ended 30 June 2007 US$ Continuing operations Revenue 10,012,490 Cost of sales (8,165,143) ---------------- Gross profit 1,847,347 ---------------- Other operating income 1,572,428 Administrative expenses (42,944) Management fee (772,319) Other operating expenses (772,736) ---------------- Operating profit 1,831,776 Interest expense (18,898) ---------------- Profit before taxation 1,812,878 Taxation (488,454) ---------------- Profit after taxation 1,324,424 Equity minority interest 53,832 ---------------- Profit for the period 1,378,256 ================ Earnings per share (cent) Basic and diluted 1.5c Condensed Consolidated Statement of Recognised Income and Expense Six months ended 30 June 2007 Unaudited Six months to 30 June 2007 US$ Profit for the period 1,324,424 Minority interest arising on business combinations 1,781,490 Exchange differences on translation of foreign operations (184,175) ---------------- Total recognised income and expense for the period 2,921,739 Attributable to: Equity holders of the parent 1,212,102 Minority interests 1,709,637 ================ CONSOLIDATED BALANCE SHEET As at 30 June 2007 Unaudited As at 30 June 2007 US$ Non-current assets Property, plant & equipment 346,169 Goodwill 125,600,958 Land held for property development 5,799,101 Long term receivables 2,676,950 ------------------ 134,423,178 Current assets Inventories at cost 2,134,410 Property development costs 78,378,270 Trade and other receivables 10,218,279 Amount owing by associates 270,270 Fixed deposits 276,981 Cash and bank balances 125,991,535 ------------------ 217,269,745 ------------------ Total assets 351,692,923 Equity Share capital 25,000,000 Share premium account 215,690,484 Exchange fluctuation reserves (166,154) Retained profits 1,378,256 ------------------ Shareholders' equity 241,902,586 Equity minority interests 1,709,637 ------------------ Total equity 243,612,223 Current liabilities Trade and other payables 32,729,004 Hire purchase liabilities 22,695 Bank overdrafts & borrowings 7,384,226 Current tax liabilities 2,549,595 ------------------ Total current liabilities 42,685,520 Non-current liabilities Hire purchase liabilities 45,214 Bank term loans 35,855,490 Long term loans 29,477,705 Deferred tax liabilities 16,771 ------------------ Total non-current liabilities 65,395,180 ------------------ Total liabilities 108,080,700 ------------------ Total equity and liabilities 351,692,923 ================== Consolidated Cash Flow Statement Six months ended 30 June 2007 Unaudited Six months to 30 June 2007 US$ Profit from operating activities 1,831,776 ----------------- Depreciation 11,204 Changes in working capital 6,644,491 Interest paid (18,898) Income tax paid (71,572) ----------------- Net cash (used by)/ generated from operating activities 8,397,001 ----------------- Investing activities Acquisition of subsidiaries, net of cash (47,909,198) Advances to associate (18,251) ----------------- Net cash outflow from investing activities (47,927,449) Financing activities Net Proceeds of issues of share capital 152,690,484 Repayment of bank borrowings (32,121,543) Drawdown of term loans 43,926,194 Payment of hire purchase installments (94,087) Repayment to amount owing to directors (889,021) ----------------- Net cash inflow from financing activities 163,512,027 ----------------- Net (decrease)/ increase in cash and cash equivalents 123,981,579 ----------------- Cash and cash equivalents at start of period 0 Cash and cash equivalents at end of period 123,981,579 ================= NOTES TO THE INTERIM FINANCIAL STATEMENTS 1 Basis of preparation These interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The interim results have not been audited and do not constitute statutory accounts. IFRS are subject to continuing review and amendment by the International Accounting Standards Board and subsequent endorsement by the European Commission and therefore are subject to change. Therefore, in determining the Group's IFRS accounting policies, the Board of Directors has used its best endeavours in making assumptions about those IFRS expected to be effective and available for adoption. The Interim Report and financial statements were approved by the Board of Directors on 28 September 2007. 2 Significant accounting policies The accounting policies adopted are consistent with those followed in the admission document issued in relation to the admission of Aseana Properties Limited ('the Company') to the London Stock Exchange on 5 April 2007, with the exception of the following additions: Basis of consolidation The interim consolidated financial statements comprise the financial information of the Company and its subsidiary undertakings ('the Group') as at 30 June 2007. The financial information of the subsidiaries are prepared for the same reporting period as the Company using consistent accounting policies. All inter-company balances, transactions, income and expense and profits and losses resulting from intra-group transactions are eliminated in full. Subsidiary undertakings are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Control is normally evident when the Company owns more than 50 per cent of the voting rights of a company's share capital. The purchase method of accounting is used to account for the acquisition of subsidiary undertakings by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed as at the date of exchange, plus costs directly attributable to the acquisition. Goodwill and intangible assets IFRS 3 requires that on an acquisition the difference between the cost of acquisition and the fair value of net assets acquired be analysed between goodwill and specific intangible assets acquired. Goodwill arising on the acquisition of a subsidiary undertaking represents the excess of the cost of the acquisition over the Group's interest in the net fair values of the identifiable assets, liabilities, and contingent liabilities of the subsidiary undertaking recognized at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash-generating units expected to benefit from synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently where there is an indication that the unit may be impaired. If the recoverable amount of cash-generating units is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period. Comparative figures No comparative figures have been presented for the period ended 30 June 2006 as the Company was incorporated on 22 September 2006. No comparative figures have been presented for the period from incorporation on 22 September 2006 to 31 December 2006 as the only transaction in the period related to the issue of 2 shares of US$0.05 par value. 3 Segment information Since Malaysia is the only location of the Group's current property development portfolio, these financial statements and related notes represent the results and financial position of the Group's primary business segment. 4 Earnings per ordinary share Basic Basic earnings per share after taxation and minority interest in the period ended 30 June 2007 is calculated by dividing the consolidated profit of US$1,378,256 attributable to equity holders of the Company by the weighted average number of ordinary shares of USD0.05 each in issue during the period of 93,463,862. Diluted Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue to assume conversion of all potential dilutive ordinary shares in issue in the period. There were no potential dilutive ordinary shares in issue in the period. 5 Business combinations On 15 May 2007, the Group acquired 100% of the share capital of Ireka Land Sdn Bhd. The acquired business contributed revenues of US$10.01 million and profit before tax of US$1.80 million to the Group for the period from 15 May 2007 to 30 June 2007. If the acquisition had occurred on 1 January 2007, Ireka would have added approximately US$59.27 million to Group income and approximately US$5.89 million to profit before tax for the period. The assets and liabilities arising on acquisitions during the period have been provisionally determined for the purposes of this announcement. Details of net assets acquired and goodwill are as follows: Purchase consideration: US$ - cash paid 14,529,309 - share consideration 34,587,457 --------------------------- Total purchase consideration 49,116,766 Fair value of net assets acquired 8,390,228 --------------------------- Goodwill 40,726,538 ================= The assets and liabilities arising from the acquisition are as follows: Provisional Fair Value and Acquiree's Carrying Amount US$ Property, plant and equipment 217,175 Property development costs 51,548,127 Trade and other receivables 10,509,886 Cash and bank balances 4,200,723 ------------------ Total assets 66,475,911 Hire purchase liabilities 91,327 Bank term loans 6,055,611 Long term loans 0 Deferred tax liabilities 10,287 Trade and other payables 17,878,429 Bank overdraft and borrowings 32,042,284 Tax liabilities 2,007,730 CMA Global Hedge Total liabilities 58,085,668 Minority interest 15 ------------------ Net assets acquired 8,390,228 ================== On 15 May 2007, the Group acquired 60% of the share capital of ICSD Ventures Sdn Bhd. The acquired business has not recorded any revenue but contributed a loss before tax of US$105,563 to the Group for the period from 15 May 2007 to 30 June 2007. If the acquisition had occurred on 1 January 2007, Ireka would have added approximately US$1.10 million to Group income and approximately US$0.07 million to profit before tax for the period. The assets and liabilities arising on acquisitions during the period have been provisionally determined for the purposes of this announcement. Details of net assets acquired and goodwill are as follows: Purchase consideration: US$ - cash paid 6,018,057 - share consideration 14,326,166 ----------------- Total purchase consideration 20,344,223 Fair value of net assets acquired 1,642,635 ----------------- Goodwill 18,701,588 ================= The assets and liabilities arising from the acquisition are as follows: Provisional Fair Value and Acquiree's Carrying Amount US$ Property, plant and equipment 140,198 Land held for property development 5,885,930 Inventories 2,167,598 Property development costs 7,126,291 Trade and other receivables 1,992,427 Cash and bank balances 382,157 ----------------- Total assets 17,694,601 Hire purchase liabilities 70,669 Bank term loans 5,862,481 Long term loans 0 Deferred tax liabilities 6,745 Trade and other payables 3,715,697 Bank overdraft and borrowings 5,176,548 Tax liabilities 124,721 ----------------- Total liabilities 14,956,861 Minority interest 1,095,105 ----------------- Net assets acquired 1,642,635 ================= On 31 May 2007, the Group acquired 90.91% of the share capital of Amatir Resources Sdn Bhd. The acquired business has not recorded any revenue but contributed a loss before tax of US$25,740 to the Group for the period from 31 May 2007 to 30 June 2007. If the acquisition had occurred on 1 January 2007, Ireka would have added approximately US$0.12 million to profit before tax for the period. The assets and liabilities arising on acquisitions during the period have been provisionally determined for the purposes of this announcement. Details of net assets acquired and goodwill are as follows: Purchase consideration: US$ - cash paid 27,342,084 - share consideration 39,086,377 ----------------- Total purchase consideration 66,428,461 Fair value of net assets acquired 255,629 ----------------- Goodwill 66,172,832 ================= The assets and liabilities arising from the acquisition are as follows: Provisional Fair Value and Acquiree's Carrying Amount US$ Property development costs 14,523,080 Trade and other receivables 1,279,034 Cash and bank balances 290,496 ----------------- Total assets 16,092,610 Bank term loans 7,474,714 Long term loans 2,014,195 Deferred tax liabilities 0 Trade and other payables 2,758,460 Bank overdraft and borrowings 2,903,227 ----------------- Total liabilities 15,150,596 Minority interest 686,385 ----------------- Net assets acquired 255,629 ================= 6 Dividends The Company has not paid or declared any dividends during the financial period ended 30 June 2007. 7 Post balance sheet events On 13 August 2007, the Company entered into an agreement to purchase a plot of development land in the Mont Kiara, Kuala Lumpur, for a total cash consideration of approximately US$3.13 million. On 16 August 2007, the Company acquired an indirect 40 per cent interest in a plot of land in Kuala Lumpur Sentral, Kuala Lumpur, for a total consideration of approximately US$29 million. On 28 August 2007, ASPL announced it has entered into agreements to purchase three contiguous plots of sea-front development land of approximately 79.55 acres in Kota Kinabalu, Sabah, Malaysia for a total cash consideration of US$11.67 million. 8 Consolidated changes of changes in equity US$ At 22 September 2006 - Issue of share capital - ----------------- At 31 December 2006 - Issue of share capital 240,690,484 Minority interest arising on business combinations 1,781,490 Exchange translation differences (184,175) Net profit for the period 1,324,424 ----------------- At 30 June 2007 243,612,223 ================= 9 Interim statement Copies of this interim statement are available on the Company's website www.aseanaproperties.com or from the Company's registered office at Walker House, PO Box 72, 28-34 Hill Street, St. Helier, Jersey, JE4 8PN. This information is provided by RNS The company news service from the London Stock Exchange

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