DGAP-News: Euro Asia Announces Audited Results for 2011
(firmenpresse) - DGAP-News: Euro Asia Premier Real Estate Company Ltd. / Key word(s):
Final Results
Euro Asia Announces Audited Results for 2011
02.08.2012 / 11:10
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Euro Asia Announces Audited Results for 2011
Weifang (People's Republic of China), 02 August 2012
Euro Asia Premier Real Estate Company Limited (ISIN: VGG3223A1057) today
published its full financial results for the financial year 2011 according
to IFRS.
Financial Highlights
- Total revenues for the 12 months period ending December 31, 2011
amounted to RMB¥291,980,000 (approx. EUR 37.37 million), of which RMB¥280 million (EUR 35.84 million) derived from the sales of properties
and the remainder of RMB¥12 million (EUR 1.54 million) was rental
income.
- Gross profit for the period under review was RMB¥105,086,137 (EUR
13.46 million).
- Sales and Operating expenses came in at RMB¥64,503,993 (EUR 8.26
million).
- Net profit for FY 2011 was RMB¥34,565,047 (EUR 4.43 million).
- Cash and cash equivalents as of December 31st 2011 stood at RMB¥35,680,885 (EUR 4.57 million).
- Net assets increased to RMB¥293,340,875 (EUR 37.56 million) from RMB¥258,775,828 (EUR 33.13 million) for December 31st 2010.
Operational Highlights
- Revenues were mainly derived from the sale of five assets.
- Focus on development rather than operation of projects.
- Significant progress on development of the Agricultural Machinery
Marketing Centre.
- Disposal of assets allowed for a significant increase in landbank from
463,436 sqm as of Dec. 31, 2010 to 561,770 sqm as of Dec. 31, 2011.
- The appraised value of land bank and investment properties as of
December 31, 2011 was RMB¥774,000,000 (EUR 99.09 million) after sale
turnover recognition of approximately RMB¥280 million (EUR 36 million)
in assets sales, as opposed to RMB¥903,000,000 in previous year (EUR
115.62 million).
Patrick Chan, CEO for Euro Asia, commented, 'The reason for the slight
delay of the release of our audited financial results for 2011 was a number
of restatements in the accounts for 2010 in relation to the Company's
adoption of the revised IFRSs for 2010. The main effect of the
restatements was a change in revenues recorded, as well as a change in net
assets for 2010. The details of this can be read in notes to the full
audited financial statements as published o the Company's website. We
believe that the changes in accounting will help to increase the
transparency of Euro Asia's operations.'
'The changes we made to the Company's structure in the past 18 months have
yielded us significant assets for development of new projects, a number of
which have been initiated and are progressing according to plan. The sale
of assets has generated substantial cash, which has allowed us to
accelerate the development of higher yielding projects. We are in a very
healthy position financially and are developing prime projects in a strong
demand driven property market. I can conclude that the developments we
have set in motion in 2010 and 2011 have allowed us to build very
substantial shareholder value, as can be seen from our very robust balance
sheet.'
The AGM will be held in Hong Kong on August 18, 2012 to approve the
financial statements as well as to approve the re-appointment of Mazar as
auditors for the year 2012. Shareholders are requested to attend the
meeting or send in their proxy. Full information can be obtained from the
Company's website listed below.
Detailed audited financials, including notes to the accounts, can be found
in the published audited financial statements for 2011 on the Euro Asia
website. This press release includes the audited P&L, Balance Sheet and
Statement of Cash Flows.
* Conversion rate: RMB¥1.00 = Euro 0.129
About Euro Asia?Euro Asia is a BVI registered company, active in demand driven development
of real estate projects in the Shandong area of the People's Republic of
China. The Company operates locally through its subsidiaries, jointly owned
with SNI, a leading local development company. By utilizing its strong
local network to banks, political decision makers, land owners and other
developers, the Company intends to grow its position in the Shandong
Province prior to moving into other regions.
For more information, please visit www.eu-asia.net
Contact:
Schwarz Financial Communication
Frank Schwarz
Tel: +49 611 1745 398 11
Schwarz(at)schwarzfinancial.com
Euro Asia Premier Real Estate Company Limited
Consolidated Statement of Comprehensive Income
Year ended 31 December 2011
15Euro Asia Premier Real Estate Company Limited
N- Year ended31 monthsended31
ote December2011 December
2010
RMB RMB
(Restated)
Turnover 4 291,980,000 23,749,900
Cost of development on properties
sold (10,000,000) -
Cost of investment properties sold 9 (91,118,063) -
Cost of prepaid land lease payments
sold 10 (85,775,800) -
Gross profit 105,086,137 23,749,900
Other income 5 435,703 288,151
105,521,840 24,038,051
Selling expenses 6 (42,052,037) (1,187,495)
Operating expenses 7 (22,451,956) (26,880,343)
Profit (Loss) before tax 41,017,847 (4,029,787)
8(
Income tax a) (6,452,800) (4,177,979)
Net profit (loss) and total
comprehensive income (loss) for the
year / period 34,565,047 (8,207,766)
Statement of Financial Position
At 31 December 2011
31 31 30Euro Asia Premier Real Estate Company Limited
December December September
2011 2010 2009
Note RMB¥RMB¥RMB¥(Restate
d) (Restated)
Non-current assets
Investments in
subsidiaries 11 8,545,475 8,545,475 8,545,475
Current assets
Accounts 265,944,2 235,015, 200,000,0
receivable 12 51 548 00
Cash and cash
equivalents 13 4,089,636 - 987,551
270,033,8 235,015, 200,987,5
87 548 51
Current
liabilities
(42,754,3 (2,354,2
Accounts payable 14 15) 24) (7,971)
227,279,5 232,661, 200,979,5
Net current assets 72 324 80
235,825,0 241,206, 209,525,0
NET ASSETS 47799 55
CAPITAL AND
RESERVES
245,688,3 245,688, 209,545,4
Issued capital 15 40 340 59
(9,863,29 (4,481,5
Reserves 16 3) 41) (20,404)
235,825,0 241,206, 209,525,0
TOTAL EQUITY 47 799 55
Consolidated Statement of Cash Flows
Year ended 31 December 2011
Year ended31 15End of Corporate News
December20 monthsended31
11 December2010
N
o
te RMB¥RMB¥(Restated)
OPERATING ACTIVITIES
Profit (Loss) before tax 41,017,847 (4,029,787)
Depreciation of investment
properties 9 3,260,062 6,291,875
Amortisation of prepaid land lease
payments 10 4,310,412 5,686,336
Sales of investment properties and (280,230,0
prepaid land lease payments 00) -
Cost of investment properties and
prepaid land lease payments sold 176,893,863 -
Cost of development on properties
sold 10,000,000 -
Working capital changes:
Decrease in accounts receivable 27,704,813 9,104,190
Decrease in deferred expenses - 142,979
Increase (Decrease) in accounts
payable 52,505,893 (54,120,892)
Cash generated from (used in)
operations 35,462,890 (36,925,299)
Income tax paid - -
Net cash from (used in) operating
activities 35,462,890 (36,925,299)
FINANCING ACTIVITIES
Issue of shares 15 - 36,142,881
Net cash from financing activities - 36,142,881
Net increase (decrease) in cash and
cash equivalents 35,462,890 (782,418)
Cash and cash equivalents at
beginning of the year / period 217,995 1,000,413
Cash and cash equivalents at end
of the year / period,represented
by bank balances and cash 13 35,680,885 217,995
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Language: English
Company: Euro Asia Premier Real Estate Company Ltd.
Nerine Chambers, P.O. Box 905
Road Town Tortola
Virgin Islands (British)
Internet: www.eu-asia.net
ISIN: VGG3223A1057
WKN: A0YGJM
Listed: Freiverkehr in Berlin, Düsseldorf, München, Stuttgart;
Open Market (Entry Standard) in Frankfurt
End of News DGAP News-Service
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180127 02.08.2012
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