Euro Asia Premier Real Estate Company Limited
Euro Asia Announces Audited Results for 2011
Euro Asia Premier Real Estate Company Ltd. / Key word(s): Final Results 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
For more information, please visit www.eu-asia.net Contact: Consolidated Statement of Comprehensive Income
Statement of Financial Position
Consolidated Statement of Cash Flows
End of Corporate News 02.08.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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 |
180127 02.08.2012 |