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Y. T. REALTY GROUP LIMITED(Incorporated in Bermuda with limited liability)
(Stock Code: 75) 2 0 1 5 Annual Results AnnouncementThe board of directors of Y. T. Realty Group Limited (the "Company") is pleased to announce the consolidated results of the Company and its subsidiaries (the "Group") for the year ended 31 December 2015. The results have been reviewed by the audit committee of the Company.
CONSOLIDATED STATEMENT OF PROFIT OR LOSSYear ended 31 December 2015
Notes | 2015 HK$'000 | 2014 HK$'000 | |
REVENUE | 2, 3 | 218,691 | 211,826 |
Direct outgoings | (5,302) | (6,992) | |
213,389 | 204,834 | ||
Other income and other net losses | 1,608 | 2,827 | |
Administrative expenses | (49,453) | (46,158) | |
Finance costs | (2,795) | (3,064) | |
Changes in fair value of investment properties | 137,135 | 152,811 | |
Share of results of an associate | 258,200 | 196,715 | |
Share of results of a joint venture | 4,238 | - | |
PROFIT BEFORE TAX | 4 | 562,322 | 507,965 |
Income tax expense | 5 | (27,970) | (25,712) |
PROFIT FOR THE YEAR ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY | 534,352 | 482,253 |
COMPANY | |||
Basic and diluted | 7 | HK66.8 cents | HK60.3 cents |
Per share information: - Dividend per share | - | HK3.5 cents |
- Net asset value per share | HK$8.27 | HK$7.55 |
Year ended 31 December 2015
2015 HK$'000 | 2014 HK$'000 | |
PROFIT FOR THE YEAR | 534,352 | 482,253 |
OTHER COMPREHENSIVE INCOME/(LOSS) | ||
Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods: Changes in fair value of other investments | 150 | (70) |
Share of other comprehensive income of an associate | 75,505 | 9,232 |
Share of other comprehensive loss of a joint venture | (4,573) | - |
OTHER COMPREHENSIVE INCOME FOR THE YEAR | 71,082 | 9,162 |
31 December 2015
Notes | 2015 HK$'000 | 2014 HK$'000 | |
NON-CURRENT ASSETS Property, plant and equipment | 1,342 | 691 | |
Investment properties | 4,099,900 | 3,959,200 | |
Investment in an associate | 2,236,514 | 1,954,043 | |
Investment in a joint venture | 119,665 | - | |
Other investments | 1,777 | 1,627 | |
Total non-current assets | 6,459,198 | 5,915,561 | |
CURRENT ASSETS Trade receivables | 8 | 605 | 766 |
Other receivables, deposits and prepayments | 6,998 | 6,767 | |
Cash and cash equivalents | 417,138 | 380,717 | |
Total current assets | 424,741 | 388,250 | |
CURRENT LIABILITIES Trade payables | 9 | 735 | 601 |
Other payables and accrued expenses | 100,368 | 83,241 | |
Bank loans, secured | 81,600 | 20,000 | |
Tax payable | 827 | 864 | |
Total current liabilities | 183,530 | 104,706 | |
NET CURRENT ASSETS | 241,211 | 283,544 | |
TOTAL ASSETS LESS CURRENT LIABILITIES | 6,700,409 | 6,199,105 | |
NON-CURRENT LIABILITIES Bank loans, secured | - | 81,600 | |
Deferred tax liabilities | 84,390 | 78,935 | |
Total non-current liabilities | 84,390 | 160,535 | |
Net assets | 6,616,019 | 6,038,570 | |
EQUITY Equity attributable to equity holders of the Company Issued share capital | 79,956 | 79,956 | |
Reserves | 6,536,063 | 5,958,614 | |
Total equity | 6,616,019 | 6,038,570 |
Notes:
1 Basis of preparation and accounting policiesThese financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") (which include all Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ("HKASs") and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants, accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance. They have been prepared under the historical cost convention, except for investment properties and other investments, which have been measured at fair value.
The Group has adopted the following revised standards for the first time for the current year's financial statements.
Amendments to HKAS 19 Defined Benefit Plans: Employee Contributions Annual Improvements to HKFRSs 2010-2012 Cycle
Annual Improvements to HKFRSs 2011-2013 Cycle
The adoption of the above revised standards has had no significant financial effect on these financial statements.
In addition, the Company has adopted the amendments to the Main Board Listing Rules issued by The Stock Exchange of Hong Kong Limited relating to the disclosure of financial information with reference to the Hong Kong Companies Ordinance (Cap. 622) during the current financial year. The main impact to the financial statements is on the presentation and disclosure of certain information in the financial statements.
The Group has not early applied any new and revised HKFRSs, that have been issued but are not yet effective, in these financial statements. However, the Group is in the process of making an assessment of the impact of the new and revised HKFRSs upon initial application, certain of which may be relevant to the Group's operation and may result in changes in the Group's accounting policies, and changes in presentation and measurement of certain items of the Group's financial information.