Hong Kong, SAR Peoples’ Republic of China, 20 June, 2014
Euro Asia Premier Real Estate Company Limited (JT9, ISIN: VGG3223A1057, VGG3223A1131) today published its audited financial statements for the financial year 2013 according to IFRS.
- Total revenues for the 12 months period ending December 31, 2013 amounted to RMB¥ 150.0 million (approx. € 18.17 m), as compared to the same period in 2012 of RMB¥ 4.62 million (approx. € 559,482 )
- Gross profit for the period under review was RMB¥ 42.20 million (€ 5.11 m), as compared with 2012 gross profit of RMB¥ 900,000 (€ 108,990).
- Net profit for the year was RMB¥ 16.46 million (€ 1.99 m), as opposed to a net loss for FY 2012 of RMB¥ 14.92 million (€ 1.81 m).
- As of 31 December, 2013, the Company had net assets of RMB¥ 294.88 million (€ 35.71 m), as compared to RMB¥ 278.42 million (€ 33.72 m) as of 31 December, 2012.
Update of operations
In 2013, Euro Asia disposed all tangible properties and and completed its reorganization. The proceeds from sale amounted to RMB¥ 150 million (approx. € 18.17 m) and were used as part of the prepayment to acquire a 100% equity interest in Weihai Ming Ceung (WMC) and its interest in a property development in Weihai/Shandong. Total consideration for this investment is RMB¥ 400 million (€ 48 m). As published earlier this year, the completion of this agreement from June of 2013 commenced in January 2014.
Patrick Chan, CEO of Euro Asia, stated: “2013 was an important milestone in the development of Euro Asia. We have closed the chapter of the cooperation with our former joint venture partner SNI and shifted focus from Weifang City. Now we are ready to reach new height. We are looking forward to the future cooperation with new partners on a professional level. Euro Asia is in a healthy financial position and beside the Weihai project, we have the ability and intention to aggressively pursue other projects in the Shandong Province as well as other regions.”
WMC is to develop a mixed residential, commercial and retail complex of approx 163,397m² in Weihai, Shandong, a coastal resort city. The projected gross revenue for the project is approximately RMB¥ 1.7 billion (€ 206 m). The investment was presented to the shareholders at the annual general meeting in March 2014 and was unanimously passed.
The AGM to approve the 2013 financial statements is to be held on 27 June, 2014 at 10.00 am at the company’s office located at the 27th Floor of the Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong.
The details of the financials information, resolutions, supporting documentation and agenda of the AGM are posted on the Company’s website at www.eu-asia.net along with eligibility to attend meeting.
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Schwarz Financial Communication
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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. 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