The board of directors of China Development Bank International Investment Limited announces the audited consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2013 (the "Year").
For the Year, the Group recorded a profit of approximately HK$18.18 million (31 December 2012: loss of approximately HK$8.67 million) which is primarily attributable to the substantial increase in Group's investment income during the Year.
The investment income for the Year increased 2,616.31% from the last year to approximately HK$27.68 million (31 December 2012: approximately HK$1.02 million), primarily due to the coupon interests from the convertible notes, convertible bond as well as loan and warrant instrument during the Year.
For both the years ended 31 December 2013 and 2012, the Group's investment income was all derived in Hong Kong, based on the physical location of the underlying assets that generate the revenue. The Group's noncurrent assets (other than financial instruments) are located in the PRC and Hong Kong.
The interest income was approximately HK$4.11 million, representing an increase of 715.77% as compared to approximately HK$0.50 million last year.
The gain in fair value of financial assets held for trading amounts to approximately HK$28.79 million (31 December 2012: HK$11.41 million) was recorded in the Year, which was attributable to the change in fair value of equity securities of companies listed on the Stock Exchange, warrants instrument in Shudong Investments Limited ("Shudong"), the exercise of embedded option of investment in acquiring 12% equity interest of Capital Aihua (Tianjin) Municipal & Environmental Engineering Co., Ltd. ("Capital Aihua"), unlisted warrant instrument and related put rights of Jinqiao Investments Limited ("Jinqiao") and unlisted warrant of Yingde Gases Group Company Limited ("Yingde Gases").
The loss in fair value of investments designated at fair value through profit or loss amounts to approximately HK$8.34 million (31 December 2012: nil) was recorded in the Year, which were attributable to the change in fair value of senior, secured and guaranteed convertible notes in North Sea Rigs Holdings Limited ("NSR Holdings"), convertible bonds of Yingde Gases and loan of Jinqiao.
The general and administrative expenses of the Group for the Year were approximately HK$38.61 million (31 December 2012: approximately HK$22.59 million). It is resulted from the increment in legal and professional fees on transactions as well as the staff costs.
The Group's net asset value increased from approximately HK$1,049.46 million as at 31 December 2012 to approximately HK$1,064.32 million as at 31 December 2013, with earnings per share of HK0.63 cents (31 December 2012: loss per share of HK0.35 cents).