The board of directors (the "Board" or "Directors") of China Development Bank International Investment Limited (the "Company") announces the audited consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2014 (the "Year"). The audited consolidated results for the Year have been reviewed by the audit committee and audited by the auditor of the Company.
For the Year, the Group recorded a profit of approximately Hong Kong dollars ("HK$") 48.56 million (31 December 2013: approximately HK$18.18 million) which is primarily attributable to the increase in Group's investment income, change in fair value of financial investments and reduce in general and administrative expenses during the Year.
The investment income for the Year increased 90.51% from the last year to approximately HK$52.73 million (31 December 2013: approximately HK$27.68 million), primarily due to the interest income from the convertible notes, convertible bond as well as loan and warrant instrument.
For both the years ended 31 December 2013 and 2014, 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 non-current assets (other than financial instruments) are located in People's Republic of China (the "PRC") and Hong Kong.
The interest income was approximately HK$1.90 million, representing a decrease of 53.72% as compared to approximately HK$4.11 million last year.
The loss in fair value of financial assets held for trading amounts to approximately HK$14.58 million (31 December 2013: gain in fair value of HK$28.79 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 of Hong Kong Limited (the "Stock Exchange"), change in fair value of unlisted warrant instrument and related put rights of Jinqiao Investments Limited ("Jinqiao") and unlisted warrant of Yingde Gases Group Company Limited ("Yingde Gases").
The gain in fair value of investments designated at fair value through profit or loss amounts to approximately HK$25.47 million (31 December 2013: loss in fair value of HK$8.34 million) was recorded in the Year, which were attributable to the 6,383 preferred shares of JinkoSolar Power Engineering Group Limited ("JinkoSolar Power"), the senior, secured and guaranteed convertible notes in North Sea Rigs Holdings Limited ("NSR Holdings") and loan of Jinqiao.
The general and administrative expenses of the Group for the Year were approximately HK$20.20 million (31 December 2013: approximately HK$38.61 million). It is mainly resulted from the decrease in legal and professional fees on transactions.
