GREENCOOL TECH<08056> - Results Announcement (Final, 2004, Summary)
GREENCOOL TECHNOLOGY HOLDINGS LIMITED announced on 23/3/2005:
(stock code: 08056 )
Year end date :31/12/2004
Currency :RMB
Auditors' report :Unqualified
Important Note :
This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com
(*Audited) (*Audited)
Current Last Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 31/12/004 to 31/12/2003
RMB'000 RMB'000
Turnover : 184,845 106,834
Profit/(Loss) from Operations : 10,591 10,550
Finance cost : (3,572) (2,517)
Share of Profit/(Loss) of Associates : - -
Share of Profit/(Loss) of Jointly
Controlled Entites : - -
Profit/(Loss) after Taxation & MI : 16,621 8,624
% Change Over the Last Period : +92.73%
EPS / (LPS)
Basic (in dollar) : RMB 0.017 RMB 0.009
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 16,621 8,624
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
GREENCOOL TECHNOLOGY HOLDINGS LIMITED
Signature :
Name : MOK HENRY WING KAI
Title : COMPANY SECRETARY
Responsibility statement
The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading.The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard to
the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.
Remarks:
(1) Basis of presentation
The principal accounting policies adopted in preparing the
audited consolidated results conform with International Financial
Reporting Standards ("IFRS"). In the current year, the Group has
adopted, for the first time, the accounting treatment of IFRS 3
"Business combinations" to business combinations for which the
agreement date is on or after 31 March 2004 and has also
adopted, for the first time, International Accounting Standard
("IAS") 36 (Revised)"Impairment of assets" and IAS 38 (Revised)
"Intangible assests" for goodwill and intangible assets
acquired through business combinations for which the agreement
date is on or after 31 March 2004. For business combinations
which the agreement date was before 31 March 2004, goodwill
arising on those acquisitions is accounted for in accordance
with IAS 22 "Business Combinations". Goodwill represents the
excess of the cost of the acquisition over the Group's interest
in the fair value of identifiable assets and liabilities of a
subsidiary at the date of acquisition and is stated at cost
less accumulated amortisation and accumulated impairment losses.
IFRS 3 required goodwill arising from acquisitions to be
determined as the excess of the cost of acquisition over the
Group's interest in the net fair value of the identifiable
assets, liablities and contingent liabilities on the date of
acquisition and is measured after initial recognition of cost
less accumulated impairment losses. Under IFRS 3, goodwill is
not amortised and instead must be tested for impairment annually,
or more frequently if events or changes in circumstances indicate
that it might be impaired.
If the acquirer's interest in the fair values of the assets,
liabilities and contingent liabilities exceed the cost of
acquisition (discount on acquisition), the acquirer should reassess
the fair values determined, and the measurement of the cost of
acquisition. Having reassessed this information any excess
remaining is recognised immediately in profit or loss for the
period.
The adoption of IFRS3, IAS 36 (Revised) and IAS 38 (Revised) have
had no material effect on prior accounting period. Accordingly,
no prior period adjustment has been made.
(2) Turnover
Turnover represents net amount received and receivable for goods
sold and services rendered during the year. An analysis of the
Group's turnover is as follows:
2004 2003
RMB'000 RMB'000
Conversion engineering income 96,067 86,445
Sales of refrigeration trucks and parts 66,531 -
Sales of chlorofluorocarbon ("CFC") 17,220 18,282
free refrigerants
Agency entering fees 5,027 2,107
----------- ---------
184,845 106,834
=========== =========
Turnover from continuing operations and discontinued operations
For the twelve months ended 31 December
2004 2003
RMB'000 RMB'000
Continuing Operations 184,845 106,834
Discontinued Operations 0 0
---------- ---------
184,845 106,834
=========== =========
(3) Profit from continuing operations and discontinued operations
For the twelve months ended 31 December
2004 2003
RMB'000 RMB'000
Continuing Operations 10,591 10,550
Discontinued Operations 0 0
---------- ---------
10,591 10,550
=========== =========
(4) Taxation
2004 2003
RMB'000 RMB'000
PRC enterprise Income Tax charge (credit)
- Current year 5,918 3,863
- Overprovision in prior years - (4,454)
---------- ---------
5,918 (591)
Deferred tax credit (658) -
---------- ---------
5,260 (591)
=========== =========
Pursuant to the relevant income tax laws of the PRC applicable to
enterprises with foregin investment and foreign enterprises, the
Group's PRC subsidiaries with foreign investment are subject to
PRC Enterprise Income Tax at rates ranging from 7.5% to 15%
(2003: 7.5% to 15%). Certain of the Group'S PRC subsidiaries are
foreign investment enterprises of a production nature established
in the PRC. Accordingly, these subsidiaries are entitled to tax
exemption for the first two years of profitable operations and 50%
tax reduction in the following three years of operations. In
addition, one of the Group's PRC subsidiaries is a foreign
investment enterprise of production nature and is located in New
and High Technology Development Zone in the PRC. Accordingly,
this subsidiary is entitled to tax exemption for the first three
years of operations and 50% tax reduction in the following three
years of operations.
The income tax rate for one of the Group's PRC subsidiaries is 33%.
No provision for Hong Kong Profits Tax has been made in the
financial statements as the Group's income neither arises in
nor is derived from Hong Kong.
(4) Earnings per share
The calculation of the basic earnings per share is based on the net
profit for the year of RMB16,621,000 (2003: RMB8,624,000) and on
1,000,000,000 shares (2003: 1,000,000,000 shares) outstanding
during the year.
No diluted earnings per share have been presented as there were no
dilutive potential ordinary shares in issue in both years.
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