MEDIANATION<08160> - Results Announcement (Q1, 2005, Summary)
MediaNation Inc. announced on 09/05/2005:
(stock code: 08160 )
Year end date :31/12/2005
Currency :HKD
Auditors' report :N/A
1st Quarterly Report Reviewed by :Audit Committee
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
(Unaudited) (Unaudited)
Current Last Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/03/2005 to 31/03/2004
$'000 $'000
Turnover : 74,113 86,336
Profit/(Loss) from Operations : (22,214) (11,412)
Finance cost : 0 (10)
Share of Profit/(Loss) of Associates : 7,889 5,942
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (16,788) (7,237)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0093) (HKD 0.004)
Diluted (in dollar) : (HKD 0.0093) N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (16,788) (7,237)
1st Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st Quarter 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
MediaNation Inc.
Signature :
Name : Cheng Ka Chung, Michael
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 financial statements have been prepared in accordance with
accounting principles generally accepted in Hong Kong and
comply with accounting standards issued by the Hong Kong
Institute of Certified Public Accountants ("HKICPA") and the
disclosure requirements set out in Chapter 18 of the GEM
Listing Rules. They have been prepared under the historical
cost convention.
The HKICPA has issued a number of new and revised Hong Kong
Financial Reporting Standards and Hong Kong Accounting Standards
("New HKFRSs") which are effective for accounting periods
beginning on or after 1st January 2005. The Group has
adopted the New HKFRSs in the preparation of accounts for the
period from 1st January 2005 onward, and the applicable HKFRSs
are set out below:
HKAS 1 Presentation of Financial Statements
HKAS 2 Inventories
HKAS 7 Cash Flow Statements
HKAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors
HKAS 10 Events After the Balance Sheet Date
HKAS 16 Property, Plant and Equipment
HKAS 17 Leases
HKAS 21 The Effects of Changes in Foreign Exchange Rates
HKAS 23 Borrowing Costs
HKAS 24 Related Party Disclosures
HKAS 27 Consolidated and Separate Financial Statements
HKAS 28 Investments in Associates
HKAS 31 Investments in Joint Ventures
HKAS 32 Financial Instruments: Disclosure and Presentation
HKAS 33 Earnings per share
HKAS 36 Impairment of Assets
HKAS 38 Intangible Assets
HKAS 39 Financial Instruments: Recognition and Measurement
HKFRS 2 Share-based Payment
HKFRS 3 Business Combinations
HKAS Int 15 Operating Lease - Incentives
HKFRS-Int 1 Changes in Existing Decommissioning,
Restoration and Similar Liabilities
Except for the adoption of HKFRS 2 and HKFRS 3, the adoption of
New HKFRSs did not result in substantial changes to the Group's
accounting policies.
Under HKFRS 2 "Share-based payment", the Group is required to
determine the fair value of all share-based payments to
employees as remuneration and recognise an expense in the
profit and loss account. This treatment results in a reduction
in profit as such items have not been recognised as expenses
under the previous accounting policy. Under the specific
transitional provisions of HKFRS 2, this treatment applies
to equity-settled share-based payment transactions where
shares, share options or other equity instruments were
granted after 7th November 2002 and had not yet vested on
1st January 2005 and to liabilities arising from share-based
payment transactions existing on 1st January 2005.
Under HKFRS 3 "Business Combinations", goodwill is no longer
amortised but instead will be subject to rigorous annual
impairment testing. This has resulted in a change to the
Group's accounting policy under which goodwill is amortised
over the shorter of 20 years or the tenure of the investments
and assessed for an indication of impairment at each balance
sheet date. Under the new policy, amortisation is no longer
charged, but goodwill is tested annually for impairment, as
well as when there are indications of impairment. According to
HKFRS 3, this new HKFRS is applied prospectively.
Based on the Group's latest assessment, had the new HKFRSs
(except for those new standards for which retrospective
application was not required) been adopted from 1st January
2004 onwards, there will be no material impact to the Group's
shareholders' equity as at 31st December 2004 and the Group's
net profit attributable to shareholders for the year then ended
would decrease by approximately HK$574,000. The Group¡¦s net
profit attributable to shareholders for the three months ended
31st March 2004 would decrease by HK$143,000.
Certain comparative figures have been reclassified to conform
with the current period's presentation.
The financial statements are unaudited, but have been reviewed
by the audit committee of the Company.
2. Loss per share
(a) Basic loss per share
The calculation of basic loss per share for the three months
ended 31st March 2005 is based on the Group's net loss
attributable to shareholders of approximately HK$16,788,000
(three months ended 31st March 2004: approximately
HK$7,237,000), divided by the weighted average number of
1,803,488,985 ordinary shares outstanding during the period
(three months ended 31st March 2004: 1,803,488,985
ordinary shares).
(b) Diluted loss per share
Diluted loss per share for the three months ended 31st March
2005 is based on 1,803,488,985 ordinary shares which was the
number of ordinary shares outstanding during the period plus
the weighted average number of 857,699 ordinary shares deemed
to be issued at average fair value if all outstanding options
had been exercised during the period. No diluted loss per share
for the three months ended 31st March 2004 is presented because
the effect of the assumed conversion of all potential dilutive
ordinary shares is anti-dilutive.
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