KINGDEE INT'L<08133> - Results Announcement (Q1, 2005, Summary)
Kingdee International Software Group Company Limited announced on 12/05/2005:
(stock code: 08133 )
Year end date :31/12/2005
Currency :RMB
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
RMB'000 RMB'000
Turnover : 106,244 89,095
Profit/(Loss) from Operations : 10,997 6,830
Finance cost : (361) (13)
Share of Profit/(Loss) of Associates : (252) (1,050)
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : 9,937 5,913
% Change Over the Last Period : +68.05%
EPS / (LPS)
Basic (in dollar) : RMB 0.02242 RMB 0.01339
Diluted (in dollar) : RMB 0.02235 RMB 0.01313
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 9,937 5,913
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
Kingdee International Software Group Company Limited
Signature :
Name : LUO MING XING
Title : Executive Director & SeniorVice President
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 presenation
(a) Basis of preparation
All significant intercompany balances and transactions, including
intercompany profit, are eliminated on consolidation. The financial
statements are prepared using uniform accounting policies for like
transactions and other events in similar circumstances.
The consolidated results have been prepared in accordance with
International Financial Reporting Standards ("IFRSs") issued by the
International Accounting Standards Board.
In 2005, the Group adopted the revised IAS and new IFRSs (collectively
"new IFRSs") below, which are relevant to its operations and effective
for the accounting periods beginning on or after 1st January 2005.
The 2004 accounts are amended as required, in accordance with the
relevant requirements.
IAS 1 (revised 2003) Presentation of Financial Statements
IAS 2 (revised 2003) Inventories
IAS 8 (revised 2003) Accounting Policies, Changes in Accounting
Estimates and Errors
IAS 10 (revised 2003) Events after the Balance Sheet Date
IAS 16 (revised 2003) Property, Plant and Equipment
IAS 17 (revised 2003) Leases
IAS 21 (revised 2003) The Effects of Changes in Foreign Exchange Rates
IAS 24 (revised 2003) Related Party Disclosures
IAS 27 (revised 2003) Consolidated and Separate Financial Statements
IAS 28 (revised 2003) Investments in Associates
IAS 32 (revised 2003) Financial Instruments: Disclosure and Presentation
IAS 33 (revised 2003) Earnings per Share
IAS 39 (revised 2003) Financial Instruments: Recognition and Measurement
IAS 40 (revised 2003) Investment Property
IFRS 2 (issued 2004) Share-based Payments
IFRS 4 (issued 2004) Insurance Contracts
IFRS 5 (issued 2004) Non-current Assets held for sale and discontinued
operations
The adoption of IAS 1, 2, 8, 10, 16, 17, 21, 24, 27, 28, 32, 33, 39
and 40 (all revised 2003) and IFRS 4 and 5 did not result in substantial
changes to the Groupˇ¦s accounting policies. In summary:
- IAS 1 has affected the presentation of minority interest and other
disclosures.
- IAS 2, 8, 10, 16, 27, 28, 32, 33, 39 and 40, and IFRS 4 and 5 had
no effect on the Groupˇ¦s policies except for additional disclosures
required under these new IFRSs.
- IAS 17 has affected the reclassification of land element in
buildings.
- IAS 21 had no effect on the Groupˇ¦s policy. The functional currency
of each of the consolidated entities has been re-evaluated based on
the guidance to the revised standard.
- IAS 24 has affected the identification of related parties and some
other related-party disclosures.
The adoption of IFRS 2 has resulted in a change in the accounting
policy for share-based payments. Under IFRS 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
income statement. This treatment results in a reduction in profit as
such items have not been recognised as expenses before 1st January
2005. Under the specific transitional provisions of IFRS 2, this
treatment applies to equity-settled share-based payment transactions
where shares, share options or other equity instruments were granted
after 7 November 2002 and had not yet vested on 1 January 2005 and to
liabilities arising from share-based payment transactions existing on
1 January 2005.
The adoption of IFRS 2 resulted in:
As at 31 December
'2004
Increase in share premium RMB3,237,000
Decrease in retained earnings RMB3,237,000
Three months ended 31 March
2005 2004
Increase in general and
administrative expenses RMB971,000 RMB186,000
Decrease in basic earnings per share RMB0.22 cents RMB0.04 cents
Decrease in diluted earnings per share RMB0.22 cents RMB0.04 cents
(b) Comparative figures
In addition to the effect on the adoption of IFRS 2, the following
comparative figures are restated:
-Tax and levies on main operation of RMB877,000 was reclassified from
a deductible item of turnover to cost of sales;
-Expenditures arising from sales activities of RMB 13,273,000
was reclassified from general and administrative expenses to selling
expenses;
-Service cost of RMB 1,419,000 was reclassified from selling expenses
to cost of sales.
2. Turnover
Turnover comprises the following:
ˇ@ ˇ@ˇ@ Three months ended 31 March
2005 2004
As restated
(Remark 1(b))
Unaudited Unaudited
RMB'000 RMB'000
Sales of software 83,571 71,834
Sales of computer and related productsˇ@ 1,413 34
Software solution consulting and support services 11,017 10,462
Software implementation services 10,243 6,765
Total 106,244 89,095
3. Earnings per share for profit attributable to the equity holders
of the Company
The calculation of basic and diluted earnings per share are based on
the Group's profit attributable to equity holders of the Company of
Rmb9,937,000 for the three months ended 31st March 2005 (for the three
months ended 31st March 2004:Rmb5,913,000).
The basic earnings per share is based on the weighted average of
443,260,000 (for the three months ended 31st March 2004: 441,716,000)
ordinary shares in issue during the reporting period. The diluted
earnings per share is based on 444,675,000 (for the three months ended
31st March 2004: 450,268,000) ordinary shares which is the weighted
average number of ordinary shares in issue during the reporting period
plus the weighted average of 1,415,000 (for the three months ended
31st March 2004: 8,552,000) ordinary shares deemed to be issued at no
consideration if all outstanding options had been exercised.
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