RECRUIT<08073> - Results Announcement
Recruit Holdings Limited announced on 12/08/2005:
(stock code: 08073 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
Important Note:
This result announcement form only contain extracted information
from and should be read in conjunction with the detailed results
announcement of the issuer, which can be view on the GEM website
at http://www.hkgem.com
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 30/06/2005 to 30/06/2004
Note ('000 ) ('000 )
Turnover 3 : 86,013 44,149
Profit/(Loss) from Operations 4 : 14,748 11,351
Finance cost : 18 0
Share of Profit/(Loss) of
Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : 19,310 11,323
% Change over Last Period : +71 %
EPS/(LPS)-Basic (in dollars) 5 : 0.0708 0.0580
-Diluted (in dollars) 5 : 0.0701 0.0577
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : 19,310 11,323
2nd Quarter Dividend : N/A N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
2nd Quarter Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
For and on behalf of
Recruit Holdings Limited
Name : Ho Suk Yi
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:
Notes:
1. Basis of preparation
The unaudited interim financial statements have been prepared
in accordance with the applicable disclosure requirements of
Chapter 18 of the Rules Governing the Listing of Securities
on the Growth Enterprise Market of the Stock Exchange of Hong
Kong Limited ("the GEM Listing Rules") and with Hong Kong
Accounting Standard 34 (HKAS 34) Interim Financial Reporting.
The accounting policies used in the condensed financial
statements are consistent with those followed in the
preparation of the Group's annual financial statements for
the year ended 31st December 2004 except those mentioned in
note 2 below.
2. Changes in accounting policies
In the current period, the Group has applied, for the first
time, a number of new Hong Kong Financial Reporting Standards
("HKFRSs"), Hong Kong Accounting Standards ("HKASs") and
Interpretations (hereinafter collectively referred to as "new
HKFRSs") issued by the Hong Kong Institute of Certified Public
Accountants that are effective for accounting periods beginning
on or after 1st January 2005. The adoption of the new HKFRSs
has resulted in changes to the Group's accounting policies in
the following areas that have an effect on how the results for
the current or prior accounting periods are prepared and
presented.
The adoption of HKFRS 2 Share-based Payments requires all share
options granted to employees or other parties to be recognized
in the financial statements. The fair value of the share options
at grant date will be amortized over the relevant vesting
periods to the income statement. HKFRS 2 has been applied
retrospectively for share options granted to employees after
7th November 2002 and not vested at 1st January 2005. Following
the adoption of this accounting policy, the amount of employee
share-based expenses of approximately HK$209,000 and
approximately HK$142,000 were charged to the income statements
for the period ended 30th June 2005 and 30th June 2004
respectively. Employee share-based expense of approximately
HK$466,000 was recognised in the income statement for the year
ended 31st December 2004 as prior year adjustment.
In accordance with the provisions of HKFRS 3 Business Combination,
the carrying amount of negative goodwill that arose from a
business combination for which the agreement date was before 1st
January 2005 shall be derecognized by way of a corresponding
adjustment to the opening balance of accumulated losses as at 1st
January 2005. HKFRS 3 has been applied retrospectively.
Accordingly, the carrying amount of negative goodwill of
HK$13,440,000 was credited to the accumulated losses at 1st
January 2004 and 2005.
The reconciliations of equity and profit /loss for comparative
periods reported under previous HKGAAP to those reported under new
HKFRSs are set out in the consolidated statement of changes in
equity.
3. Turnover
Six months ended
30th June
2005 2004
HK$'000 HK$'000
Advertising income 67,487 43,999
Printing income 18,518 -
Publication sales 3 -
Service income 5 150
-------------------------
86,013 44,149
=========================
4. Profit from operations
Profit from operations has been arrived at after charging
(crediting):
Six months ended
30th June
2005 2004
HK$'000 HK$'000
Depreciation 1,578 720
Staff costs 13,346 7,686
Operating leases rental
in respect of
Rented premises 1,187 606
Internet access line 42 49
Interest income (37) (37)
Rental income (620) -
Gain on disposal of listed
securities (20) -
5. Earnings per share
The calculation of the basic and diluted earnings
per share is based on the following data:
Six months ended
30th June
2005 2004
HK$'000 HK$'000
(Restated)
Earnings for
the purposes
of basic and
diluted earnings
per share
for the period 19,310 11,323
===========================
Number of shares ('000)
Weighted average 272,944 195,308
number of ordinary
shares for the
purposes of basic
earnings per share
Effect of dilutive
potential ordinary
shares in respect of
share options granted 2,471 826
---------------------------
Weighted average
number of ordinary
shares for the
purposes of diluted
earnings
per share 275,415 196,134
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