PHOENIX TV<08002> - Results Announcement
Phoenix Satellite Television Holdings Limited announced on 14/03/2006:
(stock code: 08002 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: Unqualified
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
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/12/2005 to 31/12/2004
Note ('000 ) ('000 )
Turnover 2 : 1,034,768 959,660
Profit/(Loss) from Operations 3 : 205,797 156,057
Finance cost : 0 (3)
Share of Profit/(Loss) of
Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entities : (1,906) 0
Profit/(Loss) after Tax & MI : 181,482 150,494
% Change over Last Period : +20.6 %
EPS/(LPS)-Basic (in dollars) : 0.0367 0.0305
-Diluted (in dollars) : 0.0367 0.0304
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 181,482 150,494
Final Dividend : 0.012 0.01
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 16/06/2006 to 22/06/2006 bdi.
Payable Date : 30/06/2006
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
Phoenix Satellite Television Holdings Limited
Name : Yeung Ka Keung
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:
Remarks:
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The consolidated financial statements of Phoenix Satellite Television
Holdings Limited have been prepared in accordance with Hong Kong
Financial Reporting Standards issued by the Hong Kong Institute of
Certified Public Accountants and applicable disclosure requirements of
the Hong Kong Companies Ordinance and the Rules Governing the Listing
of Securities on the Growth Enterprise Market of The Stock Exchange of
Hong Kong Limited.
The consolidated financial statements have been prepared under the
historical cost convention, as modified by revaluation of financial
assets at fair value through profit or loss, which is carried at fair
value.
The preparation of financial statements in conformity with HKFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the Company's accounting policies. The areas involving a
higher degree of judgement or complexity, or areas where assumptions
and estimates are significant to the consolidated financial statements,
are disclosed in Note 4 to the financial statements.
In 2005, the Group adopted the new/revised Hong Kong Accounting
Standards, Hong Kong Financial Reporting Standards and interpretations
of HKAS (together "HKFRS"), which are relevant to its operations are
disclosed in Note 2(a) to the financial statements. The 2004
comparatives have been amended as required, in accordance with the
relevant requirements.
Except for those disclosed in Note 2(a) to the financial statements,
the adoption of the HKFRS did not result in substantial changes to the
Group's accounting policies, financial statement disclosures or
presentation as compared to that used in the preparation of the annual
financial statements as of and for the year ended 31 December 2004.
2. TURNOVER FROM CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS
01/01/2005 01/01/2004
to to
31/12/2005 31/12/2004 HK$'000 HK$'000
CONTINUING OPERATIONS 1,034,768 959,660
DISCONTINUED OPERATIONS 0 0
TOTAL 1,034,768 959,660
Prior to the fourth quarter of 2005, the Group reported its advertising
(broadcasting and magazines) revenue and the agency commission
expenses on a gross basis. Subsequent to third quarter of 2005, the
Group changed the presentation of its advertising revenue by
reporting the advertising (broadcasting and magazines) revenue net of
related agency commission expenses, as in the opinion of the Directors,
this presentation improves the comparability to similar companies in
the Group's industry and also provides more relevant information on the
revenue transactions. This change has no effect to the income
statement of the Group. As a result of this change which has been
retroactively applied, the revenue and operating expenses for the
current year and the comparative figures for 2004 have been reduced by
approximately HK$166,575,000 and HK$153,388,000 for the years ended 31
December 2005 and 2004, respectively.
3. PROFIT/(LOSS) FROM CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS
01/01/2005 01/01/2004
to to
31/12/2005 31/12/2004 HK$'000 HK$'000
CONTINUING OPERATIONS 205,797 156,057
DISCONTINUED OPERATIONS 0 0
TOTAL 206,797 156,057
4. EARNINGS PER SHARE
Basic
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted average
number of ordinary shares in issue during the year.
01/01/2005 01/01/2004
to to
31/12/2005 31/12/2004
Profit attributable to equity
holders of the Company (HK'000) 181,482 150,494
Weighted average number of
ordinary shares in issue
('000) 4,938,340 4,934,946
Basic earnings per share (HK cents) 3.67 3.05
Diluted
Diluted earnings per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion of
all dilutive potential ordinary shares. The Company has one category of
dilutive potential ordinary shares that is share options. Calculation
is done to determine the number of shares that could have been acquired
at fair value (determined as the average annual market share price of
the Company's shares) based on the monetary value of the subscription
rights attached to outstanding share options. The number of shares
calculated as above is compared with the number of shares that would
have been issued assuming the exercise of the share options.
01/01/2005 01/01/2004
to to
31/12/2005 31/12/2004
Profit attributable to equity
holders of the Company used to
determine diluted earnings per
share (HK'000) 181,482 150,494
Weighted average number of
ordinary shares in issue
('000) 4,938,340 4,934,946
Adjustment for share option
('000) 8,680 12,204
Weighted average number of
ordinary shares for diluted
earnings per share ('000) 4,947,020 4,947,150
Diluted earnings per share
(HK cents) 3.67 3.04
5. DIVIDEND
The Board has resolved to recommend a final dividend of HK$0.012 per
ordinary share for the year ended 31 December 2005 (2004: HK$0.01 per
ordinary share). Upon approval by the shareholders, the final dividend
will be paid on or about 30 June 2006 to shareholders whose names
appear on the register of members of the Company on 22 June 2006.
|