SHANDONG MOLONG<08261> - Results Announcement (Final, 2005, Summary)
Shandong Molong Petroleum Machinery Company Limited announced on 19/03/2006:
(stock code: 08261 )
Year end date :31/12/2005
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 1/1/2005 from 1/1/2004
to 31/12/2005 to 31/12/2004
RMB'000 RMB'000
Turnover : 776,522 487,688
Profit/(Loss) from Operations : 118,963 70,148
Finance cost : (3,444) (4,572)
Share of Profit/(Loss) of Associates : N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : 85,227 61,366
% Change Over the Last Period : +38.88%
EPS / (LPS)
Basic (in dollar) : RMB 0.141 RMB 0.122
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 85,227 61,366
Final Dividends per Share : RMB 0.017 RMB 0.015
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends :12/04/2006 to 12/05/2006 bdi.
Payable Date : 14/07/2006
B/C Dates for Annual General Meeting :12/04/2006 to 12/05/2006 bdi.
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
Shandong Molong Petroleum Machinery Company Limited
Signature :
Name : Chan Wing Nang, Billy
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 preparation
The Company was incorporated as a joint stock company with
limited liability in the Peopleˇ¦s Republic of China (the "PRC")
on 30 December 2001 and its H shares were listed on the
GEM (the "Listing") on 15 April 2004. On 16 August 2004, the
Company became a Sino Foreign Invested Joint Stock Limited.
These financial statements have been prepared in accordance with
Hong Kong Financial Reporting Standards ("HKFRS") (which also
include Hong Kong Accounting Standards ("HKASs") and
Interpretations) issued by the Hong Kong Institute of Certified
Public Accountants, accounting principles generally accepted
in Hong Kong and the disclosure requirements of the Hong Kong
Companies Ordinance. They have been prepared under the
historical cost convention, except for the remeasurement of
certain equity investments.
2. Impact of new and revised Hong Kong Financial
Reporting Standards
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 12 Income Taxes
HKAS 14 Segment Reporting
HKAS 16 Property, Plant and Equipment
HKAS 17 Leases
HKAS 18 Revenue
HKAS 19 Employee Benefits
HKAS 20 Accounting for Government Grants and Disclosure of
Government Assistance
HKAS 21 The Effect of Changes in Foreign Exchange Rates
HKAS 23 Borrowing Costs
HKAS 24 Related Party Disclosures
HKAS 27 Consolidated and Separate Financial Statements
HKAS 32 Financial Instruments: Disclosure and Presentation
HKAS 33 Earnings per Share
HKAS 36 Impairment of Assets
HKAS 37 Provisions, Contingent Liabilities and Contingent Assets
HKAS 38 Intangible Assets
HKAS 39 Financial Instruments: Recognition and Measurement
HKAS 39 Transition and Initial Recognition of Financial Assets
and Financial Liabilities (Amendment)
HKAS 40 Investment Property
The adoption of HKASs 2, 7, 8, 10, 12, 14, 16, 18, 19, 20, 21, 23, 27,
32, 33, 36, 37, 38, 39 and 40 has had no material impact on the
accounting policies of the Group and the Company and the methods
of computation in the Group's and the Company's financial statements.
HKAS 1 has affected the presentation of minority interests on the
face of the consolidated balance sheet, consolidated income
statement, consolidated statement of changes in equity and other
disclosures.
HKAS 24 has expanded the definition of related parties and affected
the Group's related party disclosures.
HKAS 17 - Leases
In prior years, leasehold land and buildings held for own use were
stated at cost less accumulated depreciation and
any impairment losses.
Upon the adoption of HKAS 17, the Group's leashold interest in
land and buildings is separated into leasehold land and leasehold
buildings. The Group's leasehold land is classified as operating
lease, because the title of the land is not expected to pass to
the Group by the end of the lease term, and is reclassified
from property, plant and equipment to prepaid lease payments,
while leasehold buildings continue to be classified as part
of property, plant and equipment. Prepaid land premiums for
lease payments under operating leases are initially stated
at cost and subsequently amortised on the straight line
basis over the lease term. When the lease payments cannot be
allocated reliably between the land and buildings elements, the
entire lease payments are included in the cost of the land and
buildings as a finance lease in property, plant and equipment.
This change in policy has no effect on the consolidated income
statement and retained profits. The comparative amounts in the
consilodated balance sheet for the year ended 31 December 2004
have been restated to reflect the reclassification of the
leasehold land.
3. Summary of the impact of changes in accounting policies
Effect on the consolidated balance sheet:
At 1 January 2005 HKSA17
Effect of new policies Prepaid land
(Increase/(decrease)) lease payments
BMB'000
Assets
Property, plant and equipment (9,128)
Prepaid land lease payments 8,872
Prepayments, deposits and other receivables 256
At 1 December 2005 HKSA17
Effect of new policies Prepaid land
(Increase/(decrease)) lease payments
BMB'000
Assets
Property, plant and equipment (20,690)
Prepaid land lease payments 20,201
Prepayments, deposits and other receivables 489
4. Earnings per share
The calculation of the basic earnings per share is based on
the net profit for the year attributable to ordinary equity
holders of the parent of RMB85,227,000
(2004: RMB61,366,000), and the weighted average
number of ordinary shares in issue during the year
which is 604,798,000 (2004: 501,261,934),
as adjusted to reflect the issue of shares during the year.
No diluted earnings per share amounts have been presented for
the year as no diluting events existed during the year.
|