FIRST MOBILE<08110> - Results Announcement
First Mobile Group Holdings Limited announced on 21/03/2006:
(stock code: 08110 )
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 : 6,718,420 6,183,131
Profit/(Loss) from Operations : 81,123 124,348
Finance cost : (45,368) (32,796)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 8,498 58,568
% Change over Last Period : -85.5 %
EPS/(LPS)-Basic (in dollars) : 0.004 0.030
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 8,498 58,568
Final Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final 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
First Mobile Group Holdings Limited
Name : Dyland Mah
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 and changes in accounting policies
The principal accounting policies applied in the
preparation of these consolidated accounts are set out
below. These policies have been consistently applied to
all the years presented, unless otherwise stated.
(a) Basis of preparation
The consolidated accounts have been prepared
in accordance with Hong Kong Financial Reporting
Standards ("HKFRs"). The consolidated accounts
have been prepared under the historical cost
convention, as modified by the revaluation of
financial assets at fair value through profit or
loss, derivative financial instruments and
available-for-sale financial asset, which are
carried at fair value.
(b) Changes in accounting policies
In 2005, the Group adopted the new/revised standards
and interpretation of HKFRSs below, which are relevant
to its operations. The 2004 comparatives have been
restated or re-classified as required, in accordance
with the relevant requirements.
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 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 32 Financial Instruments: Disclosures 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
Amendment Financial Assets and Financial
Liabilities
HKAS Int 15 Operating Leases - Incentives
HKFRS 2 Share-based Payments
HKFRS 3 Business Combinations
HKFRS 4 Insurance Contracts
The adoption of new/revised HKASs 1, 2, 7, 8, 10,
12, 14, 16, 18, 19, 21, 23, 24, 27, 33, 37, HKAS Int 15,
and HKFRSs 2 and 4 did not result in substantial
changes to the Group's accounting policies. In summary:
- HKAS 1 has affected the presentation of minority
interests and other disclosures.
- HKASs 2, 7, 8, 10, 12, 14, 16, 18, 19, 23, 27, 33,
37, HKAS Int 15 and HKFRSs 2 and 4 had no
material effect on the Group's policies.
- HKAS 21 had no material effect on the Group's
policy. The functional currency of each of the
consolidated entities has been re-evaluated based
on the guidance to the revised standard.
- HKAS 24 has affected the identification of related
parties and some other related-party disclosures.
(i) HKAS 17 Leases
The adoption of HKAS 17 has resulted in a change
in accounting policy relating to leasehold land.
Leasehold land was previously included in
leasehold properties which were stated at fair
value. In accordance with the provisions of
HKAS 17, leasehold properties are split into a
lease of land and a lease of building in
proportion to the relative fair values of
the interests in the land element and the
building element of the lease at the inception
of the lease. The lease premium for leasehold
land is stated at cost and amortised over
the period of the lease. HKAS 17 has been
applied retrospectively.
Building portion of freehold and leasehold
properties was previously stated at fair value.
Following the adoption of HKAS 17 where
leasehold land is subject to amortisation, the
accounting policy on building is changed and
buildings are now stated at cost less
accumulated depreciation and impairment. This
change in accounting policy has been applied
retrospectively.
(ii) HKFRS 3 Business Combinations; HKAS 36
Impairment of Assets and HKAS 38 Intangible
Assets
The adoption has resulted in a change in
accounting policy for goodwill. Goodwill was
previously amortised on a straight-line
basis over a period not exceeding 20 years,
and assessed for impairment at each balance
sheet date.
Under HKFRS 3, goodwill is no longer amortised.
Instead, it is tested for impairment annually,
or more frequently, if events or changes in
circumstances indicate a possible impairment.
Any excess of fair value of assets and
liabilities acquired over cost is recognised
immediately as income under HKFRS 3. However,
HKFRS 3 requires, if an entity previously
recognised goodwill as a deduction from equity,
it shall not recognise that goodwill in profit
and loss account when it disposes of all or part
of the business to which that goodwill relates
or when a cash-generating unit to which the
goodwill relates becomes impaired. There is no
transitional arrangement for goodwill which has
previously been eliminated against reserves as
a matter of accounting policy.
HKFRS 3 is applied prospectively from
1st January, 2005. Under the transitional
provision of HKFRS 3, the Group has to cease
amortisation of goodwill from 1st January, 2005,
and the negative goodwill previously recognised
has to be derecognised as at 1st January, 2005,
with a corresponding adjustment to the
opening retained earnings.
(iii) HKAS 32 Financial Instruments: Disclosure and
Presentation and HKAS 39 Financial Instruments:
Recognition and Measurement
HKAS 32 and HKAS 39 establish principles for
disclosure, presentation, recognition and
measurement of financial instruments,
including non-derivative financial assets,
non-derivative financial liabilities and
derivative instruments for hedging activities.
Under HKAS 39, financial instruments are
carried at either amortised cost or fair value,
depending on their classification. Movements in
fair value are either charged to net profit or
loss or taken to equity in accordance with
the standard. In addition, all derivatives,
including those embedded in non-derivatives
host contracts are recognised in the balance
sheet at fair value.
2. Taxation
(i) Hong Kong profits tax has been provided at the rate of
17.5% (2004 : 17.5%) on the estimated assessable profits for
the year.
(ii) Taxation on overseas profits has been calculated on the
estimated assessable profits for the year at the
rates of taxation prevailing in the countries in
which the Group operates.
3. Earnings per share
Basic earnings per share for the year is calculated based
on the profit attributable to equity holders of the
Company of HK$8,498,000 (restated 2004 : HK$58,568,000)
and on the weighted average of 1,945,696,565
(2004 : 1,945,696,565) shares in issue during the
year.
The Company has no dilutive potential shares as at
31st December, 2005 (2004 : None).
4. Dividend
The Directors do not recommend the payment of
a final dividend for the year ended 31st December,
2005.
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