PHOENIX TV<08002> - Results Announcement Phoenix Satellite Television Holdings Limited announced on 08/11/2006: (stock code: 08002 ) Year end date: 31/12/2006 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 01/01/2006 from 01/01/2005 to 30/09/2006 to 30/09/2005 Note ('000 ) ('000 ) Turnover 2 : 757,623 762,001 Profit/(Loss) from Operations 3 : 147,119 156,241 Finance cost : (98) 0 Share of Profit/(Loss) of Associates : 0 0 Share of Profit/(Loss) of Jointly Controlled Entities : (1,162) (1,305) Profit/(Loss) after Tax & MI : 130,811 133,581 % Change over Last Period : -2.07 % EPS/(LPS)-Basic (in dollars) 4 : 0.0265 0.0271 -Diluted (in dollars) 4 : 0.0265 0.0270 Extraordinary (ETD) Gain/(Loss) : 0 0 Profit/(Loss) after ETD Items : 130,811 133,581 3rd Quarter Dividend : N/A N/A per Share (Specify if with other : N/A N/A options) B/C Dates for 3rd 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 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: 1. BASIS OF PREPARATION AND ACCOUNTING POLICIES The unaudited condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" 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 unaudited condensed consolidated financial statements should be read in conjunction with the Company's 2005 annual financial statements. The accounting policies and methods of computation used in the preparation of the unaudited condensed consolidated financial statements are consistent with those used in the Company's annual financial statements for the year ended 31 December 2005 except for the impact, if any, of new standards, amendments to standards and interpretations which are mandatory for the financial year ending 31 December 2006 as discussed below. The unaudited condensed consolidated financial statements have been prepared in accordance with those HKAS, Hong Kong Financial Reporting Standards and interpretations of HKAS issued and effective as at the time of preparing the financial statements. 2. TURNOVER FROM CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS 01/01/2006 01/01/2005 to to 30/09/2006 30/09/2005 HK$'000 HK$'000 CONTINUING OPERATIONS 757,623 762,001 DISCONTINUED OPERATIONS 0 0 TOTAL 757,623 762,001 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 that quarter 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 transaction. 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 period and the comparative figures of 2005 have been reduced by approximately HK$121,328,000 for the nine months ended 30 September 2005. 3. PROFIT/(LOSS) FROM CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS 01/01/2006 01/01/2005 to to 30/09/2006 30/09/2005 HK$'000 HK$'000 CONTINUING OPERATIONS 147,119 156,241 DISCONTINUED OPERATIONS 0 0 TOTAL 147,119 156,241 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 period. 01/01/2006 01/01/2005 to to 30/09/2006 30/09/2005 Profit attributable to equity holders of the Company (HK'000) 130,811 133,581 Weighted average number of ordinary shares in issue ('000) 4,939,599 4,938,231 Basic earnings per share (HK cents) 2.65 2.71 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 which is share options. A 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. 01/01/2006 01/01/2005 to to 30/09/2006 30/09/2005 Profit attributable to equity holders of the Company used to determine diluted earnings per share (HK'000) 130,811 133,581 Weighted average number of ordinary shares in issue ('000) 4,939,599 4,938,231 Adjustment for share option ('000) 5,914 11,907 Weighted average number of ordinary shares for diluted earnings per share ('000) 4,945,540 4,950,138 Diluted earnings per share (HK cents) 2.65 2.70 5. DIVIDEND The Directors do not recommend the payment of an interim dividend for the nine months ended 30 September 2006 (nine months ended 30 September 2005: nil). A 2005 final dividend of HK$0.012 (2004 final dividend: HK$0.01) per share, totaling HK$59,278,000 was paid in June 2006. |