BEIJING YANHUA<0325> - Results Announcement
Beijing Yanhua Petrochemical Company Limited announced on 28/4/1999:
(stock code: 325)
Year end date: 31/12/1998
Currency: RMB
Last
Current Corresponding
Period Period
from 1/1/1998 from 1/1/1997
to 31/12/1998 to 31/12/1997
('000) ('000)
Turnover : 5,384,467 6,293,463
Profit-Continuing Operations
- Operating Profit/(Loss) : 232,154 1,107,552
- Exceptional Items : - -
- Discontinued Operations : - -
Total Operating Profit/(Loss) : 232,154 1,107,552
Share of Profit/(Loss) of
Associated Companies : - -
Profit/(Loss) after Tax & MI : 115,799 728,372
% Change over Last Period : -84.1%
EPS/(LPS)-Basic : RMB0.034 RMB0.252
-Diluted : - -
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 115,799 728,372
Final Dividend per H Share : RMB0.02 RMB0.061
(Specify if with other options) : - -
B/C Dates for Final Dividend : 29/5/1999 to 28/6/1999 bdi.
Payable Date : 12/7/1999
B/C Dates for Annual General Meeting : 29/5/1999 to 28/6/1999 bdi.
Other Distribution for Current Period : -
B/C Dates for Other Distribution : -
Remarks:
(1) As a result of the Company's adoption of International Accounting
Standard No.12 ("IAS 12") which became operative for financial statements
covering periods beginning on or after 1st January, 1998, the Company
recognised a deferred tax liability arising from the initial recognition
of assets and liabilities relating to the assets and liabilities
acquired from the parent company pursuant to the Restructuring on 23rd
April, 1997 undertaken in preparation of the listing of the H Shares of
the Company. The initial recognition of the fixed assets in the financial
statements of the Company was based on valuations performed by valuers.
The results of the valuation was an approximately RMB1,139,861,000 surplus
which are not deductible for tax purposes. According to IAS 12, the
deferred tax liability of RMB376,154,000 relating to this temporary
difference has been recognised with a corresponding adjustment to share
premium where the difference was originally reflected.
Moreover, IAS 12 requires deferred tax assets to be recognised to the
extent that it is probable that taxable profits will be available against
which the deferred tax assets can be utilised. Previously, the Company
adopted the provision of International Accounting Standards No.12 and not
all deferred tax assets had been recognised as the related benefits are
not expected to crystallise in the foreseeable future.
For more details, please refer to the press announcement today.
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