EURO-ASIA AGRIC<00932> - Results Announcement (Summary)
Euro-Asia Agricultural (Holdings) Company Limited announced on 6/9/2001:
(stock code: 932)
Please refer to the press announcement for the details of the audit
committee's review report on the interim financial statement, to be issued
by the Company on 7/9/2001.
Year end date: 31/12/2001 (Pro-forma)
Currency: RMB (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/1/2001 from 1/1/2000
to 30/6/2001 to 30/6/2000
('000) ('000)
Turnover : 507,119 334,061
Profit/(Loss) from Operations : 217,431 88,500
Finance cost : - -
Share of Profit/(Loss) of Associates : - -
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : 217,431 88,500
% Change over Last Period : +146%
EPS/(LPS)-Basic : 18.12 cents 7.38 cents
-Diluted : - -
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 217,431 88,500
Interim Dividend per Share : NIL N/A
(Specify if with other options) : - -
B/C Dates for Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. Background of the Company
The Company was incorporated and registered as an exempted company with
limited liability in Bermuda under the Companies Act 1981 of Bermuda (as
amended) on 6 April 2001. On 19 July 2001, the Company was listed on The
Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") by
the issue of 460,000,000 ordinary shares at an offer price of HK$1.48 per
share.
Pursuant to a reorganisation of the Group (the "Group Reorganisation"),
details of which has been set out in the Company's prospectus dated 9 July
2001 in preparation for the listing of the Company's shares on the Hong
Kong Stock Exchange, on 7 April 2001, 20 April 2001 and 22 June 2001, the
Company, in aggregate, issued 1,200,000,000 ordinary shares of HK$0.10
each to Wise Capital Investments Limited ("Wise Capital") credited as
fully paid in exchange of 100% equity interests of Success Honour Limited
("Success Honour") which is the holding company of Shenyang Euro-Asia
Agricultural Development Co., Ltd. ("SEAA"). Upon completion of the Group
Reorganisation, the Company has become the holding company of the Group,
Success Honour has become an intermediate holding company of SEAA, and
SEAA, with effect from 1 January 2001, has assumed and now carries on the
business of floricultural activities previously operated by the companies
wholly owned and controlled by Mr. Yang Bin, the president and controlling
shareholder of the Company. Also the Company has become a wholly owned
subsidiary of Wise Capital.
As Mr. Yang Bin controlled the floricultural business before and continues
to control after the Group Reorganisation, the Group Reorganisation has
been accounted for as a reorganisation of companies under common control
and on the basis of merger accounting.
2. Basis of preparation
The interim financial statements are prepared in accordance with Hong Kong
Statement of Standard Accounting Practice ("SSAP") No. 25, "Interim
financial reporting", issued by the Hong Kong Society of Accountants, as
applicable to condensed interim financial statements and Appendix 16 of
the Listing Rules.
Since the Group Reorganisation was among companies under common control,
and owned by the same shareholder, the transaction has been accounted for
on the basis of merger accounting in accordance with Statement of Standard
Accounting Practice No.27, "Accounting for group reconstructions".
In respect of the unaudited consolidated balance sheets of the Group, the
balance sheets as at 30 June 2001 and 31 December 2000 have been prepared
on the basis as if the Group Reorganisation had been completed on 31
December 2000 and the floricultural business had been conducted through
the current structure of the Group from 31 December 2000 and the current
structure of the Group had been in existence throughout the period from
that date.
In respect of the unaudited consolidated income statement of the Group for
the six months ended 30 June 2001, no comparative figures for the
corresponding period from 1 January 2000 to 30 June 2000 are required
since the Company had not yet been incorporated until 6 April 2001.
However, as additional information and for comparison purpose, the pro
forma consolidated income statement for the six months ended 30 June 2000
is also presented on the basis as if the floricultural business had been
conducted through the current structure of the Group from 1 January 2000
and the current structure of the Group had been in existence throughout
the period from that date.
3. Earnings per share
The calculation of the earnings per share is based on the net profit for
the period of RMB217,431,000 and 1,200,000,000 ordinary shares deemed to
be in issue throughout the period.
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