HARBIN BREWERY<00249> - Results Announcement
Harbin Brewery Group Limited announced on 15/04/2003:
(stock code: 00249 )
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2002 from 01/01/2001
to 31/12/2002 to 31/12/2001
Note ('000 ) ('000 )
Turnover : 1,118,642 836,704
Profit/(Loss) from Operations : 210,429 152,261
Finance cost : (50,596) (33,473)
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 : 108,769 81,435
% Change over Last Period : +33.57 %
EPS/(LPS)-Basic (in dollars) : 0.1379 0.1234
-Diluted (in dollars) : 0.1356 0.1232
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 108,769 81,435
Final Dividend : NIL N/A
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 Annual
General Meeting : 20/05/2003 to 22/05/2003bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. GROUP REORGANISATION
The Company was incorporated in the Cayman Islands as an exempted company
with limited liability under the Companies Law, Cap. 22 (Law 3 of 1961, as
consolidated and revised) on 23 February 2001. Pursuant to a
reorganisation scheme (the "Group Reorganisation") to rationalise the
structure of the Group in preparation for the listing of the Company's
shares on the Main Board of The Stock Exchange of Hong Kong Limited (the
"Stock Exchange"), the Company became the holding company of the companies
now comprising the Group on 26 June 2001. On 27 June 2002, the shares of
the Company were listed on the Stock Exchange.
2. BASIS OF PRESENTATION AND ACCOUNTING POLICIES
The consolidated financial statements include the financial statements of
the Company and its subsidiaries for the year ended 31 December 2002. The
results of subsidiaries acquired or disposed of during the year are
consolidated from or to their effective dates of acquisition or disposal,
respectively.
The consolidated financial statements in the prior year was prepared using
the merger basis of accounting as a result of the Group Reorganisation
completed on 26 June 2001. On this basis, the Company had been treated as
the holding company of its subsidiaries prior to the completion date of
the Group Reorganisation, rather than from the date of acquisition of the
subsidiaries on 26 June 2001. Accordingly, the consolidated results of
the Group for the year ended 31 December 2001 included the results of the
Company and its subsidiaries with effect from 1 January 2001 or since
their respective dates of incorporation/establishment, where this is a
shorter period, on the basis that the existing Group had been in place as
at January 2001. The results of the subsidiaries acquired by the Company
following the Group Reorganisation in the prior year were included in the
consolidated profit and loss account from their effective dates of
acquisition.
In the opinion of the directors, the consolidated financial statements
prepared on the above basis present more fairly the results of the Group
as a whole.
All significant intercompany transactions and balances within the Group
are eliminated on consolidation.
Minority interests represent the interests of outside shareholders in the
results and net assets of the Company's subsidiaries.
3. ANALYSIS OF TURNOVER AND PROFIT FROM OPERATIONS
The turnover and profit from operations of HK$1,118,642,000 and
HK$210,429,000 for the year ended 31 December 2002 respectively and
HK$836,704,000 and HK$152,261,000 for the last year respectively were all
generated from continuing operations.
4. EARNINGS PER SHARE
The calculation of basic earnings per share is based on the net profit
attributable to shareholders for the year of HK$108,769,000 and the
weighted average of 788,684,932 ordinary shares in issue during the year.
The comparative amount of the basic earnings per share was based on the
net profit attributable to shareholders for that year of HK$81,435,000 and
on the assumption that 660,000,000 ordinary shares were in issue and
issuable, comprising 1,000,000 shares in issue as at that date and
659,000,000 shares to be issued pursuant to the capitalisation issue.
The calculation of diluted earnings per share for the year ended 31
December 2002 is based on the net profit attributable to shareholders for
the year of HK$108,769,000 as adjusted for the interest on convertible
notes of HK$1,090,000. The weighted average number of ordinary shares
used in the calculation is the 788,684,932 ordinary shares in issue during
the year, as used in the basic earnings per share calculation; the
weighted average of 13,974,359 ordinary shares assumed to have been issued
on the full conversion of the convertible notes outstanding during the
year and the weighted average of 7,238,942 ordinary shares assumed to have
been issued at no consideration on the deemed exercise of all share
options during the year.
The calculation of diluted earnings per share for the year ended 31
December 2001 is based on the net profit attributable to shareholders for
the year of HK$81,435,000 as adjusted for the interest on convertible
notes of HK$182,000. The weighted average number of ordinary shares used
in the calculation is the 660,000,000 ordinary shares deemed to have been
in issue and issuable during that year, as used in the basic earnings per
share calculation, and the weighted average of 2,412,013 ordinary shares
assumed to have been issued on the full conversion of the convertible
notes outstanding during that year.
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