HARBIN BREWERY<00249> - Results Announcement
Harbin Brewery Group Limited announced on 28/08/2003:
(stock code: 00249 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2003 from 01/01/2002
to 30/06/2003 to 30/06/2002
Note ('000 ) ('000 )
Turnover : 658,186 548,153
Profit/(Loss) from Operations : 93,068 107,541
Finance cost : (26,841) (25,699)
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 : 45,763 53,220
% Change over Last Period : -14.01 %
EPS/(LPS)-Basic (in dollars) : 0.048 0.0799
-Diluted (in dollars) : 0.0467 0.0798
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 45,763 53,220
Interim Dividend : 1.40 cents NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 24/09/2003 to 26/09/2003bdi.
Payable Date : 08/10/2003
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES
These unaudited interim condensed consolidated financial statements have
been prepared in accordance with SSAP 25 "Interim Financial Reporting" and
Appendix 16 of the Rules Governing the Listing of Securities on the Stock
Exchange (the "Listing Rules")
The accounting policies and basis of presentation used in the
preparation of these interim financial statements are the same as those
used in the Group's audited financial statements for the year ended 31
December 2002, except the revised SSAP 12 "Income Taxes" has been adopted
for the first time in the preparation of the current period's condensed
consolidated financial statements.
SSAP 12 prescribes the basis for accounting for income taxes payable or
recoverable, arising from the taxable profit or loss for the current
period (current tax); and income taxes payable or recoverable in future
periods, principally arising from taxable and deductible temporary
differences and the carryforward of unused tax losses (deferred tax).
The principal impact of the revision of this SSAP on these financial
statements is that deferred tax assets and liabilities relating to the
differences between capital allowances for tax purposes and depreciation
for financial reporting purposes and other taxable and deductible
temporary differences are generally fully provided for, whereas previously
the deferred tax was recognised for timing differences only to the extent
that it was probable that the deferred tax asset or liability would
crystallise in the foreseeable future. In addition, a deferred tax
liability has been recognised on the revaluation of the Group's land and
buildings.
The change in accounting policy has been applied retrospectively. As a
result, the prior period adjustments with the retained profits as at 1
January 2002 and 1 January 2003 restated by an increase of HK$5,302,000
and HK$5,636,000, respectively. The comparative amount in respect of
deferred tax assets and deferred tax liabilities as at 31 December 2002
has also been restated by an increase of HK$10,840,000 and HK$3,735,000,
respectively. In addition, goodwill and fixed asset revaluation reserve as
at 1 January 2003 have been restated by a reduction of HK$5,813,000 and
HK$3,940,000, respectively.
2. ANALYSIS OF TURNOVER AND PROFIT FROM OPERATIONS
The turnover and profit from operations of HK$658,186,000 and
HK$93,068,000 for the six months ended 30 June 2003 respectively and
HK$548,153,000 and HK$107,541,000 for the corresponding period last year
respectively were all generated from continuing operations.
3. EARNINGS PER SHARE
The calculation of basic earnings per share is based on the unaudited net
profit attributable to shareholders for the period of HK$45,763,000 (2002:
HK$53,220,000) and the weighted average of 953,955,602 (2002: 666,077,348)
ordinary shares in issue during the period.
The calculation of diluted earnings per share for the six months
ended 30 June 2003 is based on the unaudited net profit attributable to
shareholders for the period of HK$45,763,000. The weighted average number
of ordinary shares used in the calculation is the 953,955,602 ordinary
shares in issue during the period, as used in the basic earnings per share
calculation and the weighted average of 25,785,971 ordinary shares assumed
to have been issued at no consideration on the deemed exercise of all
share options during the period.
The calculation of diluted earnings per share for the six months ended 30
June 2002 is based on the unaudited net profit attributable to
shareholders for the period of HK$53,220,000 as adjusted for the interest
on convertible notes of HK$12,000. The weighted average number of ordinary
shares used in the calculation is the 666,077,348 ordinary shares in issue
during the period, as used in the basic earnings per share calculation;
the weighted average of 311,236 ordinary shares assumed to have been
issued on the full conversion of the convertible notes outstanding during
the period and the weighted average of 932,093 ordinary shares assumed to
have been issued at no consideration on the deemed exercise of all share
options during the period.
4. COMPARATIVE FIGURES
As further explained in remark 1 above, due to the adoption of a revised
SSAP during the current period, the accounting treatment and presentation
of certain items and balances in the financial statements have been
revised to comply with the new requirements. Accordingly, certain prior
year adjustments have been made and certain comparative amounts have been
restated to conform with the current period's presentation.
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