CHINA RES CMENT<00712> - Results Announcement (Summary)
China Resources Cement Holdings Limited announced on 10/9/2003:
(stock code: 00712 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited ) (Unaudited )
Proforma Proforma
Last
Current Corresponding
Period Period
from 1/1/2003 from 1/1/2002
to 30/6/2003 to 30/6/2002
Note ('000 ) ('000 )
Turnover : 460,663 464,852
Profit/(Loss) from Operations : 35,503 78,678
Finance cost : (5,779) (15,475)
Share of Profit/(Loss) of
Associates : 504 1,805
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 21,574 45,585
% Change over Last Period : -52.7 %
EPS/(LPS)-Basic (in dollars) : 0.059 0.126
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 21,574 45,585
Interim Dividend : Nil N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim 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
Remarks:
(1) GROUP REORGANISATION AND BASIS OF PREPARATION
The Company was incorporated as an exempted company with limited
liability in the Cayman Islands on 13 March 2003 under the Companies Law
(2002 Revisions) of the Cayman Islands. A reorganisation scheme (the
"Group Reorganisation") was implemented to rationalise the structure of
the group (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") on 29 July 2003. The Company became the holding company
of the Group formed after the completion of the Group Reorganisation on 15
July 2003.
The pro forma Group comprising the Company, Innovative Market
Limited and its subsidiaries and other acquired companies as mentioned in
the prospectus issued by the Company dated 26 June 2003 (the
"Prospectus"), is regarded, for the purpose of this pro forma condensed
combined financial information, as a continuing entity. Accordingly, the
pro forma condensed combined financial information of the pro forma Group
has been prepared on the basis as if the Company had always been the
holding company of the pro forma Group throughout the reporting period
since 1 January 2002 and are included for information purpose only. The
pro forma condensed combined profit and loss account has been prepared as
if the current group structure had been in existence throughout the six
months ended 30th June 2002 and 2003, or since their respective dates of
incorporation or establishment, where this is a shorter period.
(2) PRINCIPAL ACCOUNTING POLICIES
The pro forma condensed financial information have been prepared under the
historical cost convention and are consistent with those followed in the
preparation of the accountants' report of the pro forma Group for the year
ended 31 December 2002, as set up in the Prospectus, except the change in
accounting policy for adoption of SSAP12 (Revised) "Income Taxes" ("SSAP
12 (Revised)") which became effective for accounting periods commencing on
or after 1 January 2003.
The adoption of SSAP12 (Revised) has been applied retrospectively and
result in a decrease in the net assets of the pro forma Group by
HK$23,831,000 at 1 January 2002 and HK$29,298,000 at 1 January 2003
respectively. The adoption of SSAP 12 (Revised) has also resulted in the
decrease of profit of the pro forma Group amounted to HK$5,129,000 for the
six month period ended 30 June 2002 and HK$343,000 for the period ended 30
June 2003.
(3) PROFIT BEFORE TAXATION
Six months ended 30 June
2003 2002
HK$'000 HK$'000
Profit before taxation is arrived at after charging:
Interests on bank and other borrowings 10,117 15,475
Less: Amounts capitalized
(4,338) -
_______ ________
5,779 15,475
Depreciation and amortization 33,243 33,874
======= =======
(4) EARNINGS PER SHARE
The calculation of basic earnings per share for each of the two interim
periods ended 30 June 2003 is based on the pro forma combined profit
attributable to shareholders of the pro forma Group for each of the two
interim periods ended 30 June 2003 and on the assumption of a total of
362,807,461 shares in issue throughout the period which is equal to the
number of shares issued immediately after the distribution of 208,052,461
shares and the issue of 154,755,000 shares for the acquisition of the
acquired companies.
No diluted earnings per share is presented as the Company did not have any
dilutive potential shares.
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