CHINA RES CMENT<00712> - Results Announcement (Summary)
China Resources Cement Holdings Limited announced on 18/03/2004:
(stock code: 00712 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited )
Current
Period
from 13/3/2003
to 31/12/2003
Note ('000 )
Turnover : 543,729
Profit/(Loss) from Operations : 47,549
Finance cost : (10,024)
Share of Profit/(Loss) of
Associates : (3,423)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A
Profit/(Loss) after Tax & MI : 23,553
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.114
-Diluted (in dollars) : 0.114
Extraordinary (ETD) Gain/(Loss) : N/A
Profit/(Loss) after ETD Items : 23,553
Final Dividend : NIL
per Share
(Specify if with other : N/A
options)
B/C Dates for
Final 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
Revision) of the Cayman Islands. Pursuant to a reorganisation scheme (the
"Group Reorganisation") and the acquisition of Flavour Glory Limited,
Clear Bright Investments Limited, Full Sincere Limited and Goodsales
Investments Limited (the "Acquisitions") to form a group structure (the
"Then Group Structure") of the Company and the companies under the Group
Reorganisation and Acquisitions (the "Enlarged Group"), the Enlarged Group
was formed immediately after the completion of Group Reorganisation and
the Acquisitions and the Company became the holding company of the
Enlarged Group on 22 July 2003.
The results of the Group are accounted for under acquisition accounting
method.
The Company's shares were first listed on the Stock Exchange on 29 July
2003.
(2) PRINCIPAL ACCOUNTING POLICIES AND CHANGES
The financial statements have been prepared under the historical cost
convention. The principal accounting policies are consistent with those
disclosed in the Accountants' Report of the Group, as set out in the
prospectus of the Company dated 26 June 2003 (the "Prospectus"), except
for the adoption of SSAP12 (Revised) "Income Taxes" ("SSAP 12 (Revised)")
issued by the Hong Kong Society of Accountants.
(3) PROFIT FROM OPERATIONS
Current Period from 13/3/2003
to 31/12/2003
HK$'000
Profit from operations is arrived at after charging:
Depreciation and amortization 38,841
===============
(4) EARNINGS PER SHARE
The calculation of basic and diluted earnings per share is based on the
data:
Current Period from 13/3/2003
to 31/12/2003
HK$'000
Earnings
Profit attributable to shareholders for the
purpose of calculating basic
and diluted earnings per share 23,553
===============
Number of shares '000
Weighted average number of ordinary shares
for the purpose of calculating basic
earnings per share 206,805
Effect on dilutive potential ordinary shares on share options 305
----------------
Weighted average number of ordinary shares for the
purpose of calculating diluted earnings per share 207,110
================
(5) ADDITIONAL FINANCIAL INFORMATION - PRO FORMA COMBINED FINANCIAL
INFORMATION
In order for the pro forma combined financial statements to be comparable
with the financial information contained in the Prospectus, the pro forma
combined profit and loss account included the results of the companies
comprising the Enlarged Group and have been prepared as if the Then Group
Structure (as of 22 July 2003 immediately after the completion of the
Group Reorganisation and the Acquisition) had been in existence throughout
the two years ended 31 December 2003, or since their respective dates of
incorporation or establishment, where this is a short period. Subsidiaries
acquired after 22 July 2003 are accounted for under acquisition
accounting.
Had the Company been required to present its pro forma combined financial
information in this Results Announcement, the relevant financial
information, which are included for information purpose only, would be as
follows:
Pro Forma Combined Pro Forma Combined
Current Period Last Corresponding
from 1/1/2003 Period from
to 31/12/2003 1/1/2002 to
31/12/2002
------------------- ------------------
HK$'000 HK$'000
Turnover : 1,070,189 899,450
Profit / (Loss) from Operations : 92,735 123,034
Finance cost : (17,688) (29,081)
Share of Profit / (Loss) of Associates :
(4,308) 3,962
Share of Profit / (Loss) of Jointly
Controlled Entities : - -
Profit / (Loss) after Taxation & MI : 49,272 72,772
% Change over Last Period : (32.3)%
EPS / (LPS) - Basic (in Dollars) : HK$0.136 HK$0.201
- Diluted (in Dollars) :
HK$0.136 N/A
Extraordinary ("ETD") Gain / (Loss) : - -
Profit / (Loss) after ETD Items : 49,272 72,772
(a) PRINCIPAL ACCOUNTING POLICIES AND CHANGES
The financial statements have been prepared under the historical cost
convention. The basis of preparation and the principal accounting policies
are consistent with those followed in the preparation of the Pro Forma
Combined Financial Information Of The Enlarged Group for each of the three
years ended 31 December 2002, as set out in the Prospectus, except for the
adoption, for the first time, of SSAP12 (Revised). The principal effect of
the implementation of SSAP12 (Revised) is in relation to deferred tax. In
the absence of any specific transitional requirements in SSAP12 (Revised),
the new accounting policy has been applied retrospectively. Comparative
amounts have been restated accordingly.
(b) PROFIT FROM OPERATIONS
Pro Forma Combined
Year ended 31 December
2003 2002
HK$'000 HK$'000
Profit from operations is arrived at
after charging:
Depreciation and amortization 75,269 70,381
======= ========
(c) EARNINGS PER SHARE
The calculation of basic and diluted earnings per share is based on the
data:
Pro Forma Combined
Year ended 31 December
2003 2002
HK$'000 HK$'000
Earnings
Net profit for the purpose of calculating
basic and diluted earnings per share 49,272 72,772
-------- -------
Number of shares '000 '000
Weighted average number of ordinary
shares for the purpose of calculating
basic earnings per share (Note) 362,807 362,807
Effect on dilutive potential ordinary
shares on share options 245 -
-------- -------
Weighted average number of ordinary
shares for the purpose of calculating
diluted earnings per share 363,052 362,807
======== =======
Note: It was calculated on the assumption that 362,807,461 shares were
in issue throughout the year as if the Group Reorganisation and the
Acquisition had been completed on 1 January 2002.
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