ZIJIN MINING<02899> - Results Announcement (Summary)
Fujian Zijin Mining Industry Co., Ltd. announced on 03/04/2004:
(stock code: 02899 )
Year end date: 31/12/2003
Currency: RMB
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 1/1/2003 from 1/1/2002
to 31/12/2003 to 31/12/2002
Note ('000 ) ('000 )
Turnover : 1,050,529 592,654
Profit/(Loss) from Operations : 433,662 220,736
Finance cost : (17,129) (15,805)
Share of Profit/(Loss) of
Associates : 2,018 1,100
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 313,906 138,283
% Change over Last Period : +127 %
EPS/(LPS)-Basic (in dollars) : 0.33 0.15
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 313,906 138,283
Final Dividend : RMB 0.15 N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 27/4/2004 to 27/5/2004 bdi.
Payable Date : 25/6/2004
B/C Dates for Annual
General Meeting : 27/4/2004 to 27/5/2004 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Turnover represents the net invoiced value of goods sold, net of trade
discounts and returns.
An analysis of turnover, other revenue and gains is as follows:
2003 2002
RMB'000 RMB'000
Turnover:
Sales of gold bullions 1,009,979 584,232
Sales of gold concentrates 11,972 -
Sales of iron concentrates 14,360 4,138
Sales of copper concentrates 5,820 -
Sales of copper cathodes 14,896 8,929
Others 524 -
Less: Sales taxes and levies ( 7,022) (4,645)
_______________ ________
1,050,529 592,654
_________ ________
_________ ________
2. The Group's profit from operating activities is arrived at after
charging/(crediting):
2003 2002
RMB'000 RMB'000
Depreciation 89,313 64,627
Amortisation of land use rights 305 147
Amortisation of long term deferred assets
3,500 2,641
Amortisation of intangible assets 3,112 2,761
Research and development expenditures 9,309 5,044
Minimum lease payments under operating leases on
362 355
land and buildings
Auditors' remuneration 856 400
Staff costs (including directors', supervisors' and
senior executives' emoluments)
Salaries and other staff costs
53,818 26,169
Retirement benefits - defined contribution
fund 3,742 3,608
_______ _______
57,560 29,777
_______ _______
Provision for/(write-back of) inventory obsolescence
( 143) 59
Provision for bad and doubtful trade receivables
179 8
Provision for/(write-back of) bad and doubtful
1,095 ( 1,512)
other receivables
Provision for restoration, rehabilitation and
environmental costs 14,414 -
Write back of loss on guaranteed bank loans
- ( 14)
Loss on disposal of fixed assets 2,613 4,105
Donations 5,885 4,609
Amortisation of goodwill 1,613 -
Loss on disposal of 2% equity interest in a subsidiary
164 -
Write-back of impairment of fixed assets
( 149) -
_______ _______
_______ _______
3. The calculation of earnings per share is based on the Group's net
profit attributable to shareholders of RMB313,906,000 (2002:
RMB138,283,000) and the weighted average number of 958,197,838 ordinary
shares (2002: 950,000,000 ordinary shares) in issue during the year, as if
sub-division of the Company's shares from one Domestic Share of nominal
value of RMB1.00 each to ten Domestic Shares of RMB0.1 each had been taken
place on 1 January 2002.
Diluted earnings per share amount for the year ended 31 December 2003 and
2002 have not been disclosed as there were no potential dilutive ordinary
shares outstanding during the years.
4. The directors proposed a final dividend of RMB0.15 per ordinary share,
which is calculated based on the net profit from ordinary activities
attributable to shareholders of RMB313,906,000 and the total number of
ordinary shares in issue of 1,314,131,000 as at 31 December 2003. For the
year ended 31 December 2002, the dividend per share is calculated based on
the aggregate dividend of RMB95,000,000 and the total Domestic Shares of
95,000,000 before the sub-division as noted in Remark 3 above.
For more details, please refer to the press announcement today.
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