HARBIN BREWERY<00249> - Results Announcement
Harbin Brewery Group Limited announced on 22/4/2004:
(stock code: 00249 )
Year end date: 31/12/2003
Currency: HKD
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 : 1,401,821 1,118,642
Profit/(Loss) from Operations : 189,549 210,667
Finance cost : (50,541) (50,596)
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 : 114,378 110,181
% Change over Last Period : +3.81 %
EPS/(LPS)-Basic (in dollars) : 0.1171 0.1397
-Diluted (in dollars) : 0.1141 0.1374
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 114,378 110,181
Final Dividend : 2.1 cents NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 23/6/2004 to 25/6/2004 bdi.
Payable Date : 16/7/2004
B/C Dates for Annual
General Meeting : 23/6/2004 to 25/6/2004 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES
These financial statements have been prepared in accordance with Hong Kong
Statements of Standard Accounting Practice, accounting principles
generally accepted in Hong Kong and the disclosure requirements of the
Hong Kong Companies Ordinance. They have been prepared under the
historical cost convention, except for the periodic remeasurement of
certain fixed assets.
The accounting policies and basis of presentation used in the
preparation of these financial statements are the same as those used in
the Group's audited financial statements for the year ended 31 December
2002, except the following new and revised SSAPs which are effective for
the first time for the current year's financial statements:
- SSAP 12 (Revised): "Income taxes"
- SSAP 35: "Accounting for government grants and disclosure of
government assistance"
These SSAPs prescribe new accounting measurement and disclosure practices.
The major effects on the Group's accounting policies and on the amounts
disclosed in these financial statements of adopting these SSAPs are
summarised as follows:
SSAP 12 prescribes the 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 form taxable and deductible temporary differences and
the carryforward or unused tax losses (deferred tax).
Further details of these changes and the prior year adjustments arising
from them are included in the accounting policy for deferred tax in note 3
and in note 28 to the financial statements.
The adoption of the revised SSAP 12 represents a change in accounting
policy, which has been applied retrospectively so that the comparatives
presented have been restated to conform to the changed policy. The profit
attributable to shareholders for the year ended 31 December 2002 has
therefore been restated from HK$108,769,000 to HK$110,181,000.
SSAP 35 prescribes the accounting for government grants and other forms of
government assistance.
The adoption of this SSAP has had no significant impact for these
financial statements on the amounts recorded for government grants,
however, additional disclosures are now required and are detailed in notes
3 and 6 to the financial statements.
2. ANALYSIS OF TURNOVER AND PROFIT FROM OPERATIONS
The turnover and profit from operations of HK$1,401,821,000 and
HK$189,549,000 for the year ended 31 December 2003 respectively and
HK$1,118,642,000 and HK$210,667,000 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 net profit
attributable to shareholders for the year of HK$114,378,000 (2002
(restated): HK$110,181,000), and the weighted average of 976,583,168
(2002: 788,684,932) ordinary shares in issue during the year.
The calculation of diluted earnings per share for the year ended
31 December 2003 is based on the net profit attributable to shareholders
for the year of HK$114,378,000 (2002 (restated): HK$110,181,000), as
adjusted for the interest on convertible notes of HK$24,000 (2002:
HK$1,090,000). The weighted average number of ordinary shares used in the
calculation is the 976,583,168 (2002: 788,684,932) ordinary shares in
issue during the year, as used in the basic earnings per share
calculation; the weighted average of 306,287 (2002: 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
25,709,852 (2002: 7,238,942) ordinary shares assumed to have been issued
at no consideration on the deemed exercise of all share options during the
year.
4. COMPARATIVE FIGURES
As further explained in remark 1 above, due to the adoption of certain new
and revised SSAPs during the current year, 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 reclassified to conform with the current year's
presentation.
|