HGC HOLDINGS<00757> - Results Announcement (Summary)
Hutchison Global Communications Holdings Limited announced on 16/8/2004 :
(stock code: 757)
Year end date: 31/12/2004
Currency: Hong Kong Dollars
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited) (Audited)
(Unaudited) Last Last
Current Corresponding Corresponding
Period Period Period
from 1/1/2004 from 1/1/2003 from 1/4/2003
to 30/6/2004 to 30/6/2003 to 30/9/2003
('Million) ('Million) ('Million )
Turnover : 1,238 754 421
Profit/(Loss) from Operations : 90 84 (36)
Finance cost : (39) (48) (8)
Share of Profit/(Loss) of
Associates : Nil Nil Nil
Share of Profit/(Loss) of
Jointly Controlled Entities : Nil Nil Nil
Profit/(Loss) after Tax & MI : 49 36 (56)
% Change over Last Period : 35%
EPS/(LPS)-Basic (in dollars) : 0.008 0.0074 (0.0939)
-Diluted (in dollars) : 0.008 N/A N/A
Extraordinary (ETD) Gain/(Loss): Nil Nil Nil
Profit/(Loss) after ETD Items : 49 36 (56)
Interim Dividend per Share : Nil Nil Nil
(Specify if with other options): N/A N/A N/A
B/C Dates for Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for
Current Period : N/A
B/C Dates for Other
Distribution : N/A
Remarks:
1(a) Basis of Preparation of Interim Accounts
The interim accounts have been prepared based on the reverse acquisition
method following the stipulations of SSAP 30 and IFRS 3 in accounting for
the transaction whereby the businesses of Vanda Group, HGC Group and
PowerCom Group were combined as from 12 March 2004. This is in contrast
to note 35(c) to the 2003 Annual Report of Vanda Group wherein it was
anticipated that the acquisition method of accounting would be adopted.
Subsequent to the 2003 Annual Report and afterconsultation with
professional accounting advisers, it was decided that the reverse
acquisition method was required to be used in accordance with current
accounting standards. The reverse acquisition method deems HGC Group to be
the effective acquirer of Vanda Group and PowerCom Group using the
purchase method of accounting. Under this method, the identifiable assets
and liabilities of Vanda Group and PowerCom Group were assessed at their
fair value at 12 March 2004. The deemed consideration for the purchase of
Vanda Group and PowerCom Group were taken to be the same as the fair value
of the net assets of Vanda Group and PowerCom Group. Accordingly, no
goodwill has arisen in accounting for the business combination.
In accordance with IFRS 3, the 2004 interim results include
the six months' results of HGC Group consolidated with the results of
Vanda Group and PowerCom Group from the date of acquisition of 12 March
2004. The 2003 comparative amounts reflect the position of the HGC Group
and do not include the results of Vanda Group nor PowerCom Group.
1(b) Additional Information
Additional information of Vanda Group from the last interim report for the
period April 2003 to September 2003 is also provided. However, this is
not comparable to the basis of preparation of interim accounts as set out
in Note 1(a) above.
2. Earnings per share
Under the reverse acquisition method, the 4,875,000,000 ordinary shares
issued by the Company to acquire HGC Group are deemed to be in issue on
1 January 2003 for the purpose of computing earnings per share.
The calculation of the basic earnings per share is based on the
Group's profit attributable to shareholders for the six months ended 30
June 2004 of HK$48,631,000 and the deemed weighted average of
6,111,060,602 ordinary shares in issue during the six months ended 30 June
2004.
The calculation of diluted earnings per share is based on the
Group's profit attributable to shareholders for the six months ended 30
June 2004 of HK$48,631,000 and 6,112,913,006 ordinary shares, being the
deemed weighted average number of shares outstanding during the period,
adjusted for the effects of dilutive potential weighted average of
1,852,404 ordinary shares assumed to have been issued at no consideration
on deemed exercise of all options outstanding during the period.
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