Listed Company Information
 

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.