ZIJIN MINING<02899> - Results Announcement
Zijin Mining Group Co., Ltd. announced on 23/08/2004:
(stock code: 02899 )
Year end date: 31/12/2004
Currency: RMB
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Audited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 30/06/2004 to 30/06/2003
Note ('000 ) ('000 )
Turnover : 734,181 500,134
Profit/(Loss) from Operations : 343,751 231,010
Finance cost : (3,375) (8,816)
Share of Profit/(Loss) of
Associates : 3,196 514
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 241,664 154,117
% Change over Last Period : +56.81 %
EPS/(LPS)-Basic (in dollars) : 0.092 0.081
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 241,664 154,117
Interim Dividend : NIL N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim 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. Basis of preparation and accounting policies
The interim financial reports have been prepared in accordance with the
applicable disclosure requirements of Appendix 16 to the Rules Governing
the Listing of Securities on the Stock Exchange of Hong Kong Limited and
International Accounting Standard 34 "Interim Financial Reporting"
promulgated by the International Accounting Standards Committee.
They have been prepared in Renminbi under the historical cost basis. The
accounting policies adopted are consistent with those followed in the
preparation of the Group's annual financial statements for the year ended
31 December 2003.
2. Turnover represents the net invoiced value of goods sold, net of trade
discounts and returns.
An analysis of turnover is as follows:
For the six months
ended 30 June
2004 2003
RMB'000 RMB'000
(unaudited) (audited)
Turnover:
Sales of gold bullions 709,023 485,257
Sales of gold concentrates 12,048 4,327
Sales of iron concentrates 415 4,923
Sales of copper concentrates 9,398 1,872
Sales of copper cathodes 5,709 7,207
Others 1,659 -
Less: Sales taxes and levies (4,071) (3,452)
-------- ---------
734,181 500,134
======== =========
3. The Group's profit from operating activities is arrived at after
charging:
For the six months
ended 30 June
2004 2003
RMB'000 RMB'000
(Unaudited) (audited)
Depreciation 47,105 37,117
Amortisation of land use rights 218 117
Amortisation of long term deferred
assets 7,174 1,571
Amortisation of intangible assets 6,440 1,381
Research and development expenditures 6,996 1,411
Minimum lease payments under operating
leases on land and buildings - 178
Auditors' remuneration - 321
Staff costs (including directors',
supervisors' and senior executives'
emoluments)
Salaries and other staff costs 34,974 17,380
Retirement benefits - defined
contribution fund 4,896 1,378
------- ---------
39,870 18,758
------- ---------
Provision for bad and doubtful trade
receivables - 7
Provision for bad and doubtful
other receivables - 85
Provision for restoration,
rehabilitation and
environmental costs 4,812 -
Loss on disposal of fixed assets 56 255
Donations 431 661
Amortisation of goodwill 876 807
Loss on disposal of 16% equity
interest in a subsidiary (821) 164
-------- --------
4. Earnings per share
When calculating the earnings per share, the issue of additional new
shares on the basis of 10 new shares for every 10 existing shares to
shareholders by conversion of the surplus reserve funds (Remark 6), have
been adjusted for the proportional change in the number of ordinary shares
as if the transaction had been taken place at the beginning of the
earliest period presented.
The calculation of earnings per share for the six months ended 30 June
2004 was based on the Group's net profit attributable to shareholders of
RMB241,664,000 (for the six months ended 30 June 2003: RMB154,117,000) and
the weighted average number of 2,628,261,820 ordinary shares (Six months
ended 30 June 2003: 1,900,000,000 ordinary shares) in issue during the
period, 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 and
an issue of new shares of RMB0.1 each by conversion of the Company's
surplus reserve fund in the form of 10 new shares for every 10 existing
ordinary shares had been taken place on 1 January 2003.
Diluted earnings per share amount have not been disclosed as there were no
potential dilutive ordinary shares outstanding during the current and
prior period.
5. Dividends declared
At the Annual General Meeting on 28 May 2004, the shareholders approved
the declaration of final cash dividends of RMB0.15 per ordinary share,
totalling RMB197.12 million for the year ended 31 December 2003. On 25
June 2004, dividends of approximately RMB197.12 million had been paid.
At a meeting of the Board of Directors held on 23 August 2004, the Board
of Directors did not recommend any payment of interim dividend for the six
months ended 30 June 2004 (Six months ended 30 June 2003: Nil).
6. Issue of new shares by conversion of the surplus reserve fund
At the Annual General Meeting on 28 May 2004, the shareholders also
approved an issue of new shares of RMB0.1 each by conversion of part of
the Company's surplus reserve in the form of 10 new shares for every 10
existing ordinary shares and on the basis of 1,314,130,910 shares in issue
as at 31 December 2003. The conversion had been completed on 25
June,2004 pursuant to which 1,314,130,910 new shares were issued, of which
400,544,000 were new H shares which commenced dealing on 28 June 2004.
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