CHINA RES CMENT<00712> - Results Announcement
China Resources Cement Holdings Limited announced on 9/9/2004:
(stock code: 00712 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 1/1/2004 from 13/3/2003
to 30/6/2004 to 30/6/2003
Note ('000 ) ('000 )
Turnover : 671,270 N/A
Profit/(Loss) from Operations : 74,612 N/A
Finance cost : (9,945) N/A
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 : 45,186 N/A
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.125 N/A
-Diluted (in dollars) : 0.124 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 45,186 N/A
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) RESULTS ANNOUNCEMENT FOR THE LAST CORRESPONDING PERIOD
There is a change of presentation in the Result Announcement Form in the
current period. As the Company did not have any income or expense for the
interim result for the last corresponding period, the pro forma combined
financial information was presented in the Results Announcement Form last
year. In the current year, the Result Announcement Form for the interim
result presents the consolidated financial information of the Group and
the pro forma combined financial information is presented in note (4) as
below. The change is merely a change of presentation and there is no
change in any figures reported in the Results Announcement Form submitted
previously for the last corresponding period.
(2) PROFIT FROM OPERATIONS
Unaudited Unaudited
Current Period Last Corresponding
from 1/1/2004 Period from
to 30/6/2004 13/3/2003
to 30/6/2003
HK$'000 HK$'000
Profit from operations is arrived at after charging (crediting):
45,890 -
Depreciation and amortisation on fixed assets
Amortisation of goodwill 2,561 -
Release of negative goodwill to income
(3,726) -
===================
(3) EARNINGS PER SHARE
The calculation of basic and diluted earnings per share is based on the
following data:
Unaudited Unaudited
Current Period Last Corresponding
from 1/1/2004 Period from
to 30/6/2004 13/3/2003
to 30/6/2003
HK$'000 HK$'000
Earnings
Profit attributable to shareholders for the purpose of calculating basic
and diluted earnings per share 45,186 -
===================
Number of shares
Weighted average number of shares for the purpose of calculating basic
earnings per share 362,807,461 2
Effect on dilutive potential ordinary shares on share options
1,218,203 -
-------------------
Weighted average number of shares for the purpose of calculating diluted
earnings per share 364,025,664 2
====================
(4) ADDITIONAL FINANCIAL INFORMATION - PRO FORMA COMBINED FINANCIAL
INFORMATION
The Company was incorporated as an exempted company with limited
liability in the Cayman Islands on 13 March 2003 under the Companies Law
(2002 Revision) of the Cayman Islands. Pursuant to a reorganisation
scheme (the "Group Reorganisation") and the acquisition of Flavour Glory
Limited, Clear Bright Investments Limited, Full Sincere Limited and
Goodsales Investments Limited (the "Acquisitions"), a group structure was
formed which comprised the Company and the companies under the Group
Reorganisation and Acquisitions (the "Enlarged Group"). The Company became
the holding company of the Enlarged Group on 22 July 2003. Details of the
Group Reorganisation and Acquisitions are set out in the Company's
prospectus dated 26 June 2003.
In order for a proper appraisal of the performance of the Company and its
subsidiaries, the pro forma combined profit and loss account of the Group
which included the results of the companies comprising the Enlarged Group
and subsidiaries acquired after 22 July 2003 has been prepared as if the
Enlarged Group had been in existence throughout the two periods ended 30
June 2004, or since their respective dates of incorporation or
establishment, where this is a shorter period. Subsidiaries acquired after
22 July 2003 are accounted for under acquisition accounting.
Had the Company been required to present its pro forma combined financial
information in this Results Announcement Form, the relevant financial
information, which are included for information purpose only, would be as
follows:
Unaudited Unaudited
Pro Forma Combined Pro Forma Combined
Current Period Last Corresponding Period
from 1/1/2004 from 1/1/2003 to
to 30/6/2004 30/6/2003
------------------------------------------------
HK$'000 HK$'000
Turnover : 671,270 460,663
Profit / (Loss) from Operations :
73,613 35,503
Finance cost : (9,945) (5,779)
Share of Profit / (Loss) of Associates : - 504
Share of Profit / (Loss) of Jointly Controlled Entities:
- -
Profit / (Loss) after Taxation & MI : 44,187 21,574
% Change over Last Period : 104.8%
EPS / (LPS) - Basic (in Dollars) : HK$0.122 HK$0.059
- Diluted (in Dollars): HK$0.121 N/A
Extraordinary ("ETD") Gain / (Loss) : - -
Profit / (Loss) after ETD Items : 44,187 21,574
(a) PRINCIPAL ACCOUNTING POLICIES AND CHANGES
The pro forma combined financial information has been prepared under the
historical cost convention. The principal accounting policies are
consistent with those followed in the preparation of the Additional
Financial Information - Pro Forma Combined Financial Information for the
year ended 31 December 2003, as set out in the Company's Annual Report for
2003
(b) PROFIT FROM OPERATIONS
Unaudited
Pro Forma Combined
Six months ended 30 June
2004 2003
HK$'000 HK$'000
Profit from operations is arrived at after charging (crediting):
Depreciation and amortisation on fixed assets
45,890 33,243
Amortisation of goodwill 162 -
Release of negative goodwill to income (328) -
=====================
(c) EARNINGS PER SHARE
The calculation of basic and diluted earnings per share is based on the
data:
Unaudited
Pro Forma Combined
Six months ended 30 June
2004 2003
HK$'000 HK$'000
Earnings
Net profit for the purpose of calculating basic and diluted earnings per
share 44,187 21,574
========================
Number of shares
Weighted average number of ordinary shares for the purpose of calculating
basic earnings per share (Note) 362,807,461 362,807,461
Effect on dilutive potential ordinary shares on share options
1,218,203 -
---------------------------
Weighted average number of ordinary shares for the purpose of calculating
diluted earnings per share 364,025,664 362,807,461
============================
Note: It was calculated on the assumption that 362,807,461 shares were
in issue throughout the period as if the Group Reorganisation and the
Acquisition had been completed on 1 January 2003.
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