CHINA RES CMENT<00712> - Amendment to Results Announcement (advised by CHINA RES CMENT)
The Stock Exchange has received a message from China Resources Cement
Holdings Limited (the "Company") which is reproduced as follows:-
"With reference to the results form (the "Form") of the Company submitted
to the Exchange on 9/9/2004, as advised by the auditors of the Company,
remarks 1 and 4 of the Form should be amended as follows:-
Amendments to explanatory notes (1) and (4):
Note (1) :
To add the words "for the last corresponding period" immediately before
the words "is presented in note (4) as below" in the third sentence so
that the third sentence of note (1) should read as follows:
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 for the last corresponding period is
presented in note (4) as below.
Note (4) :
Note (4) should be deleted and replaced by the following:
(4) 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.
The pro forma combined profit and loss account for the period from 1
January 2003 to 30 June 2003 which included the results of the companies
comprising the Enlarged Group has been prepared as if the Enlarged Group
had been in existence throughout the period ended 30 June 2003, or since
their respective dates of incorporation or establishment, where this is a
shorter period.
The pro forma combined financial information for the six months ended 30
June 2003 was extracted from the Results Announcement Form for the last
corresponding period for reference purpose only.
The comparison of the current period's financial information, which is
prepared using acquisition accounting, with the pro forma combined
financial information for the corresponding period last year may not be
appropriate because the pro forma combined financial information for the
corresponding period was prepared using merger accounting method.
Had the Company been required to present and compare its current period's
financial information with its pro forma combined financial information
for the corresponding period last year in this Results Announcement Form,
the relevant financial information, which is included for information
purpose only, would be as follows:
Unaudited Unaudited
Consolidated 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 :74,612 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:
45,186 21,574
% Change over Last Period : 109.45%
EPS / (LPS) - Basic (in Dollars): HK$0.125 HK$0.059
- Diluted (in Dollars) : HK$0.124 N/A
Extraordinary ("ETD") Gain / (Loss): - -
Profit / (Loss) after ETD Items: 45,186 21,574
(a) PRINCIPAL ACCOUNTING POLICIES
The principal accounting policies adopted for the preparation of financial
information for the current period and the pro forma combined financial
information for the last corresponding period are consistent with those
followed in the preparation of the consolidated financial statements and
the Additional Financial Information - Pro Forma Combined Financial
Information for the year ended 31 December 2003, as set out in the
Company's Annual Report for 2003, respectively.
(b) PROFIT FROM OPERATIONS
Unaudited
Pro forma
Consolidated Combined
from 1/1/2004 from 1/1/2003
to 30/6/2004 to 30/6/2003
HK$'000 HK$'000
Profit from operations is arrived at after charging (crediting):
Depreciation and amortisation on fixed assets
45,890 33,243
Amortisation of goodwill 2,561 -
Release of negative goodwill to income
(3,726) -
===============================
(c) EARNINGS PER SHARE
The calculation of basic and diluted earnings per share is based on the
data:
Unaudited
Pro forma
Consolidated Combined
from 1/1/2004 from 1/1/2003
to 30/6/2004 to 30/6/2003
HK$'000 HK$'000
Earnings
Profit attributable to shareholders for the purpose of calculating basic
and diluted earnings per share
45,186 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: The weighted average number of ordinary shares for the purpose of
calculating the pro forma combined basic earnings per share 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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