CHINA RES CMENT<00712> - Results Announcement
China Resources Cement Holdings Limited announced on 28/02/2005:
(stock code: 00712 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2004 from 13/03/2003
to 31/12/2004 to 31/12/2003
Note ('000 ) ('000 )
Turnover : 1,438,391 543,729
Profit/(Loss) from Operations : 142,807 47,549
Finance cost : (21,572) (10,024)
Share of Profit/(Loss) of
Associates : (7) (3,423)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 88,656 23,553
% Change over Last Period : +276.4 %
EPS/(LPS)-Basic (in dollars) : 0.244 0.114
-Diluted (in dollars) : 0.244 0.114
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 88,656 23,553
Final Dividend : $0.05 Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 04/04/2005 to 07/04/2005 bdi.
Payable Date : 03/05/2005
B/C Dates for Annual
General Meeting : 04/04/2005 to 07/04/2005 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
(1) GROUP REORGANISATION AND BASIS OF PREPARATION
The Company was incorporated as an exempted company with limited
liability in the Cayman Islands on 13 March 2003 under the Companies Law
(2002 Revision) of the Cayman Islands. Pursuant to a reorganisation
scheme (the "Group Reorganisation") and the acquisition of Flavour Glory
Limited, Clear Bright Investments Limited, Full Sincere Limited and
Goodsales Investments Limited (the "Acquisitions") to form a group
structure (the "Then Group Structure") of the Company and the companies
under the Group Reorganisation and Acquisitions (the "Enlarged Group"),
the Enlarged Group was formed immediately after the completion of Group
Reorganisation and the Acquisitions and the Company became the holding
company of the Enlarged Group on 22 July 2003.
The results of the Group are accounted for under acquisition
accounting method.
(2) PROFIT FROM OPERATIONS
Current Period Last Corresponding
from 1/1/2004 Period from 13/3/2003
to 31/12/2004 to 31/12/2003
HK$'000 HK$'000
Profit from operations is arrived at after charging:
Depreciation and amortization 100,678 38,841
=======================================
(3) EARNINGS PER SHARE
The calculation of basic and diluted earnings per share is based on the
data:
Current Period Last Corresponding
from 1/1/2004 Period from 13/3/2003
to 31/12/2004 to 31/12/2003
HK$'000 HK$'000
Earnings
Profit attributable to shareholders for the purpose of calculating basic
and diluted earnings per share 88,656 23,553
=========================================
Number of shares '000 '000
Weighted average number of shares for the purpose of calculating basic
earnings per share 362,807 206,805
Effect on dilutive potential shares on share options
612 305
--------------------------------------
Weighted average number of shares for the purpose of calculating diluted
earnings per share 363,419 207,110
=======================================
(4) ADDITIONAL FINANCIAL INFORMATION - PRO FORMA COMBINED FINANCIAL
INFORMATION
In order for a proper appraisal of the performance of the Group for the
year ended 31 December 2004, comparisons are made between the consolidated
profit and loss account of the Group for the year ended 31 December 2004
and the pro forma combined profit and loss account of the companies
comprising the Enlarged Group for the year ended 31 December 2003 which
have been prepared as if the Then Group Structure (as of 22 July 2003
immediately after the completion of the Group Reorganisation and the
Acquisition) had been in existence throughout the year ended 31 December
2003, or since their respective dates of incorporation or establishment,
where this is a short period, and subsidiaries acquired after 22 July 2003
which are accounted for under acquisition accounting.
Had the Company been required to present its financial information in this
Results Announcement on the basis set out in the preceding paragraph, the
relevant financial information, which are included for information purpose
only, would be as follows:
Consolidated Pro Forma Combined
Current Period Last Corresponding Period
from 1/1/2004 from 1/1/2003
to 31/12/2004 to 31/12/2003
------------------------------------------------
HK$'000 HK$'000
Turnover : 1,438,391 1,070,189
Profit / (Loss) from Operations :142,807 92,735
Finance cost : (21,572) (17,688)
Share of Profit / (Loss) of Associates :
(7) (4,308)
Share of Profit / (Loss) of Jointly Controlled Entities :
- -
Profit / (Loss) after Taxation & MI:
88,656 49,272
% Change over Last Period : 79.9% (32.3)%
EPS / (LPS) - Basic (in Dollars):
HK$0.244 HK$0.136
- Diluted (in Dollars) : HK$0.244 HK$0.136
Extraordinary ("ETD") Gain / (Loss):
- -
Profit / (Loss) after ETD Items:88,656 49,272
(a) PRINCIPAL ACCOUNTING POLICIES AND CHANGES
The financial statements have been prepared under the historical cost
convention. The basis of preparation and the principal accounting policies
are consistent with those followed in the preparation of the Pro Forma
Combined Financial Information Of The Enlarged Group for each of the three
years ended 31 December 2002, as set out in the Prospectus, except for the
adoption, for the first time, of SSAP12 (Revised). The principal effect of
the implementation of SSAP12 (Revised) is in relation to deferred tax. In
the absence of any specific transitional requirements in SSAP12 (Revised),
the new accounting policy has been applied retrospectively. Comparative
amounts have been restated accordingly.
(b) PROFIT FROM OPERATIONS
Consolidated Pro Forma Combined
Current Period Last Corresponding Period
from 1/1/2004 from 1/1/2003
to 31/12/2004 to 31/12/2003
HK$'000 HK$'000
Profit from operations is arrived at after charging:
Depreciation and amortization
100,678 75,269
=================================
(c) EARNINGS PER SHARE
The calculation of basic and diluted earnings per share is
based on the data:
Consolidated Pro Forma Combined
Current Period Last Corresponding Period
from 1/1/2004 from 1/1/2003
to 31/12/2004 to 31/12/2003
HK$'000 HK$'000
Earnings
Net profit for the purpose of calculating basic and
diluted earnings per share 88,656 49,272
===================================
Number of shares '000 '000
Weighted average number of ordinary shares
for the purpose of calculating basic
earnings per share (Note)
362,807 362,807
Effect on dilutive potential ordinary
shares on share options
612 245
------------------------------------
Weighted average number of ordinary
shares for the purpose of calculating
diluted earnings per share
363,419 363,052
===================================
Note: The weighted average number of shares for the purpose of
calculating the pro forma basic earnings per share for the last
corresponding period from 1/1/2003 to 31/12/2003 was calculated
on the assumption that 362,807,461 shares were in issue throughout
the year as if the Group Reorganisation and the Acquisition had
been completed on 1 January 2003.
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