Listed Company Information
 

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.