SHIMAO CHINA<00649> - Results Announcement
Shimao China Holdings Limited announced on 22/04/2005:
(stock code: 00649 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 31/12/2004 to 31/12/2003
Note ('000 ) ('000 )
Turnover 2 : 6,612 8,334
Profit/(Loss) from Operations : (31,769) (12,896)
Finance cost : (3,516) (4,811)
Share of Profit/(Loss) of
Associates : 200,030 N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A 192,610
Profit/(Loss) after Tax & MI : 132,639 144,274
% Change over Last Period : -8.06 %
EPS/(LPS)-Basic (in dollars) 3 : 0.16 0.174
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 132,639 144,274
Final Dividend 4 : $0.05 NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 19/05/2005 to 23/05/2005 bdi.
Payable Date : 10/06/2005
B/C Dates for Annual
General Meeting : 19/05/2005 to 23/05/2005 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Basis of preparation
The accounts have been prepared in accordance with accounting principles
generally accepted in Hong Kong and comply with accounting standards
issued by the Hong Kong Institute of Certified Public Accountants ("
HKICPA"). They have been prepared under the historical cost convention
except that, as disclosed in the accounting policies below, investment
properties are stated at valuation.
The HKICPA has issued a number of new and revised Hong Kong Financial
Reporting Standards and Hong Kong Accounting Standards ("new HKFRSs")
which are effective for accounting periods beginning on or after 1st
January 2005. The Group has not early adopted these new HKFRSs in the
accounts for the year ended 31st December 2004. The Group has already
commenced an assessment of the impact on these new HKFRSs but is not yet
in position to state whether these new HKFRSs would have a significant
impact on its results of operations and financial position.
2. Turnover
The Group is principally engaged in property investment and development of
property projects in Hong Kong and the Mainland China. Turnover comprises
gross proceeds from sales of properties and revenue from rental operation.
2004 2003
HK$'000 HK$'000
Company and subsidiaries
Rental income 6,612 8,334
Share of an associated company/a jointly controlled entity
Sales of properties 598,094 570,707
------------------------
604,706 579,041
========================
3. Earnings per share
The calculation of earnings per share is based on the profit attributable
to shareholders of HK$132,639,000 (2003: HK$144,274,000) and 827,639,886
(2003: weighted average of 827,418,282) ordinary shares in issue during
the year.
4. Dividend
2004 2003
HK$'000 HK$'000
Special, paid, of HK$0.06 per ordinary share
- 49,658
Proposed, final, of HK$0.05 (2003: Nil) per ordinary share
41,382 -
------------------------
41,382 49,658
========================
A special dividend of HK$0.06 per ordinary share was paid out of the
contributed surplus of the Company on 15th April 2004.
The Board of Directors proposes a final dividend in respect of 2004 of
HK$0.05 (2003: Nil) per ordinary share. This dividend will be accounted
for as an appropriation of retained profit in the year ending 31st
December 2005.
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