Listed Company Information
 

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.