SENYUAN INT'L<03333> - Results Announcement
Senyuan International Holdings Limited announced on 23/09/2005:
(stock code: 03333 )
Year end date: 31/12/2005
Currency: RMB
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 30/06/2005 to 30/06/2004
Note ('000 ) ('000 )
Turnover : 166,736 134,265
Profit/(Loss) from Operations 1 : 24,381 23,995
Finance cost : (2,473) (1,428)
Share of Profit/(Loss) of
Associates : N/A 238
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 19,721 19,969
% Change over Last Period : -1.2 %
EPS/(LPS)-Basic (in dollars) : 0.065 0.065
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 19,721 19,969
Interim Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Profits from operations
The Group's profit from operating activities is arrived at after charging:
Six months
ended 30 June
_______________
2005 2004
(Unaudited) (Unaudited)
RMB'000 RMB'000
Cost of inventories sold 166,736 85,410
Depreciation 3,101 2,132
Amortisation of land use rights 86 86
Amortisation of goodwill 0 14
Auditors' remuneration 0 0
Minimum lease payments under operating leases
- in respect of buildings 0 393
Staff costs (including
Directors' remuneration
note:
Wages and salaries 7,222 5,589
Pension scheme contributions 992 743
__________ __________
8,214 6,332
__________
Provision for doubtful debts 405 -
=== ==
2. Corporate reorganisation and basis of presentation
(a) Corporate reorganisation
The Company was incorporated as an exempted company with limited liability
in the Cayman Islands on 12 October 2004, under the Companies Law, Chapter
22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The
Company's shares were listed on the Stock Exchange of Hong Kong Limited by
way of public offer and placing on 11 July 2005.
On 31 May 2005, the Company became the holding company of the subsidiaries
comprising the Group set out in the note below pursuant to a group
reorganisation (the "Reorganisation"), details of which are set out in the
section headed "Reorganisation" in Appendix V to the Company's
prospectus dated 28 June 2005 (the "Prospectus").
The Company had not carried on any business since the date of its
incorporation, save for the acquisition on 31 May 2005 of the entire
issued share capital of Senyuan International Investments Limited ("
Senyuan Investments"), a company incorporated in the BVI, which is the
immediate holding company of the other subsidiary comprising the Group.
(b) Basis of presentation
The interim financial report has been prepared by adopting a uniting of
interests method of accounting as a result of the Reorganisation as
described above and in more detail in our Prospectus. Under this method,
the Company and Senyuan Investments have been treated as the holding
company and the intermediate holding company of its subsidiaries for the
interim period rather than from the date of acquisition of the
subsidiaries. The Reorganisation has regarded the Group as comprising the
Company and its subsidiaries as a continuing entity. Accordingly, the
combined income statements, cash flow statements, statements of movements
in equity and combined balance sheets of the companies now comprising the
Group have been prepared as if the group structure as at 31 May 2005 had
been in existence from the respective dates of their incorporation and to
the extent of interests held by the Company's shareholder. All material
intra-group transactions and balances have been eliminated on combination.
3. Earnings per share
The calculation of basic earnings per share for the period is based on the
net profit from ordinary activities attributable to shareholders for the
interim period and on the assumption that 305,000,000 shares in issue
immediately prior to issue of the Company's shares to the public had been
in issue on 1 January 2005 and throughout the period.
Diluted earnings per share for each of the interim periods have not been
disclosed as no diluting events existed during the Relevant Periods.
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