GST HOLDINGS<00416> - Results Announcement
GST Holdings Limited announced on 30/03/2006:
(stock code: 00416 )
Year end date: 31/12/2005
Currency: RMB
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/12/2005 to 31/12/2004
Note ('000 ) ('000 )
Turnover : 561,716 424,109
Profit/(Loss) from Operations : 164,628 129,631
Finance cost : (1,167) (3,237)
Share of Profit/(Loss) of
Associates : (324) 0
Share of Profit/(Loss) of
Jointly Controlled Entities : (24) 92
Profit/(Loss) after Tax & MI : 162,427 122,849
% Change over Last Period : +32.2 %
EPS/(LPS)-Basic (in dollars) : 0.25 0.23
-Diluted (in dollars) : 0.23 0.23
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 162,427 122,849
Final Dividend : HK$0.07 N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 11/05/2006 to 18/05/2006 bdi.
Payable Date : 23/05/2006
B/C Dates for Annual
General Meeting : 11/05/2006 to 18/05/2006 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Basis of presentation
The Company was incorporated in the Cayman Islands as an exempted company with limited
liability on 27 April 2004 with GST International Management Limited (''GST
Management'') being the then sole shareholder. GST Management was owned by 22
individuals (''22 Shareholders''). GST Group International Limited (''GGIL'') was
incorporated as an investment holding company in the British Virgin Islands on 17 March
2004 with GST Management as the then sole shareholder.
Gulf Technology Group Company Limited (''Gulf Group'') was established in the People's
Republic of China (the "PRC'') in 1993 as a limited liability corporation and Gulf Group
was engaged in the development, manufacturing, sales and installation of intelligent
fire detection and control systems, automatic and intelligent security systems for
residential and commercial uses, environmental consulting and services. Immediately
prior to the reorganisation of the Company, Gulf Group was owned by the 22 Shareholders. As
part of the reorganisation, Gulf Group and its subsidiaries transferred to GGIL or GGIL's
subsidiaries the following for cash:
(a) Gulf Group's equity interests in certain subsidiaries, namely Gulf Security
Technology Company Limited (''GST''), Guangzhou Gulf Wei'er Automation Technology
Co., Ltd., Shanghai Gulf Automation Technology Co.,Ltd, Beijing Gulf Security
Technology Co., Ltd., Hebei Gulf Electrical Co., Ltd.; associates, namely Qinhuangdao
City Chengan Fire Prevention Network Co., Ltd., Nanning Gulf Fire Prevention Network
Technology Co., Ltd.; and a jointly controlled entity, Global System Technology PLC;
which are engaged in the development, manufacturing, sales and installation of
intelligent fire detection and control systems, automatic and intelligent security
systems for residential and commercial uses, environmental consulting and services.
(b) Assets and liabilities of Gulf Group's subsidiary, namely Qinhuangdao GST Company
Limited (transferred to Qinhuangdao Gulf Fire Prevention Network Company Limited), and
Gulf Group's Electric Power Meter Department (transferred to Beijing Gulf Electric
Meters Co., Ltd) and System Integration Department (transferred to Beijing Gulf Wei'er
Electrical Engineering Co., Ltd.), which are engaged in the business of development and
sales of electric power meter and system integration respectively.
Certain subsidiaries under the Gulf Group which are dormant or not engaged in the fire
detection and intelligent security systems, etc business were not transferred to GGIL or
GGIL's subsidiaries. Pursuant to the terms of a share exchange deed entered into between
GST Management and the Company on 20 December 2004 (the ''Reorganisation''), the Company
allotted, issued and credited as fully paid 1,000,000 common shares of HK$0.1 each to
acquire the entire issued share capital of GGIL from GST Management, the then sole
shareholder of GGIL.
The financial statements prepared as if the Company had been in existence and the current
structure had been in place as of the earliest period presented, or since the effective
dates of incorporation of the companies or up to the effective dates of disposal,
whichever is the shorter period except that interests held by shareholders other than the
Gulf Group or its subsidiaries in Gulf Security Technology Company Limited and
Qinhuangdao GST Company Limited before the further acquisition by the Gulf Group or its
subsidiaries during the periods presented were accounted for as minority interests.
The Company's shares have been listing on The Stock Exchange of Hong Kong Limited since 30
June 2005.
2. Earnings per shareThe calculation of basic and diluted earnings per share for the year
ended 31 December 2005 was based on the consolidated profit attributable to equity
holders of the Company of approximately RMB162,427,000 (2004: RMB122,849,000). The
calculation of basic earnings per share for the year ended 31 December 2005 was based on the
weighted average number of 652,665,990 shares (2004: 529,491,071 shares) deemed to be in
issue during the period. The calculation of diluted earnings per share for the year ended
31 December 2005 was based on the weighted average number of 701,369,863 shares (2004:
532,196,842 shares).
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