CITIC RESOURCES<01205> - Results Announcement
CITIC Resources Holdings Limited announced on 21/04/2006:
(stock code: 01205 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: Unqualified
(Audited ) (Restated)
(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 : 5,786,386 3,610,791
Profit/(Loss) from Operations : 435,887 112,287
Finance cost : (93,730) (52,562)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 221,703 4,772
% Change over Last Period : +4,545.91 %
EPS/(LPS)-Basic (in dollars) : 0.0514 0.0012
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 221,703 4,772
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final 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. BASIS OF PREPARATION
These financial statements have been prepared in accordance with Hong Kong
Financial Reporting Standards ("HKFRSs") (which also include Hong Kong
Accounting Standards ("HKASs") and Interpretations) issued by the Hong
Kong Institute of Certified Public Accountants, accounting principles
generally accepted in Hong Kong and the disclosure requirements of the
Hong Kong Companies Ordinance. They have been prepared under the
historical cost convention, except for derivative financial instruments
and equity investments, which have been measured at fair value. Disposal
groups held for sale are stated at the lower of carrying amount and fair
value less costs to sell. These financial statements are presented in
Hong Kong dollars and all values are rounded to the nearest thousand (
HK$'000) except when otherwise indicated.
2. ACCOUNTING POLICIES
The accounting policies and basis of preparation adopted in the
preparation of the annual financial statements are the same as those used
in the annual financial statements for the year ended 31 December 2004,
except in relation to the following new and revised HKFRSs (which also
include HKASs and Interpretations) that affect the Group and are adopted
for the first time for the current year's financial statements:
HKAS 1 Presentation of Financial Statements
HKAS 2 Inventories
HKAS 7 Cash Flow Statements
HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
HKAS 10 Events after the Balance Sheet Date
HKAS 12 Income Taxes
HKAS 14 Segment Reporting
HKAS 16 Property, Plant and Equipment
HKAS 17 Leases
HKAS 18 Revenue
HKAS 19 Employee Benefits
HKAS 21 The Effects of Changes in Foreign Exchange Rates
HKAS 23 Borrowing Costs
HKAS 24 Related Party Disclosures
HKAS 27 Consolidated and Separate Financial Statements
HKAS 31 Interest in Joint Ventures
HKAS 32 Financial Instruments: Disclosure and Presentation
HKAS 33 Earnings per Share
HKAS 36 Impairment of Assets
HKAS 37 Provisions, Contingent Liabilities and Contingent Assets
HKAS 38 Intangible Assets
HKAS 39 Financial Instruments: Recognition and Measurement
HKAS 39 Transition and Initial Recognition of Financial Assets and
Financial Liabilities
Amendent
HKFRS 2 Share-based Payment
HKFRS 3 Business Combinations
HKFRS 5 Non-current Assets Held for Sale and Discontinued Operations
HK(SIC)-Int 21 Income Taxes - Recovery of Revalued Non-depreciable Assets
The adoption of HKASs 2, 7, 8, 10, 12, 14, 17, 18, 19, 23, 27, 31, 33, 37
and 38 and HK(SIC)-Int 21 has had no material impact on the accounting
policies of the Company and the Group and the methods of computation in
the Company 's and the Group 's financial statements.
3. OTHER REVENUE AND GAINS
2005 2004
HK$'000 HK$'000
Interest income 75,002 25,743
Handling service fee 13,326 8,653
Dividend income from listed investments
19,768 4,405
Gain on sales of various exploration interests
78,463 -
Fair value gain/(loss) on derivative instruments, net
(44,913) -
Gain/(loss) on trading of forward contracts, net:
Realised - (6,168)
Unrealised - 14,565
Sale of scraps 5,148 1,944
Others 3,586 547
------------------------
150,380 49,689
=======================
4. PROFIT BEFORE TAX
Profit before tax is arrived at after charging/(crediting) the
following:
2005 2004
HK$'000 HK$'000
(Restated)
Depreciation 114,330 56,741
Amortisation of other assets 58,348 46,720
Amortisation of goodwill - 59,065
Loss on disposal/write-off of items of
property, plant and equipment 6,563 5,166
Exchange losses, net (30,754) 26,825
========================
5. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF THE
COMPANY
The calculation of the basic earnings per share is based on the
consolidated net profit attributable to shareholders of the Company for
the year of HK$221,703,000 (2004: HK$4,772,000 (as restated)) and the
weighted average of 4,316,884,381 (2004: 4,098,421,973) ordinary shares in
issue during the year.
A diluted earnings per share amount for the year ended 31 December 2005
has not been presented as the exercise prices of the outstanding share
options of the Company were greater than the market price of the Company's
shares prevailing during a substantial period of the year ended 31
December 2005.
A diluted earnings per share amount for the year ended 31 December 2004
had not been presented because no dilutive events existed during that
year.
6. FINAL DIVIDEND
The directors resolved not to pay a final dividend for the year (2004:
Nil).
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