Listed Company Information
 

SHIMAO INT'L<00649> - Results Announcement

Shimao International Holdings Limited announced on 24/04/2006:
(stock code: 00649 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: Unqualified
                                                        (Restated)
                                                        (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                        2  : 13,987             6,612             
Profit/(Loss) from Operations      : 190,250            35,144            
Finance cost                       : (33,154)           (3,516)           
Share of Profit/(Loss) of 
  Associates                       : 6,012              170,025           
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : 109,009            187,803           
% Change over Last Period          : -41.96    %
EPS/(LPS)-Basic (in dollars)    3  : 0.132              0.227             
         -Diluted (in dollars)     : 0.124              0.227             
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 109,009            187,803           
Final Dividend                  4  : Nil                $0.05
  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 Annual         
  General Meeting                  : 23/06/2006         to 26/06/2006 bdi.
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other 
  Distribution                     : N/A   
  
Remarks:

1.      Basis of preparation

The consolidated accounts of the Company have been prepared in accordance 
with the Hong Kong Financial Reporting Standards (the "HKFRS") issued by 
the Hong Kong Institute of Certified Public Accountants (the "HKICPA").  
The consolidated accounts have been prepared under the historical cost 
convention, as modified by the revaluation of investment properties, which 
are carried at fair value.

The preparation of accounts in conformity with HKFRS requires the use of 
certain critical accounting estimates.  It also requires management to 
exercise its judgement in the process of applying the Company's accounting 
policies.

In 2005, the Group adopted the new and revised HKFRS, Hong Kong Accounting 
Standards ("HKAS") and interpretations ("HK-Int", "HK(SIC)-Int" and "
HKFRS-Int") (collectively the "new HKFRSs"), which are relevant to its 
operations.  The 2004 comparatives are amended as required, in accordance 
with the relevant requirements.

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.

                                                2005    2004
                                                HK$'000 HK$'000
        Company and subsidiaries                
        Rental income                           13,987    6,612
                        
        Share of an associated company          
        Sales of properties                     34,515  598,094
                                                ______  _______
                                                48,502  604,706
                                                ======= ========

3.         Earnings per share 

The calculation of earnings per share is based on the profit attributable 
to shareholders of HK$109,009,000 (2004: HK$187,803,000) and 827,639,886 
(2004: weighted average of 827,639,886) ordinary shares in issue during 
the year.

The calculation of diluted earnings per share for the year ended 31st 
December 2005 is based on HK$114,733,000, representing to the profit 
attributable to shareholders of HK$109,009,000 plus interest on 
convertible note saving of HK$5,724,000 and, 924,037,654 shares being the 
weighted average number of 827,639,886 shares in issue during the year 
plus 96,397,768 shares deemed to be in issue assuming the convertible note 
had been converted upon issuance on 24th June 2005.

4.        Dividend
                                                2005    2004
                                                HK$'000 HK$'000
Paid, final, of HK$0.05 per ordinary share      -       41,382
                                                ======= ======
        
The Board of Directors do not recommend the payment of dividend in respect 
of 2005.