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.
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