Listed Company Information
 

SAINT HONORE<00192> - Results Announcement

Saint Honore Holdings Limited announced on 17/07/2006:
(stock code: 00192 )
Year end date: 31/03/2006
Currency: HKD
Auditors' Report: Unqualified

                                                        (Audited   )
                                     (Audited   )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/04/2005    from 01/04/2004
                                     to 31/03/2006      to 31/03/2005
                               Note  ('000      )       ('000      )
Turnover                           : 589,421            568,901           
Profit/(Loss) from Operations   2  : 49,645             71,672            
Finance cost                       : N/A                N/A               
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       : 40,966             59,214            
% Change over Last Period          : -30.8     %
EPS/(LPS)-Basic (in dollars)    3  : 0.193              0.280             
         -Diluted (in dollars)  3  : 0.192              0.277             
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 40,966             59,214            
Final Dividend                     : 7 cents            9 cents
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for 
  Final Dividend                   : 15/09/2006         to 21/09/2006 bdi.
Payable Date                       : 05/10/2006
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. Principal accounting policies

The principal accounting policies applied in the preparation of the 
consolidated financial statements of the Group are set out below.  These 
policies have been consistently applied to all the years presented, unless 
otherwise stated.

Basis of preparation

The consolidated financial statements of the Group have been prepared in 
accordance with Hong Kong Financial Reporting Standards ("HKFRS"), issued 
by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). The 
consolidated financial statements have been prepared under the historical 
cost convention except that financial assets and financial liabilities at 
fair value through profit or loss and held-to-maturity securities are 
stated at amortized cost.

The adoption of new/revised HKFRS

For the accounting period commencing on 1 April 2005, the Group has 
adopted the new/revised standards and interpretations of HKFRS below, 
which are relevant to its operations.  The 2004/05 comparatives have been 
amended as required, in accordance with the relevant requirements.

   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 16              Property, Plant and Equipment
   HKAS 17              Leases
   HKAS 21              The Effects of Changes in Foreign Exchange Rates
   HKAS 24              Related Party Disclosures
   HKAS 27              Consolidated and Separate Financial Statements
   HKAS 32              Financial Instruments: Disclosures and                  
                        Presentation
   HKAS 33              Earnings per Share
   HKAS 36              Impairment of Assets
   HKAS 38              Intangible Assets
   HKAS 39              Financial Instruments:  Recognition and                 
                        Measurement
   HKAS-Int15           Operating leases - Incentives
   HKFRS 2              Share-based Payment

The adoption of new/revised HKASs 1, 2, 7, 8, 10, 16, 21, 24, 27, 32, 33, 
36, 39 and HKAS-Int 15 did not result in substantial changes to the Group 
accounting policies.  
In summary:

- HKAS 1 has affected the presentation of cake coupon liabilities.
- HKASs 2, 7, 8, 10, 16, 21, 27, 32, 33, 36, 39 and HKAS-Int 15 had no 
material effect on the Group's accounting policies.
- HKAS 24 has affected the identification of related parties and some 
other related-party disclosures.

HKAS 1 has affected the presentation of cake coupon liabilities.  In prior 
years, the estimated value of cake coupons which were expected to be 
redeemed in the next twelve months were classified as current liabilities 
on the balance sheet.  With the adoption of HKAS 1, the cake coupon 
liabilities are classified under current liabilities as the Group does not 
have an unconditional right to defer the settlement of these cake coupon 
liabilities.

The adoption of the revised HKAS 17 has resulted in a change in the 
accounting policy relating to the reclassification of leasehold land and 
land use rights from property, plant and equipment to operating leases. 
The up-front prepayments made for the leasehold land and land use rights 
are expensed in the profit and loss account on a straight-line basis over 
the period of the lease or when there is impairment, the impairment is 
expensed in the profit and loss account.  In prior years, the leasehold 
land was accounted for at cost less accumulated depreciation and 
accumulated impairment.

The Group has reassessed the useful lives of its intangible assets in 
accordance with the provisions of HKAS 38 and considered the trademarks 
held by the Group as having indefinite useful lives. Therefore, the 
trademarks are not amortized but will be tested for impairment. Previously 
the Group amortized its trademarks over 20 years. The transitional 
provisions of HKAS 38 prohibits any adjustments to the carrying amount 
recognized on first adoption and any assessment of useful life shall be 
accounted for prospectively as a change in accounting estimate in 
accordance with HKAS 8.

The Group adopted the transitional provisions of HKFRS 2 which applies to 
grants of shares, share options or other equity instruments after 7 
November 2002 and had not yet vested at the effective date of the HKFRS, 
the accounting period commencing on or after 1 January 2005.  As the 
unexercised share options of the Group were granted before 7 November 2002 
and were fully vested prior to the accounting period commencing 1 April 
2005, there is no impact on the balance sheet and profit and loss account 
from adopting HKFRS 2.

All changes in the accounting policies have been made in accordance with 
the transitional provisions in the respective standards, wherever 
applicable.  All standards adopted by the Group require retrospective 
application other than:

- HKAS 16 requires the initial measurement of an item of property, plant 
and equipment acquired in an exchange of assets transaction is accounted 
at fair value prospectively only to future transactions.
- HKAS-Int 15 does not require the recognition of incentives for leases 
beginning before 1 January 2005.
- HKFRS 2 requires application for all equity instruments granted after 7 
November 2002 and not vested at 1 January 2005.


The effect of the changes in the above accounting policies on the 
financial statements of the Group are summarized below:

(a) The adoption of HKAS 1 has resulted in:

                                                                                
                                                2006         2005 
                                                HK$'000      HK$'000
                        
       Increase in current liabilities           84,948       75,110
       Decrease in non-current liabilities      (84,948)     (75,110)
                                                ======================     
                                                                        

(b) The adoption of HKASs 17 has resulted in:

                                                                                
                                                2006         2005 
                                                HK$'000      HK$'000
                        
       Increase in leasehold land and land use rights                
                                                 74,154       74,398
       Decrease in property, plant and equipment                    
                                                (74,154)     (74,398)
       Decrease in depreciation of property, plant and equipment     
                                                 (1,707)      (1,448)
       Increase in amortization of prepaid operating lease payments   
                                                  1,707        1,448
                        
       Increase in freehold land                  2,039        1,864
       Decrease in depreciation of property, plant and equipment       
                                                   (175)        (175)
       Increase in retained earnings              2,039        1,864
                                                =======================

(c) The adoption of HKAS 38 has resulted in:

                                                                                
                                                2006         2005 
                                                HK$'000      HK$'000
                        
       Increase in trademarks                     4,600            -
       Decrease in amortization of trademarks    (4,600)           -
                                                ======================



2. Profit from operations included the following items:

                                                                           
                                                              (Restated)
                                                2006          2005
                                                HK$'000       HK$'000  

   Auditors' remuneration                          1,073           852
   Amortization of prepaid operating lease payments            
                                                   1,707         1,448
   Amortization of trademarks                          -         4,600
   Loss/(gain) on disposal of properties             307       (26,113)
   Loss/(gain) on disposal of other plant and equipment                
                                                     346           (19)
   Net exchange gain                                (735)         (118)
                                                ========================




3. Earnings per share

   The calculations of basic and diluted earnings per share are based on 
the followings:
                                                                                         
                                                               (Restated)
                                                 2006          2005
                                                 HK$'000       HK$'000  

   Earnings

   Profit for the year attributable to shareholders
     of the Company                              40,966        59,214      
                                                ========================


   Number of shares                              2006          2005

   Weighted average number of ordinary shares in issue         
                                                212,735,630   211,520,616
   Effect of potential dilutive ordinary shares                  
                                                  1,102,110     2,033,914
                                                --------------------------
   Weighted average number of ordinary shares for
     diluted earnings per share                 213,837,740   213,554,530
                                                ==========================