CNAC<01110> - Results Announcement
China National Aviation Company Limited announced on 29/08/2006:
(stock code: 01110 )
Year end date: 31/12/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2006 from 01/01/2005
to 30/06/2006 to 30/06/2005
Note ('000 ) ('000 )
Turnover : 1,431,170 1,199,150
Profit/(Loss) from Operations : (922) 18,770
Finance cost : 504 1,802
Share of Profit/(Loss) of
Associates : 50,080 120,498
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 43,484 122,910
% Change over Last Period : -64.6 %
EPS/(LPS)-Basic (in dollars) : 0.0131 0.0371
-Diluted (in dollars) : 0.0129 0.0367
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 43,484 122,910
Interim Dividend : N/A $0.008
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim 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:
Note 1:
Basis of preparation and accounting basis
This unaudited condensed consolidated financial information for the six
months ended 30th June 2006 ("Interim Financial Information") has been
prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34 "
Interim Financial Reporting" issued by the Hong Kong Institute of
Certified Public Accountants. The Interim Financial Information should be
read in conjunction with the annual financial statements for the year
ended 31st December 2005.
The accounting policies adopted are consistent with those of the annual
financial statements for the year ended 31st December 2005.
As described in the annual financial statements for the year ended 31st
December 2005, the following new standards, amendments to standards and
interpretations are mandatory for financial year ending 31st December
2006.
HK(IFRIC)-Int 4 "Determining whether an Arrangement contains a Lease"
Amendments to HKAS 19 "Employee Benefits - Actuarial Gains and Losses,
Group Plans and Disclosures"
Amendments to HKAS 39 "Financial Instruments: Recognition and Measurement":
- Cash Flow Hedge Accounting of Forecast Intragroup Transactions
- The Fair Value Option
Amendments, as a consequence of the Hong Kong Companies (Amendment)
Ordinance 2005, to:
- HKAS 1 "Presentation of Financial Statements"
- HKAS 27 "Consolidated and Separate Financial Statements"
- HKFRS 3 "Business Combinations"
Amendments to HKAS 39 "Financial Instruments: Recognition and Measurement"
and HKFRS 4 "Insurance Contracts" - "Financial Guarantee Contracts"
The adoption of HKAS 19 (Amendment) has resulted in a change in accounting
policy in which the actuarial gains and losses for defined benefit pension
plans are recognised in full in the year in which they occur, outside the
income statement, in the statement of recognised income and expense. In
prior years, actuarial gains and losses are recognised by amortising the
amount by which cumulative unrecognised gains and losses exceed 10% of the
greater of the assets of plan and the defined benefit obligations over the
average expected future working lifetime of the active members of the
plan. The following is a summary of effect of adopting the HKAS 19 (
Amendment) to the Interim Financial Information:
30th June2006 31st December 2005
HK$'000 HK$'000
Increase in interests in associates 24,860 24,860
Increase in retained profits 24,860 24,860
============ ==============
Other than above, there is no material change in principal accounting
policies or presentation of financial statements and there is no material
impact as a result of the adoption of the remaining new standards,
amendments to standards and interpretations on the Interim Financial
Information.
The following new standards, amendments to standards and interpretations,
which will be relevant to the Group, have been issued but are not
effective for 2006 and have not been early adopted:
Effective for accounting
periods beginning
on or after
HK(IFRIC)-Int 7 "Applying the Restatement
Approach under HKAS 29" I 1st March 2006
HK(IFRIC)-Int 8 "Scope of HKFRS 2" 1st May 2006
HK(IFRIC)-Int 9 "Reassessment of
Embedded Derivatives" 1st June 2006
HKFRS 7 "Financial Instruments: Disclosures" 1st January 2007
Amendments to HKAS 1 "Presentation of
Financial Statements: Capital Disclosures" 1st January 2007
The Group has not early adopted the above standards, interpretations and
amendments in the Interim Financial Information. The Group has already
commenced an assessment of the related impact to the Group but is not yet
in a position to state whether substantial changes to the Group's
accounting policies and presentation of the financial statements will be
resulted.
Note 2:
Earnings per share
Basic
Basic earnings per share is calculated by dividing the profit attributable
to equity holders of the Company by the weighted average number of shares
in issue during the period.
Six months ended 30th June
2006 2005
HK$'000 HK$'000
Profit attributable to equity holders
of the Company 43,484 122,910
======== ========
Weighted average number of shares in
issue (thousands) 3,312,680 3,312,680
======== ========
Basic earnings per share (HK cents per share) 1.31 3.71
======== ========
Diluted
Diluted earnings per share is calculated based on the profit attributable
to the equity holders of the Company and the weighted average number of
shares in issue during the period, after adjusting for the number of
dilutive potential shares deemed to be issued at no considerations as if
all outstanding share options granted by the Company had been exercised.
Six months ended 30th June
2006 2005
HK$'000 HK$'000
Profit attributable to the equity
holders of the Company 43,484 122,910
--------------- ---------------
Weighted average number of shares
in issue (thousands) 3,312,680 3,312,680
Adjustment for assumed conversion of
share options (thousands) 45,519 35,741
---------------------------------
Weighted average number of shares
for diluted earnings per share
(thousands) 3,358,199 3,348,421
======== ========
Diluted earnings per share (HK cents per share) 1.29 3.67
======== ========
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