SHIMAO INT'L<00649> - Results Announcement
Shimao International Holdings Limited announced on 18/09/2006:
(stock code: 00649 )
Year end date: 31/12/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(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 3 : 88,140 6,061
Profit/(Loss) from Operations : 80,935 4,882
Finance cost : (21,131) (2,703)
Share of Profit/(Loss) of
Associates : (506) 8,849
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 40,890 9,179
% Change over Last Period : +345.5 %
EPS/(LPS)-Basic (in dollars) 4 : 0.0494 0.0111
-Diluted (in dollars) : 0.0460 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 40,890 9,179
Interim Dividend : NIL NIL
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:
1. Basis of Preparation
The Company is an investment holding company. The principal activities of
the Company and its subsidiaries (hereinafter collectively referred to as
the "Group") are property development and property investment.
The condensed consolidated financial statements have been prepared in
accordance with the applicable disclosure requirements of Appendix 16 to
The Rules Governing the Listing of Securities on the Stock Exchange of
Hong Kong Limited (the "SEHK") and with Hong Kong Accounting Standard 34
(HKAS 34) "Interim Financial Reporting" issued by the Hong Kong Institute
of Certified Public Accountants ("HKICPA").
2. Principal Accounting Policies
The condensed consolidated financial statements have been prepared on the
historical cost basis except for certain properties which are measured at
fair value.
The accounting policies used in the condensed consolidated financial
statements are consistent with those followed in the preparation of the
Group's annual financial statements for the year ended 31 December 2005
except as described below.
In the current period, the Group has applied, for the first time, a number
of new standards, amendments and interpretations ("new HKFRSs") issued by
the Hong Kong Institute of Certified Public Accountants ("HKICPA"), which
are either effective for accounting periods beginning on or after 1
December 2005 or 1 January 2006. The adoption of the new HKFRSs had no
material effect on how the results for the current or prior accounting
periods have been prepared and presented. Accordingly, no prior period
adjustment has been required.
The Group has not early applied the following new standard, amendment or
interpretations that have been issued but are not yet effective. The
Directors of the Company anticipate that the application of these
standard, amendment and interpretations will have no material impact on
the results and the financial position of the Group.
HKAS 1 (Amendment) Capital Disclosures 1
HKFRS 7 Financial Instruments: Disclosures 1
HK(IFRIC) - Int 7 Applying the Restatement Approach under HKAS 29
Financial Reporting in Hyperinflationary
Economies 2
HK(IFRIC) - Int 8 Scope of HKFRS 2 3
HK(IFRIC) - Int 9 Reassessment of Embedded Derivatives 4
1 Effective for annual periods beginning on or after 1 January 2007
2 Effective for annual periods beginning on or after 1 March 2006
3 Effective for annual periods beginning on or after 1 May 2006
4 Effective for annual periods beginning on or after 1 June 2006
3. Turnover
Turnover comprises revenue from sales of properties and gross income from
rental operation.
Six months ended 30 June
2006 2005
(unaudited) (unaudited)
____________ _____________
HK$'000 HK$'000
Sales of properties 82,036 -
Rental income 6,104 6,061
____________ _____________
88,140 6,061
============ =============
4. Earnings Per Share
The calculation of the basic and diluted earnings per share is based on
the following data:
Six months ended 30 June
2006 2005
(unaudited) (unaudited)
____________ _____________
HK$'000 HK$'000
Earnings
Earnings for the purposes of basic and diluted
earnings per share (profit for the period attributable
to equity holders of the parent) 40,890 9,179
Effect of dilutive potential ordinary shares:
Interest on convertible note 5,724 -
____________ _____________
Earnings for the purposes of diluted earnings per share
46,614 9,179
============ =============
Number of shares
Weighted average number of ordinary shares
for the purpose of basic earnings per share
827,639,886 827,639,886
Effect of dilutive potential ordinary shares:
convertible note 185,185,185 -
____________ _____________
Weighted average number of ordinary shares
for the purposes of diluted earnings per share
1,012,825,071 827,639,886
============ =============
|