CHINA RESOURCES<00291> - Results Announcement
China Resources Enterprise, Limited announced on 06/09/2006:
(stock code: 00291 )
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 )
(Restated)
Turnover : 31,580,722 25,356,360
Profit/(Loss) from Operations : 1,974,766 1,790,788
Finance cost : (248,065) (214,192)
Share of Profit/(Loss) of
Associates : 151,139 170,474
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 1,265,493 1,262,360
% Change over Last Period : +0.25 %
EPS/(LPS)-Basic (in dollars) : 0.55 0.59
-Diluted (in dollars) : 0.54 0.57
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 1,265,493 1,262,360
Interim Dividend : 14 cents 13 cents
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 03/10/2006 to 09/10/2006 bdi.
Payable Date : 16/10/2006
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. Earnings per share
The calculation of the basic and diluted earnings per share is based on
the following data:
Six months ended 30th June
2006 2005
HK$'000 HK$'000
Earnings
Profit attributable to shareholders of the Company
for the purpose of calculating basic earnings
per share 1,265,493 1,262,360
Interest would have saved had convertible bonds
been exercised on 1 January 2006 49,697 53,254
__________ _________
Profit attributable to shareholders of the Company
for the purpose of calculating diluted earnings
per share 1,315,190 1,315,614
========== =========
2006 2005
Number of shares
Weighted average number of ordinary shares for
the purpose of calculating basic earnings per share
2,308,889,440 2,148,948,013
Effect of dilutive potential ordinary shares
- convertible bonds 99,112,210 119,595,400
- share options 42,259,904 38,184,107
______________ ______________
Weighted average number of ordinary shares for
the purpose of calculating diluted earnings per share
2,450,261,554 2,306,727,520
============== ==============
2. Change in accounting policy
In prior years, interests in jointly controlled entitles were accounted
for using the equity method, which are stated on the consolidated balance
sheet at the Group's share of net assets of the entities plus goodwill
arising on acquisitions, less any identified impairment loss.
With effect from 1 January 2006, the Group adopts the proportionate
consolidation method as set out in the Hong Kong Accounting Standard 31 "
Interests in Jointly Controlled Entities" for the recognition of interests
in jointly controlled entities. The directors of the Company consider
that the use of proportionate consolidation method better reflects the
substance and economic reality of the Group's interests in jointly
controlled entities.
Under the proportionate consolidation method, the Group's share of assets,
liabilities, income and expenses of jointly controlled entities is
combined on a line-by-line basis with similar items in the Group's
financial statements.
Although the change in accounting policy does not have any effect on the
Group's net assets as at 31 December 2005 and the Group's consolidated
profit attributable to shareholders for the six months ended 30 June 2005,
it would result in certain changes in individual line items of the
consolidated accounts. The new accounting policy has been applied
retrospectively and the comparatives have been restated accordingly.
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