SOUNDWILL HOLD<00878> - Results Announcement
Soundwill Holdings Limited announced on 21/04/2006:
(stock code: 00878 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: Unqualified
(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 : 162,631 134,378
Profit/(Loss) from Operations : 707,357 75,714
Finance cost : (50,894) (36,686)
Gain on disposal of subsidiaries : 8,407 1,053
Loss on disposal of an associate : (63) -
Share of Profit/(Loss) of
Associates : 6 17
Share of Profit/(Loss) of
Jointly Controlled Entities : (6) N/A
Profit/(Loss) after Tax & MI : 547,423 26,803
% Change over Last Period : +1,942 %
EPS/(LPS)-Basic (in dollars) : 3.41 0.24 (restated)
-Diluted (in dollars) : 2.46 0.21 (restated)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 547,423 26,803
Final Dividend : $0.035 $0.025
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 23/05/2006 to 29/05/2006 bdi.
Payable Date : 06/07/2006
B/C Dates for Annual
General Meeting : 23/05/2006 to 29/05/2006 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Basis of preparation and accounting policies
The accounting policies and methods of computation used in the preparation
of these consolidated financial statements are consistent with those used
in the annual financial statements for the year ended 31 December 2004
except that the Group has changed certain of its accounting policies
following its adoption of new / revised Hong Kong Financial Reporting
Standards, Hong Kong Accounting Standards and Interpretations ("new HKFRS
") which are effective for accounting period commencing on or after 1
January 2005.
The consolidated financial statements have been prepared in accordance
with the new HKFRS and comply with accounting standards issued by the Hong
Kong Institute of Certified Public Accountants. They have been prepared
under the historical cost convention except for the revaluation of
investment properties and certain financial assets and liabilities.
2. Adoption of new/revised HKFRS
From 1 January 2005, the Group has adopted the new and revised standards
and interpretations of HKFRS, which are relevant to its operations. This
includes the following new, revised and renamed standards :
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 12 Income Taxes
HKAS 14 Segment Reporting
HKAS 16 Property, Plant and Equipment
HKAS 17 Leases
HKAS 18 Revenue
HKAS 19 Employee Benefits
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 : Disclosure and Presentation
HKAS 33 Earnings per Share
HKAS 36 Impairment of Assets
HKAS 37 Provisions, Contingent Liabilities and Contingent Assets
HKAS 38 Intangible Assets
HKAS 39 Financial instruments : Recognition and Measurement
HKAS 40 Investment Properties
HKFRS 2 Share-based Payments
HKFRS 3 Business Combinations
HK(SIC) Int-15 Operating Leases - Incentives
HK(SIC) Int-21 Income Taxes - Recovery of Revalued Non-Depreciable Assets
All the standards have been applied retrospectively except where specific
transitional provisions require a different treatment and accordingly the
2004 financial statements and their presentation have been amended in
accordance with HKAS 8. Due to the change in accounting policies, the
2004 comparatives contained in these financial statements differ from the
published financial statements for the year ended 31 December 2004.
3. Profit from Taxation & MI included net gains from fair value
change of investment properties for HK$466,281,000 (net of deferred tax)
due to the adoption of HKAS 40 and HK(SIC) Int-21.
4. Earnings per share
The calculation of basic earnings per share is based on the profit
attributable to the Company's equity holders of HK$547,423,000 (2004 :
HK$26,803,000, restated) and on the weighted average of 160,429,944 shares
(2004 : 111,487,217 shares) in issue during the year.
The calculation of diluted earnings per share is based on the adjusted net
profit attributable to the Company's equity holders of HK$549,981,000 (
2004 : HK$27,328,000, restated) and the weighted average of 223,674,732
shares (2004: 129,994,685 shares) in issue during the year, adjusted for
the effects of all dilutive potential shares.
The adjusted net profit attributable to the Company's equity holders is
calculated on the net profit for the year of HK$547,423,000 plus the
reduction in interest payable of HK$2,558,000 as a result of the deemed
conversion of convertible bonds.
The weighted average number of shares used in the calculation of diluted
earnings per share is calculated based on the weighted average of
160,429,944 shares in issue during the year plus the weighted average of
63,244,788 shares deemed to be issued at no consideration as if all the
company's dilutive potential shares been issued.
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