AEON STORES<00984> - Results Announcement (Summary)
AEON Stores (Hong Kong) Co. Limited announced on 24/10/2003:
(stock code: 00984 )
Year end date: 29/02/2004
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/03/2003 from 01/03/2002
to 31/08/2003 to 31/08/2002
Note ('000 ) ('000 )
Turnover : 2,085,478 1,801,257
Profit/(Loss) from Operations : 8,639 13,034
Finance cost : (13) (9)
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 : 5,853 4,824
% Change over Last Period : +21.33 %
EPS/(LPS)-Basic (in dollars) : 0.0225 0.0186
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 5,853 4,824
Interim Dividend : 1 cent NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 26/11/2003 to 28/11/2003bdi.
Payable Date : 08/12/2003
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 condensed financial statements have been prepared under the historical
cost convention.
The accounting policies adopted are consistent with those adopted by the
Group in its annual financial statements for the year ended 28th February,
2003 except that the Group had adopted SSAP 12 (Revised) "Income taxes"
which is effective for accounting periods commencing on or after 1st
January, 2003.
Income taxes
The principal effect of the adoption of SSAP 12 (Revised) is in relation
to deferred tax. In previous years, partial provision was made for
deferred tax using the income statement liability method under which a
liability was recognised in respect of timing differences arising, except
where those timing differences were not expected to reverse in the
foreseeable future. SSAP 12 (Revised) requires the adoption of a balance
sheet liability method, whereby deferred tax is recognised in respect of
all temporary differences between the carrying amounts of assets and
liabilities in the interim financial report and the corresponding tax
bases used in the computation of taxable profit, with limited exceptions.
In the absence of any specific transitional requirements in SSAP 12
(Revised), the new accounting policy has been applied retrospectively.
Comparative amounts for 2002 have been restated accordingly.
As a result of this change in policy, the opening balance on retained
profits at 1st March, 2003 has been increased by HK$9,846,000 (1st March,
2002: HK$5,401,000). The profit for the six months ended 31st August,
2003 has been decreased by HK$318,000 (31st August, 2002: increased by
HK$1,261,000).
2. INCOME TAX
Six months ended
31.8.2003 31.8.2002
HK$'000 HK$'000
(restated)
Current tax:
Hong Kong Profits Tax 8,265 4,626
PRC income tax 863 6,306
Overprovision of PRC income
tax in previous periods (921) -
------ ------
8,207 10,932
====== ======
Deferred tax in Hong Kong:
Current period 1,241 (1,261)
Attributable to change in tax
rate in Hong Kong (923) -
------ -------
318 (1,261)
------ -------
8,525 9,671
====== =======
Hong Kong Profits Tax is calculated at 17.5% (2002: 16%) of the estimated
assessable profit for the six months ended 31st August, 2003.
PRC income tax is calculated at 33% of the estimated assessable profit of
the subsidiaries.
In June 2003, the Hong Kong Profits Tax rate was increased from 16% to
17.5% with effect from the 2003/2004 year of assessment. The effect of
this increase has been reflected in the calculation of current and
deferred tax balances at 31st August, 2003.
3. EARNINGS PER SHARE
The calculation of earnings per share is based on the Group's net profit
for the period of HK$5,853,000 (2002: HK$4,824,000) and on 260,000,000
(2002: 260,000,000) ordinary shares in issue during the period.
|
