AEON STORES<00984> - Results Announcement
AEON Stores (Hong Kong) Co. Limited announced on 14/05/2004:
(stock code: 00984 )
Year end date: 29/2/2004
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 1/3/2003 from 1/3/2002
to 29/2/2004 to 28/2/2003
Note ('000 ) ('000 )
Turnover : 4,608,801 3,961,113
Profit/(Loss) from Operations : 111,036 83,062
Finance cost : (25) (23)
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 : 85,844 61,341
% Change over Last Period : +39.95 %
EPS/(LPS)-Basic (in dollars) : 0.3302 0.2359
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 85,844 61,341
Final Dividend : 13 cents 9 cents
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 14/6/2004 to 17/6/2004 bdi.
Payable Date : 28/7/2004
B/C Dates for Annual
General Meeting : 14/6/2004 to 17/6/2004 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. FINANCIAL REPORTING STANDARDS AND REASON FOR RESTATED RETAINED
PROFITS
In the current year, the Group has adopted the following Hong Kong
Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Society
of Accountants (HKSA). The term of HKFRS is inclusive of Statements of
Standard Accounting Practice ("SSAPs") and Interpretations approved by the
HKSA.
Income taxes
In current year, the Group has adopted SSAP12 (Revised) "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 financial statements 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 2003 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 year ended 29th February, 2004
has been decreased by HK$720,000 (2003: increased by HK$4,445,000).
2. INCOME TAX EXPENSES
2004 2003
HK$'000 HK$'000
(restated)
The charge comprises:
Current year
Hong Kong 20,748 19,745
Other regions in the PRC 3,437 7,671
_______ _______
24,185 27,416
Underprovision in prior years
Hong Kong - 101
Other regions in the PRC 584 2,201
_______ _______
24,769 29,718
_______ _______
Deferred tax charge (credit)
Current year 1,643 (4,445)
Attributable to a change in tax rate
(923) -
_______ _______
720 (4,445)
_______ _______
Income tax expenses for the year 25,489 25,273
====== ======
Hong Kong Profits Tax is calculated at 17.5% (2003: 16%) of the
estimated assessable profit for the year. During the year, the Hong Kong
Profits Tax rate was increased from 16% to 17.5% with effect from the
2003/2004 year of assessment. The effect of this increase has been
reflected in the calculation of current and deferred tax balances at 29th
February, 2004.
PRC income tax is calculated at 33% of the estimated assessable
profits of the subsidiaries.
3. DIVIDENDS
THE GROUP
2004 2003
HK$'000 HK$'000
Final dividend in respect of 2003 of 9.0 HK cents
(2002: 9.5 HK cents) per share
23,400 24,700
Interim dividend paid of 1.0 HK cents (2003: Nil)
per share
2,600 -
-------- --------
26,000 24,700
======= ========
The final dividend of 13.0 HK cents per ordinary share has been proposed
by the directors and is subject to approval by the Company's shareholders
in general meeting.
4. EARNINGS PER SHARE
The calculation of earnings per share is based on the Group's net profit
for the year of HK$85,844,000 (2003: HK$61,341,000) and on 260,000,000
(2003: 260,000,000) ordinary shares in issue during the year.
The adjustment to comparative basic earnings per share, arising
from the adoption of SSAP 12 (Revised) is as follows:
HK cents
Reconciliation of 2003 basic earnings per share:
Reported figure before adjustment 21.88
Adjustment arising from the adoption of SSAP 12 (Revised)
1.71
_______
Restated 23.59
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