AEON STORES<00984> - Results Announcement
AEON Stores (Hong Kong) Co. Limited announced on 15/09/2006:
(stock code: 00984 )
Year end date: 31/12/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(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 : 2,831,340 2,605,943
Profit/(Loss) from Operations : 46,644 50,263
Finance cost : (331) (4)
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 : 28,027 37,273
% Change over Last Period : -24.81 %
EPS/(LPS)-Basic (in dollars) : 0.1078 0.1434
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 28,027 37,273
Interim Dividend : 5.5 cents 5.5 cents
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 10/10/2006 to 12/10/2006 bdi.
Payable Date : 18/10/2006
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. BASIS OF PREPARATION
The condensed financial statements have been prepared in accordance with
the applicable disclosure requirements of Appendix 16 to the Rules
Governing the Listing of Securities ("Listing Rules") on The Stock
Exchange of Hong Kong Limited ("Stock Exchange") and with Hong Kong
Accounting Standard ("HKAS") 34 "Interim Financing Reporting" issued by
the Hong Kong Institute of Certified Public Accountants ("HKICPA").
2. PRINCIPAL ACCOUNTING POLICIES
The condensed financial statements have been prepared on the historical
cost basis except for certain financial instruments, which are measured at
fair values.
The accounting policies used in the condensed 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 (hereinafter collectively
referred to as "new HKFRSs") issued by the HKICPA that are either
effective for accounting periods beginning on or after 1 December 2005 or
1 January 2006. The application of the new HKFRSs has had no material
effect on how the results for the current and prior accounting periods are
prepared and presented. Accordingly, no prior period adjustments is
required.
The Group has not early applied the following new standards, amendments
and interpretations that have been issued but are not yet effective. The
directors of the Company anticipate that the application of these
standards, amendments or interpretations will have no material impact on
the financial statements of the Group.
HKAS 1 (Amendment) Capital disclosures1
HKFRS 7 Financial instruments: Disclosures1
HK(IFRIC) - INT 7 Applying the restatement approach under HKAS 29
"Financial Reporting in Hyperinflationary
Economies"2
HK(IFRIC) - INT 8 Scope of HKFRS 23
HK(IFRIC) - INT 9 Reassessment of embedded derivatives4
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. INCOME TAX EXPENSES
Six months ended
30.6.2006 30.6.2005
-------------------------
HK$'000 HK$'000
Current tax:
Hong Kong Profits Tax 10,730 10,095
PRC income tax 6,122 3,292
-------------------------
16,852 13,387
Underprovision in prior year
PRC income tax 3,215 -
-------------------------
20,067 13,387
Deferred tax:
(Credit) charge for the period
(2,975) 1,191
-------------------------
17,092 14,578
=======================
Hong Kong Profits Tax is calculated at 17.5% of the estimated assessable
profit for the period.
The PRC income tax is calculated at 33% of the estimated assessable
profits of the subsidiaries.
4. DIVIDENDS
Six months ended
30.6.2006 30.6.2005
-------------------------
HK$'000 HK$'000
Final dividend paid in respect of the year ended
31 December 2005 of 14.0 HK cents
(year ended 31 December 2004: 8.5 HK cents)
per ordinary shares
36,400 22,100
=========================
The directors have declared that an interim dividend of 5.5 HK cents (six
months ended 30.6.2005: 5.5 HK cents) per share amounting to HK$14,300,000
(six months ended 30.6.2005: HK$14,300,000) be paid to the shareholders of
the Company whose names appear on the Register of Members on 10 October
2006. The interim dividend will be paid on or before 18 October 2006.
5. EARNINGS PER SHARE
The calculation of earnings per share attributable to the equity holders
of the parent is based on the Group's profit for the period attributable
to the equity holders of the parent of HK$28,027,000 (six months ended
30.6.2005: HK$37,273,000) and on 260,000,000 (six months ended 30.6.2005:
260,000,000) ordinary shares in issue during the period.
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