MENGNIU DAIRY<02319> - Results Announcement
China Mengniu Dairy Company Limited announced on 1/9/2004:
(stock code: 02319 )
Year end date: 31/12/2004
Currency: RMB
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 1/1/2004 from 1/1/2003
to 30/6/2004 to 30/6/2003
Note ('000 ) ('000 )
Turnover : 3,472,671 1,692,705
Profit/(Loss) from Operations : 253,749 152,393
Finance cost : (13,622) (3,878)
Share of Profit/(Loss) of
Associates : 1,316 444
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 184,080 75,963
% Change over Last Period : +142.3 %
EPS/(LPS)-Basic (in dollars) : 0.24 0.1
-Diluted (in dollars) : 0.16 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 184,080 75,963
Interim Dividend : Nil N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
Unaudited Unaudited
For the six months ended
2004 2003
RMB'000 RMB'000
Note I. Turnover 3,472,671 1,692,705
=========================
Note II. Profit from operation activities is arrived after the
following items:
Unaudited Unaudited
For the six months ended
2004 2003
RMB'000 RMB'000
Gross Profit 826,934 425,733
Other revenue 2,768 1,405
Distribution costs (513,464) (232,874)
Administrative expenses (58,266) (34,368)
Other operating expenses (4,223) (7,503)
-------------------------
Profit from operations 253,749 152,393
========================
Note III Profit after tax and for earnings per share
Unaudited Unaudited
For the six months ended
2004 2003
RMB'000 RMB'000
Profit from operations 253,749 152,393
Finance cost (13,622) (3,878)
Share of profit of associates 1,316 444
------------------------
Profit before tax 241,443 148,959
Taxation (11,240) (32,230)
-------------------------
Profit after tax 230,203 116,729
Minority Interest (46,123) (40,766)
------------------------
Profit attributable to shareholders 184,080 75,963
=========================
Note IV Earnings per share
Unaudited Unaudited
For the six months ended
2004 2003
Earnings for the purpose of basic earnings per share and
RMB RMB
diluted earnings per share 184,080,000 75,963,000
==========================
Weighted average number of ordinary shares for the
purposes of basic earnings per share 781,593,407 750,000,000
============================
Weighted average number of ordinary shares for the
purposes of diluted earnings per share 1,150,009,880 NA
===========================
RMB RMB
Basic earnings per share 0.24 0.10
====================
Diluted earnings per share 0.16 NA
====================
Basic and diluted earnings per share is calculated based on the profit
attributable to shareholders.
Note V. Basis of presentation
The Company was incorporated in the Cayman Islands on 16 February 2004 as
an exempted company with limited liability under the Companies Law, Cap.
22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The
Group engages in the manufacture and distribution of dairy products and
the Group's operations are principally located in the People's Republic of
China. The Company became the holding company of the Group pursuant to the
group reorganisation that was completed on 14 May 2004 (the
``Reorganisation''). The shares of the Company were admitted to listing on
the Main Board of The Stock Exchange of Hong Kong Limited (the ``Stock
Exchange'') on 10 June 2004 (the "Listing").
The unaudited condensed interim financial statements have been prepared by
adopting the pooling method of accounting as a result of the
Reorganisation which resulted in an exchange of shares held by the
shareholders of China Dairy Holdings for the shares issued by the Company
in exact proportions and class of shares of China Dairy Holdings. In this
regard, the Company has been considered as the holding company of China
Dairy Holdings and its subsidiaries (the ``China Dairy Holdings
Subsidiaries'') since completion of the Reorganisation, save for the China
Dairy Holdings Subsidiaries which were established, incorporated or
acquired subsequently.
The unaudited condensed interim financial statements have been prepared in
accordance with International Financial Reporting Standards, which
comprise standards and interpretations approved by the International
Accounting Standards Board, and International Accounting Standards and
Standing Interpretations Committee interpretations approved by the
International Accounting Standards Committee that remain in effect, and
Appendix 16 of the Rules Governing the Listing of Securities on the Stock
Exchange (the ``Listing Rules'').
The details of the Reorganisation, the accounting policies and methods of
computation used in the preparation of these interim financial statements
are consistent with those used in the preparation of the Accountants'
Report as set out in Appendix I of the prospectus issued by the Company
dated 1 June 2004 (the ``Prospectus'').
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