MENGNIU DAIRY<02319> - Results Announcement
China Mengniu Dairy Company Limited announced on 06/04/2005:
(stock code: 02319 )
Year end date: 31/12/2004
Currency: RMB
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 31/12/2004 to 31/12/2003
Note ('000 ) ('000 )
Turnover : 7,213,827 4,071,468
Profit/(Loss) from Operations : 439,618 305,950
Finance cost : (29,086) (12,900)
Share of Profit/(Loss) of
Associates : 32 738
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 319,393 164,372
% Change over Last Period : +94.3 %
EPS/(LPS)-Basic (in dollars) : 0.357 0.192
-Diluted (in dollars) : 0.285 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 319,393 164,372
Final Dividend : RMB 0.0585 N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 25/05/2005 to 30/05/2005 bdi.
Payable Date : 08/07/2005
B/C Dates for Annual
General Meeting : 25/05/2005 to 30/05/2005 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
i) GROUP REORGANIZATION AND BASIS OF PRESENTATION
The Company was incorporated in the Cayman Islands on 16 February 2004 as
an exempted company with limited liability. The shares of the Company have
been listed on The Stock Exchange of Hong Kong Limited (the ''Hong Kong
Stock Exchange'') with effect from 10 June 2004.
Pursuant to a group reorganization scheme (the ''Reorganization'') to
rationalize the structure of the Group in preparation for the public
listing of the Company's shares on the Hong Kong Stock Exchange, the
Company acquired the entire issued share capital of China Dairy Holdings,
the then holding company of the subsidiaries comprising the Group, and
thereby became the holding company. Further details of the Group
Reorganization are set out in the Company's prospectus dated 1 June 2004.
The Reorganization involved companies under common control and, for
accounting purposes, the Group is regarded and accounted for as a
continuing group. Accordingly, the consolidated financial statements have
been prepared using the pooling of interests method of accounting as if
the Company has always been the holding company of the Group. On this
basis, the Company has been treated as the holding company of the
companies comprising the Group for the financial years presented rather
than from the date of acquisition of China Dairy Holdings.
In the opinion of the directors, the financial statements, prepared on the
above basis, present fairly the results, cash flows and the state of
affairs of the Group as a whole.
ii) EARNINGS PER SHARE
The calculation of basic earnings per share for the current year is based
on the net profit from ordinary activities attributable to shareholders
for the year of RMB319,393,000, and the weighted average of 893,965,000
ordinary shares in issue during the year.
The weighted average number of shares used to calculate the basic earnings
per share for the year ended 31 December 2004 includes the additional
250,000,000 ordinary shares issued upon the listing of the Company's shares
on the Stock Exchange on 10 June 2004 and 110,524,942 ordinary shares
issued upon conversion of the convertible instrument on 20 December 2004.
The comparative number of shares used to calculate the basic earnings per
share for the year ended 31 December 2003 represents the pro forma issued
share capital of the Company, comprising 143,654 ordinary shares and
749,856,346 ordinary shares issued for the Reorganization.
The calculation of basic earnings per share for the year ended 31 December
2003 is based on the net profit from ordinary activities attributable to
shareholders for the year of RMB164,372,000, and after the deduction of
the dividend entitlement of the holders of the non-voting convertible
redeemable preferred shares of RMB20,377,000, as set out in note (iii)
below, and the weighted average of 750,000,000 ordinary shares assumed to
have been in issue during the year ended 31 December 2003.
The calculation of diluted earnings per share is based on the net profit
from ordinary activities attributable to shareholders for the year of RMB
319,393,000 and the weighted average of 1,118,851,000 ordinary shares in
issue during the year, being the weighted average number of ordinary
shares outstanding during the year, adjusted for the effects of dilutive
potential ordinary shares outstanding during the year.
A reconciliation of the weighted average number of shares used in
calculating the basic and diluted earnings per share is as follows:
2004 2003
000' 000'
Weighted average number of ordinary shares
for the purpose of basic earnings per
share calculation 893,965 750,000
-------
Weighted average number of ordinary shares,
assuming issued at conversion of convertible
instrument during the year 224,886
--------
Weighted average number of ordinary shares
for the purpose of diluted earnings per
share calculation 1,118,851
=========
Diluted earnings per share has not been shown for the year ended 31
December 2003 as the non-voting convertible redeemable preferred shares of
the Group outstanding during that year had an anti-dilutive effect on the
basic earnings per share.
iii) DIVIDEND
2004 2003
RMB'000 RMB'000
Proposed final dividend - RMB 5.85 cents
per ordinary share 64,966 -
Interest on convertible instrument 15,087 -
Dividend paid by China Dairy Holdings to
the then shareholders of
- ordinary shares - 41,483
- non-voting convertible redeemable
preferred shares - 20,377
------- ---------
80,053 61,860
======= =========
The proposed final dividend for the year is subject to the approval of the
Company's shareholders at the forthcoming annual general meeting.
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