ND PAPER<02689> - Results Announcement
Nine Dragons Paper (Holdings) Limited announced on 20/09/2006:
(stock code: 02689 )
Year end date: 30/06/2006
Currency: RMB
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/07/2005 from 01/07/2004
to 30/06/2006 to 30/06/2005
Note ('000 ) ('000 )
Turnover : 7,902,156 4,825,373
Profit/(Loss) from Operations : 1,811,203 558,140
Finance cost : (294,793) (179,814)
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 : 1,374,782 303,759
% Change over Last Period : +452.6 %
EPS/(LPS)-Basic (in dollars) : 0.41 0.10
-Diluted (in dollars) : 0.40 0.10
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 1,374,782 303,759
Final Dividend : RMB0.023 N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 13/11/2006 to 16/11/2006 bdi.
Payable Date : 05/12/2006
B/C Dates for Annual
General Meeting : 13/11/2006 to 16/11/2006 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Group reorganisation
The Company was incorporated in Bermuda on 17 August 2005 under the
Companies Act 1981 as an exempt company with limited liability. In
anticipation of listing of Company on the main board of The Stock Exchange
of Hong Kong Limited (the "Stock Exchange"), the Group had undertaken a
group reorganisation (the "Reorganisation"). The Company became the
holding company of the Group as result of the Reorganisation that
principally comprised the acquisition of Zhang's Enterprises Company
Limited, which holds directly or indirectly, the entire share capital of
Dongguan Nine Dragons Paper Industries Company Limited, Nine Dragons Paper
Industries (Taicang) Company Limited, Dongguan Sea Dragon Paper Industries
Company Limited and Sea Dragon Paper Industries (Taicang) Company Limited.
The Reorganisation became effective on 30 December 2005. The Company's
shares were listed on the Stock Exchange on 3 March 2006.
The Reorganisation involved companies under common control, and the Group
resulting from the Reorganisation is regarded as a continuing group.
Accordingly, the Reorganisation has been accounted for on the basis of
merger accounting, under which the consolidated financial statements have
been prepared as if the Company had been the holding company of the
subsidiaries comprising the Group throughout the year ended 30 June 2006,
rather than from the date on which the Reorganisation was completed. The
comparative figures as at 30 June 2005 and for the year ended 30 June 2005
have been presented on the same basis.
2. Basis of preparation
These financial statements have been prepared in accordance with all
applicable Hong Kong Financial Reporting Standards, which include all
applicable individual Hong Kong Financial Reporting Standards (the "
HKFRSs"), Hong Kong Accounting Standards (the "HKASs") and interpretations
("the HKFRS-int") issued by the Hong Kong Institute of Certified Public
Accountants, accounting principles generally accepted in Hong Kong and the
disclosure requirements of the Hong Kong Companies Ordinance. These
financial statements also comply with the applicable disclosure provisions
of the Rules Governing the Listing of Securities on the Stock Exchange.
They have been prepared under the historical cost convention.
The preparation of financial statements in conformity with HKFRS requires
the use of certain critical accounting estimates. It also requires
management to exercise its judgment in the process of applying the Group's
accounting policies.
Certain new standards, amendments and interpretations to existing
standards have been published that are mandatory for the Group's
accounting periods beginning on or after 1 July 2006 or later periods are
as follows:
HKAS 1 (Amendment) First time adoption of Hong Kong Financial
Reporting Standards - Capital disclosure1
HKAS 19 (Amendment) Actuarial Gains and Losses, Group Plan and
Disclosures2
HKAS 21 (Amendment) Net Investment in a Foreign Operation2
HKAS 39 (Amendment) Cash Flow Hedge Accounting of Forecast Intragroup
Transactions2
HKAS 39 (Amendment) The Fair Value Option2
HKAS 39 and
HKFRS 4 (Amendment) Financial Guarantee Contracts2
HKFRS 6 Exploration for and Evaluation of Mineral
Resources2
HKFRS 7 Financial Instruments: Disclosure1
HKFRS-int 3 Emission Rights2
HKFRS-int 4 Determining whether an Arrangement Contains a
Lease2
HKFRS-int 5 Rights to Interests arising from Decommissioning,
Restoration and Environmental Rehabilitation
Funds2
HK(IFRIC)-Int 6 Liabilities arising from Participating in a
Specific Market - Waste Electrical and Electronic
Equipment3
HK(IFRIC)-Int 7 Applying the Restatement Approach under HKFRS 294
HK(IFRIC)-Int 8 Scope of HKFRS 25
HK(IFRIC)-Int 9 Reassessment of Embedded Derivatives6
1: Effective for accounting periods commencing on or after 1 January
2007
2: Effective for accounting periods commencing on or after 1 January
2006
3: Effective for accounting periods commencing on or after 1 December
2005
4: Effective for accounting periods commencing on or after 1 March
2006
5: Effective for accounting periods commencing on or after 1 May 2006
6: Effective for accounting periods commencing on or after 1 June
2006
These new standards, amendments and interpretations to existing standards
are either not relevant to the Group's operation or, if relevant, have not
been early adopted by the Group, and management is currently assessing the
impact of application of these new standards, amendments and
interpretation that will have on the Group's financial statements in the
period of initial application.
3. Earnings per share
- Basic
Basic earnings per share is calculated by dividing the profit attributable
to equity holders of the Company by the weighted average number of
ordinary shares in issue during the year.
For the year ended 30 June
2006 2005
Profit attributable to equity holders of the Company (RMB'000)
1,374,782 303,759
Weighted average number of ordinary shares in issue
(shares in thousands) 3,376,027 3,000,000
Basic earnings per share (RMB per share)
0.41 0.10
- Diluted
Diluted earnings per share is calculated adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The dilutive potential ordinary shares of the
Company are share options. For the share options a calculation is done to
determine the number of shares that could have been acquired at fair value
(determined as the average annual market share price of the Company's
shares) based on the monetary value of the subscription rights attached to
outstanding share options. The number of shares calculated as above is
compared with the number of shares that would have been issued assuming
the exercise of the share options.
For the year ended 30 June 2006
Profit attributable to equity holders of the Company (RMB'000)
1,374,782
Weighted average number of ordinary shares in issue (shares in thousands)
3,376,027
Adjustments for share options (shares in thousands)
23,980
Weighted average number of ordinary shares for diluted earnings per share
(shares in thousands) 3,400,007
Diluted earnings per share (RMB per share)
0.40
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No disclosure of diluted earnings per share for the year ended 30 June
2005 has been made as there was no potential dilutive ordinary shares
outstanding during the year.
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