GOLDBOND GROUP<00172> - Results Announcement
Goldbond Group Holdings Limited announced on 08/07/2005:
(stock code: 00172 )
Year end date: 31/03/2005
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/04/2004 from 01/04/2003
to 31/03/2005 to 31/03/2004
Note ('000 ) ('000 )
(Restated)
Turnover : 24,735 23,392
Profit/(Loss) from Operations : 42,727 38,149
Finance cost : (2,495) (4,324)
Share of Profit/(Loss) of
Associates : (1,351) N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : (4,654) (400)
Profit/(Loss) after Tax & MI : 27,935 27,037
% Change over Last Period : +3.32 %
EPS/(LPS)-Basic (in dollars) : 0.02 0.03
-Diluted (in dollars) : 0.01 0.03
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 27,935 27,037
Final Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final 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:
1. Basis of preparation
The financial statements have been prepared in accordance with all
applicable Hong Kong Financial Reporting Standards issued by the Hong Kong
Institute of Certified Public Accountants ("HKICPA"), accounting
principles generally accepted in Hong Kong and the disclosure requirements
of the Hong Kong Companies Ordinance. The measurement basis used in the
preparation of the financial statements is historical cost modified by the
revaluation of investment properties and the marking to market of certain
investments in securities.
2. Early adoption of new disclosure requirement
The Group has adopted Hong Kong Accounting Standards 40 ("HKAS 40") "
Investment Property" issued by the Hong Kong Institute of Certified Public
Accountants in the consolidated financial statements retroactively from 1
April 2004 to account for its investment properties.
In prior years, investment properties were stated in the balance sheet at
open market value. Buildings with either the remaining useful life or the
remaining lease period of the land on which they are situated being 20
years or less were depreciated on a straight-line basis at rates
calculated to write off the cost or valuation of the building over the
shorter of the remaining estimated useful life of the building or the
remaining lease period of the land. Surpluses and deficits arising on
revaluation of investment properties were recognised on a portfolio basis.
The net surplus was credited to the investment property revaluation
reserve. The net deficit was first set off against any investment
property revaluation reserve and any resulting debit balance was
thereafter charged to the profit and loss account. Where a deficit had
previously been charged to the profit and loss account and a revaluation
surplus subsequently arose, this surplus was credited to the profit and
loss account to the extent of the deficit previously charged.
Currently, no deferred tax is provided on revaluation surplus of
investment properties. Following the interpretation of HKAS
Interpretation 21, the Group will calculate deferred tax based on the
profits tax rate on the change in fair value of investment properties.
In order to comply with HKAS 40, the Group has adopted new accounting
policies for investment properties. The effect of adopting the new
accounting policies was adjusted to the opening balance of 1 April 2004 in
accordance with the transitional provisions of HKAS 40 and the comparative
information have been restated accordingly. As a result of the adoption
of the revised accounting policy, the Group's profit for the year and the
net assets as at 31 March 2005 have been increased by $28,425,000 (2004:
decreased by $5,464,000) and decreased by $6,145,000 (2004: increased by
$936,000) respectively.
3. Profit before taxation is arrived at after charging / (crediting):
2005 2004
'000 '000
Change in fair value of investment properties (40,464) (34,650)
Staff costs 9,812 8,254
Impairment loss for interest in jointly controlled entity
2,400 -
Rentals receivable from investment properties less
outgoings (20,842) (21,984)
4. Reconciliation of Profit after Taxation & MI in 2004:
2004
'000
Profit after Taxation & MI as stated in 2004 32,501
Adjustment:
Increase in deferred tax on change in fair value of investment properties
(5,464)
-------
Profit after Taxation & MI (restated) 27,037
======
5. Earnings per share
(a) Basic earnings per share
The calculation of basic earnings per share is based on the profit
attributable to shareholders for the year of $27,935,000 (2004:
$27,037,000) and the weighted average of 1,662,440,000 (2004:
843,843,000) ordinary shares in issue during the year.
(b) Diluted earnings per share
The calculation of diluted earnings per share is based on the profit
attributable to ordinary shareholders of $27,935,000 (2004: $27,037,000)
and the weighted average number of 1,994,695,000 (2004: 857,547,000)
ordinary shares after adjusting for the effects of all dilutive potential
ordinary shares for the year ended 31 March 2005.
Reconciliations
2005 2004
Number of Number of
shares shares
'000 '000
Weighted average number of ordinary shares
used in calculating basic earnings per share 1,662,440 843,843
Effect of dilutive potential ordinary shares in respect of
preference shares and convertible notes 332,255 13,704
--------- ------------
Weighted average number of ordinary shares
used in calculating diluted earnings per share 1,994,695 857,547
========== =======
6. Recently issued accounting standards
The HKICPA has issued a number of new and revised Hong Kong Financial
Reporting Standards and Hong Kong Accounting Standards ("new HKFRSs")
which are effective for accounting periods beginning on or after 1 January
2005.
The group has not early adopted these new HKFRSs in the financial
statements for the year ended 31 March 2005, apart from HKAS 40 "
Investment Property". The Group has already commenced an assessment of the
impact of these new HKFRSs but is not yet in a position to state whether
these new HKFRSs would have a significant impact on its results of
operations and financial position.
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