JOLIMARK<02028> - Results Announcement
Jolimark Holdings Limited announced on 31/03/2006:
(stock code: 02028 )
Year end date: 31/12/2005
Currency: RMB
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/12/2005 to 31/12/2004
Note ('000 ) ('000 )
Turnover : 981,650 965,972
Profit/(Loss) from Operations : 99,686 105,243
Finance cost : (5,628) (3,979)
Share of Profit/(Loss) of
Associates : (2,418) (1,373)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 78,603 86,225
% Change over Last Period : -8.8 %
EPS/(LPS)-Basic (in dollars) : 0.181 0.237
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 78,603 86,225
Final Dividend : HK$0.0285 N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 25/04/2006 to 28/04/2006 bdi.
Payable Date : 31/05/2006
B/C Dates for Annual
General Meeting : 25/04/2006 to 28/04/2006 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Jolimark Holdings Limited (the "Company") was listed on the Main Board
of The Stock Exchange of Hong Kong on 29 June 2005.
2. Group reorganisation
(a) The Company was incorporated in the Cayman Islands on 22 July 2004
as an exempted company with limited liability under the Companies Law (
2003 Revision) of the Cayman Islands. The address of its registered
offices is Clifton House, 75 Fort Street, PO Box 1350 GT, George Town,
Grand Cayman, Cayman Islands.
(b) On 10 May 2005, pursuant to a group reorganisation (the "
Reorganisation") in preparation for the listing of the shares of the
Company on the Main Board of The Stock Exchange of Hong Kong Limited (the
"Stock Exchange"), the Company acquired the entire issued share capital in
each of Ying Mei Investment Limited ("Ying Mei Investment"), Kong Yue
Investment Limited ("Kong Yue Investment") and Visionic Investment Limited
("Visionic Investment") through a share swap and become the holding
company of the Group. Details of the Reorganisation are set out in the
Prospectus of the Company dated 20 June 2005.
3. Basis of preparation
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 other
companies comprising the Group throughout the years ended 31 December 2005
and 2004, rather than from the date on which the Reorganisation was
completed.
The financial statements have been prepared in accordance with Hong Kong
Financial Reporting Standards (the "HKFRS") issued by the Hong Kong
Institute of Certified Public Accountants (the "HKICPA"). They have been
prepared under the historical cost convention.
The preparation of financial statements in conformity with the HKFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of applying
the Group's accounting policies.
(a) The adoption of new / revised HKFRS
In 2005, the Group adopted the new/revised standards and interpretations
of HKFRS below, which are relevant to its operations. The 2004
comparatives have been amended as required, in accordance with the
relevant requirements.
HKAS 1 Presentation of Financial Statements
HKAS 2 Inventories
HKAS 7 Cash Flow Statements
HKAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors
HKAS 10 Events after the Balance Sheet Date
HKAS 12 Income Taxes
HKAS 16 Property, Plant and Equipment
HKAS 17 Leases
HKAS 18 Revenue
HKAS 19 Employee Benefits
HKAS 20 Accounting for Government Grants and Disclosure of
Government Assistance
HKAS 21 The Effects of Changes in Foreign Exchange Rates
HKAS 23 Borrowing Costs
HKAS 24 Related Party Disclosures
HKAS 27 Consolidated and Separate Financial Statements
HKAS 28 Investments in Associates
HKAS 32 Financial Instruments: Disclosures and
Presentation
HKAS 33 Earnings per Share
HKAS 36 Impairment of Assets
HKAS 37 Provisions, Contingent Liabilities and Contingent
Assets
HKAS 38 Intangible Assets
HKAS 39 Financial Instruments: Recognition and
Measurement
HKAS 39 Amendment Transition and Initial Recognition of Financial
Assets and Financial Liabilities
HKFRS 3 Business Combinations
The adoption of new/revised HKASs 1, 2, 7, 8, 10, 12, 16, 17, 18, 19, 20,
21, 23, 24, 27, 28, 33 and 37 did not result in substantial changes to the
Group's accounting policies. In summary:
- HKAS 1 has affected the presentation of minority
interests, share of net after-tax results of associates and other
disclosures.
- HKASs 2, 7, 8, 10, 12, 16, 17, 18, 19, 20, 23, 27, 28, 33
and 37 had no material effect on the Group's accounting policies.
- HKAS 21 had no material effect on the Group's accounting
policy. The functional currency of each of the consolidated entities has
been re-evaluated based on the guidance to the revised standard.
- HKAS 24 has affected the identification of related parties
and some other related party disclosures.
The adoption of HKASs 32 and 39 has resulted in a change in the accounting
policy relating to the classification of available-for-sale financial
assets.
The adoption of HKFRS 3, HKAS 36 and HKAS 38 results in a change in the
accounting policy for goodwill. Until 31 December 2004, goodwill was:
- Amortised on a straight line basis over a period of ten years; and
- Assessed for an indication of impairment at each balance sheet
date.
In accordance with the provisions of HKFRS 3:
- The Group ceased amortisation of goodwill from 1 January 2005;
- Accumulated amortisation as at 31 December 2004 has been
eliminated with a corresponding decrease in the cost of goodwill;
- From the year ended 31 December 2005 onwards, goodwill is tested
annually for impairment, as well as when there is indication of
impairment.
The Group has reassessed the useful lives of its intangible assets in
accordance with the provisions of HKAS 38. No adjustment resulted from
this reassessment.
All changes in the accounting policies have been made in accordance with
the transition provisions in the respective standards. All standards
adopted by the Group require retrospective application other than:
- HKAS 39 - does not permit to recognise, derecognise and measure
financial assets and liabilities in accordance with this standard on a
retrospective basis. The Group applied the previous SSAP 24 "Accounting
for investments in securities" to investments in securities for the 2004
comparative information. The adjustments required for the accounting
differences between SSAP 24 and HKAS 39 are determined and recognised at 1
January 2005.
- HKFRS 3 - prospectively after 1 January 2005.
(i) The adoption of HKAS 39 resulted in:
2005
____
Increase in available-for-sale financial assets 1,750
Decrease in investment securities (1,750)
There was no impact on basic earnings per share from the adoption of HKAS
39.
There was no impact on opening retained earnings at 1 January 2004 from
the adoption of HKAS 39 and HKFRS 3.
4. Basis of calculation of EPS and diluted
The calculation of basic earnings per share is based on profit
attributable to shareholders of the Company of RMB 78,603,000 (2004: RMB
86,225,000) and the weighted average number of 434,673,000 ordinary shares
(2004: 364,196,000 shares) in issue during the year. No diluted earnings
per share is presented as there were no potential dilutive shares in issue
during the year ended 31 December 2005 and 2004.
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