AEON STORES<00984> - Results Announcement
AEON Stores (Hong Kong) Co. Limited announced on 24/03/2006:
(stock code: 00984 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2005 from 01/03/2004
to 31/12/2005 to 31/12/2004
Note ('000 ) ('000 )
Turnover : 5,503,393 3,981,000
Profit/(Loss) from Operations : 163,956 106,606
Finance cost : (227) (9)
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 : 124,532 79,461
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.479 0.3056
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 124,532 79,461
Final Dividend : 14 cents 8.5 cents
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 16/05/2006 to 19/05/2006 bdi.
Payable Date : 19/06/2006
B/C Dates for Annual
General Meeting : 16/05/2006 to 19/05/2006 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements for the current period cover the twelve months
period ended 31 December 2005. Due to the change of financial year end
date in prior period, the corresponding amounts shown for the consolidated
income statement, consolidated statement of changes in equity,
consolidated cash flows statement and related notes covered a ten months
period from 1 March 2004 to 31 December 2004 and therefore may not be
comparable with amounts shown for the current year.
2. APPLICATION OF HONG KONG FINANCIAL REPORTING STANDARDS/CHANGES IN
ACCOUNTING POLICIES
In the current year, the Group has applied, for the first time, a number
of new Hong Kong Financial Reporting Standards ("HKFRS"), Hong Kong
Accounting Standards ("HKASs") and Interpretations (hereinafter
collectively referred to as "new HKFRSs") issued by the Hong Kong
Institute of Certified Public Accountants (the "HKICPA") that are
effective for accounting periods beginning on or after 1 January 2005.
The application of the new HKFRSs has resulted in a change in the
presentation of the income statement, balance sheet and the statement of
changes in equity. In particular, the presentation of minority interests
has been changed. The changes in presentation have been applied
retrospectively. The adoption of the new HKFRSs has resulted in changes
to the Group's accounting policies in the following areas that have an
effect on how the results for the current or prior accounting periods are
prepared and presented:
Financial Instruments
In the current year, the Group has applied HKAS 32 "Financial instruments:
Disclosure and presentation" and HKAS 39 "Financial instruments:
Recognition and measurement". HKAS 32 requires retrospective application.
The application of HKAS 32 has had no material effect on the financial
statements of the Group. HKAS 39, which is effective for annual periods
beginning on or after 1 January 2005, generally does not permit to
recognise, derecognise or measure financial assets and liabilities on a
retrospective basis. The principal effects resulting from the
implementation of HKAS 32 and HKAS 39 are summarised below:
Classification and measurement of financial assets and financial
liabilities
The Group has applied the relevant transitional provisions in HKAS 39 with
respect to classification and measurement of financial assets and
financial liabilities that are within the scope of HKAS 39.
Up to 31 December 2004, the Group classified and measured its debt and
equity securities in accordance with the benchmark treatment of Statement
of Standard Accounting Practice 24 (SSAP 24). Under SSAP 24, investments
in debt or equity securities are classified as "investment securities", "
other investments" or "held-to-maturity investments" as appropriate. "
Investment securities" are carried at cost less impairment losses (if any)
while "other investments" are measured at fair value, with unrealised
gains or losses included in the profit or loss. Held-to-maturity
investments are carried at amortised cost less impairment losses (if any).
From 1 January 2005 onwards, the Group classifies and measures its debt
and equity securities in accordance with HKAS 39. Under HKAS 39,
financial assets are classified as "financial assets at fair value through
profit or loss", "available-for-sale financial assets", "loans and
receivables", or "held-to-maturity financial assets". The classification
depends on the purpose for which the assets are acquired. "Financial
assets at fair value through profit or loss" and "available-for-sale
financial assets" are carried at fair value, with changes in fair value
recognised in profit or loss and equity respectively. "Loans and
receivables" and "held-to-maturity financial assets" are measured at
amortised cost using the effective interest method.
On 1 January 2005, the Group reclassified/designated its debt and equity
securities (previously carried at cost less impairment) as available-for-
sale investments in accordance with the requirements of HKAS 39. An
adjustment of HK$17,640,000 to the previous carrying amounts of these debt
and equity securities at 1 January 2005 has been made to the Group's
investment revaluation reserve.
The effects of the changes in the accounting policies described above did
not have other significant effect on the results for the current and prior
period.
The Group has not early applied the following new standards and
interpretations that have been issued but are not yet effective. The
directors of the Company is in the process of assessing the potential
impact of these new HKFRSs and so far concluded that the application of
these HKFRSs will have no material impact on the financial statements of
the Group.
HKAS 1 (Amendment) Capital disclosures1
HKAS 19 (Amendment) Actuarial gains and losses, group plans and
disclosures2
HKAS 21 (Amendment) Net investment in a foreign operation2
HKAS 39 (Amendment) Cash flow hedge accounting of forecast intragroup
transactions2
HKAS 39 (Amendment) The fair value option2
HKAS 39 & HKFRS 4
(Amendments) Financial guarantee contracts2
HKFRS 6 Exploration for and evaluation of mineral resources2
HKFRS 7 Financial instruments: Disclosures1
HK(IFRIC) - INT 4 Determining whether an arrangement contains a
lease2
HK(IFRIC) - INT 5 Rights to interests arising from decommissioning,
restoration and environmental rehabilitation funds2
HK(IFRIC) - INT 6 Liabilities arising from participating in a
specific market - waste electrical and electronic
equipment3
HK(IFRIC) - INT 7 Applying the restatement approach under HKAS 29
Financial Reporting in Hyperinflationary
Economies4
1 Effective for annual periods beginning on or after 1 January 2007.
2 Effective for annual periods beginning on or after 1 January 2006.
3 Effective for annual periods beginning on or after 1 December 2005.
4 Effective for annual periods beginning on or after 1 March 2006.
3. INCOME TAX EXPENSES
1.1.2005 to 1.3.2004 to
31.12.2005 31.12.2004
HK$'000 HK$'000
The charge comprises:
Current period/year
Hong Kong 32,516 22,500
Other regions in the PRC
8,212 4,247
-----------------------
40,728 26,747
-----------------------
(Over)underprovision in prior periods/years
Hong Kong (522) -
Other regions in the PRC
290 (521)
-----------------------
(232) (521)
-----------------------
40,496 26,226
-----------------------
Deferred tax credit
Current year/period (703) (1,796)
-----------------------
Income tax expenses for the year/period
39,793 24,430
-----------------------
Hong Kong Profits Tax is calculated at 17.5% of the estimated assessable
profit for the year/period.
PRC income tax is calculated at the rate prevailing in the relevant
jurisdictions.
4. DIVIDENDS
The Board of Directors has recommended a final dividend of 14 HK cents per
share (10 months ended 31.12.2004: 8.5 HK cents) to be paid on or before
19 June 2006, subject to shareholders' approval at the forthcoming annual
general meeting on 19 May 2006. Together with the interim dividend of 5.5
HK cents (10 months ended 31.12.2004: 4 HK cents) distributed in October
2005, this represented a total dividend of 19.5 HK cents (10 months ended
31.12.2004: 12.5 HK cents) per share for the year.
5. EARNINGS PER SHARE
The calculation of earnings per share is based on the Group's profit
attributable to the equity holders of the parent of HK$124,532,000 (1.3.
2004 to 31.12.2004: HK$79,461,000) and on 260,000,000 (1.3.2004 to 31.12.
2004: 260,000,000) ordinary shares in issue during the year/period.
There were no dilutive potential shares in the year/period.
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