ITC CORPORATION<00372> - Results Announcement
ITC Corporation Limited announced on 28/07/2006:
(stock code: 00372 )
Year end date: 31/03/2006
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/04/2005 from 01/04/2004
to 31/03/2006 to 31/03/2005
Note ('000 ) ('000 )
Turnover 2 : 252,959 104,361
Profit/(Loss) from Operations 2 : (42,946) (156,830)
Finance cost : (28,012) (23,868)
Share of Profit/(Loss) of
Associates : 174,499 146,468
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 107,394 88,898
% Change over Last Period : +21 %
EPS/(LPS)-Basic (in dollars) 3 : 0.094 0.108
-Diluted (in dollars) 3 : 0.068 0.057
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 107,394 88,898
Final Dividend : 1.7 cents 1.5 cents
per Share
(Specify if with other : Cash dividend with Cash dividend with
options) an option to elect an option to elect
scrip scrip
B/C Dates for
Final Dividend : 03/10/2006 to 05/10/2006 bdi.
Payable Date : 03/11/2006
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
Note 1 - Application of Hong Kong Financial Reporting Standards
In the current year, the Group has applied, for the first time, a number
of new Hong Kong Financial Reporting Standards ("HKFRSs"), 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 1st January, 2005.
The application of the new HKFRSs has resulted in a change in the
presentation of the consolidated income statement, consolidated balance
sheet and consolidated statement of changes in equity. In particular, the
presentation of minority interests and share of tax of associates have
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 and prior accounting periods are
prepared and presented:
HKFRS 3 - Business Combinations
HKAS 17 - Leases
HKAS 32 - Financial Instruments: Disclosure and Presentation
HKAS 39 - Financial Investments: Recognition and Measurement
HKAS 40 - Investment Property
Note 2 - Turnover and Profit/(Loss) from Operations
Analyses of turnover and profit/(loss) from operations are as follows:
01/04/2005 01/04/2004
to 31/03/2006 to 31/03/2005
HK$'000 HK$'000
Turnover
- Continuing operations 252,959 104,361
- Discontinued operations (Remark)
- 1,921,967
--------------------------------------
252,959 2,026,328
=======================================
Profit/(loss) from operations has been arrived at after the following
items: -
Continuing operations
Turnover 252,959 104,361
Cost of sales (205,884) (48,117)
Gross profit 47,075 56,244
Other operating income (expenses)
1,260 (3,189)
Administrative expenses (59,199) (64,612)
Discount on acquisitions released to income
2,578 20,938
Investment expenses - net - (8,182)
Allowance for amounts due from associates
and related companies (3,064) (17,001)
Loss on disposal and dilution of interests in
subsidiaries and associates (31,596) (141,028)
------------------------------------
Loss from continuing operations (42,946) (156,830)
====================================
Discontinued operations
Profit for the period from discontinued operations (Remark)
- 151,672
====================================
Remark
HKFRS 5 "Non-current Assets held for Sale and Discontinued Operations"
encourages the regrouping of income statements items of a discontinued
operation into a separate single line for disclosure purpose.
Note 3 - Earnings Per Share
2006 2005
------- ---------
Basic Diluted Basic Diluted
HK cents HK cents HK cents HK cents
Earnings per share
Earnings (loss) per share from continuing
operations (note a)
9.4 6.8 (10.2) (3.1)
Earnings per share from discontinued
operations (note b)
- - 21.0 8.8
-------------------------------------------------------------
Earnings per share from continuing and
discontinued operations
9.4 6.8 10.8 5.7
=============================================================
Notes:
(a) Earnings (loss) per share from continuing operations
The calculation of the basic and diluted earnings per share from
continuing operations attributable to the equity holders of the parent is
based on the following data:
2006 2005
HK$'000 HK$'000
(Restated)
Earnings figures are calculated as follows:
Profit for the year attributable to equity holders of the parent
107,394 88,898
Less: Earnings for the year from discontinued operations
- (151,672)
-------------------------
Earnings (loss) for the purpose of basic earnings per share
from continuing operations before dividend for compulsorily
convertible cumulative preference shares
107,394 (62,774)
Dividend for compulsorily convertible cumulative
preference shares - (10,942)
-------------------------
Earnings (loss) for the purposes of basic earnings per share
from continuing operations after dividend for compulsorily
convertible cumulative preference shares
107,394 (73,716)
Effect of dilutive potential ordinary shares:
Adjustment of finance cost on convertible notes
11,938 16,738
Adjustment of finance cost on redeemable convertible
preference shares 10,952 4,439
Adjustment to the share of results of associates
based on dilution of their earnings per share
- (271)
-------------------------
Profit (loss) for the purposes of diluted earnings per share
from continuing operations 130,284 (52,810)
=========================
Number of shares
Weighted average number of ordinary shares for the
purposes of basic earnings per share
1,142,341,794 722,619,374
Effect of dilutive potential ordinary shares:
Redeemable convertible preference shares
272,085,692 111,337,564
Convertible notes 500,270,320 897,979,908
--------------------------
Weighted average number of ordinary shares for the
purposes of diluted earnings per share
1,914,697,806 1,731,936,846
=================================
(b) Earnings per share from discontinued operations
Basic and diluted earnings per share for discontinued operations
for 2005 is HK$0.21 and HK$0.088, respectively, which are calculated based
on the profit for the year from discontinued operations of HK$151,672,000
and the denominators detailed above for basic and diluted earnings per
share.
There was no discontinued operations during 2006.
The adjustment to comparative basic and diluted earnings per
share, arising from changes in accounting policies set out in note I
above, is as follows:
Reconciliation of basic and diluted earnings per share for the
year ended 31st March, 2005:
Basic Diluted
HK cents HK cents
Reported figure before adjustments 23.7 10.9
Adjustments arising from changes in accounting policies
(12.9) (5.2)
--------------------------
As restated 10.8 5.7
========================
Note 4 - Dividend on Redeemable Convertible Preference Shares
The Board has resolved to pay a dividend of HK$0.04 per redeemable
convertible preference share of the Company of HK$0.10 each in respect of
the twelve month period ending on but excluding 3rd November, 2006 to
holders of redeemable convertible preference shares whose names appear on
the register of redeemable convertible preference shares as at the close
of business on 13th October, 2006. The dividend on redeemable convertible
preference shares is expected to be paid to holders of redeemable
convertible preference shares by post on or around 3rd November, 2006.
The register of redeemable convertible preference shares of the Company
will be closed from 11th October, 2006 to 13th October, 2006, both dates
inclusive, during which period no redeemable convertible preference share
transfers shall be effected.
Note 5 - Comparative figures
Comparative figures have been restated, as appropriate, for the adoption
of a number of new and revised HKFRSs.
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