Fountain Set (Holdings) Limited — Earnings Release 2005

Feb 24, 2006

Listed Company Information

Listed Company Information
SAN MIGUEL HK<00236> - Results Announcement San Miguel Brewery Hong Kong Limited announced on 24/02/2006: (stock code: 00236 ) Year end date: 31/12/2005 Currency: HKD 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 : 1,268,346 1,261,232 Profit/(Loss) from Operations : 1,478 19,754 Finance cost : (6,163) (2,832) 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 : (35,641) 11,270 % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.10) 0.03 -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (35,641) 11,270 Final Dividend : NIL $0.01 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: (a) Certain comparative figures have been adjusted or reclassified as a result of the changes in accounting policies. Further details are disclosed in Note 2. (b) Classifications of certain expenses have been changed to conform with the current year's presentation as follows: (i) Selling expenses totalling $182,133,000 which were included in "Administrative and selling expenses (renamed as Administrative expenes in the 2005 financial statements)" in the 2004 financial statements have been reclassified under "Selling and distribution expenses". (ii) Impairment loss of $7,737,000 which was included in "Other operating expenses" in the 2004 financial statements has been reclassified under "Impairment losses". (c) Classifications of certain balance sheet items have been changed to conform with the current year's presentation as follows: (i) Land and buildings with aggregate carrying value of $88,257,000, which were included in "Fixed assets (renamed as Property, Plant and Equipment in the 2005 financial statements)" in the 2004 financial statements, have been separately shown as "Investment properties" on the face of the the consolidated balance sheet. (ii) Security deposits and the related interest receivable with carrying value of $8,490,000, which were included in "Other assets" in the 2004 financial statements, have been reclassified to "Other financial assets". (iii) Club debentures with aggregate carrying value of $6,046,000 for the Group and $5,031,000 for the Company , which were included in " Trade and other receivables" in the 2004 financial statements, have been reclassified to "Intangible assets". The directors of the Company consider that the revised presentation reflects more appropriately the nature of these assets.