Guoxia Technology Co., Ltd. — Earnings Release 2005

Mar 31, 2006

Listed Company Information

Listed Company Information
WING ON TRAVEL<01189> - Results Announcement Wing On Travel (Holdings) Limited announced on 31/03/2006: (stock code: 01189 ) 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 : 1,815,718 1,722,177 Profit/(Loss) from Operations : 81,496 63,625 Finance cost : (59,376) (66,282) Share of Profit/(Loss) of Associates : 8,006 (195) Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 31,109 8,556 % Change over Last Period : +263.6 % EPS/(LPS)-Basic (in dollars) : 0.07 0.04 -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 31,109 8,556 Final Dividend : 1.5 cents NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : 22/05/2006 to 24/05/2006 bdi. Payable Date : 05/06/2006 B/C Dates for (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. BASIS OF PREPARATION The financial statements have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and with accounting principles generally accepted in Hong Kong. 2. PRINCIPAL ACCOUNTING POLICIES The consolidated financial statements have been prepared under the historical cost basis except for certain properties and financial instruments which are measured at revalued amounts or fair values. 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 ("HKINT") (hereinafter collectively referred to as "new HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants 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 consolidated income statement, consolidated balance sheet and the consolidated statement of changes in equity. In particular, the presentation of minority interests and share of tax of associates has been changed as required by HKAS 1 "Presentation of financial statements". The changes in presentation have been applied retrospectively. The adoption of the following 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 years are prepared and presented. HKFRS 3 - Business combinations HKAS 1 - Presentation of financial statements HKAS 16 - Property, plant and equipment HKAS 17 - Leases HKAS 32 - Financial instruments: disclosure and presentation HKAS 39 - Financial instruments: recognition and measurement HKAS 40 - Investment property HKINT 2 - The appropriate accounting policies of hotel properties 3. TURNOVER AND PROFIT All turnover and profits were from continuing operations. 4. EARNINGS PER SHARE The calculation of the basic earnings per share is based on the following data : 2005 2004 HK$'000 HK$'000 Earnings for the purpose of basic earnings per share 31,109 8,556 =========== =========== Number of shares Weighted average number of ordinary shares for the purpose of basic earnings per share 418,541,133 201,251,437 =========== =========== No disclosure of diluted earnings per share has been presented for the years ended 31 December 2004 and 2005 as the conversion of the Company's convertible notes would increase the earnings per share. A reconciliation of the restatement of basic earnings per share for 2004 to adjust for the effects of changes in accounting policies is as follows: 2005 2004 HK$ HK$ Reported figures before adjustment 0.06 0.18 Effects of changes in accounting policies 0.01 (0.14) --------------------------- Restated 0.07 0.04 ===========================