Macau E&M Holding Limited — Earnings Release 2003

Apr 16, 2004

Listed Company Information

Listed Company Information
SHENZHEN INVEST<00604> - Results Announcement (Summary) Shenzhen Investment Limited announced on 16/4/2004: (stock code: 00604 ) Year end date: 31/12/2003 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 1/1/2003 from 1/1/2002 to 31/12/2003 to 31/12/2002 Note ('000 ) ('000 ) Turnover : 1,893,413 1,333,610 Profit/(Loss) from Operations : 292,826 273,518 Finance cost : (89,802) (119,046) Loss on disposal of an associate : (58,727) - Share of Profit/(Loss) of Associates : 308,177 399,819 Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 236,011 274,764 % Change over Last Period : -14.1 % EPS/(LPS)-Basic (in dollars) : 0.0969 0.1169 -Diluted (in dollars) : 0.0962 0.1152 Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 236,011 274,764 Final Dividend : 2.50 cents 2.50 cents per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : 31/5/2004 to 3/6/2004 bdi. Payable Date : 11/6/2004 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. IMPACT OF A REVISED STATEMENT OF STANDARD ACCOUNTING PRACTICE ("SSAP") SSAP12 (Revised): "Income taxes" is effective for the first time for the current year's financial statements and has a significant impact thereon. SSAP12 (Revised) principally prescribes the accounting treatment and disclosures for deferred tax. In prior year, deferred tax is provided using the income statement liability method on all significant timing differences to the extent it is probable that the liability will crystallise in the foreseeable future. A deferred tax asset is not recognised until its realisation is assured beyond reasonable doubt. SSAP 12 (Revised) requires the adoption of the balance sheet liability method, whereby deferred tax is recognised in respect of all temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, with limited exceptions. In the absence of any specific transitional requirements in SSAP 12 (Revised), the new accounting policy has been applied retrospectively. As a result, the prior year adjustments with the retained profits as at 1 January 2002 and 1 January 2003 restated by a reduction of HK$13,515,000 and HK$19,450,000, respectively, and with investment property revaluation reserve, asset revaluation reserve and investment revaluation reserve as at 1 January 2003 restated by a reduction of HK$30,920,000, HK$7,707,000 and by an increase of HK$1,183,000, respectively. The comparative amount in respect of deferred tax assets, deferred tax liabilities and negative goodwill as at 31 December 2002 has also been restated by an increase of HK$1,183,000, HK$68,775,000 and by a reduction of HK$10,698,000, respectively. As a consequence, the Group's net profit attributable to shareholders for the year ended 31 December 2002 and 31 December 2003 has been decreased by HK$5,935,000 and HK$6,517,000 respectively. 2. EARNINGS PER SHARE The calculation of basic earnings per share was based on the net profit attributable to shareholders for the year of HK$236,011,000 (2002 (restated): HK$274,764,000) and on the weighted average number of 2,434,376,158 (2002: 2,350,951,063) shares in issue during the year. The calculation of diluted earnings per share for the year ended 31 December 2003 was based on the net profit attributable to shareholders for the year of HK$236,011,000 (2002 (restated): HK$274,764,000). The weighted average number of ordinary shares used in the calculation is the 2,434,376,158 (2002: 2,350,951,063) ordinary shares in issue during the year, as used in the basic earnings per share calculation, and the weighted average of 19,190,504 (2002: 33,975,923) ordinary shares assumed to have been issued at no consideration on the deemed exercise of all share options granted during the year. The convertible bonds have not been included in the calculation of the diluted earnings per share for the year ended 31 December 2002 since their effects are anti-dilutive. 3. COMPARATIVE AMOUNTS As further explained in Remark 1 above, due to the adoption of a revised SSAP during the current year, the accounting treatment and presentation of certain items and balances in the financial statements have been revised to comply with the new requirements. Accordingly, certain comparative amounts have been reclassified to conform with the current year's presentation.