RemeGen Co., Ltd. — Earnings Release 2005

Apr 7, 2006

Listed Company Information

Listed Company Information
HUALI HOLDINGS<03366> - Results Announcement Huali Holdings (Group) Limited announced on 07/04/2006: (stock code: 03366 ) Year end date: 31/12/2005 Currency: RMB 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 : 662,243 605,533 Profit/(Loss) from Operations : 49,108 41,717 Finance cost : (2,480) (3,633) 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 : 40,903 28,651 % Change over Last Period : +43 % EPS/(LPS)-Basic (in dollars) 3 : 0.26 0.19 -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 40,903 28,651 Final Dividend 4 : HK$0.078 N/A per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : 09/05/2006 to 11/05/2006 bdi. Payable Date : 08/06/2006 B/C Dates for Annual General Meeting : 09/05/2006 to 11/05/2006 bdi. Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. The Company was incorporated in the Cayman Islands on 28 February 2005 as an exempted company with limited liability under the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. Pursuant to a reorganisation (the "Reorganisation") of the Company and its subsidiaries (the "Group") which was completed on 29 July 2005 to rationalise the Group's structure in preparation for the public listing of its shares on the Main Board of the Stock Exchange of Hong Kong Limited ( the "Stock Exchange"), the Company became the holding company of the subsidiaries comprising the Group. The Company's shares were listed on the Stock Exchange on 2 November 2005. Upon its listing, an aggregate of 50,000,000 ordinary shares of HK$0.1 each were issued and offered for subscription at a price of HK$1.30 per share. The Group raised approximately HK$48,811,000 net of related expenses from the share offer. The Group is regarded as a continuing entity resulting from the Reorganisation. In accordance with Accounting Guideline 5 ("AG5") "Merger Accounting for Common Control Combination" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), the consolidated financial statements have been prepared on the basis that the Company was the holding company of the Group for both years presented, rather than from 29 July 2005. The results of the Group for the years ended 31 December 2004 and 2005 include the results of the Company and its subsidiaries with effect from their respective dates of incorporation, whichever is a shorter period as if the current group structure had been in existence throughout the two years presented. Pursuant to AG5, the remaining goodwill of RMB24,937,000 arising on the original acquisition of the subsidiaries as recorded in the controlling party's financial statements has been recognized in the consolidated financial statements of the Company. In the opinion of the directors, the consolidated financial statements prepared on this basis present fairly the results of operations and state of affairs of the Group as a whole. 2. The Company's consolidated financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (" HKFRSs"),which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards and Interpretations issued by the HKICPA, accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on the Stock Exchange. The HKICPA has issued a number of new and revised HKFRSs that are effective for accounting periods beginning on or after 1 January 2005. These new and revised HKFRSs have been early adopted at the beginning of the year ended 31 December 2002. 3. The calculation of basic earnings per share for the year ended 31 December 2005 is based on the profit attributable to equity shareholders of the Company of RMB40,903,000 (2004: RMB28,651,000) and the weighted average of 158,219,178 (2004: 150,000,000) shares in issue during the year. The weighted average number of shares in issue for the year ended 31 December 2004 represents the 150,000,000 shares in issue before the listing of the Company's shares on the Stock Exchange, as if such shares have been outstanding for the above entire year. There were no dilutive potential ordinary shares in issue during the year ended 31 December 2005 (2004: Nil). 4. Dividends (a) Dividends payable to equity shareholders of the Company attributable to the year 2005 2004 RMB'000 RMB'000 Special dividend declared during the year - 20,356 Special dividend proposed after balance sheet date - 50,057 Final dividend proposed after the balance sheet date of HK$7.8 cents per share (equivalent RMB8.112 cents per share) (2004: Nil) 16,224 - __________ __________ 16,224 70,413 ======= ======= Special dividend of RMB 33,926,000 was declared by a subsidiary in 2004 to the then equity holders before the Reorganisation, out of which the amount attributable to equity shareholders of the Company was RMB 20,356,000. Special dividend of RMB 50,057,000 was declared by the Company on 2 September 2005 to the then shareholders in respect of the profit of the Group generated prior to the Reorganisation. It was distributed from the contributed surplus account of the Company. Final dividend proposed after the balance sheet date has not been recognised as a liability at the balance sheet date. (b) Dividends payables to equity shareholders of the Company attributable to the previous financial year, approved and paid during the year 2005 2004 RMB'000 RMB'000 Special dividend in respect of the previous financial year, approved and paid during the year 50,057 - ======== =========