SIM Technology Group Limited — Interim / Quarterly Report 2006

Aug 22, 2006

Listed Company Information

Listed Company Information
SIM TECH<02000> - Results Announcement SIM Technology Group Limited announced on 22/08/2006: (stock code: 02000 ) Year end date: 31/12/2006 Currency: HKD Auditors' Report: N/A Interim report reviewed by: Both Audit Committee and Auditors (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 01/01/2006 from 01/01/2005 to 30/06/2006 to 30/06/2005 Note ('000 ) ('000 ) Turnover : 1,732,717 926,727 Profit/(Loss) from Operations : 213,002 122,584 Finance cost : (308) (3,774) 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 : 201,531 109,534 % Change over Last Period : +83.99 % EPS/(LPS)-Basic (in dollars) : 0.134 0.097 -Diluted (in dollars) : 0.133 0.096 Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 201,531 109,534 Interim Dividend : $0.068 NIL per Share (Specify if with other : N/A N/A options) B/C Dates for Interim Dividend : 13/09/2006 to 15/09/2006 bdi. Payable Date : 21/09/2006 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. GENERAL INFORMATION AND BASIS OF PREPARATION The Company was incorporated in Bermuda on 27 October 2004 as an exempted company under the Companies Act 1981 of Bermuda (as amended) with limited liability. Its ultimate holding company is Info Dynasty Group Limited (" Info Dynasty"), a company incorporated in the British Virgin Islands. The Company is an investment holding company. The principal activities of its subsidiaries are the manufacturing, design and development and sale of liquid crystal display ("LCD") modules, complete mobile handsets, handsets design solutions (in Semi Knock-Down ("SKD")/Complete Knock-Down ("CKD") form), and wireless communication module solutions. The condensed 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 International Accounting Standard ("IAS") 34 "Interim Financial Reporting" issued by International Accounting Standards Board ("IASB"). 2. PRINCIPAL ACCOUNTING POLICIES The condensed financial statements have been prepared under the historical cost basis. The accounting policies used in the condensed financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2005. In the current interim period, the Group has applied, for the first time, the new standards, amendments and interpretations, that are effective for accounting periods beginning on or after 1 December 2005 or 1 January 2006 respectively. The adoption of the new standards, amendments and interpretations had no material effect on how the results for the current and/or prior accounting periods are prepared and presented. Accordingly, no prior period adjustment has been required. 3. POTENTIAL IMPACT ARISING FROM THE RECENTLY ISSUED ACCOUNTING STANDARDS The Group has not early applied the following new standards, amendments and interpretations that have been issued but are not yet effective. The directors of the Company anticipate that the application of these standards, amendments or interpretations will have no material impact on the financial statements of the Group. IAS 1 (Amendment) Capital disclosures1 IFRS 7 Financial instruments: Disclosures1 IFRIC - INT 7 Applying the restatement approach under IAS 29 Financial Reporting in Hyperinflationary Economies 2 IFRIC - INT 8 Scope of IFRS 2 3 IFRIC - INT 9 Reassessment of embedded derivatives 4 IFRIC - INT 10 Interim Financial Reporting and Impairment 5 1 Effective for accounting periods beginning on or after 1 January 2007. 2 Effective for accounting periods beginning on or after 1 March 2006. 3 Effective for accounting periods beginning on or after 1 May 2006. 4 Effective for accounting periods beginning on or after 1 June 2006. 5 Effective for accounting periods beginning on or after 1 November 2006. 4. EARNINGS PER SHARE The calculation of the basic and diluted earnings per share attributable to the ordinary equity holders of the parent is based on the following data: Six months ended 30.6.2006 30.6.2005 _________ _________ HK$'000 HK$'000 Earnings Earnings for the purposes of basic and diluted earnings per share (profit for the period attributable to equity holders of the Company) 201,531 109,534 ========= ========= Number of shares '000 '000 Weighted average number of ordinary shares for the purpose of basic earnings per share 1,502,356 1,127,072 Share options 16,202 17,600 _________ _________ Weighted average number of ordinary shares for the purpose of diluted earnings per share 1,518,558 1,144,672 ========= ========= Weighted average number of ordinary shares for the purpose of the computation of diluted earnings per share has been accounted for the effect of the share based payments for the options with dilutive effect. The calculation of weighted average number of ordinary shares for the six months ended 30 June 2005 were based on the assumption that the Reorganisation had been completed on 1 January 2005.