Soundwill Holdings Limited — Earnings Release 2005

Apr 21, 2006

Listed Company Information

Listed Company Information
SOUNDWILL HOLD<00878> - Results Announcement Soundwill Holdings Limited announced on 21/04/2006: (stock code: 00878 ) 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 : 162,631 134,378 Profit/(Loss) from Operations : 707,357 75,714 Finance cost : (50,894) (36,686) Gain on disposal of subsidiaries : 8,407 1,053 Loss on disposal of an associate : (63) - Share of Profit/(Loss) of Associates : 6 17 Share of Profit/(Loss) of Jointly Controlled Entities : (6) N/A Profit/(Loss) after Tax & MI : 547,423 26,803 % Change over Last Period : +1,942 % EPS/(LPS)-Basic (in dollars) : 3.41 0.24 (restated) -Diluted (in dollars) : 2.46 0.21 (restated) Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 547,423 26,803 Final Dividend : $0.035 $0.025 per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : 23/05/2006 to 29/05/2006 bdi. Payable Date : 06/07/2006 B/C Dates for Annual General Meeting : 23/05/2006 to 29/05/2006 bdi. Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. Basis of preparation and accounting policies The accounting policies and methods of computation used in the preparation of these consolidated financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2004 except that the Group has changed certain of its accounting policies following its adoption of new / revised Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards and Interpretations ("new HKFRS ") which are effective for accounting period commencing on or after 1 January 2005. The consolidated financial statements have been prepared in accordance with the new HKFRS and comply with accounting standards issued by the Hong Kong Institute of Certified Public Accountants. They have been prepared under the historical cost convention except for the revaluation of investment properties and certain financial assets and liabilities. 2. Adoption of new/revised HKFRS From 1 January 2005, the Group has adopted the new and revised standards and interpretations of HKFRS, which are relevant to its operations. This includes the following new, revised and renamed standards : HKAS 1 Presentation of Financial Statements HKAS 2 Inventories HKAS 7 Cash Flow Statements HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors HKAS 10 Events after the Balance Sheet Date HKAS 12 Income Taxes HKAS 14 Segment Reporting HKAS 16 Property, Plant and Equipment HKAS 17 Leases HKAS 18 Revenue HKAS 19 Employee Benefits HKAS 21 The Effects of Changes in Foreign Exchange Rates HKAS 24 Related Party Disclosures HKAS 27 Consolidated and Separate Financial Statements HKAS 32 Financial instruments : Disclosure and Presentation HKAS 33 Earnings per Share HKAS 36 Impairment of Assets HKAS 37 Provisions, Contingent Liabilities and Contingent Assets HKAS 38 Intangible Assets HKAS 39 Financial instruments : Recognition and Measurement HKAS 40 Investment Properties HKFRS 2 Share-based Payments HKFRS 3 Business Combinations HK(SIC) Int-15 Operating Leases - Incentives HK(SIC) Int-21 Income Taxes - Recovery of Revalued Non-Depreciable Assets All the standards have been applied retrospectively except where specific transitional provisions require a different treatment and accordingly the 2004 financial statements and their presentation have been amended in accordance with HKAS 8. Due to the change in accounting policies, the 2004 comparatives contained in these financial statements differ from the published financial statements for the year ended 31 December 2004. 3. Profit from Taxation & MI included net gains from fair value change of investment properties for HK$466,281,000 (net of deferred tax) due to the adoption of HKAS 40 and HK(SIC) Int-21. 4. Earnings per share The calculation of basic earnings per share is based on the profit attributable to the Company's equity holders of HK$547,423,000 (2004 : HK$26,803,000, restated) and on the weighted average of 160,429,944 shares (2004 : 111,487,217 shares) in issue during the year. The calculation of diluted earnings per share is based on the adjusted net profit attributable to the Company's equity holders of HK$549,981,000 ( 2004 : HK$27,328,000, restated) and the weighted average of 223,674,732 shares (2004: 129,994,685 shares) in issue during the year, adjusted for the effects of all dilutive potential shares. The adjusted net profit attributable to the Company's equity holders is calculated on the net profit for the year of HK$547,423,000 plus the reduction in interest payable of HK$2,558,000 as a result of the deemed conversion of convertible bonds. The weighted average number of shares used in the calculation of diluted earnings per share is calculated based on the weighted average of 160,429,944 shares in issue during the year plus the weighted average of 63,244,788 shares deemed to be issued at no consideration as if all the company's dilutive potential shares been issued.