CHAODA MODERN<00682> - Results Announcement
Chaoda Modern Agriculture (Holdings) Limited announced on 19/10/2004:
(stock code: 00682 )
Year end date: 30/06/2004
Currency: RMB
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/07/2003 from 01/07/2002
to 30/06/2004 to 30/06/2003
Note ('000 ) ('000 )
Turnover : 1,861,758 1,485,307
Profit/(Loss) from Operations : 864,150 703,569
Finance cost : (10,844) (15,345)
Share of Profit/(Loss) of
Associates : 52,262 37,803
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 996,754 725,134
% Change over Last Period : +37 %
EPS/(LPS)-Basic (in dollars) : 0.46 0.36
-Diluted (in dollars) : 0.45 0.36
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 996,754 725,134
Final Dividend : RMB7.70 cents RMB3.70 cents
per Share (HK$7.30 cents) (HK$3.49 cents)
Special Dividend : RMB0.80 cent N/A
per Share (HK$0.70 cent)
(Specify if with other : N/A N/A
options)
B/C Dates for
Final & Special Dividend : 19/11/2004 to 25/11/2004bdi.
Payable Date : 9/12/2004
B/C Dates for Annual
General Meeting : 19/11/2004 to 25/11/2004bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
(1) The financial statements have been prepared in accordance with
generally accepted accounting principles in Hong Kong and comply with
Statements of Standard Accounting Practice ("SSAPs") issued by the Hong
Kong Institute of Certified Public Accountants ("HKICPA"), the disclosure
requirements of the Hong Kong Companies Ordinance and the Rules of
Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited. The financial statements are prepared under the historical cost
convention.
(2) The calculation of the basic earnings per share is based on the
profit attributable to shareholders of RMB996,754,000 (2003: 725,134,000)
and the weighted average number of 2,167,796,045 (2003 (restated):
2,012,607,450 after adjusting for the bonus shares issued in 2004)
ordinary shares in issue during the year.
The calculation of diluted earnings per share is based on the Group's
profits for the year of RMB996,754,000 (2003: 725,134,000) and the
weighted average number of 2,210,334,639 (2003 (restated): 2,012,607,450
after adjusting for the bonus shares issued in 2004) shares after
adjusting for the effects of all dilutive potential ordinary shares under
the Company's share option scheme.
The weighted average number of shares for the calculation of basic
earnings per share and diluted earnings per share has been both adjusted
from 1,916,769,000 to 2,012,607,450, as a result of the adjustment for the
bonus shares issued during the year ended 30 June 2004.
(3) An analysis of turnover and profit from continuing operations:
For the year ended 30 June 2004
Breeding
Growing and sales Supermarkets Inter-
and sales of chain segment
of crops livestock operation elimination
RMB'000 RMB'000 RMB'000 RMB'000
Sales to
external
customers 1,698,345 41,007 125,205 (2,799)
Cost of sales (503,321) (12,732) (116,640) 2,799
---------- --------- ---------- ---------
Gross profit 1,195,024 28,275 8,565 -
Total
RMB'000
Sales to external customers 1,861,758
Cost of sales (629,894)
----------
Gross profit 1,231,864
Unallocated items:
Other revenue 30,170
Selling and distribution expenses (185,094)
General and administrative expenses (102,269)
Research expenses (66,709)
Other operating expenses (43,812)
----------
Profit from operations 864,150
==========
Inter-segment revenue represents the sales of fruits & vegetables from the
crops segment to the supermarket segment. Sales between business segments
are accounted fro at competitive market prices charged to unaffiliated
customers for similar goods.
For the year ended 30 June 2003
Breeding Sales of
Growing and sales Supermarkets ancillary
and sales of chain food
of crops livestock operation products
RMB'000 RMB'000 RMB'000 RMB'000
Sales to
external
customers 1,363,164 24,557 79,970 2,264
Cost of sales (399,895) (4,088) (71,954) (1,588)
---------- --------- ---------- ----------
Gross profit 963,269 20,469 8,016 676
Inter-
Export segment
trading elimination Total
RMB'000 RMB'000 RMB'000
Sales to external customers 20,123 (4,771) 1,485,307
Cost of sales (18,763) 4,771 (491,517)
--------- --------- ----------
Gross profit 1,360 - 993,790
Unallocated items:
Other revenue 30,088
Selling and distribution expenses (139,767)
General and administrative expenses (88,638)
Research expenses (58,535)
Other operating expenses (33,369)
----------
Profit from operations 703,569
(4) Taxation
Before obtaining the award of "State-Level Agricultural Leading
Enterprise" in December 2002, provisions for PRC income tax, aggregating
to RM93,096,000, had been provided in respect of the net profits of
certain subsidiaries for the years ended 30 June 1998, 1999, 2000, 2001
and 2002. According to the current rules and practice in relation to the
tax exemption policy for "State-Level Agricultural Leading Enterprises",
the Group is not required to pay these PRC income tax payables. In view
of this, the whole provision of RMB93,096,000 has been written back during
the year.
(5) Dividend
The directors proposed a final dividend of HK$0.073 (equivalent to
RMB0.077) per ordinary share. The directors also proposed a special
dividend of HK$0.007 (equivalent to RMB0.008) per ordinary share for the
exceptional income of tax written back in prior years. The proposed final
dividend and the special dividend are subject to approval by the
shareholders in Annual General Meeting and not yet accounted for in the
current year's financial statements, but will be reflected as an
appropriation of retained profits in the financial statements for the year
ending 30 June 2005.
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