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.
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