PETROCHINA<0857> - Results Announcement
PetroChina Company Limited announced on 30/8/2000:
(stock code: 857)
Year end date: 31/12/2000
Currency: RMB
Historical Pro forma Historical
Combined
(unaudited) (unaudited)
(unaudited) Last Last
Current Corresponding Corresponding
Period Period Period
from 1/1/00 from 1/1/99 from 1/1/99
to 30/6/00 to 30/6/99 to 30/6/99
('Million) ('Million) ('Million)
Turnover
- Continuing : 110,896 74,557 74,744
- Discontinued : N/A N/A N/A
Operating Profit/(Loss)
- Continuing : 37,331 19,845 23,042
- Discontinued : N/A N/A N/A
Total Operating Profit/(Loss) : 37,331 19,845 23,042
Share of Profit/(Loss) of
Associated Companies : 172 139 139
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A N/A
Profit/(Loss) after Tax & MI : 23,069 11,159 15,481
% Change over Last Period : N/A
EPS/(LPS)-Basic : RMB0.14 RMB0.07 RMB0.10
-Diluted : N/A N/A N/A
Extraordinary (ETD) Gain/(Loss): N/A N/A N/A
Profit/(Loss) after ETD Items : 23,069 11,159 15,481
Interim Dividend per H Share : RMB0.059042 N/A N/A
(HK$0.0556)
(Specify if with other options): N/A N/A N/A
B/C Dates for Interim Dividend : 15/09/2000 to 20/09/2000 bdi.
Payable Date : On or about 5/10/2000
B/C Dates for (-)
General Meeting : N/A
Other Distribution for
Current Period : N/A
B/C Dates for Other
Distribution : N/A
Remarks:
(1) Listing Date: 7 April 2000
The results of operations are presented on the carved-out combined basis
for the period from January 1, 1999 to June 30, 1999, and on the
consolidated basis for the period from January 1, 2000 to June 30, 2000.
The pro forma combined results of operations for the six months ended June
30, 1999 are prepared based on the historical combined results of
operations of the Company and its subsidiaries after giving effects to the
pro forma adjustments. The pro forma combined results of operations
present adjustments as if the formation and the Restructuring of the
Company had occurred at the beginning of the period.
The unaudited pro forma financial information does not purport to
represent what the results of operations would actually have been or would
be if the events described above had in fact occurred on the dates assumed
or to project the results of operations for any future date or period.
A description of the pro forma adjustments is as follows:-
a) To exclude the effects of five chemical production facilities retained
by CNPC upon the formation of the Company.
b) To adjust exploration expenses in accordance with the Comprehensive
Products and Services Agreement between CNPC and the Company.
c) To adjust selling, general and administrative expenses as if the new
operating lease agreements on land and buildings with CNPC had been in
effect throughout the six months ended June 30, 1999.
d) To adjust for additional depreciation and depletion resulting from the
revaluation of property, plant and equipment based on revaluation made as
of June 30, 1999, performed by China Enterprise Appraisal, an independent
valuer in the PRC as if such revaluation had been recognised on January 1,
1999.
e) To reserve the interest expense related to the RMB30.5 billion loans
assumed by CNPC on June 30, 1999 as if the debt assumption took place on
January 1, 1999.
f) To adjust for the income tax effects using the statutory rate in
effect of 33%.
(2) The basic earnings per share for the six months ended June 30, 2000
have been computed by dividing the net profit by the weighted average
number of 167.39 billion shares issued and outstanding for the accounting
period.
For more details, please refer to the press announcement today.
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