DAHSING BANKING<02356> - Results Announcement
Dah Sing Banking Group Limited announced on 15/03/2005:
(stock code: 02356 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 31/12/2004 to 31/12/2003
Note ('000 ) ('000 )
Interest Income : 2,228,406 2,355,956
Profit/(Loss) from Operations : 1,263,466 1,007,356
Finance cost : N/A N/A
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : 4,095 (2,015)
Profit/(Loss) after Tax & MI : 1,119,665 879,826
% Change over Last Period : +27.3 %
EPS/(LPS)-Basic (in dollars) : 1.29 1.09
-Diluted (in dollars) : 1.29 N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 1,119,665 879,826
Final Dividend : $0.38 N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 22/04/2005 to 28/04/2005 bdi.
Payable Date : 29/04/2005
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. Basis of preparation
The Company was established on 11th March 2004 as the holding
company for the banking-related subsidiaries of the ultimate holding
company, Dah Sing Financial Holdings Limited ("DSFH"). DSFH completed a
group reorganisation (the "Reorganisation") during the year whereby DSFH
transferred its banking-related subsidiaries to the Company. The
Reorganisation, which was completed on 12th June 2004, was effected by a
share-for-share swap of DSFH's interests in the banking-related
subsidiaries (which comprise Dah Sing Bank, Limited, MEVAS Bank Limited,
D.A.H. Holdings Limited and Global Courage Securities Limited) with the
Company. The Company was subsequently listed on The Stock Exchange of
Hong Kong (the "Stock Exchange") on 30th June 2004.
As part of the Reorganisation, Dah Sing Bank, Limited, which is
now a subsidiary of the Company, disposed of its interest in the entire
share capital of Dah Sing Insurance Agency Limited ("DS Insurance Agency")
to the ultimate holding company, DSFH.
On the basis of the merger accounting method set out in SSAP No.
27 "Accounting for Group Reconstructions", the consolidated accounts
include the assets and liabilities, and results of the Company and the
banking subsidiaries now forming the Group as if the Company had existed
and these banking-related subsidiaries had been subsidiaries of the
Company throughout the reporting periods.
The results and contribution under "discontinued operation" refer
to those of DS Insurance Agency which have been included in the
consolidated profit and loss account up to the date of disposal to DSFH,
i.e. 12th June 2004.
HKICPA has issued a number of new and revised Hong Kong Financial
Reporting Standards and Hong Kong Accounting Standards (the "new HKFRSs")
which are effective for accounting periods beginning on or after 1st
January 2005. The Group has not early adopted these new HKFRSs in the
accounts for the year ended 31st December 2004. The Group has already
commenced an assessment of the impact of these new HKFRSs but is not yet
in a position to state whether these new HKFRSs would have a significant
impact on its results of operations and financial position.
2. Calculation of basic and diluted earnings per share
The Company was incorporated on 11th March 2004 with two fully
paid subscriber's shares. On 12th June 2004, the Company issued a further
809,899,998 shares to DSFH as consideration for the acquisition of the
latter's interest in various banking-related subsidiaries. On 30th June
2004, the Company issued an additional 100,100,000 shares upon completion
of its initial public offering and listing on the Stock Exchange. On 19th
July 2004, the Company issued a further 9,830,827 shares pursuant to the
exercise of the over-allotment option by the international placing
underwriters.
For the purpose of the calculation of basic earnings per share, on the
basis of the merger accounting method adopted, the Company is considered
as if it had the reported profit accrued to it, and had 809,900,000 shares
in issue throughout the reporting years up to the date immediately before
listing, after which its total number of shares was increased to 919,830,
827.
Basic earnings per share is therefore calculated based on earnings of HK$
1,119,665,000 (2003: HK$879,826,000) and the weighted average number of
864,955,785 (2003: 809,900,000) shares in issue during the year.
The calculation of diluted earnings per share is based on earnings
of HK$1,119,665,000 and the weighted average number of 865,220,126 shares
in issue during the year after adjusting for the effect of all dilutive
potential ordinary shares.
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