TOM GROUP<02383> - Results Announcement
TOM Group Limited announced on 21/08/2006:
(stock code: 02383 )
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 : 1,521,997 1,415,747
Profit from Operations before
share of profits and losses of
associates and jointly controlled
entities : 244,589 269,698
Profit from Operations after
share of profits and losses of
associates and jointly controlled
entities : 249,276 278,150
Finance cost : (66,818) (45,300)
Share of Profit/(Loss) of
Associates : 5,014 8,537
Share of Profit/(Loss) of
Jointly Controlled Entities : (327) (85)
Profit/(Loss) after Tax & MI : 91,262 169,348
% Change over Last Period : -46 %
EPS/(LPS)-Basic (in dollars) : 0.0234 0.0435
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 91,262 169,348
Interim Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
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 and accounting policies
These unaudited condensed consolidated financial statements have been
prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34 "
Interim Financial Reporting" issued by the Hong Kong Institute of
Certified Public Accountants ("HKICPA") and applicable disclosure
requirements of the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited.
These condensed consolidated financial statements should be read in
conjunction with the 2005 annual financial statements of the Group.
The accounting policies and methods of computation used in preparation of
these condensed consolidated financial statements are consistent with
those used in the annual financial statements for the year ended 31
December 2005.
The following new standards, amendments to standards and interpretations
are mandatory for financial year ending 31 December 2006:
Amendment to HKAS 19 "Actuarial gains and losses, group plan and
disclosures"
Amendment to HKAS 21 "Net investment in a foreign operation"
Amendment to HKAS 39 "The fair value option"
Amendment to HKAS 39 "Cash flow hedge accounting of forecast intragroup
transactions"
Amendment to HKAS 39 "Financial guarantee contracts"
HKFRS 6 "Exploration for and evaluation of mineral
resources"
HK(IFRIC)-Int 4 "Determining whether an arrangement contains a
lease"
HK(IFRIC)-Int 5 "Rights to interests arising from decommissioning,
restoration and environmental rehabilitation
funds"
HK(IFRIC)-Int 6 "Liabilities arising from participating in a
special market - water electrical and electronic
equipment"
The Group has early adopted the amendment to HKAS 19 during the financial
year ended 31 December 2005. All the other new standards and amendments to
standards and interpretations above are either not relevant or do not have
material impacts to the Group.
2 Net gains on deemed disposals of interests in subsidiaries
On 28 March 2006, TOM Outdoor Media Group Limited ("TOM OMG"), a then
wholly-owned subsidiary of the Company, issued a total of 35 new shares to
an independent third party at a total consideration of US$26 million (
approximately HK$202.8 million). As a result of this share issuance, the
Group's shareholding in TOM OMG has been diluted to 65%, and resulted in a
gain on deemed disposal of HK$24,601,000.
The net gain on deemed disposals of interests in subsidiaries for the six
-month period ended 30 June 2005 included a gain of HK$160,872,000 on
issuance of shares by TOM Online Inc. ("TOM Online"), a non-wholly owned
subsidiary of the Company, in April 2005 for acquisition of Puccini
International Limited, and a loss of HK$537,000 on the issuance of shares
by Indiagames Limited, a non-wholly owned subsidiary of the Company, in
May 2005 to two independent parties.
3 Earnings per share
Basic
Basic earnings per share is calculated by dividing the profit attributable
to equity holders of the Company by the weighted average number of
ordinary shares in issue during the period, excluding own shares held.
Six months ended 30 June
2006 2005
Profit attributable to equity holders of the Company (HK$'000)
91,262 169,348
========================
Weighted average number of ordinary shares in issue
3,893,270,558 3,889,997,150
==============================
Basic earnings per share (HK cents per share)
2.34 4.35
====================
Diluted
No diluted earnings per share is presented for the six months ended 30
June 2006 and 2005 as the exercise prices of the outstanding share options
granted by the Company were higher than the average market price of the
share of the Company during the respective periods, and the conversion of
the convertible bonds would have an anti-dilutive effect during these
periods.
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