CHINA VANGUARD<08156> - Results Announcement (Final, 2005/2006, Summary)
China Vanguard Group Limited announced on 28/09/2006:
(stock code: 08156 )
Year end date :30/06/2006
Currency :HKD
Auditors' report :Unqualified
Important Note :
This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com
(Audited) (Audited)
Current Last Corresponding
Period Period
from 01/07/2005 from 01/07/2004
to 30/06/2006 to 30/06/2005
$'000 $'000
Turnover : 81,608 189,131
Profit/(Loss) from Operations : (67,470) 23,893
Finance cost : (3,005) (1,849)
Share of Profit/(Loss) of Associates : 18,830 17,653
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (39,908) 31,685
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : HKD (0.0747) HKD 0.0657
Diluted (in dollar) : HKD (0.071) HKD 0.0653
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (39,908) 31,685
Final Dividends per Share : NIL HK1.5 cents
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
China Vanguard Group Limited
Signature :
Name : Chan Ting
Title : Director
Responsibility statement
The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading.The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard to
the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.
Remarks:
1. Basis of presentation
The financial statements are presented in Hong Kong dollars, being the
measurement currency of the Company and its subsidiaries (the "Group").
2. Application of Hong Kong Financial Reporting Standards/Changes in
Accounting Policies
In the current year, the Group has applied, for the first time, a
number of new Hong Kong Financial Reporting Standards (HKFRSs), Hong
Kong Accounting Standards ("HKASs") and Interpretations (hereinafter
collectively referred to as "new HKFRSs") issued by the Hong Kong
Institute of Certified Public Accountants ("HKICPA") that are effective
for accounting periods beginning on or after 1 January 2005. The
application of the new HKFRSs has resulted in a change in the
presentation of the consolidated income statement, consolidated balance
sheet and consolidated statement of changes in equity. In particular,
the presentation of minority interests have been changed. The changes
in presentation have been applied retrospectively. The adoption of the
new HKFRSs has resulted in changes to the Group's accounting policies
in the following areas that have an effect on how the results for the
current and prior accounting years are prepared and presented:
HKFRS 3 Business combinations
HKFRS 2 Share-based payment
HKAS 32 Financial instrument: Disclosure and Presentation
HKAS 39 Financial instrument: Recognition and Measurement
HKAS 17 Owner-occupied leasehold interest in land
3. Revenue and other revenue
The principal activities of the Group are (i) the manufacture and
distribution of natural supplementary products, (ii) provision of
lottery-related hardware and software systems, (iii) the sales and
distribution of edible oil and (iv) mining operation of Xin Jiang
Oilfield.
Revenue represents invoiced value of sales, net of returns, discounts
allowed or sales taxes where applicable.
4. Income tax expenses
The Group did not derive any assessable profits in Hong Kong and thus
no provision for Hong Kong Profits Tax has been made during the year
ended 30 June 2006. Taxation for other jurisdictions is calculated at
the rates prevailing in the respective jurisdictions.
Pursuant to the relevant laws and regulations in the PRC, the Group's
certain PRC subsidiaries are entitled to exemption from the PRC income
tax for two years commencing from their first profit-making year of
operation and thereafter, these PRC subsidiaries will be entitled to a
50% relief from PRC income tax for the following three years.
5. (Loss) earnings per share
The calculation of basic and diluted (loss) earnings per share is based
on the following data:
2006 2005
HK$'000 HK$'000
(Loss) earnings for the
purposes of basic (loss)
earnings per share (39,908) 31,685
Number of shares
'000 '000
Weighted average number
of ordinary shares for the
purpose of basic (loss)
earnings per share 534,223 481,915
Effect of dilutive potential
ordinary shares:
Share options 28,202 3,354
Weighted average number
of ordinary shares
for the purpose of diluted
(loss) earnings per share 562,425 485,269
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