NEW CAPITAL<01062> - Results Announcement
New Capital International Investment Limited announced on 20/09/2005:
(stock code: 01062 )
Year end date: 31/12/2005
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
(Unaudited ) Last
from 01/01/2005 from 01/01/2004
to 30/06/2005 to 30/06/2004
Note ($ ) ($ )
Turnover : 374,940 467,099
Profit/(Loss) from Operations : (1,535,830) 12,492,430
Finance cost : N/A N/A
Share of Profit/(Loss) of
Associates 3 : (4,360,818) (5,486,061)
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (5,896,648) 7,006,369
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.00911) 0.01299
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (5,896,648) 7,006,369
Interim Dividend : Nil Nil
(Specify if with other : N/A N/A
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
B/C Dates for Other
Distribution : N/A
(1) Reorganisation and basis of preparation
The Company was incorporated in the Cayman Islands on August 1, 2003 as an
exempted company with limited liability under the Companies Law, Cap. 22
(Laws of 1961 as consolidated and revised) of the Cayman Islands.
Pursuant to a reorganisation proposal whereby ING Beijing Investment
Company Limited ("ING Beijing") would become a wholly owned subsidiary of
the Company to be implemented by way of a scheme of arrangement under
section 166 of the Hong Kong Companies Ordinance, Chapter 32 of the Laws
of Hong Kong ("the Scheme") as stated in a document dated January 13, 2005
issued to the shareholders of ING Beijing, the Company became the holding
company of the companies now comprising the group ("the Group") on April
13, 2005, the effective date of the Scheme. This was accomplished by the
Company acquiring the entire issued share capital of ING Beijing, the then
holding company of other subsidiaries, as set out in note 10 on the proforma
financial information of the Company's 2004 annual report.
The listing of the shares of ING Beijing was withdrawn from The Stock
Exchange of Hong Kong Limited ("HKSE") and the Company's shares were
listed on the HKSE by way of introduction on April 13, 2005.
(b) Basis of preparation
The interim financial report has been prepared in accordance with the
applicable disclosure provisions of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited,
including compliance with Hong Kong Accounting Standard
("HKAS") 34, "Interim financial reporting", issued by the Hong Kong
Institute of Certified Public Accountants ("HKICPA").
The interim financial report has been prepared in accordance with the same
accounting policies adopted in the 2004 annual financial statements,
except for the accounting policy changes that are expected to be reflected
in the 2005 annual financial statements.
In accordance with Statement of Standard Accounting Practice 27 "
Accounting for group reconstructions", the consolidated income statement
for the period ended June 30, 2005 includes the financial results of the
companies which now comprise the Group for the period from January 1, 2005
(or the date of incorporation if later) to June 30, 2005 as if the current
group structure had been in existence and remained unchanged throughout
the period presented. The comparative figures for the period ended
June 30, 2004 have been presented on the same basis.
(2) Basic EPS and diluted EPS
(a) Basic EPS
The calculation of basic (loss)/earnings per share is based on loss
attributable to equity holders of the company of $5,896,648 (June 30,
2004: profit attributable to equity holders of the company of $7,006,369)
and the 647,114,000 ordinary shares (June 30, 2004: 539,514,000 ordinary
shares) in issue during the period, being the shares that would have been
in issue throughout the period if the Scheme as set out above had become
effective on January 1, 2004.
=(HK$5,896,648) / 647,114,000 x 100
(b) Diluted EPS
There were no potential ordinary shares during the period ended June 30,
Diluted earnings per share was not shown for the period ended June 30,
2004 as the potential ordinary shares were anti-dilutive.
(3) Changes in accounting policies - HKAS 31, "Interests in joint
With effect from January 1, 2005, in accordance with HKAS 31,
joint control exists only when the strategic financial and operating
decisions of the joint venture require the venturers' unanimous consent.
As a result of this, management reviewed the nature of an investment
previously accounted for as an interest in a jointly controlled entity and
concluded that this investment should be reclassified as an investment in
an associate. The reclassification has been applied retrospectively.
Such reclassification has no effect on the current and prior accounting
periods except for the change in presentation.