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Interim Report for the Six Months Ended 30 June 2008

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Interim Report for the Six Months Ended 30 June 2008 China Everbright Limited 中國光大控股有限公司 (Stock Code: 165) Interim Report For the six months ended 30 June 2008 簡單成就價值 Making Wealth Simple BOARD OF DIRECTORS Tang Shuangning Chairman Zang Qiutao Deputy Chairman Chen Shuang Chief Executive Officer Tang Chi Chun, Richard Chief Financial Officer + Wang Weimin * Ng Ming Wah, Charles * Seto Gin Chung, John * Lin Zhijun + Non-executive Director * Independent Non-executive Directors COMPANY SECRETARY LEGAL ADVISOR Chan Ming Kin Messrs. Wilkinson & Grist REGISTERED OFFICE SHARE REGISTRARS Room 4001, 40th Floor Tricor Secretaries Limited Far East Finance Centre 26th Floor, Tesbury Centre 16 Harcourt Road 28 Queen’s Road East Hong Kong Wanchai Hong Kong PRINCIPAL BANKERS AUDITORS Standard Chartered Bank (Hong Kong) Limited KPMG Bank of Communications Company, Limited Fubon Bank (Hong Kong) Limited Hang Seng Bank Limited WEBSITE ADDRESS http://www.everbright165.com.hk STOCK CODE: 165 China Everbright Limited Interim Report 2008 1 INTERIM RESULTS The Directors of China Everbright Limited (the “Company”) are pleased to announce the unaudited results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2008. The interim financial report is prepared on a basis consistent with the accounting policies and methods adopted in the 2007 audited accounts. The interim financial report is unaudited, but has been reviewed by KPMG, in accordance with Hong Kong Standard on Review Engagements 2410, “Review of interim financial information performed by the independent auditor of the entity” issued by the Hong Kong Institute of Certified Public Accountants, KPMG’s review report to the Board of Directors of the Company is included on page 23. The interim financial report has also been reviewed by the Company’s Audit and Risk Management Committee. CONSOLIDATED INCOME STATEMENT 1 January 1 January to 30 June to 30 June 2008 2007 Note HK$’000 HK$’000 Turnover 2 1,934,389 1,769,681 Cost of sales (1,971,002 ) (1,215,548 ) (36,613 ) 554,133 Other income 2 1,195,916 393,549 Staff costs (173,286 ) (126,032 ) Depreciation and amortisation expenses (4,862 ) (3,048 ) Other operating expenses (78,047 ) (61,381 ) Profit from operations 903,108 757,221 Finance costs (10,125 ) (55,108 ) Gain on deemed disposal of interest in an associate – 225,038 Share of profits less losses of associates 454,564 980,576 Profit before taxation 1,347,547 1,907,727 Income tax 3 (141,317 ) (90,338 ) Profit after taxation 1,206,230 1,817,389 Attributable to: Shareholders of the Company 1,169,712 1,716,322 Minority interests 36,518 101,067 1,206,230 1,817,389 Dividends attributable to the period 4 127,190 – Earnings per share 5 – Basic HK$0.7365 HK$1.0889 – Diluted HK$0.7338 HK$1.0802 2 China Everbright Limited Interim Report 2008 CONSOLIDATED BALANCE SHEET 30 June 31 December 2008 2007 Note HK$’000 HK$’000 Non-current assets Fixed assets 275,818 271,280 Investments in associates 6(a) 4,794,227 4,470,959 Available-for-sale securities 7 6,764,083 9,045,828 Financial assets designated at fair value through profit or loss 8 373,575 665,434 Intangible assets 1,250 1,250 12,208,953 14,454,751 Current assets Advances to customers 9 786,963 1,600,458 Debtors, deposits and prepayments 10 914,183 1,346,319 Trading securities 11 1,017,037 1,057,748 Cash and cash equivalents 3,293,008 1,826,923 6,011,191 5,831,448 Current liabilities Creditors, deposits received and accrued charges 12 (474,186 ) (815,107 ) Trading securities 11 (450,152 ) (542,207 ) Amounts due to associates (438 ) (438 ) Provision for taxation (586,650 ) (489,055 ) (1,511,426 ) (1,846,807 ) Net current assets 4,499,765 3,984,641 Total assets less current liabilities 16,708,718 18,439,392 Non-current liabilities Notes payable (106,560 ) (42,787 ) Deferred tax liabilities (442,969 ) (899,021 ) (549,529 ) (941,808 ) NET ASSETS 16,159,189 17,497,584 CAPITAL AND RESERVES Share capital 15 1,589,874 1,584,704 Reserves 13,903,824 14,774,268 Total equity attributable to shareholders of the Company 15,493,698 16,358,972 Minority interests 665,491 1,138,612 TOTAL EQUITY 16,159,189 17,497,584 China Everbright Limited Interim Report 2008 3 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2008 Attributable to the shareholders of the Company Option Investment Capital Share Share premium revaluation redemption Goodwill Capital Exchange Retained Minority Total capital premium reserve reserve reserve reserve reserve reserve earnings Total interests equity HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 As at 1 January 2008 1,584,704 5,692,367 14,451 5,796,646 2,984 (924,395 ) 109,714 287,880 3,794,621 16,358,972 1,138,612 17,497,584 Exchange rate adjustments – – – – – – – 25,785 – 25,785 – 25,785 Deficit on revaluation, net of deferred tax – – – (400,826 ) – – – – – (400,826 ) 58,065 (342,761 ) Share options forfeited – – (17 ) – – – – – 17 – – – Shares issued under share option scheme 5,170 19,579 (7,550 ) – – – – – – 17,199 – 17,199 Release upon disposal of available-for-sale securities – – – (1,387,823 ) – – – – – (1,387,823 ) (403,201 ) (1,791,024 ) Increase in exchange reserve on interest in associate – – – – – – – 281,986 – 281,986 – 281,986 Share of investment revaluation reserve of associate – – – (413,282 ) – – – – – (413,282 ) – (413,282 ) Net investment by minority shareholders – – – – – – – – – – (164,503 ) (164,503 ) Equity settled share based transactions – – 893 – – – – – – 893 – 893 Dividends – – – – – – – – (158,918 ) (158,918 ) – (158,918 ) Profit for the period – – – – – – – – 1,169,712 1,169,712 36,518 1,206,230 As at 30 June 2008 1,589,874 5,711,946 7,777 3,594,715 2,984 (924,395 ) 109,714 595,651 4,805,432 15,493,698 665,491 16,159,189 Representing: Company and subsidiaries 1,589,874 5,711,946 7,777 3,679,918 2,984 (924,395 ) 10,000 33,223 1,815,980 11,927,307 665,491 12,592,798 Associates – – – (85,203 ) – – 99,714 562,428 2,989,452 3,566,391 – 3,566,391 As at 30 June 2008 1,589,874 5,711,946 7,777 3,594,715 2,984 (924,395 ) 109,714 595,651 4,805,432 15,493,698 665,491 16,159,189 4 China Everbright Limited Interim Report 2008 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2008 (Continued) Attributable to the shareholders of the Company Option Investment Capital Share Share premium revaluation redemption Goodwill Capital Exchange Retained Minority Total capital premium reserve reserve reserve reserve reserve reserve earnings Total interests equity HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 As at 1 January 2007 1,569,003 5,641,148 28,702 1,097,537 2,984 (3,672,032 ) 109,714 62,602 1,535,662 6,375,320 254,847 6,630,167 Exchange rate adjustments – – – – – – – 1,308 – 1,308 – 1,308 Surplus on revaluation, net of deferred tax – – – 759,927 – – – – – 759,927 223,278 983,205 Shares issued under share option scheme 9,503 29,040 (12,039 ) – – – – – – 26,504 – 26,504 Release upon disposal of available-for-sale securities – – – (160,401 ) – – – – – (160,401 ) – (160,401 ) Increase in exchange reserve on interest in associates – – – – – – – 29,423 – 29,423 – 29,423 Share of investment revaluation reserve of associates – – – 9,948 – – – – – 9,948 – 9,948 Net investment by minority shareholders – – – – – – – – – – 135,066 135,066 Equity settled share based transactions – – 4,252 – – – – – – 4,252 – 4,252 Profit for the period – – – – – – – – 1,716,322 1,716,322 101,067 1,817,389 As at 30 June 2007 1,578,506 5,670,188 20,915 1,707,011 2,984 (3,672,032 ) 109,714 93,333 3,251,984 8,762,603 714,258 9,476,861 Representing: Company and subsidiaries 1,578,506 5,670,188 20,915 1,679,963 2,984 (3,672,032 ) 10,000 3,828 2,417,708 7,712,060 714,258 8,426,318 Associates – – – 27,048 – – 99,714 89,505 834,276 1,050,543 – 1,050,543 As at 30 June 2007 1,578,506 5,670,188 20,915 1,707,011 2,984 (3,672,032 ) 109,714 93,333 3,251,984 8,762,603 714,258 9,476,861 China Everbright Limited Interim Report 2008 5 CONDENSED CONSOLIDATED CASH FLOW STATEMENT 1 January 1 January to 30 June to 30 June 2008 2007 HK$’000 HK$’000 Net cash inflow/(outflow) from operating activities 499,226 (6,659,864 ) Net cash inflow from investing activities 1,254,877 771,579 Net cash (outflow)/inflow from financing activities (276,661 ) 5,182,914 Net increase/(decrease) in cash and cash equivalents 1,477,442 (705,371 ) Cash and cash equivalents At beginning of the period 1,446,953 1,606,296 Effect of changes in exchange rate (6,700 ) 1,323 At end of the period 2,917,695 902,248 Analysis of cash and cash equivalents Bank balance and cash – general accounts 3,293,008 976,458 Deposit pledged (375,313 ) (74,210 ) At end of the period 2,917,695 902,248 6 China Everbright Limited Interim Report 2008 NOTES TO THE FINANCIAL STATEMENTS 1. BASIS OF PRESENTATION The unaudited 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”).
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