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Hkr International Limited 香 港 興 業 國 際 集 團 有 限 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. HKR INTERNATIONAL LIMITED * * 香港興業國際集團有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 00480) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2010 The board of directors (the “Board” or the “Directors”) of HKR International Limited (the “Company”) is pleased to announce the results of the Company and its subsidiaries (the “Group”) for the six months ended 30 September 2010 (the “Period”). INTERIM RESULTS The Group’s unaudited consolidated profit attributable to shareholders of the Company for the Period was HK$711.0 million, compared with HK$657.9 million for the corresponding period last year. Earnings per share were HK52.66 cents, compared with HK48.72 cents for the corresponding period last year. INTERIM DIVIDEND The Board has declared the payment of an interim dividend of HK7 cents per share for the Period to its shareholders whose names will appear on the registers of members of the Company on 13 December 2010. The interim dividend will be paid on 22 December 2010. An interim dividend of HK6 cents per share was paid by the Company to its shareholders for the corresponding period last year. CLOSURE OF REGISTERS OF MEMBERS The main and branch registers of members of the Company will be closed from Friday, 10 December 2010 to Monday, 13 December 2010, both days inclusive, during the period no transfer of shares will be registered. In order to qualify for the declared interim dividend, all transfers of shares accompanied by the relevant share certificates must be lodged with the Company’s Hong Kong share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Hong Kong for registration not later than 4:30 p.m. on Thursday, 9 December 2010. – 1 – CONDENSED CONSOLIDATED INCOME STATEMENT For the six months ended 30 September NOTES 2010 2009 HK$’M HK$’M (unaudited) (unaudited) Turnover 3 868.0 945.8 Cost of sales (589.2) (666.6) Gross profit 278.8 279.2 Other operating income 149.3 99.4 Administrative expenses (188.7) (172.4) Change in fair value of investment properties Realised gains on disposals 1.0 419.0 Unrealised gains 549.7 301.8 Finance costs 4 (20.3) (41.8) Share of results of associates 93.1 49.6 Share of results of jointly controlled entities 48.9 (7.5) Profit before taxation 5 911.8 927.3 Taxation 6 (120.8) (242.0) Profit for the period 791.0 685.3 Attributable to: Owners of the Company 711.0 657.9 Non-controlling interests 80.0 27.4 791.0 685.3 Earnings per share 8 Basic (HK cents) 52.66 48.72 Diluted (HK cents) 52.35 46.98 – 2 – CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 September 2010 2009 HK$’M HK$’M (unaudited) (unaudited) Profit for the period 791.0 685.3 Other comprehensive income: Exchange differences arising from translation of foreign operations 134.4 126.2 Exchange difference arising from net investment in jointly controlled entities 91.9 4.1 Available-for-sale financial assets: Fair value changes during the period (13.9) 48.0 Reclassified to profit or loss upon disposal (9.2) (22.3) Deferred tax arising on fair value change (0.3) (0.7) Other comprehensive income for the period (net of tax) 202.9 155.3 Total comprehensive income for the period 993.9 840.6 Total comprehensive income attributable to: Owners of the Company 910.2 808.9 Non-controlling interests 83.7 31.7 993.9 840.6 – 3 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 September 31 March 2010 2010 NOTES HK$’M HK$’M (audited and (unaudited) restated) Non-current assets Investment properties 6,665.2 5,298.6 Property, plant and equipment 2,434.5 2,410.8 Prepaid lease payments 35.2 34.4 Interests in associates 401.2 356.9 Interests in jointly controlled entities 5,736.6 4,918.5 Held-to-maturity investments 58.1 52.4 Available-for-sale financial assets 65.8 79.2 Other assets 134.7 53.2 Deferred tax assets 4.1 3.2 15,535.4 13,207.2 Current assets Inventories 149.6 134.7 Properties held for sale 22.2 30.6 Trade receivables 9 88.2 92.2 Deposits, prepayments and other financial assets 224.2 287.3 Properties held for/under development for sale 2,238.6 1,735.1 Amounts due from associates 192.8 211.5 Amount due from a jointly controlled entity 27.5 18.2 Taxation recoverable 3.3 1.7 Held-to-maturity investments 89.0 135.5 Available-for-sale financial assets – 9.2 Financial assets at fair value through profit or loss 0.2 128.6 Pledged bank deposits 59.4 59.3 Bank balances and cash 2,105.1 2,055.4 5,200.1 4,899.3 Current liabilities Trade payables, provision and accrued charges 10 885.0 933.4 Deposits received and other financial liabilities 723.6 694.5 Amounts due to associates 20.2 10.0 Taxation payable 41.7 43.6 Bank loans due within one year 383.1 159.3 Other liabilities due within one year 1.3 4.7 Convertible bonds – liability component – 830.5 2,054.9 2,676.0 Net current assets 3,145.2 2,223.3 Total assets less current liabilities 18,680.6 15,430.5 – 4 – 30 September 31 March 2010 2010 HK$’M HK$’M (audited and (unaudited) restated) Non-current liabilities Bank loans due after one year 3,622.8 1,411.3 Other liabilities due after one year 997.8 886.4 Deferred tax liabilities 478.4 383.1 5,099.0 2,680.8 13,581.6 12,749.7 Capital and reserves Share capital 337.5 337.5 Reserves 12,045.5 11,297.3 Equity attributable to owners of the Company 12,383.0 11,634.8 Non-controlling interests 1,198.6 1,114.9 13,581.6 12,749.7 – 5 – NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. BASIS OF PREPARATION The condensed consolidated financial statements have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and with Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”). 2. PRINCIPAL ACCOUNTING POLICIES The condensed consolidated financial statements have been prepared on the historical cost basis, except for certain properties and financial instruments, which are measured at fair values. Except as described below, the accounting policies used in the interim financial information are consistent with those followed in the preparation of the consolidated financial statements of the Group for the year ended 31 March 2010, included in the annual report of the Group for the year ended 31 March 2010. In the current interim period, the Group has applied, for the first time, a number of new and revised standards, amendments and interpretations (“new and revised HKFRSs”) issued by the HKICPA which are effective for the financial year beginning on 1 April 2010. The adoption of these new and revised HKFRSs has resulted in the following changes and impact on the results and financial position for the current and prior accounting periods. The adoption of the other new and revised HKFRSs had no material effect on how the results and financial position for the current and prior accounting periods have been prepared and presented. Amendment to HKAS 17 “Leases” As part of Improvements to Hong Kong Financial Reporting Standards (“HKFRSs”) issued in 2009, HKAS 17 “Leases” has been amended in relation to the classification of leasehold land. Before the amendment to HKAS 17, the Group was required to classify leasehold land as operating leases and to present leasehold land as prepaid lease payments in the condensed consolidated statement of financial position. The amendment to HKAS 17 has removed such a requirement. The amendment requires that the classification of leasehold land should be based on the general principles set out in HKAS 17, that is, whether or not substantially all the risks and rewards incidental to ownership of a leased asset have been transferred to the lessee. In accordance with the transitional provisions set out in the amendment to HKAS 17, the Group reassessed the classification of unexpired leasehold land as at 1 April 2010 based on information that existed at the inception of the leases. Leasehold land that qualifies for finance lease classification has been reclassified from prepaid lease payments to property, plant, and equipment retrospectively. This resulted in a reclassification of prepaid lease payments with a previous carrying amount of HK$109.1 million at 1 April 2009 to property, plant and equipment that are measured at cost model. – 6 – The effect of changes in accounting policy of HKAS 17 on the financial positions of the Group as at 31 March 2010 and 1 April 2009 is as follows: As at As at 31 March 2010 31 March 2010 (originally stated) Adjustment (restated) HK$’M HK$’M HK$’M Property, plant and equipment 2,345.7 65.1 2,410.8 Prepaid lease payments 99.5 (65.1) 34.4 Total effects on net assets 2,445.2 – 2,445.2 As at As at 1 April 2009 1 April 2009 (originally stated) Adjustment (restated) HK$’M HK$’M HK$’M Property, plant and equipment 2,488.5 109.1 2,597.6 Prepaid lease payments 143.1 (109.1) 34.0 Total effects on net assets 2,631.6 – 2,631.6 HKFRS 3 (Revised) “Business combinations” and HKAS 27 (Revised) “Consolidated and separate financial statements” The Group applies HKFRS 3 (Revised) “Business combinations” prospectively to business combinations for which the acquisition date is on or after 1 April 2010.
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