财政回顾，综合财政业绩--股东应占盈利(pdf 21页)

6FinancialReviewOftheConsolidatedFinancialResultsforthesixmonthsended30June2004IntroductionCITICPacific’s2004InterimReportincludesaletterfromtheChairmantoshareholders,theinterimaccountsandotherinformationrequiredbyaccountingstandards,legislation,andtheHongKongStockExchange.ThisFinancialReviewisdesignedtoassistthereaderinunderstandingthestatutoryinformationbydiscussingthecontributionofeachbusinesssegment,andthefinancialpositionofthecompanyasawhole.Pages30to34oftheInterimReportcontaintheConsolidatedProfitandLossAccount,BalanceSheet,CashFlowStatementandStatementofChangesinEquity.Followingthesefinancialstatements,onpages35to41oftheInterimReport,areNotesthatfurtherexplaincertainfigurespresentedinthestatements.Onpage42isthereportofCITICPacific’sauditor–PricewaterhouseCoopers–oftheirindependentreviewofCITICPacific’sInterimReport.BasisofAccountingCITICPacificpreparesitsfinancialstatementsinaccordancewithgenerallyacceptedaccountingstandardspublishedbytheHongKongSocietyofAccountants.HongKongaccountingstandardsbroadlyfollowInternationalAccountingStandards.3034354142来自–6/20041–6/20032004–2003PowerGeneration20814959Communications111112(1)Aviation549(382)931CivilInfrastructure161443(282)SpecialSteelManufacturing20776131Marketing&Distribution14612917Property267239287225%ProfitAttributabletoShareholdersThenetprofitattributabletoshareholdersforthesixmonthsended30June2004wasHK$1,363million,anincreaseof225%comparedwithHK$419millionachievedin2003.Thereasonsfortheincreaseinprofitaredescribedbelow.ProfitAttributabletoShareholdersHK$millionBusinessSegmentsContributionThecontributionmadebymajorbusinessunitsinthefirstsixmonthsof2004,comparedwiththesameperiodof2003,were:来自•PowerGeneration:theincreaseddemandforelectricityandafirstcontributionfromNorthUnitedPowerresultedinhighercontribution.•Communications:CITICTelecom1616’scontributionincreasedduetoimprovedmargins.Operatingresultsatctmwasweakerthanin2003,whileCITICGuoanwasrelativestableandotherbusinessinvestedinnewproductsandservices.•Aviation:themarketforpassengertravelwasbuoyantinthefirsthalfof2004inacontrasttothepreviousyearwhensarscausedadramaticreductioninpassengertraffic.•CivilInfrastructure:thetunnelsinHongKongincreasedtheircontribution17%andtheoveralldecreasewasduetothesaleofbridges,tunnelsandaroadinShanghaiinthefirsthalfof2003.•SpecialSteelManufacturing:significantlyhighermarginswereachievedin2004duetoaconsiderableincreaseinthedemandforsteel.•Marketing&Distribution:thenon-motortradingbusinessofdchandsimshadmuchimprovedresultsinboththeHongKongandmainlandmarkets.Themotorbusinessremainedhighlycompetitiveinallmarkets,dchsold14%morevehiclesinHongKong,whilesalesinthemainlandwereflat.ProfitsimprovedinHongKongparticularlyduetocommercialvehicleandcatalyticconvertersalesandmotorleasingbutwerelowerinthemainlandduetoachangeinproductmix.•Property:incomefromrentalpropertiesroseinbothHongKongandShanghai.••16162003•2004•17%2003•2004•14%•来自fitbeforenetfinancechargesandtaxationforconsolidatedactivities,jointlycontrolledentitiesandassociatedcompanies.GeographicalDistributionThedivisionofcontributionandassetsbetweenHongKong,mainlandChinaandoverseasisshownbelowbasedonthelocationofthebaseofeachbusiness’soperations.TherewasadeclinefortheamountcontributedbythemainlandChinacomponentsfollowingthedisposalofthebridgesandtunnelsinShanghaiinmid-2003.来自’sinterestexpensedecreasedfromHK$215milliontoHK$163millionmainlyduetoadecreaseinborrowingcost.AmortisationAccountingstandardsrequirecertainadjustmentsthatareunrelatedtothecashflowofourbusinesses.Goodwill–theamountpaidforbuyingabusinessthatexceedsthevalueofitsphysicalandidentifiableassets–mustbeamortisedtotheprofitandlossaccountoveritsusefullifenotexceeding20years.In2004,HK$110millionofgoodwillwasamortisedtotheprofitandlossaccount,aHK$11millionincreasecomparedtothefirsthalfof2003.TaxationTaxationincreasedfromHK$219millionin2003toHK$284millionin2004.ThecomponentsofthetaxationchargeforthehalfyeararesetoutinNote5oftheInterimReport.Shareholders’ReturnsCITICPacific’sprimaryobjectiveistoincreaseshareholdervalueforwhichithasusedearningspershareasaproxy.TheCompanyexpectsitsbusinessestoprovidereturnsoninvestmentovertheirlivesthatwillprovideshareholderswithanadequatereturnonequity.来自fit.0.620.19225%EarningsperShareHK$Shareholders’FundsperShareSha