Interim Report 2005 - Clear Media

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18 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 5. Finance Costs For the six months ended 30 June 2005 2004 (Unaudited) (Unaudited) HK$’000 HK$’000 Interest on bank loans wholly repayable within five years 924 4,070 Other finance costs: Provision for convertible bonds redemption premium 8,420 — 9,344 4,070 6. Tax For the six months ended 30 June 2005 2004 (Unaudited) (Unaudited) HK$’000 HK$’000 Group: Current — Hong Kong profits tax — — Current — PRC corporate income tax 8,646 5,511 Deferred — — Total tax charge for the period 8,646 5,511 The Group provides for tax on the basis of their income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes. Hong Kong profits tax has not been provided as the Group did not generate any assessable profits in Hong Kong during the current interim period. According to the Income Tax Law of the PRC on Enterprises with Foreign Investment and Foreign Enterprises, Hainan White Horse Advertising Media Investment Company Limited (‘‘WHA Joint Venture’’), a subsidiary of the Company establishedinHainanSpecialEconomicZone of the PRC, is subject to a corporate income tax at a rate of 15% on its assessable profits arising in the PRC for the current interim period.
CLEAR MEDIA INTERIM REPORT 2005 19 7. Earnings per Share The calculation of basic earnings per share is based on the profit attributable to equity holders of the parent of HK$35,366,000 (six months ended 30 June 2004 (restated): HK$28,863,000) and the weighted average of 501,608,500 (six months ended 30 June 2004: 501,608,500) ordinary shares. The calculation of diluted earnings per share is based on the profit attributable to equity holders of the parent of HK$35,366,000 (six months ended 30 June 2004 (restated): HK$28,863,000). The weighted average number of ordinary shares used in the calculation is the 501,608,500 (six months ended 30 June 2004: 501,608,500) ordinary shares, as used in the basic earnings per share calculation; and the weighted average of 11,594,646 (six months ended 30 June 2004: 11,003,463) ordinary shares assumed to have been issued at no consideration on the deemed exercise of all share options with dilutive effect during the period. In the current interim period, the effect of the Group arising from the exercise of the convertible bonds was anti-dilutive. 8. Dividend The Board of Directors resolved not to pay interim dividend to shareholders in respect of the six months ended 30 June 2005 (six months ended 30 June 2004: Nil). 9. Accounts Receivable An aged analysis of the accounts receivable as at 30 June 2005, net of provision for impairment of accounts receivable, is as follows: 30 June 31 December 2005 2004 (Unaudited) (Audited) HK$’000 HK$’000 Current to 90 days 105,818 99,278 91–180 days 34,660 50,702 Over 180 days 75,495 45,245 Total 215,973 195,225 10. Prepayments, Deposits and Other Receivables A deposit of HK$100 million had been paid to the High Court in respect of the Advertasia litigation. This amount of money will remain at the High Court until the result of the appeal to the Court (see page 7 Contingent Liabilities section).
Page 2 and 3: CONTENTS 1 Financial Highlights 2 M
Page 4 and 5: 02 MANAGEMENT DISCUSSION AND ANALYS
Page 12 and 13: 10 CONDENSED CONSOLIDATED BALANCE S
Page 14 and 15: 12 CONDENSED CONSOLIDATED CASH FLOW
Page 16 and 17: 14 NOTES TO CONDENSED CONSOLIDATED
Page 28 and 29: 26 SUPPLEMENTARY INFORMATION Share
Page 30 and 31: 28 SUPPLEMENTARY INFORMATION The sh
Page 32 and 33: 30 SUPPLEMENTARY INFORMATION Media
Page 34 and 35: 32 FACTSHEET AT A GLANCE Shareholde
Page 36: 34 CORPORATE INFORMATION Principal

Interim Report 2005 - Clear Media

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