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HK Bourse: Results Announcement From Cosco International Holdings Ltd. -7-

23 Mar 2017 4:21 am
 
 
 
                                                                                    (2,806) 
 
    Total finance costs                                                                          (3,795) 
                                                                                    (4,414) 
 
    Finance income -- net                                                                       111,368 
                                                                                   86,546 
 
 
 
 
                                                           - 12 - 
8   INCOME TAX EXPENSES 
 
    Hong Kong profits tax has been provided at the rate of 16.5% (2015: 16.5%) on the estimated assessable profit for the 
    year. 
 
    The PRC income tax has been calculated on the estimated assessable profit derived from the Group's operations in the 
    PRC for the year at 25% (2015: 25%) except for a subsidiary, which was taxed at a reduced rate of 15% (2015: 15%) 
    based on different local preferential policies on income tax and approval by relevant tax authorities. 
 
    Other overseas taxation has been calculated on the estimated assessable profit for the year at the rates of taxation 
    prevailing in the countries in which the Group operates. These rates range from 17% to 43% (2015:17% to 43%) 
    during the year. 
 
                                                                                                                     2015 
                                                                                                  2016 
                                                                                               HK$'000            HK$'000 
 
    Current income tax 
      -- Hong Kong profits tax                                                                                        15,282 
                                                                                                 21,689 
      -- the PRC enterprise income tax                                                                                19,966 
                                                                                                 13,702 
      -- other overseas taxation                                                                                       4,120 
                                                                                                  1,309 
      -- over-provision for Hong Kong profits tax in prior years                                                         (21) 
                                                                                                   (722) 
      -- under-provision for the PRC taxation in prior years                                                           1,070 
                                                                                                  4,808 
      -- (over)/under-provision for other overseas taxation in prior years                                               129 
                                                                                                    (54) 
    Deferred income tax charge -- net                                                                                 25,214 
                                                                                                 22,858 
 
    Income tax expenses                                                                                              65,760 
                                                                                                 63,590 
 
9   EARNINGS PER SHARE 
 
    (a)   Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the 
          weighted average number of ordinary shares in issue during the year. 
 
                                                                                                                       2015 
                                                                                                2016 
 
          Profit attributable to equity holders of the Company                                             HK$335,763,000 
                                                                                    HK$237,205,000 
          Weighted average number of ordinary shares in issue                                                1,532,495,292 
                                                                                       1,532,955,429 
          Basic earnings per share                                                                          21.91 HK cents 
                                                                                     15.47 HK cents 
 
    (b)   Diluted earnings per share is calculated based on the weighted average number of ordinary shares in issue after 
          adjusting for the potential dilutive effect of outstanding share options. 
 
 
                                                                                                                       2015 
                                                                                                2016 
 
          Profit attributable to equity holders of the Company                                             HK$335,763,000 
                                                                                    HK$237,205,000 
          Weighted average number of ordinary shares in issue                                                1,532,495,292 
                                                                                      1,532,955,429 
          Adjustment for assumed issuance of shares on exercise 
                                                                                                   -- 
            of share options                                                                                      7,090,877 
          Weighted average number of ordinary shares for diluted 
            earnings per share                                                                               1,539,586,169 
                                                                                       1,532,955,429 
          Diluted earnings per share                                                                        21.81 HK cents 
                                                                                     15.47 HK cents 
 
 
 
 
                                                          - 13 - 
10   DIVIDENDS 
 
                                                                                                                      2015 
                                                                                                  2016 
                                                                                               HK$'000             HK$'000 
 
     Interim dividend paid of HK$0.04 (2015: HK$0.07) per ordinary share                                            107,307 
                                                                                                 61,318 
     Final dividend proposed of HK$0.055 (2015: HK$0.09) per ordinary share                                         137,966 
                                                                                                 84,313 
                                                                                                                         -- 
     Special dividend proposed of HK$0.05 (2015: nil) per ordinary share                         76,648 
 
                                                                                                                    245,273 
                                                                                                222,279 
 
     At the board meeting held on 23rd March 2017, the directors of the Company proposed a final dividend of HK$0.055 
     and special dividend of HK$0.05 per ordinary share for the year ended 31st December 2016. These proposed 
     dividends have not been recognised as a liability in the financial statements for the year ended 31st December 2016, 
     but will be recognised in shareholders' equity in the year ending 31st December 2017. 
 
11   TRADE AND OTHER RECEIVABLES 
 
     As at 31st December 2016, trade and other receivables include trade receivables amounting to HK$646,337,000 (2015: 
     HK$769,366,000). 
 
     The ageing analysis of trade receivables (including amounts due from related parties which are trading in nature) 
     based on invoice date and after provision is as follows: 
 
                                                                                                                      2015 
                                                                                                  2016 
                                                                                               HK$'000             HK$'000 
 
     Current - 90 days                                                                                              483,415 
                                                                                                392,298 
     91-180 days                                                                                                    161,643 
                                                                                                128,109 
     Over 180 days                                                                                                  124,308 
                                                                                                125,930 
 
                                                                                                                    769,366 
 
 
 
 

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March 23, 2017 00:21 ET (04:21 GMT)
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