13:19 SHANGRI-LA ASIA<00069> - Results Announcement Shangri-La Asia Limited announced on 31/03/2005: (stock code: 00069 ) Year end date: 31/12/2004 Currency: USD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/01/2004 from 01/01/2003 to 31/12/2004 to 31/12/2003 Note ('000 ) ('000 ) Turnover : 725,523 540,417 Profit/(Loss) from Operations 2 : 195,385 135,989 Finance cost : (45,831) (47,244) Share of Profit/(Loss) of Associates : 47,524 39,668 Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 141,486 72,667 % Change over Last Period : +95 % EPS/(LPS)-Basic (in dollars) 3 : 0.0604 0.0333 -Diluted (in dollars) 3 : 0.0590 N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 141,486 72,667 Final Dividend 4 : HK 10.0 cents HK 8.0 cents per Share (Specify if with other : N/A scrip dividend options) atlernative B/C Dates for Final Dividend : 23/05/2005 to 26/05/2005 bdi. Payable Date : 08/06/2005 B/C Dates for (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. The accounting policies and methods of computation used in the preparation of the annual accounts for the year ended 31 December 2004 are consistent with those used in the annual accounts for the year ended 31 December 2003. In addition, the Group has issued convertible bonds during the year and the accounting policy adopted by the Group on convertible bonds is as follows: Convertible bonds are stated in the balance sheet at face value plus the accrued redemption premium. The redemption premium is accrued using effective interest rate method. The issuance costs incurred for the arrangement of convertible bonds are capitalised and amortised on a straight-line basis over the period of convertible bonds. 2. Profit from operation is stated before finance costs and after crediting/(charging): 2004 2003 US$'000 US$'000 Net realised gains on other investments 8,870 676 Net unrealised gains on other investments 12,032 17,672 Surplus on valuation of investment properties - 25,044 Loss on discarding of fixed assets due to properties renovations (9,828) (14,742) Loss on discarding of fixed assets due to redevelopment of a resort (10,225) - Provision for impairment losses on other land - (9,500) 3. Earnings per share (a) Basic earnings per share of US6.04 cents (2003: US3.33 cents) is calculated based on the profit attributable to shareholders of US$141,486 ,000 (2003: US$72,667,000) and the weighted average number of 2,342,637, 343 shares (2003: 2,179,857,870 shares) in issue during the year. (b) Diluted earnings per share for the year of US5.90 cents is calculated based on the adjusted profit attributable to shareholders of US$146,328,000 (arrived at after adding back the finance costs of the convertible bonds of US$4,842,000) divided by the deemed weighted average number of 2,479,118,529 issued and issuable shares. The deemed weighted average number of shares outstanding during the year is based on the weighted average number of shares in issue during the year after adjusting for the potential weighted average dilutive effects of the exercise of all the outstanding share options under the New Option Scheme adopted by the shareholders of the Company on 24 May 2002 (2,391,687 shares) and the conversion of all the convertible bonds (134,089,499 shares). The effects of anti-dilutive potential shares under the Executive Option Scheme adopted by the shareholders of the Company on 16 December 1997 have not been taken into account in calculating the diluted earnings per share. Diluted earnings per share in 2003 was the same as the basic earnings per share as there was no dilution effect arising from the share options granted by the Company. 4. The amount of proposed final dividend per share is in HK cents.