09:06 HUTCHISON<00013> - Results Announcement (3) SSAP Interpretation Total HKFRS 3 HKAS 38 HKAS 40 22 2004 HK$millions HK$millions HK$millions HK$millions HK$millions (Decrease) in profit attributable to shareholders - (911) (1,556) (234) (2,701) -------------------------------------------------------------------------- Increase in fixed assets - - 408 - 408 (Decrease) in telecommunications customer acquisition costs - (1,433) - - (1,433) Increase in deferred tax assets - 437 - - 437 (Decrease) in associated companies - (96) - - (96) Increase (decrease) in interests in joint ventures - - 104 (1,562) (1,458) Decrease (increase) in deferred taxation liabilities - - (1,841) 274 (1,567) Decrease in minority interests - 181 30 - 211 ------------------------------------------------------------------------- (Decrease) in net assets - (911) (1,299) (1,288) (3,498) ------------------------------------------------------------------------- (Decrease) in shareholders' funds at 1 January 2003 - - (1,525) (1,054) (2,579) ------------------------------------------------------------------------- The Group has already commenced an assessment of the impact of the other new HKFRSs which have not been early adopted by the Group. Whilst the Group believes the standards with the most material effect on the Group's accounts are those early adopted for 2004, the Group is not yet in a position to state whether the remaining new HKFRSs would have significant impact on its results of operations and net financial position. 2 Profit from operations Profit from operations includes a profit from changes in fair value of investment properties of HK$5,244 million, a profit of HK$13,759 million on the disposal of Procter & Gamble-Hutchison, a profit of HK$1,300 million from the partial disposal of Hutchison Global Communications and a profit of HK$4,100 million from the partial disposal of Hutchison Telecommunications International Limited, a release of provisions previously made against equity securities of HK$813 million and less a write-off of the Group's premium on acquisition of certain infrastructure joint ventures in the Mainland amounting to HK$791 million. The comparative amounts in 2003 included a loss from changes in fair value of investment properties of HK$1,809 million, a profit of HK$1,683 million on the disposal of the European water businesses and a profit of HK$2,627 million from the disposal of equity investments in Vodafone and Deutsche Telekom, a release of provisions amounting to HK$7,810 million less a full write-off of the HK$3,111 million investment in Global Crossing and other net non-recurring charge of HK$116 million. 2004 2003 3 Finance costs HK$ millions HK$ millions Company and subsidiary companies 11,919 10,065 Less: interest capitalised (869) (2,350) ------------------------ 11,050 7,715 Share of associated companies 1,411 1,407 Share of jointly controlled entities 251 446 ------------------------ 12,712 9,568 ======================= 4 Earnings per share The calculation of earnings per share is based on profit attributable to shareholders of HK$16,128 million (2003 - HK$11,677 million, as restated) and on 4,263,370,780 shares in issue during 2004 (2003 - 4,263,370,780 shares). For more details, please refer to the press announcement today.