Extracted from Annual Report 2010
Notes :
- We ended the year with an Actual Accounting net loss, although the Group is operationally profitable. This is primarily due to a 248% increase in fair value adjustments of the convertible loan notes to RMB198.4 million upon conversion date. These fair value adjustments are "notional" and have no impact on shareholders' equity. It also has no bearing on the operating cash flow and cash position of the Group and there will be no further charge of this nature to the Statement of Comprehensive Income of the Group in FY2011.
- The application of the purchase method under the Singapore Financial Reporting Standards 103 (the "SFRS 103") for the acquisition of the PRC subsidiaries by the Group requires, inter alia, the development properties and properties held for sale by the respective PRC subsidiaries to be recorded at fair value at the respective dates of acquisition by the Group. Pursuant to the application of SFRS 103, the cost of property development sales had a fair value upward adjustment of RMB104.4 million with its associated tax of RMB26.2 million in FY2010. Excluding these non-cash items due to application of the SFRS 103, our Proforma Accounting net loss was RMB48.0 for FY2010.
- Earnings per Share were computed based on the ordinary shares capital of 1,000,726,744 shares i.e. weighted average number of ordinary shares issued and paid-up (FY2010) and 627,906,976 shares (FY2009).
- NAV per Share were computed based on the ordinary shares capital of 1,125,000,000 shares i.e. number of ordinary shares issued and paid-up (FY2009: 627,906,976 shares i.e. number of ordinary shares issued and paid-up prior to the conversion and pre-invitation of Initial Public Offering).