China Oilfield Services Limited announced on 21/8/2003:
(stock code: 02883 )
Year end date: 31/12/2003
Currency: RMB
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 1/1/2003 from 1/1/2002
to 30/6/2003 to 30/6/2002
Note ('000 ) ('000 )
Turnover : 1,435,998 1,303,393
Profit/(Loss) from Operations : 376,643 305,223
Finance (cost)/income : 5,272 84
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : 29,061 21,066
Profit/(Loss) after Tax & MI : 326,840 217,148
% Change over Last Period : +50.5 %
EPS/(LPS)-Basic (in dollars) : 0.0818 0.0835
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 326,840 217,148
Special Interim Dividend : RMB 1.23 cents N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Special Interim Dividend : 22/9/2003 to 22/10/2003bdi.
Payable Date : To Be Announced
B/C Dates for Extraordinary
General Meeting : 22/9/2003 to 22/10/2003bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. The pro forma combined results for the period from 1 January 2002 to 30
June 2002 have been extracted from the Accountants' Report as set out in
China Oilfied Services Limited's global offering prospectus dated 11
November 2002.
2. GROUP REORGANISATION AND BASIS OF PRESENTATION OF FINANCIAL DATA
The Company was established on 25 December 2001 by China National Offshore
Oil Corporation ('CNOOC'), a State-owned enterprise in the People's
Republic of China (the 'PRC'), in Tianjin, the PRC, as a limited liability
company under the Company Laws of the PRC. As part of the reorganisation
(the 'Reorganisation') of CNOOC in preparation for the listing of the
Company's shares on The Stock Exchange of Hong Kong Limited (the 'HKSE')
and pursuant to an approval document obtained from the relevant government
authority dated 26 September 2002, the Company was restructured into a
joint stock limited liability company. Pursuant to the Reorganisation
which was effective on 30 April 2002, the Company acquired from the
wholly-owned subsidiaries of CNOOC:
(1) the assets, liabilities and undertakings which principally relate
to the business of the provision of oilfield services including drilling
services, well services, marine support and transportation services and
geophysical services offshore China (the 'Relevant Businesses'), with the
exclusion of certain cash and cash equivalents of RMB688 million and a
payable amount to CNOOC of RMB688 million; and
(2) the interests in certain joint ventures which principally carry on
the business of the provision of oilfield services including well services
and geophysical services offshore China (the 'Relevant Companies').
In consideration of the above acquisition, the Company in total issued
2,600 million State legal person shares of par value of RMB1.00 each to
CNOOC, and the Company's registered and paid-up capital became RMB2,600
million accordingly.
Further details of the Reorganisation are set out in the Company's
prospectus dated 11 November 2002 issued in respect of the listing of the
Company's shares on the HKSE.
IssShare 1,534,852,000
MktCap (m) $ 3,108.08
Business
Nature The Company is the leading provider of oilfield services in the offshore China market. The Company's services cover each phase of the exploration, development, and production of offshore oil and natural gas. The Company offers its services separately and on an integrated project basis. The Company's operations are divided into four segments: drilling services, well services, marine support and transportation services, and geophysical services.
Prospects Further integration of the Company's drilling, well, marine support and transportation, and geophysical service lines will enable it to offer its customers a more convenient and cost efficient platform of oilfield services. The Company intends to further coordinate the marketing efforts of its four main business lines and to strengthen its Integrated Project Management Program. The Company believes this strategy will improve its operating margins and differentiate it from its competitors.
Principal
Bankers Bank of China
Industrial and Commercial Bank of China
Registry HKSCC Registrars Ltd
2/F., Vicwood Plaza, 199 Des Voeux Road Central, Hong Kong
Tel : 28158820
Fax : 25790085
Major
Shareholder CNOOC (61.60%)
estimated earning and dividends:
Broker Name : ING Baring
Report Date : 20 Nov 2002
Recommendation : Sell
Y 2002 Y 2003
EPS ($) 0.123 0.094
DPS ($) N/A N/A
ist nicht an der GEM gelistet ,sondern an der Hongkong Börse
