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NEW CAPITAL<01062> - Results Announcement

New Capital International Investment Limited announced on 19/04/2006:
(stock code: 01062 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: Unqualified

                                                        (Audited   )
                                     (Audited   )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/01/2005    from 01/01/2004
                                     to 31/12/2005      to 31/12/2004
                               Note  ($         )       ($         )
Turnover                           : 1,621,862          1,095,902         
Profit/(Loss) from Operations      : (4,173,758)        18,448,235        
Finance cost                       : N/A                N/A               
Share of Profit/(Loss) of 
  Associates                       : (8,552,351)        (12,614,506)      
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (12,726,109)       6,251,287         
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)    2  : (0.0197)           0.0116            
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (12,726,109)       6,251,287         
Final Dividend                     : NIL                NIL
  per Share                                              
(Specify if with other             : N/A                N/A
B/C Dates for 
  Final Dividend                   : N/A   
Payable Date                       : N/A
B/C Dates for Annual         
  General Meeting                  : 19/05/2006         to 25/05/2006 bdi.
Other Distribution for             : N/A
  Current Period                     
B/C Dates for Other 
  Distribution                     : N/A   

(1)     Reorganisation and basis of preparation

(a)     Reorganisation

The Company was incorporated in the Cayman Islands on August 1, 2003 as an 
exempted company with limited liability under the Companies Law, Cap. 22 
(Laws of 1961 as consolidated and revised) of the Cayman Islands.  
Pursuant to a reorganisation proposal whereby ING Beijing Investment 
Company Limited ("ING Beijing"), the former holding company of the Group, 
would become a wholly  owned subsidiary of the Company to be implemented 
by way of a scheme of arrangement under section 166 of the Hong Kong 
Companies Ordinance, Chapter 32 of the Laws of Hong Kong ("the Scheme") as 
set out in a document dated January 13, 2005 issued to the shareholders of 
ING Beijing, the Company became the holding company of the Group on April 
13, 2005, the effective date of the Scheme.  This was accomplished by the 
Company acquiring the entire issued share capital of ING Beijing, the then 
holding company of the other subsidiaries of the Group, as set out in note 
13 to the financial statements included in the Company's 2005 annual 

The listing of the shares of ING Beijing was withdrawn from The Stock 
Exchange of Hong Kong Limited ("HKSE") and the Company's shares were 
listed on the HKSE by way of introduction on April 13, 2005.

(b)     Basis of preparation

The consolidated financial statements for the year ended December 31, 2005 
comprise the Company and its subsidiaries and the Group's interest in 

The financial statements have been prepared in accordance with the same 
policies adopted in the 2004 annual financial statements, except for the 
changes in accounting policies set out in note 3 to the financial 
statements included in the Company's 2005 annual report.

Although the Scheme became effective on April 13, 2005, all of the 
entities which took part in the Scheme were under common control before 
and immediately after the Scheme becoming effective and, consequently, 
there was a continuation of the risks and benefits to the controlling 
party that existed prior to the combination. The results of the Group for 
the years ended December 31, 2004 and 2005 have been prepared using the 
basis of merger accounting in accordance with Hong Kong Accounting 
Guideline 5 "Merger accounting for common control combinations" issued by 
the Hong Kong Institute of Certified Public Accountants.

Accordingly, the results of the Group for the year ended December 31, 2005 
include the financial results of the companies which now comprise the 
Group for the period from January 1, 2005 (or the date of incorporation if 
later) to December 31, 2005 as if the current group structure had been in 
existence and remained unchanged throughout the period. The comparative 
figures as at December 31, 2004 and for the year ended December 31, 2004 
have been presented on the same basis.

(2)     Basic (loss)/earnings per share and diluted (loss)/earnings per 

(a)     Basic (loss)/earnings per share

The calculation of basic (loss)/earnings per share is based on loss 
attributable to ordinary equity shareholders of the Company of $12,726,109 
(2004: profit of $6,251,287) and 647,114,000 ordinary shares in issue 
during the year (2004: weighted average of 540,395,967 ordinary shares), 
being the shares that would have been in issue throughout the year if the 
Scheme as set out above had become effective on January 1, 2004.

= (HK$12,726,109) / 647,114,000 x 100

= (1.97) cents

Weighted average number of ordinary shares:
                                        2005            2004
Issued ordinary shares at January 1     647,114,000     539,514,000
Effect of issue of shares by ING
 Beijing                                -               881,967
                                        ------------    ------------
Weighted average number of ordinary
 shares at December 31                  647,114,000     540,395,967
                                        ============    ============

(b)     Diluted (loss)/earnings per share

There were no potential ordinary shares during the year ended December 31, 

Diluted earnings per share was not shown for the year ended December 31, 
2004 as the potential ordinary shares were anti-dilutive.

(3)     Changes in accounting policies 

(a)     Joint ventures (HKAS 31, Interests in joint ventures)

With effect from January 1, 2005, in accordance with HKAS 31, joint 
control exists only when the strategic financial and operating decisions 
of the joint venture require the venturers' unanimous consent.  As a 
result of this, management reviewed the nature of an investment previously 
accounted for as an interest in a jointly controlled entity and concluded 
that this investment should be reclassified as an investment in an 
associate.  The reclassification has been applied retrospectively.  Such 
reclassification has no effect on the current and prior accounting periods 
except for the change in presentation.

(b)     Changes in presentation of shares of associates' and jointly 
controlled entities' taxation (HKAS 1, Presentation of financial 

With effect from January 1, 2005, in accordance with the implementation 
guidance in HKAS 1, the Group has changed the presentation and includes 
the share of taxation of associates and jointly controlled entities 
accounted for using the equity method in the respective shares of profit 
or loss reported in the consolidated income statement before arriving at 
the Group's profit or loss before tax. These changes in presentation have 
been applied retrospectively with comparatives restated. 

(4)     Comparative figures

Certain comparative figures have been reclassified as a result of the 
changes in accounting policies.