Hanwei announces restatement of interim and annual financial statements for
the fiscal years ended December 31, 2008 and 2007
TSX: HE
During the preparation of the Company's interim consolidated financial statements for the three and nine months ended
As at and for the three months ended March 31, 2008:
Consolidated balance sheet
(Expressed in thousands of Canadian dollars)
(Unaudited)
As at March 31, 2008
--------------------------------------
As
previously
stated Restated Adjustment
------------ ------------ ------------
$ $ $
Contributed surplus 2,638 3,241 603
Retained earnings 9,616 9,013 (603)
Consolidated statement of operations
(Expressed in thousands of Canadian dollars, except share and per share
amounts)
(Unaudited)
For the three months ended
March 31, 2008
--------------------------------------
As
previously
stated Restated Adjustment
------------ ------------ ------------
$ $ $
Other (expense) income (24) (307) (283)
Income (loss) before income taxes
and non-controlling interest (567) (850) (283)
Income (loss) before
non-controlling interest (775) (1,058) (283)
Net income (loss) (713) (996) (283)
Earnings per share
Basic (0.01) (0.01) -
Diluted (0.01) (0.01) -
As at and for the three and six months ended June 30, 2008:
Consolidated balance sheet
(Expressed in thousands of Canadian dollars)
(Unaudited)
As at June 30, 2008
--------------------------------------
As
previously
stated Restated Adjustment
------------ ------------ ------------
$ $ $
Contributed surplus 2,946 3,527 581
Retained earnings 12,527 11,946 (581)
Consolidated statements of operations
(Expressed in thousands of Canadian dollars, except share and per share
amounts)
(Unaudited)
For the three months ended For the six months ended
June 30, 2008 June 30, 2008
--------------------------- --------------------------
As As
previous- previous-
ly Adjust- ly Adjust-
stated Restated ment stated Restated ment
--------- -------- -------- -------- -------- --------
$ $ $ $ $ $
Other (expense)
income (1) 21 22 (25) (286) (261)
Income (loss) before
income taxes and
non-controlling
interest 3,914 3,936 22 3,347 3,086 (261)
Income (loss) before
non-controlling
interest 3,141 3,162 22 2,366 2,105 (261)
Net income (loss) 2,911 2,932 22 2,198 1,937 (261)
Earnings per share
Basic 0.05 0.05 - 0.04 0.04 -
Diluted 0.05 0.05 - 0.04 0.04 -
As at and for the three and nine months ended September 30, 2008:
Consolidated balance sheet
(Expressed in thousands of Canadian dollars)
(Unaudited)
As at September 30, 2008
--------------------------------------
As
previously
stated Restated Adjustment
------------ ------------ ------------
$ $ $
Accumulated other comprehensive
income (loss) 9,011 9,592 581
Retained earnings 13,249 12,668 (581)
Consolidated statements of operations
(Expressed in thousands of Canadian dollars, except share and per share
amounts)
(Unaudited)
For the three months ended For the nine months ended
September 30, 2008 September 30, 2008
--------------------------- --------------------------
As As
previous- previous-
ly Adjust- ly Adjust-
stated Restated ment stated Restated ment
--------- -------- -------- -------- -------- --------
$ $ $ $ $ $
Other (expense)
income 9 9 - (15) (276) (261)
Income (loss) before
income taxes and
non-controlling
interest 1,105 1,105 - 4,452 4,191 (261)
Income (loss) before
non-controlling
interest 873 873 - 3,239 2,978 (261)
Net income (loss) 723 723 - 2,920 2,659 (261)
Earnings per share
Basic 0.01 0.01 - 0.05 0.05 -
Diluted 0.01 0.01 - 0.05 0.05 -
As at and for the three and twelve months ended December 31, 2008:
Consolidated balance sheet
(Expressed in thousands of Canadian dollars)
As at December 31, 2008
--------------------------------------
As
previously
stated Restated Adjustment
------------ ------------ ------------
$ $ $
Property, plant and equipment 49,124 48,129 (995)
Total assets 212,264 211,269 (995)
Retained earnings 18,441 17,446 (995)
Total shareholders' equity 133,551 132,556 (995)
Total liabilities and
shareholders' equity 212,264 211,269 (995)
Consolidated statements of operations
(Expressed in thousands of Canadian dollars, except share and per share
amounts)
For the twelve
For the three months ended months ended
December 31, 2008 December 31, 2008
--------------------------- --------------------------
As As
previous- previous-
ly Adjust- ly Adjust-
stated Restated ment stated Restated ment
--------- -------- -------- -------- -------- --------
$ $ $ $ $ $
Other (expense)
income 37 (377) (414) 21 (654) (675)
Income (loss) before
income taxes and
non-controlling
interest 5,330 4,916 (414) 9,780 9,105 (675)
Income (loss) before
non-controlling
interest 5,272 4,858 (414) 8,509 7,834 (675)
Net income (loss) 5,194 4,780 (414) 8,112 7,437 (675)
Earnings per share
Basic 0.09 0.08 (0.01) 0.13 0.12 (0.01)
Diluted 0.08 0.07 (0.01) 0.13 0.12 (0.01)
As at and for the three and twelve months ended December 31, 2007:
Consolidated balance sheet
(Expressed in thousands of Canadian dollars)
As at December 31, 2007
--------------------------------------
As
previously
stated Restated Adjustment
------------ ------------ ------------
$ $ $
Accumulated other comprehensive
income (loss) (3,105) (2,785) 320
Retained earnings 10,329 10,009 (320)
Consolidated statement of operations
(Expressed in thousands of Canadian dollars, except share and per share
amounts)
(Unaudited)
For the twelve months ended
December 31, 2007
--------------------------------------
As
previously
stated Restated Adjustment
------------ ------------ ------------
$ $ $
Other (expense) income (18) (338) (320)
Income (loss) before income taxes
and non-controlling interest 7,597 7,277 (320)
Income (loss) before
non-controlling interest 7,047 6,727 (320)
Net income (loss) 6,259 5,939 (320)
Earnings per share
Basic 0.13 0.12 (0.01)
Diluted 0.13 0.12 (0.01)
The restatements did not have any cash impact on the consolidated financial statements of the Company.
For further information: Kim Oishi, Senior Vice President, Finance and Business Development, Telephone: (416) 804-9228, [email protected]; Yucai (Rick) Huang, Chief Financial Officer, Telephone: (604) 685-2239, [email protected]; Kevin O'Connor, Investor Relations, Telephone: (416) 962-3300, [email protected]
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