HSBC FY05 REL2; Pt7/7

HSBC Holdings PLC 06 March 2006 Consolidated income statement for the year ended 31Dec04 Reconciliation of HK GAAP and HKFRS Effect of transition to HKFRS (excluding HKAS 39) Pension Assets and other 20004 acquired in post- Equity As exchange for retirement compensation Figures in HK$m reported advances benefits Property Goodwill plans Interest income 57,911 (2) - - - - Interest expense (19,679) - - - - - Net interest income 38,232 (2) - - - - Fee income 19,874 - - - - - Fee expense (3,184) - - - - - Net fee income 16,690 - - - - - Net trading income 6,615 - - - - 8 Net investment income on assets backing policyholder liabilities - - - - - - Gains less losses from financial investments - - - - - - Dividend income 186 - - - - - Net earned insurance premiums - - - - - - Other operating income 5,930 55 - 3 - - Total operating income 67,653 53 - 3 - 8 Net insurance claims incurred and movement in policyholder liabilities - - - - - - Net operating income before loan impairment charges and other credit risk provisions 67,653 53 - 3 - 8 Loan impairment charges and other credit risk provisions 769 (38) - - - - Net operating income 68,422 15 - 3 - 8 Employee compensation and benefits (14,743) - 33 - - (95) General and administrative expenses (10,079) - - (56) - - Depreciation of property, plant and equipment (2,096) - - 245 - - Amortisation of intangible assets (74) - - - 73 - Total operating expenses (26,992) - 33 189 73 (95) Operating profit 41,430 15 33 192 73 (87) Profit on tangible fixed assets and long-term investments 2,098 (16) - - (62) - Surplus arising on property revaluation 1,024 - - 10 - - Share of profit in associates 414 - - - 32 - Profit before tax 44,966 (1) 33 202 43 (87) Tax expense (7,086) - (16) (33) - (24) Profit after tax 37,880 (1) 17 169 43 (111) Profit attributable to minority interests (4,315) - - - - 18 Profit attributable to shareholders 33,565 (1) 17 169 43 (93) Reconciliation of HK GAAP and HKFRS Effect of transition to HKFRS (excluding HKAS 39) Investment 2004 Insurance contracts Preference Consolidation As Figures in KK$m contracts reclassified shares and others Reclassification restated Interest income 266 - - (228) - 57,947 Interest expense 4 - (1,540) 238 - (20,977) Net interest income 270 - (1,540) 10 - 36,970 Fee income 10 - - (408) - 19,476 Fee expense (102) - - 91 - (3,195) Net fee income (92) - - (317) - 16,281 Net trading income 15 - - 365 - 7,003 Net investment income on assets backing policyholder liabilities 2,420 (1,522) - - - 898 Gains less losses from financial investments - - - - 1,497 1,497 Dividend income (1) - - (22) - 163 Net earned insurance premiums 18,222 (4,137) - - - 14,085 Other operating income (3,436) - - (5) 1,567 4,114 Total operating income 17,398 (5,659) (1,540) 31 3,064 81,011 Net insurance claims incurred and movement in policyholder liabilities (17,384) 5,659 - - - (11,725) Net operating income before loan impairment charges and other credit risk provisions 14 - (1,540) 31 3,064 69,286 Loan impairment charges and other credit risk provisions - - - - 131 862 Net operating income 14 - (1,540) 31 3,195 70,148 Employee compensation and benefits 8 - - 32 - (14,765) General and administrative expenses (22) - - (5) (131) (10,293) Depreciation of property, plant and equipment - - - 99 - (1,752) Amortisation of intangible assets - - - (100) - (101) Total operating expenses (14) - - 26 (131) (26,911) Operating profit - - (1,540) 57 3,064 43,237 Profit on tangible fixed assets and long-term investments - - - 10 (2,030) - Surplus arising on property revaluation - - - - (1,034) - Share of profit in associates - - - (3) (144) 299 Profit before tax - - (1,540) 64 (144) 43,536 Tax expense - - - 27 144 (6,988) Profit after tax - - (1,540) 91 - 36,548 Profit attributable to minority interests - - - (103) - (4,400) Profit attributable to shareholders - - (1,540) (12) - 32,148 Consolidated balance sheet at 31 December 2004 Reconciliation of HK GAAP and HKFRS Effect of transition to HKFRS (excluding HKAS 39) Pension At Assets and other 31Dec04 acquired in post- Equity as exchange retirement compensation Figures in HK$m reported advances benefits Property Goodwill plans ASSETS Cash and short-term funds 501,207 - - - - - Placings with banks maturing after one month 74,481 - - - - - Items in the course of collection from other banks 13,479 - - - - - Certificates of deposit 48,643 - - - - - Hong Kong SAR Government certificates of indebtedness 92,334 - - - - - Trading assets 85,356 - - - - - Derivatives 54,837 - - - - - Advances to customers 919,253 (561) - - - - Financial investments 425,635 - - - - 566 Amounts due from fellow subsidiary companies 82,592 - - - - - Investments in associates 16,918 - - (107) 32 - Goodwill and intangible assets 1,526 - - - 67 - Property, plant and equipment 42,080 - - (14,653) - - Deferred tax assets 1,659 - - - - - Retirement benefit assets 1,297 - 10 - - - Other assets 97,748 561 - 4,014 24 (83) 2,459,045 - 10 (10,746) 123 483 LIABILITIES Hong Kong SAR currency notes in circulation 92,334 - - - - - Deposits by banks 73,098 - - - - - Customer accounts 1,730,494 - - - - - Items in the course of transmission to other banks 23,452 - - - - - Trading liabilities 37,281 - - - - - Derivatives 50,635 - - - - - Debt securities in issue 150,179 - - - - - Retirement benefit liabilities 211 - 116 - - - Amounts due to fellow subsidiary companies 17,137 - - - - - Amounts due to ultimate holding company 479 - - - - - Other liabilities 39,096 - - - (121) (46) Liabilities to policyholders under long-term assurance business 62,643 - - - - - Liabilities to customers under investment contracts - - - - - - Liabilities to customers under insurance contracts issued - - - - - - Current taxation 2,333 - - - - - Deferred taxation 4,676 - (23) (1,394) 50 88 Subordinated liabilities 11,142 - - - - - Preference shares - - - - - - 2,295,190 - 93 (1,394) (71) 42 EQUITY Share capital 74,213 - - - - - Other reserves 17,399 - - (10,594) - 332 Retained profits 51,083 - (83) 1,242 194 109 Proposed final interim dividend 4,800 - - - - - Shareholders' funds 147,495 - - - - - Minority interests 16,360 - - - - - 163,855 - - - - - 2,459,045 - 10 (10,746) 123 483 Reconciliation of HK GAAP and HKFRS Effect of transition to HKFRS (excluding HKAS 39) At Investment 31Dec04 Insurance contracts Preference Consolidation As Figures in HK$m contracts reclassified Netting shares and others restated ASSETS Cash and short-term funds 5,098 - 4,287 - 52 510,644 Placings with banks maturing after one month 230 - - - - 74,711 Items in the course of collection from other banks - - - - - 13,479 Certificates of deposit 3,100 - - - - 51,743 Hong Kong SAR Government certificates of indebtedness - - - - - 92,334 Trading assets (7,230) - 8,330 - 1,276 87,732 Derivatives - - 39,541 - 20 94,398 Advances to customers - - - - 500 919,192 Financial investments 45,996 - - - 135 472,332 Amounts due from fellow subsidiary companies 6,330 - - - (6,330) 82,592 Investments in associates - - - - (500) 16,343 Goodwill and intangible assets 3,513 - - - 223 5,329 Property, plant and equipment - - - - (223) 27,204 Deferred tax assets - - - - 52 1,711 Retirement benefit assets - - - - - 1,307 Other assets (66,259) - (1) - (240) 35,764 (9,222) - 52,157 - (5,035) 2,486,815 LIABILITIES Hong Kong SAR currency notes in circulation - - - - - 92,334 Deposits by banks 2 - 1,880 - - 74,980 Customer accounts (227) - 221 - (2,377) 1,728,111 Items in the course of transmission to other banks - - - - - 23,452 Trading liabilities - - - - - 37,281 Derivatives - - 41,727 - - 92,362 Debt securities in issue (55) - 8,315 - (3,277) 155,162 Retirement benefit liabilities - - - - - 327 Amounts due to fellow subsidiary companies 219 - - 432 (220) 17,568 Amounts due to ultimate holding company - - - 74 - 553 Other liabilities (54) - 14 (506) (1,225) 37,158 Liabilities to policyholders under long-term assurance business (9,107) (54,938) - - 1,402 - Liabilities to customers under investment contracts - 28,516 - - - 28,516 Liabilities to customers under insurance contracts issued - 26,422 - - - 26,422 Current taxation - - - - - 2,333 Deferred taxation - - - - (2) 3,395 Subordinated liabilities - - - - - 11,142 Preference shares - - - 55,602 - 55,602 (9,222) - 52,157 55,602 (5,699) 2,386,698 EQUITY Share capital - - - (51,719) - 22,494 Other reserves - - - (3,883) 2,775 6,029 Retained profits - - - - (2,061) 50,484 Proposed final interim dividend - - - - - 4,800 Shareholders' funds - - - - - 83,807 Minority interests - - - - (50) 16,310 - - - - - 100,117 (9,222) - 52,157 - (5,035) 2,486,815 Consolidated balance sheet at 1 January 2005 Effect of transition impacted by HKAS 39 Balance Balance excluding including Figures in HK$m HKAS 39 HKAS 39 HKAS 39 ASSETS Cash and short-term funds 510,644 (33,625) 477,019 Placings with banks maturing after one month 74,711 (1,018) 73,693 Items in the course of collection from other banks 13,479 - 13,479 Certificates of deposit 51,743 (2) 51,741 Hong Kong SAR Government certificates of indebtedness 92,334 - 92,334 Trading assets 87,732 42,208 129,940 Financial assets designated at fair value - 36,072 36,072 Derivatives 94,398 (7,237) 87,161 Advances to customers 919,192 (4,036) 915,156 Financial investments 472,332 (37,635) 434,697 Amounts due from fellow subsidiary companies 82,592 (1,477) 81,115 Investments in associates 16,343 - 16,343 Goodwill and intangible assets 5,329 - 5,329 Property, plant and equipment 27,204 - 27,204 Deferred tax assets 1,711 (328) 1,383 Retirement benefit assets 1,307 - 1,307 Other assets 35,764 12,241 48,005 Total assets 2,486,815 5,163 2,491,978 LIABILITIES Hong Kong SAR currency notes in circulation 92,334 - 92,334 Deposits by banks 74,980 (2,325) 72,655 Customer accounts 1,728,111 (34,994) 1,693,117 Items in the course of transmission to other banks 23,452 - 23,452 Financial liabilities designated at fair value - 1,254 1,254 Trading liabilities 37,281 125,743 163,024 Derivatives 92,362 654 93,016 Debt securities in issue 155,162 (91,473) 63,689 Retirement benefit liabilities 327 - 327 Amounts due to fellow subsidiary companies 17,568 (1,731) 15,837 Amounts due to ultimate holding company 553 - 553 Other liabilities 37,158 6,445 43,603 Liabilities to customers under investment contracts 28,516 - 28,516 Liabilities under insurance contracts issued 26,422 - 26,422 Current taxation 2,333 29 2,362 Deferred taxation 3,395 (155) 3,240 Subordinated liabilities 11,142 74 11,216 Preference shares 55,602 - 55,602 Total liabilities 2,386,698 3,521 2,390,219 CAPITAL RESOURCES Share capital 22,494 - 22,494 Other reserves 6,029 1,333 7,362 Retained profits 50,484 (39) 50,445 Proposed final interim dividend 4,800 - 4,800 Shareholders' funds 83,807 - 85,101 Minority interest 16,310 348 16,658 100,117 - 101,759 2,486,815 5,163 2,491,978 This information is provided by RNS The company news service from the London Stock Exchange

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