ICN HOLDINGS<08004> - Results Announcement (Final, 2001/2002, Summary) International Capital Network Holdings Limited announced on 28/10/2002: (stock code :8004) Year end date :31/07/2002 Currency :HKD Auditors' report :Modified Review of Quarterly Report by :N/A Important Note : This result announcement form only contains extracted information from and should be read in conjunction with the detailed results announcement of the issuer, which can be viewed on the GEM website at http://www.hkgem.com (Audited) (Audited) Current Last Corresponding Period Period from 01/08/2001 from 01/08/2000 to 31/07/2002 to 31/07/2001 $'000 $'000 Turnover : 3,219 5,020 Profit/(Loss) from Operations : (10,086) 2,075 Finance cost : (5) N/A Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entites : N/A N/A Profit/(Loss) after Taxation & MI : (10,091) 2,075 % Change Over the Last Period : N/A EPS / (LPS) Basic (in dollar) : (HKD 0.0334) HKD 0.0079 Diluted (in dollar) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit (Loss) after ETD Items : (10,091) 2,075 Final Dividends per Share : NIL NIL (specify if with other options) : N/A N/A B/C Dates for Final Dividends : N/A Payable Date : N/A B/C Dates for Annual General Meeting : N/A Other Distribution for Current Period : NIL B/C Dates for Other Distribution : N/A For and on behalf of International Capital Network Holdings Limited Signature : Name : HUI Chuen Kin, Daniel Title : Chairman & Managing Director Responsibility statement The directors of the Company (the "Directors") as at the date hereof hereby collectively and individually accept full responsibility for the accuracy of the information contained in this results announcement form (the "Information") and confirm, having made all reasonable inquiries, that to the best of their knowledge and belief the Information are accurate and complete in all material respects and not misleading and that there are no other matters the omission of which would make the Information herein inaccurate or misleading. The Directors acknowledge that the Stock Exchange has no responsibility whatsoever with regard to the Information and undertake to indemnify the Exchange against all liability incurred and all losses suffered by the Exchange in connection with or relating to the Information. Remarks: 1. GROUP REORGANISATION AND BASIS OF PRESENTATION OF FINANCIAL STATEMENTS The Company was incorporated and registered as an exempted company with limited liability in the Cayman Islands under the Companies Law of the Cayman Islands on 12th July, 2001. The Company is an investment holding company. Its subsidiaries are principally engaged in the provision of business development and corporate advisory services and money lending business. Pursuant to a series of group reorganisation steps (the "Group Reorganisation") to rationalise the structure of the Group in preparation for the listing of the Company's shares on the Growth Enterprise Market (the "GEM") of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the Company became the holding company of the companies now comprising the Group on 9th November, 2001. The shares of the Company were listed on the GEM of the Stock Exchange on 30th November, 2001. The Group resulting from the Group Reorganisation is regarded as a continuing entity. Accordingly, the financial statements of the Group have been prepared on the merger accounting basis as if the Company had always been the holding company of the Group in accordance with the Statement of Standard Accounting Practice ("SSAP") No. 27 "Accounting for the group reconstructions" issued by the Hong Kong Society of Accountants. Details of the Group Reorganisation are set out in the prospectus dated 20th November, 2001 (the "Prospectus") issued by the Company. The Group Reorganisation principally involved the exchange of fully paid shares of the Company for the entire share capital of International Capital Network (BVI) Holdings Limited ("ICN (BVI)"). 2. BUSINESS AND GEOGRAPHICAL SEGMENTS The Group's operation was principally attributable to the provision of business development and corporate advisory services in Hong Kong. Accordingly, no analysis on business and geographical segments are presented. 3. TURNOVER 2002 2001 HK$ HK$ Business development and corporate advisory services income 3,216,225 5,019,991 Interest income from loan receivable 2,470 -- 4. TAXATION CREDIT (CHARGE) For the year ended 31st July, 2002, no provision for Hong Kong Profits Tax was made as the Group had no assessable profits for the year. For the year ended 31st July, 2001, Hong Kong Profits Tax had been provided at the rate of 16% on the estimate assessable profits arising in Hong Kong. 5. DIVIDEND No dividend was declared by the Company since its incorporation. However, during the year ended 31st July, 2001, ICN (BVI) declared a dividend of HK$1,000,000 to its then shareholders prior to the Group Reorganisation. 6. BASIC (LOSS) EARNINGS PER SHARE The calculation of the basic (loss) earnings per share for the year is based on the following data: 2002 2001 HK$ HK$ Net (loss) profit for the year (10,090,889) 2,075,225 Weighted average number of ordinary shares for the purposes of basic (loss) earnings per share 301,895,890 264,000,000 The calculation of the Group's basic earnings per share for the year ended 31st July, 2001 was based on the Group's net profit attributable to the shareholders and on the number of ordinary shares in issues immediately preceding the issue of the Prospectus for the listing of the Company's shares on the GEM. The Group did not have any outstanding potential ordinary shares during the two years ended 31st July, 2002, accordingly, no diluted (loss) earning per share is presented. |