ICN HOLDINGS<08004> - Results Announcement (Final, 2001/2002, Summary) (Revised by
Co.)
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 :Audit Committee & Auditors
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.
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