AKUP INT'L<08179> - Results Announcement (Final, 2002, Summary)
AKuP International Holding Limited announced on 26/3/2003:
(stock code :08179)
Year end date :31/12/2002
Currency :HKD
Auditors' report :Qualified
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 01/01/2002 from 01/01/2001
to 31/12/2002 to 31/12/2001
$'000 $'000
Turnover : 29,435 29,875
Profit/(Loss) from Operations : 505 1,509
Finance cost : (83) (72)
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 : (298) 2,452
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0005) HKD 0.0046
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (298) 2,452
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 (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
For and on behalf of
AKuP International Holding Limited
Signature :
Name : Hu Shin-Min, Alex
Title : Executive 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 listing date
AKuP International Holding Limited (the "Company") was
incorporated in the Cayman Islands on 14 June 2000 as an
exempted company with limited liability under the
Companies Law (Revised) of the Cayman Islands.
The Company became the holding company of the Group on
29 October 2001 through a reorganisation
(the "Reorganisation").
The Company's shares were listed on the Growth
Enterprise Market of The Stock Exchange of Hong Kong
Limited on 5 November 2001.
2 Basis of preparation
The Company and its subsidiaries (the "Group") resulting
from the Reorganisation have been regarded as a continuing
group. Accordingly the consolidated results have been
prepared on the basis of merger accounting in accordance
with the Statement of Standard Accounting Practice
("SSAP") 27 "Accounting for Group Reconstructions" issued
by the Hong Kong Society of Accountants. On this
basis, the Company was the holding company of the Group
for both years presented, rather than from 29 October 2001.
In the circumstances, the results of the Group for the
years ended 31 December 2001 and 2002 include the results
of the Company and its subsidiaries with effect from
1 January 2001 or since their respective dates of
incorporation whichever is a shorter period. In the
opinion of the Directors, the resulting consolidated
results give a more meaningful view of the results
of the Group as a whole.
The financial information has been prepared in accordance
with accounting principles generally accepted in Hong Kong
and complies with the disclosure requirements of the Hong
Kong Companies Ordinance and the Listing Rules of the GEM
of the Stock Exchange.
The financial statements have been prepared under the
historical cost convention.
3 Adoption of new statements of standard accounting practice
In current year, the Group has adopted the following
Statements of Standard Accounting Practice ("SSAPs") issued
by HKSA:
SSAP 1 (Revised) Presentation of financial statements
SSAP 11 (Revised) Foreign currency translation
SSAP 15 (Revised) Cash flow statement
SSAP 34 (Revised) Employee benefits
SSAP 1 (Revised) , SSAP 15 (Revised) and SSAP 34 (Revised)
concerned with the presentation and disclosure of financial
information. The presentation in the current year's financial
statements has been modified to conform with the requirements
of those Standards. Comparative amounts have been restated
in order to achieve a consistent presentation.
SSAP 11 (Revised) specifies the accounting treatment for
translation for translation of foreign currency transactions
and financial statements. The new revised standard requires
the income statement of a foreign enterprise to be translated
at an average rate of the period on consolidation. The SSAP
is required to be applied prospectively and therefore, has had
no effect on amount previously reported in prior year
financial statements.
3 Revenue
Revenue represents income arising from the provision
of custom-made solutions and maintenance services
and the sale of hardware and software products.
Revenue excludes value added or other sales taxes and
is after deduction of any trade discounts.
4 (Loss)/Earnings per share
(a) Basic (loss)/earnings per share
The calculation of basic loss per share for the year
ended 31 December 2002 is based on the loss
attributable to shareholders of HK$298,000
divided by 630,000,000 shares in issue during
the year.
The calculation of basic earnings per share for the year
ended 31 December 2001 is based on the profit
attributable to shareholders of HK$2,452,000 divided
by the weighted average number of 532,500,000 shares
in issue during the year.
(b) Diluted (loss)/earnings per share
Diluted loss per share as at 31 December 2002 has not been
presented as the effect of any dilution is anti-dilutive.
There were no potential dilutive ordinary shares in issue
as at 31 December 2001.
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