DIGITEL<08030> - Results Announcement (Final, 2002, Summary)
DigiTel Group Limited announced on 05/08/2003:
(stock code: 08030)
Year end date :31/12/2002
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 01/1/2002 from 01/01/2001
to 31/12/2002 to 31/12/2001
$'000 $'000
Turnover : 7,699 73,906
Profit/(Loss) from Operations : (92,956) (40,155)
Finance cost : (6,998) (3,807)
Share of Profit/(Loss) of Associates : N/A (555)
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (162,001) (58,698)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.1472) (HKD 0.0576)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (162,001) (58,698)
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
DigiTel Group Limited
Signature :
Name :Lee Chuen Bit
Title :Chairman
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. Basis of preparation
(a) The accounts have been prepared under the historical
cost convention as modified by the revaluation of investment property,
in accordance with accounting principles generally accepted in Hong Kong
and comply with accounting standards issued by the Hong Kong Society
of Accountants.
(b) The accounts have been prepared on a going concern basis which
assumes, among other things, the realization of assets and satisfaction
of liabilities in the normal course of business. The assumption is
dependent upon the successful completion of the restructuring of the
Group's debts, the continuing financial support of the Group's bankers
and creditors and other external funding being available. The Group
is presently engaged in negotiations with its banks and creditors with
a view to achieve debt restructuring agreement, but formal agreement has
not been reached up to the date of this report.
The directors are of the opinion that the Group will be able to finalise
the debt restructuring arrangement as mentioned above and obtain new
working capital in order to enable the Group to continue as a going
concern and meeting its working capital and financing requirements for
the foreseeable future. On this basis, the directors consider that it
is appropriate to prepare the accounts on a going concern basis. The
accounts however do not include any adjustments that would result if
the aforementioned negotiations are not successful.
Had the going concern basis not been used, adjustments would have to be
made to reclassify non-current assets as current assets and non-current
liabilities as current liabilities, reduce the value of assets to their
recoverable amounts and provide for any future liabilities which might
arise.
2. Turnover and net loss
Analysis of turnover for continuing operations and discontinued
operations is as follows: -
Turnover 2002 2001
HK$'000 HK$'000
Continuing operations
System integration contracts
revenue 1,741 43,943
Sale of goods, at invoiced value,
net of returns and discounts 3,973 12,472
Maintenance services income - 1
Rental income 1,399 2,337
------ ------
7,113 58,753
Discontinuing operations
Web application services
income 579 5,603
ISP services income 7 9,550
------ ------
586 15,153
------ ------
Total 7,699 73,906
====== ======
Net loss 2002 2001
HK$'000 HK$'000
Continuing operations (127,002) 2,918
Discontinuing operations (34,999) (61,616)
------ ------
(162,001) (58,698)
====== ======
3. Loss per share
(a) Basic loss per share
The calculation of basic loss per share is based on:
2002 2001
HK$'000 HK$'000
Loss
Net loss attributable to
shareholders used in the
calculation of basic loss
per share (162,001) (58,698)
======== ========
Number of shares 2002 2001
Weighted average number of
ordinary shares in issue during
the year used in the calculation
basic loss per of share 1,100,730,792 1,019,467,524
============= =============
(b) Diluted loss per share
There is no dilution arising from the outstanding share options
granted by the Company, the convertible notes and convertible
debentures issued by the Group. Accordingly, no diluted loss per
share for both years had been presented.
4. Modified and unqualified auditors' report
The auditors' report of the Group for the year ended 31 December 2002
has been unqualified and modified for the fundamental uncertainty.
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