E&E INT'L<0033> - Results Announcement
Elec & Eltek International Holdings Limited announced on 18/9/2000:
(stock code: 33)
Year end date: 30/6/2000
Currency: HK$ (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/7/1999 from 1/7/1998
to 30/6/2000 to 30/6/1999
('000) ('000)
Turnover : 220,065 938,937
Profit/(Loss) from Operations : (23,970) 349,368
Finance cost : (6,039) (14,684)
Share of Profit/(Loss) of Associates : 154,905 60,221
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : 115,292 342,973
% Change over Last Period : -66.38%
EPS/(LPS)-Basic : 11.91 cents 36.23 cents
-Diluted : 11.82 cents 36.17 cents
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 115,292 342,973
Final Dividend per Share : 2.0 cents 6.0 cents
Special Final Cash Dividend per Share : Nil 10.0 cents
(Specify if with other options) : - -
B/C Dates for Final Dividend : 27/11/2000 to 29/11/2000 bdi.
Payable Date : 1/12/2000
B/C Dates for Annual General Meeting : 27/11/2000 to 29/11/2000 bdi.
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
(1) Adoption of revised Statement of Standard Accounting Practice
In the current year, the Group has adopted the following revised
Statements of Standard Accounting practice (SSAPs) issued by the Hong Kong
Society of Accountants in the preparation of the current year consolidated
financial statements.
SSAP 1 (Revised) Presentation of financial statements
SSAP 2 (Revised) Net profit or loss for the period, fundamental errors
and changes in accounting policies
SSAP 10 (Revised) Accounting for investments in associates
As a result, the formats of the profit and loss accounts and balance
sheets have been revised and a statements of recognised gains and losses
and additional disclosures are included. Certain amounts have been
restated in order to achieve a consistent presentation. In particular,
certain items which disclosed as "exceptional items" in the prior year
have been reclassified as gain and expense that require separate
disclosure in the current year financial statement.
To comply with the new requirements of SSAPs, Group policy of accounting
for deferred per-operating expenses which, in prior years, were
capitalised and amortised over a period of five years on a straight-line
basis, commencing from the date the operations of the subsidiaries or
divisions commence, was changed in the current year. Deferred
pre-operating expenses are now recognised as expenses in the year in which
they are incurred. The change in accounting policy was applied
retrospectively. Prior year comparative figures were restated and the net
impact on the current and prior year profits was set as below:
2000 1999
HK$'000 HK$'000
Increase in the net profit attributable to
shareholders N/A 25,240
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Decrease in the retained profits at beginning
of year (40,487) (65,727)
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(2) EARNINGS PER SHARE
The calculation of basic earnings per share is based on the consolidated
net profit attributable to shareholders for the year of HK$115,292,000
(1999 - restated : HK$342,973,000) and the weighted average of 967,769,616
(1999: 946,686,674) ordinary shares in issue during the year.
The calculation of diluted earnings per share is based on the adjusted
consolidated net profit attributable to shareholders for the year of
HK$114,843,547 (1999 - restated : HK$342,973,000) and the weighted average
of 971,361,708 (1999: 948,137,494) ordinary shares outstanding during the
year adjusted for the effects of all dilutive potential shares.
The weighted average number of shares used in the calculation of diluted
earnings per share is based on the weighted average of 967,769,616 (1999:
946,686,674) shares in issue during the year plus the weighted average of
3,592,092 (1999: 1,450,820) shares deemed to be issued at no consideration
as if all outstanding share options had been exercised.
The adjusted consolidated net profit attributable to shareholders is
calculated based on the consolidated net profit attributable to
shareholders for the year of HK$115,292,000 less the dilutive loss effect
of HK$448,453 (1999 : Nil) attributable to the shareholders on conversion
of employee options of an associate.
The basic and diluted earnings per share for the year ended 30 June 2000
have been calculated, and those for the year ended 30 June 1999 have been
restated, in accordance with the provisions of Statement of Standard
Accounting Practice No. 5 (Revised) issued by the Hong Kong Society of
Accountants in May 1998.
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