E&E INT'L<0033> - Results Announcement
Elec & Eltek International Holdings Limited announced on 5/2/2001:
(stock code: 33)
Year end date: 30/6/2001 (Restated)
Currency: HK$ (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/7/2000 from 1/7/1999
to 31/12/2000 to 31/12/1999
('000) ('000)
Turnover : 150,210 105,444
Profit/(Loss) from Operations : (10,801) (7,216)
Finance cost : (5,557) (2,234)
Share of Profit/(Loss) of Associates : 112,588 66,249
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : 85,497 54,923
% Change over Last Period : +55.7%
EPS/(LPS)-Basic : 8.77 cents 5.72 cents
-Diluted : 8.43 cents 5.70 cents
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : 85,497 54,923
Interim Dividend per Share : 3.0 cents 2.0 cents
(Specify if with other options) : Nil Nil
B/C Dates for Interim Dividend : 26/2/2001 to 27/2/2001 bdi.
Payable Date : 16/3/2001
B/C Dates for Special General Meeting : To be advised
Other Distribution for Current Period : The Board proposes a bonus
issue of 195,223,734 shares on
the basis of one new share
for every five existing shares,
subject to the shareholders
approval.
B/C Dates for Other Distribution : To be advised
Remarks:
(1) Prior period adjustment
a) The Group changed its accounting policy with respect to the treatment
of pre-operating expenses as a result of the adoption of the revised SSAP
1, which was subsequently clarified by Interpretation 2.02.9, "Accounting
for pre-operating costs" issued by the Hong Kong Society of Accountants.
Under the revised accounting policy, pre-operating expenses are charged to
the profit and loss account in the period in which they are incurred.
The effect of the change in accounting policy and the prior period
adjustment on the consolidated profit and loss account for the period
ended 31 December 1999 is a decrease in the loss from operating activities
by HK$2,103,000, an increase in the share of profits of associates by
HK$630,000 and a resulting increase in the net profit from ordinary
activities attributable to shareholders by HK$2,733,000.
b) Comparative figures
The presentation of financial statements have been changed due to the
adoption of the requirements of the revised SSAP 1, "Presentation of
financial statements". As a result, the formats of the profit and loss
account and balance sheet have been revised in accordance with the SSAP.
Certain comparative figures have been reclassified to conform with the
current period's presentation.
(2) EARNINGS PER SHARE
The calculation of basic earnings per share is based on the consolidated
net profit attributable to shareholders for the period of HK$85,497,000
(1999-restated: HK$54,923,000) and the weighted average of 975,380,141
(1999: 960,030,250) ordinary shares in issue during the period.
The calculation of diluted earnings per share is based on the adjusted
consolidated net profit attributable to shareholders for the
period of HK$82,272,000 (1999-restated: HK$54,923,000) and the weighted
average of 976,227,585 (1999: 964,254,544) ordinary shares outstanding
during the period, adjusted for the effects of all dilutive potential
shares.
The adjusted consolidated net profit attributable to shareholders
is calculated based on the consolidated net profit attributable to
shareholders for the period of HK$85,497,000 (1999-restated:
HK$54,923,000) less the dilution in the shares of results of an associate
by HK$3,225,000 (1999: nil) arising from the deemed exercise of all the
outstanding employee share options of the associate.
The weighted average number of shares used in the calculation of
diluted earnings per share is based on the weighted average of 975,380,141
(1999: 960,030,250) shares in issue during the period plus the weighted
average of 847,444 (1999: 4,224,294) shares deemed to be issued at no
consideration as if all outstanding share options had been exercised.
(3) The Board proposes a bonus issue of shares ("Bonus Shares") of HK$0.10
each, credited as fully paid by way of capitalisation of part of the
Company's share premium account, on the basis of one Bonus Share for every
five existing shares held by the shareholders, conditional on
shareholders' approval at a special general meeting, the Listing Committee
of The Stock Exchange of Hong Kong Limited granting or agreeing to grant
listing of and permission to deal in the Bonus Shares and the approval of
Bermuda Monetary Authority if required.
A circular to the Shareholders setting out the details of the Proposed
Bonus Issue of Shares and the notice of the special general meeting will
be issued to the Shareholders in due course.
For more details, please refer to the press announcement today.
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