SHAW BROTHERS<0080> - Results Announcement (Summary)
Shaw Brothers (Hong Kong) Limited announced on 22/6/2001:
(stock code: 80)
Year end date: 31/3/2001
Currency: HKD (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2000 from 1/4/1999
to 31/3/2001 to 31/3/2000
Turnover : 33,143,000 31,868,000
Profit/(Loss) from Operations : 472,591,000 84,192,000
Finance cost : (296,000) (6,473,000)
Share of Profit/(Loss) of Associates : 237,968,000 152,840,000
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : 673,697,000 209,783,000
% Change over Last Period : +221.14%
EPS/(LPS)-Basic : 1.69 0.53
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 673,697,000 209,783,000
Final Dividend per Share : 15.0 cents 15.0 cents
(Specify if with other options) : N/A N/A
B/C Dates for Final Dividend : 11/9/2001 to 21/9/2001 bdi.
Payable Date : 22/10/2001
B/C Dates for (-) General Meeting : -
Other Distribution for Current Period : -
B/C Dates for Other Distribution : -
Remarks:
1. Gain on disposal of film library
On 15th May, 2000, the Group disposed of all the rights and titles of the
Group's films and pictures, and the related assets (collectively the "film
library") at a consideration of HK$480 million. The gain on disposal
represents the excess of consideration over the book value of the film
library less outgoings incurred. This gain is considered capital in
nature.
2. Earnings per share
The calculation of earnings per share is based on earnings for the year of
HK$673,697,000 (2000: HK$209,783,000) and on 398,390,400 ordinary shares
in issue throughout the two years ended 31st March.
3. Associated companies
In the year ended 31st March 2001 the Group changed its policy in respect
of the accounting for intangible assets acquired through its investments
in associated companies.
Previously a proportion of the cost of acquisition of Television
Broadcasts Limited, an associated company, was attributed to the
broadcasting licence, contracts with artistes and the film library of that
associated company. Such intangibles were included as part of the Group's
investment in associated companies. No amortisation was provided for these
assets and their carrying value was reviewed annually by the Directors to
determine whether any permanent impairment in value had occurred.
During the year, the new Hong Kong Statement of Standard Accounting
Practice Number 29 ("SSAP 29") "Intangible assets" was introduced by the
Hong Kong Society of Accountants and will become effective for financial
statements relating to periods beginning on or after 1st January 2001.
With reference to these recent developments in the definition of and
accounting for intangible assets, the Directors reviewed the accounting
treatment on intangible assets and consider that it is no longer
appropriate to recognise a separate value for these assets in the
Group accounts.
Accordingly, the Group's revised policy is to attribute no value to these
assets and to account for the cost attributed to the intangibles as
goodwill on acquisition. In accordance with the Group's accounting policy
for acquired goodwill, such amounts are taken to reserves in the year of
acquisition. This change of accounting policy has been applied
retrospectively and comparatives have been restated accordingly. The
effect of this change is to reduce the Group's investment in associated
companies at 1st April 1999 by HK$934,332,000 and to decrease opening
retained profit at 1st April 1999 by HK$376,938,000 and opening
distributable general reserve at 1st April 1999 by HK$557,394,000. There
is no effect on the previously reported profit figures.
4. Distributable reserves
Distributable reserves of the Company at 31st March 2001, calculated under
Section 79B of the Hong Kong Companies Ordinance, amounted to
approximately HK$1,571,164,000 (2000: HK$1,092,997,000).
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