E&E INT'L<00033> - Results Announcement (Summary)
Elec & Eltek International Holdings Limited announced on 26/2/2002:
(stock code: 33)
Year end date: 30/6/2002 (Restated)
Currency: HK$ (Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/7/2001 from 1/7/2000
to 31/12/2001 to 31/12/2000
('000) ('000)
Turnover : 1,149,969 150,210
Profit/(Loss) from Operations : 91,047 (10,801)
Finance cost : (16,061) (5,557)
Share of Profit/(Loss) of Associates : 0 112,588
Share of Profit/(Loss) of
Jointly Controlled Entities : (431) 0
Profit/(Loss) after Tax & MI : 16,372 85,497
% Change over Last Period : -80.90%
EPS/(LPS)-Basic : 1.39 cents 7.30 cents
-Diluted : 1.39 cents 7.02 cents
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : 16,372 85,497
Interim Dividend per Share : 1.0 cent 3.0 cents
(Specify if with other options) : NIL NIL
B/C Dates for Interim Dividend : 18/3/2002 to 19/3/2002 bdi.
Payable Date : 22/3/2002
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. PRIOR YEAR ADJUSTMENT
The accounting policies and basis of presentation used in the preparation
of these interim financial statements are the same as those used in the
Group's audited financial statements for the year ended 30 June 2001,
except the following new/revised SSAPs and related Interpretations which
are effective and have been adopted for the first time in the preparation
of the current period's condensed consolidated financial statements:
SSAP 9 (Revised): "Events after the balance sheet date"
SSAP 26: "Segment reporting"
SSAP 28: "Provisions, contingent liabilities and contingent assets"
SSAP 29: "Intangible assets"
SSAP 30: "Business combinations"
SSAP 31: "Impairment of assets"
SSAP 32: "Consolidated financial statements and accounting for
investments in subsidiaries"
Interpretation 12: "Business combinations - subsequent adjustment of
fair values and goodwill initially reported"
Interpretation 13: "Goodwill - continuing requirements for goodwill and
negative goodwill previously eliminated against/credited to reserves"
SSAP 9 (Revised) prescribes which type of events occurring after the
balance sheet date require adjustment to the financial statements, and
which require disclosure, but no adjustment. Its principal impact on
these financial statements is that the proposed dividend which is not
declared and approved until after the balance sheet date, is no longer
recognised as a liability at the balance sheet date, but is disclosed as
an allocation of retained earnings on a separate line within the capital
and reserves section of the balance sheet.
To comply with this revised SSAP, a prior year adjustment has been made to
reclassify the proposed final dividend for the year ended 30 June 2001 of
HK$23,501,000, which was recognised as a current liability at the prior
year end, to the proposed final dividend reserve account within the
capital and reserves section of the balance sheet. Consequently,
dividends of HK$125,088,000 from a subsidiary for the year ended 30 June
2001 that are declared and approved by the subsidiary after 30 June 2001
are no longer recognised in the Group's financial statements for the year
ended 30 June 2001, the net effect to the Group is a reclassification of
dividend payable to minority shareholders of HK$60,105,000 from other
payables to minority interests. Accordingly, the comparative amounts in
the consolidated balance sheet as at 30 June 2001 have been restated by
prior year adjustments relating to dividends. The results of these have
been to reduce the Group's current liabilities by HK$83,606,000, and
increase the reserves and minority interests previously reported as at 30
June 2001 by HK$23,501,000 and HK$60,105,000, respectively.
The effect of this change in accounting policy as at 31 December 2001, is
that the current period's proposed interim dividend of 1.0 HK cent was
included in the proposed interim dividend reserve account within the
capital and reserves section of the balance sheet at that date.
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$16,372,000
(2000: HK$85,497,000) and the weighted average of 1,175,062,408 (2000:
1,170,456,170) 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$16,290,000 (2000: HK$82,272,000) and the weighted average of
1,175,062,408 (2000: 1,171,473,103) 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$16,372,000 (2000: HK$85,497,000) less
the dilution in the shares of results of a subsidiary by HK$82,000 (2000:
HK$3,225,000) arising from the deemed exercise of all of the outstanding
employee share options of the subsidiary.
There were no adjustment to numbers of shares deemed to be issued in the
calculation of the weighted average number of shares in the period as no
share option was outstanding at the end of the period. In the previous
period, the weighted average number of shares used in the calculation of
diluted earnings per share is based on the weighted average of
1,170,456,170 shares in issue during the period plus the weighted average
of 1,016,933 shares deemed to be issued at no consideration as if all of
the outstanding share options had been exercised.
The comparative amounts of the basic and diluted earnings per share have
been adjusted for the effect of a one-for-five bonus issue of ordinary
shares in the Company pursuant to an ordinary resolution passed at the
special general meeting held on 19 March 2001.
3. PROFIT BEFORE TAX
Profit before tax is arrived at after charging/(crediting):
Six months ended
31 December
2001 2000
HK$'000 HK$'000
Depreciation of fixed assets 143,859 12,756
Amortisation of intangible assets 384 0
Loss on disposal of fixed assets 774 170
Interest on bank loans, overdrafts
and other borrowings wholly repayable
within five years 19,119 5,557
Less: capitalised (3,058) 0
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Net interest expenses 16,061 5,557
Exchange losses/(gains), net (994) (887)
Interest income (604) (2,601)
Provision for inventories /
(written back) , net (15,879) 3,105
Provision for doubtful debts /
(written back), net (10,373) 5,402
General provision written back (15,275) 0
Loss on deemed disposal of investment
in a subsidiary 2,465 0
Severance payment for PCB business 12,378 0
Restructuring of LCD business 12,568 0
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For more details, please refer to the press announcement today.
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