EURO-ASIA AGRIC<00932> - Results Announcement (Summary)
Euro-Asia Agricultural (Holdings) Company Limited announced on 10/4/2002:
(stock code: 932)
Year end date: 31/12/2001
Currency: RMB
Auditors' Report: Neither
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2001 from 1/1/2000
to 31/12/2001 to 31/12/2000
('000) ('000)
Turnover : 1,102,252 670,066
Profit/(Loss) from Operations : 521,128 190,958
Finance cost : (17) -
Share of Profit/(Loss) of Associates : - -
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : 521,093 190,958
% Change over Last Period : +173%
EPS/(LPS)-Basic : 37.03 cents 15.91 cents
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 521,093 190,958
Final Dividend per Share : RMB 7.22 cents N/A
(HK 6.81 cents)
(Specify if with other options) : N/A N/A
Record Date for Final Dividend : 4:00 p.m. 16/5/2002
Payable Date : 31/5/2002
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. BACKGROUND OF THE COMPANY
Euro-Asia Agricultural (Holdings) Company Limited (the "Company") was
incorporated and registered as an exempted company with limited liability
in Bermuda under the Companies Act 1981 of Bermuda (as amended) on 6 April
2001. The Company was listed on The Stock Exchange of Hong Kong Limited
(the "Hong Kong Stock Exchange") on 19 July 2001.
Pursuant to a group reorganisation (the "Group Reorganisation"), details
of which have been set out in the Company's prospectus dated 9 July 2001
("Prospectus"), the Company, in aggregate, issued 1,200,000,000 shares of
HK$0.10 each to Wise Capital Investments Limited ("Wise Capital") credited
as fully paid in exchange for a 100% equity interest in Success Honour
Limited ("Success Honour") which is the holding company of Shenyang
Euro-Asia Agriculture Development Co., Ltd. ("SEAA"), a wholly
foreign-owned enterprise incorporated in the Peoples' Republic of China
(the "PRC"). Pursuant to the transfer agreements, details of which have
been described in the Company's Prospectus, SEAA, with effect from 1
January 2001, assumed and now carries on the floricultural business
previously operated by Shenyang Euro-Asia Industrial Company Limited
("SEAI"), a company wholly owned and controlled by Mr. Yang Bin, the
president, an executive director and controlling shareholder of the
Company. Upon completion of the Group Reorganisation, the Company became
the holding company of Success Honour and SEAA, and a subsidiary of Wise
Capital. The Company and its subsidiaries are collectively referred to as
the "Group".
As Mr. Yang Bin controlled the floricultural business before and after the
Group Reorganisation, the Group Reorganisation has been accounted for as a
reorganisation of companies under common control and on the basis of
merger accounting.
2. BASIS OF PRESENTATION
The financial statements are presented under the historical cost
convention, modified with respect to the valuation of the purchased and
self-grown seedlings and flowers included in the inventories, and in
accordance with Statements of Standard Accounting Practice issued by the
Hong Kong Society of Accountants, accounting principles generally accepted
in Hong Kong, the disclosure requirements of the Hong Kong Companies
Ordinance and the Rules Governing the Listing of Securities on the Hong
Kong Stock Exchange.
As described above, the Group Reorganisation was among companies under
common control and owned by the same shareholder; therefore, the
transaction has been accounted for on the basis of merger accounting in
accordance with Statement of Standard Accounting Practice No. 27
"Accounting for group reconstructions". Under the merger accounting
method, the consolidated financial statements have been prepared as if the
Company had been the holding company of the Group throughout the year
ended 31 December 2001, rather than from the date on which the Group
Reorganisation was completed.
The comparative figures as at and for the year ended 31 December 2000 have
been presented on the same basis.
3. EARNINGS PER SHARE
Basic earnings per share is calculated based on the profit attributable to
shareholders of approximately RMB521,093,000 and on the weighted average
number of 1,407,068,000 shares in issue during the year.
The comparative earnings per share is calculated based on the profit
attributable to shareholders of RMB190,958,000 and the 1,200,000,000
shares deemed to be in issue throughout 2000 as if the Group
Reorganisation had been completed on 31 December 1999.
There were no potential dilutive shares in existence for the year ended 31
December 2001 and 2000; therefore, no diluted earnings per share are
presented.
4. An analysis of turnover and profit from continuing operations:
Sales of seedlings and flowers Sales of vegetables Total
RMB'000 RMB'000 RMB'000
Turnover
998,241 104,011 1,102,252
Agricultural tax
(1,275) - (1,275)
--------------------------------------------------------------------------
Net sales
996,966 104,011 1,100,977
Cost of sales
(434,710) (81,400) (516,110)
--------------------------------------------------------------------------
Gross profit
562,256 22,611 584,867
Unallocated items:
Interest income 1,271
Research and development expenses (1,103)
Distribution expenses (27,755)
General and administrative expenses (36,152)
----------
Profit from operations 521,128
=========
5. An analysis of turnover and profit from continuing operations by
geographical destination of shipments:
Japan Korea The Netherlands The PRC Total
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Turnover
238,521 65,425 329,556 468,750 1,102,252
Agricultural tax
(117) (48) (324) (786) (1,275)
--------------------------------------------------------------------------
Net sales
238,404 65,377 329,232 467,964 1,100,977
Cost of sales
(121,579) (16,262) (110,359) (267,910)(516,110)
--------------------------------------------------------------------------
Gross profit
116,825 49,115 218,873 200,054 584,867
Unallocated items:
Interest income 1,271
Research and development expenses (1,103)
Distribution expenses (27,755)
General and administrative expenses (36,152)
--------
Profit from operations 521,128
========
6. FINAL DIVIDENDS
The board of the Company recommends the payment of a final dividend of
HK$0.0681 (RMB0.0722) per share to shareholders whose names appear on the
register of the Company on 16th May 2002. In order to qualify for the
proposed final dividend, all share transfers, accompanied by the relevant
share certificates, must be lodged with Central Registration Hong Kong
Limited, the branch share registrars of the Company in Hong Kong, at Units
1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Hong Kong,
for registration not later than 4:00 p.m. on 16th May 2002. The cheques
for the dividend payment will be sent on about 31st May 2002.
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