ORIENT POWER<00615> - Results Announcement
Orient Power Holdings Limited announced on 14/4/2003:
(stock code: 00615 )
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 1/1/2002 from 1/1/2001
to 31/12/2002 to 31/12/2001
Note ('000 ) ('000 )
Turnover : 4,348,888 3,692,109
Profit/(Loss) from Operations : 77,997 84,080
Finance cost : (21,588) (41,475)
Share of Profit/(Loss) of
Associates : 7,719 5,465
Share of Profit/(Loss) of
Jointly Controlled Entities : (6,184) (642)
Profit/(Loss) after Tax & MI : 55,323 48,055
% Change over Last Period : +15.1 %
EPS/(LPS)-Basic (in dollars) : 0.125 0.11
-Diluted (in dollars) : 0.125 0.11
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 55,323 48,055
Final Dividend : 2.0 cents 1.5 cents
per Share
(Specify if with other : N/A (Scrip dividend
options) with a cash
option)
B/C Dates for
Final Dividend : 19/5/2003 to 23/5/2003 bdi.
Payable Date : 17/7/2003
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. TURNOVER AND SEGMENTAL INFORMATION
Turnover represents the net invoiced value of goods sold, after allowance
for returns and trade discounts.
An analysis of the Group's turnover and contribution to profit from
operating activities by business segment and by geographical segment are
summarised as follows:
a. By business segment:
2002
In-car Network
Audio electronic Video information
HK$'000 HK$'000 HK$'000 HK$'000
REVENUE
External sales 1,338,075 1,541,909 1,462,831 6,073
Inter-segment sales
131,024 90,647 77,644 -
------------------------------------------------------
Total revenue 1,469,099 1,632,556 1,540,475 6,073
========= ========= ========= =========
Corporate
and
others Eliminations Consolidated
HK$'000 HK$'000 HK$'000
- 0 4,348,888
- -299,315 0
-------------------------------------------------------
- -299,315 4,348,888
======== ========== ===========
SEGMENT RESULT 53,365 34,423 20,381 -15,540
======== ========== ========= ========
4,014 - 96,643
======== ======== ==========
Unallocated corporate expenses -18,646
--------
Profit from operations 77,997
========
2001
In-car Network
Audio electronic Video information
HK$'000 HK$'000 HK$'000 HK$'000
REVENUE
External sales 1,404,785 1,392,743 866,464 28,117
Inter-segment sales
90,352 105,914 7,164 -
-------------------------------------------------------
Total revenue 1,495,137 1,498,657 873,628 28,117
========== ========== ======== =========
Corporate
and
others Eliminations Consolidated
HK$'000 HK$'000 HK$'000
- 0 3,692,109
- -203,430 0
---------------------------------------------
- -203,430 3,692,109
========= ========= ==========
SEGMENT RESULT 62,609 24,068 12,810 79
======== ========= ======== ========
2,820 0 102,386
======== ========= =========
Unallocated corporate expenses -18,306
========
Profit from operations 84,080
=======
b. By geographical segment:
Revenue by Contribution to
geographical market profit from operations
2002 2001 2002 2001
HK$'000 HK$'000 HK$'000 HK$'000
The united States of America( "USA")
1,723,636 1,656,543 21,168 32,145
Europe 1,751,702 1,204,960 54,393 41,106
Asia 271,536 176,857 -4,004 5,105
Central and South America
67,386 299,766 1,844 8,097
Canada 107,200 51,928 4,719 2,748
Others 427,428 302,055 18,523 13,185
------------------------------------------
4,348,888 3,692,109 96,643 102,386
========= =========
Unallocated corporate expense
-18,646 -18,306
-----------------
Profit from operations 77,997 84,080
======= =======
2. Other Revenue and Gain
Year ended
31st December
2002 2001
HK$'000 HK$'000
Tooling and repairing service income 13,742 9,143
Interest income 3,058 3,155
Rental income 1,115 1,115
Commission income 3,672 1,554
Claim income - 13,260
Sales of scrap materials 1,011 762
Gain on disposal of subsidiary 28 -
Others 4,509 2,319
----------- ----------
27,135 31,308
========== ========
3. Finance Costs
Year ended
31st December
2002 2001
HK$'000 HK$'000
Interest on bank loans, overdrafts, and other borrowings
wholly repayable within five years 21,228 40,368
Interest on finance leases and hire purchase contracts
360 1,107
--------- -----------
21,588 41,475
======= =========
4. Tax
Hong Kong profits tax has been provided at the rate of 16% (2001: 16%) on
the estimated assessable profits arising in Hong Kong during the year.
Taxes on profits assessable elsewhere have been calculated at the rates of
tax prevailing in the countries in which the Group operates, based on
existing legislations, interpretations and practices in respect thereof.
Jointly-controlled entities operating in the People's Republic of China
(the "PRC") are entitled to an exemption from PRC income tax for two years
from their first year with assessable profits, and thereafter are entitled
to a 50% exemption for a further three consecutive years. No tax
provision has been made by the jointly-controlled entities for the year,
either because they did not generate any assessable profits, or because
they were still entitled to their 100% tax exemption.
Year ended
31st December
2002 2001
HK$'000 HK$'000
Group:
Hong Kong 5,764 1,038
Overprovision in prior year (1,765) (167)
Deferred tax charged / (credit) 1,791 (2,339)
--------- ---------
5,790 (1,468)
---------- -----------
Share of tax attributable to:
Associates 1,101 1,421
--------- ------------
Tax charge/(credit) for the year 6,891 (47)
========= ============
5. Dividends
Year ended
31st December
2002 2001
HK$'000 HK$'000
Interim dividend equivalent to HK 0.5 cent
(2001: scrip dividend of HK 0.5 cent 2,224 2,190
per share with a cash option)
Proposed final dividend equivalent to HK 2.0 cents
(2001: scrip dividend of HK 1.5 cents 8,896 6,613
per share with a cash option) -------- ---------
11,120 8,803
======== ========
A final dividend in respect of 2002 of HK 2.0 cents per share amounting to
HK$8,896,000 has been proposed by the Directors after the balance sheet
date. The proposed dividend is not accounted for until it has been
approved at the forthcoming annual general meeting.
6. Earnings Per Share
The calculation of basic earnings per share is based on the net profit
attributable to shareholders for the year of HK$55,323,000 (2001:
HK$48,055,000), and the weighted average of 442,403,509 (2001:435,551,401)
ordinary shares in issue during the year, as adjusted to reflect the share
purchased during the year.
A diluted earnings per share amount for the year ended 31 December 2002
has not been disclosed as no diluting events existed during the year.
The calculation of diluted earnings per share per for the year ended 31
December 2001 was based on the net profit attributable to shareholders for
the year of HK$48,055,000. The weighted average number of ordinary shares
used in the calculation is 435,796,754 ordinary shares in issued during
that year, as used in the basic earnings per share calculation, and the
weighted average of 245,353 ordinary shares assumed to have been issued at
no consideration on the deemed exercise of all share options during that
year.
7. Depreciation/Amortisation charged
Year ended
31st December
2002 2001
HK$'000 HK$'000
Depreciation of fixed assets 88,557 76,713
Amortisation of R & D 19,444 16,505
--------- ---------
108,001 93,218
========= =======
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