ORIENT POWER<00615> - Results Announcement (Summary)
Orient Power Holdings Limited announced on 04/09/2003:
(stock code: 00615 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2003 from 01/01/2002
to 30/06/2003 to 30/06/2002
Note ('000 ) ('000 )
(Restated)
Turnover : 1,893,562 1,872,632
Profit/(Loss) from Operations : 40,358 28,260
Finance cost : (10,203) (10,508)
Share of Profit/(Loss) of
Associates : 3,997 3,702
Share of Profit/(Loss) of
Jointly Controlled Entities : 528 444
Profit/(Loss) after Tax & MI : 31,904 20,819
% Change over Last Period : +53 %
EPS/(LPS)-Basic (in dollars) : 0.072 0.047
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 31,904 20,819
Interim Dividend : 1 cent 0.5 cent
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 09/10/2003 to 15/10/2003bdi.
Payable Date : 23/10/2003
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. SEGMENT INFORMATION
(a) Business segments
Group Network
information/
six months ended 30 June 2003 Home In-car entertainment
entertainment electronics solution
HK$'000 HK$'000 HK$'000
REVENUE
External sales 1,008,307 883,698 1,557
Inter-segment sales 63 2,333 0
-------------------------------------
Total revenue 1,008,370 886,031 1,557
-------------------------------------
SEGMENT RESULT 6,692 43,800 -1,097
--------------------------------------
Corporate
and Elimina-
Others tions Consolidated
HK$'000 HK$'000 HK$'000
0 0 1,893,562
0 -2,396 0
---------------------------------------
0 -2,396 1,893,562
--------------------------------------
271 0 49,666
Unallocated corporate
expenses -9,308
---------
Profit from operating activities 40,358
==========
Network
information/
Six months ended 30 June 2002 Home In-car entertainment
entertainment electronics solution
HK$'000 HK$'000 HK$'000
REVENUE
External sales 1,228,328 640,275 4,029
Inter-segment sales 44,957 49,470 0
-------------------------------------
Total revenue 1,273,285 689,745 4,029
------------------------------------
SEGMENT RESULT 22,466 12,923 -682
------------------------------------
Corporate
and Elimina- Consolidated
Others tions
HK$'000 HK$'000 HK$'000
0 0 1,872,632
0 -94,427 0
---------------------------------------
0 -94,427 1,872,632
-----------------------------------------
952 0 35,659
--------------------------------------
Unallocated corporate
expenses -7,399
-------
Profit from operating activities 28,260
=======
(b) Geographical segments
Group
United Central
Six months ended 30 June 2003 States and South
of America Europe Asia America
HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue:
Sales to external customers 586,317 934,134 220,356 23,052
--------------------------------------
Segment results 14,129 26,528 2,604 716
--------------------------------------
Elimina-
Canada Others tions Consolidated
HK$'000 HK$'000 HK$'000 HK$'000
48,158 81,545 0 1,893,562
---------------------------------------
1,613 4,076 0 49,666
------------------------------------------
United Central
Six months ended 30 June 2002 States and South
of America Europe Asia America
HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue:
Sales to external customers 760,481 643,119 351,793 23,881
---------------------------------------
Segment results 6,852 16,949 7,411 564
--------------------------------------
Elimina-
Canada Others tions Consolidated
HK$'000 HK$'000 HK$'000 HK$'000
34,438 58,920 0 1,872,632
-------------------------------------
1,077 2,806 0 35,659
----------------------------------------
2. OTHER REVENUE
For the six months
ended 30 June
2003 2002
(Unaudited) (Unaudited)
HK$'000 HK$'000
Tooling and repairing service income 1,360 7,307
Interest income 1,563 1,194
Rental income 558 558
Sales of scrap materials 303 296
Commission income 169 2,524
Others 660 2,909
------------------
4,613 14,788
====================
3. PROFIT FROM OPERATING ACTIVITIES
The Group's profit from operating activities is arrived at after
charging:
For the six months
ended 30 June
2003 2002
(Unaudited) (Unaudited)
HK$'000 HK$'000
Cost of inventories sold and services provided
1,743,421 1,746,526
Depreciation 42,263 41,957
Research and development costs:
Deferred expenditure amortised 12,309 7,347
Current year's expenditure 6,152 4,975
----------------------
18,461 12,322
======================
4. FINANCE COSTS
For the six months
ended 30 June
2003 2002
(Unaudited) (Unaudited)
HK$'000 HK$'000
Interest on bank loans, overdrafts, and other borrowings
wholly repayable within five years
10,097 10,304
Interest on finance leases and hire purchase contracts
106 204
----------------------
10,203 10,508
=======================
5. TAX
Hong Kong profits tax has been provided at the rate of 17.5%
(2002: 16%) on the estimated assessable profits arising in Hong Kong
during the period. 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 legislation, 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. Tax
provision has been made by the jointly-controlled entities for the period.
The adoption of the newly revised SSAP 12 "Income Taxes" resulted
in comparative figures in respect of taxation being restated by a net
increase of HK$1,430,000.
For the six months
ended 30 June
Restated
2003 2002
(Unaudited) (Unaudited)
HK$'000 HK$'000
Group:
Hong Kong 3,846 1,436
Deferred (885) (158)
----------------------
2,961 1,278
Share of tax attributable to:
Associates 427 236
Jointly-controlled entities 22 71
--------------------
Tax charge for the period 3,410 1,585
====================
6. PROPOSED INTERIM DIVIDENDS
The directors have resolved to pay an interim dividend of HK 1 cent per
share for the six months ended 30 June, 2003 (2002: HK 0.5 cent).
7. EARNINGS PER SHARE
The bases on which basic and diluted earnings per share are
calculated as follows:
For the six months
ended 30 June
Restated
2003 2002
(Unaudited) (Unaudited)
HK$'000 HK$'000
Earnings
Net profit from ordinary activities attributable to shareholders
used in basic and diluted earnings per share calculation
31,904 20,819
====================
As at 30 June
2003 2002
(Unaudited) (Unaudited)
Shares
Weighted average number of shares in issue during the period
used in basic earnings per share calculation
444,805,968 440,337,343
Weighted average number of shares assumed issued at no
consideration on deemed exercise of all share options
outstanding during the period - -
--------------------------
Weighted average number of shares used in diluted earnings
per share calculation
444,805,968 440,337,343
=============================
8. COMPARATIVE FIGURES
Certain comparative figures have been restated to conform with changes in
SSAP 12 "Income Taxes".
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