MOULIN INT'L<00389> - Results Announcement (Summary)
Moulin International Holdings Limited announced on 24/9/2003:
(stock code: 00389 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited ) (Unaudited )
6-month- 6-month-
Period Period
from 1/1/2003 from 1/4/2002
to 30/6/2003 to 30/9/2002
Note ('000 ) ('000 )
(Restated)
Turnover : 603,048 616,250
Profit/(Loss) from Operations : 119,403 103,014
Finance cost : (25,018) (28,210)
Share of Profit/(Loss) of
Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : 83,123 68,543
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.2017 0.1701
-Diluted (in dollars) : 0.2015 0.1699
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : 83,123 68,543
Interim Dividend : 7 cents 5.6 cents
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 20/10/2003 to 24/10/2003bdi.
Payable Date : 8/12/2003
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. BASIS OF PREPARATION
This unaudited condensed consolidated interim financial statement
has been prepared in accordance with the applicable disclosure
requirements of Appendix 16 to the Rules Governing the Listing of
Securities ("Listing Rules") on The Stock Exchange of Hong Kong Limited
("Stock Exchange") and the Hong Kong Statement of Standard Accounting
Practice ("SSAP") 25 "Interim Financial Reporting" issued by the Hong Kong
Society of Accountants.
During 2002, the Group changed its financial accounting year end date from
31 March to 31 December, with the first financial period after the change
being from 1 April 2002 to 31 December 2002. As part of the Group's
globalisation plan, this change enhances financial reporting harmonisation
with the Group's European subsidiaries and its joint stock company in the
People's Republic of China (the "PRC"), and the Group as a whole is now
more comparable to its major global competitors. As a result of this
change in the financial year end date, the condensed consolidated
financial statement for the current 6 month period cover a period from 1
January 2003 to 30 June 2003, while the comparative amounts for the
condensed consolidated profit and loss account cover the 6 month period
from 1 April 2002 to 30 September 2002.
2. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies used in the preparation of this unaudited
condensed consolidated interim financial statement is the same as those
used in the Group's audited financial statements for the period from 1
April 2002 to 31 December 2002, except for the revised SSAP 12, "Income
Taxes", which has been adopted for the first time in the preparation of
the current period's condensed consolidated financial statements.
SSAP 12 prescribes the basis for accounting for income taxes
payable or recoverable, arising from the taxable profit or loss for the
current period (current tax); and income taxes payable or recoverable in
future periods, principally arising from taxable and deductible temporary
differences and the carryforward of unused tax losses (deferred tax). The
principal impact of the revision of this SSAP on this condensed
consolidated financial statement is that deferred tax assets and
liabilities relating to the differences between capital allowances for tax
purposes and depreciation for financial reporting purposes and other
taxable and deductible temporary differences are generally fully provided
for, whereas previously the deferred tax was recognised for timing
differences only to the extent that it was probable that the deferred tax
asset or liability would crystallise in the foreseeable future. In
addition, a deferred tax liability has been recognised on the revaluation
of the Group's land and buildings. In the absence of any specific
transitional requirements in the revised SSAP 12, the new accounting
policy has been applied retrospectively.
This change in accounting policy has reported net profit from ordinary
activities attributable to shareholders for the period ended 30 September
2002 has been restated by a reduction of HK$1,569,000 with the provision
of deferred tax for that period.
3. EARNINGS PER SHARE
The calculations of basic and diluted earnings per share are based on:
Earnings Six months ended
30 June 30 September
2003 2002
(Unaudited) (Unaudited
and restated)
HK$'000 HK$'000
Net profit attributable to shareholders, used
in the basic and diluted earnings per share calculation
83,123 68,543
======== =======
Shares Six months ended
30 June 30 September
2003 2002
(Unaudited) (Unaudited)
Weighted average number of ordinary shares in issue
during the period used in basic earnings per share
calculation 412,049,926 402,862,211
Weighted average number of ordinary shares in issued at no
consideration on deemed exercise of all share option
during the period 438,681 637,412
---------- ----------
Weighted average number of ordinary shares used in diluted
earnings per share calculation 412,488,607 403,499,623
=========== ===========
4. COMPARATIVE AMOUNTS
As further explained in note 1 to the financial statements, due to the
adoption of a revised SSAP during the current period, the accounting
treatment and presentation of certain items and balances in the financial
statements have been revised to comply with the new requirements.
Accordingly, certain comparative amounts have been restated to conform
with the current period's presentation.
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