NEW WORLD INFRA<00301> - Results Announcement
New World Infrastructure Limited announced on 16/10/2003:
(stock code: 00301 )
Year end date: 30/06/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/07/2002 from 01/07/2001
to 30/06/2003 to 30/06/2002
Note ('000 ) ('000 )
Turnover : 383,461 759,662
Profit/(Loss) from Operations : (727,024) (53,931)
Finance cost : (638,980) (849,277)
Share of Profit/(Loss) of
Associates : 15,534 174,128
Share of Profit/(Loss) of
Jointly Controlled Entities : 516,110 728,655
Profit/(Loss) after Tax & MI : (959,484) (148,364)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (1.01) (0.23)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (959,484) (148,364)
Final Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
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. Analysis of turnover and loss from operations
Turnover
2003 2002
HK$'000 HK$'000
Continuing operations 645 12,277
Discontinued operations (Note) 382,816 747,385
Gain from the reorganisation (Note) - -
-------- --------
383,461 759,662
======= =======
(Loss)/profit from operations
2003 2002
HK$'000 HK$'000
Continuing operations (1,147,344) (303,039)
Discontinued operations (Note) 86,062 249,108
Gain from the reorganisation (Note) 334,258 -
-------- --------
(727,024) (53,931)
========= =========
Note: During the year ended 30 June 2003, New World Group undertook a
reorganisation to streamline its organisation structure and to create a
greater business focus among its affiliated businesses. The reorganisation
was completed on 29 January 2003. The discontinued operations represented
the Group's investments in roads, bridges, water treatment, power plant
projects (the "Infrastructure Assets") and investment in NWS Holdings
Limited ("NWSH", previously known as Pacific Ports Company Limited). As
part of the reorganisation, the Company disposed of its investments in
Infrastructure Assets to NWSH for a consideration of approximately
HK$10,227 million comprising cash, NWSH shares (the "Consideration Share")
and undertaking by NWSH to pay certain liabilities of the Group. In
addition, the Group converted all preference shares of NWSH into ordinary
shares and thereafter distributed all the NWSH ordinary shares including
the Consideration Shares to the shareholders of the Company on 29 January
2003.
Gain from the reorganisation was approximately HK$334 million.
2. Details of items before taxation which are of exceptional nature:
2003 2002
HK$'000 HK$'000
Continuing operations
Gain on disposal of unlisted investments 118,541 -
Gain on disposal of subsidiaries 15,514 -
Gain on disposal of jointly controlled entities - 666
Impairment losses on other investments (21,349) (148,250)
Impairment losses on fixed assets (10,002) -
Loss on disposal of listed non-trading securities (201,367) -
Provision for payments on account of proposed
joint ventures (111,635) (33,002)
Provision for deposits paid for proposed
investments (122,445) -
Provision for amount due from a jointly
controlled entity (158,559) -
Write-down of inventories to net realisable
value (458,362) -
======== ========
Discontinued operations
Gain on disposal of subsidiaries - 21,735
Gain on disposal of jointly controlled entities - 113,010
Impairment losses on other investments - (5,774)
Impairment losses on fixed assets (35,000) (119,500)
======== ========
3. Loss per share
The calculation of loss per share is based on the loss for the year of
HK$959,484,000 (2002: loss attributable to the shareholders of
HK$197,513,000 after adjusting for the interest of HK$49,149,000 on the
mandatorily convertible bonds) and the weighted average of 952,180,007
(2002: 871,516,679) shares in issue during the year.
Diluted loss per share for the year is not presented as the Company has no
dilutive potential shares at year end (2002: n/a).
4. Comparative figures
Interest income of HK$42,235,000 for the year ended 30 June 2002 has been
reclassified from turnover to other operating income to conform with
current year's presentation.
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