BAKER GROUP<01190> - Results Announcement (Summary)
Baker Group International Holdings Limited (Provisional Liquidators
Appointed) announced on 24/10/2003
(stock code: 01190 )
Year end date: 31/05/2003
Currency: HKD
Auditors' Report: Qualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/06/2002 from 01/06/2001
to 31/05/2003 to 31/05/2002
Note ('000 ) ('000 )
Turnover : 1,523 156,352
Profit/(Loss) from Operations : (3,090) (82,102)
Finance cost : * (13,911)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 217,320 (346,316)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.408 (0.73)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 217,320 (346,316)
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. Turnover
The principal activities of the Group are logging operations and holding
forest concession rights in the Republic of Suriname. In the year ended
2002, the principal activities of the Group were construction, sale of
timber from its timber concessions, trading of machinery and parts,
website development, leasing of machinery and vessels and property
investment.
Turnover represents the aggregate of sales value of goods supplied to
customers. Revenue excludes sales taxes and is after deduction of any
trade discounts. The amount of each significant category of revenue
recognised in turnover during the year is as follows:
The Group
2003 2002
HK$'000 HK$'000
Gross proceeds from machinery and parts sold * *
Gross proceeds from timber sold 1,523 *
Gross rentals from machinery, vessels and investment properties
* *
Revenue from construction contracts * *
-----------------------
1,523 156,352
=======================
2. Segmental Information
Analysis of the principal activities and geographical locations of the
operations of the Group during the financial year are as follows:
Group's turnover Contribution to profit/(loss) from
ordinary activities before taxation
The Group 2003 2002 2003 2002
HK$'000 HK$'000 HK$'000 HK$'000
(a) Principal activities:
Construction * * * *
Machinery, vessels and property rental
* * * *
Websites development
* * * *
Sales of machinery and parts
* * * *
Sales of timber 1,523 * * *
--------------------------------------------------------
1,523 156,352 213,920 (346,316)
=========================================================
(b) Geographical locations of operations:
Hong Kong * * * *
The People's Republic of China
* * * *
The Republic of Suriname
1,523 * * *
Others * * * *
---------------------------------------------------------
1,523 156,352 213,920 (346,316)
=========================================================
3. Gain on Deconsolidation of a Subsidiary and Debt Restructuring
Costs
On 15 July 2002, the High Court of Hong Kong issued a winding up order
against Luen Cheong Tai Construction Company Limited ("LCTC"), a wholly
owned subsidiary of the Company. A winding-up petition had been presented
by Hennabun Resources Limited against LCTC on 18 February 2002. As a
consequence of the loss of control of LCTC, the Company has deconsolidated
LCTC as from 1 June 2002. As a result of the Restructuring Proposal, the
Company has provided for additional liabilities which are expected to be
settled under the proposed Debt Restructuring arrangement. The net gain
arising from the deconsolidation of LCTC and the debt restructuring was
HK$217,010.000.
4. Taxation
(a) Taxation in the consolidated profit and loss account represents:
The Group
2003 2002
HK$'000 HK$'000
Provision for Hong Kong Profits Tax for the year* *
Under/(over) provision in respect of prior years* *
---------------------
* *
Overseas taxation * *
Deferred taxation * *
---------------------
(3,400) -
=====================
The provision for Hong Kong Profits Tax is calculated at 17.5% and 16% of
the estimated assessable profits for the years ended 31 May 2003 and 2002.
No provision for overseas taxation has been made as the Group's overseas
subsidiaries sustained a loss for overseas taxation purposes for the
period ended 31 December 2002 and the year ended 31 May 2002.
(b) Taxation in the consolidated balance sheet represents:
The Group
2003 2002
HK$'000 HK$'000
Provision for Hong Kong Profits Tax for the year * *
Balance of Hong Kong Profits Tax recoverable relating
to prior years * *
------------------
Tax recoverable - Hong Kong Profits Tax * *
Tax payable - overseas taxation * *
------------------
- 5,536
---------------------
Representing:
Tax payable * 5,536
Tax recoverable * -
----------------------
- 5,536
======================
5. Earnings/(Loss) Per Share
(a) Basic earnings / (loss) per share
The calculation of bacis earnings / (loss) per share is based on the
earnings / (loss) attributable to shareholders of HK$217,320,000 (2002:
loss of HK$346,316,000) and the weighted average of 532,554,501 (2002:
474,217,000) ordinary shares in issue during the year.
(b) Diluted earnings / (loss) per share
Diluted earnings / (loss) per share for each of the years ended 31 May
2003 and 2002 is not shown as the potential ordinary shares are anti-
dilutive.
6. Dividends
The Provisional Liquidators do not recommend the payment of a final
dividend for the year ended 31 May 2003 and no dividend was declared in
the prior year.
* The Provisional Liquidators have encountered difficulties in recovering
the books and records of the Group and limited information has been made
available to them. As a result, certain information in the financial
statements of the Group for the year ended 31 May 2003 is not available.
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