ORIENT POWER<00615> - Results Announcement (Summary)
Orient Power Holdings Limited announced on 22/4/2004:
(stock code: 00615 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 1/1/2003 from 1/1/2002
to 31/12/2003 to 31/12/2002
Note ('000 ) ('000 )
(Restated)
Turnover : 4,623,309 4,348,888
Profit/(Loss) from Operations : 125,761 77,997
Finance cost : (20,245) (21,588)
Share of Profit/(Loss) of
Associates : 7,067 7,719
Share of Profit/(Loss) of
Jointly Controlled Entities : 515 (6,184)
Profit/(Loss) after Tax & MI : 90,174 60,196
% Change over Last Period : +49.8 %
EPS/(LPS)-Basic (in dollars) : 0.198 0.136
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 90,174 60,196
Final Dividend : 2.5 cents 2.0 cents
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 20/5/2004 to 24/5/2004 bdi.
Payable Date : 24/6/2004
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 segments:
2003
Corporate
Home In-car Network and
entertainment electronic information others Eliminations Consolidated
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
SEGMENT REVENUE
Sales to external customers
2,677,875 1,940,066 5,368 - 0 4,623,309
Intersegment sales
62 71,841 - - (71,903) 0
-------------------------------------------------------------------------
Total
2,677,937 2,011,907 5,368 - (71,903) 4,623,309
=========================================================================
SEGMENT RESULTS
63,954 86,679 (7,936) 2,782 - 145,479
===========================================================
Corporate and unallocated expenses (19,718)
---------
Profit from operations 125,761
========
2002
Corporate
Home In-car Network and
entertainment electronic information others Eliminations Consolidated
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
SEGMENT REVENUE
Sales to external customers
2,800,906 1,541,909 6,073 - 0 4,348,888
Intersegment sales
10,873 90,647 - - (101,520) 0
-------------------------------------------------------------------------
Total
2,811,779 1,632,556 6,073 - (101,520) 4,348,888
=========================================================================
SEGMENT RESULTS
73,746 34,423 (15,540) 4,014 0 96,643
===========================================================
Corporate and unallocated expenses (18,646)
---------
Profit from operations 77,997
========
b. By geographical segments:
2003 Central
and South Elimi Consoli-
U.S.A. Europe Asia America Canada Others nations dated
------------------------------------------------------------------------
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue:
Sales to external customers
1,603,324 2,197,060 113,205 200,582 334,550 174,588 0 4,623,309
-----------------------------------------------------------------------
1,603,324 2,197,060 113,205 200,582 334,550 174,588 - 4,623,309
======================================================================
2002
Central
and South Elimi Consoli-
U.S.A. Europe Asia America Canada Others nations dated
------------------------------------------------------------------------
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue:
Sales to external customers
1,723,636 1,751,702 271,536 67,386 107,200 427,428 0 4,348,888
------------------------------------------------------------------------
1,723,636 1,751,702 271,536 67,386 107,200 427,428 - 4,348,888
========================================================================
2. Other Revenue and Gain
Year ended
31 December
2003 2002
HK$'000 HK$'000
Other Revenue
Tooling and repairing service income 8,668 13,742
Interest income 4,108 3,058
Rental income 2,818 1,115
Sales of scrap materials 683 1,011
Commission income 2,450 3,672
Others 4,574 4,509
--------- ----------
23,301 27,107
Gain
Gain on disposal of a subsidiary, net - 28
--------- -----------
23,301 27,135
======== ==========
3. Finance Costs
Year ended
31 December
2003 2002
HK$'000 HK$'000
Interest on bank loans, overdrafts, and other borrowings
wholly repayable within five years 20,083 21,228
Interest on finance leases and hire purchase contracts
162 360
--------- ----------
20,245 21,588
========= ==========
4. 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 year.
The increased Hong Kong profits tax rate became effective from the year of
assessment 2003/2004, and so is applicable to the assessable profit
arising in Hong Kong for the whole of the year ended 31 December 2003.
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 a 50%
exemption for 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
31 December
2003 2002
HK$'000 HK$'000 Group:
(Restated)
Current - Hong Kong
Charge for the year 1,123 5,764
Under/(over) provision in prior year 173 (1,765)
Current - Elsewhere 5,989 -
Deferred 15,725 (3,082)
---------------------------
23,010 917
Share of tax attributable to:
Jointly controlled entities 211 -
Associates 858 1,101
-------- ----------
1,069 1,101
Total tax charge for the year 24,079 2,018
======== ========
5. Dividends
Year ended
31 December
2003 2002
HK$'000 HK$'000
Interim dividend of HK 1.0 cent per share
(2002: HK0.5 cent) 4,448 2,224
Proposed final dividend of HK 2.5 cents per share
(2002: HK2.0 cents) 12,745 8,896
--------- --------
17,193 11,120
======= =========
A final dividend in respect of 2003 of HK 2.5 cents per share amounting to
HK$12,745,000 has been proposed by the Directors after the balance sheet
date. The proposed dividend is not accounted for as it is subject to
shareholders' approval 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$90,174,000 (2002
(restated): HK$60,196,000), and the weighted average of 456,381,310
(2002:442,403,509) ordinary shares in issue during the year, as adjusted
to reflect the share issued during the year (2002:share purchased).
A diluted earnings per share amount for the year ended 31 December 2003
has not been disclosed as no diluting events existed during the year.
7. Depreciation/Amortisation charged
Year ended
31 December
2003 2002
HK$'000 HK$'000
Depreciation of fixed assets 69,172 88,557
Amortisation of R & D 28,059 19,444
--------- ---------
97,231 108,001
========= =========
With effect from 1 January 2003, as a result of changing conditions and
experience, the Company revised the estimated useful lives of certain
fixed assets. Certain plant and machinery previously with useful lives of
5 years are now extended to 10 years. In the opinion of the directors,
the depreciable lives of these fixed assets are more appropriately
reflected by the adoption of the revised depreciation rates. This
constitutes a change in accounting estimate. The changes in the useful
lives have been applied prospectively and resulted in a decrease in
depreciation charge of approximately HK$29,890,000 for the current year.
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