MOULIN INT'L<00389> - Results Announcement
Moulin International Holdings Limited announced on 29/4/2004:
(stock code: 00389 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 1/1/2003 from 1/4/2002
to 31/12/2003 to 31/12/2002
Note ('000 ) ('000 )
Turnover : 1,237,732 888,753
Profit/(Loss) from Operations : 241,222 165,276
Finance cost : (39,089) (46,541)
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 : 181,610 101,003
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.4231 0.2509
-Diluted (in dollars) : 0.4212 0.2503
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 181,610 101,003
Final Dividend : 4.8 cents 4.4 cents
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 7/6/2004 to 14/6/2004 bdi.
Payable Date : 16/7/2004
B/C Dates for Annual
General Meeting : 7/6/2004 to 14/6/2004 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Impact of new and revised Statement of Standard Accounting
Practice ("SSAP")
In the current year, the Group has adopted, for the first time,
the revised Statement of Standard Accounting Practice ("SSAP") 12 "Income
taxes" issued by the Hong Kong Society of Accountants ("HKSA") which is
effective for accounting periods commencing on or after 1 January 2003.
The principal effect of the implementation of SSAP 12 (Revised) is
in relation to deferred tax. In previous periods, partial provision was
made for deferred tax using the profit and loss account liability method,
i.e. a liability was recognised in respect of timing differences between
the taxable profit and accounting profit to the extent that a liability or
an asset was expected to be payable of recoverable in the foreseeable
future. SSAP 12 (Revised) requires the adoption of a balance sheet
liability method, whereby deferred tax is recognised in respect of all
temporary differences between the carrying amounts of assets and
liabilities in the accounts and the corresponding tax bases used in the
computation of taxable profits with limited exceptions.
In the absence of any specific transitional requirements
in SSAP 12 (Revised), the new accounting policy has been applied
retrospectively. Comparative amounts for 2002 have been restated
accordingly. Opening accumulated profits at 1 January 2003 have been
increased by HK$7,069,000 which is the cumulative effect of the change in
policy on the results for periods prior to 2003. The effect of the change
is an increased charge to income taxes in the current year of HK$274,000.
2. Reconciliation of profit after taxation & MI for the period from
1/4/2002 to 31/12/2002 :
HK$'000
Profit after taxation & MI as per last period's disclosure
101,277
Less : Decrease in profit due to the adoption of SSAP 12 (Revised)
(274)
--------
Profit after taxation & MI as per current period's disclosure
101,003
========
3. Earnings per share
The calculation of the basic earnings per share is based on the profit
attributable to shareholders of HK$181,610,000 (31 Dec 2002(restated):
HK$101,003,000) and the weighted average number of ordinary shares of
429,236,296 (31 Dec 2002: 402,535,166) in issue during the year.
The calculation of the diluted earnings per share is based on the adjusted
profit attributable to shareholders of HK$181,874,000 (31 Dec 2002
(restated): HK$101,658,000) and on the weighted average number of ordinary
shares of 431,786,795 (31 Dec 2003: 406,098,384) after adjusting for the
effects of all dilutive potential ordinary shares.
Reconciliation
31 Dec 2003 31 Dec 2002
(Restated)
HK$'000 HK$'000
Profit attributable to shareholders 181,610 101,003
Increase in earnings arising from a saving in interest cost, net of tax
(assuming the convertible notes had been converted into shares in the
Company at the date of issue) 264 655
---------- -----------
Adjusted attributable to shareholders 181,874 101,658
======== ========
31 Dec 2003 31 Dec 2002
Number of
Number of Shares
Shares
Weighted average number of ordinary shares used in calculating basic
earnings per share
429,236,296 402,535,166
Deemed issue of ordinary shares
- Convertible note 1,435,050 3,563,218
- Share Option 1,115,449 0
----------- -------------
Weighted average number of ordinary
shares used in calculating diluted
earnings per share 431,786,795 406,098,384
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