Listed Company Information
 

E&E INT'L<00033> - Results Announcement

Elec & Eltek International Holdings Limited announced on  23/8/2004:
(stock code: 00033 )
Year end date: 30/6/2004
Currency: HKD
Auditors' Report: Unqualified
                                                        (Restated)
                                                        (Audited   )
                                     (Audited   )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 1/7/2003      from 1/7/2002  
                                     to 30/6/2004       to 30/6/2003  
                               Note  ('000      )       ('000      )
Turnover                           : 3,214,067          2,257,713         
Profit/(Loss) from Operations      : 365,288            140,160           
Finance cost                       : (21,716)           (23,024)          
Share of Profit/(Loss) of 
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (1,154)            (788)             
Profit/(Loss) after Tax & MI       : 145,016            37,485            
% Change over Last Period          : +287      %
EPS/(LPS)-Basic (in dollars)       : 0.121              0.0319            
         -Diluted (in dollars)     : 0.1201             0.0318            
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 145,016            37,485            
Final Dividend                     : 2.40 cents         1.50 cents        
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for 
  Final Dividend                   : 8/10/2004          to 12/10/2004bdi.
Payable Date                       : 15/10/2004
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. CHANGE OF LAST CORRESPONDING RESULTS                                         
                                
SSAP 12 (Revised) is effective for the current financial year.                  
                                                
SSAP 12 (Revised) principally prescribes the accounting treatment and 
disclosures for deferred tax.  In prior years, a deferred tax liability 
was provided using the income statement liability method on all 
significant timing differences to the extent it was probable that the 
liability would crystallise in the foreseeable future. A deferred tax 
asset was not recognised until its realisation was assured beyond 
reasonable doubt.  SSAP 12 (Revised) requires the adoption of the 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 financial statements and the corresponding tax bases 
used in the computation of taxable profit, with limited exceptions.  In 
the absence of any specific transitional requirements in SSAP 12 
(Revised), the new accounting policy resulting from the adoption of SSAP 
12 (Revised) has been applied retrospectively.                                  
                                
This change in accounting policy has resulted in an increase in the 
Group's deferred tax liability as at 30 June 2004 and 2003 by HK$27.4 
million and HK$26.8 million, respectively, and the recognition of deferred 
tax asset as at 30 June 2004 and 2003 of HK$16.5 million and HK$13.8 
million, respectively.   As a consequence, the consolidated net profits 
attributable to shareholders for the year ended 30 June 2004 and 2003 have 
been increased and decreased by HK$1.1 million and HK$1.3 million, 
respectively, and the consolidated retained profits at 1 July 2003 and 
2002 have been reduced by HK$7.9 million and HK$6.6 million, respectively.      
                                                                

2.  EARNINGS PER SHARE                                                          
                
The calculation of basic earnings per share is based on the net profit 
attributable to shareholders for the year of HK$145,016,000 (2003 - 
restated: HK$37,485,000) and the weighted average of 1,198,155,714 (2003: 
1,175,939,970) ordinary shares in issue during the year.                        
                                                
The calculation of diluted earnings per share is based on the adjusted net 
profit attributable to shareholders for the year of HK$145,016,000 (2003 - 
restated: HK$37,479,000) and the weighted average of 1,207,457,948 (2003: 
1,177,849,014 ) ordinary shares outstanding during the year, adjusted for 
the effects of all dilutive potential shares.                                   
                                
The adjusted net profit attributable to shareholders is calculated based 
on the net profit attributable to shareholders for the year of 
HK$145,016,000 (2003 - restated: HK$37,485,000) less the dilution in the 
results of a subsidiary attributable to the Group by HK$Nil (2003: 
HK$6,000) arising from the deemed exercise of all of the outstanding share 
options of that subsidiary.                                                     
                
The weighted average number of ordinary shares used in the calculation of 
diluted earnings per share is calculated based on the weighted average of 
1,198,155,714 ( 2003: 1,175,939,970) ordinary shares in issue during the 
year plus the weighted average of 9,302,234 (2003: 1,909,044) ordinary 
shares deemed to be issued at no consideration as if all of the Company's 
outstanding share options have been exercised.