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.
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