Listed Company Information
 

ORIENT POWER<00615> - Results Announcement

Orient Power Holdings Limited announced on 20/04/2005:
(stock code: 00615 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: Unqualified

                                                        (Audited   )
                                     (Audited   )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/01/2004    from 01/01/2003
                                     to 31/12/2004      to 31/12/2003
                               Note  ('000      )       ('000      )
Turnover                           : 4,134,726          4,623,309         
Profit/(Loss) from Operations      : 58,533             125,761           
Finance cost                       : (19,893)           (20,245)          
Share of Profit/(Loss) of 
  Associates                       : 14,727             7,067             
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (2,413)            515               
Profit/(Loss) after Tax & MI       : 37,357             90,174            
% Change over Last Period          : -58.6     %
EPS/(LPS)-Basic (in dollars)       : 0.073              0.198             
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : 37,357             90,174            
Final Dividend                     : 1.5 cents          2.5 cents
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for 
  Final Dividend                   : 24/05/2005         to 30/05/2005 bdi.
Payable Date                       : 30/06/2005
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                                                        
                                
2004                                                                            
        
                               Network
                           information/  Corporate                       
Home               In-car  entertainment    and                                 
entertainment electronics      solutions  others Eliminations Consolidated
      HK$'000     HK$'000        HK$'000 HK$'000      HK$'000      HK$'000
Segment revenue:
Sales to external customers     
    2,249,245   1,879,434          6,047      -            -    4,134,726
Intersegment sales
        7,741     101,765              -      -     (109,506)          -
Other revenue   
       10,809      11,676              9      -            -       22,494
    ----------  ----------    ----------- ------ ------------- -----------
Total   
    2,267,795   1,992,875          6,056      -     (109,506)   4,157,220
    ==========  ==========    =========== ====== ============= ===========
Segment results 
       42,574      46,361         (5,856)   256                    83,335
    ==========  ==========    =========== ======               
Interest income                                                     8,631
Unallocated expenses                                              (33,433)
                                                               ----------- 
Profit from operating activities                                   58,533
                                                               ===========
 
2003                           Network
                           information/  Corporate                       
Home               In-car  entertainment    and                                 
entertainment electronics      solutions  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        -            -   4,623,309 
Intersegment sales      
           62      71,841             -        -      (71,903)          -  
Other revenue                   
       14,451       4,718             24       -            -      19,193
    ----------  ----------    ----------- ------ ------------- -----------      
Total   
    2,692,388   2,016,625          5,392       -      (71,903)  4,642,502 
    ==========  ==========    =========== ====== ============= ===========      
Segment results 
       63,954      86,679         (7,936)  2,782                  145,479 
    ==========  ==========    =========== ======               
Interest income                                                     4,108
Unallocated  expenses                                             (23,826)
                                                                ----------
Profit from operating activities                                  125,761
                                                                 =========
 
b.      Geographical segments                                                   
                                                
2004                        Central
                          and South                    Elimina-      Con-
   U.S.A.   Europe   Asia   America   Canada   Others    tions  solidated
   ------   ------   ---- ---------   ------   ------- -------  ---------
  HK$'000  HK$'000 HK$'000  HK$'000  HK$'000   HK$'000 HK$'000    HK$'000
Segment revenue:                                                                
Sales to external customers     
1,333,421  1,876,058 189,002 181,583  430,157  124,505   --       4,134,726
=========  ========= ======= =======  =======  =======  ====      =========

2003                        Central
                          and South                    Elimina-      Con-
   U.S.A.   Europe   Asia   America   Canada   Others    tions  solidated
   ------   ------   ---- ---------   ------   ------- -------  ---------
  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     --   4,623,309
========= ========= ======= ======== ========  =======  ====    =========

2.  Other Revenue and Gain
                                                        Year ended      
                                                       31 December
                                                   2004             2003
                                                HK$'000          HK$'000
Tooling and repairing service income             12,726            8,668
Interest income                                   8,631            4,108
Rental income                                     1,827            2,818
Sales of scrap materials                          1,676              683
Commission income                                     -            2,450
Gain on disposal of associates                      185                -
Others                                            6,080            4,574
                                                --------          -------
                                                 31,125           23,301
                                                ========          =======

3.      Finance Costs
                                                        Year ended      
                                                       31 December
                                                   2004             2003
                                                HK$'000          HK$'000
Interest on bank loans, overdrafts, and trust receipt loans
  wholly repayable within five years             19,877           20,083
Interest on finance leases                           16              162
                                                --------          -------  
                                                 19,893           20,245
                                                ========          =======

4.  Tax

Hong Kong profits tax has been provided at the rate of 17.5% (2003: 17.5%) 
on the estimated assessable profits arising in Hong Kong during the year. 
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 legislation, interpretations and practices in respect thereof.  

The tax rate for corporate income tax ("CIT") applicable to the 
subsidiaries and jointly-controlled entities of the Group operating in 
Mainland China were 33%.  Certain of these subsidiaries and jointly-
controlled entities were eligible for exemption from CIT for the two years 
starting from the first year in which assessable profits were generated, 
and a 50% exemption from CIT for the following three years. 


                                             Year ended      
                                             31 December
                                        2004             2003
                                        HK$'000          HK$'000
Group:                                     
Current - Hong Kong
 Charge for the year                     1,275           1,123       
 Under/(over) provision in prior year    -               173
Current - Elsewhere                      3,454           5,989   
Deferred                                 6,727           15,725
                                         -----------------------
                                         11,456          23,010 
Share of tax attributable to:
 Jointly controlled entities             168             211   
 Associates                              1,891           858
                                         -----------------------
                                         2,059           1,069                   
Total tax charge for the year            13,515          24,079
                                         =======================

5.  Dividends
                                                        Year ended      
                                                       31 December
                                                   2004             2003
                                                HK$'000          HK$'000
Interim dividend of HK 0.5 cent per share 
(2003: HK1.0 cent)                                2,549            4,448 
Proposed final dividend of HK 1.5 cents per share     
(2003:  HK2.5 cents)                              7,647           12,745   
                                                --------         --------
                                                 10,196           17,193 
                                                ========         ========

A final dividend for 2004 of HK 1.5 cents per share amounting to 
HK$7,647,000 has been proposed by the Directors after the balance 
sheet date.  The proposed final dividend is subject to the approval 
of the Company's shareholders 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$37,357,000 
(2003: HK$90,174,000), and the weighted average of 509,805,968 
(2003: 456,381,310)ordinary shares in issue during the year.

Diluted earnings per share amounts for the years ended 31 December 2004 
and 2003 have not been disclosed as no dilutive events existed during 
these years.

7.  Depreciation / Amortisation Charged

                                                        Year ended      
                                                       31 December
                                                   2004             2003
                                                HK$'000          HK$'000
Depreciation of fixed assets                     83,749           69,172
Amortisation of research and development costs   35,777           28,059
                                                --------         --------
                                                119,526           97,231
                                                ========         ========