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
======== ========
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