MIRABELL INT'L<01179> - Results Announcement
Mirabell International Holdings Limited announced on 21/11/2006:
(stock code: 01179 )
Year end date: 28/02/2007
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/03/2006 from 01/03/2005
to 31/08/2006 to 31/08/2005
Note ('000 ) ('000 )
Turnover : 418,312 403,410
Profit/(Loss) from Operations : 15,016 28,002
Finance cost : (1,056) (1,072)
Share of Profit/(Loss) of
Associates 2 : 57,800 6,351
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 69,986 30,198
% Change over Last Period : +131.76 %
EPS/(LPS)-Basic (in dollars) 3 : 0.275 0.119
-Diluted (in dollars) 3 : 0.275 0.119
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 69,986 30,198
Interim Dividend : 1.5 cents 3.0 cents
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 07/12/2006 to 11/12/2006 bdi.
Payable Date : 18/12/2006
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) Basis of preparation and accounting policies
This condensed consolidated financial information should be read
in conjunction with the 2005/2006 annual financial statements.
The accounting policies and methods of computation used in the
preparation of this condensed consolidated financial information
are consistent with those used in the annual financial statements
for the year ended 28 February 2006 except for the adoption of
certain amendments to standards and an interpretation which are
effective for the year ending 28 February 2007.
The adoption of those amendments to standards and interpretation
did not result in substantial changes to the Group's accounting
policies.
The Group has not early adopted any new standards, amendments to
standards or interpretations that have been issued but are not
effective for the year ending 28 February 2007. The Group has
already commenced an assessment of their impact but is not yet in
a position to state whether they would have a significant impact
on its results of operations and financial position.
2) Associate
Best Quality Investments Limited ("Best Quality"), a company
incorporated in Samoa, is the Group's associate in which the Group
holds 30% interests. The Company has been informed that on
1 September 2006, Belle International Holdings Limited ("Belle
International") issued new shares to a company owned by Mr Tang
Yiu, who is a cousin of Mr Tang Wai Lam, a director of the
Company, as consideration for acquisition of another company
owned by Mr Tang Yiu which carries on the business of retailing
of sportswear in the PRC. Moreover, the Company has also been
informed that such acquisition and issue of new shares were the
result of commercial negotiations between Belle International and
Mr Tang Yiu by reference to the valuation of Belle International
and the company being acquired respectively as at 30 June 2006.
Based on the unaudited financial information of Best Quality as at
1 July 2006, the Group's share of Best Quality's deemed gain in
connection therewith amounted to approximately HK$33,804,000 which
have been reflected in the share of profit of an associate, and the
Group's share of Best Quality's investment reserve amounted to
approximately HK$226,722,000 which have been reflected in the share
of investment reserve of an associate. Best Quality's equity interest
in Belle International has been diluted from approximately 20.3%
to approximately 17.7%. Accordingly, the Company's attributable
interest in Belle International has been diluted to approximately
5.3%.
As Belle International has ceased to be accounted for as an
associate in the consolidated financial statements of Best Quality,
the consolidated profits or losses of Belle International cease to
be equity accounted for in the consolidated financial statements of
Best Quality, but any dividends distributed by Belle International
to Best Quality are reflected in the consolidated financial
statements of Best Quality, which are in turn equity accounted
for in the consolidated financial statements of the Company as Best
Quality continues to be an associate of the Company.
3) Basic and diluted earnings per share
The calculation of basic and diluted earnings per share is based
on the Group's unaudited profit attributable to equity holders of
HK$69,986,000 (2005: HK$30,198,000) and the weighted average
number of 254,530,000 (2005: 254,530,000) ordinary shares in
issue during the period under review.
The Company has no dilutive potential ordinary share as the share
options granted as disclosed in note 4 did not have a dilutive
effect during the period under review.
4) Share option scheme
On 3 April 2006, share options were granted to certain directors
and employees of the Group pursuant to the Company's share option
scheme which was approved by the shareholders of the Company on 29
December 2004. As at 31 August 2006, share options with rights to
subscribe for a total 21,300,000 shares of the Company at a
subscription price of HK$2.875 per share subject to vesting periods
of one, two, three or four years were outstanding. The share options
granted shall expire on 2 April 2012 or 2 April 2014.
The fair value of the employee services received in exchange for
the grant of the options is recognised as an expense. The total
amounts to be expensed over the respective vesting periods are
determined by reference to the fair value of the options granted.
During the period under review, HK$4,042,000 (2005: nil) were expensed.
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