SAM WOO<02322> - Results Announcement
Sam Woo Holdings Limited announced on 16/07/2003:
(stock code: 02322 )
Year end date: 31/03/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/04/2002 from 01/04/2001
to 31/03/2003 to 31/03/2002
Note ('000 ) ('000 )
Turnover : 202,950 450,146
Profit/(Loss) from Operations : 75,285 75,930
Finance cost : (8,425) (12,775)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 56,436 52,734
% Change over Last Period : +7.02 %
EPS/(LPS)-Basic (in dollars) : 0.24 0.23
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 56,436 52,734
Final Dividend : NIL N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual
General Meeting : 20/08/2003 to 27/08/2003bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1 Group reorganisation and basis of preparation
The Company was incorporated in Bermuda on 26th June 2002 as an
exempted company with limited liability under the Companies Act 1981 of
Bermuda.
Pursuant to a group reorganisation (the "Reorganisation") in
preparation for the listing of the Company's shares on the Main Board of
The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the
Company acquired the entire issued share capital of Sam Woo Group Limited,
the then holding company of the other subsidiaries, through a share swap
arrangement on 28th March 2003 and became the holding company of the
Group. Details of the Reorganisation are set out in the Company's
prospectus dated 31st March 2003. The Company's shares were listed on the
Stock Exchange on 9th April 2003.
The Reorganisation is accounted for using merger accounting as
permitted by the Hong Kong Statement of Standard Accounting Practice No.
27 "Accounting for group reconstructions" issued by the Hong Kong Society
of Accountants ("HKSA"). The consolidated accounts of the Group for the
year ended 31st March 2003, including comparative figures, are prepared as
if the Company had been the holding company of the Group from the
beginning of the earliest period presented.
The accounts have been prepared under the historical cost convention, in
accordance with accounting principles generally accepted in Hong Kong and
comply with accounting standards issued by the HKSA.
No balance sheet of the Company as at 31st March 2002 is presented in the
accounts as the Company was not yet incorporated at that date.
2. Earnings per share
The calculation of basic earnings per share is based on the Group's profit
attributable to shareholders of HK$56,436,000 (2002: HK$52,734,000) and
assuming that 232,500,000 ordinary shares issued pursuant to the
Reorganisation had been in issue throughout both years.
Diluted earnings per share is not presented as the Company has no dilutive
potential shares.
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