Computer And Technologies Holdings Limited — Earnings Release 2004

Apr 22, 2005

Listed Company Information

Listed Company Information
CHINA AEROSPACE<00031> - Results Announcement China Aerospace International Holdings Limited announced on 22/04/2005: (stock code: 00031 ) Year end date: 31/12/2004 Currency: HKD Auditors' Report: Qualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/01/2004 from 01/01/2003 to 31/12/2004 to 31/12/2003 Note ($ ) ($ ) Turnover : 1,410,240,000 1,239,633,000 Profit/(Loss) from Operations 1 : 65,396,000 121,259,000 Finance cost : (50,135,000) (64,645,000) Share of Profit/(Loss) of Associates : (102,000) 3,701,000 Share of Profit/(Loss) of Jointly Controlled Entities : (9,996,000) N/A Profit/(Loss) after Tax & MI : 55,780,000 30,196,000 % Change over Last Period : +85 % EPS/(LPS)-Basic (in dollars) 2 : 0.026 0.014 -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 55,780,000 30,196,000 Final Dividend : NIL NIL 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 (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. Profit from operations has been arrived at after charging: 2004 2003 HK$'000 HK$'000 Amortisation of development costs - 1,396 Amortisation of goodwill - 138 Amortisation of technology licence right - 377 Auditors' remuneration 2,617 3,064 Cost of inventories consumed 1,052,125 773,998 Depreciation on - owned assets 45,957 50,158 - assets held under finance leases 1,867 1,349 Minimum lease payments paid under operating leases on land and buildings 10,675 6,296 Research expenses 1,488 4,800 Total staff costs, including directors' remuneration 140,838 145,520 and after crediting: Gross rental income from - land and buildings 6,217 6,335 - investment properties 18,311 19,441 ---------- ---------- 24,528 25,776 Less: Outgoings (5,009) (5,317) ---------- ---------- 19,519 20,459 Gain on disposal of property, plant and equipment 2,885 16,694 Interest income 2,239 2,230 Reversal of allowance for obsolete inventories 19,371 23,104 Waiver of interest expense on other loans - 36,273 =========== ========= 2. Earnings per share The calculation of the basic earnings per share is based on the following data: 1.1.2004 1.1.2003 to to 31.12.2004 31.12.2003 HK$'000 HK$'000 Net Profit Net profit for the period for calculation of basic earnings per share 55,780 30,196 ======================= Number of Shares Weighted average number of ordinary shares for the calculation of basic earnings per share 2,142,420,000 2,142,420,000 ============================= No diluted earnings per share has been presented for both periods as there is no dilutive potential share in issue. 3. Qualified opinion arising from disagreement about accounting treatment The Company together with certain subsidiaries ("Borrowers") entered into a debt restructuring deed on 7 December 2004 ("Deed") with a banker for the purpose of restructuring the debts due to the banker. The banker will waive debts of HK$193,520,000 provided the Group fully complies with the repayment terms of the Deed. This amount has been recognised as income in the consolidated income statement for the year ended 31 December 2004. However, in the auditors' opinion, such waiver should be recognised as income only when the repayment terms of the Deed have been fully complied with and, accordingly, the net assets as at 31 December 2004 and the profit for the year then ended should be reduced by that amount. Except for the recognition as income of the waiver of debts of HK$193,520,000, in the auditors' opinion the financial statements give a true and fair view of the state of affairs of the Company and the Group as at 31 December 2004 and of the profit and cash flows of the Group for the year then ended and have been properly prepared in accordance with the Companies Ordinance. 4. Certain comparative figures have been restated in order to achieve a consistent presentation.