i-Cable Communications Limited — Interim / Quarterly Report 2001

Aug 22, 2001

Listed Company Information

I-CABLE COMM<1097> - Results Announcement (Summary) i-Cable Communications Limited announced on 22/8/2001: (stock code: 1097) Please refer to the press announcement for the details of the audit committee's review report on the interim financial statement, to be issued by the Company on 23/8/2001. Year end date: 31/12/2001 Currency: HKD (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/1/2001 from 1/1/2000 to 30/6/2001 to 30/6/2000 ('000) ('000) Turnover : 934,437 774,597 Profit/(Loss) from Operations : 75,417 (51,717) Finance cost : (36,007) (36,004) Share of Profit/(Loss) of Associates : Nil Nil Share of Profit/(Loss) of Jointly Controlled Entities : Nil Nil Profit/(Loss) after Taxation & MI : 76,540 (40,003) % Change over Last Period : N/A EPS/(LPS)-Basic : $0.04 ($0.02) -Diluted : $0.04 ($0.02) Extraordinary (ETD) Gain/(Loss) : Nil Nil Profit/(Loss) after ETD Items : 76,540 (40,003) Interim Dividend per Share : Nil Nil (Specify if with other options) : N/A N/A B/C Dates for Interim Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : None B/C Dates for Other Distribution : N/A Remarks: (1) In order to comply with SSAP 30 "Business combinations", the Group has adopted for the first time in this interim reporting period an accounting policy of amortising positive goodwill arising on the acquisition of subsidiaries on a straight-line basis to the profit and loss account over its estimated useful economic life. In prior years, positive goodwill arising on the acquisition of subsidiaries was taken to reserves in the year in which it arose. As the Group has taken advantage of the transitional provisions in SSAP 30 which do not require restatement of goodwill written off against reserves prior to January 1, 2001 (the effective date of SSAP 30), such change in accounting policy has no financial effect on the Group for the current and prior periods. In order to comply with the new SSAP 26 "Segment reporting", the Group has adopted for the first time in this interim reporting period an accounting policy of including as segment revenue, expenses and results those items directly attributable to a segment as well as those that can be allocated on a reasonable basis to that segment. Corporate and financing expenses are reported as unallocated items. In prior years, all revenue and expenses, except those directly earned or incurred by the Internet and multimedia segment, were reported under the pay television segment. As a result, there has been a reclassification of items included under each reportable segment in this interim reporting period as compared to that in the annual accounts for the year ended December 31, 2000. Comparatives for segment disclosures have been prepared in a basis consistent with that for the six months ended June 30, 2001. (2) Turnover and Operating Profit / (Loss) An analysis of the Group's turnover and operating profit by operating activities for the six months ended June 30, 2001 is as follows: Turnover Operating profit / (loss) 2001 2000 2001 2000 HK$'000 HK$'000 HK$'000 HK$'000 Operating activities Pay television 802,131 743,651 184,651 60,870 Internet and multimedia 132,306 30,946 (50,747) (60,077) Unallocated - - (58,487) (52,510) ---------------------------------------------------------- 934,437 774,597 75,417 (51,717) ========================================================== The segment figures include all segment revenue, expenses and results directly attributable to a segment or as could be allocated on a reasonable basis. Corporate and financing expenses are reported as unallocated items. No geographical segment information is shown as during the six months ended June 30, 2001 and 2000, less than 10% of the Group's segment revenue and segment results are derived from activities conducted outside Hong Kong. (3) Earnings/(Loss) Per Share (a) The calculation of basic earnings/loss per share is based on the net profit of HK$76.5 million (2000: net loss of HK$40 million) and the weighted average number of ordinary shares in issue during the period of 2,014,000,000 (2000: 2,014,000,000). (b) The calculation of diluted earnings/loss per share is based on the weighted average number of ordinary shares of 2,021,739,900 (2000: 2,014,000,000) after adjusting for the effects of all dilutive potential ordinary shares. The potential issue of ordinary shares in connection with the Company's convertible bonds would not give rise to a decrease in earnings per share (2000: an increase in loss per share) and therefore had no dilutive effect on the calculation of diluted earnings/loss per share.