IGG Inc — Interim / Quarterly Report 2003

Dec 18, 2002

Listed Company Information

ORIENTAL WATCH<00398> - Results Announcement (Summary) Oriental Watch Holdings Limited announced on 18/12/2002: (stock code: 398) Year end date: 31/3/2003 Currency: HK$ Auditors' Report: N/A Review of Interim Report by: Audit Committee (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/4/2002 from 1/4/2001 to 30/9/2002 to 30/9/2001 ('000) ('000) Turnover : 876,404 846,757 Profit/(Loss) from Operations : 43,503 47,511 Finance cost : (783) (499) Share of Profit/(Loss) of Associates : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : 35,463 40,060 % Change over Last Period : -11.5% EPS/(LPS)-Basic : 12.88 cents 14.55 cents -Diluted : N/A 14.28 cents Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 35,463 40,060 Interim Dividend per Share : 2.0 cents 2.5 cents (Specify if with other options) : N/A N/A B/C Dates for Interim Dividend : 6/1/2003 to 9/1/2003 bdi. Payable Date : 16/1/2003 B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1. Segment Information The Group's operation is regarded as a single segment, being an enterprise engaged in the trading of watch. 2. Profit before taxation Six months ended 30 September 2002 2001 Profit before taxation has been arrived at after charging: Depreciation and amortisation of property, plant and equipment - owned by the Group 2,375 2,180 - held under a finance lease 35 20 and after crediting: Amortisation of negative goodwill (included in other operating income) 101 - Gross property rental income 506 1,828 Interest income 737 1,196 ==== ====== 3. Taxation Six months ended 30 September 2002 2001 HK$'000 HK$'000 Hong Kong Profits Tax calculated at 16% on the estimated assessable profit for the period 7,070 8,102 Mainland China ("the PRC") 207 97 ------- --------- 7,277 8,199 Deferred taxation (20) (21) --------- --------- 7,257 8,178 The PRC income tax is calculated at the applicable rates pursuant to the relevant laws and regulations in the PRC. 4. Dividend During the six months ended 30 September 2002, a final dividend of 4.5 Hong Kong cents per share, totalling approximately HK$12,386,000, in respect of the year ended 31 March 2002 was approved at the annual general meeting held on 30 August 2002 and subsequently paid to the shareholders. On 18 December 2002, the directors resolved to declare an interim dividend of 2.0 Hong Kong cents per share in respect of the six months ended 30 September 2002 (six months ended 30 September 2001: 2.5 cents per share), totalling approximately HK$5,505,000 (six months ended 30 September 2001: HK$6,881,000), to be paid in cash to those shareholders, whose names appear on the Company's register of members on 9 January 2003. 5. Earnings per share The calculations of the basic and diluted earnings per share are based on the following data: Six months ended 30 September 2002 2001 Profit attributable to shareholders HK$35,463,000 HK$40,060,000 ============= ============== Weighted average number of shares for the purpose of calculating basic earnings per share 275,253,200 275,253,200 Potential dilutive shares issuable under the Company's share option scheme - 5,295,547 ------------- ------------- Weighted average number of shares for the purpose of calculating diluted earnings per share. 275,253,200 280,548,747 ============ ============ 6. Trade and other receivables Invoices are normally payable within 30 days of issuance, except for certain well established customers. The following is an aged analysis of trade receivables at the reporting date: 30 September 31 March 2002 2002 HK$'000 HK$'000 Age 0 to 30 days 45,732 9,340 31 to 60 days 1,198 80 ------- ------- 46,930 9,420 ======== ====== 7. Trade and other payables The following is an aged analysis of trade payables at the reporting date: 30 September 31 March 2002 2002 HK$'000 HK$'000 Age 0 to 30 days 66,382 27,977 31 to 60 days 1,862 1,973 Over 90 days 2,961 189 -------- ----------- 71,205 30,139 ======== ========