Kingwell Group Limited — Earnings Release 2003

Apr 26, 2004

Listed Company Information

Listed Company Information
FT HOLDINGS<00559> - Results Announcement FT Holdings International Limited announced on 26/4/2004: (stock code: 00559 ) Year end date: 31/12/2003 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 1/1/2003 from 1/1/2002 to 31/12/2003 to 31/12/2002 Note ('000 ) ('000 ) Turnover : 81,771 122,692 Profit/(Loss) from Operations : (56,083) (81,250) Finance cost : (7,820) (2,594) 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 : (63,903) (82,335) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.1643) (0.2383) -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (63,903) (82,335) 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 Annual General Meeting : 20/5/2004 to 25/5/2004 bdi. Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. Adoption of revised Statement of Standard Accounting practice ("SSAP") The accounting policies adopted in the preparation of these audited consolidated financial statements are consistent with those used in the Group's audited financial statements for the year ended 31 December 2002 except the adoption of SSAP 12 (Revised) "Income taxes" which is effective for the first time for the accounting period commencing on or after 1 January 2003. Opening retained earnings at 1 January 2002 have been decreased by HK$900,000, which is the cumulative effect of the change in policy on the results for periods prior to 2002. The effect of the change was not significant for the year ended 31 December 2002. 2. Capital Reorganisation Pursuant to an ordinary resolution passed by the shareholders at an Extraordinary General Meeting held on 4 December 2003 ("EGM"), the authorised share capital of the Company has been increased from HK$50,000,000 divided into 500,000,000 shares of HK$0.10 each to HK$100,000,000 by the creation of an addition 500,000,000 unissued shares of HK$0.10 each. Following the above, a capital reorganisation scheme was also approved by the shareholders at the EGM as a special resolution. Under the capital reorganisation scheme, (a) the nominal value of the issued share of the Company be reduced from HK$0.10 each to HK$0.01 each by the cancellation of HK$0.09 paid up on each issued share (each a "New Share"); (b) each of the authorised but unissued shares of HK$0.10 each be subdivided into 10 New Share; As a result of the capital reorganisation, an amount of HK$38,868,750 standing to the credit of the share capital account of the Company was cancelled and credited to the contributed surplus account of the Company which may be utilised in accordance with the bye-laws of the Company and the Companies Act 1981 of Bermuda and had been fully applied to the set- off of part of the accumulated losses brought forward from prior years. As at the balance sheet date, the authorised share capital of the Company was HK$100,000,000 divided into 10,000,000,000 New Shares, of which 2,591,150,000 have been issued. 3. Segment turnover and results 2003 2002 Turnover Results Turnover Results HK$'000 HK$'000 HK$'000 HK$'000 Continue operation: Design, manufacture and sales of life-like plants 65,179 (27,222) 104,350 (18,983) Production, acquisition and distribution of TV programmes and provision of related multi-media services 14,604 (4,875) 17,436 (15,134) Sales of festival gift products through an internet portal 6,314 (2,359) 2,893 (5,081) ------------------------------------------------- 86,097 (34,456) 124,679 (39,198) Inter-segment elimination (4,538) - (2,534) - ------------------------------------------------- 81,559 (34,456) 122,145 (39,198) Discontinued operation: Provision of anti-theft car alarm And tracking services 212 (20,190) 547 (17,942) ------------------------------------------------- 81,771 (54,646) 122,692 (57,140) ======= ========= Interest income and unallocated gains 87 11 Unallocated expenses (1,524) (24,121) --------- --------- Operating loss (56,083) (81,250) Finance costs (7,820) (2,594) --------- --------- Loss before taxation (63,903) (83,844) Taxation - (787) --------- --------- Loss before minority interests (63,903) (84,631) Minority interests - 2,296 ----------- --------- Loss attributable to shareholders (63,903) (82,335) =========== ========= 4. Loss per share The calculation of basic loss per share is based on the consolidated loss attributable to shareholders of HK$63,903,000 (2002: HK$82,335,000), and on the weighted average number of 388,947,808 shares (2002: 345,500,000 shares). Diluted loss per share is not presented as the share option outstanding had an anti-dilutive effect on the basic loss per share for the year (2002: Nil).