Kingwell Group Limited — Earnings Release 2004

Sep 27, 2004

Listed Company Information

Listed Company Information
SINOTRONICS<01195> - Results Announcement Sinotronics Holdings Limited announced on 27/9/2004: (stock code: 01195 ) Year end date: 30/6/2004 Currency: RMB Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 1/7/2003 from 1/7/2002 to 30/6/2004 to 30/6/2003 Note ('000 ) ('000 ) Turnover : 301,255 241,543 Profit/(Loss) from Operations : 107,714 88,807 Finance cost : (7,043) (2,567) Share of Profit/(Loss) of Associates : 2,732 793 Share of Profit/(Loss) of Jointly Controlled Entities : 0 0 Profit/(Loss) after Tax & MI : 81,212 73,357 % Change over Last Period : +10.7 % EPS/(LPS)-Basic (in dollars) : 0.19 0.18 -Diluted (in dollars) : N/A 0.18 Extraordinary (ETD) Gain/(Loss) : 0 0 Profit/(Loss) after ETD Items : 81,212 73,357 Final Dividend : HK3.5 cents HK 4 cents per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : 10/11/2004 to 16/11/2004bdi. Payable Date : 15/12/2004 B/C Dates for Annual General Meeting : 10/11/2004 to 16/11/2004bdi. Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. Statement of Compliance and Basis of Preparation of the Financial Statements These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (which includes all applicable Statements of Standard Accounting Practice and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), accounting principles generally accepted in Hong Kong ("HKGAAP") and the disclosure requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. A summary of the significant accounting policies adopted by the Group is included in the annual report to be sent to shareholders. The measurement basis used in the preparation of the financial statements is historical cost modified by the revaluation of land and buildings as explained in the accounting policies set out below. 2. Changes in Accounting Policies In prior years, deferred tax liabilities were provided using the liability method in respect of the taxation effect arising from all material timing differences between the accounting and tax treatment of income and expenditure, which expected with reasonable probability to crystallise in the foreseeable future. Deferred tax assets were not recognised unless their realisation was assured beyond reasonable doubt. With effect from 1st July 2003, in order to comply with Statement of Standard Accounting Practice 12 (Revised) "Income taxes" issued by the HKICPA, the Group adopted a new policy for deferred tax. The adoption of this revised accounting policy had no significant effect on the results and net assets for the current and prior years. Accordingly, no prior year adjustment was made. 3. Earnings Per Share (a) Basic earnings per share The calculation of basic earnings per share is based on the profit attributable to shareholders of approximately RMB81,212,000 (2003: RMB73,357,000) and on the weighted average of 432,977,000 (2003: 402,625,000) ordinary shares in issue during the year. (b) Diluted earnings per share Diluted earnings per share for the year ended 30th June 2004 was not presented as there were no dilutive potential shares in existence during the year ended 30 June 2004. The calculation of diluted earnings per share for the year ended 30th June 2003 is based on the profit attributable to shareholders of RMB73,357,000 and the weighted average number of 402,716,859 ordinary shares after adjusting for the effects of all potential dilutive shares.