KLN Logistics Group Limited — Earnings Release 2001

Jul 12, 2001

Listed Company Information

VITASOY INT'L<0345> - Results Announcement (Summary) Vitasoy International Holdings Limited announced on 12/7/2001: (stock code: 345) Year end date: 31/3/2001 Currency: HKD (Audited) (Audited) Last Current Corresponding Period Period from 1/4/2000 from 1/4/1999 to 31/3/2001 to 31/3/2000 ('000) ('000) Turnover : 2,012,372 1,885,490 Profit/(Loss) from Operations : 177,814 170,539 Finance cost : (12,951) (12,679) Share of Profit/(Loss) of Associates : 647 1,779 Share of Profit/(Loss) of Jointly Controlled Entities : 0 0 Profit/(Loss) after Tax & MI : 128,146 126,135 % Change over Last Period : +1.59% EPS/(LPS)-Basic : 13.2 cents 12.9 cents -Diluted : 13.1 cents 12.8 cents Extraordinary (ETD) Gain/(Loss) : 0 0 Profit/(Loss) after ETD Items : 128,146 126,135 Final Dividend per Share : 5.1 cents 4.5 cents (Specify if with other options) : - - B/C Dates for Final Dividend : 31/8/2001 to 6/9/2001 bdi. Payable Date : 14/9/2001 B/C Dates for Annual General Meeting : 31/8/2001 to 6/9/2001 bdi. Other Distribution for Current Period : - B/C Dates for Other Distribution : - Remarks: (1) Earnings per share (a) Basic earnings per share Basic earnings per share is calculated by using the profit attributable to shareholders of HK$128,146,000 (2000: HK$126,135,000) and the weighted average number of 974,463,000 shares (2000: 975,891,000 shares after adjusting for the bonus issue in September 2000) in issue during the year. (b) Diluted earnings per share The calculation of diluted earnings per share is based on the profit attributable to shareholders of HK$128,146,000 (2000: HK$126,135,000) and the weighted average number of 975,131,000 shares (2000: 982,134,000 shares after adjusting for the bonus issue in September 2000) in issue after adjusting for the effects of all dilutive potential shares. (c) Reconciliation 2001 2000 Number of shares Number of shares '000 '000 Weighted average number of shares used in calculating basic earnings per share 974,463 975,891 Deemed issue of shares for no consideration arising from share options 668 6,243 --------------------------------- Weighted average number of shares used in calculating diluted earnings per share 975,131 982,134 ================================= (2) Change in accounting policy In prior years, the cost of retirement gratuities was charged to the profit and loss account when the gratuities became vested. During the year, the Group changed the basis of recognition of the retirement gratuity provision, such that the provision represents the present value of the defined benefit obligation, being the expected future payments required to settle the obligation resulting from employee service in the current and prior periods, at the balance sheet date. The current service cost, being the present value of benefits attributed to the current year based on the recommendation of an actuary, is charged to the profit and loss account. In the opinion of the management, this policy better reflects the present obligations of the Group. As a result of the change in accounting policy, the Group's profit for the year has been decreased by HK$2,354,000 and the Group's and the Company's net assets as at the year end have been decreased by HK$38,278,000 and HK$37,715,000 respectively. The effect of adopting the changed policy at 31st March, 2000 has been adjusted to the opening balance of retained earnings for the year. No restatement of other comparative information has been made since it is impractical to do so. (3) Due to the adoption of SSAP 1, certain comparative figures have been re-classified in order to conform with current period's presentation. (4) The earnings per share and dividend figures for the last corresponding period has been adjusted for bonus issue in September 2000.