KLN Logistics Group Limited — Earnings Release 2004

Jul 14, 2004

Listed Company Information

Listed Company Information
VITASOY INT'L<00345> - Results Announcement Vitasoy International Holdings Limited announced on 14/07/2004: (stock code: 00345 ) Year end date: 31/03/2004 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 01/04/2003 from 01/04/2002 to 31/03/2004 to 31/03/2003 Note ('000 ) ('000 ) Turnover : 2,269,422 2,228,227 Profit/(Loss) from Operations : 152,484 175,352 Finance cost : (8,421) (9,617) Share of Profit/(Loss) of Associates : 0 (273) Share of Profit/(Loss) of Jointly Controlled Entities : 0 0 Profit/(Loss) after Tax & MI : 116,025 139,378 % Change over Last Period : -16.76 % EPS/(LPS)-Basic (in dollars) : 0.118 0.143 -Diluted (in dollars) : 0.117 0.142 Extraordinary (ETD) Gain/(Loss) : 0 0 Profit/(Loss) after ETD Items : 116,025 139,378 Final Dividend per Share : 5.7 cents 5.7 cents Special Dividend per Share : 5.0 cents 5.0 cents (Specify if with other : N/A N/A options) B/C Dates for Final & Special Dividend : 03/09/2004 to 09/09/2004bdi. Payable Date : 16/09/2004 B/C Dates for Annual General Meeting : 03/09/2004 to 09/09/2004bdi. Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. Profit attributable to shareholders Profit attributable to shareholders for FY2003/2004 was HK$ 116,025,000, a decrease of 16.8% year-on-year. This marked a significant improvement from the 32.3% year-on-year decline recorded in the first half of the year due mainly to the outbreak of Severe Acute Respiratory Syndrome. Through the concerted efforts of our various operations, we managed to regain our overall growth momentum and achieved significant improvements in sales and EBITDA in the second half by posting healthy year-on-year growth rates of 5.3% and 11.7% respectively. 2. Earnings per share (a) Basic earnings per share The calculation of basic earnings per share is based on the profit attributable to shareholders of HK$116,025,000 (2003: HK$139,378,000) and the weighted average number of 983,839,000 ordinary shares (2003: 974,236,000 ordinary shares) 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$116,025,000 (2003: HK$139,378,000) and the weighted average number of 991,510,000 ordinary shares (2003: 980,266,000 ordinary shares) after adjusting for the effects of all dilutive potential ordinary shares. (c) Reconciliation 2004 2003 Number Number of shares of shares '000 '000 Weighted average number of ordinary shares used in calculating basic earnings per share 983,839 974,236 Deemed issue of ordinary shares for no consideration arising from share options 7,671 6,030 --------------------- Weighted average number of ordinary shares used in calculating diluted earnings per share 991,510 980,266 ===================== 3. Change in accounting policy 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 were 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 April, 2003, in order to comply with Statement of Standard Accounting Practice ("SSAP") 12 (revised) "Income Taxes" issued by the Hong Kong Society of Accountants, the Group adopted a new accounting policy for deferred tax. Under the revised SSAP 12, deferred tax liabilities are provided in full on all taxable temporary differences while deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary difference can be utilised. The effect of this change in accounting policy is not material to the Group's profit and net assets for both the current and prior years, therefore the opening balances of retained profits and the comparative information have not been restated.