Samsonite Group S.A. — Interim / Quarterly Report 2004

Sep 24, 2004

Listed Company Information

Listed Company Information
RICHE M-MEDIA<00764> - Results Announcement Riche Multi-Media Holdings Limited announced on 24/9/2004: (stock code: 00764 ) Year end date: 31/12/2004 Currency: HKD Auditors' Report: N/A Interim report reviewed by: Both Audit Committee and Auditors (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 1/1/2004 from 1/1/2003 to 30/6/2004 to 30/6/2003 Note ('000 ) ('000 ) Turnover : 31,451 66,396 Profit/(Loss) from Operations : (13,046) 24,505 Finance cost : (169) (169) 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 : (37,215) 24,336 % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.0783) 0.0512 -Diluted (in dollars) : (0.0783) 0.0487 Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (37,215) 24,336 Interim Dividend : Nil Nil per Share (Specify if with other : N/A N/A options) B/C Dates for Interim Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. TURNOVER 2004 2003 HK$'000 HK$'000 Distribution of video programmes 19,672 40,774 Sub-licensing of programme rights 11,779 24,478 Sales of advertising rights - 1,144 ______ ______ 31,451 66,396 _______ _____ 2. (LOSS) PROFIT FROM OPERATIONS Six months ended 30.6.2004 30.6.2003 HK$'000 HK$'000 (Loss) profit from operations has been arrived at after charging (crediting): Amortisation of film rights (included in cost of sales) 13,593 23,193 Amortisation of goodwill (included in administrative expenses) 1,976 1,266 Amortisation of other asset (included in administrative expenses) 3,323 3,322 Cost of inventories (included in cost of sales) 865 3,054 Depreciation and amortisation of property, plant and equipment: - owned assets 678 613 - leased assets 6 6 684 619 Inventory written off (included in cost of sales) - 484 Contributions to retirement benefits scheme 85 108 Salaries and other allowances 5,185 3,481 Total staff costs 5,270 3,589 Unrealised loss on disposal of investments in securities 459 - Interest income from bank deposits (15) (35) Interest income from convertible notes (794) (794) 3. (LOSS) EARNINGS PER SHARE The calculation of the basic and diluted (loss) earnings per share is based on the following data: Six months ended 30.6.2004 30.6.2003 HK$'000 HK$'000 (Loss) earnings (Loss) earnings for the purposes of basic earnings per share (net (loss) profit for the period) (37,215) 24,336 Effect of dilutive potential ordinary shares: Interest on convertible notes - 168 Adjustment to interest on convertible notes issued by an associate based on dilution of their earnings per share - (794) ---------- --------- (Loss) earnings for the purpose of diluted earnings per share (37,215) 23,710 =========== ======== '000 '000 Number of shares Weighted average number of ordinary shares for the purpose of basic earnings per share 475,200 475,200 Effect of dilutive potential ordinary shares: Share options - 3,324 Convertible notes - 8,450 -------- ------- Weighted average number of ordinary shares for the purposes of diluted earnings per share 475,200 486,974 -------- -------- The computation of diluted loss per share for the period does not assume the exercise of the Company's warrants, convertible notes payable and share options because the effect of exercising a warrant, a convertible note payable and an option to subscribe for an additional share in the Company would result in a decrease of net loss per share. The computation of diluted earnings per share for the period from 1st January, 2003 to 30th June, 2003 did not assume the exercise of the Company's warrants as the exercise price of these warrants was higher than the average market price for shares. 4. INTERESTS IN ASSOCIATES THE GROUP 30.6.2004 31.12.2003 HK$'000 HK$'000 Share of net assets in an associate (note (a)) 30,000 - Convertible notes issued by an associate (note (b)) 160,000 160,000 Less: Allowance for convertible notes issued by an associate (24,000) - _______ _______ 166,000 160,000 Less: Convertible notes due within one year shown under current assets (136,000) - _______ _______ 30,000 160,000 ======= ======== Notes: (a) During the period, the Group invested an aggregate amount of HK$30 million for a 40% equity interest in Rainbow Choice Enterprises Limited, a company which principally engages in production, distribution, licensing and sub-licensing of distribution rights relating to films, television series, entertainment news and/or video features. (b) The notes bear interest at 1% per annum, which is payable yearly in arrears, and will mature on 17th April, 2005. Prior to the maturity, only Gainful Fortune Limited ("Gainful"), an associate of the Group, has the right to redeem early part or all of the amount of the convertible notes. The convertible notes carry the right to convert the outstanding principal amount of the notes into ordinary shares of HK$1 each in the share capital of Gainful at a conversion price of HK$1 per share on the maturity date. However, prior to the maturity, the Group may convert the notes with the consent of Gainful. As at 30 June 2004, the directors of the Company assessed the financial position of Gainful. The directors of the Company considered that part of convertible notes of HK$24,000,000 cannot be recovered in the future, therefore, an allowance of HK$24,000,000 (six months ended 30 June 2003: Nil) has been made in respect of the convertible note issued by Gainful in the current period.