Samsonite Group S.A. — Interim / Quarterly Report 2005

Sep 27, 2005

Listed Company Information

Listed Company Information
RICHE M-MEDIA<00764> - Results Announcement Riche Multi-Media Holdings Limited announced on 27/09/2005: (stock code: 00764 ) Year end date: 31/12/2005 Currency: HKD Auditors' Report: N/A Interim report reviewed by: Both Audit Committee and Auditors (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 01/01/2005 from 01/01/2004 to 30/06/2005 to 30/06/2004 Note ('000 ) ('000 ) Turnover : 31,573 31,451 Profit/(Loss) from Operations : (15,123) (13,046) Finance cost : (142) (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 : (15,265) (37,215) % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.0032) (0.0078) -Diluted (in dollars) : (0.0032) (0.0078) Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (15,265) (37,215) 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. BASIS OF PREPARATION The unaudited condensed consolidated interim financial statements have been prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements set out in Appendix 16 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. These condensed consolidated financial statements should be read in conjunction with the 2004 annual financial statements. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies and methods of computation used in the preparation of these unaudited condensed consolidated interim financial statements are the same as those used in the annual financial statements for the year ended 31 December 2004 except in relation to the following new and revised Hong Kong Financial Reporting Standards ("HKFRSs", which also includes HKASs and Interpretations) which are generally effective and are relevant to the Group's operations for accounting periods beginning on or after 1 January 2005 and are adopted the first time by the Group for the current period's financial statements: HKAS 1 Presentation of Financial Statements HKAS 2 Inventories HKAS 7 Cash Flow Statements HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors HKAS 10 Events after the Balance Sheet Date HKAS 12 Income Taxes HKAS 14 Segment Reporting HKAS 16 Property, Plant and Equipment HKAS 17 Leases HKAS 18 Revenue HKAS 19 Employee Benefits HKAS 21 The Effects of Changes in Foreign Exchange Rates HKAS 23 Borrowing Costs HKAS 24 Related Party Disclosures HKAS 27 Consolidated and Separate Financial Statements HKAS 32 Financial Instruments: Disclosure and Presentation HKAS 33 Earnings Per share HKAS 34 Interim Financial Reporting HKAS 36 Impairment of Assets HKAS 37 Provisions, Contingent Liabilities and Contingent Assets HKAS 38 Intangible Assets HKAS 39 Financial Instruments: Recognition and Measurement HKAS-INT 21 Income Taxes - Recovery of Revalued Non-Depreciable Assets HKFRS 2 Share-based Payment HKFRS 3 Business Combination 3. TURNOVER Six months ended 30 June 2005 2004 HK$'000 HK$'000 (Unaudited) (Unaudited) Distribution 4,961 19,672 Sub-licensing 8,189 11,779 Sales of available-for-sale financial assets 18,423 - --------- --------- 31,573 31,451 ========= ========= 4. LOSS FROM OPERATIONS Six months ended 30 June 2005 2004 HK$'000 HK$'000 (Unaudited) (Unaudited) Loss from operations has been arrived at after charging (crediting): Impairment loss recognised in respect of goodwill 7,656 - Amortisation of film rights (included in cost of sales) 7,109 13,593 Amortisation of goodwill (included in administrative expenses) - 1,976 Amortisation of other asset (included in administrative expenses) - 3,323 Cost of inventories (included in cost of sales) 33 865 Depreciation and amortisation of property, plant and equipment: - owned assets 441 678 - leased assets - 6 441 684 Staff costs including directors' emoluments: - Salaries and other allowances 3,185 5,185 - Contributions to retirement benefits scheme 76 85 3,261 5,270 Unrealised loss on available-for-sale financial assets 2,215 459 Interest income from bank deposits - (15) Interest income from convertible notes receivable - (794) 5. LOSS PER SHARE The calculation of the basic and diluted loss per share is based on the following data: Six months ended 30 June 2005 2004 HK$'000 HK$'000 (Unaudited) (Unaudited) Loss for the purposes of basic and diluted loss per share net loss for the period 15,265 37,215 ======== ======== Number of shares 30 June 2005 30 June 2004 '000 '000 Weighted average number of ordinary shares for the purpose of basic and diluted loss per share 4,754,018 4,752,000 ========== ========== The weighted average number of ordinary shares outstanding for the six months ended 30 June 2004 has been retrospectively adjusted for the effect after subdivision on the basis of one share of HK$0.10 in the issued and unissued shares into ten subdivided shares of HK$0.01 each in the issued and unissued shares on 17 January 2005. The computation of diluted loss per share for the six months ended 30 June 2005 did not assume the exercise of the Company's share options as the effect of the assumed conversion of the Company's outstanding share options would be anti-dilutive. The computation of diluted loss per share for the period from 1 January 2004 to 30 June 2004 did not assume the exercise of the Company's warrants, convertible notes payable and share options as the effect of the assumed conversion of the Company's warrants, convertible notes payable and share options would be anti-dilutive. 6. INTERESTS IN ASSOCIATES THE GROUP 30.6.2005 31.12.2004 HK$'000 HK$'000 (Unaudited) (Audited) Convertible notes issued by an associate - 160,000 Less: Provision for convertible notes - (160,000) ========= ========== The convertible notes bear interest at 1% per annum, which is payable yearly in arrears, and will mature on 17 April 2005. Prior to the maturity, only Gainful Fortune Limited ("Gainful") 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 convertible 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 convertible notes with the consent of Gainful. At 31 December 2004, the directors assessed the financial position of Gainful and considered that the convertible notes cannot be recovered in the future, therefore, a provision of HK$160,000,000 had been made. On 19 April 2005, the Group exercised the right under the convertible notes to convert the outstanding principal amount of HK$160,000,000 into share capital of Gainful. Since then, Gainful and its wholly-owned subsidiary, Ocean Shores Licensing Limited, becomes subsidiaries of the Group.