Shanghai Able Digital Science&Tech Co., Ltd. — Earnings Release 2000

Apr 12, 2001

Listed Company Information

SE ASIA WOOD<1205> - Results Announcement South East Asia Wood Industries Holdings Limited announced on 12/4/2001: (stock code: 1205) Year end date: 31/12/2000 Currency: HK$ (Audited) (Audited) 12-Month 15-Month Period Period from 1/1/2000 from 1/10/1998 to 31/12/2000 to 31/12/1999 ('000) ('000) Turnover : 58,451 303,654 Profit/(Loss) from Operations : 30,121 (324,546) Finance cost : (6,233) (54,514) 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 : 41,224 (378,505) % Change over Last Period : N/A EPS/(LPS)-Basic : 1.14 cents (63.08 cents) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 41,224 (378,505) Final Dividend per Share : NIL NIL (Specify if with other options) : N/A N/A B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1. BASIS OF PRESENTATION In the preparation of the current year's consolidated financial statements, the Group has adopted the Statements of Standard Accounting Practice No.1 (Revised) "Presentation of Financial Statements" and No.2 (Revised) "Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies" issued by the Hong Kong Society of Accountants. The presentation in the current year's accounts has been modified to conform to the requirements of these standards. In particular, comparative figures have been adjusted or extended to conform to changes in the presentation in the current year. 2. TURNOVER Turnover represents the net invoiced value of goods sold, after allowances for returns and trade discounts, but excludes intra-group transactions. An analysis of the Group's turnover and contribution to profit from operating activities by principal activities and geographical area of sales markets for the year ended 31 December 2000 and the period ended 31 December 1999 is as follows: Turnover Contribution to operating profits Period from Period from Year ended 1 October 1998 Year ended 1 October 1998 31 December to 31 December 31 December to 31 December 2000 1999 2000 1999 HK$'000 HK$'000 HK$'000 HK$'000 By principal activity : Manufacture and sale of plywood 10,120 148,267 5,215 (64,457) Manufacture and sale of fancy plywood 48,331 133,898 24,906 (42,972) Trading of timber products - 21,489 - (8,182) --------------------------------------------------------- 58,451 303,654 30,121 (115,611) ========================================================= Turnover Contribution to operating profits Period from Period from Year ended 1 October 1998 Year ended 1 October 1998 31 December to 31 December 31 December to 31 December 2000 1999 2000 1999 HK$'000 HK$'000 HK$'000 HK$'000 By geographical area : The People's Republic of China : Mainland China 57,579 265,075 30,007 (100,924) Thailand 872 38,579 114 (14,687) --------------------------------------------------------- 58,451 303,654 30,121 (115,611) ========================================================= 3. FINANCE COSTS Period from Year ended 1 October 1998 31 December to 31 December 2000 1999 HK$'000 HK$'000 Interest on: Bank loans and overdrafts 6,233 52,634 Finance leases - 1,880 ------ ------ 6,233 54,514 ====== ====== 4. TAX Period from Year ended 1 October 1998 31 December to 31 December 2000 1999 HK$'000 HK$'000 Overprovision in prior years 17,183 - ====== No provision for Hong Kong profits tax has been made as the Group had no assessable profits arising in Hong Kong for the year (period ended 31 December 1999: Nil). A group company operating in the PRC is exempt from income tax for two years starting from its first profitable year of operation and is entitled to 50% relief from income tax for the following three years under the Income Tax Law of the PRC. No provision for tax has been made as this group company did not generate any assessable profits arising in the PRC during the year. Deferred tax has not been provided for as there were no significant timing differences at the balance sheet date. 5. NET PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS The net profit attributable to shareholders dealt with in the financial statements of the Company is HK$41,224,000 (period ended 31 December 1999: loss of HK$378,505,000). 6. EARNINGS/(LOSS) PER SHARE The calculation of the basic earnings per share is based on the net profit attributable to shareholders for the year of HK$41,224,000 (period ended 31 December 1999: loss of HK$378,505,000) and the weighted average of 3,624,590,164 shares (period ended 31 December 1999: 600,000,000 shares) in issue during the year. The diluted loss per share is not shown because there is no dilution impact for the year (period ended 31 December 1999: Nil). 7. DIVIDEND No interim dividend was paid during the year and the prior period. The Directors do not recommend the payment of any dividend in respect of the year (period ended 31 December 1999: Nil cents per share). 8. COMPARATIVE FIGURES The comparative figures as of 31 December 1999 and for the year ended 31 December 2000 have been restated to reflect the change in accounting policy of pre-operating expenditures, which has been detailed in the 2000 Annual Report of the Group. 9. CHANGE OF REPORTING CURRENCY During the year ended 31 December 2000, the Directors resolved that the financial statements of the Group should be stated in Hong Kong dollars instead of United States dollars as most of the Group's transactions are conducted and denominated in Hong Kong dollars and currencies closely linked with it. The comparative prior period figures have been restated in Hong Kong dollars using an exchange rate of one United States dollar to 7.8 Hong Kong dollars.