Skyworth Group Limited — Earnings Release 2000

Jun 20, 2000

Listed Company Information

SKYWORTHDIGITAL<0751> - Results Announcement Skyworth Digital Holdings Limited announced on 20/6/2000: (stock code: 751) Year end date: 31/3/2000 Currency: HK$ (Audited) (Audited) Last Current Corresponding Period Period from 1/4/1999 from 1/4/1998 to 31/3/2000 to 31/3/1999 ('000) ('000) Turnover - Continuing : 3,818,801 3,009,671 - Discontinued : - - Operating Profit/(Loss) - Continuing : 391,021 303,309 - Discontinued : - - Total Operating Profit/(Loss) : 391,021 303,309 Share of Profit/(Loss) of Associated Companies : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : 318,338 240,746 % Change over Last Period : +32.23% EPS/(LPS)-Basic : 22.33 cents 20.12 cents -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 318,338 240,746 Final Dividend per Share : Nil N/A (Specify if with other options) : N/A N/A B/C Dates for Final Dividend : N/A N/A Payable Date : N/A B/C Dates for Annual General Meeting : 28/7/2000 to 2/8/2000 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1) Group reorganisation and basis of preparation (a) The Company was incorporated on 16 December 1999 as an exempted company with limited liability in Bermuda under the Companies Act 1981 of Bermuda. (b) Pursuant to a group reorganisation (the "Group Reorganisation") to rationalise the structure of the Company and its subsidiaries (hereinafter collectively referred to as the "Group") in preparation for the listing of the Company's shares on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the Company issued shares in exchange for the entire issued share capital of Skyworth Digital Technology (Holding) Company Limited and its subsidiaries and thereby became the holding company of the Group on 27 March 2000. The Company's shares were successfully listed on the Stock Exchange on 7 April 2000. (c) The Group resulting from the Group Reorganisation is regarded as a continuing entity. Accordingly, the consolidated results have been prepared on a merger accounting basis as if the Company had always been the holding company of the Group. In the opinion of the Directors, the financial statements, prepared on the above basis, present fairly the results and the state of affairs of the Group as a whole. 2) Dividend The Directors do not recommend the payment of a final dividend. No dividend was paid for the year ended 31 March 2000. The total dividend paid by the Group for the year ended 31 March 1999 amounted to HK$210 million and was paid by a subsidiary of the Company to its then shareholders prior to the Group Reorganisation effected in anticipation of the Company's listing. 3) Earnings per share The calculation of the basic earnings per share for the year is based on the net profit for the year of HK$318,338,000 (1999: HK$240,746,000) and on the weighted average number of 1,425,739,159 (1999: 1,196,730,628) ordinary shares in issue during the year. The number of shares is calculated on the assumption that the Group Reorganisation had been completed on 1 April 1998 and taking into account the shares issued by certain subsidiaries for cash during the two years ended 31 March 2000.