Symphony Holdings Limited — Earnings Release 2001

Apr 23, 2002

Listed Company Information

SYMPHONY HOLD<01223> - Results Announcement (Summary) Symphony Holdings Limited announced on 23/4/2002: (stock code: 1223) Year end date: 31/12/2001 Currency: HKD Auditors' Report: Neither Review of Interim Report by: N/A (Audited) (Audited) Last Current Corresponding Period Period from 1/1/2001 from 1/1/2000 to 31/12/2001 to 31/12/2000 ('000) ('000) Turnover : 815,503 635,065 Profit/(Loss) from Operations : 60,178 38,179 Finance cost : (1,967) (467) Share of Profit/(Loss) of Associates : - - Share of Profit/(Loss) of Jointly Controlled Entities : 118 - Profit/(Loss) after Tax & MI : 58,413 36,425 % Change over Last Period : +60.4% EPS/(LPS)-Basic : 28.4 cents 18.5 cents -Diluted : 28.4 cents 18.4 cents Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 58,413 36,425 Final Dividend per Share : Nil 12.5 cents (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. TURNOVER AND SEGMENT INFORMATION Turnover represents the net invoiced value of goods sold, after allowance for returns and trade discounts, and gross rental income received and receivable from investment properties during the year. An analysis of the Group's turnover, results, asset and liability for the year by business segments is as follows: Footwear Property products investment Consolidated 2001 2000 2001 2000 2001 2000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 Turnover 814,348 633,550 1,155 1,515 815,503 635,065 ======= ======= ===== ===== ========= ========= Segment results 112,050 47,134 (24,623) (2,180) 87,427 44,954 ======= ====== ========= ======= Net unallocated expenses (27,249) (6,775) -------- ------- Profit from operating activities 60,178 38,179 Finance costs (1,967) (467) Share of profit of a jointly- controlled entity 118 - --------- -------- Profit before tax 58,329 37,712 ========= ======== Segment assets 427,627 343,091 77,138 101,588 504,765 444,679 Interest in a jointly-controlled entity 43,269 - Unallocated assets 117,392 528,662 -------- --------- Total assets 665,426 973,341 ======== ========= Segment liabilities 218,698 189,073 597 614 219,295 189,687 Unallocated liabilities 3,915 55,675 ------- ------- Total liabilities 223,210 245,362 ======= ======== An analysis of the Group's turnover and gross profit for the year by geographical segments is as follows: Contribution to Turnover gross profit 2001 2000 2001 2000 HK$'000 HK$'000 HK$'000 HK$'000 North America United States of America 539,238 384,154 113,707 82,296 Others 48,822 34,819 10,295 7,459 ------- -------- ------- ------ 588,060 418,973 124,002 89,755 Europe 123,238 132,314 25,987 28,345 Asia 44,161 39,813 10,223 9,719 Australia 28,737 20,873 6,060 4,472 Others 31,307 23,092 6,601 4,947 ------- ------- ------- ------ 815,503 635,065 172,873 137,238 ======= ======= ======= ======= 2. PROFIT FROM OPERATING ACTIVITIES The Group's profit from operating activities is arrived at after charging/(crediting): 2001 2000 HK$'000 HK$'000 Cost of inventories sold 448,175 337,868 Depreciation 16,761 11,305 Provision for doubtful debts 9,111 61,442 Loss on disposal of fixed assets 385 69 Loss on write-off of fixed assets 1,342 4,380 Deficit on revaluation of leasehold land and buildings 9,175 8,832 Deficit on revaluation of investment properties 24,450 3,286 Provision for impairment in value of land held for development 16,786 1,875 Provision for impairment of long term investments 1,769 50 Net holding loss on short term investments 1,735 5,736 Interest income from listed investments (11,822) (15,807) Gain on disposal of short term investments (3,626) (5,600) Gain on disposal of long term investments (23,049) (4,375) Dividend income from listed investments (773) (91) ======== ======== 3. FINANCE COSTS 2001 2000 HK$'000 HK$'000 Interest expense on bank loan and overdrafts wholly repayable within five years 1,967 467 ===== ==== 4. TAX 2001 2000 HK$'000 HK$'000 Provision for the year: Hong Kong 886 568 Elsewhere 4,260 1,072 Underprovision in prior years 302 188 ------ ------- Tax charge for the year 5,448 1,828 ====== ======= Hong Kong profit tax has been provided at the rate of 16% (2000: 16%) on the estimated assessable profits arising in Hong Kong during the year. Tax on profits assessable elsewhere has been provided at the rates of tax prevailing in the countries in which the Group operates, based on existing legislation, interpretations and practices thereof. 5. FINAL DIVIDEND The Directors do not recommend the payment of a final dividend in respect of the year (2000: HK$0.125 per ordinary share, adjusted for the consolidation of 25 ordinary shares of HK$0.04 each into 1 ordinary share of HK$1.00 each (the "Share Consolidation"). 6. EARNINGS PER SHARE The calculation of basic earnings per share is based on the Group's audited net profit from ordinary activities attributable to shareholders for the year of HK$58,413,000 (2000: HK$36,425,000) and the weighted average number of 205,723,618 (2000: 196,924,383*) ordinary shares in issue during the year. The calculation of the diluted earnings per share is based on the Group's audited net profit from ordinary activities attributable to shareholders for the year of HK$58,413,000 (2000: HK$36,425,000) on the assumption that the weighted average number of 205,723,618 (2000: 196,924,383*) ordinary shares in issue during the year and the weighted average number of 67,606 (2000: 1,346,288*) ordinary shares deemed to be issued at no consideration if all outstanding share options had been exercised. * As adjusted for the Share Consolidation.