Television Broadcasts Limited — Earnings Release 2001

Jul 30, 2001

Listed Company Information

YEW SANG HONG<0290> - Results Announcement (Summary) Yew Sang Hong (Holdings) Limited announced on 27/7/2001: (stock code: 290) Year end date: 31/3/2001 Currency: HKD (Audited) (Audited) Last Current Corresponding Period Period from 1/4/2000 from 1/4/1999 to 31/3/2001 to 31/3/2000 ('000) ('000) Turnover : 354,444 461,246 Profit/(Loss) from Operations : 54,867 37,909 Finance cost : (1,296) (1,333) Share of Profit/(Loss) of Associates : Nil Nil Share of Profit/(Loss) of Jointly Controlled Entities : Nil Nil Profit/(Loss) after Tax & MI : 47,195 36,231 % Change over Last Period : +30% EPS/(LPS)-Basic : 28 cents 21 cents -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : Nil Nil Profit/(Loss) after ETD Items : 47,195 36,231 Final Dividend per Share : Nil N/A (Specify if with other options) : - - B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for Annual General Meeting : 25/9/2001 to 28/9/2001 bdi. Other Distribution for Current Period : Nil B/C Dates for Other Distribution : N/A Remarks: (1) Group Reorganisation and basis of presentation Yew Sang Hong (Holdings) Limited ("the Company") was incorporated in the Cayman Islands on 2nd January, 2001 as an exempted company with limited liability under the Companies law (2000 Revision) of the Cayman Islands. The Company is an investment holding company. Its subsidaries are principally engaged in electrical engineering contracting and trading of electrical equipment and materials. Its shares have been listed on The Stock Exchange of Hong Kong Limited ("the Stock Exchange") since 3rd May, 2001. Pursuant to a group reorganisation scheme in preparation for listing of the Company's shares. The Company became the ultimate holding company of the companies comprising the group (collectively referred as "the Group") on 3rd April, 2001. The group reorganisation involved companies under common control, and the Company and its subsidiaries resulting from the reorganisation are regarded as a continuing group. Yew Sang Hong Limited ("YSHL"), Yew Sang Hong Trading Limited ("YSHTL") and Brongham Park Limited ("BPL") are engaged in the business of electrical engineering contracting and the trading of electrical equipment and materials. During the period up to 22nd December, 2000, YSHL and YSHTL were wholly-owned by Mr. Lai Sai Sang ("Mr. Lai"), a substantial shareholder of the Company, while BPL was 70% owned by Mr. Lai. As part of the reorganisation, on 22nd December, 2000, Mr. Lai acquired the remaining 30% shareholding in BPL, which then became wholly-owned by Mr. Lai. On 3rd April, 2001, the entire issued share capital of YSHL, YSHTL and BPL were transferred by Mr. Lai to Yew Sang Hong (BVI) Limited ("YSH(BVI)"), a company wholly-owned by YSH Investments Limited ("YSHIL"), in consideration of allotment and issuance of shares by YSHIL, credited as fully paid. As at the same date, the Company acquired from YSHIL the entire issued share capital of YSH(BVI) by allotment and issuance of the Company's shares, credited as fully paid, to YSHIL. The combined results include the results of operations of the Company and its subsidaries as if the group struc0ture resulting from the aforementioned reorganisation executed on 3rd April, 2001 had been in existence throughout the years ended 31st March 2000 and 2001 or since the date of incorporation of the respective group companies where this is a shorter period, except for the indirect acquisition of 30% equity interest of BPL on 22nd December, 2000, which is accounted for using acquisition accounting. All significant transactions and balances among the companies comprising the Group have been eliminated on combination. (2) TURNOVER An analysis of the Group's combined turnover by principal activities and their respective contributions to profit before taxation for the year ended 31st March, 2001 is as follows: Turnover Contribution to profit before taxation -------------------------------------------------------- 2001 2000 2001 2000 HK$'000 HK$'000 HK$'000 HK$'000 Electrical engineering contracting 274,850 407,845 27,359 37,134 Sales of goods 79,594 53,401 29,593 7,123 -------------------------------------------------------- 354,444 461,246 56,952 44,257 ======================================================== No analysis of the Group's combined turnover and profit before taxation by geographical location is presented because all of the Group's combined turnover and profit before taxation for the year ended 31st March, 2001 were derived from activities carried on in Hong Kong. (3) TAXATION The Company is exempted from taxation in the Cayman Islands until 2021. Hong Kong profits tax has been provided at the rate of 16% (2000 - 16%) on estimated assessable profit arising in or derived from Hong Kong. There was no significant unprovided deferred taxation as at 31st March, 2001. (4) EARNINGS PER SHARE The calculation of the basic earnings per share is based on the combined profit attributable to shareholders of approximately HK$47,195,000 (2000 - HK$36,231,000) and assuming 170,000,000 ordinary shares were in issue throughout 2000 and 2001. Diluted earnings per share for the years ended 31st March, 2000 and 2001 are not presented because there were no dilutive potential ordinary shares in existence during the years. (5) MOVEMENT OF RESERVES Capital reserve Retained profit Total -------------------------------------------------- HK$'000 HK$'000 HK$'000 1st April, 1999 - 16,391 16,391 Dividends paid - (20,152) (20,152) Net profit for the year - 36,231 36,231 -------------------------------------------------- 1st April, 2000 - 32,470 32,470 Capital reserve arising from the Group reorganisation 1,848 - 1,848 Dividend paid - (14,380) (14,380) Net profit for the year - 47,195 47,195 -------------------------------------------------- 31st March, 2001 1,848 65,285 67,133 ================================================== (6) Dividends No dividends have been paid or declared by the Company since its incorporation. The dividends paid or declared by the Company's subsidaries to its then shareholders are as follows: 2001 2000 HK$'000 HK$'000 Brongham Park Limited 5,380 1,050 Yew Sang Hong Limited 8,000 19,102 Yew Sang Hong Trading Limited 1,000 - ----------------------- 14,380 20,152 ======================= For more details, please refer to the press annoncement today.