Uni-Bio Science Group Limited — Earnings Release 2002

Jul 30, 2002

Listed Company Information

NEW SPRING HOLD<00690> - Results Announcement (Summary) New Spring Holdings Limited announced on 30/7/2002: (stock code: 690) Year end date: 31/3/2002 Currency: HKD Auditors' Report: Unqualified Review of Interim Report by: N/A (Audited) (Audited) Last Current Corresponding Period Period from 1/4/2001 from 1/4/2000 to 31/3/2002 to 31/3/2001 ('000) ('000) Turnover : 162,904 143,329 Profit/(Loss) from Operations : 33,587 33,247 Finance cost : (2,613) (3,731) Share of Profit/(Loss) of Associates : 53 (7) Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : 29,342 26,940 % Change over Last Period : +9% EPS/(LPS)-Basic : $0.189 $0.192 -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 29,342 26,940 Final Dividend per Share : $0.10 N/A (Specify if with other options) : - - B/C Dates for Final Dividend : 20/8/2002 to 23/8/2002 bdi. Payable Date : 30/8/2002 B/C Dates for Annual General Meeting : 20/8/2002 to 23/8/2002 bdi. Other Distribution for Current Period : - B/C Dates for Other Distribution : - Remarks: 1. Group reorganisation and basis of presentation (a) The Company was incorporated in the Cayman Islands on 20th February 2001 as an exempted company with limited liability under the Companies Law (Revised) of the Cayman Islands. (b) On 22nd October 2001, pursuant to a group reorganisation (the "Reorganisation") in preparation for the listing of the Company's shares on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the Company became the ultimate holding company of the companies now comprising the Group. Details of the Reorganisation are set out in the prospectus of the Company dated 30th October 2001. The shares of the Company have been listed on the Main Board of the Stock Exchange since 12th November 2001. (c) Merger accounting is adopted in the presentation of the Group's consolidated accounts pursuant to Statements of Standard Accounting Practice ("SSAP") 2.127 "Accounting for group reconstructions" issued by the Hong Kong Society of Accountants ("HKSA"). The consolidated accounts of the Group for the year ended 31st March 2002, including the comparative figures, are prepared as if the Company had been the holding company of the Group from the beginning of the earliest period presented. (d) The difference between the nominal value of the shares of New Master Group Limited ("New Master"), the holding company of the Group immediately prior to the Reorganisation, acquired pursuant to the Reorganisation and the nominal value of the Company's shares issued in exchange thereof is dealt with in the capital reserve on consolidation. 2. Principal accounting policies and basis of preparation The consolidated accounts including the accounts of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in Hong Kong and comply with accounting standards issued by the HKSA. They have been prepared under the historical cost convention as modified by the revaluation of certain leasehold land and buildings and plant and machinery as disclosed in the accounting policies below. In the current year, the Group adopted the following SSAPs issued by the HKSA which are effective for accounting periods commencing on or after 1st January 2001: SSAP 9 (revised) : Events after the balance sheet date SSAP 14 (revised) : Leases (effective for periods commencing on or after 1st July 2000) SSAP 26 : Segment reporting SSAP 28 : Provisions, contingent liabilities and contingent assets SSAP 29 : Intangible assets SSAP 30 : Business combinations SSAP 31 : Impairment of assets SSAP 32 : Consolidated financial statements and accounting for investments in subsidiaries The adoption of these new or revised accounting standards in this year has no retrospective effect on the comparative figures. 3. Turnover, revenues and segment information The principal activities of the Group are the manufacturing and trading of packaging products, paper gifts items and promotional products. Revenues recognised during the year are as follows: 2002 HK$'000 Turnover Sales of goods at invoiced value to customers, net of discounts 162,904 ------- Other revenue Interest income 464 Exchange gain 49 Profit on disposal of fixed assets - Rental income from plant and machinery 540 Other income 355 ---- 1408 ---- Total revenues 164,312 ======= Primary reporting format - business segments Year ended 31st March 2002 Packaging Paper gifts Promotional Group products items products HK$'000 HK$'000 HK$'000 HK$'000 Revenues 89,462 37,292 36,150 162,904 ====================================== Segment results 23,442 13,556 14,285 51,283 ====================================== Unallocated income 1,408 Unallocated costs (19,104) -------- Operating profit 33,587 Finance costs (2,613) Share of profit of an associated Company 53 -------- Profit before taxation 31,027 Taxation (1,937) -------- Profit after taxation 29,090 Minority interests 252 -------- Profit attributable to shareholders 29,342 ======== 4. An analysis of profit/(loss) from continuing operations: 2002 HK$'000 Turnover 162,904 Cost of sales (111,621) --------- Gross profit 51,283 Other revenues 1,408 Distribution costs (3,515) Administrative costs (15,589) ---------- Operating profits 33,587 Finance costs (2,613) Share of profit/(loss) of an associated company 53 --------- Profit before taxation 31,027 Taxation (1,937) -------- Profit after taxation 29,090 Minority interests 252 -------- Profit attributable to shareholders 29,342 -------- Dividends 18,000 -------- Earnings per share 18.9 cents ========== 5. The basis of calculation for basic EPS and diluted EPS of the current period The calculation of basic earnings per share is based on the Group's profit attributable to shareholders of 29,342,000 (2001: HK$26,940,000) and the weighted average of 155,342,466 shares (2001: 140,000,000 shares) deemed to be issued during the year. In determining the weighted average number of shares deemed to be issued, the 2,666,668 shares issued as consideration of the acquisition by the Company of the issued capital of New Master and the Capitalisation Issue of 137,333,332 shares were deemed to have been in issue on 1st April 2000. Diluted earnings per share was not disclosed as there were no dilutive potential ordinary shares.