SAM WOO<02322> - Results Announcement
Sam Woo Holdings Limited announced on 21/11/2006:
(stock code: 02322 )
Year end date: 31/03/2007
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/04/2006 from 01/04/2005
to 30/09/2006 to 30/09/2005
Note ('000 ) ('000 )
Turnover : 74,779 28,482
Profit/(Loss) from Operations II : 22,438 1,604
Finance cost : (6,124) (5,892)
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 : 16,314 (4,288)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : 0.0549 (0.0131)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 16,314 (4,288)
Interim Dividend : N/A N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
I Basis of preparation
These unaudited condensed consolidated financial statements have been
prepared under the historical cost convention and in accordance with Hong
Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued
by the Hong Kong Institute of Certified Public Accountants ("HKICPA") and
the disclosure requirements of Appendix 16 to the Rules Governing the
Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong
Kong Limited.
These condensed consolidated financial statements should be read in
conjunction with the 2006 annual financial statements.
The Group had not appointed the auditors to carry out any review of the
interim financial statements for the six months ended 30 September 2006 in
accordance with SAS 700.
The accounting policies and methods of computation used in the preparation
of these condensed consolidated financial information are consistent with
those used in the annual financial statements for the year ended 31 March
2006 except as described below.
(i) The adoption of Hong Kong Financial Reporting Standards
In the current period, the Group has applied for the first time, a number
of new standards, amendments and interpretations (hereinafter collectively
referred to as "new HKFRSs") issued by the HKICPA that are effective for
accounting periods beginning on or after 1 January 2006. The application
of these new HKFRSs did not have any material impact on the results of
operations and financial position of the Group.
Certain new standards, amendments and interpretations to existing
standards have been published that are mandatory for accounting periods
beginning on or after 1 May 2006 or later periods. The Group has not
early adopted these new standards, amendments and interpretations for the
period ended 30 September 2006. The Group has already commenced an
assessment of their impact but not yet in a position to state whether
these changes would have a significant impact on its results of operations
and financial position.
Application of merger accounting
The Group applied the Accounting Guideline No. 5 - "Merger Accounting for
Common Control Combination", using the principles of merger accounting to
account for the acquisition of Master View Co., Ltd ("Master View") which
was completed on 15 March 2006.
The acquisition is a combination of businesses under common control since
Mr. Lau Chun Ming is the substantial shareholder of both the Group and
Master View. As a result, the Group accounted for the acquisition in a
manner similar to a uniting of interests, whereby the assets and
liabilities acquired are accounted for at historical cost to the Group.
The consolidated financial statements have been restated to give effect to
the acquisition with all periods presented as if the operations of the
Group and Master View have always been combined. The difference between
the purchase consideration and the issued share capital of Master View of
HK$7 has been adjusted against equity.
The effect of adopting merger accounting to account for the acquisition of
Master View to the consolidated income statement for the period is as
follows:
The condensed consolidated income statement for the period ended 30
September 2006:
The Group Master View Adjustments Consolidated
HK$ '000 HK$ '000 HK$ '000 HK$ '000
Profit attributable to equity holders of the Group
932 15,545 - 16,477
==========================================================
The condensed consolidated income statement for the period ended 30
September 2005:
The Group Master View Adjustments Consolidated
HK$ '000 HK$ '000 HK$ '000 HK$ '000
Profit /(loss) attributable to equity holders of the Group
2,571 (6,509) - (3,938)
===========================================================
II Profit/(Loss) from Operations
Unaudited
Six months ended
30 September
2006 2005
HK$'000 HK$'000
Operating profit is stated after charging:
Cost of inventories sold 1,900 3,236
Staff costs, excluding directors' emoluments
3,290 6,491
Auditors' remuneration - 100
Depreciation
Owned plant and equipment 8,344 9,976
Leased plant and equipment 872 2,359
Operating lease rentals in respect of land and buildings
1,715 1,723
Vessel hiring expenses 2,100 2,100
===============
III Earnings/(loss) per share
Basic earnings per share is calculated by dividing the consolidated profit
attributable to equity holders of the Company of approximately HK$16,477,
000 (2005: loss of approximately HK$3,938,000) by 300,000,000 (2005: 300,
000,000) ordinary shares in issue during the period.
The exercise of share options would have no dilutive effect on the
earnings/(loss) per share for the periods ended 30 September 2006 and 30
September 2005.
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