SHENYIN WANGUO<0218> - Results Announcement
Shenyin Wanguo (H.K.) Limited announced on 19/5/2000:
(stock code: 218)
The accounts which contain the following results are modified by
the Company's auditor. For more details, please refer to the press
announcement to be issued by the Company on 22/5/2000.
Year end date: 31/12/1999
Currency: HKD (Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/1999 from 1/1/1998
to 31/12/1999 to 31/12/1998
Turnover
- Continuing : 188,453,849 410,615,828
- Discontinued : N/A N/A
Operating Profit/(Loss)
- Continuing : 11,772,892 (148,756,184)
- Discontinued : N/A N/A
Total Operating Profit/(Loss) : 11,772,892 (148,756,184)
Share of Profit/(Loss) of
Associated Companies : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : 13,843,841 N/A
Profit/(Loss) after Tax & MI : 24,640,692 (147,017,493)
% Change over Last Period : N/A
EPS/(LPS)-Basic : 4.76 cents (28.48 cents)
-Diluted : 4.76 cents N/A
Extraordinary (ETD) Gain/(Loss) : NIL NIL
Profit/(Loss) after ETD Items : 24,640,692 (147,017,493)
Final Dividend per Share : NIL NIL
(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 Annual General Meeting : 23/6/2000 to 29/6/2000 bdi.
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
(1) Operating profit/(loss)
The operating profit/(loss) is arrived at after charging finance cost.
The operating loss in the prior year was arrived at after provisions of
215,451,262 for advances to customers.
(2) Earnings/(Loss) per share
(a) Basic earnings/(loss) per share
The calculation of basic earnings/(loss) per share is based on the net
profit from ordinary activities attributable to shareholders for the year
of HK$24,640,692 (1998: loss of HK$147,017,493) and the weighted average
of 517,161,427 shares (1998: 516,194,843 shares) in issue.
(b) Diluted earnings/(loss) per share
The calculation of diluted earnings per share for the year ended 31
December 1999 is based on the net profit from ordinary activities
attributable to shareholders for the year of HK$24,640,692. The weighted
average number of ordinary shares used in the calculation comprises the
517,161,427 ordinary shares in issue during the year, as used in the basic
earnings per share calculation, and the weighted average of 403,147
ordinary shares assumed to have been issued at no consideration on the
deemed exercise of all options outstanding during the year.
The diluted loss per share for the year ended 31 Decemeber, 1998 has not
been shown as the options outstanding during that year had an
anti-dilutive effect on the basic loss per share for the year.
(3) Disclosure under Practice Note 19
As at 31 December 1999, there are advances to Century City International
Holdings Limited and its subsidiaries (collectively "CC Group") in an
aggregate amount of HK$307.7 million (1998: HK$391.6 million),
representing approximately 51% (1998: 68%) of the Group's net assets. The
aggregate balance comprises receivables arising from securities and
options trading, a claim under indemnity in relation to the acquisition of
the interests in jointly controlled entities and accrued interest income.
The Group has participated the standstill arrangement with other lenders
CC Group to recover accounts receivable owing to the Group of HK$286
million during the year. The remaining balance of HK$21.7 million
comprises an amount of HK$2.4 million which is secured by marketable
securities, and accrued interest income of HK$19.3 million which was
settled subsequent to the balance sheet date. The advances bear interest
ranging from prime rate plus 3.5 % to 4% p.a.
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