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
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For more details, please refer to the press annoncement today.
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