VITASOY INT'L<0345> - Results Announcement (Summary)
Vitasoy International Holdings Limited announced on 12/7/2001:
(stock code: 345)
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 : 2,012,372 1,885,490
Profit/(Loss) from Operations : 177,814 170,539
Finance cost : (12,951) (12,679)
Share of Profit/(Loss) of Associates : 647 1,779
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : 128,146 126,135
% Change over Last Period : +1.59%
EPS/(LPS)-Basic : 13.2 cents 12.9 cents
-Diluted : 13.1 cents 12.8 cents
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : 128,146 126,135
Final Dividend per Share : 5.1 cents 4.5 cents
(Specify if with other options) : - -
B/C Dates for Final Dividend : 31/8/2001 to 6/9/2001 bdi.
Payable Date : 14/9/2001
B/C Dates for Annual General Meeting : 31/8/2001 to 6/9/2001 bdi.
Other Distribution for Current Period : -
B/C Dates for Other Distribution : -
Remarks:
(1) Earnings per share
(a) Basic earnings per share
Basic earnings per share is calculated by using the profit attributable
to shareholders of HK$128,146,000 (2000: HK$126,135,000) and the weighted
average number of 974,463,000 shares (2000: 975,891,000 shares after
adjusting for the bonus issue in September 2000) in issue during the year.
(b) Diluted earnings per share
The calculation of diluted earnings per share is based on the profit
attributable to shareholders of HK$128,146,000 (2000: HK$126,135,000) and
the weighted average number of 975,131,000 shares (2000: 982,134,000
shares after adjusting for the bonus issue in September 2000) in issue
after adjusting for the effects of all dilutive potential shares.
(c) Reconciliation
2001 2000
Number of shares Number of shares
'000 '000
Weighted average number
of shares used in
calculating basic
earnings per share 974,463 975,891
Deemed issue of shares
for no consideration arising
from share options 668 6,243
---------------------------------
Weighted average number
of shares used in
calculating diluted
earnings per share 975,131 982,134
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(2) Change in accounting policy
In prior years, the cost of retirement gratuities was charged to the
profit and loss account when the gratuities became vested. During the
year, the Group changed the basis of recognition of the retirement
gratuity provision, such that the provision represents the present value
of the defined benefit obligation, being the expected future payments
required to settle the obligation resulting from employee service in the
current and prior periods, at the balance sheet date. The current service
cost, being the present value of benefits attributed to the current year
based on the recommendation of an actuary, is charged to the profit and
loss account. In the opinion of the management, this policy better
reflects the present obligations of the Group.
As a result of the change in accounting policy, the Group's profit for the
year has been decreased by HK$2,354,000 and the Group's and the Company's
net assets as at the year end have been decreased by HK$38,278,000 and
HK$37,715,000 respectively. The effect of adopting the changed policy at
31st March, 2000 has been adjusted to the opening balance of retained
earnings for the year. No restatement of other comparative information has
been made since it is impractical to do so.
(3) Due to the adoption of SSAP 1, certain comparative figures have been
re-classified in order to conform with current period's presentation.
(4) The earnings per share and dividend figures for the last corresponding
period has been adjusted for bonus issue in September 2000.
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