VITASOY INT'L<00345> - Results Announcement
Vitasoy International Holdings Limited announced on 05/07/2005:
(stock code: 00345 )
Year end date: 31/03/2005
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/04/2004 from 01/04/2003
to 31/03/2005 to 31/03/2004
Note ('000 ) ('000 )
Turnover : 2,379,955 2,269,422
Profit/(Loss) from Operations : 199,797 152,484
Finance cost : (9,042) (8,421)
Share of Profit/(Loss) of
Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entities : 0 0
Profit/(Loss) after Tax & MI : 123,747 116,025
% Change over Last Period : +6.66 %
EPS/(LPS)-Basic (in dollars) : 0.125 0.118
-Diluted (in dollars) : 0.124 0.117
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit/(Loss) after ETD Items : 123,747 116,025
Final Dividend per Share : 5.7 cents 5.7 cents
Special Dividend per Share : 10.0 cents 5.0 cents
(Specify if with other : N/A N/A
options)
B/C Dates for Final and
Special Dividend : 30/08/2005 to 05/09/2005 bdi.
Payable Date : 15/09/2005
B/C Dates for Annual
General Meeting : 30/08/2005 to 05/09/2005 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Financial highlights
* After riding on the growth momentum gathered in the first half of
fiscal 2004/2005 due mainly to the strong post-SARS recovery in Hong Kong
and the Group's fast expansion in Australia, turnover continued to rise in
the second half as growth was registered in Hong Kong, Mainland China and
Australia respectively. Total turnover for the year ended 31st March,
2005 was HK$2,379,955,000, up 4.9% from HK$2,269,422,000 a year ago.
* During the year under review, the initiative to exit the
Refrigerated Soymilk business in the US and consolidate all production
facilities at the plant in Ayer, Massachusetts proceeded smoothly as
planned. As a result of that, the Group incurred a total of HK$24,782,000
as restructuring and other exit costs in North America.
* For the year ended 31st March, 2005, profit attributable to
shareholders was HK$123,747,000, an increase of 6.7% from HK$116,025,000 a
year ago. Excluding the above restructuring costs, the net profit was
HK$148,529,000. This marked a significant rebound from the 16.5% year-on
-year decline in 2003/2004.
2. Earnings per share
(a) Basic earnings per share
The calculation of basic earnings per share is based on the consolidated
profit attributable to shareholders of HK$123,747,000 (2004: HK$116,025,
000) and the weighted average number of 989,658,000 ordinary shares (2004:
983,839,000 ordinary shares) in issue during the period.
(b) Diluted earnings per share
The calculation of diluted earnings per share is based on the consolidated
profit attributable to shareholders of HK$123,747,000 (2004: HK$116,025,
000) and the weighted average number of 996,448,000 ordinary shares (2004:
991,510,000 ordinary shares) after adjusting for the effects of all
dilutive potential ordinary shares.
(c) Reconciliation
2005 2004
Number of shares Number of shares
'000 '000
Weighted average number of ordinary shares used in
calculating basic earnings per share
989,658 983,839
Deemed issue of ordinary shares for no consideration
arising from share options 6,790 7,671
----------------------------------
Weighted average number of ordinary shares used in
calculating diluted earnings per share
996,448 991,510
----------------------------------
3. Recently issued accounting standards
The Hong Kong Institute of Certified Public Accountants has issued
a number of new and revised Hong Kong Financial Reporting Standards and
Hong Kong Accounting Standards ("new HKFRSs") which are effective for
accounting periods beginning on or after 1st January, 2005.
The Group has not early adopted these new HKFRSs in the financial
statements for the year ended 31st March, 2005.
The Group has carried out an assessment of the impact of these new
HKFRSs and concluded that the adoption of Hong Kong Financial Reporting
Standard 2 ("HKFRS 2") "Share-based Payment" will have an impact on the
Group's results of operations and financial position.
At present, no employee benefit cost or obligation is recognised
in the financial statements when the Group grants share options to
employees to acquire shares in the Company. The equity is increased by
the amount of the proceeds received when the options are exercised.
Following the adoption of the new HKFRS 2, the fair value of share options
granted is recognised as an employee expense with a corresponding increase
in equity. The fair value is measured at the date of grant and spread
over the period during which the employees become unconditionally entitled
to the options. The amount recognised as an expense is adjusted to
reflect the actual number of share options that vest. The adoption of
this new accounting standard at 31st March, 2005 would have the effect of
reducing the Group's profit attributable to shareholders by HK$2,765,000.
Apart from the above, the Group does not expect other new HKFRSs
would have a significant impact on its results of operations and financial
position.
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