NEW SPRING HOLD<00690> - Results Announcement (Summary)
New Spring Holdings Limited announced on 30/7/2002:
(stock code: 690)
Year end date: 31/3/2002
Currency: HKD
Auditors' Report: Unqualified
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/4/2001 from 1/4/2000
to 31/3/2002 to 31/3/2001
('000) ('000)
Turnover : 162,904 143,329
Profit/(Loss) from Operations : 33,587 33,247
Finance cost : (2,613) (3,731)
Share of Profit/(Loss) of Associates : 53 (7)
Share of Profit/(Loss) of
Jointly Controlled Entities : - -
Profit/(Loss) after Tax & MI : 29,342 26,940
% Change over Last Period : +9%
EPS/(LPS)-Basic : $0.189 $0.192
-Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 29,342 26,940
Final Dividend per Share : $0.10 N/A
(Specify if with other options) : - -
B/C Dates for Final Dividend : 20/8/2002 to 23/8/2002 bdi.
Payable Date : 30/8/2002
B/C Dates for Annual General Meeting : 20/8/2002 to 23/8/2002 bdi.
Other Distribution for Current Period : -
B/C Dates for Other Distribution : -
Remarks:
1. Group reorganisation and basis of presentation
(a) The Company was incorporated in the Cayman Islands on 20th
February 2001 as an exempted company with limited liability under the
Companies Law (Revised) of the Cayman Islands.
(b) On 22nd October 2001, pursuant to a group reorganisation (the
"Reorganisation") in preparation for the listing of the Company's shares
on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock
Exchange"), the Company became the ultimate holding company of the
companies now comprising the Group. Details of the Reorganisation are set
out in the prospectus of the Company dated 30th October 2001. The shares
of the Company have been listed on the Main Board of the Stock Exchange
since 12th November 2001.
(c) Merger accounting is adopted in the presentation of the Group's
consolidated accounts pursuant to Statements of Standard Accounting
Practice ("SSAP") 2.127 "Accounting for group reconstructions" issued by
the Hong Kong Society of Accountants ("HKSA"). The consolidated accounts
of the Group for the year ended 31st March 2002, including the comparative
figures, are prepared as if the Company had been the holding company of
the Group from the beginning of the earliest period presented.
(d) The difference between the nominal value of the shares of New
Master Group Limited ("New Master"), the holding company of the Group
immediately prior to the Reorganisation, acquired pursuant to the
Reorganisation and the nominal value of the Company's shares issued in
exchange thereof is dealt with in the capital reserve on consolidation.
2. Principal accounting policies and basis of preparation
The consolidated accounts including the accounts of the Company and its
subsidiaries have been prepared in accordance with accounting principles
generally accepted in Hong Kong and comply with accounting standards
issued by the HKSA. They have been prepared under the historical cost
convention as modified by the revaluation of certain leasehold land and
buildings and plant and machinery as disclosed in the accounting policies
below.
In the current year, the Group adopted the following SSAPs issued by the
HKSA which are effective for accounting periods commencing on or after 1st
January 2001:
SSAP 9 (revised) : Events after the balance sheet date
SSAP 14 (revised) : Leases (effective for periods commencing
on or after 1st July 2000)
SSAP 26 : Segment reporting
SSAP 28 : Provisions, contingent liabilities and contingent assets
SSAP 29 : Intangible assets
SSAP 30 : Business combinations
SSAP 31 : Impairment of assets
SSAP 32 : Consolidated financial statements and accounting for
investments in subsidiaries
The adoption of these new or revised accounting standards in this year has
no retrospective effect on the comparative figures.
3. Turnover, revenues and segment information
The principal activities of the Group are the manufacturing and trading of
packaging products, paper gifts items and promotional products. Revenues
recognised during the year are as follows:
2002
HK$'000
Turnover
Sales of goods at invoiced value to customers, net of discounts
162,904
-------
Other revenue
Interest income 464
Exchange gain 49
Profit on disposal of fixed assets -
Rental income from plant and machinery 540
Other income 355
----
1408
----
Total revenues 164,312
=======
Primary reporting format - business segments
Year ended 31st March 2002
Packaging Paper gifts Promotional Group
products items products
HK$'000 HK$'000 HK$'000 HK$'000
Revenues
89,462 37,292 36,150 162,904
======================================
Segment results
23,442 13,556 14,285 51,283
======================================
Unallocated income 1,408
Unallocated costs (19,104)
--------
Operating profit 33,587
Finance costs (2,613)
Share of profit of an associated Company 53
--------
Profit before taxation 31,027
Taxation (1,937)
--------
Profit after taxation 29,090
Minority interests 252
--------
Profit attributable to shareholders 29,342
========
4. An analysis of profit/(loss) from continuing operations:
2002
HK$'000
Turnover 162,904
Cost of sales (111,621)
---------
Gross profit 51,283
Other revenues 1,408
Distribution costs (3,515)
Administrative costs (15,589)
----------
Operating profits 33,587
Finance costs (2,613)
Share of profit/(loss) of an associated company 53
---------
Profit before taxation 31,027
Taxation (1,937)
--------
Profit after taxation 29,090
Minority interests 252
--------
Profit attributable to shareholders 29,342
--------
Dividends 18,000
--------
Earnings per share 18.9 cents
==========
5. The basis of calculation for basic EPS and diluted EPS of the current
period The calculation of basic earnings per share is based on the Group's
profit attributable to shareholders of 29,342,000 (2001: HK$26,940,000)
and the weighted average of 155,342,466 shares (2001: 140,000,000 shares)
deemed to be issued during the year. In determining the weighted average
number of shares deemed to be issued, the 2,666,668 shares issued as
consideration of the acquisition by the Company of the issued capital of
New Master and the Capitalisation Issue of 137,333,332 shares were deemed
to have been in issue on 1st April 2000.
Diluted earnings per share was not disclosed as there were no dilutive
potential ordinary shares.
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