UNIVERSAL APPLI<00419> - Results Announcement (Summary)
Universal Appliances Limited announced on 26/4/2002:
(stock code: 419)
Year end date: 31/12/2001
Currency: Hong Kong Dollars
Auditors' Report: Neither
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2001 from 1/1/2000
to 31/12/2001 to 31/12/2000
('000) ('000)
(Restated)
Turnover : 128,875 119,275
Profit/(Loss) from Operations : (155,337) (561,719)
Finance cost : (3,443) (7,077)
Share of Profit/(Loss) of Associates : - (15,032)
Share of Profit/(Loss) of
Jointly Controlled Entities : (6,930) (3,628)
Profit/(Loss) after Tax & MI : (138,404) (493,730)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (5.0 cents) (18.2 cents)
-Diluted : - -
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : (138,404) (493,730)
Final Dividend per Share : NIL NIL
(Specify if with other options) : - -
B/C Dates for Final Dividend : -
Payable Date : -
B/C Dates for (-) General Meeting : -
Other Distribution for Current Period : -
B/C Dates for Other Distribution : -
Remarks:
1. Principal Accounting policies
(a) Basis of preparation
These accounts have been prepared in accordance with accounting principles
generally accepted in Hong Kong and comply with accounting standards
issued by the Hong Kong Society of Accountants ("HKSA"). They have been
prepared under the historical cost convention, except for short-term
investments.
In the current year, the Group adopted the following Statements of
Standard Accounting Practice ("SSAP") 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
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
On the adoption of SSAP29, costs incurred on development projects are
recognised as an intangible asset where the technical feasibility and
intention of completing the product under development has been
demonstrated and the resources are available to do so, costs are
identifiable and there is an ability to sell or use the asset that will
generate probable future economic benefits. Such development costs are
recognised as an asset and amortised on a straight-line basis over a
period of not more than 5 years to reflect the pattern in which the
related economic benefits are recognised. Development costs that do not
meet the above criteria are expensed as incurred. Development costs
previously recognised as an expense are not recognised as an asset in a
subsequent period.
(b) Comparative figures
Certain comparative figures have been reclassified to conform with the
current year's presentation as a result of the adoption of the new SSAPs
which became effective in the current year.
2. Discountinued operations
The Group discontinued its business of the manufacture and distribution of
telecommunication and video-media products, and the trading of computer
monitors and related products during the year ended 31st December 2000.
3. Turnover
Group
2001 2000
HK$'000 HK$'000
(Restated)
Continuing operations
Sales of goods 100,325 73,974
Leasing income 670 -
Provisions of services 27,880 15,779
----------------------
128,875 89,753
Discontinued operations
Sales of goods - 29,522
-----------------------
Turnover 128,875 119,275
=======================
4. Profit / (loss) from operation
Group
2001 2000
HK$'000 HK$'000
(Restated)
Operating (loss) from operations:
Continuing operations (155,337) (482,336)
Discontinued operations - (79,383)
--------------------------
(155,337) (561,719)
==========================
5. Operating loss
Operating loss is stated after crediting and charging the following:
Group
2001 2000
HK$'000 HK$'000
(Restated)
Crediting
Net other operating expenses including:
Net gain on dilution of interest in
subsidiaries 6,338 -
Write-back of provision against doubtful
debts 8,228 -
Gain on conversion of investment in
preference shares - 27,200
Net gain on disposal of investment in
preference shares - 40,745
Net gain on disposal of subsidiaries - 10,876
Net gain on disposal of fixed assets - 496
Gain on disposal of an associated
company - 7,679
Gain on disposal of short-term
investments 353 -
====== ======
Charging
Cost of inventories sold 62,844 121,593
Cost of services provided 9,998 8,343
Depreciation:
Owned assets 15,670 14,761
Assets held under finance leases - 500
------- ------
15,670 15,261
------- ------
Auditors' remuneration 1,500 2,700
Staff costs (excluding directors'
remuneration) 44,746 52,773
Contributions to defined contribution
Mandatory Provident Fund (excluding
contributions for directors) 1,994 146
Less: Forfeited contributions (506) (1,023)
------ -------
1,488 (877)
------ -------
Operating lease rentals:
Land and buildings 17,162 16,143
Equipment 286 1,137
------ -------
17,448 17,280
------ -------
Net other operating expenses including:
Amortisation of intangibles:
Film rights 5,985 7,372
Goodwill 2,598 3,340
Development costs 2,967 3,195
Research and development costs:
Current year expenditure - 3,313
Write off of deferred development
costs - 1,582
Provision for impairment of goodwill - 94,862
Write off of fixed assets 5,663 3,950
Provision against inventories 1,251 1,878
Write off of inventories - 3,437
Provision for bad and doubtful debts 34,554 44,230
Write off of bad and doubtful debts 4,568 -
Net unrealised loss of short-term
investments 8,134 294,132
Loss on disposal of short-term
investments - 8,821
Net loss on disposal of subsidiaries 1,171 -
Net loss on dilution of interest in
subsidiaries - 3,922
Net loss on disposal of fixed assets 112 -
Provision for impairment of investment
securities 23,032 -
Exchange losses, net 202 3,981
Loss on discontinued operations:
Net loss on disposal of subsidiaries - 14,177
Write off of fixed assets, inventories
and development cost - 7,084
Loss on disposal of scrap inventories - 18,888
----------------------
- 40,149
======================
6. Loss per share
The calculation of the basic loss per share is based on the Group's loss
attributable to ordinary shareholders of HK$138,404,000 (2000:
HK$493,730,000 (restated)) and on the weighted average of 2,774,293,000
(2000: 2,710,537,000) ordinary shares in issue during the year.
No diluted loss per share is shown for the two years ended 31st December
2001 and 2000 as the share options and convertible preference shares
outstanding had an anti-dilutive effect on the basic loss per share for
both years.
7. Dividend
The directors do not recommend the payment of dividend for the year ended
31 December 2001 (2000: nil)
8. Taxation
No provision for Hong Kong and overseas profits tax has been made in the
accounts as the Group did not have any assessable profit for the year
(2000: Nil, the tax credit represents over provision of Hong Kong profits
tax in prior years).
For more details, please refer to the press announcement today.
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