DNA SECURITY<01051> - Results Announcement (Summary)
Credit Card DNA Security System (Holdings) Limited announced on
29/10/2002:
(stock code: 1051)
Year end date: 30/6/2002
Currency: HK$
Auditors' Report: Unqualified
Review of Interim Report by: N/A
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/7/2001 from 1/7/2000
to 30/6/2002 to 30/6/2001
('000) ('000)
Turnover : 28,221 30,071
Profit/(Loss) from Operations : (47,887) (67,007)
Finance cost : (1,637) (2,549)
Share of Profit/(Loss) of Associates : Nil Nil
Share of Profit/(Loss) of
Jointly Controlled Entities : Nil Nil
Profit/(Loss) after Tax & MI : (31,006) (92,483)
% Change over Last Period : N/A
EPS/(LPS)-Basic : (2.23 cents) (25.32 cents)
-Diluted : Nil Nil
Extraordinary (ETD) Gain/(Loss) : Nil Nil
Profit/(Loss) after ETD Items : (31,006) (92,483)
Final Dividend per Share : Nil Nil
(Specify if with other options) : - -
B/C Dates for Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual General Meeting : 25/11/2002 to 27/11/2002 bdi.
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1) Adoption of Statements of Standard Accounting Practice ("SSAP"s)
In the current year, the Group has adopted, for the first time, a number
of new and revised Statement of Standard Accounting Practice ("SSAP")
issued by the Hong Kong Society of Accountants.
Adoption of these new and revised SSAPs has led to a number of changes in
the Group's accounting policies. In addition, the new and revised SSAPs
have introduced additional and revised disclosure requirements, which have
been adopted in these financial statements. Comparative amounts for the
prior year have been restated in order to achieve a consistent
presentation.
2) An analysis of turnover and profit/(loss) from continuing
operations and discontinued operations
Continuing Discontinued
Operations Operations
HK$'000 HK$'000
Turnover 19,432 8,789
Profit/(Loss) (18,627) (12,379)
In June 2002, the Group disposed of its entire interests in Chung Hwa Food
& Beverages Limited, Chung Hwa Food & Beverages Holdings Limited, Harbin
Dongfang (Hong Kong) Food Company Limited, Harbin HDL (New Zealand)
Limited, Xiamen Dongchen Food Industry Company Limited, Full Support
Technology Limited and other subsidiaries, which were mainly engaged in
the manufacture and sales of food products and provision of internet
consultancy services. Upon the completion of the disposal, the business
segments of manufacture and sales of food products and provision internet
consultancy services were regarded as discontinued operations.
In July 2002, the Group disposed of its entire interest in Fu Yuk DNA
Holistic Limited and other subsidiaries, which were engaged in the sales
of health products. Upon the completion of the disposal, the business
segment of sales of health products will be regarded as discontinued
operations.
3) Loss per share
The calculation of the basic loss per share is based on the net loss for
the period from 1st July, 2001 to 30th June 2002 of HK$31,006,000
(1.7.2000 to 30.6.2001: net loss of HK$92,483,000) and on the weighted
average number of 1,392,643,841 (1.7.2000 to 30.6.2001: weighted average
number of 365,206,874) ordinary shares in issue, after adjustment for the
effect of the consolidation of the Company's shares.
No diluted loss per share has been presented for the current year as the
exercise of the share options and conversion of the convertible notes
would result in a decrease in the loss per share.
4) Taxation 1.7.2001 1.7.2000
to to
30.6.2002 30.6.2001
------------ -----------
HK$'000 HK$'000
The (charge) credit comprises:
Over / (Under) provision of Hong
Kong Profits Tax in prior year 117 (251)
------------ ------------
117 (251)
========== ==========
No provision for taxation has been made in the financial statements as the
Group had incurred tax loss for the year.
5) Profit / (Loss) from Operations
1.7.2001 1.7.2000
to to
30.6.2002 30.6.2001
HK$'000 HK$'000
Loss from operations has been
arrived at after charging:
Staff costs:
Directors' remumeration 11,774 27,530
Other staff costs 12,692 13,830
--------- -----------
24,466 41,360
Auditors' remuneration:
Current year 1,085 1,100
Overprovision in prior year (20) -
Depreciation:
Owned assets 3,999 4,238
Assets held under hire
purchase contracts 21 -
Loss on disposal of property,
plant and equipment 2,325 2,342
Operating lease payments
in respect of rented premises - 8,424
Unrealised loss on investments
in securities - -
Write-off of pre-operating
expenses - -
and after crediting:
Interest income 115 903
Rental income from properties
under operating leases,
net of outgoings of
(2001: HK$10,000) 156 533
========== ========
6) Pursuant to resolutions passed at a special general meeting of the
Company on 28th November, 2001, the Group's financial restructuring was
carried out and completed on 28th November, 2001, which involved the
restructuring of the share capital:
1) Every 40 issued shares of HK$0.01 each in the capital of the Company
was consolidated into one new share of HK$0.4 each.
2) The par value of the issued shares was then reduced form HK$0.4 each to
HK$0.01 each.
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