FT HOLDINGS<00559> - Results Announcement
FT Holdings International Limited announced on 26/4/2004:
(stock code: 00559 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 1/1/2003 from 1/1/2002
to 31/12/2003 to 31/12/2002
Note ('000 ) ('000 )
Turnover : 81,771 122,692
Profit/(Loss) from Operations : (56,083) (81,250)
Finance cost : (7,820) (2,594)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : (63,903) (82,335)
% Change over Last Period : N/A %
EPS/(LPS)-Basic (in dollars) : (0.1643) (0.2383)
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : (63,903) (82,335)
Final Dividend : Nil Nil
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : N/A
Payable Date : N/A
B/C Dates for Annual
General Meeting : 20/5/2004 to 25/5/2004 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. Adoption of revised Statement of Standard Accounting practice
("SSAP")
The accounting policies adopted in the preparation of these audited
consolidated financial statements are consistent with those used in the
Group's audited financial statements for the year ended 31 December 2002
except the adoption of SSAP 12 (Revised) "Income taxes" which is effective
for the first time for the accounting period commencing on or after 1
January 2003.
Opening retained earnings at 1 January 2002 have been decreased by
HK$900,000, which is the cumulative effect of the change in policy on the
results for periods prior to 2002. The effect of the change was not
significant for the year ended 31 December 2002.
2. Capital Reorganisation
Pursuant to an ordinary resolution passed by the shareholders at an
Extraordinary General Meeting held on 4 December 2003 ("EGM"), the
authorised share capital of the Company has been increased from
HK$50,000,000 divided into 500,000,000 shares of HK$0.10 each to
HK$100,000,000 by the creation of an addition 500,000,000 unissued shares
of HK$0.10 each.
Following the above, a capital reorganisation scheme was also approved by
the shareholders at the EGM as a special resolution. Under the capital
reorganisation scheme,
(a) the nominal value of the issued share of the Company be reduced
from HK$0.10 each to HK$0.01 each by the cancellation of HK$0.09 paid up
on each issued share (each a "New Share");
(b) each of the authorised but unissued shares of HK$0.10 each be
subdivided into 10 New Share;
As a result of the capital reorganisation, an amount of HK$38,868,750
standing to the credit of the share capital account of the Company was
cancelled and credited to the contributed surplus account of the Company
which may be utilised in accordance with the bye-laws of the Company and
the Companies Act 1981 of Bermuda and had been fully applied to the set-
off of part of the accumulated losses brought forward from prior years.
As at the balance sheet date, the authorised share capital of the Company
was HK$100,000,000 divided into 10,000,000,000 New Shares, of which
2,591,150,000 have been issued.
3. Segment turnover and results
2003 2002
Turnover Results Turnover Results
HK$'000 HK$'000 HK$'000 HK$'000
Continue operation:
Design, manufacture and sales
of life-like plants
65,179 (27,222) 104,350 (18,983)
Production, acquisition and
distribution of TV programmes
and provision of related
multi-media services
14,604 (4,875) 17,436 (15,134)
Sales of festival gift products
through an internet portal
6,314 (2,359) 2,893 (5,081)
-------------------------------------------------
86,097 (34,456) 124,679 (39,198)
Inter-segment elimination
(4,538) - (2,534) -
-------------------------------------------------
81,559 (34,456) 122,145 (39,198)
Discontinued operation:
Provision of anti-theft car alarm
And tracking services
212 (20,190) 547 (17,942)
-------------------------------------------------
81,771 (54,646) 122,692 (57,140)
======= =========
Interest income and unallocated gains
87 11
Unallocated expenses (1,524) (24,121)
--------- ---------
Operating loss (56,083) (81,250)
Finance costs (7,820) (2,594)
--------- ---------
Loss before taxation (63,903) (83,844)
Taxation - (787)
--------- ---------
Loss before minority interests (63,903) (84,631)
Minority interests - 2,296
----------- ---------
Loss attributable to shareholders
(63,903) (82,335)
=========== =========
4. Loss per share
The calculation of basic loss per share is based on the consolidated loss
attributable to shareholders of HK$63,903,000 (2002: HK$82,335,000), and
on the weighted average number of 388,947,808 shares (2002: 345,500,000
shares).
Diluted loss per share is not presented as the share option outstanding
had an anti-dilutive effect on the basic loss per share for the year
(2002: Nil).
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