SYMPHONY HOLD<01223> - Results Announcement (Summary)
Symphony Holdings Limited announced on 27/3/2003:
(stock code: 1223)
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
(Audited)
(Audited) Last
Current Corresponding
Period Period
from 1/1/2002 from 1/1/2001
to 31/12/2002 to 31/12/2001
('000) ('000)
Turnover : 939,533 815,503
Profit/(Loss) from Operations : 91,439 60,178
Finance cost : (17) (1,967)
Share of Profit/(Loss) of Associates : - -
Share of Profit/(Loss) of
Jointly Controlled Entities : 4,313 118
Profit/(Loss) after Tax & MI : 95,735 58,413
% Change over Last Period : +64%
EPS/(LPS)-Basic : 41.9 cents 28.4 cents
-Diluted : 41.8 cents 28.4 cents
Extraordinary (ETD) Gain/(Loss) : - -
Profit/(Loss) after ETD Items : 95,735 58,413
Final Dividend per Share : 7 cents NIL
Special Dividend per Share : 10 cents N/A
(Specify if with other options) : - -
B/C Dates for Final and Special Dividend : 29/4/2003 to 5/5/2003 bdi.
Payable Date : 12/5/2003
B/C Dates for Annual General Meeting : 29/4/2003 to 5/5/2003 bdi.
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution : N/A
Remarks:
1. TURNOVER
Turnover represents the net invoiced value of goods sold, after allowance
for returns and trade discounts, and gross rental income received and
receivable from investment properties during the year.
2. SEGMENT INFORMATION
An analysis of the Group's turnover and results for the year by business
segments is as follows:
Footwear Property
products investment
2002 2001 2002 2001
HK$'000 HK$'000 HK$'000 HK$'000
Segment revenue 938,063 814,348 1,470 1,155
======= ======= ======= =======
Segment results 149,675 112,050 (15,328) (24,623)
======= ======= ======== ========
Consolidated
2002 2001
HK$'000 HK$'000
Segment revenue 939,533 815,503
======== ========
Segment results 134,347 87,427
Net unallocated expenses (42,908) (27,249)
--------- --------
Profit from operating activities 91,439 60,178
Finance costs (17) (1,967)
Share of profit of a jointly-controlled entity 4,313 118
--------- --------
Profit before tax 95,735 58,329
======== ========
An analysis of the Group's turnover for the year by geographical segments
is as follows:
Turnover
2002 2001
HK$'000 HK$'000
North America
United States of America 589,716 539,238
Others 67,123 48,822
--------- ---------
656,839 588,060
Europe 167,925 123,238
Asia 35,484 44,161
Australia 25,077 28,737
Others 54,208 31,307
--------- --------
939,533 815,503
========= ========
3. PROFIT FROM OPERATING ACTIVITIES
The Group's profit from operating activities is arrived at after
charging/(crediting):
2002 2001
HK$'000 HK$'000
Cost of inventories sold 495,683 448,175
Depreciation 22,616 16,761
Provision for doubtful debts 3,850 9,111
Loss on disposal of fixed assets 80 385
Loss/(gain) on disposal of short term investment
1,358 (3,626)
Deficit on revaluation of leasehold land and buildings
4,867 9,175
Deficit on revaluation of investment properties
15,500 24,450
Provision for impairment of long term investments
2,110 1,769
Interest income from listed investments (1,087) (11,822)
Gain on disposal of long term investments
(247) (23,049)
Dividend income from listed investments (17) (773)
========= ===========
4. FINANCE COSTS
2002 2001
HK$'000 HK$'000
Interest expense on bank loan and
overdrafts wholly repayable within five
years 17 1,967
======== ========
5. TAX
2002 2001
HK$'000 HK$'000
Provision for the year:
Hong Kong 5,594 886
Elsewhere 2,203 4,260
Underprovision in prior years 790 302
-------- ----------
Tax charge for the year 8,587 5,448
======== ========
Hong Kong profit tax has been provided at the rate of 16% (2001: 16%) on
the estimated assessable profits arising in Hong Kong during the year. Tax
on profits assessable elsewhere has been provided at the rates of tax
prevailing in the countries in which the Group operates, based on existing
legislation, interpretations and practices thereof.
6. DIVIDENDS
2002 2001
HK$'000 HK$'000
Interim - HK 6 cents per ordinary share paid
(2001: Nil) 12,490 -
Final - HK 7 cents ordinary share proposed (2001: Nil)
14,572 -
Special - HK10 cents per ordinary share proposed (2001: Nil)
20,817 -
---------- ----------
47,879 -
========= =========
The directors have resolved to recommend the payment of a final dividend
and a special dividend of HK 7 cents and HK 10 cents per ordinary share
for the year ended 31 December 2002 for approval by shareholders at the
Annual General Meeting to be held on May 5, 2003. Together with the
interim dividend paid during the year, the total dividend amounts to HK 23
cents per ordinary share.
7. EARNINGS PER SHARE
The calculation of basic earnings per share is based on the Group's
audited net profit from ordinary activities attributable to shareholders
for the year of HK$87,201,000 (2001: HK$58,413,000) and the weighted
average number of 208,169,996 (2001: 205,723,618) ordinary shares in issue
during the year.
The calculation of the diluted earnings per share is based on the Group's
audited net profit from ordinary activities attributable to shareholders
for the year of HK$87,201,000 (2001: HK$58,413,000) on the assumption that
the weighted average number of 208,169,996 (2001: 205,723,618) ordinary
shares in issue during the year and the weighted average number of 215,365
(2001: 67,606) ordinary shares deemed to be issued at no consideration if
all outstanding share options had been exercised.
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