ABC MULTIACTIVE<08131> - Results Announcement (Final, 2003/2004, Summary)
abc Multiactive Limited announced on 24/02/2005:
(stock code: 08131 )
Year end date :30/11/2004
Currency :HKD
Auditors' report :Unqualified
Important Note :
This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com
(Audited) (Audited)
Current Last Corresponding
Period Period
from 01/12/2003 from 01/12/2002
to 30/11/2004 to 30/11/2003
$'000 $'000
Turnover : 23,050 22,567
Profit/(Loss) from Operations : 1,733 8,556
Finance cost : (1,169) (1,042)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 564 7,788
% Change Over the Last Period : -92.76%
EPS / (LPS)
Basic (in dollar) : HKD 0.0035 HKD 0.0485
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 564 7,788
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
abc Multiactive Limited
Signature :
Name : Cheung, Siu Leong
Title : Company Secretary
Responsibility statement
The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading.The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard to
the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.
Remarks:
1. Basis of presentation
The measurement basic used in the preparation of the financial
statements is historical cost convention.
At the balance sheet date, the Group's current liabilities
exceeded its current assets by approximately HK$4,823,000 and
the Group's shareholders' deficits amounted to approximately
HK$24,649,000.
Notwithstanding the above results, the financial statements have
been prepared on a going concern basis, the validity of which is
dependent upon the success of the Group's future operations, its
ability to generate adequate cash flows in order to meet its
obligation as and when fall due and its ability to refinance or
restructure its borrowings such that the Group can meet its future
working capital and financing requirements. Subsequent to 30
November 2004, a shareholder of the Company, Pacific East Limited,
has confirmed that it will not demand repayment of its promissory
note in the amount of HK$9,500,000 within twelve months from the
balance sheet and has agreed to extend the maturity date of the
promissory note to 22 May 2006. The ultimate holding company,
Maximizer Software Inc., has also confirmed that it will not
demand repayment of the amount due to it of approximately
HK$6,021,000 within twelve months from the balance sheet date.
Furthermore, a party connected to a non-executive director of
the Company, Wickham Group Limited, has also agreed that it will
not demand repayment of the promissory note in the amount of
HK$4,634,000 within twelve months from the balance sheet and has
wagreed to extend the maturity date of the promissory note to
21 February 2006.
The directors are confident that the Group's future operations will
be successful and able to generate sufficient cash flows in order
to meet its obilgations as they fall due over the next twelve months.
Accordingly, the directors are satisfied that it is appropriate to
prepare the financial statements on a going concern basic.
In the current year, the Group adopted the following revised SSAP
issued by the Hong Kong Institute of Certified Public Accountants
(the "HKICPA") which is effective for the accounting periods
commencing on or after 1 January 2003 :
SSAP 12 (revised) : Income taxes
The principal effect of the implementation of SSAP 12 (revised) is
in relation to deferred tax. In previous years, partial provision
was made for deferred tax using the income statement liability
method, i.e. a liability was recognised in respect of timing
differences arising, except where those timing differences were not
expected to reverse in the foreseeable future. SSAP 12 (revised)
requires the adoption of a balance sheet liability method, whereby
deferred tax is recognised in respect of all temporary differences
between the carrying amount of assets and liabilities in the
financial statements and the corresponding tax bases used in the
computation of taxable profit, with limited exceptions. In the
sbsence of any specific transitional requirements in SSAP 12
(revised) the new accounting ploicy has been applied
retrospectively.
The adpotion of SSAP 12(revised) has no material impact on the
results for the current or prior accounting period.
2. Basic profit per share
The calculation of basic profit per share for the year
ended 30th November 2004 is based on the Group's net profit
for the year of HK$564,000 (2003 : net profit of HK$7,788,000).
and the weight average of 160,590,967 ordinary shares of
HK$0.10 each in issue during the year.
Pursuant to a resolution in writing of the shareholders of the
Company on 6th January 2004, every ten of the authorised, issued
and unissued ordinary shares of HK$0.01 each in the share capital
of the Company were consolidated into one share such that the
authorised share capital of the Company became HK$1,000,000,000
consisting of 10,000,000,000 ordinary shares of HK$0.10 each and
the issued share capital of the Company was HK$16,059,097
consisting of 160,590,967 of HK$0.10 each. As such, the comparative
figure of basic earnings per share for the year ended
30th November 2003 was re-calculated based on the profit for the
year of HK$7,788,000, and the adjusted weighted average of
160,590,967 ordinary shares of HK$0.10 each deemed in issue during
the year.
Diluted earnings per share has not been presented as there
was no dilutive potential ordinary share in existence during the
year.
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