ECO-TEK HLDGS<08169> - Results Announcement (Final, 2001/2002, Summary) Eco-Tek Holdings Limited announced on 30 December 2002 (stock codes: Ord: 08169) Year end date :31 October 2002 Currency :HKD Auditors' report :Unqualified Review of Quarterly Report by :N/A 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 01/11/2001 from 01/11/2000 to 31/10/2002 to 31/10/2001 $'000 $'000 Turnover : 31,380 20,144 Profit/(Loss) from Operations : 4,821 9,769 Finance cost : N/A N/A Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entites : N/A N/A Profit/(Loss) after Taxation & MI : 4,005 8,221 % Change Over the Last Period : -51.28% EPS / (LPS) Basic (in dollar) : HKD 0.0074 HKD 0.0198 Diluted (in dollar) : HKD 0.0062 N/A Extraordinary (ETD) Gain/(Loss) : 0 0 Profit (Loss) after ETD Items : 4,005 8,221 Final Dividends per Share :HK0.35 cent per share NIL (specify if with other options) : N/A N/A B/C Dates for Final Dividends : 19/02/2003 to 21/02/2003 bdi. Payable Date : 24/02/2003 B/C Dates for Annual 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 Eco-Tek Holdings Limited Signature : Name : Fung Kin 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. Group reorganisation Pursuant to a group reorganisation (the ¡§Group Reorganisation¡¨) to rationalise the structure of the Group in preparation for the listing of its shares on the Growth Enterprise Market (the ¡§GEM¡¨) of The Stock Exchange of Hong Kong Limited (the ¡§Stock Exchange¡¨) on 5 December 2001, the Company became the holding company of the companies now comprising the Group on 21 November 2001. This was accomplished by acquiring the entire issued share capital of Eco-Tek (BVI) Investment Holdings Limited (¡§Eco-Tek (BVI)¡¨), which is the intermediate holding company of other subsidiaries, in consideration of and in exchange for the allotment and issue of a total of 300,000 shares of HK$0.01 each in the share capital of the Company, credited as fully paid, to the former shareholders of Eco-Tek (BVI). Further details of the Group Reorganisation are set out in the Company¡¦s prospectus dated 27 November 2001 (the ¡§Prospectus¡¨). 2. Basis of presentation and consolidation The Group Reorganisation involved companies under common control. The consolidated financial statements have been prepared using the merger basis of accounting in accordance with Hong Kong Statement of Standard Accounting Practice (¡§SSAP¡¨) No. 2.127 ¡§Accounting for Group Reconstructions¡¨. On this basis, the Company has been treated as the holding company of its subsidiaries acquired through the Group Reorganisation for the period from 27 October 1999 (date of establishment of the companies comprising the acquired Eco-Tek BVI Group) to 31 October 2002, rather than from the date of their acquisitions on 21 November 2001. Accordingly, the consolidated results and cash flows of the Group for the period from 27 October 1999 (pro forma formation date of the Group) to 31 October 2002 include the results and cash flows of the Company and its subsidiaries with effect from 27 October 1999 or since their respective dates of incorporation or acquisition by the Group, where this is a shorter period. In the opinion of the directors, the consolidated financial statements prepared on the above basis present more fairly the results of the Group as a whole, as the principal activities of the Group were carried out by those subsidiaries prior to and after the Group Reorganisation. All significant transactions and balances within the Group are eliminated on consolidation. 3. Earnings per share The earnings per share for the year is calculated based on the consolidated net profit attributable to shareholders of the Company for the year of HK$4,005,000 (2001:HK$8,221,000) and 540,683,836 (2001:414,600,000) shares deemed to have been issued and issuable during the year on the assumption that the Group Reorganisation and the capitalisation issue of 414,000,000 shares of the Company had been effective on 27 October 1999 (pro forma formation date of the Group). The calculation of the diluted earnings per share for the year ended 31 October 2002 is based on the consolidated net profit attributable to shareholders of the Company for the year of HK$4,005,000 and 642,535,091 shares, being the 540,683,836 shares as used in the calculation of basic earnings per share, and the weighted average of 101,851,255 shares assumed to have been issued at no consideration on the deemed exercise of the pre-IPO share options and the option granted to Advance New Technology Limited (¡§ANT-Option¡¨). The diluted earnings per share amount for the year ended 31 October 2001 is not presented since there were no potential ordinary shares in existence during the year. |