The Board of Directors (the "Directors") of Yau Lee Holdings Limited (the "Company") is pleased to announce that the unaudited results of the Company and its subsidiaries (the "Group") for the six months ended 30th September, 2000:-
CONSOLIDATED PROFIT AND LOSS ACCOUNTS
FOR THE SIX MONTHS ENDED 30TH SEPTEMBER, 2000
Unaudited
Six months ended
30th September,
2000 1999
Notes HK$'000 HK$'000
Turnover 2 927,154 860,840
Cost of sales (844,770) (800,878)
---------- ----------
Gross profit 82,384 59,962
General and administrative expenses (52,142) (48,994)
Loss on disposal of investment properties - (733)
Gain on disposal of associated companies - 4,079
Other revenue, net 5,197 4,514
---------- ----------
Profit from operations 35,439 18,828
Finance costs (4,088) (5,751)
---------- ----------
Profit before share of profit of associated
companies and taxation 31,351 13,077
Share of profit of associated companies 388 1,272
---------- ----------
Profit before taxation 3 31,739 14,349
Taxation 4
Company and subsidiaries (5,439) (1,800)
Associated company (517) (448)
---------- ----------
Profit after taxation 25,783 12,101
Minority interest (162) (636)
---------- ----------
Profit attributable to shareholders 25,621 11,465
Dividends (7,084) -
---------- ----------
Profit retained for the period 18,537 11,465
========== ==========
Earnings per share 5 5.79 cents 3.88 cents
========== ==========
The profit attributable to shareholders represents the recognised gains of the Group for the six months ended 30th September, 2000.
CONSOLIDATED BALANCE SHEET
AS AT 30TH SPETEMBER, 2000 AND 31ST MARCH, 2000
Unaudited Audited
30th September, 31st March,
2000 2000
Notes HK$'000 HK$'000
Non-current assets
Property, plant and equipment 186,609 182,203
Development costs 2,038 1,531
Long-term trade debtors 39,325 26,557
Loans to employees 6,362 4,606
Interest in associates 61,290 52,101
Long-term investments 3,195 2,431
---------- ----------
298,819 269,429
---------- ----------
Current assets
Inventories 16,348 15,668
Gross amount due from customers for
contract work 206,935 239,297
Trade debtors 6 312,206 321,404
Prepaid tax 2,934 3,188
Prepayments, deposits and other
receivables 34,001 31,557
Time deposits, cash and bank balances 270,423 237,110
---------- ----------
Total current assets 842,847 848,224
---------- ----------
Current liabilities
Trade creditors 7 135,614 123,895
Dividend payable 7,084 12,397
Provision for taxation 8,607 3,173
Gross amount due to
customers for contract work 175,778 167,464
Current portion of hire purchase
obligations 5,602 8,214
Accruals and other liabilities 127,589 88,492
Bank loans 53,500 103,500
---------- ----------
Total current liabilities 513,774 507,135
---------- ----------
Net current assets 329,073 341,089
---------- ----------
Total assets less current liabilities 627,892 610,518
---------- ----------
Non-current liabilities
Due to minority shareholders, net 4,285 4,140
Obligations under hire purchase contracts
- Repayable after one year 454 1,761
Deferred taxation 12,344 12,344
---------- ----------
17,083 18,245
---------- ----------
Net assets 610,809 592,273
---------- ----------
Capital and reserves
Share capital 8 88,549 88,549
Share premium 415,430 415,430
Capital reserve 369 369
Retained profit 106,461 87,925
---------- ----------
Shareholders' equity 610,809 592,273
========== ==========
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30TH SEPTEMBER, 2000
Unaudited
Six months ended
30th September,
2000 1999
HK$'000 HK$'000
Net cash inflow from operating activities 114,131 32,463
Net cash outflow from returns on investments
and servicing of finance (9,872) (956)
Tax paid (268) (579)
Net cash (outflow)/inflow from investing activities (16,904) 63,036
------- -------
Net cash inflow before financing activities 87,087 93,964
Net cash outflow from financing activities (53,774) (99,116)
------- -------
Increase/(Decrease) in cash and cash equivalents 33,313 (5,152)
Cash and cash equivalents, beginning of period 237,110 125,040
------- -------
Cash and cash equivalents, end of period 270,423 119,888
======= =======
Notes:-
1. Accounting Policies
The unaudited consolidated statements are prepared in accordance with the Hong Kong Statement of Standard Accounting Practice 25 - Interim Reporting issued by the Hong Kong Society of Accountants and accounting principles generally accepted in Hong Kong. The accounting policies adopted are consistent with those followed in the Group's annual financial statements for the year ended 31st March, 2000.
2. Turnover
The Group's turnover and profits for the six months ended 30th September, 2000 were derived principally from the contracting of building construction, maintenance and decoration projects carried out in Hong Kong.
Unaudited Six months ended 30th September,
2000 1999
Turnover Gross profit Turnover Gross profit
HK$'000 HK$'000 HK$'000 HK$'000
Contracting of
building
construction,
maintenance and
decoration projects 904,976 77,575 830,673 52,798
Sale of building
material 21,407 4,610 30,017 7,014
Others 771 199 150 150
-------- -------- -------- --------
927,154 82,384 860,840 59,962
======== ======== ======== ========
3. Profit before taxation
Profit before taxation is arrived at after charging the following:
Unaudited
Six months ended
30th September,
2000 1999
HK$'000 HK$'000
Depreciation
Owned assets 10,061 4,834
Assets held under finance lease 1,803 4,446
Loss on disposal of fixed assets 351 29
4. Taxation
Hong Kong profits tax has been provided at the rate of 16% (1999:- 16%) on the estimated assessable profits for the period. Overseas taxation has been calculated on the estimated assessable profits for the period at the rates prevailing in the respective jurisdictions.
5. Earnings per share
Earnings per share has been calculated using the unaudited consolidated profit attributable to shareholders for the period of HK$25,621,000 (1999: HK$11,465,000) and of the 442,746,100 shares as consolidated pursuant to an ordinary resolution passed on 17th October, 2000 (1999: 295,164,067 shares as adjusted). No diluted earnings per share are disclosed as the outstanding share options at 30th September, 2000 and 30th September, 1999 are anti-dilutive.
6. Trade Debtors
Trade debts are due after 21 days to one year depending on the nature of services or products.
The aging analysis of trade debtors at the period end is as follows:
30th September, 31st March,
2000 2000
Not yet due 294,015 290,690
Overdue by:
0-30 days 11,216 22,553
31-90 days 2,825 1,747
91-180 days 2,444 905
over 180 days 1,706 5,509
---------- ----------
312,206 321,404
========== ==========
7. Trade Creditors
The entire balances of trade creditors at 30th September, 2000 and 31st March, 2000 were not yet due.
8. Share Capital
There were no movements in the share capital of the Company in the reporting period.
9. Comparative figures
Certain of the 1999 comparative figures have been reclassified to conform to the application of the revised Hong Kong Statement of Standard Accounting Practice 1 issued by the Hong Kong Society of Accountants.
CONSOLIDATION OF SHARES
Pursuant to an ordinary resolution passed on 17th October, 2000, every four issued or unissued shares of HK$0.05 each in the then capital of the Company were consolidated into one share of HK$0.20 each (the "Consolidated Share") on 18th October, 2000. As a result the 1,770,984,402 ordinary shares in issue before the share consolidation were consolidated to 442,746,100 Consolidated Shares.
The Consolidated Shares rank pari passu in all respect with each other.
INTERIM DIVIDEND
The Board of Directors recommend the payment of an interim dividend of HK1.6 cents (1999 - nil) per Consolidated Share. The interim dividend will be payable on or about 16th March, 2001 to shareholders whose names appear on the register of members at the close of business on 16th February, 2001.
CLOSURE OF REGISTER OF MEMBERS
The register of members will be closed from Tuesday, 13th February, 2001 to Friday, 16th February, 2001, both dates inclusive, during which no transfer of shares of the Company will be effected. In order to qualify for the interim dividend, all transfer accompanied by the relevant share certificates must be lodged with the Company's branch share registrar in Hong Kong, Central Registration Hong Kong Limited at 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong, no later than 4:00p.m. on Monday, 12th February, 2001.
REVIEW OF OPERATION AND RESULTS
The Group recorded a turnover of HK$927,154,000 for the six months ended 30th September, 2000, as compared to HK$ 860,840,000 of the same period last year while the profit before taxation has increased by 121% from HK$14,349,000 in 1999 to HK$31,739,000 this year. The improved result was the combined effect of the Group's relentless effort in cost control and successful diversification to new income sources.
The Group's liquidity position was also significantly improved. Cash in hand as at 30th September, 2000 was HK$270,423,000 compare with HK$237,110,000 at 31st March, 2000. Bank borrowings was further reduced by HK$50,000,000 to HK$53,500,000 at 30th September, 2000 from HK$103,500,000 at 31st March, 2000. Barring any unanticipated events, the management believes the current trend will continue into the second half of the financial year.
During the six months ended 30th September, 2000, the Group has completed three contracts with total value of HK$544 million. The Group also secured a contract with a value of HK$470 million. At 30th September, 2000 the total value of construction contracts in hand amount to HK$3,704 million.
As mentioned in the latest annual report, the Group's wholly owned subsidiary company, VHSoft Technologies Co. Ltd. (VHSoft), has launched its software products and e-commerce platforms in July this year. The response has been encouraging and VHSoft is expected to start generating income from the next financial year.
Yau Lee Wah Concrete Precast Products Co. Ltd ("Yau Lee Wah"), which operate the Group's building components factory in Shenzhen, continued to made substantial contribution to the Group's result for the period. Apart from the manufacturing of traditional pre-fabricated building components, Yau Lee Wah also act as the Group's centre for product development. A number of new products has been developed with the hope that they can hit the market within the next few months.
Commitment to provide highest quality products and services has always been the Group's top priority. The Group's devotion to quality was rewarded in October 2000 by winning the 2000 Hong Kong Awards for Industry - Industry and Trade Department Quality Award by Yau Lee Wah. We believe we are the first building components manufacturer to received this annual award. With this significant encouragement, the Group and all its employees will further uphold our commitment to quality.
With the continuous recovery of the Hong Kong economy, a stable outlook is expected for the construction industry. The Group with its ample experience and resources will continue to look for opportunities in the construction and related sectors.
CONTRACTS IN HAND
The following is a summary of the Group's construction contracts in hand at 30th September, 2000.
Original
Commencement Contract
Contracts Date Value
HK$'M
Development of Cheung Sha Wan West Phase 2 November 1998 752
Development of Cheung Sha Wan West Phase 1 December 1998 804
Development of Po Lam Road Phase 4 January 1999 860
Tuen Mun Polyclinic at Tuen Mun Hospital February 1999 366
Workshop Conversion and Fitting-out Works
for Implementing the New Technical Curriculum
in Prevocational and Technical Schools February 1999 57
Design & Construction of Government
Quarters at Fanling October 1999 395
Development of Tseung Kwan O Area 73A Phase 2 September 2000 470
----------
Total value of construction contracts in hand 3,704
==========
DIRECTORS' INTERESTS
As at 30th September, 2000, the following director had or was deemed to have interests under the provisions of the Securities (Disclosure of Interests) Ordinance (Chapter 396 of the Laws of Hong Kong) (the "SDI Ordinance") in the Company or any associates corporations thereof (within the meaning of the SDI Ordinance) of which, the Company and the Stock Exchange of Hong Kong Limited had to be notified pursuant to Section 28 of the SDI Ordinance (including interests which the director is deemed or taken to have under section 31 or Part I of the Schedule of the SDI Ordinance) and which were required to be entered into the register kept by the Company pursuant to Section 29 of the SDI Ordinance:
Number of
Director Company shares interested
Wong Ip Kuen (see note) Yau Lee Holdings Limited 882,570,400
During the six months ended 30th September, 2000, no right to subscribe for equity of the Company was exercised by any of the directors or chief executives of the Company or the spouse or children under 18 years of age of such directors and chief executives.
Save as otherwise disclosed in this report, none of the directors or chief executives or their associates had any other interests (whether beneficial or non-beneficial) in the share capital of the Company or any other associated corporations as defined in the SDI Ordinance at 30th September, 2000.
SUBSTANTIAL SHAREHOLDERS' INTERESTS
As at 30th September, 2000, the following persons (other than the directors or chief executives of the Company) had or were deemed to have interests in the Company under the provisions of the SDI Ordinance which have entered into the register kept by the Company under Section 16(1) of the SDI Ordinance:
Number of
Substantial shareholders shares interested
All Fine Investment Company Limited 882,570,400
All Fine Holdings Company Limited 882,570,400
| Note: | The 882,570,400 shares of the Comapany refer to above were beneficially owned by All Fine Investment Company Limited. Mr Wong Ip Kuen owns the entire issued share capital of All Fine Holdings Company Limited which owns the entire issued share capital of All Fine Investment company Limited, both of which are companies incorporated in the Cook Islands. Mr Wong Ip Kuen is a director of both All Fine Holdings Company Limited and All Fine Investment Company Limited. |
PURCHASE, SALE OR REDEMPTION OF SHARES
There was no purchase, sale or redemption of the Company's shares by the Company or any of its subsidiaries during the six months ended 30th September, 2000.
CODE OF BEST PRACTICE
In the opinion of the Directors, the Company has complied with the code of best practice as set out in Appendix 14 of the Listing Rules of the Stock Exchange of Hong Kong Limited throughout the period under review.
By order of the Board
Wong Ip Kuen
Chairman
Hong Kong, 18th December, 2000
| © Copyright 1996-2024 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |