UDL HOLDINGS<0620> - Announcement
The Stock Exchange of Hong Kong Limited takes no responsibility for the
contents of this announcement, makes no representation as to its accuracy
or completeness and expressly disclaims any liability whatsoever for any
loss howsoever arising from or in reliance upon the whole or any part
of the contents of this announcement.
UDL Holdings Limited
(incorporated in Bermuda with limited liability)
ANNOUNCEMENT OF UNAUDITED FINAL RESULTS
FOR THE YEAR ENDED 31 MARCH 1999
The Company announces the unaudited consolidated final results for the
year ended 31 March 1999.
Shareholders and investors are reminded to exercise extreme caution in
interpreting the unaudited results as presented below in view of
possibility of further material adjustments.
Further to the announcement made by UDL Holdings Limited (the "Company"
and together with its subsidiaries (the "Group")) dated 18 August 1999,
the board of directors (the "Board") of the Company now announces the
unaudited consolidated final results of the Group for the year ended 31
March 1999.
1999 1998
HK$'000 HK$'000
Note (unaudited) (audited)
TURNOVER 544,550 1,944,126
OPERATING LOSS BEFORE
EXCEPTIONAL ITEMS (353,673) (278,506)
Exceptional Items 1 (574,814) (1,459,516)
OPERATING LOSS (928,487) (1,738,022)
Share of profits less losses of
associated companies (2,722) (339)
LOSS BEFORE TAXATION (931,209) (1,738,361)
Taxation 2 257 (328)
LOSS BEFORE MINORITY
INTERESTS (930,952) (1,738,689)
Minority interests 26,701 49,297
LOSS ATTRIBUTABLE TO
SHAREHOLDERS (904,251) (1,689,392)
LOSS PER SHARE 3 HK$(1.08) HK$(2.21)
Notes:
1. EXCEPTIONAL ITEMS
Group
1999 1998
HK$'000 HK$'000
(unaudited) (audited)
Provision for bad and doubtful debts - 94,619
Provision for doubtful debts on
retention money receivable - 38,283
Provision against insurance claims
receivables, advances to
sub-contractors, prepayments
and deposits - 33,244
Provision for the decline in
the recoverable amount of leasehold
land and buildings 84,435 25,510
Provision for the decline in the
Recoverable amount of floating
craft and vessels & machinery 152,962 154,911
Provision for professional fees incurred
in connection with the Group's
debt restructuring - 23,720
Provision for losses in connection
With contracts terminated 120,631 149,183
Provision for losses in connection
with contracts for which the main
contractors had gone into
provisional liquidation or liquidation - 46,416
Provision for contract work in progress 216,786 904,709
Provision for diminution in value for
investment in unconsolidated subsidiaries - 29,450
Provision for the net realisable value of
stock and work in progress - 14,525
Liquidation damages claimed by
the main contractors - 11,847
Gain on deemed disposal of investment
in a subsidiary upon its initial
public offering of shares - (37,714 )
Interest income derived from share
Application monies received during
the initial public offering
period of a subsidiary's shares - (14,563 )
Gain on disposal of listed investment - (14,624 )
574,814 1,459,516
2. TAXATION
Group
1999 1998
HK$'000 HK$'000
(unaudited) (audited)
Company and subsidiaries:
Hong Kong
Provision for the year - 389
Under provision in prior years 304 91
Elsewhere
Provision for the year 11 46
Under provision in prior years 1,028 -
Deferred (1,600) (198)
Taxation charge for the year (257) 328
No profits tax has been provided for the Company and its subsidiaries
as they had no assessable profits for the current year.
3. LOSS PER SHARE
The calculation of loss per share is based on the loss attributable to
shareholders for the year ended 31 March 1999 of HK$904,251,000 (1998:
HK$1,689,392,000) and the weighted average number of 841,020,650 shares
(1998: 764,778,891 shares) in issue during the year.
4. TRANSFER TO/(FROM) RESERVES
Group
1999 1998
HK$'000 HK$'000
(unaudited) (audited)
Goodwill arising on acquisition
of subsidiaries - (1,164)
Write back of goodwill on deemed
disposal of interests in a subsidiary - 54
- (1,110)
The Board wishes to state that the results as shown in the above unaudited
management accounts of the Group for the year ended 31 March 1999 may
be subject to further changes upon the finalisation of the audit by the
auditors. The unaudited final results are prepared based on the
assumption that the restructuring of the Group will be successful and
the unaudited financial statements have been prepared on a going concern
basis. It is expected that the audited results of the Group for the year
ended 31 March 1999 will be published on or before 30 November 1999 and
the 1999 annual general meeting of the Company will be held on or before
31 December 1999.
The directors confirmed that they have not dealt in any shares of the
Company since 17 July 1999 and have also given their undertakings to The
Stock Exchange of Hong Kong Limited that they will not deal in the
securities of the Company until the final audited results of the Company
for the year ended 31 March 1999 are published.
By Order of the Board
UDL Holdings Limited
Leung Yat Tung
Chairman
Hong Kong, 29 September 1999
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