UDL HOLDINGS<0620> - Further Results Announcement
Following the release of the final results announcements for the period
ended 31/7/2000 and 31/3/1999 of UDL Holdings Limited (the "Company") on
Teletext today (30/11/2000), the Company subsequently notified the
Exchange the following remarks:-
" FINAL RESULTS FOR THE PERIOD ENDED 31 JULY 2000
Remarks:
1. EARNINGS/(LOSS) PER SHARE
The calculation of basic earnings per share for the period ended 31 July
2000 is based on the net profit from ordinary activities attributable to
shareholders of HK$603,699,000 (Year ended 31 March 1999: loss of
HK$969,943,000) and the adjusted weighted average number of 119,078,012
shares (Year ended 31 March 1999: 64,001,672 shares) to be in issue during
the period. The comparative number of shares in issue has been adjusted to
reflect the UDL capital reorganisation and right issue during the period.
Diluted loss per share for the period ended 31 July 2000 and the year
ended 31 March 1999 has not been shown as the share options outstanding
during the period/year had an anti-dilutive effect on the basic loss per
share for the period/year.
2. CHANGE OF FINANCIAL YEAR END DATE
The financial year end of the Company was changed from 31st May to 31st
July effective from the financial year 2000.
**************************************
FINAL RESULTS FOR THE YEAR ENDED 31 MARCH 1999
Remarks:
1. EXCEPTIONAL ITEMS
Group
1999 1998
HK$'000 HK$'000
Continuing operations:
- Provision for the decline in
the recoverable amount of:
Floating craft and vessels (62,191 ) (154,911)
Leasehold land and buildings (2,502 ) -
Plant and machinery (37,453 ) -
- Provision for losses in
connection with:
Contracts for which the
main contractors had
gone into provisional
liquidation or liquidation(note i) - (16,750 )
Construction contracts
(note (ii)) (31,027 ) (311,577)
- Provision for doubtful receivables:
Trade debtors (6,808 ) (35,903 )
Retention money receivable - (3,694 )
Advances to subcontractors
and prepayments, deposits
and other debtors (2,086 ) (16,555 )
- Provision for stocks (3,387 ) (9,914 )
- Write back of provision for
diminution in value for
investment in an
unconsolidated subsidiary 6,737 -
- Gain on disposal of subsidiaries 634 -
- Loss on write off of fixed assets (221 ) -
- Write off of long overdue creditors 4,950 -
- Gain on disposal of listed investment 39 14,624
-------------------------
(133,315) (534,680)
=========================
Operations to be discontinued:
- Provision for the decline
in the recoverable amount of:
Leasehold land and buildings (68,693 ) (25,510 )
Plant and machinery (3,294 ) -
- Provision for losses in
connection with:
Contracts terminated
subsequent to the year end - (149,183)
Contracts for which the
main contractors had gone
into provisional liquidation
or liquidation (note i) - (29,666 )
Construction contracts (note ii) (242,950) (593,132)
- Liquidation damages claimed
by main contractors (38,320 ) (11,847 )
- Compensation recovered
from a sub-contractor 4,012 -
- Provision for doubtful receivables:
Trade debtors (17,292 ) (58,716 )
Retention money receivable (12,281 ) (34,589 )
Advances to subcontractors and
prepayments, deposits
and other debtors (4,350) (16,689 )
- Provision for stocks (1,146 ) (4,611 )
- Provision for diminution
in value for investment
in associated companies (4,664 ) -
- Provision for diminution
in value for investment
in an unconsolidated subsidiary - (29,450 )
- Gain on disposal of subsidiaries 1,064 -
- Loss on write off of fixed assets (6,110 ) -
- Loss on write off ofintangible assets (7,300 ) -
- Provision for settlement
of performance bonds (56,000 ) -
- Provision for professional
fees incurred in connection
with the Group's debt restructuring - (23,720 )
- Gain on deemed disposal of
investment in KEL Holdings Limited
upon its initial public
offering of shares - 37,714
- Interest income derived from share
application monies received
during the initial public
offering period of
KEL Holdings Limited - 14,563
------------------------
(457,324) 924,836
========================
Notes:
(i) Full provision has been made against trade debtors, retention
money receivable, construction contract costs and foreseeable losses
relating to contracts for which the main contractors had gone into
provision liquidation.
(ii) The provision includes a full provision for all construction
contract costs and foreseeable losses in respect of construction contracts
or which the outcome cannot be estimated reliably.
2. LOSS PER SHARE
The calculation of basic loss per share for the year ended 31 March 1999
is based on the net loss attributable to shareholders of HK$969,943,000
(1998: HK$1,689,392,000) and the adjusted weighted average number of
42,051,033 shares (1998: 38,238,945 shares) deemed to be in issue during
the year. The adjustment to the number of shares reflected the UDL Capital
Reorganisation subsequent to the year end. The comparative number of
shares in issue has also been adjusted accordingly.
Diluted loss per share for the years ended 31 March 1999 and 1998 has not
been shown as the share options outstanding during these years had an
anti-dilutive effect on the basic loss per share for those years."
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