EVOC<08285> - Results Announcement (Final, 2004, Summary)
Shenzhen EVOC Intelligent Technology Company Limited announced on 18/03/2005:
(stock code: 08285 )
Year end date :31/12/2004
Currency :RMB
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 01/01/2004 from 01/01/2003
to 31/12/2004 to 31/12/2003
RMB'000 RMB'000
Turnover : 234,061 202,628
Profit/(Loss) from Operations : 47,674 57,902
Finance cost : (668) (2,502)
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 : 43,504 51,589
% Change Over the Last Period : (15.67)%
EPS / (LPS)
Basic (in dollar) : RMB 0.093 RMB 0.137
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 43,504 51,589
Final Dividends per Share : RMB 0.025 RMB 0.03
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends :16/04/2005 to 17/05/2005 bdi.
Payable Date : 30/06/2005
B/C Dates for Annual General Meeting :16/04/2005 to 17/05/2005 bdi.
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
Shenzhen EVOC Intelligent Technology Company Limited
Signature :
Name : Lee Sing Yeung Simon
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. Listing Date
The Company's shares were listed on the Growth Enterprise Market of
The Stock Exchange of Hong Kong Limited (the "GEM") on 10 October 2003.
2. Impact of recently issued Hong Kong Financial Reporting Standards
The Hong Kong Institute of Certified Public Accountants has issued
a number of new Hong Kong Financial Reporting Standards and Hong Kong
Accounting Standards, herein collectively referred to as the new HKFRSs,
which are generally effective for accounting periods beginning on or
after 1 January 2005. The Company has not early adopted these new HKFRSs
in the financial statements for the year ended 31 December 2004. The
Company has already commenced an assessment of the impact of these new
HKFRSs but is not yet in a position to state whether these new HKFRSs
would have a significant impact on its results of operations and
financial position.
3. Principal accounting policies and the basis of preparation of the
accounts
The financial statements have been prepared in accordance with
Hong Kong Financial Reporting Standards (which also include Statements
of Standard Accounting Practice and Interpretations) issued by the
Hong Kong Institute of Certified Public Accountants, accounting
principles generally accepted in Hong Kong and the disclosure
requirements of the Hong Kong Companies Ordinance and the Rules
Governing the Listing of Securities on the GEM of the Stock Exchange
(the "GEM Listing Rules"). They have been prepared under the historical
cost convention.
4. Turnover and revenue
2004 2003
Turnover RMB'000 RMB'000
Sales of Products
Board-type EIP 119,619 121,803
Chassis-type EIP 107,209 74,338
Remote data modules 7,233 6,487
--------- ---------
Total turnover 234,061 202,628
--------- ---------
Other revenue
Value-added tax (VAT) concession 8,157 7,815
Government subsidies 2,751 3,964
Interest income 2,439 388
Others 1,471 716
--------- ---------
Total other revenue 14,818 12,883
--------- ---------
Total revenue 248,879 215,511
========= =========
5. Tax
The Company is located in the Shenzhen Special Economic Zone and
is therefore subject to a corporate income tax rate of 15%. In
accordance with the relevant income tax laws and regulations in
the PRC, the Company was exempt from corporate income tax for two
years commencing from its first year with assessable profits after
deducting the tax losses brought forward, and was entitled to a 50% tax
exemption for the next three years (the "Shenzhen Enterprise
Preferential Tax Treatment").
The year ended 31 December 2003 was the fifth year since the
Company's first year of operations with assessable profits and
accordingly, the Company was entitled to a 50% exemption from
corporate income tax for the year ended 31 December 2003.
Pursuant to the Regulations to further support the development
of New and High Technology (Amended), as a New and High Technology
Enterprise, the Company had applied to the Shenzhen Administration
of Taxation for a 50% exemption from income tax for a further
period of five years after the Shenzhen Enterprises Preferential Tax
Treatment expires. On 20 July 2004, the Company had already been
approved for such 50% reduction of income tax rate for three more
years until 2006.
The branches of the Company are located in various cities within the
PRC and are subject to a corporate income tax rate of 33% on their
assessable profits during the year.
2004 2003
RMB'000 RMB'000
PRC income tax - Current year's provision 3,502 3,811
========= =========
Note:
No provision for Hong Kong profit tax has been made as the Company
had no assessable profit derived in Hong Kong.
6. Earning per share
The calculation of basic earnings per share is based on the profit
attributable to shareholders for the year of approximately
RMB43,504,000 (2003:RMB51,589,000) and the 467,100,000
(2003: weighted average number of 377,500,000) ordinary shares
in issue during the year.
Diluted earnings per share amount for the two years ended
31 December 2003 and 2004 have not been disclosed as no diluting
events existed during these years.
7. Dividend
The Directors recommend the payment of a final dividend of RMB0.025
per ordinary share in respect of the year to shareholders on the
register of members on 17 May 2005. The proposed final dividend for
the year is subject to the approval of the Company's shareholders at
the forthcoming annual general meeting. This recommendation has been
incorporated in the financial statements as an allocation of retained
earnings within the capital and reserves section of the balance sheets.
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