BEIDA JADE BIRD<08095> - Results Announcement (Final, 2004, Summary)
Beijing Beida Jade Bird Universal Sci-Tech Company Limited announced on 30/03/2005:
(stock code: 08095 )
Year end date :31/12/2004
Currency :RMB
Auditors' report :Qualified
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
$'000 $'000
Turnover : 130,503 199,740
Profit/(Loss) from Operations : 243,179 16,312
Finance cost : (8,233) (9,405)
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 : 234,185 7,136
% Change Over the Last Period : +3,181.74%
EPS / (LPS)
Basic (in dollar) : RMB 0.204 RMB 0.007
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : 234,185 7,136
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) 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
Beijing Beida Jade Bird Universal Sci-Tech Company Limited
Signature :
Name : Wong Tak Chuen
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.
1.Principal Activities and Basis of Presentation
The Group is principally engaged in the research, development,
production, marketing and sales of embedded systems, including
network security products ("Net"), wireless fire alarm systems
("WFAS"), application specific integrated circuits ("ASIC"), global
positioning system application systems ("GPS"), smart card application
systems ("IC"), remote automatic meter-reading systems ("RMR")
and related products.
The Group is also engaged in the sales of computer products
("Computer") and the provision of total solution services through
application of its existing embedded system products.
The principal accounting policies adopted by the Group conform to
Statements of Standard Accounting Practice issued by the Hong Kong
Institute of Certified Public Accountants and accounting principles
generally accepted in Hong Kong.
2. Earnings Per Share
The calculation of basic earnings per share for the year ended 31
December 2004 were based on the profit attributable to shareholders of
approximately RMB 234,185,000 (2003 - RMB7,136,000) and on the
weighted average number of 1,146,828,415 (2003-1,032,273,973) shares
No diluted earnings per share amount for the year ended 31 December
2004 and the last year have been presented as
there were no dilutive potential
ordinary shares in existence during the periods.
3. Extract of the report of auditors
Basis of opinion (extracts)
We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary in order
to provide us with sufficient evidence to give reasonable assurance
as to whether the financial statements are free from material
misstatement. However, the evidence made available to us by the
Group was limited because sufficient information and explanations
necessary to enable us to understand and assess the recoverability of
the amount due from related parties of RMB320 million have not
been available. Details of the amounts due from related parties are
set out in note 21 to the financial statements. There were no other
satisfactory audit procedures that we could adopt to understand
and assess the recoverability of the aforesaid amounts due from
related parties.
Qualified opinion arising from limitation of audit scope
Except for any adjustments that might have been found to be necessary
had we been able to obtain sufficient evidence concerning the
recoverability of the amounts due from related parties of
approximately RMB320 million, in our opinion the financial
statements give a true and fair view of the state of affairs of the
Company and of the Group as at 31 December 2004 and of the profit
and cash flows of the Group for the year then ended and have been
properly prepared in accordance with the disclosure requirements
of the Hong Kong Companies Ordinance.
4.Extracts of note 21 to the financial statements
Balances with related parties
Except for the amount due from Beijing Beida On-line Network Company
Limited ("Beida On-line") which bears interest at an annual interest
rate of 5.13%, all other balances with related parties at
31 December 2004 were interest-free. All balances with related
parties were unsecured and did not have fixed repayment terms.
Subsequent to the balance sheet date, an aggregate amount of balances
due from related parties of approximately RMB92,000,000 has been
received by the Group.
Included in the amounts due from related parties as at 31 December
2004 was a sum of approximately RMB320 million, representing
approximately RMB287 million as to Hong Kong Jade Bird Sci-Tech
Limited and approximately RMB33 million as to Wisdom New Group
Limited, both of which are controlled by Beijing Beida Jade Bird
Limited ("Beida Jade Bird"). Pursuant to a share transfer agreement
(the "Agreement") entered into with Beida Jade Bird on 24 March
2005, the sum was utilised as earnest money for acquiring a 44%
equity interest in a property development company in Beijing. The
Directors expect that the proposed acquisition transaction shall take
place on or before 31 July 2005. In connection with the Agreement
and the proposed acquisition, the Company has made an announcement
to that effect on 24 March 2005. Pursuant to the Agreement, the
earnest money shall be fully refunded to the Company, without
interest, if the conditions set forth in the Agreement have not
either been fulfilled or waived and hence, the proposed acquisition
does not take place. In the opinion of the Directors, Beida Jade Bird
is able to repay the earnest money, if so required, and a guarantee
for repayment has been obtained from a company controlled by the
Peking University.
Should the conditions precedent (including but not limited to
approval by the independent shareholders of the Company and all
necessary approvals and permissions from the relevant government
and/or regulatory authorities) of the Agreement be fulfilled or
waived by the Company, the earnest money would be applied and
recorded in the consolidated balance sheet of the Group as interest
in an associated company.
|