BEIDA JADE BIRD<08095> - Results Announcement (Q1, 2005, Summary)
Beijing Beida Jade Bird Universal Sci-Tech Company Limited announced on 13/05/2005:
(stock code: 08095 )
Year end date :31/12/2005
Currency :RMB
Auditors' report :N/A
1st Quarterly Report Reviewed by :Audit Committee
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
(* Unaudited) (* Unaudited)
Current Last Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 31/03/2005 to 31/03/2004
RMB'000 RMB'000
Turnover : 16,090 22,212
Profit/(Loss) from Operations : (3,293) 283,839
Finance cost : (3,624) (2,875)
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 : (5,607) 281,420
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (RMB 0.005) RMB 0.255
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (5,607) 281,420
1st Quarter Dividends per Share : NIL RMB one cent
(specify if with other options) : N/A N/A
B/C Dates for 1st Quarter 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.
Remarks:
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, wireless fire alarm systems, application
specific integrated circuits, smart card application systems, remote
automatic meter-reading systems and related products. The Group is
also engaged in the sales of computer products and the provision of
total solution services through application of its existing embedded
system products.
The Unaudited Quarterly Results of the Group have been prepared in
accordance with Hong Kong Financial Reporting Standards ("HKFRSs")
(which also include Hong Kong Accounting Standards ("HKAS") and
Interpretations) issued by the Hong Kong Institute of Certified
Public Accountants ("HKICPA"), accounting principles generally
accepted in Hong Kong and the disclosure requirements of the Rules
Governing the Listing of Securities on the Growth Enterprises Market
of The Stock Exchange of Hong Kong Limited. They have been prepared
under historical cost convention, except for available-for-sale
financial assets that have been measured at fair value. The principal
accounting policies used in the preparation of the Unaudited
Quarterly Results are consistent with those adopted in the
preparation of the consolidated annual financial statements of the
Group for the year ended 31 December 2004, except for those
mentioned below.
In the first quarter of 2005, the Group has adopted, for the first
time, a number of new and revised Hong Kong Financial Reporting
Standards and Hong Kong Accounting Standards, herein collectively
referred to as the new HKFRSs, which are generally effective for the
accounting periods beginning on or after 1 January 2005.
The major effects of the new HKFRSs, which have had a material
impact on the Unaudited Quarterly Results, are set out below:
The adoption of HKAS 39 "Financial Instruments: Recognition and
Measurement" requires the Group's long term investment be classified
as available-for-sale financial asset which is measured at fair value
instead of measuring at historical cost according to the Group's
accounting policy adopted before. The fair value amount is estimated
using the market information and valuation methodologies considered
appropriate. However, considerable judgement is required to interpret
market data to develop the estimates of fair value amount.
Accordingly, the estimates made by the Group are not necessarily
indicative of the amounts the Group could realize in a current market
exchange. The use of different market assumptions and/or estimation
methodologies may have a material effect on the estimated fair value
amount. The effect of adopting HKAS 39 was to increase the
consolidated investment revaluation reserve as at 1 January 2005 by
approximately RMB286 million. As at 31 March 2005, the fair value of
the long term investment was decreased by approximately RMB60 million
as compared to that on 1 January 2005.
The adoptions of HKFRS 3 "Business Combinations" and HKAS 36
"Impairment of Assets" have resulted in ceasing goodwill amortisation
and to test for impairment annually at the cash generating unit
level (unless an event occurs during the year which requires the
goodwill to be tested more frequently) from 1 January 2005. The
transitional provisions of HKFRS 3 have required the Group to
eliminate the carrying amount of accumulated amortisation of
RMB17,342,000 with a corresponding decrease in goodwill.
2. (Loss)/earnings per share
The calculation of loss per share of RMB0.5 cents (2004: earnings per
share of RMB25.5 cents) for the three months ended 31 March 2005 was
based on loss attributable to shareholders of RMB5,607,000 (2004:
profit attributable to shareholders of RMB281,420,000) and on the
weighted average number of 1,184,800,000 shares
(2004: 1,104,000,000 shares) in issue.
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