BEIDA JADE BIRD<08095> - Results Announcement (Q3, 2005, Summary) Beijing Beida Jade Bird Universal Sci-Tech Company Limited announced on 10/11/2005: (stock code: 08095 ) Year end date :31/12/2005 Currency :RMB Auditors' report :N/A 3rd 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 1/1/2005 from 1/1/2004 to 30/9/2005 to 30/9/2004 $'000 $'000 Turnover : 108,500 83,480 Profit/(Loss) from Operations : (8,683) 277,969 Finance cost : (12,495) (8,294) Share of Profit/(Loss) of Associates : (341) N/A Share of Profit/(Loss) of Jointly Controlled Entites : N/A N/A Profit/(Loss) after Taxation & MI : (13,779) 272,230 % Change Over the Last Period : N/A EPS / (LPS) Basic (in dollar) : (RMB 0.0116) RMB 0.24 Diluted (in dollar) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit (Loss) after ETD Items : (13,779) 272,230 3rd Quarter Dividends per Share : NIL NIL (specify if with other options) : N/A N/A B/C Dates for 3rd 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, 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 Third 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 Third 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. During the period beginning on 1 January 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 Third 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 retained profits as at 1 January 2005 by approximately RMB286 million. As at 30 September 2005, the fair value of the long term investment decreased by approximately RMB105 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. Turnover Turnover represents the net invoiced value of goods sold, after allowances for returns and trade discounts; and the value of services rendered, net of sales surtaxes. All significant intra-group transactions have been eliminated on consolidation. 30/6/2005 to\ 30/6/2004 to\ 1/1/2005 to\ 1/1/2004 to 30/9/2005 \ 30/9/2004 \ 30/9/2005 \ 30/9/2004 RMB'000 \ RMB'000 \ RMB'000 \ RMB'000 Sales of embedded systems and related products : 13,625\17,257\ 32,093\56,202 Sales of computer products : 46,611 \17,514\ 76,359\26,434 Provision of total solution services : 3 \233\48 \844 Total turnover : 60,239 \35,004\108,500 \83,480 3. Taxation Hong Kong profits tax has not been provided as the Group has no assessable profits arising in Hong Kong during the period (2004: Nil). Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries in which the Group operates, based on existing legislation, interpretations, and practices in respect thereof. No profits tax or income tax has been provided for the nine months ended 30 September 2005 (2004: Nil). There was no material unprovided deferred tax for the nine months ended 30 September 2005 (2004: Nil). 4. Earnings /( Loss) Per Share The calculation of loss per share of RMB 1.16 cents (2004: earnings per share of RMB 24.00 cents) for the nine months ended 30 September 2005 were based on the loss attributable to shareholders of approximately RMB 13,779,000 (2004: profit attributable to shareholders of approximately RMB 272,230,000) and on the weighted average number of 1,184,800,000 shares (2004: 1,134,079,000 shares) in issue. Diluted earnings/(loss) per share amount for nine months ended 30 September 2005 has not been presented as no diluting events existed at 30 September 2005. |