GRANDY ENVIRO<08143> - Results Announcement Grandy Applied Environmental Technology Corporation announced on 13/02/2003: (stock code: 08143 ) Year end date: 31/03/2003 Currency: HKD Auditors' Report: N/A Review of Interim Report by: Audit Committee Important Note: This result announcement form only contain extracted information from and should be read in conjunction with the detailed results announcement of the issuer, which can be view on the GEM website at http://www.hkgem.com (Unaudited ) (Unaudited ) Last Current Corresponding Period Period from 01/04/2002 from 01/04/2001 to 31/12/2002 to 31/12/2001 Note ('000 ) ('000 ) Turnover : 24,483 21,252 Profit/(Loss) from Operations : (3,682) 3,871 Finance cost : (553) (1,332) Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : (4,235) 2,539 % Change over Last Period : N/A % EPS/(LPS)-Basic (in dollars) : (0.0052) 0.004 -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (4,235) 2,539 3rd Quarterly Dividend : N/A N/A per Share (Specify if with other : N/A N/A options) B/C Dates for 3rd Quarterly Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A For and on behalf of Grandy Applied Environmental Technology Corporation Name : Wilfred Wong Title : Financial Controller 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 whatsever 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. Group reorganisation and basis of presentation Group reorganisation The Company was incorporated in the Cayman Islands on 28 May 2001 as an exempted company with limited liability under the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. Pursuant to a group reorganisation (the "Reorganisation") to rationalise the structure of the Group in preparation for the listing of the Company's shares on the GEM, the Company became the holding company of the companies now comprising the Group on 17 July 2001. The Company's shares have been listed on the GEM since 10 May 2002. Basis of presentation The unaudited consolidated profit and loss account includes the results of the Company and its subsidiaries for the nine months ended 31 December 2002 (the "Period") together with the unaudited figures for the corresponding period in 2001. The Reorganisation involved companies under common control. The unaudited consolidated results have been prepared on the basis of merger accounting in accordance with SSAP 27 "Accounting for Group Reconstructions". On this basis, the Company has been treated as the holding company of its subsidiaries for the Period rather than from the date of its acquisition of the subsidiary pursuant to the Reorganisation. Accordingly, the unaudited consolidated results of the Group for the Period include the results of the Company and its subsidiaries with effect from 1 April 2001 or since their respective dates of incorporation, where this is a shorter period. Although the Reorganisation had not been completed and the Group did not legally exist until 17 July 2001, in the opinion of the directors, the unaudited consolidated financial statements prepared on the above basis present more fairly the results and state of affairs of the Group as a whole. All significant intercompany transactions and balances within the Group have been eliminated on consolidation. 2. Basis of preparation and accounting policies The unaudited consolidated results have been prepared in accordance with the applicable disclosure requirements of Chapter 18 of the GEM Listing Rules and with SSAP No. 2.125 "Interim Financial Reporting" issued by the Hong Kong Society of Accountants. The accounting policies and methods of computation used in the preparation of the results are consistent with those adopted in the annual financial statements for the year ended 31 March 2002, except that the Group has adopted the new and revised SSAPs which became effective during the Period. ?SSAP 1 (Revised) "Presentation of Financial Statements" ?SSAP 11 (Revised) "Foreign Currency Transaction" ?SSAP 15 (Revised) "Cash Flow Statements" ?SSAP 30 "Business Combinations" ?SSAP 34 "Employee Benefits" These SSAPs prescribed new accounting measurement and disclosure practices. The adoption of these SSAPs during the Period does not have any significant impact on the Group's profit or shareholders' equity, except that the presentation of certain items and balances in the consolidated results has been revised to comply with the new requirements. 3. (Loss)/Earnings per share The calculation of basic loss per share for the three months and nine months ended 31 December 2002 is based on the respective unaudited net loss from ordinary activities attributable to shareholders of approximately HK$4,557,000 and HK$4,235,000 and on the respective weighted average number of 835,435,000 and 806,945,000 ordinary shares in issue during the above-mentioned periods. The calculation of basic earnings per share for the three months and nine months ended 31 December 2001 is based on the respective unaudited net profit from ordinary activities attributable to shareholders of approximately HK$1,622,000 and HK$2,539,000 and on the respective weighted average number of 640,000,000 ordinary shares in issue during the above-mentioned periods. No diluted earnings/(loss) per share for the three months and nine months ended 31 December 2001 and for the three months and nine months ended 31 December 2002 have been presented as the share options outstanding during the periods had an anti-dilutive effect on the respective basic earnings/(loss) per share for the above-mentioned periods. |