Yearly Results announcement form
Name of listed company : FX Creations International Holdings Limited
Stock code : 8136
Year end date : 31/03/2002
Auditors' report : Qualified
Modified
x Neither
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
Currency: HK$'000
(Audited) (Audited)
Final Results Announcement Current Last
Corresponding
Period Period
from 01/04/2001 from 01/04/2000
to 31/03/2002 to 31/03/2001
HK$'000 HK$'000
Turnover : 49,587 38,502
Profit/(Loss) from Operations : 2,723 2,729
Finance cost : (381) (450)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 1,920 1,869
% Change Over the Last Period : 2.73 %
EPS / (LPS) - Basic : 0.69 cent 0.67 cent
- Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 1,920 1,869
Final Dividend per Share : Nil Nil
(specify if with other options) : N/A N/A
B/C Dates for Final Dividend : N/A to N/A bdi.
Payable Date : N/A
B/C Dates for AGM/SGM : N/A to N/A bdi.
Other Distribution for Current Period: Nil
B/C Dates for Other Distribution : N/A to N/A bdi.
(bdi: both days inclusive)
For and on behalf of
FX Creations International Holdings Limited
Signature :
Name : Ong Chor Wei
Title : Director
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. Group reorganisation and basis of presentation
Group reorganisation
Pursuant to a reorganisation scheme (the "Group
Reorganisation") to rationalise the structure of
the Company and its subsidiaries (hereinafter
collectively referred to as the "Group") in
preparation for the listing of the Company's
shares on the Growth Enterprise Market ("GEM")
of the Stock Exchange of Hong Kong Limited
(the "Stock Exchange") in May 2002, the Company
became the holding company of the companies now
comprising the Group on 2 May 2002. This was
accomplished by the Company acquiring the entire
issued share capital of Resource Base Enterprise
Limited ("RBEL"), the then holding company of other
subsidiaries, in consideration for the allotment and
issue of 5,599,999 shares of HK$0.01 each in the share
capital of the Company, credited as fully paid, to
Wise New Management Limited, the former shareholder
of RBEL. Further details of the Group Reorganisation
are set out in the Company's prospectus dated
8 May 2002.
Basis of presentation
The Group Reorganisation involved companies under
common control. For accounting purposes, the
Company and its subsidiaries will be regarded and
accounted for as a continuing group when the
Company prepares its financial statements for the
next year ending 31 March 2003. Accordingly, for
the benefit of shareholders, pro forma combined
financial statements and related notes thereto
have been presented as supplementary information
of the current year on the basis that the Company
is treated as the holding company of its subsidiaries
for the financial years presented rather than
from the subsequent date of acquisition of the
subsidiaries as is required by Hong Kong Statements
of Standard Accounting Practice ("SSAP") 27
"Accounting for group reconstructions" issued
by the Hong Kong Society of Accountants. The
pro forma combined results of the Group for the
years ended 31 March 2002 and 2001 and the pro
forma combined balance sheets as at 31 March 2002
and 2001 have been prepared on the basis that the
current Group structure was in place for the two
years ended 31 March 2002.
All significant transactions and balances among
the companies comprising the Group have been
eliminated in the preparation of the pro forma
combined financial statements.
Although the Group Reorganisation had not been
completed until 2 May 2002 and, accordingly, the
Group did not legally exist until that date, in
the opinion of the directors, the presentation of
such supplementary pro forma combined financial
statements prepared on the above basis is
necessary to apprise the Company's shareholders
of the Group's results and its state of affairs
as a whole.
2. Earnings per share
The calculation of pro forma basic earnings per
share is based on the pro forma combined net profit
from ordinary activities attributable to shareholders
for the year ended 31 March 2002 of approximately
HK$1,920,000 (2001:HK$1,869,000) and the pro forma
weighted average of 280,000,000 (2001:280,000,000)
shares deemed to be in issue throughout the year.
Diluted earnings per share for the years ended
31 March 2001 and 2002 have not been disclosed
as no diluting events existed during those years.