EXCEL TECH<08048> - Results Announcement (Final, 2005, Summary)
Excel Technology International Holdings Limited announced on 29/03/2006:
(stock code: 08048 )
Year end date :31/12/2005
Currency :HKD
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 01/01/2005 from 01/01/2004
to 31/12/2005 to 31/12/2004
$'000 $'000
Turnover : 224,242 162,888
Profit/(Loss) from Operations : (19,768) (26,845)
Finance cost : (316) (382)
Share of Profit/(Loss) of Associates : 4,517 4,290
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (16,566) (20,962)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : HKD (0.0168) HKD (0.0213)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (16,566) (20,962)
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
Excel Technology International Holdings Limited
Signature :
Name : Zee Chan Mei Chu, Peggy
Title : Chairman
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. Basis of preparation
These financial statements have been prepared in accordance with
Hong Kong Financial Reporting Standards ("FRS") and Hong
Kong Accounting Standards ("HKAS") (collectively referred to
as "HKFRS") issued by the Hong Kong Institute of Certified
Public Accountants ("HKICPA"), accounting principles generally
accepted in Hong Kong and the disclosure requirements of the Hong
Kong Companies Ordinance. In this year, the Group adopted the new/
revised HKFRS pertinent to its operations.
The financial information also complies with the applicable
disclosure requirements of the Growth Enterprise Market
operated by The Stock Exchange of Hong Kong Limited.
The measurement basis used in the preparation of these financial
statements is historical cost, except for certain available-for-sale
financial assets and financial assets at fair value through profit
or loss, which have been measured at fair value.
The consolidated financial statements incorporate the financial
statements of the Company and its subsidiaries made up to
31 December each year.
All inter-company transactions and balances within the Group
have been eliminated on consolidation.
2. Change in accounting policies
In this year, the Group adopted the following new / revised
HKFRS issued by the HKICPA, which are effective for
accounting periods beginning on or after 1 January 2005. The
comparatives have been amended in accordance with the relevant
requirements. Major effects on the changes in accounting
policies are summarised below:
HKAS 1 " Presentation of financial statements"
HKAS 1 has affected the presentation of minority interests, share
of net post-tax results of associates and other related disclosures.
Comparative figures have been restated accordingly.
HKAS 17 "Leases"
In prior year, leasehold land and buildings held for own use were
stated at cost less accumulated depreciation and accumulated impairment
losses. Under HKAS 17, when the lease payment cannot be allocated
reliably between the land and building elements, the entire lease
payment is accounted for as a finance lease.
Since the lease payment of the Group cannot be allocated reliably
between the land and building elements, the entire lease continues to
be accounted for as finance lease in property, plant and equipment. The
change in accounting policy has had no effect on the Group.
HKAS 24 "Related party disclosures"
HKAS 24 has affected the identification of related
parties and some other related-party disclosures.
HKAS 32 "Financial instruments: Disclosure and presentation" and
HKAS 39 "Financial instruments: Recognition and measurement"
The adoption of HKAS 32 and HKAS 39 has resulted in a change in
accounting policy for recognition, measurement, derecognition and
disclosure of financial instruments. Until 31 December 2004, the
Group classified investments into investment securities and other
investments. Investment securities were stated at cost less provision
for impairment losses that is expected to be other than temporary.
Other investments were stated at their fair value. Changes in fair
value were recognised in income statement as they arise.
In accordance with the provisions of HKAS 39, financial assets are
classified into financial assets at fair value through profit or loss,
available-for-sale financial assets, loans and receivables and held-
to-maturity investments.
Upon the adoption of HKAS 32 and HKAS 39, the Group's investment
securities and other investments were re-designated as available-for-
sale financial assets and financial assets at fair value through profit
or loss respectively. They have been re-measured in accordance with
HKAS 39 as appropriate. There are no adjustments arising from the
adoption of HKAS 39 for financial assets at fair value through profit or
loss but the adjustment related to the available-for-sale financial
assets is recognised as an opening balance adjustment on the investment
revaluation reserve at the beginning of the year as required by
the transitional provisions of HKAS 39.
FRS 2 "Share-based payment"
The adoption of FRS 2 has resulted in a change in the accounting policy
for employee share options. Prior to the application of FRS 2, the Group
did not recognise the financial effect of those share options until
they were exercised. Following the adoption of FRS 2, the fair value of
share options determined at the grant date is recognised as expenses
over the relevant vesting periods to the income statement. The Group
has taken advantage of the transitional provisions of FRS 2 in respect
of equity-settled share-based payments since all the share options of
the Group were granted before 7 November 2002. As a result, there are
no adjustments required for the share options of the Group.
FRS 3 "Business combination" and HKAS 36 "Impairment of assets"
The adoption of FRS 3 and HKAS 36 results in a change in the accounting
policy for business combinations on a prospective basis. The Group
ceased amortisation of goodwill from 1 January 2005 and the accumulated
amortisation of goodwill as at 1 January 2005 has been eliminated
against the cost of goodwill at that date in accordance with the
transitional provisions of FRS 3. Following the adoption of FRS 3 and
HKAS 36, goodwill is no longer amortised but is tested for impairment
annually.
3. Turnover
The principal activities of the Group are engaged in the development,
sales and implementation of enterprise software and the provision of
systems integration, professional services and ASP services.
Turnover represents the aggregate of the net amounts received and
receivable from the sale of enterprise software products, and the
provision of application, systems integration and professional services
during the year.
4. Loss per share
The calculation of the basic loss per share is based on the loss
attributable to equity holders of the parent of HK$16,566,000
(2004 : HK$20,962,000) and the 985,050,000 (2004 : 985,050,000)
shares in issue during the year.
No diluted loss per share has been presented because all the share
options granted as at 31 December 2005 and 2004 were anti-dilutive.
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