Financial Statement - Food Empire Holdings Limited

More documents

Recommendations

Info

1. FRS 21 The adoption of FRS 21 has impact on the following:- a) Net Profit for the Group for Half Year ended 30 June 2004 was decreased by S$221,000. b) There was no impact on the revenue reserve of the Group as at 1 January 2004 as the Management is of the opinion that it is impractical to determine the effects of the change in accounting policy prior to 1 January 2004. Hence, the change in accounting policy is applied as at 1 January 2004. There is no impact at the Company level as the changes affected a subsidiary of the Group. 2. FRS 102 By adopting FRS 102, the Group and Company adjusted downwards the opening revenue reserve as at 1 January 2004 by S$14,000. Net Profit for the Group and the Company for Half Year ended 30 June 2004 was reduced by S$64,000. 3. Effects of FRS 21 and FRS102 on Earnings Per Share(EPS) The effect of FRS 21 and FRS 102 on the Group’s basic and diluted EPS for Second Quarter ended 30 June 2004 is as follows: Basic EPS Diluted EPS Decrease of 0.14 cents Decrease of 0.13 cents The effect of FRS 21 and FRS 102 on the Group’s basic and diluted EPS for First Half ended 30 June 2004 is as follows: Basic EPS Diluted EPS Decrease of 0.08 cents Decrease of 0.06 cents Apart from the above, the various revisions in FRS, applicable from 1 January 2005, are currently being assessed to ensure there are no material impact on the Group’s results. 5. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change. Please refer to paragraph 4. 6. Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends. Group Group Group Group 3 months ended 30/06/2005 3 months ended 30/06/2004 (Restated) 6 months ended 30/06/2005 6 months ended 30/06/2004 (Restated) Earnings per share (i) Based on existing issued share capital 0.95 0.77 2.30 1.97 (cents) (ii) On a fully diluted basis (cents) 0.95 0.76 2.27 1.95
Weighted average number of shares table 3 mths ended 3 mths ended 6 mths ended 6 mths ended 30/06/2005 30/06/2004 30/06/2005 30/06/2004 Weighted average number of shares for calculation of basic EPS 351,358,554 347,649,451 350,799,212 345,973,517 Weighted average number of shares for calculation of diluted EPS 354,064,391 351,638,891 355,506,046 350,251,330 7. Net asset value (for the issuer and group) per ordinary share based on issued share capital of the issuer at the end of the:- (a) current financial period reported on; and (b) immediately preceding financial year. Group Group Company Company 30/06/2005 31/12/2004 30/06/2005 31/12/2004 (Restated) (Restated) Net asset value per ordinary share (cents) 22.26 19.79 9.55 8.88 8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group’s business. It must include a discussion of the following:- (a) any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and (b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on. In Q2 2005, the Group continued to deliver double-digit growth in Revenue and Net Profit Attributable to Shareholders. Improvement was led by business expansion in key markets of Russia and Eastern Europe & Central Asia. Growth was broad-based for both beverage and non-beverage products. Revenue Geographical Analysis 2Q05 2Q04 Chg 1H05 1H04 Chg $’000 $’000 $’000 $’000 Russia 24,521 21,129 +16.1% 53,992 43,356 +24.5% Eastern Europe & Central Asia 13,085 11,112 +17.8% 22,962 23,340 -1.6% Others 2,244 2,740 -18.1% 5,580 5,310 +5.1% Total 39,850 34,981 +13.9% 82,534 72,006 +14.6% Stronger sales in key market segments of Russia and Eastern Europe & Central Asia contributed to the increase in Group Revenue. Russia remains as the top contributor to Group Revenue at 61.5%, followed by Eastern Europe & Central Asia at 32.8%. Sales from Other Markets made up the balance. Revenue from Russia rose 16.1% or S$3.4 million to S$24.5 million, and Eastern Europe & Central Asia increased by 17.8% to S$13.1 million in Q2 2005. This growth was due to successful distribution network expansion and ongoing promotion of the Group’s strong product brand name. Sales from the Ukraine market improved owing to the strong MacCoffee brand name built up over the years. Revenue from other Commonwealth of Independent States had also grown significantly. Revenue from Other markets fell S$0.5 million to S$2.2 million in Q2 2005 due to lower sales from the Middle East and USA markets.
Page 1 and 2: Listed companies must provide the i
Page 3 and 4: 1(b)(ii) Aggregate amount of group
Page 5 and 6: Dividends paid to shareholders of t
Page 7: 1(d)(ii) Details of any changes in
Page 11 and 12: 10. A commentary at the date of the

Financial Statement - Food Empire Holdings Limited

Create successful ePaper yourself

Delete template?

Save as template?