HYFLUX LTD AND SUBSIDIARIES

○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2002
31. EARNINGS PER SHARE
Earnings per share is calculated by dividing the Group’s profit after taxation and minority interests by the weighted average
number of shares in issue during the financial year of 230,241,909 (2001: 217,412,743) shares.
For fully diluted earnings per share, the weighted average number of shares in issue is adjusted for the effect of all dilutive
potential ordinary shares. Earnings per share is calculated by dividing the Group’s profit after taxation and minority interests by
234,127,416 (2001: 217,412,743) shares, being the weighted average number of shares adjusted for dilution in respect of
unissued shares of the Company pursuant to the Hyflux Employees’ Share Option Scheme.
32. DIVIDEND
GROUP AND COMPANY
2002 2001
$’000 $’000
Interim (2001: final) dividend of 1 cent (2001: 0.503 cent)
per share, less tax at 22% (2001: 24.5%) 1,834 645
The directors propose a final dividend of 0.5 cent per share, less tax at 22%, amounting to $921,174, in respect of the financial year
ended 31 December 2002, subject to approval by shareholders at the Annual General Meeting of the Company. The proposed final
dividend has not been recognised as a liability as at year end in accordance with SAS 10, Events after the Balance Sheet Date.
33. COMMITMENTS AND CONTINGENCIES
(I)
NON-CANCELLABLE OPERATING LEASE COMMITMENTS
The Group has various operating lease agreements for offices and rental of land. Most leases contain renewable
options. Some of the leases contain escalation clauses. Lease terms do not contain restrictions on the Group’s activities
concerning dividends, additional debt or further leasing.
Future minimum rentals under non-cancellable leases are as follows as at 31 December:
GROUP
2002 2001
$’000 $’000
Within one year 192 200
After one year but not more than five years 714 714
More than five years 6,885 7,183
7,791 8,097
(II)
CAPITAL COMMITMENTS
The Group is committed to increase the registered/paid-in capital of a subsidiary and a long-term investment by
US$160,000 and US$700,000, respectively.