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MULTIVISION INTELLIGENT SURVEILLANCE LIMITED

Full Year Financial Statement And Dividend Announcement

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS
    1(a) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year

Income statement of the Group for full year ended 31 March 2003 with comparative statement for full year ended 31 March 2002

 

    The Group
    HK$'000
    %
    Full Year
    FY2003
    Full Year
    FY2002
    Increase/
    (Decrease)
    1(a) Turnover
    95,292
    25,101
    280%
    1(b) Cost of Sales
    (45,205)
    (12,168)
    272%
    1(c) Gross Profit
    50,087
    12,933
    287%
    1(d) Investment income
    -
    -
    -
    1(e) Other net income including interest income
    2,036
    824
    147%
    2(a) Profit/(loss) from operations before taxation, minority interests, extraordinary items and finance costs; but after charging depreciation and amortisation, foreign exchange gain/(loss) and allowance for doubtful receivables as follows:
    30,173
    1,629
    1752%
    2(b)(i) Depreciation
    (443)
    (372)
    19%
    2(b)(ii) Amortisation of development costs
    (7,396)
    (2,782)
    166%
    2(b)(iii) Foreign exchange gain/(loss)
    (3)
    (59)
    -95%
    2(b)(iv) Allowance for doubtful receivables
    (784)
    -
    NM
    2(c) Exceptional items
    -
    -
    -
    2(d)(i) Finance costs
    (15)
    (203)
    -93%
    2(d) Profit/(loss) from ordinary activities before taxation, minority interests and extraordinary items
    30,158
    1,426
    2015%
    2(e) Income derived from associated companies
    -
    -
    -
    2(f) Profit/(loss) from ordinary activities before taxation, minority interests and extraordinary items
    30,158
    1,426
    2015%
    2(g) Less taxation
    (4,838)
    (228)
    2022%
    2(g)(i) Profit/(loss) from ordinary activities after taxation; but before minority interests and extraordinary items
    25,320
    1,198
    2014%
    2(g)(ii) Less minority interests
    -
    -
    -
    2(h) Profit/(loss) from ordinary activities after taxation and minority interest; but before extraordinary items
    25,320
    1,198
    2014%
    2(i)(i) Extraordinary items
    -
    -
    -
    2(i)(ii) Less minority interests thereon
    -
    -
    -
    2(i)(iii) Extraordinary items attributable to members of the Group
    -
    -
    -
    2(i)(iv) Transfer to/from Exchange Reserve
    -
    -
    -
    2(i)(v) Transfer to Capital Reserve
    -
    -
    -
    2(i)(vi) Transfer to Reserve Fund
    -
    -
    -
    2(j) Profit/(loss) from ordinary activities after taxation, minority interests and extraordinary items attributable to members of the Group
    25,320
    1,198
    2014%

    NM stands for "not meaningful"

1(b)(i) A balance sheet (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year

    Balance Sheet

    The Group
    HK$'000
    The Company
    HK'000
    As at 31.03.03 As at 31.03.02 As at 31.03.03 As at 31.03.02
    Non-current assets
    Investments in a subsidiary
    -
    -
    19,462
    -
    Fixed assets
    1,474
    1,045
    -
    -
    Intangible assets
    51,115
    14,296
    -
    -
    Deferred taxation
    -
    80
    -
    -
    52,589
    15,421
    19,462
    -
    Current Assets
    Inventories
    4,493
    3,603
    -
    -
    Trade receivables
    25,670
    13,656
    -
    -
    Prepayments, deposits and other receivables
    2,173
    1,205
    215
    -
    Amount due from a subsidiary
    -
    -
    58,831
    Cash and cash equivalents
    49,667
    10,908
    -
    -
    82,003
    29,372
    59,046
    -
    Less:
    Current liabilities
    Obligations under hire purchase contract
    133
    133
    -
    -
    Trade and other payables
    10,958
    10,760
    139
    -
    Amounts due to directors
    750
    -
    150
    -
    11,841
    10,893
    289
    -
    Net current assets
    70,162
    18,479
    58,757
    -
    Total assets less current liabilities
    122,751
    33,900
    78,219
    -
    Less:
    Non-current liabilities
    Obligations under hire purchase contract
    22
    156
    -
    -
    Deferred taxation
    4,758
    -
    -
    -
    4,780
    156
    -
    -
    Net assets
    117,971
    33,744
    78,219
    -
    Shareholders' equity
    Share Capital
    24,369
    28,672
    24,369
    -
    Reserves
    93,602
    5,072
    53,850
    -
    117,971
    33,744
    78,219
    -


1(b)(ii) Aggregate amount of group's borrowings and debt securities

    Amount repayable in one year or less, or on demand

    As at 31/03/2003
    As at 31/03/2002
    Secured
    Unsecured
    Secured
    Unsecured
    HK$133,000
    HK$0
    HK$133,000
    HK$0

    Amount repayable after one year

    As at 31/03/2003
    As at 31/03/2002
    Secured
    Unsecured
    Secured
    Unsecured
    HK$22,000
    HK$0
    HK$156,000
    HK$0

    Details of any collateral

    The Group has no other borrowings or debts securities other than that as disclosed above.

1(c) A cash flow statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year

Consolidated cash flow statement for the Group

    Full Year
    FY2003
    Full Year
    FY2002
    HK$'000
    HK$'000
    Operating activities
    Profit from ordinary activities before taxation
    30,158
    1,426
    Adjustment for:
    Interest expense
    15
    203
    Interest income
    (95)
    (53)
    Depreciation of fixed assets
    654
    372
    Amortisation of intangible assets
    7,396
    2,782
    Gain on disposal of fixed assets
    (6)
    -
    Operating profit before changes in working capital
    38,122
    4,730
    Changes in working capital
    Increase in inventories
    (890)
    (2,371)
    Increase in trade receivables
    (12,014)
    (9,466)
    Increase in prepayments, deposits and other receivables
    (968)
    (1,086)
    (Decrease)/increase in trade and other payables
    (7,802)
    8,561
    Increase in amounts due to directors
    750
    -
    Cash generated from operations
    17,198
    368
    Income tax refund
    -
    3
    Interest received
    95
    53
    Interest paid
    (15)
    (203)
    Net cash inflow from operating activities
    17,278
    221
    Investing activities
    Payment for purchase of fixed assets
    (1,095)
    (970)
    Payment for development costs
    (5,415)
    (2,088)
    Technology transfer fee paid
    (30,800)
    (1,800)
    Proceeds from sales of fixed assets
    17
    -
    Net cash outflow from investing activities
    (37,293)
    (4,858)
    Financing activities
    Capital contributions
    -
    20,000
    Repayment of principal under hire purchase contract
    (133)
    (119)
    Decrease in amount due to related company
    -
    (1,922)
    Issue of shares
    71,836
    -
    Share issue expenses