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"

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	-

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