08:56     SEMTECH INT'L<00724> - Results Announcement (2)                     

                                                                              
    3.      RESTATEMENT FOR LAST CORRESPONDING RESULTS                        
                                                                              
    In the current period, the Group has adopted SSAP 12 (Revised) "Income    
    Taxes".  The principal effect of the implementation of SSAP 12 (Revised)  
    is in relation to deferred tax.  In previous years, partial provision was 
    made for deferred tax using the income statement liability method, under  
    which a liability was recognised in respect of timing differences arising,
    expected to reverse in the foreseeable future.  SSAP 12 (Revised) requires
    the adoption of a balance sheet liability method, whereby deferred tax is 
    recognised in respect of all temporary differences between the carrying   
    amounts of assets and liabilities in the financial statements and the     
    corresponding tax bases used in the computation of taxable profit, with   
    limited exceptions.  In the absence of any specific transitional          
    requirements in SSAP 12 (Revised), the new accounting policy has been     
    applied retrospectively.  Comparative amounts for the year ended 30 June  
    2003 have been restated accordingly. As a result of this change in policy,
    the balance of retained profits at 1 July 2002 has been increased by HK$  
    580,000, representing the cumulative effect of the change in policy on the
    results for periods prior to 1 July 2002. The change has resulted in an   
    increase in the net loss for the year ended 30 June 2003 of HK$359,000.   
                                                                              
    For more details, please refer to the press announcement today.