abc Multiactive Limited — Earnings Release 2005

Feb 22, 2006

GEM

ABC MULTIACTIVE<08131> - Results Announcement (Final, 2004/2005, Summary)

abc Multiactive Limited announced on 21/02/2006:
(stock code: 08131 )

Year end date :30/11/2005
Currency :HKD
Auditors' report :Unqualified

Important Note :

This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com

                                         (Audited)         (Audited)
                                          Current Last Corresponding
                                           Period            Period
                                   from 01/12/2004   from 01/12/2003
                                     to 30/11/2005     to 30/11/2004
                                             $'000             $'000

Turnover : 22,094 23,050
Profit/(Loss) from Operations : (2,672) 1,733
Finance cost : (1,148) (1,169)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : (3,820) 564
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0238) HKD 0.0035
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (3,820) 564
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)

For and on behalf of
abc Multiactive Limited

Signature :
Name : Cheung, Siu Leong
Title : Company Secretary

Responsibility statement

The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading.The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard to
the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.

Remarks:

1. Basis of presentation
   The Hong Kong Institute of Certified Public Accountants
   ("HKICPA") has issued a number of new and revised Hong Kong
   Financial Reporting Standards and Hong Kong Accounting
   Standards (collectively referred to as the "new HKFRS") which
   are effective for accounting periods commencing on or after
   1 January 2005. The Group has not early adopted these new
   HKFRSs in the financial statements for the year ended 30th
   November 2005. The new HKFRSs may result in changes in the
   future as to how the Group's financial performance and
   financial position are prepared and presented.

The financial statements have been prepared in accordance with
Hong Kong Financial Reporting Standards (which also include
Statements of Standard Accounting Practice and Interpretations)
issued by the HKICPA, accounting principles generally accepted
in Hong Kong and the disclosure requirements of the Hong Kong
Companies Ordinance and applicable disclosure provisions of The
Rules Governing the Listing of Securities on the Stock
Exchange ("Listing Rules").

The measurement basic used in the preparation of the financial
statements is historical cost convention.

At the balance sheet date, the Group's current liabilities
exceeded its current assets by approximately HK$3,667,000 and
the Group's shareholders' deficits amounted to approximately
HK$26,206,000.

Notwithstanding the above results, the financial statements have
been prepared on a going concern basis, the validity of which is
dependent upon the success of the Group's future operations, its
ability to generate adequate cash flows in order to meet its
obligations as and when fall due and its ability to refinance or
restructure its borrowings such that the Group can meet its
future working capital and financing requirements. A shareholder
of the Company, Pacific East Limited, has confirmed that the
promissory notes in the amount of HK$12,500,000 will not be
repayable within the next twelve months of the balance sheet
date. On 18 November 2005, Pacific East Limited has agreed to
extend the maturity date of one of the promissory note in the
amount of HK$9,500,000 to 22 May 2007.
The ultimate holding company, MSI, has also confirmed that it
will not demand repayment of the amount due to it of
approximately HK$5,813,000 within the next twelve months of
the balance sheet date. Furhermore, a party connected
to a non-executive director of the Company, Whickham Group
Limited,has also confirmed that it will not demand repayment of
the promissory note in the amount of HK$4,634,000 within the
next twelve months of the balance sheet date. On 18 November
2005. Whickham Group Limited has agreed to extend the maturity
date of the promissory note by fifteen months to 21 May 2007.
The directors are confident that the Group's future operations
will be successful and able to generate sufficient cash flows in
order to meet its obilgations as they fall due over the next
twelve months. Accordingly, the directors are satisfied that it
is appropriate to prepare the financial statements on a going
concern basis.

1. Basic loss per share
   The calculation of basic loss per share for the year
   ended 30th November 2005 is based on the Group's net loss for
   the year of HK$3,820,000 (2004 : net profit of HK$564,000).
   and the weight average of 160,590,967 ordinary shares of
   HK$0.10 each in issue during the year (2004: 160,590,967 shares).

Diluted loss per share has not been presented as there
was no dilutive potential ordinary share in existence
during the year (2004: NIL).