abc Multiactive Limited — Interim / Quarterly Report 2002

Apr 11, 2002

Quarterly Results announcement form

Name of listed company :abc Multiactive Limited

Stock code :8131

Year end date :30th November 2002

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

Currency: HK$'000
(Unaudited) (Unaudited)
Quarterly Results Announcement (restated, see
note 1c and 3)
Last
Current Corresponding
Period Period
from 01/12/2001 from 01/12/2000
to 28/02/2002 to 28/02/2001
HK$'000 HK$'000

Turnover : 7,051 8,688
Profit/(Loss) from Operations : (8,757) (39,369)
Finance cost : (138) (139)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of
Jointly Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : (8,895) (39,508)
% Change Over the Last Period : N/A %
EPS / (LPS) - Basic : (0.55 cents) (2.90 cents)
- Diluted : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (8,895) (39,508)
1st Q Dividend per Share : 0 0
(specify if with other options) : N/A N/A
B/C Dates for 1st Q Dividend : N/A to N/A bdi.
Payable Date : N/A
B/C Dates for AGM/SGM : N/A to N/A bdi.
Other Distribution for Current Period: 0
B/C Dates for Other Distribution : N/A to N/A bdi.
(bdi: both days inclusive)

                                               For and on behalf of
                                            abc Multiactive Limited
                      Signature  :
                      Name       :               Billy Kin Wah Chan
                      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. Group reorganisation, basis of presentation and principle
   accounting policies

a. The Company was incorporated in Bermuda on 2nd March 2000
as an exempted company with limited liability under the
Companies Act 1981 of Bermuda.

b. Pursuant to a group reorganisation (the "Reorganisation")
which took place on 22nd January 2001 to rationalise the
group structure in preparation for the listing of the
Company's shares on the Growth Enterprise Market of The
Stock Exchange of Hong Kong Limited ("GEM"), the Company
became the holding company of the Group. The Company's
shares were listed on GEM on 31st January 2001. The
Reorganisation was effected as follows:

i. On 16th December 2000, two shares of S$1.00 each of
abc Multiactive (Singapore) Pte. Ltd. (formerly known
as Multiactive Software (Singapore) Pte. Ltd.) were
transferred by Multiactive Software Pty. Limited ("abc
Australia"), a wholly owned subsidiary of Multiactive
Software Inc., to the Company for a cash consideration
of S$2.00.

ii.On 22nd January 2001, pursuant to a directors'
resolution, abc Australia allotted and issued 99,988
shares of AUD$1.00 each to the Company for a
consideration of AUD$99,988.

c. The unaudited consolidated profit and loss accounts for
the three months ended 28th February 2002 have not been
audited by the Company¡¦s auditors but have been reviewed
by the Company's audit committee.

The unaudited consolidated profit and loss accounts have
been prepared in accordance with Statements of Standard
Accounting Practice ("SSAP") issued by the Hong Kong
Society of Accountants, the accounting principles
generally accepted in Hong Kong, the disclosure
requirements of Hong Kong Companies Ordinance and the
Rules Governing the Listing of Securities on the Growth
Enterprise Market of The Stock Exchange of Hong Kong
Limited.

The accounting policies and basis of preparation used
in the preparation of the accounts are consistent with
those used in the Company¡¦s annual financial statements
for the year ended 30th November 2001, except for the
following new/revised SSAPs which have been adopted for
the first time in the preparation of the unaudited
consolidated profit and loss accounts for the current
period.

• SSAP 9 (revised): Events after the balance sheet date
• SSAP 26: Segment reporting
• SSAP 28: Provisions, contingent liabilities and
  contingent assets
• SSAP 29: Intangible assets
• SSAP 31: Impairment of assets
• SSAP 32: Consolidated financial statements and
  accounting for investments in subsidiaries

The changes to the Group's accounting policies and the
effects of adopting these new policies are set out
below:

i. With the introduction of SSAP 30, the Group has adopted
the transitional provisions prescribed therein.
Goodwill incurred on or after 1st December 2001 is
capitalised in the balance sheet and is amortised to
the profit and loss account on a straight-line basis
over its estimated economic useful life. The Group has
taken advantage of the transitional provision 1(a) in
SSAP 30 and goodwill previously written off against
reserves has not been restated.

ii.Under SSAP 31 and Interpretation No. 13 "Goodwill-
continuing requirements for goodwill and negative
goodwill previously eliminated against/credited to
reserves", the carrying amount of goodwill (including
goodwill that has previously been taken directly to
reserve and not restated in accordance with the
transitional provisions in SSAP 30) has to be reviewed
periodically for any indication of impairment, and any
impairment has to be dealt with in the consolidated
profit and loss accounts.

  The comparative figures for the three months ended 
  28th February 2001 have been restated to conform to the 
  changed policy.  Accordingly, goodwill previously taken
  directly to reserves of approximately HK$25,278,000 
  which was impaired in the year ended 30th November
  2001, has been recognised by way of a prior year 
  adjustment resulting in an increase in the  
  Group¡¦s net loss for the three months ended 28th  
  February 2001 of approximately HK$25,278,000.

1. Turnover and revenues

The Group is engaged in the design and sale of computer
software and the provision of professional and
maintenance services for such software.

1. Basic loss per share

The calculation of basic loss per share for the three
months ended 28th February 2002 was based on the net
loss for the period of approximately HK$8,895,000
(2001: HK$39,508,000) and the weighted average of
1,605,909,668 (2001: 1,361,259,888) ordinary shares in
issue during the period.

The basic loss per share for the three months ended
28th February 2001 has been restated for the
effects from the adoption of SSAP 30 and SSAP 31 and the
subdivision of the Companys' shares on 15th June 2001.

No diluted loss per share for the three months ended 28th
February 2001 and 2002 has been presented, as there was
no dilutive potential ordinary share during the periods.