Apollo Future Mobility Group Limited — Earnings Release 2002

Apr 16, 2003

Listed Company Information

MING FUNG JEWEL<00860> - Results Announcement Ming Fung Jewellery Group Limited announced on 16/4/2003: (stock code: 00860 ) Year end date: 30/9/2002 Currency: HKD Auditors' Report: Unqualified (Audited ) (Audited ) Last Current Corresponding Period Period from 1/10/2001 from 1/10/2000 to 30/9/2002 to 30/9/2001 Note ('000 ) ('000 ) Turnover : 267,158 195,684 Profit/(Loss) from Operations : 48,649 36,782 Finance cost : (532) (523) Share of Profit/(Loss) of Associates : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : N/A N/A Profit/(Loss) after Tax & MI : 40,327 30,368 % Change over Last Period : +32.8 % EPS/(LPS)-Basic (in dollars) : 0.076 0.058 -Diluted (in dollars) : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 40,327 30,368 Final Dividend : NIL N/A per Share (Specify if with other : N/A N/A options) B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for : N/A Current Period B/C Dates for Other Distribution : N/A Remarks: 1. Basis of presentation The Company was incorporated in the Cayman Islands as an exempted company with limited liability on 30 January 2002 under the Companies Law Chapter 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. Pursuant to a reorganisation (the "Group Reorganisation") to rationalise the structure of the Group in preparation for the listing of the Company's shares on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the Company became the holding company of the Group on 12 August 2002. Details of the Group Reorganisation were set out in the prospectus (the "Prospectus") of the Company dated 22 August 2002. The Company was listed on the Main Board of the Stock Exchange on 3 September 2002. The consolidated results of the Group have been prepared using the merger basis of accounting as a result of the Group Reorganisation completed on 12 August 2002. Under this basis, the Company has been treated as the holding company of its subsidiaries for the financial years presented, rather than from the date of its acquisition of the subsidiaries. Accordingly, the consolidated results of the Group for the two years ended 30 September 2002 and 2001 include the results of the Company and its subsidiaries with effect from 1 October 2000 or since their respective dates of incorporation/establishment, whichever is a shorter period. In the opinion of the directors of the Company, the consolidated financial statements prepared on the above basis present more fairly the results and the state of affairs of the Group as a whole. All significant inter-company transactions and balances within the Group have been eliminated in the preparation of the consolidated financial statements. 2. Earnings per share The calculation of basic earnings per share is based on the Group's net profit from ordinary activities attributable to shareholders for the year of approximately HK$40,327,000 (2001: HK$30,368,000) and the pro forma weighted average number of 531,397,260 (2001: 520,000,000) ordinary shares in issue during the year. The weighted average number of ordinary shares used to calculate the earnings per share for the year ended 30 September 2001 includes the pro forma issued share capital of the Company, comprising 10,000,000 ordinary shares issued nil paid on 28 February 2002 and sub-divided, 10,000,000 ordinary shares issued for the acquisition of the entire issued share capital of Ming Fung Investment Holdings Limited and the capitalisation issue of 500,000,000 ordinary shares. The weighted average number of ordinary shares used to calculate the earnings per share for the year ended 30 September 2002 includes the additional 130,000,000 ordinary shares issued upon the listing of the Company's shares on the Stock Exchange on 3 September 2002. There were no potential dilutive ordinary shares in existence for the years ended 30 September 2002 and 2001 and, accordingly, no diluted earnings per share amounts have been presented for either of the two years. 3. Dividends 2002 2001 HK$'000 HK$'000 Interim - 14,000 ------- ------- The interim dividends declared and paid for the year ended 30 September 2001 was paid by a subsidiary of the Company to its then shareholders prior to the Group Reorganisation as set out in remark 1. The rate of interim dividends per share for the year ended 30 September 2001 is not presented as such information is not meaningful. No final dividend was proposed for the year ended 30 September 2002 (2001: Nil).