C&D Property Management Group Co., Ltd — Earnings Release 2000

Nov 28, 2000

Listed Company Information

GOOD FELLOW GP<0910> - Results Announcement Good Fellow Group Limited announced on 27/11/2000: (stock codes: Ord: 910 & War: 852) Year end date: 30/6/2000 Currency: HKD (Audited) (Audited) Last Current Corresponding Period Period from 1/7/1999 from 1/7/1998 to 30/6/2000 to 30/6/1999 ('000) ('000) Turnover : 221,300 220,943 Profit/(Loss) from Operations : 57,969 57,257 Finance cost : (1,684) (2,447) Share of Profit/(Loss) of Associates : - - Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : 49,398 48,168 % Change over Last Period : +2.6% EPS/(LPS)-Basic : 7.5 cents 8.9 cents -Diluted : 7.0 cents 8.9 cents Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : 49,398 48,168 Final Dividend per Share : 1.0 cent 6.0 cents (Specify if with other options) : - - B/C Dates for Final Dividend : 16/12/2000 to 23/12/2000 bdi. Payable Date : 15/1/2001 B/C Dates for Annual General Meeting : 16/12/2000 to 23/12/2000 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: (1) BASIS OF PRESENTATION The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year ended 30 June 2000. The results of the subsidiaries acquired or disposed of during the year are consolidated from or to their effective dates of acquisition or disposal, respectively. The consolidated financial statements for the prior year have been prepared using the merger basis of accounting. On this basis, the Company has been treated as the holding company of its subsidiaries prior to the date of their acquisition pursuant to a Group reorganisation on 25 October 1998. Accordingly, the consolidated results of the Group for the year ended 30 June 1999 include the results of Company and its subsidiaries with effect from 1 July 1998 or since their respective dates of incorporation where this is a shorter period, as if the current Group structure had been in existence throughout the year. In the opinion of the directors, the consolidated financial statements prepared on the above basis presented more fairly the results and state of affairs of the Group as a whole. All significant intercompany transactions and balances within the Group are eliminated on consolidation. (2) EARNINGS PER SHARE The basic and diluted earnings per share have been calculated after taking into account the bonus issue during the year ended 30 June 2000. The earnings per share for 1999 has been adjusted accordingly. The calculation of basic earnings per share is based on the net profit from ordinary activities attributable to shareholders for the year of approximately HK$49,398,000 (1999: HK$48,168,000) and the weighted average of 661,986,648 (1999: 539,178,084) ordinary shares in issue during the year. The calculation of diluted earnings per share is based on the net profit from ordinary activities attributable to shareholders for the year approximately HK$49,398,000 (1999: HK$48,168,000) and on 701,916,872 (1999: 543,420,240) ordinary shares, being the weighted average number of ordinary shares outstanding during the year adjusted for the effects of dilutive potential ordinary shares outstanding during the year. The reconciliation of weighted average number of shares used in calculating basic and diluted earnings per share is as follows:- 2000 1999 Weighted average number of ordinary shares used in calculating basic earnings per share 661,986,648 539,178,084 Weighted average number of ordinary shares: Assumed issued at no consideration on deemed exercise of all share options oustanding during the year 32,215,068 4,242,156 Assumed issued at no consideration on deemed exercise of all warrants oustanding during the year 7,715,156 - ---------------------------- Weighted average number of ordinary shares used in calculating diluted earnings per share 701,916,872 543,420,240 ============================ (3) IMPACT OF REVISED STATEMENTS OF STANDARD ACCOUNTING PRACTICE ("SSAPs") The following is a summary of the revised SSAPs which have been adopted for the first time in the preparation of the current year's financial statements, together with a summary of their major effects. - SSAP 1 Presentation of Financial Statements - SSAP 2 Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies The revised SSAP 1 prescribes the basis for the presentation of financial statements and sets out guidelines for their structure and minimum requirements for the content thereof. The formats of the profit and loss account and the balance sheets, as set out on pages 12, 14 and 17 respectively, have been revised in accordance with the revised SSAP, and a consolidated statement of recognised gains and losses, not previously required, is included on page 13. Additional disclosures as required are included in the supporting notes to the financial statements. The revised SSAP 2 prescribes the classification, disclosure and accounting treatment of certain items in the profit and loss account, and specifies the accounting treatment for changes in accounting estimates, changes in accounting policies and the correction of fundamental errors. The principals impact of SSAP 2 on the preparation of these financial statements is that exceptional items, previously disclosed on the face of the profit and loss account, are now disclosed primarily by way of note, (note 5 of the financial statements) and are no longer specifically referred to as "exceptional". For more details, please refer to the press announcement today.