Central Development Holdings Limited — Earnings Release 1999

Aug 27, 1999

Listed Company Information

SEAPOWER RES I<0269> - Results Announcement Seapower Resources International Limited announced on 26/8/1999: (stock code: 269) Year end date: 31/3/1999 Currency: HK$ Last Current Corresponding Period Period from 1/4/1998 from 1/4/1997 to 31/3/1999 to 31/3/1998 ('000) ('000) Turnover : 553,755 956,291 Profit-Continuing Operations - Operating Profit/(Loss) : (59,385) (14,886) - Exceptional Items : (841,364) (76,621) (Loss)/Profit - Discontinued Operations excluding exceptional items : (38,051) 97,400 - Exceptional Items : (37,441) (3,859) Total Operating Profit/(Loss) : (976,241) 2,034 Share of Profit/(Loss) of Associated Companies : 2,716 32,040 Share of Profit/(Loss) of Jointly Controlled Entities : (1,115) (270) Profit/(Loss) after Tax & MI : (974,894) 15,354 % Change over Last Period : N/A EPS/(LPS)-Basic : (75.51 cents) 1.21 cents -Diluted : N/A 1.19 cents Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (974,894) 15,354 Final Dividend per Share : NIL NIL (Specify if with other options) : N/A N/A B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for Annual General Meeting : 28/9/1999 to 30/9/1999 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: (1) Exceptional items 1999 1998 HK$'000 HK$'000 The exceptional items arise from: Continuing operations: Provision for loan receivable and diminution in value of agricultural project (164,757) - Provision for loans to share margin customers (161,155) (29,008) Deficit arising on revaluation of properties held for development (142,467) - Provision for bad and doubtful debts (133,744) (26,419) Write down of investment in convertible notes to net realisable value and provision for accrued interest (98,738) - Deficit arising on revaluation of other land and buildings (62,315) - Deficit arising on revaluation of investment properties (45,188) - Deposit paid on investment project written off (33,000) - Loss arising from disposal of an associated company - (16,392) Provision for diminution in value of listed short-term investments - (4,802) ---------- -------- (841,364) (76,621) ========= ======== Discontinued operations: Loss on disposal of subsidiaries (38,176) (3,859) Provision for permanent impairment in value of fixed assets (9,000) - Provision for bad and doubtful debts (580) - Write back of provision for management bonus 10,315 - --------- ------- (37,441) (3,859) ======== ======= (2) (Loss) Earnings per share The calculation of the basic and diluted (loss) earnings per share is computed based on the revised Statement of Standard Accounting Practice No. 5 "Earnings Per Share" issued by the Hong Kong Society of Accountants and is based on the following data: 1999 1998 HK$'000 HK$'000 Earnings (Loss) profit for the year and (loss) earnings for the purpose of basic (loss) earnings per share and diluted (loss) earnings per share (974,894) 15,354 ========= ====== 1999 1998 Number of shares Weighted average number of shares for the purpose of basic (loss) earnings per share 1,291,042,829 1,273,590,500 Effect of dilutive potential ordinary shares: Share options N/A 15,248,507 -------------- --------------- Weighted average number of shares for the purpose of diluted (loss) earnings per share N/A 1,288,839,007 ============== ============= For the year ended 31st March, 1999, no diluted loss per share is shown as there was no dilution effects of all potential ordinary shares. The diluted earnings per share for 1998 has been retrospectively adjusted for the effects of all dilutive potential ordinary shares. (3) Reclassification of comparative figures (a) The Group has disposed the food retailing business during the year 1998/99 and was going to sell the securities and futures operations in June 1999. Hence "Profit on discontinued operations excluding exceptional items" of HK$97,400,000 and "Exceptional items on discontinued operations" of HK$3,859,000 (loss) were disclosed separately from continuing operations to conform with the current year's presentation. (b) Share of results of jointly controlled entities of HK$270,000 (loss) was split from share of results of associated companies in accordance with the new Hong Kong Statement of Standard of Accounting Practice No.21 which came into effect in January 1998. For more details, please refer to the press announcement today.