Central Development Holdings Limited — Interim / Quarterly Report 2001

Dec 18, 2000

Listed Company Information

SEAPOWER RES I<0269> - Results Announcement Seapower Resources International Limited announced on 15/12/2000: (stock code: 269) Please refer to the press announcement for the details of the auditors' review report on the interim financial statement issued by the Company on 18/12/2000. Year end date: 31/3/2001 Currency: HK$ (Unaudited) (Unaudited) Last Current Corresponding Period Period from 1/4/2000 from 1/4/1999 to 30/9/2000 to 30/9/1999 ('000) ('000) Turnover : 113,806 175,255 Profit/(Loss) from Operations : 11,967 21,478 Finance cost : (60,106) (62,982) Share of Profit/(Loss) of Associates : 362 (432) Share of Profit/(Loss) of Jointly Controlled Entities : - (692) Profit/(Loss) after Tax & MI : (51,863) (9,284) % Change over Last Period : N/A EPS/(LPS)-Basic : (3.35 cents) (0.72 cent) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (51,863) (9,284) Interim Dividend per Share : NIL NIL (Specify if with other options) : N/A N/A B/C Dates for Interim Dividend : N/A Payable Date : N/A B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1. Analysis of turnover and profit/(loss) from continuing operations and discontinued operations: Contribution to profit Turnover from operations For the six months For the six months ended 30th September, ended 30th September, 2000 1999 2000 1999 HK$'000 HK$'000 HK$'000 HK$'000 Business segments Continuing operations: Cold storage warehousing, logistics management and related services 98,495 106,784 18,869 28,493 Financial services - money lending business 970 2,568 970 2,568 Rental income 6,356 6,298 4,888 4,380 ------------------------------------------------------ 105,821 115,650 24,727 35,441 ====================================================== Discontinued operations: Food distribution 7,985 45,324 2,083 1,440 Financial services other than money lending business - 14,281 - 11,289 ------------------------------------------------------- 7,985 59,605 2,083 12,729 ------------------------------------------------------- 113,806 175,255 26,810 48,170 =============== Unallocated corporate items: - other revenue 69,801 98,535 - selling and administrative expenses (48,020) (68,172) - other operating expenses (36,624) (57,055) ------------------------ Profit from operations 11,967 21,478 ======================== 2. Details of items before taxation of the current and/or prior period which are of such size, nature or incidence that their disclosure is relevant to explain the financial performance for the period: 01.04.2000 01.04.1999 to to 30.09.2000 30.09.1999 HK$000 HK$000 Continuing operations Provision for bad and doubtful debts (33,092) - ---------------------- Discontinued operations (Loss)/ gain on disposal of subsidiaries (3,063) 34,487 Provision for receivables on convertible notes interest - (4,060) Provision for impairment losses of goodwill (remark 4) - (30,134) Amortisation of goodwill (remark 4) - (7,496) ---------------------- 3. Loss per share The calculation of the basic loss per share is based on the net loss for the period of approximately HK$51,863,000 (1999: HK$9,284,000) and on the weighted average number of 1,547,042,829 (1999: weighted average number of 1,291,042,829) shares in issue during the period. The adjustment to the loss per share for the six months ended 30th September, 1999 arising from the change in accounting policy as detailed in remark 4 is as follows: cents Reconciliation of loss per share: As previously reported 2.20 Adjustment arising from the change in accounting policy (remark 4) (2.92) ------ Adjusted (0.72) ====== No diluted loss per share has been presented for both periods as the effect of the exercise of the Company's outstanding share options would be anti-dilutive. 4. Change in accounting policy Prior to 30th September 1999, goodwill on acquisition was written off to reserves immediately on acquisition. During the year ended 31st March 2000, the Group changed its accounting policy to capitalise goodwill as an intangible asset and amortised on a straight-line basis over its estimated useful economic life. A prior period adjustment is made in order to reflect the adjustment for the effects of capitalisation and amortisation of goodwill on acquisition. The effect of the change in accounting policy on the results for the six months ended 30th September 1999 is a decrease in the net profit for the period of approximately HK$37,630,000. 5. Reclassification of comparative figures The operation of food distribution division has been ceased in early 2000. The turnover of approximately HK$45,324,000 and contribution to profit from operations of about HK$1,440,000 for the period ended 30th September 1999 were reclassified as discontinued operations in the current period under review. 6. Adoption of Statements of Standard Accounting Practice The Company adopted the following Statements of Standard Accounting Practice ("SSAP") for preparing the interim report for the first time: SSAP 1 (Revised) Presentation of financial statements SSAP 2 (Revised) Net profit or loss for the period, fundamental errors and changes in accounting policies SSAP 10 (Revised) Accounting for investments in associates SSAP 24 Accounting for investments in securities SSAP 25 Interim financial reporting SSAP 1 (Revised) and SSAP 2 (Revised) are concerned with the presentation and disclosure of financial information. The presentation in the current year's financial statements has been modified in order to conform with the requirements of these SSAPs. Comparative amounts have been restated in order to achieve a consistent presentation. The interim report has been prepared in accordance with SSAP 25, except that comparative figures are not presented either for the statement of recognised gains and losses or for the first cash flow statement to be included in the interim financial report relating to accounting periods ended on or after 1st July 2000. Such departures from SSAP 25 are permitted under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The accounting policies adopted are consistent with those followed in the Group's annual financial statements for the year ended 31st March 2000, except that the investment properties are not stated at their open market value based on independent professional valuations at 30th September 2000. For more details, please refer to the press announcement today.