CTF Services Limited — Earnings Release 1999

May 24, 2000

Listed Company Information

CENTRAL CHINA<0351> - Results Announcement Central China Enterprises Limited announced on 24/5/2000: (stock code: 351) Year end date: 31/12/1999 Currency: HK$ (Audited) (Audited) Last Current Corresponding Period Period from 1/1/1999 from 1/1/1998 to 31/12/1999 to 31/12/1998 ('000) ('000) Turnover - Continuing : 146,184 55,226 - Discontinued : - 280,643 Operating Profit/(Loss) - Continuing : 17,934 (4,559) - Discontinued : - (8,778) Total Operating Profit/(Loss) : 17,934 (13,337) Share of Profit/(Loss) of Associated Companies : (10,454) (3,592) Share of Profit/(Loss) of Jointly Controlled Entities : - - Profit/(Loss) after Tax & MI : (290) (237,476) % Change over Last Period : N/A EPS/(LPS)-Basic : (0.02 cent) (15.03 cents) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (290) (237,476) 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 : - B/C Dates for (-) General Meeting : N/A Other Distribution for Current Period : - B/C Dates for Other Distribution : N/A Remarks: 1) Turnover represents the net invoiced value of goods sold and investment income accrued or received. 2) Taxation Year ended Year ended 31/12/1999 31/12/1998 HK$'000 HK$'000 ----------- ----------- The charge comprises: PRC income tax for the current year calculated at the prevailing rates 908 1,005 Underprovision of Hong Kong Profit Tax in prior year - 849 ---------- ---------- 908 1,854 ===== ====== No provision for Hong Kong Profit Tax has been made in the financial statements as the Group did not have any assessable profit either in 1998 or in 1999. 3) Loss per share The calculation of loss per share is based on the loss for the year of approximately HK$290,000 (1998: HK$237,476,000) and a weighted average of 1,583,112,808 shares (1998: 1,579,656,000 shares) in issue during the year. No diluted loss per share has been calculated as the exercise of the share options would result in a decrease in loss per share for both years. 4) Basis of presentation In the current year, the Group has adopted the following Statements of Standard Accounting Practice ("SSAPs") issued by the Hong Kong Society of Accountants: 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 The comparative figures for the year ended 31 December, 1998 have been modified in order to conform with the requirements of the above mentioned SSAPs for consistency.