CTF Services Limited — Earnings Release 2002

Oct 18, 2002

Listed Company Information

PACIFIC PORTS<00659> - Results Announcement (Summary) Pacific Ports Company Limited announced on 18/10/2002: (stock code: 659) Year end date: 30/6/2002 Currency: HKD Auditors' Report: Unqualified Review of Interim Report by: N/A (Audited) (Audited) Last Current Corresponding Period Period from 1/7/2001 from 1/7/2000 to 30/6/2002 to 30/6/2001 ('000) ('000) Turnover : 125,057 135,861 (Loss) from Operations : (209,727) (49,642) Finance cost : (2,930) (4,592) Share of Profit of Associates : 260,707 244,042 Share of Profit of Jointly Controlled Entities : 165,349 151,044 Profit after Tax & MI : 143,945 276,138 % Change over Last Period : -48% EPS/(LPS)-Basic : 0.49 cent 6.91 cents -Diluted : N/A 5.26 cents Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : 143,945 276,138 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 (-) General Meeting : N/A Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: 1. Basis of preparation of the accounts The accounts have been prepared in accordance with accounting principles generally accepted in Hong Kong and comply with accounting standards issued by the Hong Kong Society of Accountants (the "HKSA"). They have been prepared under the historical cost convention as modified by the revaluation of non-trading securities. In the current year, the Company and its subsidiaries (collectively the "Group") adopted the following Statements of Standard Accounting Practice issued by the HKSA ("SSAPs") which are effective for accounting periods commencing on or after 1 January 2001: SSAP 9 (revised) : Events after the balance sheet date SSAP 26 : Segment reporting SSAP 28 : Provisions, contingent liabilities and contingent assets SSAP 29 : Intangible assets SSAP 30 : Business combinations SSAP 31 : Impairment of assets SSAP 32 : Consolidated financial statements and accounting for investments in subsidiaries 2. Loss from operations Loss from operations is stated after crediting and charging the following: 2002 2001 HK$'000 HK$'000 Crediting Gain on disposal of a subsidiary 21,735 - ====== ====== Charging Cost of services rendered 82,786 103,662 Impairment losses of - fixed assets 119,500 - - non-trading securities 5,774 2,915 Loss on disposal of a subsidiary and partial disposal of jointly controlled entities 90,020 - ====== ======== 3. Earnings per share The calculation of basic earnings per share is based on the Group's profit attributable to shareholders of HK$143,945,000 (2001: HK$276,138,000) less preference share dividend of HK$133,878,000 (2001: HK$133,878,000) and the weighted average of 2,059,968,000 (2001: 2,059,968,000) ordinary shares in issue during the year. The diluted earnings per share for the year ended 30 June 2002 is not presented as the conversion of preference shares is anti-dilutive. The calculation of diluted earnings per share for the year ended 30 June 2001 was based on Group's profit attributable to shareholders of HK$276,138,000 and 5,253,622,306 ordinary shares which are the weighted average number of 2,059,968,000 of ordinary shares in issue during that year plus the weighted average of 3,193,654,306 ordinary shares deemed to be issued on the conversion of all preference shares. The conversion of share options is not dilutive for the years ended 30 June 2002 and 2001 as the exercise prices of the Company's outstanding options are higher than the fair value per ordinary share in the current year and the previous year.