Founder Holdings Limited — Earnings Release 2000

Aug 25, 2000

Listed Company Information

MULTI-ASIA INTL<0234> - Results Announcement Multi-Asia International Holdings Limited announced on 25/8/2000: (stock code: 234) Year end date: 31/3/2000 Currency: HKD (Audited) (Audited) Last Current Corresponding Period Period from 1/4/1999 from 1/4/1998 to 31/3/2000 to 31/3/1999 Turnover - Continuing : 35,735,000 57,978,000 - Discontinued : - - Operating Profit/(Loss) - Continuing : (41,978,000) (151,448,000) - Discontinued : - - Total Operating Profit/(Loss) : (41,978,000) (151,448,000) Share of Profit/(Loss) of Associated Companies : - (7,895,000) Share of Profit/(Loss) of Jointly Controlled Entities : - (6,739,000) Profit/(Loss) after Tax & MI : (33,695,000) (162,316,000) % Change over Last Period : N/A EPS/(LPS)-Basic : (12.6 cents) (73.9 cents) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : - - Profit/(Loss) after ETD Items : (33,695,000) (162,316,000) 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 : Nil B/C Dates for Other Distribution : N/A Remarks: 1. Turnover Turnover represents the net invoiced value of goods sold, after allowance for returns and trade discounts, proceeds from sales of marketable securities, rental income and dividend income. 2. Loss from operating activities is arrived at after crediting/(charging): Group 2000 1999 HK$'000 HK$'000 Provision for impairment of fixed assets (11,004) - Provision for permanent diminution in value of a jointly-controlled entity - (44,885) Provision against/write-off of loans advanced to an independent third party (4,122) (4,516) Provision for diminution in value of properties held for resale (4,490) (9,778) Provisions against loans advanced to an associate - (6,200) Provision for a short term loan receivable - (15,872) Provision for bad and doubtful debts (3,008) (6,241) Revaluation deficit on fixed assets (86) (251) Net revaluation surplus/(deficit) on investment properties 14,520 (9,580) Loss on an investment property resulting from a fire (2,480) - Forfeiture of deposits by vendors for the abandoned acquisition of a property - (3,250) Gain on disposal of a long term investment 2,301 - ----------------------- (8,369) (100,573) ========================= 3. Tax Group 2000 1999 HK$'000 HK$'000 Hong Kong: Current year provision (60) - Prior year overprovision - 115 Elsewhere - (240) Tax charge for the year (60) (125) Hong Kong profits tax has been provided at the rate of 16% on the estimated assessable profits arising in Hong Kong. In the prior year, no Hong Kong profits tax was provided because the Group did not generate any assessable profits arising in Hong Kong. Taxes on profits assessable elsewhere have been calculated at the rates of taxation prevailing in the countries in which the Group operates, based on existing legislation, interpretations and practices in respect thereof. No provision for deferred tax has been made as the net effect of all timing differences is not material at the balance sheet date or during the year. 4. Loss per share The calculation of the loss per share is based on the net loss attributable to shareholders for the year of HK$33,695,000 (1999: HK$162,316,000) and the weighted average of 267,065,400 (1999: 219,553,919) ordinary shares in issue during the year, adjusted to reflect the two-for-one rights issue and twenty-to-one share consolidation during the year. The loss per share for the year ended 31 March 1999 was adjusted accordingly. The diluted loss per share for the years ended 31 March 2000 and 1999 has not been shown as the warrants and options outstanding during these years had an anti-dilutive effect on the basic loss per share for the these years. 5. Certain items in consolidated profit and loss account in prior year have been restated to conform with the provisions of Statements of Standard Accounting Practice No. 2.101 (revised) "Presentation of Financial Statements" ("SSAP 1") and Statement of Standard Accounting Practice No. 2.102 (revised) "Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies" ("SSAP 2") issued by the Hong Kong Society of Accountants in May 1999. The adoptions of the revised SSAP 1 and SSAP 2 had no effect on the amounts of the Group's previously reported consolidated loss attributable to shareholders or the consolidated net asset worth.